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the surprise little announcement there talking about net cash—great path, but no longer providing this as a formal target
how much did demand outpace supply for iPhone and Mac in March? And does your June guidance also reflect supply constraints
how do you monetize AI? And what's the timeline to realizing that ROI
if you had to point to one or two, just what would they be and how sustainable do you think those are
Memory prices are going through some pretty significant inflation. So just how are you managing through this cycle
do you believe this is the aged installed base replacement cycle kicking in? Or are there specific features or functionality you believe stand out this cycle versus past cycles
if you believe Apple products as kind of search access points are losing their strategic value as AI platforms become more valuable, popular or increasing in strategic value
how would you characterize demand interest in the iPhone 16 and some of your other products? Is that shifting or maybe were some of the trends in the June quarter maybe a bit more onetime and uniqu...
can you just help us better kind of understand or clarify if sell-in and sell-through were aligned in the March quarter
Where do you expect the mix of India-sourced iPhones for the U.S. to be by the end of your fiscal year? And is it the goal to source 100% of your U.S.-bound iPhones from India
share any other details you believe could better help us understand how Apple Intelligence is really impacting iPhone demand and/or what features you find that users are using most often already
can you maybe talk about the headwinds that that Apple faces, whether that's, you know, shifting preferences for Western technology brands in favor of domestic vendors
the last two quarters, we've seen a pretty notable divergence in corporate versus small business performance
is there something structural about the market, perhaps competition or something we're not considering, that just makes it harder to outperform in the ways that you used to?
I'd love if you could just maybe expand a bit on what is so complex about this environment?
what type of gross profit dollar growth does CDW have to see to return back to your kind of 10%-plus EPS growth algo of old?
can you maybe help us all better understand kind of where we are in the cycle for each of these respective end markets
why that wouldn't lead to more outperforming versus the market? And then I have a follow-up, please
Is your appetite for M&A higher today than when we look back over the last, call it, two to three years
why maybe we aren't seeing as much leverage in the model as you've seen historically
how would you change that 7% to 9% revenue guide and 15%+ EPS guide?
can you maybe just help us understand what kind of memory price inflation you are assuming in your 2027 outlook?
where do you think we are on the PC refresh? And is that still Windows end of life upgrades that still need to get done?
what has changed in the storage market over the last 90 days to get a bit more cautious there
I would love to just get a little bit more color from you on the potential for the storage and services attach opportunity alongside AI servers?
kind of about the risk of ODM encroachment in the AI server market. As customers get more sophisticated over time, competition intensifies
whether this is still kind of an untapped storage and services opportunity that just hasn't materialized yet?
how will you kind of protect margins with higher input costs
I would just love your updated view on the state of the consumer
I was kind of taken aback by your outdoor comments on 2026 or it was at least eye-catching, you're alluding to accelerating growth in new product features
what you learned about this business over the last 3 years, that gives you the conviction to kind of double down as we go forward
help us understand where exactly you think we are in the kind of cycle for Fitness and Outdoor
over the last 3 years, you've kind of guided CapEx up in the $300 million-plus range. And each year, it's kind of ended up lower
do you believe that Garmin Ltd. is entering kind of this new higher revenue growth paradigm
What have you learned about the elasticity of demand of your customer base
what type of mitigation tools are you prioritizing to limit the impact of tariffs
can kind of disaggregate how much demand, relative weakness you are baking in versus how much of a tailwind the U.S. dollar is
if we go back a year ago, you guided to 2024 revenue of $5.7 billion and EPS of $5.40
prior expectations for 2025 revenue were $800 million. Obviously, market conditions have softened
is it -- shouldn't we classify that as pull forward
truly want to understand your thoughts on the pass-through of demand elasticity
What are you hearing from your customers about prioritizing those types of upgrades
how do you think about visibility into, you know, 2, 3, 4 quarters out
OpEx was up 9% year-over-year in the quarter. Just can you provide a little bit more detail?
what kind of memory price appreciation are you embedding in your fiscal '26 guide today? And then how are you kind of balancing the potential for demand destruction versus protecting margins
you're balancing 2 factors butting up against your gross leverage target that would limit buyback versus your stock at a multiyear low
What is causing the guide down? Is it large enterprises weaker? Is it small enterprise weaker?
how big are they? What percentage of revenue or personal systems or print? Any color that you could share in size there
why is 16% to 19% the correct range and why wouldn't it be higher or has there been a degree of over earning
can you maybe just help us understand maybe why you don't expect to gain share next year talking about growing in line with the market
can you maybe just detail how IBM is broadly managing and/or mitigating some of these supply chain headwinds
could you just be a bit conservative as you look out into 2026
do you see a similar opportunity for IBM Cloud to capture long-term infrastructure-driven demand
how are customers prioritizing AI over non-AI? Is there cannibalization in other areas of client spend or is it incremental
why aren't we seeing that necessarily show up in a higher free cash flow guide for the year
Jim, just want to make sure when we think about the 2025 outlook, is that inclusive or excluding HashiCorp
how does Agentic AI benefit HDD demand? And does that have any impact on how you think about that mid-20% nearline exabyte CAGR
where you think that supply growth can land this calendar year
Is it fair to say that in the new demand environment that we're in and the need for higher capacity drives, we should be thinking about your incremental margins just being higher
depending on the interpretation of mid- to high 20% operating margins, you're guiding to something like 20 basis points of sequential margin expansion
How do we think about the risk of pull forward impacting June quarter revenue? Or maybe if I asked you differently, if you guided to the June quarter a month ago
how do you think about that incremental $200 million of shortfall in the March quarter? What exactly happens there?
For June, guidance implies about 100 basis points of gross margin expansion. Is there conservatism baked into that forecast
go into a bit more detail on the specific tailwinds that HDDs and Western Digital Corporation are seeing from agentic AI
would just love to know how you're approaching the SanDisk share ownership. Do you still plan to monetize before, I think it's the February 21 deadline
can you maybe just talk about maybe your patience in being able to sign purchase orders further into calendar '27 to extract better economics just relative to maybe how you were approaching signing...
how short do you think demand is relative -- or excuse me, supply is relative to demand today
I'd love to just get your updated thoughts on how we should be, maybe thinking about the growth of these 2 metrics over the next few years
Can you maybe just help us unpack maybe why we're seeing that sequential gross margin expansion slow into the September quarter
does your forward demand profile also suggest a low 20% exabyte growth profile in this calendar year or better
Can you maybe just help us understand how we should be thinking about both dividend growth going forward, given it seems like you have some capacity there