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    Toni Sacconaghi

    Managing Director and Senior Research Analyst at Bernstein

    Toni Sacconaghi is a Managing Director and Senior Research Analyst at Bernstein, specializing in U.S. IT hardware and technology sector equity research, with a coverage portfolio that includes major companies like Apple, Dell Technologies, Tesla, Ford Motor Company, Hewlett Packard, and other top tech giants. Over his career, he has issued more than 330 price targets, maintaining an average stock price target met ratio of 86% and a success rate of approximately 54%, generating average returns around 4% per transaction and some recommendations outperforming with gains above 20%. Sacconaghi began his analyst career prior to 2010 and has built his reputation at Bernstein through high accuracy and deep sector insights after previously covering all IT hardware firms for the company. He holds relevant professional credentials, including FINRA registration and securities analyst licenses, and is recognized for his expertise and top-tier industry performance metrics.

    Toni Sacconaghi's questions to Hewlett Packard Enterprise (HPE) leadership

    Toni Sacconaghi's questions to Hewlett Packard Enterprise (HPE) leadership • Q4 2024

    Question

    Toni Sacconaghi asked for confirmation on whether the AI pipeline grew sequentially and sought an explanation for the unusually large sequential revenue increase in the Hybrid Cloud segment, questioning if it was driven by large deals or pull-forwards.

    Answer

    CEO Antonio Neri confirmed the AI pipeline grew quarter-over-quarter and is a multiple of the current backlog, with rapid growth in the enterprise segment. CFO Marie Myers attributed the strong Hybrid Cloud growth (up 18% YoY) to momentum in Private Cloud and the accelerated adoption of Alletra MP storage, the fastest-ramping product in company history. She noted broad-based demand, with ARR up 48%, and guided for a seasonal sequential decline in Q1 after the exceptionally strong Q4.

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    Toni Sacconaghi's questions to Hewlett Packard Enterprise (HPE) leadership • Q3 2024

    Question

    Toni Sacconaghi of Bernstein asked about the "lumpiness" of AI server deals and challenged the free cash flow conversion rate from net income, asking for a path to better realization, especially with upcoming Juniper integration costs.

    Answer

    CEO Antonio Neri stated that Q3 AI orders were not driven by unusually large deals but were more spread out, which he views as a positive sign. CFO Marie Myers addressed free cash flow, noting FY24 conversion is impacted by normal items like working capital and CapEx, and deferred detailed FY25 guidance, including Juniper impacts, to the next earnings call.

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    Toni Sacconaghi's questions to HP (HPQ) leadership

    Toni Sacconaghi's questions to HP (HPQ) leadership • Q4 2024

    Question

    Toni Sacconaghi from Bernstein pressed for specifics on how HP would handle a broad global tariff on imported goods, given its manufacturing footprint. He also asked about Mexico exposure and why a shift towards hardware in the Print segment wouldn't pressure margins in FY25.

    Answer

    CEO Enrique Lores declined to speculate on hypothetical tariffs or disclose specific country-level production percentages. On the Print segment, Lores clarified that the overall print market is expected to decline in FY25, consistent with HP's performance, and that supplies revenue is guided to decline low-to-mid single digits, in line with previous long-term outlooks.

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    Toni Sacconaghi's questions to HP (HPQ) leadership • Q3 2024

    Question

    Toni Sacconaghi of Bernstein questioned the full-year revenue outlook and whether the 'Future Ready' cost savings were merely offsetting investments rather than improving the structural profit profile. He also asked about the new $10 billion share repurchase authorization and the commitment to capital returns.

    Answer

    CEO Enrique Lores and CFO Karen Parkhill acknowledged that while Personal Systems operating profit has grown, Print profit has been impacted by a slower market and pricing pressure, which they view as temporary. On capital allocation, both executives affirmed a strong commitment to returning approximately 100% of free cash flow to shareholders and stated that the $10 billion authorization size is a significant, multi-year commitment with no other message implied.

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    Toni Sacconaghi's questions to Dell Technologies (DELL) leadership

    Toni Sacconaghi's questions to Dell Technologies (DELL) leadership • Q3 2025

    Question

    Toni Sacconaghi from Bernstein asked for an explanation for the reduction in full-year revenue guidance, especially given the commentary about a very strong and rapidly growing AI pipeline.

    Answer

    Executive Jeffrey Clarke stated the guidance change was due to two main factors: the anticipated commercial PC refresh cycle is being pushed further into the next fiscal year, and there is unpredictability in AI shipment timing due to a rapid demand shift to the new Blackwell platform. Yvonne McGill concurred, citing these timing differences.

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    Toni Sacconaghi's questions to Dell Technologies (DELL) leadership • Q2 2025

    Question

    Toni Sacconaghi sought to confirm if AI server gross profit percentage improved materially from Q1 to Q2 and asked for clarification on storage dynamics, where Dell IP storage grew double-digits while the total segment declined 5%.

    Answer

    CFO Yvonne McGill confirmed that both gross profit and operating profit for AI servers improved. COO Jeffrey Clarke explained that strong double-digit demand growth and better margins in high-value Dell IP storage products were offset by a significant decline in the lower-margin partner IP portion of the hyperconverged (HCI) portfolio, leading to the overall segment decline.

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    Toni Sacconaghi's questions to INTERNATIONAL BUSINESS MACHINES (IBM) leadership

    Toni Sacconaghi's questions to INTERNATIONAL BUSINESS MACHINES (IBM) leadership • Q3 2024

    Question

    Toni Sacconaghi questioned if the positive 2025 outlook is a sustainable trend or a one-off event driven by the mainframe cycle and acquisitions, given historical growth rates. He also asked if Consulting signings would turn positive in Q4.

    Answer

    CEO Arvind Krishna argued the growth is sustainable due to a fundamental portfolio transformation. He highlighted 7% organic software growth and a shift to 80% recurring revenue. For Consulting, he emphasized that the quality and yield of signings are improving, which is more important than the total value, and expects the backlog to drive a positive turn, particularly in the second half of 2025.

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