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Adam Tindall

Managing Director and Senior Equity Analyst at Raymond James

Adam Tindle is a Managing Director and Senior Equity Analyst at Raymond James Financial, specializing in infrastructure and security software, supply chain, and connected devices within the computer and technology sector. He covers 22 publicly traded companies, primarily on the NASDAQ, including both commercial technology (such as IT supply chain, security, and enterprise software firms) and consumer technology (notably connected devices for smart homes and cities). Over the past seven years, Tindle has issued over 40 ratings, maintains a 55% success rate, and has generated an average return of 6.5%, with a strong emphasis on buy recommendations. He began his financial career at a long/short hedge fund and as an investment consultant before joining Raymond James in 2014; he holds a BBA in finance from Stetson University, graduated cum laude, and is a CFA charterholder.

Adam Tindall's questions to CDW (CDW) leadership

Question · Q3 2025

Adam Tindall from Raymond James asked Chris Leahy to reflect on how the 2026 planning cycle compares to prior years, particularly concerning strategic discussions around value creation in the services business and the potential for larger-scale M&A in that area. He also asked Al Miralles for a more detailed breakdown of the Q4 gross profit guidance, specifically how other segments might offset anticipated public sector weakness to align with historical seasonal trends.

Answer

Chris Leahy, Chair and CEO of CDW, stated that value creation is focused on high-growth, high-relevance offerings, including industry-specific expertise, professional advisory, and managed services, which are integral to delivering customer outcomes and solutions. He confirmed continued evaluation of M&A opportunities while investing in services. Al Miralles, CFO of CDW, explained that Q4 is a low season for federal, so the impact of adjustments is less significant. He noted that existing pipeline and business with open agencies contribute, and strong momentum in small business and the U.K. operations serve as offsets to public sector weakness, resulting in a modest overall adjustment for the quarter.

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Question · Q3 2025

Adam Tindall asked Chris Leahy to reflect on how the 2026 planning cycle compares to prior years, particularly regarding strategic discussions, value creation in the services business, and the potential for larger M&A in services. He also asked Al Miralles for more details on the Q4 gross profit guidance, specifically how conservative public sector assumptions are offset to maintain seasonal trends.

Answer

Chris Leahy, Chair and CEO of CDW, emphasized that value creation is driven by high-growth, high-relevance offerings, with services being integral to delivering outcomes and solutions. He confirmed continued investment in services and M&A opportunities. Al Miralles, CFO of CDW, explained that Q4 is a low season for federal government, so adjustments have less weight. Offsets to public sector weakness include strong momentum in small business and robust execution from U.K. operations, which contribute to maintaining seasonal gross profit trends.

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