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Analyst
Harry Read
Period: Reporting periods mapped to calendar 2024 Q4 – 2025 Q3 (4 quarters).
- Questions
- 5on tracked calls
- Challenge rate
- 0%none of 5 questionsLimited sample
- Companies
- 1questioned at least once
- Reporting periods
- 4with 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 5 of 5 questions from 1 company
CDWCDW5 questions · 4 reporting periods · 0 of 5 challenging
Calendar 2025 Q3
It looks like SBC as a percent of GP is kind of hitting the top end of the range of what it's been historically
Show response
Al said 2024 benefited from reduction of a 3-year equity program that didn't fully vest. 2025 SBC should look reasonably normalized versus years without that distortion.
it looks like it's accelerating quite a lot. But forgive me if I heard it wrong, I think you said that year-over-year margin should expand in Q4
Show response
Al explained SG&A growth driven by comparing against 2024 when incentive comp accruals were taken down considerably due to declining results. Adjusting for these factors, gross profit and expense growth would be at parity for full year.
Calendar 2025 Q2
I think that you said SG&A as a percentage of gross profit will be in line with Q2 and Q3
Show response
Al explained unfavorable YoY comp from 2024 incentive compensation accrual drawdowns plus expense base geared toward higher GP growth than achieved. Expects to grow back into parity.
Calendar 2025 Q1
Do you expect to have a sequentially flat co-worker base as you've seen in Q1
Show response
Chris described balanced approach to hiring, investing in technology and industry roles. Al noted Q1 leverage was partially amplified by pull-forward; less operating leverage expected remainder of year.
Calendar 2024 Q4
the moats in the business and if there's any threat of disintermediation
Show response
Chris emphasized CDW's services moat around marketplace purchases, noting they were named AWS Marketplace Partner of the Year. Highlighted hybrid cloud complexity as a differentiator.
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 | 5 | 0%none of 5 questions |
- CDWCDW · 5 questions0%none of 5 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 Q4 | 1 | 0%none of 1 question | 1 |
| 2025 Q1 | 1 | 0%none of 1 question | 1 |
| 2025 Q2 | 1 | 0%none of 1 question | 1 |
| 2025 Q3 | 2 | 0%none of 2 questions | 1 |
- 2024 Q41 question · challenge rate 0% (none of 1 question) · 1 company
- 2025 Q11 question · challenge rate 0% (none of 1 question) · 1 company
- 2025 Q21 question · challenge rate 0% (none of 1 question) · 1 company
- 2025 Q32 questions · challenge rate 0% (none of 2 questions) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Cost Pressure4
- Margin2
- Capital Allocation1
- Labor Market1
- Competitive Dynamics1
- Cloud & AI1