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    Harry Read • Redburn Atlantic

    Harry Read's questions to CDW Corp (CDW) leadership

    Harry Read's questions to CDW Corp (CDW) leadership • Q2 2025

    Question

    Harry Read of Rothschild & Co Redburn asked about the drivers for the expected increase in SG&A as a percentage of gross profit, given that coworker count was down year-over-year. He also questioned if this was the primary factor for the guided deceleration in adjusted EPS growth.

    Answer

    CFO Al Miralles confirmed the SG&A efficiency ratio would be consistent with Q2. He explained the year-over-year increase is due to unfavorable comparisons with 2024, which benefited from significant reversals of incentive compensation accruals. He also noted the current expense base is structured for slightly higher gross profit growth.

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    Harry Read's questions to CDW Corp (CDW) leadership • Q1 2025

    Question

    Harry Read asked about CDW's hiring plans for the remainder of the year, current wage inflation trends, and whether the operating leverage seen in Q1 is expected to continue.

    Answer

    CEO Christine Leahy stated that the company is managing expenses prudently while making strategic hires, and sees no notable wage inflation. CFO Albert Miralles explained that Q1's strong operating leverage was amplified by the demand pull-forward and will not be as high for the rest of the year under the low single-digit growth outlook, which is reflected in the EPS guidance.

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    Harry Read's questions to Endava PLC (DAVA) leadership

    Harry Read's questions to Endava PLC (DAVA) leadership • Q3 2025

    Question

    Harry Read asked about the drivers behind the underlying headcount reduction, questioning if it was due to AI efficiency or a muted demand forecast. He also inquired about the sustainable level for share-based compensation and other areas besides testing where AI is driving efficiencies.

    Answer

    CEO John Cotterell attributed the headcount trend to productivity gains and a value-shift from activities like testing to higher-rate skills in data, AI, and cloud. CFO Mark Thurston explained the recent drop in share-based compensation was due to a reversal of accruals for unmet performance targets and that a 3-5% of revenue range is more representative going forward. John Cotterell clarified that AI efficiencies are being applied across the entire business, not just testing, and often result in clients adding more work rather than cutting spend.

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    Harry Read's questions to Endava PLC (DAVA) leadership • Q3 2025

    Question

    Harry Read asked about the drivers behind the underlying headcount reduction, whether it was due to AI efficiency or muted demand, and questioned the sustainability of the current share-based compensation levels.

    Answer

    CEO John Cotterell attributed the headcount change to a strategic shift from lower-value activities like testing to higher-value skills in AI and data, combined with productivity gains, keeping revenue per head stable. CFO Mark Thurston clarified that the recent drop in share-based compensation was an anomaly due to missed performance targets and that a 3% to 5% of revenue range is more representative for future modeling.

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    Harry Read's questions to Insight Enterprises Inc (NSIT) leadership

    Harry Read's questions to Insight Enterprises Inc (NSIT) leadership • Q1 2025

    Question

    Harry Read asked if Insight was observing any differential impact from Microsoft's commission changes based on end-client type and also inquired about the company's current headcount strategy following last year's restructuring.

    Answer

    CEO Joyce Mullen confirmed that cloud performance, including the impact from Microsoft's program changes, was in line with their expectations, highlighting the 17% underlying growth in SaaS and IaaS. CFO James Morgado addressed headcount, stating that Insight will continue to be disciplined with SG&A, aiming for it to grow slightly slower than gross profit while preserving investments in sales and technical talent.

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