Good morning. Please give a warm welcome to Willa McManmon, Ingram Micro's Vice President, Investor Relations. Good morning, and thank you for joining us today, both here in Dallas and virtually. Before we begin, please take a moment to review the disclaimer slide on the screen. I will just go through some legal language. During today's session, we will make forward-looking statements that are subject to risks that could cause our actual results to differ materially from today's presentation. Please refer to the cautionary statement and risks disclosed in our SEC filings. Information on non-GAAP financial measures that we discuss today, including reconciliations to the most directly comparable GAAP measures, can be found in today's materials. Now let's turn to the agenda. To start the day, Paul Bay will discuss our evolution and how we are expanding our role beyond traditional distribution. Sanjib Sahoo will take a deeper dive into our operating model and strategy. We will then break for lunch. After lunch, you will hear directly from some of our customers and our group presidents. Mike Zilis and team will discuss our operating model, capital allocation priorities, and long-term financial framework. We will conclude the formal program with a Q&A session. For those of you who are joining us virtually, you will see the Q&A tab on your screen. Please submit your questions through that tab. With that, I will give the floor to Paul. Thank you, Willa. Good day, everyone. First, I want to start by saying thank you for joining us here, those of you here in the room with us, also those of you that are joining us remotely via the webcast. It has been a super busy morning for Ingram Micro here already. We actually got to ring the opening bell, which happened right here this morning. So, a great honor after going public in 2024 and getting to ring the opening bell. We are really excited here to be the first company that is actually hosting a Capital Markets Day here in the New York Stock Exchange, so pretty exciting. We look forward to a great day. I have to say, I am more excited now than I have ever been in my almost 30-year career in technology. So let's go ahead and get started. First, I would like to introduce you to our executive team. Many of them, they are spread throughout the room today. Many of them you will see presenting, so we are excited to let you get a view into the areas of operation that they have. Willa walked through that. They have many years of collective experience in technology, in business, and if actually you put it all together, just from an Ingram Micro standpoint, they actually have more than 200 years' worth of Ingram Micro experience. So, a very seasoned team, and I am honored and privileged to be able to lead such a great organization. I may be biased, but I think we have the best team in the industry. Let us start today with talking about the Advanced Logistics Center that many of you got to tour. Hopefully, you saw that it demonstrated scale, operational discipline, automation, the ability to really effectively move technology efficiently around the world. But I hope you actually experienced more. Showing you how we are using technology, the data, the intelligent, the way we are changing to how work is getting done in the operation, all the way from order entry, all the way through our ALCs. The point of today is to really take you on a transformational journey. We are going to show you how we are moving from a distribution to the industry's first intelligent B2B operating system. We are going to be bringing intelligence at scale, solving complexity, and removing friction. We are driving growth with new technologies and new businesses, and we are adding a lifecycle services business. With our supply chain services, along with our current IT asset disposition business and our reverse logistics and repair business, we are creating higher value for our customers, for our vendors, and for Ingram Micro. We believe we are the only company using intelligence to bring a B2B commerce and operations together to drive a new level of value. Today, you are going to get a deeper insight to that. We are fundamentally a different company. You will see the growth that we are driving, how we are generating that growth, as well as our 3-year projection. Let us start with distribution. Distribution is a great business to be in. The total addressable market that we have, it is making it more relevant now than ever. It lowers costs, complexity. It lowers the need for capital and at scale. The industry is a collection of B2Bs depending on each other for growth and value creation. IDC predicts a $5 trillion TAM, and it was just $2 trillion-$3 trillion just a few years ago. Why Ingram Micro? Number one, Ingram Micro has unrivaled global reach, serving 165,000 customers, 1,500 vendor partners on six different continents. We have the ability to service 90% of the world's population. But it is not just about the diversity that we have or the reach that we have, it is really about the revenue reach that we have. In Q2, North America represented 36% of our business, Asia Pacific 30%, EMEA 26%, and Latin America 8%. So great diversity in that revenue and reach we have. Number two, the broadest solutions and service offerings across the entire technology lifecycle. That is important because six different products are made up of our average deployment that we invoice with our customers. Number three, investing ahead of the trends. We have always led the way in distribution. We invested early in highly technical advanced solutions, our specialty business, things like data capture and point-of-sale, unified communication and collaboration. We did this both organically and through acquisitions in the early days. We did this again with cloud, where we have announced that we have invested over $650 million in our cloud and our cloud platform. We have invested in our digital platform over the past few years, and now we are bringing the only intelligent operating system for B2B. In addition, we are creating new routes to market, capitalizing on the technology and AI boom. Finally, we are investing in our lifecycle services business. The fourth reason why Ingram Micro is our track record of profitable growth and 47 years of proven success. How do we operate differently? Customers describe us as a multiplier, an extension of their business. Ingram Micro solves complexity over thousands of business-to-businesses and hundreds of markets. A great example, as you can see here, is Chris Leahy, who is the Chairperson, President, and CEO of CDW. They are a customer. People ask me quite often, "Is CDW a customer?" They are one of our most valued and largest customers. They value our partnership because of our scale and innovation. We are an extension of their business. Even with their size, we help augment what they are doing every day. This strategy of putting the customer in the middle has been part of what we are doing and core to our business for the past four years. Again, it is all designed with the customer in the middle. There is a real differentiation in the way we operate, drive growth, and innovate because our strategies are designed with our customer right in the middle of everything we do. We build value by servicing the entire life cycle, how technology is chosen, how technology is purchased, how it is installed and integrated, how it is refreshed and disposed of. The value we create reduces operating costs, accelerates growth, improves productivity, and removing friction and time for our customers. These strategies, as I mentioned, have shaped, and we have been using for the last several years, are very customer-focused. Focus on their experiences. Focus on building more cloud and consumption business, wrapping that all around with more services. Operational transformation with an intelligent platform. Using intelligence to remove complexity and continuing to drive operational excellence, which has been in our DNA for dozens of years. These strategies and priorities create value with intelligence to uncover and drive new growth. An operating system which supports faster time to market for our customers, maximizing value for them and for Ingram Micro. Ingram is the fuel and growth for our customers in every segment. We give our customers way to pilot, to enter new markets, to enter new categories without having to make the investment or the capital or taking on the risk. We are their partner to help grow and resources to innovate. Let me give you an example. Our Enable AI program, which helps customers understand, grow, and deliver AI at scale. Customers do not have the skill sets. They do not have the resources. They do not have the competencies. We augment all of these together, and we are perfectly positioned to help capture this market. Customers need a business partner that is adding value across the technology life cycle to reduce complexity. A couple of examples that you can see here is our technical centers of excellence. We have one of these in each of our four regions. They use our expertise to expand the offerings, pre-sales, post-sales support, integration. Actually, from a post-sales support, we receive calls, level 1 and level 2 calls, directly from the end users on behalf of our vendors and our customers, and we are able to do that for them on a post-sale standpoint. Technology solutioning, the broad technology categories and vendor solutions. Again, our average products of six different products or services helps our customers save time and helps them save money. Enablement with high level of trust to enter new markets, training programs, things like financing you will hear more about today. Business insights points our customers to new growth opportunities in adjacent markets, cross-selling, upselling, finding new white space, and demand generation, helping them find new logos with richer engagements and broader reach. Many times, our customers have told me, "Paul, you actually know more about my end user than I do." Why is that? It is because of the intelligence we are bringing. One example that you hear us talk about is IDA, our intelligent digital assistant. This is a quantifiable example and our first step towards our intelligence at scale, converting it into commercial action. In Q2, we delivered $1 billion of net new revenue at 4x the conversion rate at a higher margin. T oday, you are going to hear from four different customers from each of the different regions, and you are going to hear from them about how Ingram Micro is an indispensable business partner to them. Put simply, Ingram Micro's intelligence, expertise, and resources is the fuel for our customers, and we are providing them more ways and their operating system to help them deliver new growth at higher value. With all this technology we talk about, depending on what shows up on every morning's headlines, technology is great. But at the end of the day, people, relationships, and trust matter, especially when it comes to the growth of AI. A great example of this is Jay Miley, who is President and CEO of Myriad360. They are a company that went from under $200 million to over $1 billion. They did this, that was supported by our relationship, and they are willing to invest with us. Let us hear a moment from Jay. Ingram does take a longer-term perspective, and they are making investments in emerging technologies that, quite frankly, I am not able to make quite yet because the market is not as mature or maybe it is a little slower to adopt. But they are making those investments for partners like me. It is, quite frankly, enabling us to adopt and promote and sell technologies that we otherwise most likely would not. They are leveraging AI in ways that some of their competitors just, quite frankly, are not. It is making a real impact on our business. It is making us be more agile with our clients. It is helping us be much quicker to market on quotes. Speed really does matter in an industry like ours, where change happens every day. Ingram really is doing a lot of the hard work up front to make our lives easier. But quite honestly, the true differentiator is the people. The people in the business really matter. We are in a people business. AI is changing the world, and I understand that companies like mine and Ingram Micro are really leveraging it to scale their businesses more effectively. But at the end of the day, it's a people business, and Ingram really does the people things well. There's a couple of things I would take away from Jay's comments. Ingram Micro takes a longer-term perspective. We're adopting, promoting, and helping them deliver technology that he wouldn't be able to do on their own. Speed matters. We're doing the hard work for him. Relationships, people, and trust drive growth. I'll add that by using our technology and intelligence, he's able to find scale that hasn't been done before. The ecosystem we're operating in, the lines are blurring based off of what vendors are doing, what Ingram Micro is doing, what our customers are doing. This is due to the complexity and specialization. What are we seeing in the market? Number one, vendors are customers. They look to Ingram Micro to provide reach and specialized skills. Number two, customers are vendors. They're providing their own specialized offerings and their IP that they want to be able to help service other partners in the ecosystem. Number three, Ingram Micro is a service aggregator, right in the middle of how solutions and services are designed, built, and delivered. We have anticipated this change over the last five years, and these investments perfectly position us to grow. As these quotes scroll through, there's a couple of takeaways I want you to hear. Mid-market and SMB is fragmented and untapped, and distribution matters. Vendors compensate us as a global partner to help them capture growth where they can't reach. Hyperscalers, they're investing in us because their model isn't built for go-to-market or enablement or finding net new partners. Complexity is a core competency. We simplify and scale it, no matter the technology or category. Businesses aren't buying technology, businesses are buying outcomes, and we scale outcomes. Our growth also comes from bringing more technology from more geographic locations, our reach, our portfolio, enabling new technologies, whether it's AI to Neo Clouds, providing access to rapid growing solutions, areas like Anthropic or partners like Anthropic and OpenAI, adding consumption models, and actively deploying and enabling net new emerging vendors. Being able to provide a better way for our customers to grow, operate, and service differently. We're investing in ways to generate more growth across the entire technology life cycle. Let's stay on the theme of higher value. Services across the entire customer life cycle gives Ingram new ways to expand to new markets, modernize and monetize more increased share of that $5 trillion TAM I mentioned. Those that saw the ALC tour today saw state-of-the-art automation, visualization and data management, inventory optimization, real-time KPIs and analytics. That is providing for us a whole new profitable business for us to get into. Let me give you a couple of examples of our lifecycle services business. First, the supply chain services. It is aimed directly at our industry and other adjacencies. For reference, in 2022, we sold our logistics business for $3 billion on $1.7 billion worth of revenue. We are back with even more automation, efficiencies, and intelligence. We are not investing in warehouse capacity. We are actually creating it. We are creating that space that you saw to be able to give us the opportunity from a supply chain system standpoint. Secondly, our IT asset disposition and reverse logistics and repair business. This is all part of the circular economy, and we are going to continue to focus on how we can provide net new value-added services, adding new customers. We are adding AI when the constraints in AI, older technology many times is worth as much as the new technology. We are doing it with a responsible, and there are strict data requirements and sustainability requirements that global companies require of us. We have the skills, the competencies to scale the business, and we are a safe, secure, trusted partner. These business create resiliency and provides upside for us in a higher value market. Our broad portfolio of solutions with our lifecycle services and global reach is a strategic advantage. Where does the growth come from? Our growth comes from bringing new markets more efficiently, especially within the SMB market. Hyperscalers depend on us to grow with AI, the new frontier with new customers and new vendors. If you look at consumption, IDC forecasts consumption to grow by $1.3 trillion by 2029. It is a new way of how cloud is being bought, metered, and serviced. The key insight here is routes to market for the mid-market and SMB do not exist today. We are building it. The channel is even more important with AI solutions. New growth comes from three opportunities that we see. One is reselling AI, consumption, metering, the telemetry that is required. It is all built into Xvantage. Number two, attaching professional services as deployment, governance, driving adoption, and operations. Number three, new agentic services with field deployment engineers, the FDE model, and we are already investing ahead of the curve with this. It is working. We hold Microsoft AI app specialization. We are building custom agents today for SMBs, and we are building the same for AWS and Google. We are creating a new pipeline of growth. Why do we win with AI? Only Ingram Micro has that unparalleled global reach. We can serve with AI for our customers. We can recruit and enable new ones. We have got a multi-year head start with our platform, bringing hardware, consumption, cloud and services, all to the single pane of glass and platform. The co-investments we are making with hyperscalers and our OEMs to bring AI to these frontier customers and expand the TAM that we are in. The AI ecosystem is building supply. We are building a scalable route to market. We have had conversations with many technology industry analysts about our strategy and around Xvantage and our intelligent B2B operating system. We receive their input, help us explain better this positive new approach that we're taking to the market. The industry analysts have said, one, it removes friction. Two, it provides a unique service layer. Three, it's an intelligent operating system which is providing a deeper integration. Four, it delivers higher retention and switching costs. Here's a quote you can see here from Steven Dickens, who I believe is here virtually with us today. Steven is exactly right. The moat around our ecosystem that we've built allows us to serve far more of that $5 trillion TAM than traditional distributors. Which brings me to take a little bit of a deeper look at Xvantage. It's our vehicle and our platform for growth and intelligence at scale. It's the foundation for our intelligent operating system. For us, you've heard us talk about there's really three phases of Xvantage and our platform business. Number one, remove friction and operating expense. Number two, provide demand generation. How do we go from being reactive to proactive? Number three, use our data and convert it into intelligence with the buying signals that drives actions and outcomes. You're going to hear a lot about that here shortly from Sanjib Sahoo, who's going to be up next. You combine that with our people and our reach, and we're delivering to our customers more speed, more scale, and more service to give them a better experience. Our innovation doesn't end with go-to-market. We're building more intelligent ways for B2Bs to transact and operate, which is powering our intelligent operating system, turning intelligence into business value at scale. I want to be clear, we're building this technology. Our global data mesh, we started. It all starts with the data, as we know, and we've been on this journey for a few years now. We have more than 400 machine learning AI models that have been training for over a year. They're better, they're smarter, they're learning every day. This is all created by thousands of Ingram Micro developers and engineers. We have over 30 patents pending and eight that have been approved. This demonstrates our commitment to be an innovator, serving the industry in brand new ways. Now we have our first unified platform operating model, which we call our POM model. Why does that matter? Because we're adding operating leverage to our largest countries. You build, you standardize, you innovate once, and you can scale it globally anywhere. We're taking a fragmented B2B industry, and we're creating this B2C experience for our partners. Something happened. This is great. We're super proud to talk about this. Something happened last year. We actually had Stanford University reach out to us and do a case study on us. They proactively reached out to us. This was because we were taking a startup mentality, basically actively disrupting a 47-year-old business model. Why were we doing this? It's to be the platform where B2Bs can come grow, expand, scale, and service their partners differently. The Stanford Graduate School of Business, Huggy Rao is a professor there, and he's an expert in startups. He said, quote, "Ingram Micro is transforming while performing." They're actually using this case study as part of their graduate studies at Stanford now. Put simply, Ingram Micro is something worth investing in. Ingram Micro's business model allows us to capture the growing markets, hardware, software, cloud, subscription, consumption, and the services, all from the single platform. The growing complexity of AI, many technology solutions, they need a simplified go-to-market. Point solutions don't play anymore. Customers and vendors need workloads that are orchestrated in harmony. Our business model fits perfectly, right in the center of an entirely new growing ecosystem where the B2Bs are opening new routes to markets for mid-market and SMB that we serve every day. You put this all together with our intelligent operating system, which gives us operating leverage and a path to disrupt legacy models with a different value proposition. What you're going to see throughout today is why Ingram Micro. Again, our unparalleled reach that we have, 90% of the world's population, scale that generates value, excellent global revenue diversification, and we do it with the right business practices in every country we operate in. We have the largest portfolio of solutions and services, and it continues to grow with AI. Our lifecycle services business, ITAD, reverse logistics and repair, and getting back into the supply chain services business. We're continuing, and we will continue to invest ahead of the trends. We've always led the way in distribution. We've invested in highly technical advanced solutions and specialty services. We did this again in cloud. We're creating new routes to market for AI, capitalizing on the technology and AI boom. We invested in our digital platform, and now we're building the industry's only intelligent operating system for B2B. Our track record of profitable growth, we had a very solid Q1. We had the best Q2 in company history, and the second half is shaping up nicely. You'll see the three-year plan, which reflects growth and innovation. Mike Zilis will cover this later on today, but this really indicates the momentum that we're building. With that, I'd like to turn the stage over to Sanjib Sahoo, who's our president of Global Platforms Group. Please join me on stage, Sanjib. He's going to show how all this all comes together and comes to life. Thank you. Good morning. Good morning. I am going to talk about intelligence to impact when my slides come up. That is okay. Paul talked a lot about intelligence and scale and how we are becoming a different company. Today, I am going to talk about the operating model, how we are changing it, and how we are advancing our strategy to drive new value creation through intelligence. About five years ago, I came to Ingram Micro from B2B and B2C. Another very interesting thing that attracted me, that we sit at the center of the technology ecosystem. That is very unique. Today, that industry has a problem. Our industry has an intelligence problem. Let me tell you why. When you look at distribution, it started with hardware. The vendors went to distributors, to resellers, to end customers. It was primarily hardware, and the motion was inventory centering. You buy, you hold, you sell, you came for logistics, financing. You created a channel. There was a lot of friction. There was a lot of complexity by doing that. Just imagine the complexity. A single quote took three companies, 12 people, and 72 hours. That is how this industry operated. Over the last decade, then came cloud. One-time transactions changed to subscription models. Consumption models changed. What is more important, as you heard from Paul, the lines were blurring. It created more complexity with billing and quoting, and the lines started to blur. Then came another major transformation we all know called AI. What AI did was it added way more complexity how you solutionize. As you heard, vendors became customers are vendors. Today, we have an ecosystem problem. Complexity is rising higher than we can absorb it. There are bespoke solutions, tools, changing every day, a lot of complexity. What was a linear network once has become like this. We have our vendors, end customers, service providers, hyperscalers, AI companies, financing and logistics. Everybody is going to everybody. That is a lot of complexity. Can we solve complexity by adding way more complexity, by building way more tools? How do we solve it? Because the ecosystem has changed, but we are trying to solve the same way. Distribution was designed to move products through a linear chain. It is good. It adds value to a product. Today, what you see from all this network is it requires intelligence. Let me stop and define what is intelligence. Intelligence is not AI. AI is the technology. Intelligence simply is understanding what happened from this complicated network, why it happened, and what can happen next, and how do you understand and take action to predict a better outcome. Simply put, this ecosystem creates a lot of signals. How do you understand the context from the signal and drive outcome? Simply put, that is intelligence, and that is the connective tissue today. That is, ecosystem needs a connective tissue which is agnostic, and we are right at the center of that ecosystem, being that intelligence layer. This problem cannot be solved by connecting systems. You can connect systems, bespoke solutions. Today, we have to combine intelligence, because intelligence will open new routes to market. Complexity was a tax that we paid for this ecosystem. Simplicity is the opportunity, and today, intelligence drives that simplicity and simplifies the ecosystem. It connects all these signals and drives outcomes. What is a signal? It is not a transaction. Imagine a customer doing a quoting request. Imagine a customer doing a financial inquiry. How do we learn from that and drive demand or aggregate new opportunities? If you look at how we started our journey, we started building a platform to digitize our connection with our customers and vendors better, because there was so much complexity, fragmentation, and friction. Xvantage started to digitize that. As we went through the journey, we found out that it is not just digitization, it brings in transactions. We started building intelligence. Then you realize that the ecosystem has changed. Today, we have to bring in a new way to connect demand and supply. Distribution was connecting supply to demand. Today, with our intelligent platform, we are connecting demand to supply. Demand and supply have changed. Let's look at our business for a second. If you look at our supply side, our vendors, we have a long tail of vendors. Today, you heard a single solution takes six vendors to aggregate, accumulate. The long-tail vendors are looking for being part of a multi-vendor solution. They are looking for how they can generate demand across the other side. They are looking for growth, which they do not get access to the channel. But to service them for a distributor, it takes a lot of effort and scale and cost. If you look at the big vendors, the global vendors, the hyperscalers, the number one thing that they want is access to net new SMBs or long tail. Because they want demand generation. I will talk about how we can get there. They also want intelligence provided to them for their own product and supply chain. That is what they want today. Anyways, we are working with them to cater to the enterprise layer of the business. Look at our demand side, our customers. The long tail SMB and growth. As you heard from Paul, this is where the opportunity is. It requires a lot of scale and ability to actually address the long tail. You have to automate the experience, increase the value. It requires more of guidance with them. However, if you look at the mid-market, the needs are different. They need more outcome, more of a frontier model. They look for increasing share of wallet, looking at solutioning, looking at outcome. Different needs. The enterprise, which we do all the time with our business, they need efficiency, they need scale, they need automation. So the bigger customers need orchestration, the mid-market needs outcome, and the long tail needs guidance. How do you cater to these needs through a single platform? When we started this journey, we thought about how do we connect demand and supply. We realized the bigger vendors and the enterprise was more efficient in automation, which platform was accelerating. Then we realized that for the long tail, we need a platform-led approach, a platform that can connect with automation. But there is interesting thing that happened after that. As we are trying to build that long tail approach, our industry has been changing. What was fulfillment is today context, life cycle, attach, bundling, because there is no one solution, and solutioning together, packaging, and most importantly, demand generation. You see the life cycle. Even the margin economics are changing. What was rate, GP rate, is right now the dollars to the life cycle, bundling, solutioning, demand generation. How do we drive demand generation in the long tail? It is complex. It is difficult to drive that value in the long tail because change is happening all the time. Solutions coming all the time. But it is our biggest opportunity. Today, intelligence helps us to play in that long tail. Ingram Micro is setting the direction of the industry rather than responding to it. Every distributor has tried to reach the long tail of their end customers, of the channel partners customers by lowering the cost of a transaction. Ingram Micro is lowering the cost of a relationship, which is the constraint that actually binds. The true value will come from automation to lower the cost, but really giving guidance through intelligence that will improve the value of the relationship, kind of like a relationship leverage. In our journey, we see this is not just data. B2B is complex. Many B2B companies have data. Some have insights, few have intelligence, fewer have intelligence at scale. Today, we are uniquely positioned to deliver actionable intelligence at scale. Let me tell you why. In that complicated, connected ecosystem where everyone is going to everyone today, we have built a great reach and network. We have 165,000 customers. We have 1,500 vendors through the same network. We have millions of end customers. Thousands of services. So far, it was interesting. We had a distribution business. We built a great network. Interestingly, last few years, as we are building the platform, we have built an information network which processes today 250 million events daily. These events are signals. These events are telling you something. If you do not act on the signal on a transaction, you are leaving unrealized value on the table. Today, the demand generation is based on this signal turned to opportunity. When you look at your phone, you have an operating system. You may not know that operating system. Every day, that operating system looks at your application, memory, storage, takes complexity out and gives you a better outcome. Who is that operating system who is in the center trying to take complexity out with changes every day and giving a better outcome? Most importantly, driving demand. Keep in mind, demand doesn't start with an order. It starts with a signal. How do we learn the signal to understand that demand is already there? How do we go and find it through the intelligence and action? Who can find it? I am going to tell you why we are positioned to find that demand. Now let us look at something more interesting. What was a linear value chain today, through our platform, and we brought in the transactions, has become a different chain. Those events and signals fed with our context of many, many years, then we can reason and action, drive an outcome and recommend. This is creating a new value loop because signals reveal opportunities. Context determines why they matter. This has given us this new wheel that can find new ways and new routes to market that we can go forward. Let me give you some examples. Today, with couple of our top vendors and hyperscalers, we are thinking about combining intelligence. When we combine intelligence with their signals, with our signals, imagine attached data, refresh data bought in. We can now play in the white space by combining that intelligence and drive actionable agent. This is actually we are doing today. This is not just agents building. This is the combination of intelligence that we are starting to build right now. Just look at AI. We all know with AI, you cannot build one solution. If you look at AI, it touches multiple layers. You need a unified platform with hardware consumption, subscription services, because AI goes through multiple layers. If you look at the route to market, enterprise, they are primarily building, they know what they want, they are fulfilling. Mid-market is still on the frontier model, looking at the outcome. SMB needs guidance. They are still building the infrastructure and the data center. What is more important is the life cycle. It is not point of time. If you look at how AI is built, it is a journey. You have to go through deploy, govern, adopt, and operate. Our position at the center of this ecosystem, opening new routes to market with customers, vendors, financing, gives us a unique opportunity. Our network is strong. Our platform build the automation and integrations, brought in the transactions. The transactions are giving signals. Today, our intelligence along with that is making us an opportunity to open new routes to market. We are becoming that intelligent operating system. Now, you might ask the question, why us? Because AI models can be replicated. AI can be rented. You cannot replicate or rent the operating context. Ingram Micro has 47 years of history of operations. We aggregate all the data. We look at our platform to bring in signals through various experiences. Then we have built our technology foundation. That is creating a unique moat for us to play this agnostic operating system for the B2B. This doesn't happen one day. This was years in the coming. As you heard today, it all starts with people. We had a great distribution DNA for many years with the great experienced people, but we injected a platform DNA in that ecosystem by hiring more than hundreds of people from tech companies and Silicon Valley companies. They combined together to bring in the experience and the expertise. Let's hear from couple of them how they work together. My background is in building consumer scale data and intelligence systems at Instagram and other e-commerce businesses, where personalization and recommendations, for example, need to run in real time for millions of people. At Ingram, data flows through millions of transactions on our ecosystems from numerous systems and sources, including partner relationships, pricing, customer orders, financing, logistics, et cetera. We have built our real-time data mesh with harmonized data to feed context to our AI factory, and this is our foundation. We are moving from connecting systems to combining intelligence. While frontier AI models are becoming a commodity, what becomes a differentiator is the operating history and context. For example, our platform knows who the partner is, what they buy, what they renew, what they can finance, and how they execute. So recommendation lands in context, not in a vacuum. I've spent 30 years on the business side of technology, and the last 20 of it in distribution. What we've seen is more of a linear progression. Going from phone calls to faxes, then to email, and then to e-commerce. What's different now is we're seeing an exponential change. This is about expanding the reach of our partners. For example, being able to do outreach to tens of thousands, if not hundreds of thousands of additional partners that maybe they wouldn't have been able to engage with before. The agents enable them to have a broader reach, more intelligent reach, and be able to add more value in all of their interactions. This is what makes our approach novel is the combination of the intelligence, the agentic capabilities, and our operating model and our industry knowledge that makes it truly unique and is providing a value proposition that is getting a tremendous response from all of our partners. Our technology teams have built a patented technology moat. It is a journey. It started first by building the platform foundation, the architecture, the data engine experience layer. 42 million lines of code homegrown in the last few years. On top of the platform we built a real-time data mesh. What does it do? The platform experience bring in transactions, but it adds the context with 47 years of data to one source of truth, but 250 million events and signals processing every day. We built our custom AI factory. How do these AI models become production-grade? How can we add a combination of context and the intelligence, the models together? On top of that, we started building the journey. You cannot automate or agentify a process that is broken. How do you go end-to-end with the journey to build on top of that? We build all the models. You heard about it today from Paul Bay, 400 homegrown machine learning and AI models. That is why today we have that intelligence foundation that is helping us to go and find new opportunities. It is a platform which is built once and can be delivered to many. Multiple segments of customers, multiple size of vendors, different countries, big or small. We have taken a platform approach. To do this, we have actually partnered with innovators in the industry. This is a complicated problem to solve together, and together we are bringing this innovation in this ecosystem. Where are we in this journey? Today, we have 22 of the 57 countries alive on the platform. In those countries, about 80% of the revenue goes on the platform. Different countries are at a different maturity level, because you have to understand that when you build the capability of a platform, then it gives in signals and transactions while you get benefits, but capability and intelligence feeds each other. It keeps on growing. You have capabilities feeding intelligence and intelligence on outcome. Today, we are starting to have, I will talk about it, our intelligent operating model in a region. We are building on top of these capabilities, and we are showing leverage. In the 10 most mature markets, we see higher growth revenue per head, growth profit per head with lowering go-to-market OpEx. You can see that the self-service order mix and the revenue for customer orders are increasing. We are not only doing this leverage for us, we are improving cost for our customers as well. You heard a lot of promise. Let us show some proofs. We are going to move into intelligence in action. The first thing is, Xvantage was not a storefront or a website for customers. It is an experience for the entire ecosystem. If you look at how we have built this experience and a personalized experience with our intelligence, it has an experience for our customers, where they come, our mobile app. For our vendors, for our associates internally who can actually operate on that. For integration, it can connect with CPQ, CRMs of our customers with benefits with like Salesforce. It can even experience for our end customers. It creates a completely integrated experience through the platform. Those bring in those signals. If you look at the automation and intelligence-led efficiency, you heard about ETO, email to order, our patented technology, taking friction out for our customers. It helps us to really make us more efficient. We are actually driving efficiencies not for us only, even for our customers. Some of the quote to order times have improved from days to minutes. Mike will talk about it more in the OpEx that every handoff we remove takes out cost for us and our customers. Just look at more detail into this proactive selling mode, which is actionable insights. Paul talked about IDA. When you look at IDA, today, we are looking at algorithms, quotes, not only increasing the funnel, but prioritizing with our models to figure out which has the highest propensity to close, where it can actually have better conversion rate. Our associates come today, they already get a prioritized list. They can prioritize by outcome. They can even look at high-margin opportunities. This is where we are changing to margin. They can look at preparing themselves through an intelligence exposed by our agents that we have built called Sales Briefing Agent. When they give feedback, we can capture further actions. They can even do a research for a customer that saves them a lot of time to prep for that. This is helping us to change completely from a reactive way to a proactive way of selling, bringing intelligence straight into the sales cycle. Hi, I am Ray Wang with Constellation Research. The numbers don't lie. Conversion at 4x the normal baseline and $1 billion in AI-led sales shows the progression to an AI-first approach is here. Now we are bringing the same insights and visibility to our vendors. Our vendors today can log into the same platform, get performance signals, health dashboard. They can even get their customer demand signals. They can even look at their quote pipeline along with conversion propensity in the same platform that is sharing the intelligence today. Distribution was never known to give this real-time intelligent visibility to our vendors. Now we are combining this to bring and drive actions more I will show. Working capital, ROWC. We are using intelligence today in the same process to intelligently buy. Our associates can do intelligent-driven deal analysis. They can look at how they can optimize a buy-in from the vendors. They can use the intelligence to chat with our agent and really figure out how do we improve our DIO. I am giving you areas where we are using intelligence to run our business. Imagine data helps you run your business. Intelligence helps you grow your business. If you look at another important component, we talked about B2C in B2B. It is not easy. Some of us, it is NFL season, watch a game on Sunday, order your food on mobile, come back on Monday, make a phone call. How can we make Sunday to Monday a fun day? How do we create a B2C experience on a B2B? Let me give you example of how we are using intelligence to create a B2C experience on B2B. A single pane of glass with hardware, software, subscription services, completely personalized for every persona. The widgets are customized. Every action you take, the platform is learning. It can be for any subscription, cloud. It can help you do intelligent search, understanding where you searched before based on your persona. It can give you cross-selling recommendations right at that point based on your history. Look at this. It can automatically attach a warranty, understanding the signal that there is a cross-selling opportunity right there. You can do software pairings. What really goes, in this case, you see that. A unified cart. Imagine a single cart which has hardware, software, subscriptions, services, not different marketplaces, not different platforms. A single cart that shows all of that in a single platform, taking complexity out. When the order is done, you can actually go to the same platform, and it can do real-time order status tracking, understanding where your actually delivery is, and track that from here. Our customers are spending more time in the platform. We are creating a different B2C experience in B2B. This experience now we are extending to mobile. Imagine a notification of a deal that you have. You want to optimize inventory, you push it through mobile so that your customers can get a real-time notification. We have a high propensity code for a small MSP. You can push it through a mobile app. You can actually do a one-click ordering to do that. We see customers using the phone to not only check pricing, but transacting through the phone right now. Subscriptions, a complicated challenge in the industry. Consumption models change. Renewals opportunities. Imagine you get a renewal signal one year before renewal happens. How do you understand that? How do you drive recommendations on subscriptions? How do you take complexity out about the entire subscription life cycle and manage subscriptions? How do you facilitate a one-click auto-renew? These are complicated problems to solve in the same platform that you actually had and was selling hardware. You heard about Enable AI today, the experience that we have, we learned by doing AI, we are sharing it with our customers. They can come to the same platform, they can do a custom skill builder, they can take a readiness assessment to understand where they are in the journey. Really customized for them. Personalized evaluations in the platform for them to understand. Then we give a maturity scorecard which rates them, and ultimately we create a tailored action plan for our customers in the platform that can help them go through that AI journey. Because AI is a journey, not a destination. Now I am going to move to one another thing, which is integration. We need to integrate intelligence together. You heard about MCP. This is where Xvantage goes beyond Xvantage to connect with our customers. Customers do not have to come to us. We share our intelligence, our context, and our history, shared with them for benefit of them. Let us hear from one customer how they are leveraging MCP. What I want to overview with everyone is really the power of the Ingram Micro MCP connection to Xvantage, and really how a business like MRE Consulting uses it on a daily basis. When we have specific quotes and we want to create a new quote, what we do is we go into the MCP server and we say, "Can you create a duplicate?" So now we have a new quote. So I can take this and I can go to my PSA and I can create a new opportunity. I can import that exact new quote, and now within a matter of minutes, I have a new order form that is now ready to be sent to a client. So this process used to take us about two, three days, and with the power of the MCP server, I am now able to do this in a matter of minutes. These integrations bring us signals, and to get context. We are not only stopping that, we are actually now integrating this with any AI frontier assistance. If you look at this, the platform is connected via these customers. Imagine a small MSP who may not have that IT budget to invest in AI. They can quickly use their own frontier assistance and work with our platform from a catalog getting in seconds to get a recommendation, to even get a push model solution that we can do together. This is where we are combining intelligence not only with our vendors, but also with our customers. So all of this experience that we are bringing in has a very interesting dynamic. If you look at the actions, the insights, the buying, the B2C design, intelligence anywhere, mobile, go-to-market assistance, it actually tells us something. Through all these experiences, we are not only bringing in transactions. We are gaining the intelligence that is making the next one smarter. That is our new operating model, because every transaction creates a context. Every intelligence-driven action that we have is actually driving a better outcome, because intelligence is connecting that signal to the context to drive an outcome. So this is actually our new operating model. Today, we are really moving towards an intelligent operating model where a platform connects the participants, brings in their automates, digitizes, but an intelligence drives action, drives reach, drives push where you need to do today because the ecosystem has become so much more complex and you need renewal signals, buying signals, recommendations. Paul talked about platform operating model. We started the journey by standardizing and cost efficiencies throughout the globe. But without that, we could not have built the intelligent operating model. The products, initially were more products that required scale. Platform connected the participants, brought in the transactions, gave us the foundation for the intelligence. Today, we have the foundation now for an intelligent operating system to operate. Let me give you a couple of examples of how we are doing this. Our sales pipeline that you saw, Sales Briefing Agent, we integrate with our internal data and external data for signals, and then we prep our sales force, our sales teams, with agenting intelligence to understand who to target, where to target, and the right opportunity. You have to understand the propensity. So you're moving from being an order taker to really being an order maker, from reactive to being proactive. This approach, we can scale the intelligence with humans and can also scale with agents. If you look at this today, our agentic outreach, the signals we identify are opportunities, upsell, cross-sell opportunities, high propensity quotes, renewals. These are all opportunities you do not get. These are invisible. You have to go and find them by attaching all data. Now the agent identifies an opportunity. How do we push? You saw today, we can actually push via a mobile app by a notification. We can do an MCP. A small customer comes to us, we are pushing, we are not waiting. We push through an MCP, and we can also be an interactive marketing to push and automate intelligence to that. This is where we are now in a phase of creating a repeatable model that operationalize intelligence. Our engine looks at opportunity, propensity, intent and then identifies prioritized action. Bill Brandel, who will come here later after lunch, will talk about how we are doing this in North America, starting to show this model. These actions can be taken by an associate who understands where to reach, by an agent, the quotes that we don't cover, how do we go? But not blindly, the right customer at the right time to drive the route outcome, doing a push model. So you feed in growth strategies here and you feed in opportunities. That's how if you balance all of them, you get your leverage. So really, intelligence is more a growth and operating leverage story. You can look at revenue, margin, not only your growth margin, but your operating margin, your productivity, strong cash flow. You balance all this to the intelligence model that you have. We are turning intelligence into a compounding advantage. We did the hard work using our scale, build the platform to build the integrations and infrastructure, and today we have created a new growth flywheel. If you look at this is the model. The signals. When the customers come to us with the experience, they give signals where you have invisible demand generation. That's where our vendors want. That's where Long Tail wants. We can attach the entire ecosystem. Now match that with our context for so many years of operating, then use our models and intelligence to reason, understand the action, and drive outcome and keep on this loop. This flywheel fuels a new growth engine on the foundation that we have built on the technology moat and the operating experience that we have built. This converts intelligence into commercial outcomes, a different model. If you look at this entire flywheel, this is the core flywheel. You saw before, this has helped us to become a broader ecosystem flywheel. Through these intelligent actions, we create a better experience. We bring in more vendors, take the complexity out, because complexity is the biggest constraint for growth. We bring in more solutions because the industry is not about pushing one solution, it is bundling solutioning together. How do you do that without the intelligence and the solutioning? You attract more customers, then you can price, promotion, merchandise. Then you can bring in the ecosystem partners. We will talk about center. This entire ecosystem, somebody had to solve it who is agnostic. A vendor who focuses on products cannot solve it because they focus on products. Hyperscalers focus on cloud. We focus on the ecosystem. That is why we are the intelligent operating system of this global tech ecosystem. Xvantage has evolved from being a digital platform to an intelligent operating system of this entire ecosystem because this is a problem, somebody had to solve it. Like you saw from Paul's presentation before, this foundation helps us to create a pivoting business model. We have the operating system, which is bringing signals, bringing in the integrations, and the network we have, we can build supply chain, finance, marketing, ITAD. We can add this foundation and keep on expanding from distribution because these are B2B problems. The technology and the operationalization that we are building solves for B2B. We are moving from distribution to tech to B2B. In this journey, you heard Paul saying we have reduced OpEx and Mike will give more details about it. We have increased revenue. Today, we are now in a phase where through intelligence, we are really getting into margin optimization. We are optimizing margin and showing the leverage. It is a $5 trillion technology market where intelligence is improving and expanding the value of every transaction. As I told before, this problem had to be solved. I know a startup that is solving this problem, a $57 billion startup with a $5 trillion opportunity. That is us. Because on the base of this foundation, we can bring in other B2B opportunities through this flywheel because today we have built the foundation. Distribution moved products. It is really good at it. Platform digitized and connected participants, but that created signals. If you add to our context, today, we optimize outcomes with our intelligent model that we have. For decades, we moved products. Today, we move intelligence. We just do not move products to the value chain. We move intelligence to the value chain, and maybe we are creating a different value chain. Because this intelligence model that we are building is driving action to outcome and really building the growth and leverage. Mike will talk more about it with the intelligence bridge that is changing our economics. We are changing from a transaction business to a compounding intelligence platform. A different company. Scale is our advantage. Intelligence is a multiplier. Thank you. We will take Q&A right now. We are now taking some questions. This comes in from our live audience. Yeah. Sanjib, can you provide more details on how the Xvantage platform helps vendors, OEMs, customers, basically the entire supply chain, help navigate the current dynamic supply and demand environment, including rising ASPs and component shortages? How does this translate into deeper customer relationships and revenue growth? Yeah, great question. That's a lot there. Yeah, it's a lot there. If you go back to the segment of vendors that we showed and the segment of customers, if you look at the larger vendors, they actually work with us to do most of the products to the market. A lot of them is vendor-led, and we generate demand in some scenarios. We play in the role where we fulfill, we take the products, we do it efficiently, and we really give them the opportunity to the channel that they want. But those vendors today are looking for unmatched demand to the signals. If you look at any large vendor today, the number one thing they will ask is, "How can you match our pricing? What do we have? Get us access to the net new SMB and the long tail." That's the opportunity that they have. What they want is really a level of segmentation that they don't play generally, and that's not their core competence, but that's where they want to go. Today, we do a great job in working with the enterprise. If you look at the platform, the platform has two motions. With our transaction automation with our vendors, we do it efficiently, take their products in the big customers enterprise and the upper mid-market area. But if you look at what the platform gives today with combining intelligence, imagine their pricing data, their signal data, and you combine their intelligence with our intelligence, we can get understanding of units, ASPs, and signals, and then we can really use our agentic intelligence to actually push it to the long tail and drive value. That's what the vendors want. Most importantly, the vendors can also come into their platform and can get visibility, as you showed today. They can get visibility. They can get customer demand signals. They can also get understanding their propensity for quotes and performance, which gives them an understanding of their markets even more better. Great. How hard would it be for competition to replicate what we're doing with Xvantage? We are not solving a distribution problem only. We are solving an ecosystem problem. If you look at our differentiator, we have the foundation. I showed the journey today, right? It is not about an AI model, or it is not about building a platform. Our goal is not to only build the best platform. We want to build the intelligent operating layer for the ecosystem, which requires the operating context, which requires a technology foundation, which requires the aggregating the data, which takes a lot of effort, which requires your journey mapping, which also requires your foundation of the systems that they talk to each other. That is a lot of complication to build. I cannot comment where competition will catch up. I have due respect for them. What I can tell you is that this operating context, with the history of operation we have, with the data that we have aggregated over the last few years, the experience that we have created to get the signals, and then to build an agentic foundation, it is hard to copy. How will Xvantage help drive Enable AI and expansion of AI as a whole? There are two ways. If you look at the AI motion that I explained today, it is different in different segments of our customers. A lot of us think AI, we get confused by the AI models or what AI is doing. If you understand that a customer asked me a question about AI, I said, "Without data and the infrastructure, your enterprise AI will not work." If you segment your customers into how AI will work, the enterprise generally are doing mostly fulfillment. That is where you see the GPUs, how they are coming up right now. Our role is we are really helping it working, participating and participating in that GPU fulfillment. Where there is an opportunity is mid-market and long tail. In the mid-market, you see more outcome-based. AI has about six or seven layers. We talk about the hardware layer, but there is an application layer, networking layer, model layer, multiple layers. How do you bundle the solutions together to drive the right outcome? How do you partner with the hyperscalers together or vendors? This whole multi-solution approach is important. There is a mid-market component to that. In the SMB, I think we need to give guidance. That is why we are talking about in our platform today, it requires intelligent bundling. We showed about a bundling of solutions, then we really have to reach out to the SMBs through the intelligence of the push model to take them in the journey because they are looking for guidance. We sometimes look at AI as reselling AI capacity, but if you break the AI journey into multiple phases, every segment of customer different phases, and that's how we intend to partner with them. Okay, we have time for just one more. We're going a little bit long. Can you talk a little bit about the patents and how they provide a proprietary advantage? Absolutely. If you look at our technology journey that our teams have taken, we have written our proprietary code. You saw 42 million lines of code. But the code was structured in a way that is agnostic to data from ERPs to the engines and the experience. These patents are problems that are B2B. For example, dynamic SKU. How can we have a SKU not overloading our ERP? Creating a B2C design in B2B. An agnostic framework where it save time for integration with vendors. As you know, integrations take a long time. Using our intelligence and framework, how we can integrate it much more faster. You saw today a Salesforce integration happening in minutes. These are some of the patents that we have done, eight of them approved, which is actually solving B2B problems, not just distribution problems. As I said before, we are solving an ecosystem problem. These patents position us to solve that and be a different company. Hope you all got that today from our discussions. Great. Thanks, Sanjib. At this point in time for the virtual audience, we will be breaking for lunch and we will be returning at 12:45 Central time. Thank you. Broadcasting, thank you for joining us back. As Paul mentioned this morning, we are providing intelligence at scale. He outlined our strategy and what Ingram Micro is doing to fuel growth for our customers and our vendor partners. Sanjib really brought it to life, and you got to see how the platform works, how our intelligence works. Now we actually have four customers here representing each of our four regions, and we are going to talk a little bit about what their businesses are about, how they are partnering with Ingram Micro, and what we are all doing to drive growth together. With that, Greg, I am going to start with you, and maybe you could give us a sense of Pellera and who you are at Pellera and your role, and maybe also who your customers are that you are working with. Sure. Well, first off, thank you to the Ingram team for having us today. We appreciate it. For those that don't know me, my name is Greg Berard, CEO of Pellera Technologies. Pellera is a North American-based solution provider that really focuses on four key areas: data center technologies, application modernization and cloud, cybersecurity, and then data and AI. We're $5 billion in revenue. We have over 3,000 employees, and we really focus on what we believe to be unique in the marketplace around our AIM philosophy, around all those strategic practice areas. Our ability to help our customers, advise them on the solutions they need, implement those technologies, and then wrap managed services around all of them as well. From a customer perspective, we've been very acquisitive. We've acquired companies in every region across North America. We're really industry-agnostic, but we do do business with the largest financial services, largest healthcare customers, automotive, and public sector would be the four largest industries. Okay. What are you seeing that's different about the business you're doing today? Sure. The biggest thing, as we all know, is the AI trends in the marketplace, right? We've really started to see a shift towards let's stop talking about AI and let's start implementing technology. We've helped our customers build very large, high-performance compute clusters. We've seen them really put more focus on understanding the governance, understanding the compliance, how do they make sure their environment is secure to roll out the AI technology. We've really seen a big shift towards, let me understand what the use cases are, but now we're starting to implement real-life AI use cases, and that's been a nice shift over the last, I'll call it 12- 24 months. Yeah. That is great. You mentioned $5 billion, so not a small company, fast growth. How is Ingram Micro partnering with you and helping you with that growth? Yeah. Ingram Micro has been a very, very strategic partner of ours since 2017. They have really been along the growth journey with us, helping us continue to build and explore and expand the business across the board. When I think about the relationships, in this business, everything is about relationships. Ingram Micro helps us not only with their relationships and their executive team, but also the relationships we need to have with our strategic partnerships. Understanding who the OEMs are out there that we should have relationships with, and then brokering those deep relationships. The other piece is around supply chain management. We all know that continues to be a challenge, and Ingram does a great job helping us understand what is available. We do not do a lot on the inventory side, so you guys have been a great partner to help us manage inventory and make sure things are ready when our customers need them. The last piece is around financial opportunities, right? Helping us be creative, whether it is around acquisitions, whether it is around buying patterns of our customers, or nowadays with the high-performance compute cluster transactions. We are doing deals that are hundreds of millions of dollars, and having a partner like Ingram that can help support that is very important for us. That is fantastic. Thank you. Thank you. Irvin, GBN is a different company than Pellera. Can you talk to us a little bit about GBN and what you specialize in? Yes. Thank you for inviting us, Ingram. It's a pleasure to be here. We are partnered in Mexico and LATAM that offer mainly collaboration like contact center. We do cybersecurity, also networking data center, and wireless solution, and our main brand is Cisco. Fantastic. Who are your target customers that you're supporting? Our target customers include organizations in retail, manufacturing, hospitality, and finance sector. Okay. Uh-huh. The key differentiator between us and our competitors is that we speak the language of the business. We don't talk about bits and bytes, hardware, software. We talk about sales growth, operation efficiency, and maximize revenue of our customers. That is a really key trend. That's been happening over the last maybe 5 to 7 years, that you're no longer talking to the IT suite, you're talking to the line of business leaders. Yes. Yeah. Ingram Micro help us by providing a single platform to quote, provision, and review all at once. Through this integration, our Cisco deals and discount flow directly, immediately into expansion. It's amazing tool, allowing us to respond much faster to our customers. Fantastic. Okay. Gordon, let's switch over to you. Paul mentioned earlier about how customers are also acting as vendors, and I think Viadex is a really good example of that. Yes. I am Gordon Scobie, VP of technology at Viadex. As Jen mentioned, our business is split into two different areas. One is around logistics and the other is around managed services, but we have also been able to create two new cloud practices with AWS, GCP, and OCI using Ingram, which we could not have done before. One of the unique areas that Viadex can provide is we can deploy any form of hardware, any country in the world, looking after import, export of records, completing all local in-country administrative tasks, and this is one of our major superpowers at Viadex. Fantastic. What is Ingram Micro doing to partner with Viadex, and how are we helping you? There are a few areas. One of the main areas is around Viadex uses Ingram to distribute for our global dispersed customers. One of the things at Viadex is we only deal usually with customers who operate in more than one country. How we leverage that is through yourselves at Ingram, which helps us to scale across all these different countries. The other is around our AWS and GCP practice. 14 months ago, we went on a journey to set up the AWS practice, and by using Ingram, we have basically escalated that process from being a partner within the first 14 months. The way we have built it usually would take three years, but we have managed to condense this into 14 months because effectively the Ingram AWS teams is an extension of my teams. It is great for us to scale. And also in terms of the GCP side, what has happened with GCP, we are already providing the managed services from an AWS point of view. So some of our customers also use GCP. So within the last three weeks, we have managed to create a GCP practice within a week, which we couldn't do without Ingram. So it has been huge for Viadex to be able to lean on that specialty that Ingram has. And the final area where Ingram is bringing value, so we have created an AI SaaS solution that focuses on migrations from data centers and AWS. So based on Amazon Bedrock, we have worked in collaboration with Ingram's AWS team to effectively create this SaaS solution, which can condense a MAP assess or a migration assessment from six weeks to roughly six seconds. So this is something that has been very beneficial for both Ingram and Viadex. Okay, that speed matters in real life right there, for sure. Thanks, Gordon. So Chong, FUSE. FUSE is an exciting company. Tell us a little bit about it and why you partner with Ingram. Yeah. So FUSE, we are a managed service provider based out of Australia, but we now have operations in Vancouver, London, Ho Chi Minh City. We are a little bit different to all the other guys. We are a services business, and then we wrap software, hardware around it. And we take care of small-medium business. So what we found after COVID is every business in the world is now a global business. And we were finding that our clients would be traveling the world wanting the same level of support in London, in North America, as they would in Sydney, Australia. And so that is where we grew our business, and because of the Ingram global scale, we managed to scale up very quickly globally. It was a phone call to Ingram saying we are opening up in Vancouver. Within a few days, we had an account set up. Within a few days after that, we had a line of credit, and we were transacting. And we have turned that Canadian business into zero to a couple of million dollars of revenue in less than 12 months. So, it was great. And one of the things about Ingram as a whole is whilst they are a global business, a lot of the other distributors, the regions are quite separate. Whereas with Ingram, we find that no matter who we talk to in the world, the leadership team are a global leadership team. It is quite unique in the world of distributors. And that is what we found as well, being an MSP. There are a lot of global MSPs, but they all operate very separately. And our clients didn't like that. They wanted to know that they picked up the phone in Australia, they would get the same level of support as picking up the phone in Canada. That is what made us a little bit different. Excellent. Also, I would call you a power user of Xvantage. Yep. Can you talk a little bit about the benefits that FUSE is receiving? Yeah. Look, we kind of went all in with integration and platform. One of the challenges of a small-medium business is scaling quickly, finding staff, and so a few years ago, we decided to go harder into selling service. Whilst we were services led, we wanted to sell more product, and one of the things Xvantage allowed us to do is grow our hardware, software business exponentially, basically. Because of the power of automation, because of the integrations into the platform, we are able to do that without adding staff, which has just been phenomenal for us. Hardware transactions, API integrations into MCP. I will use an example this morning. We had a client who placed an order with Dell a few months ago. No ETA. Next thing you know, they're like, "We can't find any RAM sticks." I literally cut and paste the config into our AI chat tool, which had MCP integration into Xvantage, and within 30 seconds, it came back and said, "Here's the option from the other vendor. Here's three options. This is what's in stock, this is not what's in stock." It came back with standard buy price. In the past, you would have had to have gone back to Ingram. They would have had to have gone to the vendor, worked out the config, all of those things. The power of it is phenomenal now. Just like I find that those things give my team superhuman powers. It makes us able to compete with the big boys, where in the past it would have been hard. It would have been literally me on my own Yeah trying to figure it out. Now I've got some AI tools to help me. That's been great. The manual processes that we've been able to replace with automation is just phenomenal. That's great. Yeah. Superhuman powers, that's intelligence in action right there. Yeah. I love it. That is it. You guys are managing a lot of seats too. Yeah. So we are in SMB. We manage about 5,500 seats. You can imagine in small business, there is a lot of staff churn. Just being able to turn on and off licenses through automation every month, the billing reconciliation for that. Some companies will churn 20%-30% of their staff every year, and that means turning on licenses, turning off licenses, onboarding, offboarding. We have built the integrations that allow us to do all of that work. But even better, it means that on the first of the month, I press a button, and we do our bill run, and we capture all the adds, move, changes, because cash flow is the biggest challenge of a small business. When you get the billing wrong, it means the clients do not pay their bills on time, which then has a knock-on effect. The more you can do to automate that process, the better. Absolutely. And time is money too. Yeah Especially with the services business. Yeah. Gordon, Viadex is also working with us through Xvantage. Can you talk a little bit about what you guys are seeing? Yeah. So very similar use case to yourself with regards to, especially from the logistics point of view, where we are looking at different hardwares, different pricing. We adopted the MCP side as well, which allows the sellers to get quotes, bids out much, much faster than what they had done before. One of the other areas is around provisioning AWS and GCP accounts. As I mentioned earlier on, it took us a week to set a practice from scratch. But by using Xvantage in terms of the new accounts and the projects, Xvantage simulates that process. You are talking two, three, four days, much quicker than what you could do when you were doing it manually. The other area is around the logistics. The logistics side of the business, they are heavily rely on Xvantage, which goes back to the same point around where we can now automate a lot of the pricing, coming back to the MCP servers. Yeah. What we were talking about earlier too is you are able to put everything onto the same invoices, the same- Yeah quotes, same orders, right? Yeah. Which is- But there's also another area that we're working with Xvantage on just now, which is beneficial, is around the 24/7 AWS support. Yeah. My teams have been exploring with Ingram how we can get that up and running. Instead of me setting up an AWS support team, we are leveraging Ingram for that through Xvantage. Great. That's outstanding. Irvin, with GBN, you really see us as a business partner of yours. Could you tell us more about that and how that works? Yes, of course. We treat Ingram Micro like an extension of our business for resources and expertise. We use training and certification for our consultant team. We also work with Ingram in pre-sale support for complex design for integrations. We use the financial option for Ingram to try to get bigger projects for our customers. We also do proof of concept when the projects are really difficult. We also support Ingram Micro as a service provider to extend their business and support other SMB customers in scaling their Cisco solutions. Okay. GBN is also a customer? Yes. Also serving as a vendor with us. Exactly. We're working in that a couple years. Fantastic. Yes, thank you. Chong, you mentioned that Ingram is partnering with you on intelligence, and you are doing some pretty interesting things with that. Could you give us some more color? Yeah, look, I talked about the integration of the MCP platforms. But what we are finding is that in the past, as an MSP, you would buy a lot of stuff off the shelf, and you would use maybe 10% or 20% of those features. What we are finding now is our clients, they want to see the value of what we do. So traditionally, we used to fix computers. We used to go out on site, plug things in, get them working again. That world is kind of changing. Now what they do not see is the 10,000 tickets of security that we do a month. So what we have had to do is build platforms that show our clients value in a different way. The great thing about working with Ingram and their platforms is that we now can build a client dashboard that shows our clients all of their licensing spend, all of the work that we do with them from a ticketing perspective, all the security that we stop. But also they can see the back orders. They can see the laptops that they have in their fleet that are out of warranty. Then we can kind of say to them, "Right, here is what it is going to cost, and this is what is in stock." We can all surface that through a platform that we have built. I do not know, actually, I think everyone in this room knows that from this year onwards, the ability to write your own code and build things out at scale has moved exponentially quickly. I basically have two full-time people doing AI and automation within my business, and I think they are doing the work of a team of 20 in the past. We are bringing things to market now that we could never before, and it is only with the help of partners like Ingram, where we can have a single pane of glass wherever it is in the world for our clients. That data is super important for us. That is a great example of what Sanjib was talking about, is intelligence coming into outcomes that you are able to deliver to your customers, which is exciting. Yeah. Greg, back to you. Can you give us a sense for the scale of Pellera, just to give us some more context about what you are managing on a day-to-day basis? Sure. As I mentioned earlier, we are $5 billion in revenue. We have over 2,000 employees. From a partnership perspective, we have over 1,000 partners in our ecosystem. On a daily basis, we are interacting with a lot of OEMs, and this is an area that we leverage Ingram for as well, right? Making sure we have the right relationships and the right partnerships with each other. Each of our practice leaders is looking at this every year, right? Do we have the right partnerships in place? Are we investing in the right areas? Are we doubling down with the right strategic partners? Understanding from Ingram, what are they seeing in the marketplace? What are the emerging trends that they are looking at? Where are they making investments? Our ability to leverage you guys for that is important to our business, so that we can make sure we are doubling down and investing in the right strategic areas. As I look back three years ago, I would not have been up here talking about Nvidia. I would not have been up here talking about Databricks, right? But now we have invested in these partnerships, and we are growing our Snowflake Inc. business. We are growing our Nvidia partnership, right? All of those things are important, and as the market continues to evolve even faster, it is more important for us to understand what is out there and leverage you guys to help us do that. Excellent. How do our programs and services help to round out that for you? Yeah. There is a couple of things, right? Number one, enablement and working with your thought leaders and our thought leaders to make sure that we are enabling our sellers, we are enabling our clients, so they understand the technologies that are out there. We touched on earlier just understanding the supply chain and the inventory. Then more and more now is really structuring deals that make sense for our clients and giving them a way to procure the technology in a way that makes sense for them, and a way that we can handle it as well. I touched on it earlier, but we are doing large transactions, and we could not do that without Ingram Micro, and we could not do it without the creativity that comes to bear as we are structuring these large transactions. Yeah. You have heard from many of them about our financial programs, and Eric Tapia is going to talk about that a bit later on what we are doing with that. It is exciting. What are you seeing in terms of AI and how are you supporting your customers around it? Yeah. There's a couple of areas. We talk about the Pellera AI platform, and it comes down into three different buckets. The first one is what we call AI factory and high-performance compute clusters. This is where we're driving very large end-to-end compute networking and storage transactions with our customers. These are typically hundreds of millions of dollars, and we're working with Ingram, we're working with HPE, Dell, Nvidia, VAST Data, all of the major compute and storage platforms that are out there. We're helping our customers understand their use cases from a data perspective, and then making sure they have enough compute power, making sure they now have enough bandwidth from a networking perspective, and then the storage capacity to handle these. These are large financial services use cases, large healthcare use cases, working with customers to drive cancer research and other things. So really just taking the business to the next level from an infrastructure perspective. The second piece is around AI as a feature. Every OEM out there is building newer and newer capabilities on a monthly and quarterly basis. So how do we make sure our customers understand what they own today, and how can they leverage that to drive the business outcomes they have? The third leg of the stool that we talk about is AI as a solution. This is where we're doing design thinking workshops with our customers to understand what's most important to their business, what's going to give them the best ROI. Then we're working with them to build a roadmap, helping them build the technology, helping them implement the solutions, and then manage it over time. If we can continue to work together and drive those three pieces, that's going to help our customers see more value from AI technologies and help us all continue to drive value and be a growth lever in our business. That's great. You guys are being a consultant with your AIM approach and with design thinking and all of that in addition to a technology- Exactly expert. That's tough to manage both. Gordon, you guys also have some unique AI offerings. Can you touch upon those? Yeah. Based on some of the use cases we've had with our customers over the last 12 months, we created a service called Altiora, which basically is an AWS AI solution, built on Bedrock, which effectively can take a customer who was looking to do a migration into AWS, instead of taking this 46 weeks, we can now speed that whole process up to, as I said earlier on, six seconds. We couldn't have done that without the feedback from Ingram, because the volume that Ingram are putting through from migration assessments, we are basically looking at that process, look at our customer's process, and that's how we've managed to adopt the AI technologies to condense that whole period to save resources, efficiency, accuracy, all within one solution. That's running already within AWS through the marketplace, and AWS have signed this off as one of their MAP assessment tools of choice, which is a good position to be in. The other market where we created a new AI solution is around, we have a SaaS solution. It's called Viadex 360, which effectively is a cloud management platform that plugs into AWS, Azure, GCP, Databricks, and Kubernetes. One of the features that we were getting feedback from our customers was they're adopting AI all the time, but they don't know what they're consuming and what that cost is. Effectively, we have built plugins to Anthropic, OpenAI, Gemini, and we've included it as part of Viadex 360, so we can monetize individual cost to track an individual user's consumption of tokenization. That's across all the different LLMs. Not only do you get your hyperscaler cost, you also get your LLM costs as well, which is- That is really cool. A year ago, you probably couldn't have done that. Yeah. When earlier Sanjib mentioned collaborating intelligence, I think that was an excellent example of how we're doing that together, as well as that routes to market through hyperscalers. We're making it possible for those SMBs to get those services, and we're working together on that. Yeah. Yeah. Excellent. So Irvin, with GBN, you guys have a specialty business that you mentioned. What are you doing with AI, and can you talk a little bit about that? Yes, of course. Most of our projects is about contact center, include AI solutions, AI agents, and AI solution for humans that help to manage better the conversation with their customers. We have customers in different verticals, like hospital, sorry, like hospitality. You can make a reservation without talking with a human and with informal language. They can advance about all the information they have, like room types, destinations, prices, restaurants, et cetera. Last year, we were in Cisco Partner Summit, and we receive an award to be the best collaboration partner in Mexico about mid-market clients. That's great. You guys have built this specialty over a number of years. Exactly. We have a special team making only contact center about another team doing the rest of the technology. That's exciting. Chong, back to you. How are you integrating AI into the services that you're providing? Yeah, look, I think this was a big challenge for everyone in managed services over the last few years. It's like, how do we monetize AI? What we've realized is a lot of our clients were building great little tools, great little time savers within their business, but they were building it on OpenAI, Claude, they were hosting it on Lovable. I think we got an example of one of the tools one of our clients built one day, and my CTO's like, "You know, we're not logging into this application, and it's on the internet, so basically anyone can use it." The client's like, "What do you mean?" We're like, "Well, I'm on my laptop right now, and I can access your information without any authentication at all." From that, we launched what we call Fuse 365 AI. It's hosted on Azure. We spin it up within Ingram's Xvantage platform. We build it securely for our clients. We put all of their tools in there. Microsoft have their Foundry product, which is great for mid-market and enterprise. There was nothing really in that kind of SMB space. What we basically said to our clients is, "We're going to build you a tool set. The data's yours." A lot of people had staff building AI platforms and no source code, so we went, "Right. Let's build this properly." We built a managed service product around that, and then basically it allows most of our clients who are building tools for five staff or less to do it themselves. Anything bigger than that's when our teams step in. We've got our own development team in Vietnam. One of the big challenges now is once you get to a certain size, you have to build some scale around your software dev, but then finding people is hard. Vietnam is a great place for us to invest in. Now that's allowing our clients to build out platforms, get them to a certain size, and then say to us, "Can you take it to the next step, please?" That's where we step in, and then we build a managed service around that to maintain it and manage it for our clients, all hosted within Microsoft Azure with the help of Ingram. It's been a great little starting point for us. Just having the Ingram team understand what we're trying to build, talk to people at Microsoft on our behalf, get us out in front of the right people, give us upskilling where we didn't have those skills in the past. That's where partnerships work for us. Fantastic. Yeah. Well, hopefully, what you all have been able to see is some of the complexity that Paul Bay talked about earlier with, there is at least six different products going on a quote and an order. You heard that today. Cybersecurity is also a really important part of the mix, especially with AI, and financing and the resources and the extension. We really appreciate your time today, gentlemen. Thank you for being here, and really thank you for your commitment and your partnership with Ingram Micro. From Australia to Mexico to U.K. and here in the States, thanks for joining us, and we really appreciate it. Thank you. All right. Thank you. Thank you. All right. Thanks, guys. We're going to do a quick switch here and ask that our regional presidents come up here and join me on stage, literally in the hot seat as these lights are getting intense. After lunch, everybody's on target. All right. All right. How's everybody doing? Good. Good? Woo. All right, energy. Love it. Yes. Okay. Hello. Hello there. Hello. How are you? I'm good. Excellent. We're going to switch gears here, and you got to hear a little bit from our customers and what their point of view. Really, we did this on purpose to give context to what is a day in a life that they have like. What are they dealing with? What are some of the things they're solving for? How do their businesses need to operate and so forth. Now we're going to talk a little bit about behind the scenes and the work that Ingram Micro is doing to do that. To start off, we're going to hit what we're doing with the platform. Sanjib, of course, talked a lot about our intelligent operating system. He called you out, Bill, and said, "Bill is going to talk later about what's happening in North America," because it is one of our more sophisticated regions in terms of really adopting and using that. Tell us, how are your teams working differently now than a year ago? No. Thank you, Jen. Yes, he did call me out. Thanks, Sanjib. The reality is I have been doing this for 29 years, and I would have to say the difference, what I have seen over this year from years previous, is just our ability to be far more proactive. Historically, we had partners calling us, bringing us opportunities. We would work with them through to the end, and then we would create a solution, and they would deliver it. That was really the typical flow of how the business works. Leveraging the intelligence of the platform, we are now able to look inside the opportunities that we are working on, and we are able to see additional products and services that would be applicable to that solution. Leveraging that intelligence and pulling that all together, we are able to put together a much more valuable quote for partners to prepare and send to their end users. The other thing with the platform is because both of our entire team is on the platform, you have the vendor and category specialist teams who really understand the nuances of each of the vendors and all of their programs and their products, and they are working hand in hand with our sales generalists. The generalist team that owns the relationship, because they are all on the platform, they are building this bill of material together, and they are adding all the necessary components. So the quality of what we are able to produce is far greater than it was before. Then you heard about speed. When you can send an email and request a quote that can immediately be converted to an order, bypassing all of that handholding that used to have to happen between all of the vendor teams and the different OEMs, you are now within seconds able to create an order or an opportunity for a client. So when you think about MCP, and you heard right from our partners how they are leveraging that in their exploratory stage and as they are crafting opportunities, we are moving these things through the system much faster than ever before. So really, if I were to summarize it all, it is that proactive demand generation we are able to provide. It is really the better quality through the collaboration of our teams, and then the speed to market. Outstanding. Luis, building on this point of intelligence and scale, you have done a lot of standardization across the LATAM region, specifically with our platform operating model. Can you talk a little bit about what you are doing there? Absolutely, Jen. Good afternoon, everyone. One of our priorities in the region, in LATAM, is how we standardize our operations and take advantage of all these best practices that we have developed through the world and obviously using our platform operating model, always putting Xvantage at the center. Always the driver, it is our platform. This has gave us a common way on how we operate throughout the region. We devote much less time to transactions today than we used to do before, and that allow us to spend more time with our customers while the platform help us doing and expediting all our operations. We are moving from a fragmented local operations to a unified way of doing the business through our region. Actually, one proof point that we got out of this is, last month, we decided in one of our branch to move all the back office operation to our PBO, to our Platform Business Operation team, and we rely all the go-to-market team to go with the customers, and the results were fantastic. The results were fantastic, but was one of the best months of sales that we got because interaction from our sales team with the customer was so good that we were able to gain additional business. Basically, our platform operating model together with Xvantage is transforming our operation from a collection of local operations into a globally standardized platform-powered growth engine. Fantastic. That is something we are using universally across all the regions. Absolutely. Okay. Let's switch gears and talk a little bit about services and our lifecycle services business. Matt, with growth on our topic here, EMEA has invested a lot in professional services. Can you tell us a little bit more about the services that we are providing and how the partners are using those? Sure. Thanks. Yeah. Professional services has been a key focus for the region of EMEA across the rest of the business for a long time. We have had great local capability, really good local capability. But what we have wanted to do is widen that capability, leverage what we have got today in other parts of the region where we may not have that. Equally, we want to be able to have consistency in our deployment. That has been crucial. All the markets that we go into today with services, be it infrastructure, data, AI, cybersecurity, we do that all in-house. We are not outsourcing anything. So we have got fantastic capability now that we can leverage from the center of excellence. And what that is giving our partners is a very, very low cost of entry into a high margin area. They are able to leverage and utilize our highly certified multilingual team of architects, consultants, engineers who pretty much go across all services. We go from initial consultation all the way through to managed support. And one of the biggest areas that the partners are leveraging from us today is around workload migration. We have heard that mentioned a couple of times already today. Yeah. We are giving our partners access to critical components, such as program funding that they may not get. Obviously, the capabilities of our teams, be that technical, engineering Support, being able to resell our services, and then getting ongoing support as well. So we are really a critical partner to them in many different aspects. What that is creating for us is a repeatable and scalable services growth engine that is creating demand, transformational outcomes, and also recurring growth, recurring revenue for our partners as well as ourselves. And for us, the depth and breadth of our services portfolio that Paul touched on earlier on is wide, and we cover some of the services for products or vendors we may not be selling the hardware on. So it is a real deep engagement we have got around that services business. Again, it is not just reactive as well. We're proactive in the way that we look at services. We're not sitting there waiting for a quote to come in. We're being proactive. I give an example in the cybersecurity market where we've got a tool called Eyesight. What that tool's doing, it's assessing publicly available data to look for security vulnerabilities in customer networks. When we're finding those, we're going back to the partner, providing the partner with a solution to engage back with the customer. We are really creating that demand. What we're doing, we're turning that cyber risk into pipeline and into opportunities and allowing our partners to really forge deeper relationships with their end customer. That's great. I think really key about that is that repeatable, scalable services. When you heard the partners earlier talk about we're an extension of their business. Yeah. We're providing that as an ongoing, something they can depend on and help to make their profitability better. Our services are more profitable because they're repeatable and scalable. Yes, absolutely. Fantastic. Luis, you have a pretty sophisticated pre and post-sales center of excellence. Can you touch on that? Absolutely, Jen, and actually, as you said, we have become part of our partner's infrastructure. They see us as Irvin was mentioning on the previous panel. When you think the necessity of our customers to have much more technical capabilities, together with the opportunity that we saw in the advanced solutions market, in the advanced solutions space, together with cloud, it is a very good combination. Yeah Our value proposition. What we did is that we took all our technical capabilities that we have through the region, and we concentrated in our center of excellence. That gave us the opportunity or the ability to shift from pre-sales to a much more shared regional model. Now we pool all our specialists, and we deploy them where the opportunities are, where the real needs from the markets are. This reduces the duplication and supports much more opportunities with the same resources. We are becoming much more productive and effective on that. We got our center of excellence is divided by technology. We got specialists for cloud, for cyber, for modern infrastructure, and for networking. We have a very good stack, I would say, of certifications together in the center of excellence. When you link that to Xvantage, here is where the beauty comes in. When you have that platform that is driving you the operation, and you are able to put those opportunities into the platform, you can track them from the request all the way to the delivery or the outcome that we are expecting. Together with that, we get a lot of metrics, our KPIs that we can measure. We can measure how is the attach rate that we are doing, in the offerings that we are. putting together to that, what is the conversation, and what is the utilization, and mainly, and most important, our customer satisfaction. Yeah. We are able to basically track everything that we do on the platform. Our center of excellence turns expertise into partner enablement, services growth, and hyperscaler expansion. It's fantastic, and it's key because those certifications can be a very expensive process for our customers to have. To be able to tap into- Absolutely the expertise and the certifications we have is really key for them. You even heard that from Jay Miley earlier saying, sometimes the market isn't mature enough for them to invest. We're providing that ramp- Absolutely into growth for them. Excellent. Bill. Yes. Can you touch upon, because we are doing some life cycle services, specifically in North America around ITAD. Can you talk to us a little bit about that? Absolutely. That is an area that we have been investing in because we see more and more partners leaning in, looking for those value-added services. When you think about it today, you have a lot of customers that are walking into end-user environments, and they are tripping over old technology, or they find it stuffed in a closet somewhere. Really not knowing what to do with it. Giving our partners the opportunity to be able to take that product back, provide any possible value that is left on that towards a solution they are presenting, and then dispose of it ethically, compliantly, and in an eco-friendly way, really gives them a value to their customer that is super sticky. Also, what I would say is we now are able to take that technology back, refresh it, resell it if it has still got value left in it in its journey, or just dispose of it properly and make sure that it is done right. The second piece that we have noticed with this ITAD focus is when you have a market like we are in today, where there is a little uncertainty around the supply chain, around products, we are able to harvest some of the products out of that old technology, leverage it in the new solutions we are delivering today to keep that momentum and that business flowing. We are finding it to be a very valuable area to be invested in, and I know our partners are looking for more and more services to attach. This is a key one for them, and we are going to continue to expand this across the globe. So it is not only life cycle service, it is part of that circular economy as well. 100%. You heard Paul Bay mention it and Sanjib earlier. Okay. All right, we are going to talk about our two favorite letters. That would be A and I. If anyone was wondering what we are doing around AI adoption. So Diego, you are doing some exciting things in our APAC region by hosting some AI-focused sessions with hyperscalers and partners, even with government specialists. What are you hearing, and how are those conversations really turning into growth? Yeah. Thank you for the question, and good afternoon, everyone. Three or four years ago, when I would have a customer meeting, everyone would ask me, "Okay, what is AI? How AI is going to help my business or even change my life?" Fast-forward to today, in Asia Pacific, primarily, the vast majority of the patents around AI applications that are coming from Asia Pacific. So in reality, the region is not in a discovery phase, they are more in an implementation phase, right? And with that comes some challenges and different needs by customer segment. For example, we spoke about hyperscalers. Hyperscaler, they need our reach to mid-market and long tail, and we can offer that. We have programs with Microsoft, Google, AWS, where we have specific programs, as also Matt mentioned, to help them to really reach that segment of the market. We have Neo Clouds, and that is where they need speed, financial services, our supply chain services. We had a customer panel earlier, a couple of MSPs and AI vendors, where all what we are doing around AI, our platform, the way we are being able to provision services, the way we are being to build services and hardware in one single pane of glass, that is really adding a lot of value and really shows the strength of our model and reach. You have this other big customer, which is called government, and the concept of sovereign AI. Sovereign AI, from being the seventh priority in terms of investments, in a very short period of time, it became the second. We are participating in projects with governments around AI deployment. What governments need is that trusted ecosystem that really can rely on reputable vendors, reputable partners, reputable go-to-market partners like us. Luis mentioned around our centers of excellence and what are the initiatives we do with our partners and vendors. We have one in Singapore. We are being able to show to partners and even in customers, success cases that can be, I would say, replicatable. At the same time, we have done many events where we introduce the new AI technologies. AI is not only GPUs, but it is a cybersecurity layer, observability layer, compute, storage, to partners and also end customers. I think what we are, again, shows the power of our reach and trend is we are helping our partner ecosystem to transform opportunities into revenue generation for them. Excellent. Luis, I know that we have also got a different value proposition with our hyperscalers. Can you talk about how some acquisitions have helped us become more strategic go-to-market partner? Absolutely. What we know from the hyperscalers is that they are very good at attending the enterprise market. Also, they rely on us to develop, as Diego has mentioned also, the SMB and the mid-market segment. There's where they rely on us to do that job for them. Some years ago, we acquired in Brazil BRLink. BRLink, it's a premier partner for AWS. They are very well specialized on the AWS technology. They have over 180 technicians, and they have done over 1,000 migrations actually in the period. What we do with them, we learn from them how they were attending that segment, and we work with the channel also to develop those capabilities or to show our partners how to develop those capabilities that at the end they can fulfill by themselves. But meanwhile, we work together with them, supporting them behind them on all the technical piece, including all the deployment and implementation to support them. But always, what we make sure is that they always maintain their relationship with their own customers. Also, we have done 22 funded assessments that with AWS, you know that we get funding every time we do an assessment, and we use that funding to pay the migration, so that will not have any impact for the partner or for the end user. That is working very well. Also, we extend that expertise from Brazil to other countries. They work together with our Mexico team to build a hybrid solution that end up saving 30% for one of their end users by moving CapEx to OpEx. That is the collaboration that we see out of that team with all the expertise that they have. Our other regions or other countries can take advantage of all that. We do not just extend hyperscaler reaching to the long tail. We make the long tail capable of selling cloud and AI with us behind. That's fantastic. That is really key because enablement for these partners to be able to do more is important. You heard from Diego, too, we're fully integrating, not just in the training part, but actually integrating in how we're handling the service delivery with that. Yeah. Diving into APAC a little bit more, Diego, you often describe it as it is where established technology hubs meet the world's fastest-growing digital economies. Tell us what you mean by that. Yeah, I think, APAC is a very diversified region. We are seeing really good growth there. In Q2, we reported 28% growth coming from a really strong Q1 at 13.5. We have India, which is a great marketplace where we have been for more than three decades in that market. It is one of our top three markets globally, and we believe that soon will become our second-largest one. What we see in that region is, you have four different regions into one. China, India, Southeast Asia, Australia, and New Zealand. We see really good progress there. Going back to India, and also some of the topics that Sanjib touched on, our intelligence layer, the science of the business, how we are using technology and our platform. Just to give you an example, 80% of our IDA calls, which is our intelligent digital assist calls in India, it is all the calls that our teams are doing and really interacting with our customers. Our mobile solution that we have, India is a mobile-first country. I can tell you that a lot of transactions and a lot of engagement with partners and interactions come from our mobile application. I think it is a great marketplace. We see growth not only in India but also across the other countries. Our SMB and long tail, it is really outpacing our overall growth. That is great, and it ties to what we are intending to do in platform-led and platform-fed, and how our customers are relying on us. That is what I could say is, we continue to see really good growth there, we are doubling our investments. We are growing faster than the market. I think that will continue. We have a really capable team. Paul mentioned that we are the best team in the country, in the region, in the world. I think for me, I can say we have the best team in my region so But you're not biased or anything. No. So that stat of the 80% IDA calls is- Yeah, 80 really important because when you saw on Sanjib's presentation and he showed the My Sales Insight, you're calling the right customer for the right thing, right? And so it's very targeted, and it's helping us produce, and connect those results and those outcomes really quickly. Yeah, and the use of the intelligence and the signals. How are we more accurate at how we run our business in a super highly diversified and fragmented region? It's a life and day difference for sure. Absolutely. That brings us to the topic of scale, and let's talk a little bit about what we're doing with SMBs. We've talked a lot about it being a fastest-growing segment for us. Latin America is one of our most strategic SMB growth opportunities. How is Xvantage helping you scale that business in SMB, Luis? Well, as we have been discussing, SMB, I think it's one of the largest opportunities not only in Latin America but in the world. Yeah. What we have done is we have been mixing our platform operating model together with Xvantage in order to make the work much more simple for our associates, for our customers, and for our vendors. That allow us, obviously, the opportunity to go and have much more strength relationship with our customers because our sales team has much more time to do now. What we're building is basically a one digital experience for all the process. Where they discover the opportunity, where we help our customers to discover the opportunity. With all the data that we have, with all the statistics that we have, our customers now are able to discover those opportunities that could represent a good business for them. Then they can follow again, they can price the opportunity, they can make a quotation, they can order, and they can follow up all the process until that opportunity is fulfilled or delivered to the customer. We are focused on making the life easier also for the whole chain. Today for our SMB partners, it's much more easy for them- to buy from us. They got much more relevant offers, very directed offers based on the opportunities or the markets that they are serving. We are seeing very good impact in all the efficiencies, by onboarding the customers has become much more easier to get a quotation and as I mentioned, the full process. One example is that we got a customer in Mexico which is Compusistemas. They are connected to us 24 by 7. They are obviously an e-commerce company. What they do is that they get much more faster answers to all their requests. Before, they used to send emails, and they used to wait until we respond for quotation, for pricing or so. Today, it's a very, very easy way for them to get all these opportunities. We are making it easier for our customers to do business with us while preparing the channel ecosystem for the AI era. We leave them some time to think on the strategy while we take care of all the operation. Absolutely. The other thing you saw on this topic earlier was with the mobile app, and you saw pushing these opportunities also through the mobile app. As a marketer, I really like that push strategy. That complements Correct what we're talking about here too. Bill, we're doing some really exciting things in Canada. Shout out to our Canadian team. They made a lot of progress, especially with SMB. Can you tell us a little bit more about what they're doing? Absolutely. As I mentioned earlier, we're showing up different, and that is especially impactful for SMBs, right? They're oftentimes looking to us for guidance. Where are the opportunities? Where should I be placing bets and making investments in the future? Our ability to be able to leverage the intelligence of the operating model to deliver them exactly where they should be focusing their attention has been a key value in Canada and across North America and the world as you're hearing. Which I would argue, maybe there's a really big opportunity for SMB in Canada since Canada has a super large SMB community. You guys aren't competitive at all, are you? I think there's a real good opportunity here. The platform is really helping them identify those opportunities. A lot of our MSPs, especially in our SMB space, are looking for guidance around what solution is the right fit for my end customer. Is it a true on-prem? Is it a cloud only? Is it hybrid? Once we've identified the solution, we can then help them from when they procure it, all the way through the implementation and management through all of the services you heard us talk about earlier. So really it's about providing a faster way of identifying opportunities, helping them create demand, and then getting it in the hands of their customers faster, which is a real competitive advantage in the SMB space. The other thing that we're doing in SMB, we talked a lot about SMB, and you heard a little bit about long tail earlier. A recent development with the platform and with the group, working in tandem with Mukund and his team around the data intelligence, is we are now developing agents, and those agents are targeting the long tail of our customer community. What we're doing is we're able to build those agents to identify the right OEM for the right SMB customer. Once the opportunities develop with a click of a button, send out to thousands of customers. In our earliest beta tests of this process, we are seeing faster click-through rates and conversion to order than we've ever seen in our marketing campaigns in the long tail. That is all done through agentic agents with very little touch or human interaction. However, the good news is we have a very large team in Canada that if those opportunities spark interest and can create more development, those customers have an avenue to come back, and it's the best of leveraging our people, our platform, to really deliver a great experience. What we have seen is really good results in Canada. Yeah, I'm hearing the customers love it because it provides them with a great experience being proactive. 100% about their business. Just to touch on, we talked about IDA. The power of IDA, the intelligent digital assistant, is giving our leadership team the ability to really decide where they are going to focus the energy of the team. Is it on the order size? Is it on margin? Is there a strategic initiative we are driving for our vendor community? So those opportunities to really steer the team and point them in the right direction has been game changing for us. Great. All right, Matt, you are closing us out. Okay. Let us talk a little bit about how we are using scale and data and our intelligence just to become a differentiated demand generation partner. Okay. I think lead generation is probably the single biggest thing we've been asked for by our partners today. That is both in the long tail, all the way up through the medium size to the larger customer as well. But it is not just around lead generation, it is more around qualified pipeline, qualified leads. We are in a great position to do that through our insights. We can see where demand is likely to emerge by leveraging the decades of information insights that Paul spoke around, Sanjib spoke around earlier on today. So we gain insight into aging technology, refresh cycles, and renewals. What we are trying to do with all that is take all that intelligent data and create insights, and through our insights, create opportunities. Take those opportunities to our partners. So we are connecting the opportunity of the end customer with our partners today and really creating demand for them. We are giving them solutions. We are not just giving them a lead, we are giving them the whole end-to-end solution for that. So turning insight into opportunities is absolutely crucial, and there are two ways we are doing that today. One, what we call greenfield outreach into end customers, where we are profiling and calling on a set of targeted customers. Again, not just finding out what the opportunities are, but putting a solution together, taking that back to the partner who then interacts with their end customers. Also, I touched on earlier, Eyesight, cybersecurity, proactive tool, again, where we are creating demand. So both of those examples are really creating some value add for our partners and giving them the ability to engage with their customer network. On the vendor side, it is similar. Vendors are always asking us how can we increase the partner base? How can we reactivate dormant accounts? We are doing that as well. We set up a marketing center of excellence earlier this year that primarily focuses on that demand generation, again, from the vendor perspective. What we are doing there is going after new customers, but also reactivating dormant customers. As an example, we just finished a recent campaign for a very large vendor where we had a 30% reactivation rate around dormant customers. So really successful, really driving change. All these activities, they are creating a powerful growth flywheel. For our partners, we are creating new opportunities and demand. For our vendors, we are creating new partners in new markets and reactivating dormant accounts. For Ingram, we are creating a valuable and a differentiated role in the ecosystem, at the center of that ecosystem, driving growth for the channel. Excellent. Well, thanks to each of you for having some fun here today and sharing some great stories. Thank you. Now we are going to pass it on so that you can see that growth in action with some numbers, and hand this off to Mike Zilis, our CFO. All right. Thank you very much. Yeah. One, before I get going, I want to thank everybody who made the trip here in person. We have investors and analysts flying from as far as Denmark to join us today, so really thank you for being here. As I look back on what we have covered today, we have covered a lot of ground. For those who are here in person, you got to see how we are putting the advanced back in ALCs, and really seeing what is coming to life on what is a brick-and-mortar lifeblood of what we do, but really bringing automation in a different way of thinking about that. So thank you to Bill and Deepa for bringing the team through the ALC today. But then you saw Paul Bay lay out our strategy and how we are transforming. Sanjib Sahu really bring it home with the view of what is going on with Xvantage, how is that really driving a difference maker for our business. I am thrilled you got to hear from some of our customers, getting to hear from them what is really driving their business and their needs, and how we are partnering together, of course, as part of that. Then great that you could see our regional presidents. These are the guys who drive that ship home every day in and day out in our regions, and are doing a great job of it. Having sat in those seats in my past, I know that is not an easy task. Now, as Jen said, I am going to try and bring this home and give you a little bit of how this funnels through the numbers. In the spirit of seeing some of our team, I have two of my team, Eric Tapia, who heads our global commercial finance, and Adolfo Jimenez, who is our global treasurer, will join me in a little bit to talk about a few areas. I do want to apologize. Sanjib dazzled you both literally and figuratively with animations. That is outside of the comfort zone of finance people. But we do have, if you watch closely, I think two, if not three, animations in this deck. All right. Let us jump in. I would be remiss, given we are going to be talking about multi-year plans, if I did not give you a little bit of a picture of how this year looks. It has been a year of strong growth. It has been a unique year. We have had ASP increases. We have had supply constraints. We have had a conflict in the Middle East that has continued. We have a conflict that seems like it will never end in the Ukraine and Russia, and we have continued to navigate through that. We are a company who has proven we can navigate through the adversity and the volatility of the market. But this has been a year for strong top-line growth. Probably exclaimed most by growth in cloud, growth in the GPU and AI infrastructure, and how we are focusing on that, and I will talk a little bit more about that as we go through some of the numbers. Certainly, growth in cybersecurity and then, of course, PCs, and what we are seeing as far as a PC refresh cycle that has been going on now for six, going on seven quarters. We have seen the ASP increases. We have seen outsized growth, high 20% growth in our APAC market as we continue to double down, and we will continue to invest in the APAC market. We have seen growth with large customers, but we have seen growth with SMB as well, which is a more profitable value for us and where we are focusing our business, as Sanjib covered. But it is not all about top-line growth. That is important, but as you can see in these numbers, we are also growing gross margin. We will grow gross margin faster than top-line this year. Or gross profit, I should say. I think that's an important factor, and that is layering in a lot of these GPU and AI deals. We've talked about those. They are very large ticket deals. They are low margin, but they are very low cost to serve, extremely working capital efficient, and it's driving an ROIC uptick that you can see in these numbers as well. Working capital investment is about discipline, but we are a counter-cyclical business. We have to invest into working capital to drive the outcomes that you're seeing through our P&L and ultimately the returns of the balance sheet. But we're doing that efficiently, and we'll cover on some of those numbers as well, as well as how we see free cash flow playing out. Just a few things on the half two specifics before I move on. As we said in our release this morning, we are expecting our Q3 to land at or possibly even better than the upper end of our guidance. We're sitting here two weeks, less than two weeks, before the end of our quarter. That's how we see it right now. But we've talked about lumpiness of some of these AI and GPU deals. There can be a lot of that close in the last quarter. So that's going to be probably the variable as to how far we may come in at that top end or even above it. But that implies in these numbers actually a pretty strong Q4 as well, as far as where we land this ship for the year. So I'm really proud of how we've executed. One thing to note, and I will reference this again later, we do have a 53rd week in our fiscal year. That only happens every four or five years, depending on leap year timings. But that is an important factor because it plays into some of the baselines of growth going forward. So let's talk about how we see our results. See, there's an animation. Hold your applause for later. If you look at the last three years, this is a little bit more moderated sales growth. Because remember, back in 2024, we thought the PC refresh was coming. It didn't. It started in 2025. We saw a networking compare that was very challenging because we had networking constraints back in 2023, even end of 2022. A lot of that was fulfilled in 2023 and created that compare issue. We actually were roughly flat from a revenue perspective in 2024, and then we've grown, or inclusive of our forecast that I just shared with you, we will have grown two double digits in both of the most recent two years. But gross profit has lagged net sales, as you can see here. We've seen over that period of time, while it's shifted a little bit more this year, we saw outsized growth in large customers where we don't add the same value we do in the long tail of SMB. We saw PCs, which tend to be a lower margin fulfillment business, really growing strong double digits every quarter since the beginning of last year. We saw GPU and AI infrastructure deals, I just talked about that. Lower margin, but very efficient. Even the outsized growth in our APAC region drives a margin factor. The region's gross margin is in the mid-4s to upper 4%. That is dilutive on the whole, but as you saw in our Q2 announcements, our APAC region was the most profitable region in the company from an operating income dollars perspective, and the second most from an operating margin perspective. So there's a heavy efficiency there as well, which is why, again, we're doubling down and growing in that region. But again, you see stronger growth on the net income because we're bringing the efficiencies to the system, and I'll touch on that shortly. We're bringing in ROIC that is well above our weighted average cost of capital, and we continue to drive efficiency there as well. So when you look on the right side of the slide, you see our 2027 to 2029 projections. These are the numbers that were in our release this morning. Slightly more moderated growth on the top line. There's a couple things that you have to think about there. One is, again, two years of double-digit growth, a 53rd week in the baseline year of 2026. ASPs have been increasing. We're seeing in some categories the rate of increase slowing, but it is still on the rise. We see, logically, we're in the later innings, to use a baseball reference, of the PC refresh, but we're still seeing legs there. We'll see how more AI-enabled PCs play out. We've seen a doubling in the year to date of this year in the GPU and AI, more than doubling, actually, of the GPU and AI infrastructure business. So that is a big factor. To think about, because I know everybody will build models for each year, to a degree, I would think about 2027 as very likely potentially being a lower single-digit growth. But what that would imply, if you look at 4%- 6% CAGR, and you also take into account a nearly 2% factor of a 53rd week in the baseline, is pretty healthy growth. Upper single digits in the outlying years, and we're going to talk about why we're getting there. More importantly, gross profit growing at a faster clip than revenues. OpEx leverage continuing to drive net income ultimately growing more than 2x the rate of revenue growth, and ROIC increasing by 300- 400 basis points over the last three years. So we'll get into more details across all of these metrics. Before I get to that, I just want to hit on a little bit more of what Sanjib touched on with our platform journey and why is that driving this. Because that theme will continue to come up. It's come up obviously throughout the day, but it'll come up through these numbers as well. So we have the platform. It's continuing to mature. 22 out of 57 markets right now. We continue to expand in scope and capability. But it is a mature platform in all sense of the word as far as where we do have it deployed. We've talked about three phases of that journey. It's come up today as well. The first was really driving efficiency and OpEx out of the system. We checked that box in 2023, 2024. Then there's growing revenues above market. We've checked that box in the last year plus. Now we're hitting the dials to really drive the margin story. How do we bring that more profitable engagement, that more fruitful engagement that serves not just us, but our customers, to drive the outcomes in the market that are needed at the end user level? That's really where we're dialing that. Data equals intelligence. We've actively are now consuming more data than we ever have, but we're intelligently using that data to drive the business forward in ways we never have. Actions driven off of this are not just automation and efficiency, it's the customer and the vendor experience. As I said, we're now calibrating that more towards sales, pricing, quality of revenues, and working capital efficiency in the years to come. We'll walk now through a little bit more of the financial value of this, but I just want you to think about some of the words that we've talked about today. Intelligence signals outcomes and becomes the multiplier across our business. Financial results are ultimately the outcome of that. All right? If I go to revenues, we're growing net sales faster than market. Let me focus on client and endpoint solutions in the lower left first. You see it's a little bit more moderated growth, 1%-3%. Couple factors go into that. One is what I talked about earlier, PC refresh probably not continuing or even just the double-digit growth compare that we've now experienced for six and going on seven quarters gets a little bit harder. We're also looking, and I'll touch on this a little bit more when I get into the regional comparison on the next slide, we're also looking at certain areas where we need to rationalize business that just isn't driving a sufficient level of return for our business, and we're going to actively do that. We look at, you've heard me say this publicly many times, we look to grow client and endpoint with market. That's a market basket of a lot of things. This still is our biggest pool of revenues in client and endpoint, but we're always going to be calibrating and walking away from the pieces that don't make sense, doubling down in other areas that make a lot of sense. That's the way we've operated. But you see cloud and advanced solutions growing double digits, cloud healthy double digits in this three-year period to come. That's what we've been experiencing. That's where we're investing in our strategy and our business is to grow above market everywhere where we are working around the world in those areas. Because that's a different profit profile, a different return profile, and we're going to continue to invest as such. If I look at infrastructure as a service, cybersecurity, expected to grow double digits for any foreseeable future. GPU and AI deals, those mostly do fall in advanced solutions. Our model is built on expecting that to grow at roughly that same 9%-11% you see on advanced solutions as a whole. But that's off of a baseline in this year that will probably close the year close to double what it was last year. Enable AI, we've talked about. That's how we now drive that AI story into the SMB and really bring that home as far as the value prop into the long tail of our end user base. One last thing on cloud. Cloud has an accounting convention that I think you're all aware of, where it is recorded largely on a net revenue basis. But as we've talked about, in the year to date, 2026, cloud is now representing a high teens percentage of our gross profit dollars. This is a scaled business. At this rate of growth, by the end of the next three years, cloud will represent a quarter of our business or even surpassing a quarter of our business in GP dollar terms. We are going to continue to focus on that. I just want to touch on lifecycle on the bottom right box, or kind of middle, I guess. Paul Bay talked about this. We have the ITAD and RLR business, which we're really driving a more sustainable growth rate around and a more profitable growth rate. But then we're investing into lifecycle and supply chain services, which we're really excited to ramp that up as another area to really capitalize on the core competency. The platform plays across all of these things. IDA intelligence, recommendations, targeted sales that grow off of the data. That's just a few examples on top line alone that really permeate throughout our business. Now let's look at the regions, if I can get this to advance. There we go. North America, a little bit more tempered growth. I talked before about some rationalization where we're walking away from some pieces of business that just aren't quite as profitable. We're not yielding the right levels of returns. We have a little bit more moderated growth in the North America region. But that's okay because we're driving a better profit profile through that, a better return on invested capital. We're expecting to grow cloud, cyber, and GPU AI infrastructure at similar rates for the full company in North America, where we're rationalizing tends to fall in some of the lesser profitable advanced solutions categories, as well as in client and endpoint. Also, North America is the most mature on Xvantage. It was the first region where we were really deploying advanced functionality, and therefore, that growth factor isn't quite as pronounced as it may be in other markets where we're continuing to deploy. APAC, on the other hand, is growing the most rapidly. That probably isn't all so much of a surprise. But honestly, APAC, EMEA, and LATAM all have more scale coming on the platform, and APAC really does remain that kind of epicenter of the AI investment, which Diego touched on just a few minutes ago in the panel. Just a reminder on the overall revenue, again, 53rd week in the baseline, take that into account. PC refresh and ASP increases in the historical periods, that's very meaningful. Therefore, again, 2027, I would assume maybe lower single-digit growth, but mid to upper single digits when you get into 2028 and 2029, as this model would suggest. Okay. As I go to gross profit. Top line, regardless of revenue growth in any given year, we expect to grow gross profit at a higher rate. That is the way we are investing in this business and the way we will drive it. A 5%-7% GP CAGR in the coming three years. Product and service mix alone drives some of this. We talked about double-digit growth in cloud, advanced solutions lifecycle. But also continuing, on the other hand, to participate in the large GPU and AI infrastructure projects. Lower margin, but very efficient. But the platform is also driving growth in gross profit, that's a hard thing to say, as we now see stage three kicking in, which is how do we drive that gross profit and that pricing dynamic? Dynamic pricing recommendations and bundling, demand analysis, demand gen, down to end user level, not just through our customers. How do we calibrate IDA toward margin enhancement? Actionable intelligence is key, and that's what we're driving across the business. Operating efficiencies, this is the piece I'm most proud of from the early days of Xvantage. It's not just Xvantage, it's been a core competency of this company to drive efficiencies in different ways. It's in our DNA. But in the late 2023 through early 2025 timeframe, we publicly talked about taking more than $200 million of annualized OpEx out of our business. We've been able to grow at double digits and not have to add that back because of the efficiencies and automation we've now brought to the system. So while we have invested, we have invested around some of those areas we're targeting to grow at higher rates. That's people investment, technical skills, but also technology itself. We haven't had to notably grow our OpEx over that timeframe. Our gross profit per go-to-market head, as Sanjib Sahoo touched on, is better now than I think it's ever been. We've seen precipitous improvement in our OpEx leverage. Where you've achieved 5% or better goal in 2025, and we're trending well below this in 2026. So you can see we are getting to Almost should have shown this in reverse, because that's the way it probably will come to fruition. But from 4.8% down to 4.4% of net sales over the coming years. So our three If I put this in just a CAGR sense, as we've talked about in the other context thus far, you can see a 3%-4% CAGR in OpEx. But that's on a 5%-7% gross profit growth. So much less than that GP CAGR. This is inclusive, I should point out that, and this should really be no surprise, the cost of SaaS and infrastructure is increasing as part of the ASP base we're all dealing with, and that's true for our business as well. As we continue to automate with Xvantage, there are costs associated with that. So what's built into this OpEx number is actually absorbing a high single-digit growth CAGR on SaaS and infrastructure. But we're absorbing that and blending it to a 3%-4% overall. That's not a small part of our overall OpEx investment. So we're continuing to not really drive notable increases in the OpEx because of the efficiency we're bringing to the business. We're going to continue to invest in the higher profit, higher ROIC businesses, of course, but the platform will continue to drive efficiency. We will still roll out another 35 countries with more advanced capabilities, and we're going to continue to optimize in other areas. Some areas that you won't hear us talk about as much because they aren't as big a dollar impact as Xvantage, but they're meaningful as far as what they will drive for efficiency that we'll be working on in the coming years and are already working on, is modernizing some of our back office functions, whether it's in the finance area of my team, in our warehouse ops, and in other areas. That's another area where we will invest, and it will drive efficiency. That's again, part of our pedigree. I've really hit on all the components that hit into net income, but I'm proud to say, when I look at where we're targeting our growth, that we're expected to grow non-GAAP net income at a rate more than 2x that of sales. The margin enhancement opportunities, the cost optimization, the quality of revenues, those are all part of this. The AI-related business, also a part of this, but as we move not only from cloud infrastructure, hardware, GPU, but get more into that SMB traction, that all plays across these longer-term strategic priorities you've heard about. A key note is that we will always be investing in the platform as well as other automation. You've heard me touch on a few examples of that. But we do expect to exit 2027 at a far more steady state on the Xvantage journey overall. From 2028 onward, you will see us cease the non-GAAP add backs for transformation costs that have appeared in our non-GAAP measures. That's estimated to be about $120 million in the current year. It will be less than that in 2027, and it will be zero in 2028 and onwards. While we will have run rate and continuing investment always as part of our business, we're going to absorb that, and that is reflected in these numbers. In other words, that net income growth that we're showing on this slide is actually markedly more if you were to take that factor out of the equation. You guys can do the math on that. I obviously need to talk about cash flow. As I'm covering this, I'll ask Eric and Adolfo to come up on stage with me, and they'll move through a couple of slides after this. But the last three years that we're presenting in any history here, but honestly, the last six years have been anything but normal. We've lived through COVID, we've lived through inflation and tariffs, and all the refresh that happened post-COVID. We've seen networking supply constraints. We've seen ASP increases. We've seen the boom in AI. Overall, this has created that outsized growth in the double digits, and as I said, we're countercyclical. This is reflected in our cash flows and has created some volatility. But after a really strong 2025 cash flow, we did signal that 2026 would probably be a lesser piece. As you can see in this bar chart, we're still forecasting positive free cash flow. The variable to get to that is exactly how much of our top-line growth we see in this business. A day's sale of our business is now north of $150 million. So working capital is a lifeblood of how we manage our business, and we need to continue to invest in that. That would be the one variable that we need to see how that plays out as to whether we're at positive free cash flow for the year or not. We'll keep you informed as to how we see that as we go through future earnings calls. We are driving discipline. We're driving working capital days, actually lower year over year by multiple days. We're driving ROIC increase, so this is actually the right investment. Our North Star continues to be to try to drive on a more consistent annual basis, and I stress annual because this is a very seasonal business from a working capital investment and cash flow perspective. Annually, we expect to generate, or sustain a rate of free cash flow that's 30% or more of that of adjusted EBITDA. In some years, I hope we're markedly more than that 30% rate. With that, I'm going to pass it over to, first, Adolfo, who will cover a little bit more on working capital. Yep. Thank you, Mike. Yes, so as Mike mentioned, working capital productivity is a key driver of sustainable free cash flow. If you go back to Q2, we have delivered about three days of improvement in cash conversion, which is a strong base to build into our three-year plan, where we expect to deliver between 23 and 26 days of cash conversion. That will depend on demand, revenue, many drivers, even seasonality across the year. As we look at working capital performance or sustainable free cash flow, we view those as really outcomes from all the initiatives you're seeing here today. From Paul Bay's opening remarks to Sanjib Sahoo's presentation about the technology we use to run the business, all of those drive or touch in many places on working capital management and free cash flow generation. When you think about the Xvantage platform, intelligence, automation, all of them drive better decisions commercially and in the operation that allow us to maximize profit and improve cash conversion. When you look at all the pieces that comes into a particular deal, we're able to dial the variables to maximize those deals to turn growth into sustainable financial performance. As we look at the multiple Xvantage features and capabilities, they are all baked in many of the tools that we use today for working capital. I think Sanjib Sahoo showed some examples of some of the tools we use, from inventory optimization to demand planning, to collection tools, to AI-driven risk management tools. All of them are embedded in the way we do business today, and all of them help us maximize profitability, reduce invested capital, improve free cash flow, and enhance total shareholder return. As we look at all these tools, as important as they are to manage our balance sheet, we want to focus on an area that we would think is critical and strategic for the company, which is Channel Finance. This is an area that allows to partner with customers and vendors to deliver solutions in multiple markets in a very capital-efficient way by tapping into incremental capital coming from a global network of financial partners. With that, I want to pass it to Eric to dig into this very important capability. Thank you, Adolfo. At Global Commercial Finance, our role is to help the commercial teams not only deliver financial commitments, but also bring insights and capabilities that drive optimization of the return on investment capital, ROIC. Channel Finance is a great example of how we do that. Let me start with a core financial takeaway of what is Channel Finance. I know you've heard financing throughout the day. Channel Finance for me, and the easiest way of explaining it is same deal, same profit, less capital required from Ingram. Think essentially about the same transaction, three different ways to finance it. If we decide to bring our balance sheet, we offer 30-day terms, or we can also extend terms depending on the commercial opportunity, if it makes sense economically and strategically. Channel Finance essentially provides us a third option in which the funder, essentially owns the rights to deal, provides the capital, Ingram gets cash earlier, and changes our ROWC, return on working capital, significantly, as you can see in this image. But very important to say, if I can turn this, the real value of Channel Finance beyond balance sheet efficiency is also a growth engine. We're not just plugging in additional capital sources to the channel because financing needs vary by vendor, by customer, and not all funders can solve for every financing need. Channel Finance as a team comes in as a solution consultant. We try to match the needs of the customer and the vendor with the right financing solution and the right funder. At times, a lot of large deals that we deal with, we're able to win them because of the financing capability. The value works across the entire ecosystem. For one, resellers can work with end customers to buy more, because have additional credit capacity. That's particularly important for SMB. Oftentimes, they don't have the balance sheet to support larger transactions. On the vendor side, they see Channel Finance either as an extension of their finance capabilities, for example, OEM captives, or as in many cases, vendors see us as their go-to financing partner. Funders, they see this great opportunity to allocate capital to this very exciting growing space of IT without necessarily building the commercial reach. It's just not part of their DNA. Most importantly, Ingram benefits from faster cash conversion. But also allows our commercial teams to pursue opportunities, more complex, longer term, longer payment terms without necessarily debating between, I need to solve for my customer needs, but I need to protect my balance sheet. Channel Finance allows to mitigate that. That is particularly important with our advanced solutions. Our Channel Finance volume is very advanced solution heavy. Because those deals tend to be longer term, complex. Sometimes they include bundles, hardware, software, service, cloud, and may include more than one vendor. Our solution consultants are in the middle, in the channel, helping all these parties achieve the best financial outcome. What I am talking about is not aspirational. We are already operating at scale. Today, we boast more than 170 funders in our network. They range from small, local funders, regional, very few are global. Why? Because again, customer and vendor financing needs are different. But also even in countries, available financing structures vary. So it is really hard to scale with one global funder. But essentially, think about this network and this syndicate of funders as an extension of our channel. We also have built a team of over 40 specialists around the world. These are folks that are coming from equipment and IT financing, structured finance, banking, and they work very closely with our commercial go-to-market teams, but also our credit teams. Our credit teams deciding what is the best solution that fits in our balance sheet, and Channel Finance providing an alternative. That investment, as you can see in the last box, is translating into results. Since 2022, our Channel Finance revenue has grown 5X, closing in 2025 with over $600 million of revenue. So key points of this section. With Channel Finance, customers can buy more, vendors can sell more. But Ingram can participate without necessarily growing balance sheet at the same rate. That is how we leverage our position in the ecosystem to not only drive capital efficiency, but also growth. This focus on capital discipline is what is leading me to the next slide, where Adolfo is going to present our focus in ROIC. Adolfo- Yeah back to you. Thank you. As you can imagine, big fan of Channel Finance from this side. As we look at ROIC, we start to see acceleration of ROIC since 2025. A lot of the things that Mike mentioned related to net income growth, acceleration of EBITDA, all of those are playing out in this slide. On the ROIC side, we envision ROIC continuing to increase to reach about 60%-70% by 2029 based on our strategic plan. If you look at this comparison where we've been, it's about 400 basis points from our 2023 levels. Primarily driven, as I mentioned, strong earnings growth. We have a very disciplined capital allocation strategy that we implement internally, and we invest in high return growth opportunities. Now, if we go to the balance sheet side, leverage has been the theme for the company. We've been strengthening our balance sheet since 2021, paying down close to $1.9 billion on debt. We maintain a very solid liquidity profile with $3.9 billion in access to liquidity, which not only enhance our financial profile, but allows that flexibility to invest in the strategic opportunities we want to pursue as a company. Now, when we talk about leverage, we plan to maintain a balance sheet that is comparable to an investment-grade company. From my point of view, we are actually very close to that point. As you look at leverage story going forward in the strategic plan, a lot of the delivery that you see in our forecast is really primarily driven by EBITDA growth, which again, goes back to some of the comments that Mike mentioned and some of the data that you saw in the prior charts. Because that deleverage is coming mostly from EBITDA growth, we view additional debt pay downs really as opportunistic. Now, when you put all this together, the ROIC story and the balance sheet story, we believe we have a very strong balance sheet position that allows to continue investing in our organic growth, take some of that capacity to invest in strategic opportunities, could be organic or through M&A, and to allow us to increase total shareholder return as we go along in the plan. Great. Thank you. Thanks, guys. Mike. All right. Thank you, guys. Appreciate it. I am going to bring home a couple last slides here. I want to thank everybody who has submitted questions. We have quite a few in the queue because we are going to move to Q&A shortly. There is still time if you act now, and use that ir@ingrammicro.com website to get any last questions in. Let me see if I can get this to advance. There we go. Let me just recap a couple of things. We have covered, again, a lot of ground just in a few minutes here on the financial model, but here is where I would look at our business. Our scale and breadth already provides us an advantage between the vendors, the customers, and the end users we serve. But now we bring the maturity of a platform operating model to bear, which is driving true returns across our business. Decision-making driven by intelligence, data, and automation, agent-assisted execution, enhanced customer experience, greater capabilities to drive quality of sales. All of those efficiencies do not just pertain to Ingram. As you heard with some of our customers, it is bringing efficiencies to our customers as well and driving them with that intelligence. That is a very sticky part of the moat that we are talking about with Xvantage. We are going to continue to grow in a prioritized manner, our cloud and advanced solutions business faster than market. We are going to ensure our CES business remains optimized and grows with market, and we are going to build our supply chain services while accelerating our IT asset disposition and reverse logistics and repair businesses. All of these contribute to higher growth in profitability and higher ROIC, as I hope you have seen through the numbers we presented. In other words, scale plus intelligence plus execution equals sustainable value creation, and that is how we are thinking about how we operate. I know you would boo me off the stage if I do not at least hit on capital allocation. If I think about this, just a few last words on this. One, we have invested in the business. We are going to continue to organically invest in the business, but in a calibrated and proficient manner. Smaller M&A has been part of our DNA. We have not done large. We have the capability to do larger M&A if we see something very opportunistic in that regard. I would never say never, but what has really been a good wheelhouse for us is how we have invested in capabilities of what we call tuck-in acquisitions, cybersecurity, the BRLink example that Luis talked about around AWS workload management. Those are areas that have really been easy investments because they are not large dollars, but meaningful outcomes for us. Debt reduction was very critical when Platinum first acquired us, and we had quite a bit of leverage. Ultimately, as Adolfo just covered, we de-levered most of that and did most of that while we were private. Any payments of debt might be just opportunistic. We have done three secondary offerings this year, and we have used almost $125 million of our own balance sheet to also buy down shares from Platinum. I am very happy with the cadence that we see from that perspective. If you think about it in this way, in just over a six-month period, six months and a week, we have seen the ownership of our primary shareholder decrease by 20%, and it is a cadence we hope we can continue to deliver on. We are proud also that we have delivered a dividend right out of the gate as a public company, and we have now also raised that dividend every quarter since we have been public. Particularly as Adolfo also covered, as we grow EBITDA, our leverage ratio is ultimately where it needs to be. We do have a goal of being investment grade, and until we are not majority held, the rating agencies will not consider us investment grade. That remains important because you have to think about tens of billions of trade credit that we have from our vendors around the world. Many of them are using credit insurers, and just the efficiency of a debt structure of an investment-grade company is important. From a metrics perspective, we are largely there. I am excited if you think about the right side of this chart around the future state where we are not closely held, and we can move into more traditional share buybacks as yet another way of returning to shareholders, and we will do that. I will leave you just with the following. We have a proven track record of executing for multiple years in what has been a pretty volatile market in many, many ways. As evidenced in our three-year plan looking forward, we are ramping up that execution even further, delivering more returns, more profitability, better results for our shareholders, and I am more confident honestly today than I have ever been on our ability to continue to execute the strategy that we have laid out for you today. I really want to thank you for your time today. I know we have covered, again, quite a bit. With that, I think we move into Q&A, and I will ask Paul and Sanjib to come to the stage with me and answer your questions. Thank you. We've got about 25 minutes, and then Paul's going to wrap up with just a few minutes to close out the day at 3:00 P.M. Central Time. I'm going to start with this question. I apologize, we have a lot of questions. I don't think we'll be able to hit upon all of them, but we'll do the best to get through as many as possible. If a vendor were choosing between expanding share with Ingram Micro versus another global distributor, what are the top three reasons why they would select Ingram Micro? I'll take that one. We've seen it here recently when HP announced their global decision to go global with just a couple of partners, and I think you saw it show up in life today. I'd say there's probably three or four different reasons why. One is we continue to talk about our reach, and it's that diversity of reach. More importantly, it's the skill sets within each of those regions that we've developed. We talk about those centers of excellence, the competencies we build, what we're doing already for our customers and our vendors. Again, if you would've asked us a handful of years ago, we wouldn't be taking level 1 and level 2 support from our customers or from the end users, and now that's just what we do. We can replicate that globally. I think our skill sets. I also think, and that's the reach from a global diversification. The other piece is reach, as we talk about from a customer standpoint. The 165,000 solution providers we service each and every day gives us further reach. What the vendors are looking for, no matter if it's the big vendors or emerging vendors as we talk about it, or new technologies that are coming to market, they're looking for that reach, call it mid-market and below into SMB, and then really those growth partners. They can't reach them, they don't want to reach them, and they look for us to be able to do that. The last thing I would say is we've seen the evolution in our careers of how the products have come to market. I keep mentioning the 6 different products and services. Vendors recognize they are not the only solution. They're a piece of the solution. The fact that we have all the other pieces, they look at that now as valuable, as opposed to we want to fill the entire stack. I would say those are a couple of different reasons that, A, differentiate us, and B, why vendors would want to go with us on a global basis. Thanks, Paul. Mike, you reiterated your 3Q 2026 guidance today. Wondering what the puts and takes are there that lead you to believe you're going to be at the high end of the guidance, and in which lines of business and geographies might that be driven? Yeah. I feel pretty comfortable with that full year guidance, sitting here, especially with what I said on Q3, hitting at the high end or better, given we're just a couple of weeks away. The biggest variable is what I hit on in my prepared remarks, honestly, which is, do we see some of these really large GPU AI infrastructure deals come in? That could drive outsized growth. We'll talk about that. We will continue to quantify the impacts of that when we ultimately get around to our earnings release at the end of October. I feel good about it. I think we're continuing to see probably the biggest growth out of our APAC region, but strong growth across really all of our regions and all of our lines of business. I feel good about that. I do feel good about how we're starting to see some of those levers that we've talked about kick in on how we're trying to drive a margin story. That's not going to all happen at once. We're going to continue to see that play out in coming quarters, and we'll talk more about that also in our earnings calls. I'm excited about the early returns we're seeing as far as some of those levers we're pulling from an automation perspective. Great. Sanjib, the question is, complexity is changing the traditional linear IT supply chain. How does Ingram's new intelligent operating model potentially blur the lines across the traditional supply chain? I'm going to skip through. This is a long one. How might it change the traditional value chain? Yeah, that's a good question. If you look at the traditional IT value. Am I audible now? Yes. Okay. There is a lot of handoffs, right? If you look at, we procure from our vendors and OEMs. It goes through how you solution it and then actually send it to our customers. There is a lot of handoff. What intelligence can do is actually procure them and make from handoff to orchestration and add the layers. In the future, intelligence can really bring in the value of how we buy, how do we compute and solutionize, and how we actually push. That is very important, where we match the demand signals with the supply signals. That is extremely important. As we go through this chain, it's very important that we use that intelligence to understand velocity, because as demand and supply interconnect, as we showed today, the role of the ecosystem changes. That's where I see more in value, especially with the larger vendors, how we use intelligence to drive demand generation in the long tail. Thank you. Paul, what does Ingram do for AWS, and is our role simply fulfillment? We do a lot. I guess I would say, I'll broaden the question, I guess, broader than just AWS. I'll call it hyperscalers. It's absolutely more than just distribution. I think we've touched on it in a couple of different areas. But just to reiterate, the BRLink capabilities that we have, where we're moving workloads from an end user perspective. We're not just doing that with BRLink. Actually, we've brought that to corporate, and we're doing our own training programs and skilling people up and bringing more. So we're touching, I would say, the workloads from a different perspective. The real importance is the demand generation. Kind of similar back to the question I think I was asked about why vendors would want to go with us on a global basis. The hyperscaler is just a piece of the solution, and they don't want to build out the competencies to go touch the mid-market and below. Actually, their mid-market, a lot of times, is a lot bigger than I would say the traditional mid-market, meaning they're giving us even more access to market, and again, attacking that total available market share of that $5 trillion we've talked about. Building out those competencies, I touched on it today. The field deployment engineer, the FDE model, you're hearing all of the hyperscalers talk about, and we're investing ahead of the curve on that to be able to bring those competencies, because they don't want to go hire thousands and thousands of FDEs directly. We can do that. We can do that at scale. We can use our centers of excellence, and we can really touch a market that they are not able to touch, and again, bring that together with the six different products of solutions that come to market. Great. This is a question you haven't had before, but I'll turn it into a three-parter. What are you seeing in PC refresh cycle? How are ASPs impacting that cycle, and where are we in the AI PC curve? I can start. We are still seeing good demand from a PC perspective. It is one of the things I was talking to a couple of people, and I have had a couple of questions over the last couple of weeks, which is, if you would look at where we are coming into the year versus where we are almost 10 months or almost 9 months through the year. The refresh has actually had pretty good legs, stronger than we probably thought it would have been coming into it. Mike Zilis and I have talked about this in Q1 and Q2. We feel good about where we sit in Q3, which is there is still demand there. The other thing I would say that is a little bit different is as the constraints have come out that we have seen and the pressure on technology, is that we have actually seen pretty good adoption into AI PCs. If we would have talked about AI PCs three or four quarters ago, we would have been talking about what are AI PCs going to be able to do with my business? And now there is actually real use cases where we are seeing that. So we still continue to see that increase. Where we are in the innings, I guess, or where we are in this refresh process, there are still hundreds of millions of units, 300 million- 400 million units depending. I have heard a couple of different stats that still need to be refreshed that are out there. And so it is still yet to be determined. I would also say Mike Zilis talked about a little bit of where we looked at from an annual perspective. The PC refresh was late to start. Before we went public, we grew 30 basis points the year in 2024, and that was because the PC refresh had not started. And normally, you see that four to six quarters out. So it really started to pick up. So I think there is a little bit of elongation going on from a refresh standpoint that we are still continuing to see that momentum. I do not know, Mike Zilis, if you have any comments. Well, I think I hit on this a little bit, but just as I think about it from a model perspective, as we just laid out, and I did touch on this, that CES growth, PCs are the biggest subcomponent of our client and endpoint solutions. And so that a little bit more moderated growth there is both the compares, as Paul Bay just hit on, the ASPs being part of that, and probably some leveling of that ASP increase, but still some legs on PCs. And the wild card really is going to be that AI-enabled PC penetration. It is still only roughly 30% of what we sell from a perspective of PCs. So there is penetration to come there, and that may smooth that cyclicality a little bit, and we will see how that plays out. But that is the only thing I would add. Could you extend that conversation into advanced solutions? How are ASPs and supply chain issues impacting the different areas within advanced solutions, and how do you see that right now? Yeah, I actually think. If you look at as it extends into the other product categories, Mike and I touched on this in Q2, and we are still seeing some similar things. The fact that vendors have actually extended, going from 14 days in some instances to 30 days, meaning a quote is valid for 30 days now. The customers that you saw up here can go have a conversation with their customers, their end customers, to say, "We have this for 30 days," as opposed to 14 days or seven days or early days, it felt like hours. There is a little bit more, should I say, predictability in what we are seeing. I think we are still seeing the ASPs come up. They are coming up, as Mike said, a little bit slower than we have seen, but they still continue to happen. I think there is a bit more predictability when I talk to some of the customers that were here and many of the customers we do business with. They are seeing a little bit more predictability in terms of where that is sitting from an ASP standpoint outside of PCs also. Thank you. Can you help us quantify the benefit you are getting from Xvantage and how much it is benefiting margin, retention rates, attach rates, or operating efficiency? Yeah, Sanjib, you want to hit on more of the qualitative and I'll quantitate it? Sure, absolutely. I think it is an important thing to understand. Today, we talked about the platform operating model and the intelligent operating model, right? If you look at it, the initial benefits were coming from OpEx that Mike touched on. That where we are automating experience, taking friction out. So we took OpEx out of another system. As we see today, we are driving more revenue, which is we are going and proactively getting demand. Our IDA process is we process more quotes, we increase the pipeline, and then we have a better conversion rate, and we are closing our sales cycles. That is actually helping us to grow our top line. As you see right now, the level, the third phase we are moving with the platform is really that calibration of margin. It is figuring it out, how we improve that mix in IDA, how we look at pricing abilities, how we look at optimizing on inventory and rebates, and how do we push to the long tail. So that is giving us the leverage. To the question about always the revenue will give us the growth leverage, but really the operating margin leverage will be with the cost and how we actually leverage self-service automation with the growth that we can bring in. Before you get into the numbers, real quick, what I would say on top of that is we just started talking about IDA just a couple of quarters ago. As we found this out and we talked about it, Mike and I talked about it a couple earnings calls ago, that was giving us disproportionate growth. That's what we talked about, right? So it was about the revenue, what Sanjib's saying. Now we're turning that dial and presenting the opportunities, and it's not just for us from a margin profile, it's also for our customers. So now we can sort through all of the information they have to turn the dial to be more margin accretive, versus when we first started this, it was a pilot. We were looking at it saying, "Wow, this is kind of interesting what we're doing with the intelligence." That is how we created IDA to be able to go to our sales organization to be forward, being proactive versus being reactive to our customers. So it has allowed us to now still really fine-tune, and there is a number of other things we can turn that dial with IDA also. Yeah, so from a numbers perspective, if I talk about top line first, I think I talked about the next three years, probably a little bit lower, single-digit kind of growth in 2027, but decent single-digit growth in 2028 and 2029. A lot of that is really attributable to the platform operating model. That is not just driving revenues, it is driving quality of revenues and really driving that more profitable margin. So that is coming through in all the numbers we are sharing, which that is where we have, honestly, to be completely transparent, maybe even some upside as we see that traction really kick in in the numbers we have shared with you, is how much we can really drive around that piece, which is really earlier days for us right now. But we are really excited about how the earlier days are driving results. I think that is one of the beautiful things about Xvantage that we are talking about, is now we have the intelligence. Again, IDA was not even part of our roadmap a few quarters ago. So there is going to be more IDA-like things we do not know about today that when we discover them, we pilot them, and we will be open to say, "Here is what is working and here is what we are doing and where we are leaning in." Then again, how we can take that global. Because remember, again, everything we are doing from a platform perspective is on a global basis. Great. Paul, can you explain the decision to return to supply chain services, how you plan to get back into it, and the factors that will allow you to take share there? Yeah. We are excited about it. If you go back, I said in 2022, we actually divested our supply chain business prior to going back public again. One, the non-competes expired. More importantly, what we have done is we have taken the data that we have had, and we saw it in many of you that got to go see the warehouse tour today, of how we are using that data to really be more efficient and free up space. The automation, the intelligence that we are using is freeing up space. When I say we are not investing in warehouses, we are actually creating space to be able to go do that. We think it is a great opportunity. It is a services business. It is good return from a capital standpoint. Again, because of our reach and being able to have this global, we think it is a great value proposition to stay within our ecosystem and slight adjacencies that we can operate in, because many times we are already the largest provider, if not one, then probably two on a global basis. It is efficient, too, for those partners that want to have a good supply chain. There is a number of different reasons we are excited about it, but those are what I would say we are most excited about. It takes a bit of time to build up, too. Because if you look at the model that Mike presented, now that we are out there, we are just now discussing it. Now we got to get through that pipeline. We got to get through being able to bring on board, and it takes a little bit of time to ramp some of these partners up. Paul, do you expect that to be organic or inorganic or a mixture? I think if you look at lifecycle services, the three brands that fall under that, supply chain services will be organic. We're going to build this ourselves. We've got the technology, some of the foundation, because we have to build back some of the systems. We're going to do that organically. Inorganically, we'll continue to look at things like our IT asset disposition and what we can do, and I would say the reverse logistics and repair business. If I separate lifecycle services into two buckets, one, potentially it could be inorganic. The other one would for sure be we're going to build it organically. Okay. And Mike, what are the largest drivers of the company's long-term operating margin growth, and how much of future margin expansion is expected from automation and workflow digitization versus mix shift? Well, I think, again, if I go back to the three phases of our platform journey, one was operating efficiencies. We've taken the costs out that we've talked about. There is still efficiency to get as we continue to deploy Xvantage across a bigger pool of our countries globally. But we've targeted our growth of Xvantage towards our largest markets to start, most of our largest markets. So there is still room there where we see more of that efficiency. The revenue growth above market as sort of the phase II part, again, I think what we shared today, especially if you take into account some of those baseline factors, is revenue growth above market as far as where we see the business going in the coming years. And now it's really more on the profitability spectrum. I'm not going to necessarily quantify the three pieces, but certainly as you think about our operating profit and our non-GAAP net income growing at more than 2 times our revenue growth rate. It's really extrapolating off of the platform and the capabilities we're bringing to bear as we continue to mature this model around the world. The good thing about what we have done from an efficiency standpoint at OpEx is we are able to redeploy to proactive activity, to quality of revenue, as Mike Zilis is talking about. So we are able to take those resources and be proactive, and it is showing up in both the profit and the revenues. Great. We talked a little bit about ASPs and PCs. Can you talk just generally about the pricing environment, supply and demand, how you are thinking about in the out years, memory shortages, how long is that going to go? Just in general, I guess, really, the demand or the elasticity of demand. I could hit on it first, and then you guys please add. But I think we have assumed in our model that we are not seeing the rate of growth of ASPs that we have seen this year. There are some subcategories of products that have grown high double digits, even maybe triple digits in some cases. So there is a growth factor there in some areas that we are already seeing some of that rate of increase slow a bit. We talked in our second quarter earnings about a 3% impact on top line associated with all of these factors, which is not just the ASP piece, but also maybe some pull forward. But also the counterpart to all of this, which is it is taking longer to get product. Supply is constrained, so to close deals takes longer. We have more backlog than we traditionally do today. Then a little bit of that demand elasticity. But again, we haven't seen a lot where we've seen orders just being canceled. There's always some of that. But what we're seeing more of is, occasionally, not a tremendous amount, but more recalibration. Customers looking at, maybe I don't need the same number of units. Maybe I can downsize my technical specs to make this more affordable in an ASP environment. I think we do expect as we get into the new year, and I don't think anything I'm saying here is very different than what the OEMs themselves are saying, is that we do get to a point where this levels off and plateaus. But the supply constraints themselves, from a memory perspective, are probably going to exist for potentially multiple years, honestly, and we'll be navigating through that. The ASPs are pass through. We are not eating those costs. That is an important part as far as the profit metrics. It inflates both our cost of sales and our revenues, but it is not necessarily eating into our margins in a meaningful way, just to be clear. I think you answered it. The only one thing I would add is that we are seeing customers as they look out, they may be not rolling out the entire deployment right up front. They may be rolling out pieces of the deployment, which will make it a little bit better from a revenue perspective, a little bit more predictability because of the constraints, because they cannot get access to everything. So they will phase it out along the way versus they would have done everything if they had access to everything right out of the gate. Some of those partners are telling us that is the way they are looking at it now. Okay. Last question, then we will turn it over to you, Paul Bay. Sanjib, could you talk a little bit about how to gauge success of Xvantage and this move to the intelligent operating system? What are the factors to look for over the next year or so? Yeah, I think there are multiple factors. One is we talked about the value coming in, both from the operating leverage, the revenue growth, and Mike Zilis talked about the margin, multiple factors of margin, right? But what is important is the foundation, right? We had built the automation that our transactions and our customers come with the experience. I talked today that gives us about 250 million events a day that gives signals. These signals are helping us to understand demand when there is invisible demand, to connect the dots and do demand generation. That is where we see in the long tail, even outcome-based solutioning in the mid-market, or even working with the enterprise, the value coming in. As you see here, as we move from the platform operating model to the intelligent model, it's not just a quantifiable value, it's how you operate the business. What you heard today is some of the mature markets. You are running the business with intelligence. You are changing the way you operate, how your sales team going out and proactively reaching out, how you're balancing your factors. I think that is a success of platform. It is not a platform supporting just a distribution business. We are becoming the intelligent operating system of the ecosystem. I think that's where we measure. As we bring in more integrations for the ecosystem and solve problems, we can show demand generation with the hyperscalers and the vendors. I think that will be the true success of our platform in the next three years. Great. Thank you all for the answers. Paul, at this time, we'll have you close out the day. Perfect. All right. Thanks for hanging in there with us. Can I bring up my close slide, please? There we go. I think it's coming up. Let me know. I see a blank screen. Now I see a nice ocean, but I can still wrap up. Hopefully, as they change, it looks like-- Sorry, you're seeing some lake. Hopefully, you'll be able to see. There is a slide created, but I'll touch on it. First of all, I want to say thank you very much for your time today. When we went public back in 2024, we shared our vision. We're coming up on two years that we got to share our vision of becoming a B2B platform company, more importantly, our transformational journey. We talked about it today, removing friction, lowering our OpEx, and using data and AI to create intelligence. Now we're talking about how we're using the intelligence to create actionable outcomes. Today, I hope you realize, I said it this morning, we're a different company. We're resilient. We've moved at pace. We'll continue to move at pace because it's an unprecedented time in our industry right now. We've built the capabilities to sustain our progress. A new Ingram Micro has emerged. Our portfolio expansion, monetization of AI, what we're doing around with the hyperscalers, the services we're building, all providing room for us to grow. We're delivering on our financial commitments, as we've talked about. We had a good Q1. We had the best Q2 in company history. The back half of the year is shaping up nicely, and our three-year plan shows us growing profit at 2x the rate of revenue. Our teams have passion. They have desire. We have a huge opportunity in front of us. Along with our partners, alongside of us, we intend to win. Thank you for your time again today, and appreciate giving us all this visibility and opportunity to present to you. Have a great afternoon.