Good morning, and welcome to Insight's Investor Conference. I wanted to take a moment and just thank you all for attending, those who've been able to be here in person, as well as those who are attending virtually. For those that I have not had the opportunity to meet yet, my name is James Morgado, and I'm the Senior Vice President of Finance and the CFO of North America. Today's theme is Ambition in Action, and we think that there is no better way to categorize the important moment in Insight's history that this represents. We wanna share today, we're eager to share with you today, not only our aspirations, but the detail of our execution plan. With that, I'd love to give you a brief overview of the agenda. We'll start out with Joyce Mullen, who's our Chief Executive Officer, and she'll walk through our vision, strategy, and how we will put our ambition into action. Dee Burger, our President of North America, will walk through the details of our execution plan. Stan Lequin, our President of the Solutions business, will walk through our incredible technical portfolio and how we bring that to bear in order to help our customers achieve their digital transformation goals. We'll take a brief break, and then we'll return with a panel that consists of three of the brightest minds at Insight. That is Jason Rader, our Chief Information Security Officer, Matt Jackson, our Vice President of Consulting Services, and Phil Rickson, our Vice President of Services in Asia Pacific. We'll come back then from that, and we will have Glynis Bryan, our Chief Financial Officer, and my mentor, walk through our financial strategy and financial goals. And then we'll come back with a brief Q&A with Joyce, Glynis, Dee, and Stan. Before I begin, though, I have the obligatory legal disclaimers to read, and so bear with me for just a few moments. This broadcast is the property of Insight Enterprises, and any redistribution, retransmission, or rebroadcast in any form without the express written consent of Insight Enterprises is strictly prohibited. In today's discussion, we'll be referring to non-GAAP financial measures, which we may refer to as adjusted. You'll find a reconciliation of these adjusted measures to our actual GAAP results included in the accompanying slide presentation. As a reminder, all forward-looking statements made during this presentation are subject to risks and uncertainties that could cause actual results to differ materially. Please refer to slide three of our presentation for additional information. Okay. With that said, let's kick off. I'd love to invite Joyce Mullen, our CEO, up on stage. Joyce is actually one of the big reasons that I decided to join Insight nine months ago, and I firmly believe if anybody can put ambition into action, it's Joyce. Joyce? Thank you, James. I made James say that, by the way, just to be clear. I'm also really, really excited to be here. I have to stay here though, because we had some sound issues. Glynis and I both are a little bit tethered to the podium, so it's not my normal state. Anyway, I'm really excited to be here with all of you. It's really great to meet so many of you in person for the very first time. It's really, as James said, such an exciting point in Insight's history. We really think it's a culmination of sorts because over the past decade, Insight has been evolving into a brand new breed of technology partner, building very specific capabilities that set us up in a unique and advantageous way. By the way, this is especially important 'cause the $4 trillion market that we serve and that we are participating in is growing at 6%, and it is incredibly fragmented. I've been in this business a long time. We were talking about it yesterday. I said 2 decades. They said it's more like 3. I'm trying not to count. Let me tell you, over that period, I have learned a lot about what clients need. They need a partner who can really sort out the complex decisions in this incredibly crazy technology environment that is changing so rapidly. They need somebody who's gonna deliver results fast. They need a partner who's gonna guide them from traditional IT to modern cloud. They need a partner who actually brings solutions, a combination of hardware, software, and services that deliver. that can be integrated into their environment and produce meaningful results. They need a solutions integrator. Clients don't have the time, the money, or the appetite to put together all the pieces of the technology puzzle. It's just too complicated. They need efficient access, a simplified experience, deep expertise they can trust, someone who can architect, build, and manage a technology environment. I was Global Channel Chief at Dell just about two years ago, just over two years ago, and I had 170,000 partners around the world. It was clear to me then that Insight actually was understanding this evolving need and putting together remarkable capabilities to address that need. When I joined Insight just about 2 years ago, I really figured out that perception was indeed true, and we are remarkably well positioned to set us up to realize our ambition, and I'm gonna tell you all about that today. Here it is. Insight will become the leading solutions integrator, setting the pace and defining a new category in our industry. I'm gonna take a second and just repeat it for a second 'cause we really do believe we are defining a new category in this industry because that is exactly what clients need. By the time you leave this room today, I want you to be crystal clear on what I mean by this ambition and what we're doing, the actions we're taking to get there. We're talking about a very intentional and strategic plan that makes this ambition a reality and delivers compelling value to all of our stakeholders. What does that mean to you? Well let's start with accelerated profitable growth over the next five years and beyond. We're talking about growing faster than the market, about 200 basis points, and growing our gross profits even faster than that, expanding our EBITDA margin to nearly 7%, all delivering earnings growth at 20% CAGR. That's pretty awesome, and we're pretty excited about it. Over the past several years, as I mentioned, Insight has reshaped itself organically and through strategic acquisition to become a global solutions integrator. Let me take a minute and define what a solutions integrator is. It's a little tough to get your arms around because there's not really a model yet against which you can measure us and compare us, but we'd like you to build one, so we're gonna talk about it. First of all, let me just tell you what we're not. We are not a systems integrator. Traditional systems integrators have a business model which all around time expended, hours. Insight is all about delivering the outcomes that our clients need to make them successful, so we think about our requirements and our work quite differently. We're not a traditional reseller. Resellers have a portfolio of products, and they sell them, that's terrific. We use our technical expertise to build solutions and match them up with what our clients need, and we do it without technology bias. We're certainly not a distributor. This one actually makes me the most crazy. Distributors do not have direct relationships. They don't have the same breadth of technical skills that we have. Distributors are very important partners to us, have great supply chain skills, and really are important from a credit point of view. We use our supply chain expertise to augment our solutions capability. I said that Insight is unique and ahead of the curve because it had the foresight to pull together these capabilities, and it really positioned ourselves, like, unlike any other company that I know. We made early investments in edge, cyber, cloud, data, AI, before it was cool, and that has given us a pretty enviable position in the fastest-growing areas of the market, which also happen to be the areas where our clients need the most help. Let me be really clear about something. We are not abandoning our traditional technology business. Far from it. We're building on that, capitalizing on that. It's an incredibly strong foundation, and we are accelerating our strategy and deepening our client relationships so that we can outperform the market no matter what the macro environment. We actually have unwavering confidence that our value proposition is resilient and relevant and compelling in any economic cycle. 'Cause if you think about it, as customers hunker down and search for simplicity, Insight is very well-positioned not just to weather the storm, but to grow within it, to acquire great talent, to acquire great companies, to consolidate in the fastest-growing areas of the market. To be the leading solutions integrator and drive the kind of financial performance that we're laying out today, we have four strategic pillars I'm gonna be talking about. The first one, captivate our clients. What I'm talking about there is captivating the hearts and souls and minds of our clients, becoming the partner they can't live without because we deliver exceptional value at every turn. Second, sell solutions. We're transforming our sales capabilities. We'll talk about that more later, but we need our sales teams to be able to represent our broad capabilities. Third, deliver differentiation. This is all about innovative, scalable solutions, exceptional technical talent, and our really compelling portfolio. Finally, capitalize on our culture. I'll talk about this in a little while, but we have a very solid foundation on which to build, and it's a great start. As simple as these strategies sound, there's a lot of substance and a lot of hard work behind them, so I'm gonna spend some time talking about each of those with you. There isn't a company out there who doesn't think they are delivering to meet clients' needs. Of course, we all try to do that. At Insight, we do more, and I would argue we do it differently. When it comes to our approach, we do several things that are pretty unique. First of all, we pride ourselves on making the complex simple. We deliver value and earn the right to do more. We tap into our broad technical experts and bring them to bear on the problems that our clients are solving, not just for the specific problem at hand, but we look beyond that problem and figure out what outcomes will really drive client success. We have access to every technology OEM around the world. We have very well-established relationships with some, but we also spend a lot of time thinking about emerging partners, disruptors in the environment, those companies who are gonna change the game. We deliver solutions globally. We have teammates in 19 countries, and we have partners in all the rest. We have time-tested relationships with thousands of customers. Transitioning these customers from traditional product customers to solution customers is an extraordinary opportunity for Insight. We'll be spending a lot of time on that as well. When it comes to client relationships, we have a strong track record. We have really a strong, powerful foundation, but our ambition says we will be the leading solutions integrator. To do that, we have to do more, and we are. Let me give you a couple of examples. About a year ago, we started measuring net promoter score, client satisfaction. Asked a lot of questions, formed a client advisory board, and got a lot of feedback. Some of it confirmed things we already knew, and some of it helped us uncover brand-new opportunities for improvement. All of it is helping us accelerate our vision, accelerate our march toward our vision. For example, we're improving the online experience, making it easier for clients to self-serve. This is really important, and we hired Rob Green about a year ago. Rob came from, he's in the back, came from Amazon Business, and his role is to amp up the digital experience to world-class levels. We're in year one of a three-year plan, and we've already launched a new e-commerce site, and we have thousands of clients on it already. We already can see that we are delivering an improved client experience because of that work, which not only helps us with growth, but it also helps us improve sales productivity. Rob and our new CIO, Sumana Nallapati, also here, are building an agile, scalable technology platform also internally. This is very important to our efforts to accelerate automation for all of our processes, and it helps us improve our speed to quote, our client response time, our speed to statements of work. It also helps us obviously improve our cost structure and our sales productivity. By the way, increasingly, sustainability is top of mind for all of our clients. We've had great offers for years, things like hardware recycling programs and hybrid work environment solutions. Cloud and digital transformation are game changers when it comes to helping our clients reduce their carbon footprint. I can stand here all day and tell you all about how we are really doing everything we can to become the leading solutions integrator by captivating the hearts and minds of our clients, but it's way better for you to hear directly from them. We have a video for you. At Cornerstone Building Brands, innovation is a core value of ours. The entire leadership team is realizing in order to innovate, we really need to have a technology-forward type of thought process. A digital first type of initiative is running across the business. They realize how important technology is to be able to deliver business value. We were looking for a partner that would help us figure out what we needed to do, figure out where we had gaps in our thought process, and then also come back to us and say, "Hey, have you thought about it this way?" We found that in Insight. We found that in the team that we're working with, and now we act as if we're one team. It's not only closing gaps that we have, but they're also helping us build new services. They're looking at our biggest problems. They're looking at how we can be more effective, we can improve performance, right? This partnership is not only helping us on our day-to-day, right? Also building our future strategy or helping us build our roadmap. We didn't wanna just have a partner that would come in and say, "This is the way you have to do it," and do it that way just because it was the most cost-effective for the partner. This is really something that has turned into a partnership, and created a mutually beneficial relationship for both of us. When we come to the table and say, "We have a problem," they are the first to come in and say, "We have a solution for you." That's very important for us. Okay, Mike and Gordon are really not that robotic. I don't know what's going on with the video. Anyway, I mean, I just love what they have just said about what we are. I mean, they come to us with a problem, we come to them with a solution. That is exactly what I'm talking about when I talk about being the leading solutions integrator. That NPS focus has helped us improve our execution already, so we have already improved to 54. That's good. It's not great. We expect to be great. Within 3 years, we'll be at 70 with top quartile performance among all tech companies, and we have a lot of confidence that we can get there. By the way, our services business is already there, which is pretty amazing. We know that when we deliver real integrated solutions like we did at Cornerstone, relationships are deeper, relationships are stickier, and oh by the way, we earn 10 times the gross profit dollars versus when we just sell products. 10 times. Imagine the impact as we transition more of our clients from technology clients to solutions clients, and we become their solutions integrator. That's why captivating clients is the first pillar of our strategic plan, and that's why we're so focused on client experience. Let me move to the second one, selling solutions. We're in the process of transforming our sales organization and our approach, our sales organization compensation programs, et cetera, to solidify this position, but let me give you some detailed examples. First of all, we're streamlining our coverage. We're actually, for our solution sellers, reducing their accounts, the number of accounts that they serve. The goal here is to drive deeper, wider engagement in those clients. Think about quality over quantity. By the way, when we step back and think about the segments of the market where we have the most opportunity to sell our broad portfolio, when we think about that, our sweet spot is actually the corporate mid-market. Think about Fortune 300 and below. We understand these clients incredibly well. We're actually one of them. We bring enormous value to them. They have very large IT budgets and very significant IT agendas. They have difficulty attracting the same kind of labor and skills that versus the big guys, we have the most opportunity to innovate with them. This is not to say we're not gonna serve our enterprise and public sector clients. Of course we will. The corporate space is where we can sell our complete portfolio. Next, we are creating solution selling experts. This is a development program. This is a training program. This is a hiring program, and this is where making sure that we're matching up the right skills to those clients who have the propensity to buy our solutions. We're doing that by making sure they understand the industries that they serve. Vertical knowledge is increasingly important as we think about the broad technology environments that we are building solutions in: edge, core, cloud. We're making sure that they have the right kind of consultative and solution selling skills, and we're also working on increasing their business acumen. All quite important to delivering client success. We've modified our global compensation program to focus on services. We know we can deliver higher value to our clients when we sell services, and so we are providing the appropriate incentives to make sure our sellers are focused on that as well. We're implementing a new pricing strategy and program to ensure that our solutions are more profitable and to make sure that we capture the value when we sell a highly valuable solution. The changes that I've just talked about actually touch almost every function in our organization. Because they are complicated and because they are pervasive, we've established a global transformation office to project manage every aspect of this transformation, making sure that we're driving adoption of tools like automation. These are just a couple of examples of our sales transformation efforts that will ultimately help us make sure we're focused on quality over quantity and deliver growth and our improved profitability goals. I would argue that our clients are noticing. If you think about it, we just heard about that from Mike at Cornerstone. We have seen it in our organic sales growth. Over the past year, we grew at 20% organically. This was buoyed, of course, by exceptionally strong hardware demand, but also very strong performance in Insight core services and cloud. I wanna make an important point here. This transformation is not gonna be a straight line. There's gonna be twists and turns along the way. It's gonna be very dynamic. We are very intent to listen, learn, adapt, change, because we are unwavering in our commitment to generate value for our clients and ultimately for our shareholders. Dee is gonna talk through the operational plans in a second that really support what I've just laid out, but the strategy to sell solutions is really pivotal, for sure. Now let's move on to delivering differentiation. This is Stan's focus. We are already ahead of the curve, and we are intent to widen that lead. I'm talking about innovative, scalable solutions, exceptional technical talent, and a very compelling portfolio. Let's start with innovation. As I said, our solutions organization is charged with building innovative, repeatable, scalable solutions, building in Insight automation wherever we can, because that improves the client experience and it helps us drive results fast. By the way, to do this, we have to be expert not only in today's technology, but also in emerging solutions. This is gonna drive the next wave of innovation for sure, things like edge, quantum computing, hyper-automation, low code, no code. Did you know we have 70 patents pending? That's a record number for us, for sure. The reason this IP is important is because it helps us deliver higher quality results to our clients or results faster. We intend to continue to build a robust pipeline of innovative ideas and patents through our innovative Insight program. By the way, it's pretty gratifying to see that we're not the only ones who think we're innovating. Gartner and Forrester have recognized our technological leadership in Azure migration, software asset management, and modern workplace. We've been recognized by a lot of third parties for our strengths in data, AI, cyber, cloud. Each year, we receive dozens of partner awards, which are super important to us. Just this last year, by the way, we were recognized by Microsoft as a winner 13 times. I think that's more than anyone. I don't know that, but I think so. We are honored, of course, to receive these accolades, but even more importantly to our business, of course, we receive thousands of referrals from partners because they trust us to execute. A lot of these capabilities, which many of which hinge on innovation, are exactly what clients are demanding. I'm gonna show you an example now of Perpetual, and this is a cloud example. Let's take a look. If we look at our Perpetual Corporate Trust business, we're trusted as the infrastructure to the markets. We administer over $1 trillion worth of assets. To me, technology is absolutely one of the most important enablers of business success. You can't provide service excellence without great technology. I think they go hand in hand. The partnership with Insight has been instrumental to our success. It started almost 10 years ago, and for me it has been wonderful over 10 years. What's happening over the next one, three, and five years is even more exciting. Insight are our go-to partner for all things Microsoft. In my world, that means the Power Platform, Microsoft Dynamics, SharePoint, and also data and analytics platforms. For my colleagues, it means for Azure and for security platforms, Insight is that first point of call. I really value their account management and the access that I have to their domain specialists and the CTO. I use that to help shape our roadmaps. We nearly always start with the discovery piece of work, and that allows us to understand and frame the opportunity. Their insight and their knowledge in terms of agile delivery, DevOps, and just the consistency and experts they were able to bring into the organization, but also tap into their broader ecosystem, really helped us develop our strategy and deliver our products to the market. I hope the partnership's gonna keep on evolving. You know, we are strengthening our own internal capabilities, but I plan to work with Insight for when we're working with newer technologies and when we're taking on those bigger projects. Not only do we have the ability to bring in end-to-end project management, delivery, testing capability, but we're also enabling us to test and learn on what they're learning around the globe. We can flex up and down, but also provide us best practice and insights around how we should be running our business today and in the future. Fantastic to hear Richard talk about how, and Wendy talk about how we're the go-to partner because of our knowledge in DevOps, because of our technical skills, and because of our superb account management. All these indicators tell us that our intentional focus on innovation is paying off. You can point to another one. How about 4 record services quarters in a row? Feel pretty good about that. We don't innovate without talent, so let's talk about the next differentiator at Insight. It's pretty much pretty clear that this is a people business, so let me talk about that for a second. All in, we have 5,300 technical experts around the world with deep expertise in cloud, data, AI, cyber, digital enablement, and more. That's nearly half of our employee base, so it's a very significant investment for us. We have several industry-recognized experts in our team. Jason Rader here is our CISO, and he's, you'll hear from him on the panel later, but he's one of those, so we're glad about that. As we think about acquisitions, we really think carefully about the talent that comes to us through acquisition. Not only what they could bring to us, of course that's very important, but what we can bring to them. Stan, Matt, Phil, Jason, all are part of Insight because of acquisition, and we take a lot of pride in that. By the way, speaking of acquisition, we just acquired Hanu, a Gartner Magic Quadrant Azure migration company. We have a couple of the leaders from Hanu here. We're really proud of that. We were attracted to Hanu for a couple reasons. First of all, they're really good at what they do around cloud and helps us build out more scale in this really critical area of the business. Also, we have over 500 teammates now, most of whom are in India, that came to us with Hanu. Talk about attracting technical talent. Then third, they're. You know, Hanu has built a very robust technical academy designed to recruit and develop technical experts, and we intend to scale that, so it's a great start and a great partnership. Another thing that we've done recently is we just launched a distinguished engineer career track. We did that to help with development and retention of our most capable technical leaders. We hired our first VP ever of global recruiting, and that's all about helping us expand our access to talent around the world. We are excited about that as well, and we're investing in workforce planning and organizational design to help ensure we have the skills and talent, not just through this period of the strategic plan through 2027, but beyond. We've also built new development programs for future leaders. In fact, we have many of the members of our Elevate first-ever development session here today. It's really terrific to have you all here. We're also continuing with our investment in West Point leadership development for all of our leaders. The goal's pretty simple. Build a very deep and robust roster of technical experts and industry leaders who can help us deliver even more client value and do so efficiently and with a ton of accountability. It's no doubt about it, people are a differentiator and critical to this overall strategy. Finally, our portfolio. This is our crown jewel, and I'm really excited to talk to you about this. As I said earlier, we are uniquely qualified to architect, build, and manage all the elements of a technology stack, and this capability sets us apart from the rest of the industry, we believe, in a very big way. Over the past several years, we've responded to the rapidly changing IT environment and expanded our portfolio pretty dramatically, and that served us well. Now, we are laser-focused on refining that portfolio in a very strategic way. Our approach is really simple. Let me just tell you about it. First of all, we think about what are our anchor offers, our superpowers, and we build around those. In fact, in the past year, we've actually reduced our offers by 50% while simultaneously growing our services business. Proof positive that this is the right approach. Let me give you a couple examples of our superpowers. We talked about Azure with Perpetual. Did you know we're one of Microsoft's top 5 partners in the world? We drove over $1 billion in Azure consumption in the past year. We've actually built some of the IP I was talking about. We built a tool called SnapStart, which really speeds up our ability to migrate customers to the cloud. That for sure is a superpower. Data analytics and AI are also superpowers. Data's everywhere, but only really useful if we can turn it into actionable insights. We built a tool called Lens that helps our clients see key data across multiple clouds, multiple data lakes, enabling our clients to make fact-based decisions more quickly. Portfolio simplification is kind of a very critical enabler, and it really helps us with our sales transformation, and it also really helps us drive services business model efficiency. When you pull these together and then add cloud in there, that really drives the bulk of the margin expansion that we're talking about today. The bottom line is our current portfolio is strong and getting stronger, both through internal reshaping and also through M&A. We are gonna continue to follow this two-pronged strategy to make sure we're augmenting our growth plans in the fastest-growing areas of the market. I'm gonna spend more time on M&A in a few minutes. Okay. Just to summarize the third pillar, delivering differentiation through innovative scalable solutions, exceptional technical talent, and a compelling portfolio, all critical to becoming the leading solutions integrator. Stan will spend a lot more time on how we differentiate ourselves in a few minutes. Okay. Onto the fourth and final pillar, capitalize on our incredible culture. Culture is a force multiplier for growth. When it's aligned to your business goals, it's like a booster rocket, and when it's not, it can stall all progress. I feel like we're starting from a really good place at Insight. We are purpose-driven, values-led. It's giving us a very strong foundation. Our teammates are not just proud of our values of hunger, heart, and harmony, they are walking examples of it. This is especially true in the context of how we support our ambition, our strategy, and our clients. Everybody at Insight serves a client directly or serves someone who does. It's a really big deal because teammates feel aligned connected to the client, hungry to make a difference for them, and all, they put their heart and their soul into delivering a great client experience. You gotta start from somewhere, and this is a great place to start. We are building on this incredibly strong foundation and developing a culture of high performance, a culture where accountability, urgency, and bold action are the norm. Let me give you some examples of that. We've aligned our incentives and compensation to drive performance. We've given more of our teammates RSU awards, so they understand where we're trying to go from a stock price point of view. We're rolling out new compensation metrics such as relative TSR to our most senior leaders. We actually did that at the beginning of the year. We are increasing the aggressiveness of our internal planning and driving faster decision-making. Some of the bold actions that I've just talked through are examples of this. All of this is driven and reinforced by a leadership team that is committed to this ambition and committed to our success and the success of our clients. 50% of our senior leaders are either new to Insight or new in their roles in the last eighteen months. As I said earlier, this is a people business, and it's our talented people operating within a healthy, vibrant culture that are really gonna be able to do their best work ever and deliver great results for our clients and ultimately deliver on this ambition. Our continued investment in culture is paying off. During the Great Resignation, we held our own. We held steady. Our attrition rates are the best in the business, among the best in the business. We are a Fortune Most Admired company, a Forbes World's Best Employer, and we've been recognized as an employer of choice in the vast majority of geographies and regions, countries where we do business. We've done a tremendous job driving a culture of diversity and inclusion, and we're not slowing down. 60% of our officers are diverse, leading the tech industry by a significant margin, and we earned a perfect score on the Corporate Equality Index and were recognized as a Best Place to Work for Disability Inclusion. Our teammate engagement's pretty high, but our plan is to push that even higher. We're aiming for 70 again for teammate net promoter score. That's top quartile performance also. While we're laying out ambitious plans today, we know these plans don't achieve themselves, and this is all about execution, persistent, disciplined hard work on the part of all 12,500 of us. We're confident that we have the culture and the leadership to deliver on this ambition. The strategies that I've just outlined are all drivers, multipliers, value creators, not just on the growth side, but also on the operational side. I mentioned earlier that our transformation office is all about making sure that all of these elements come together, all the work streams deliver to the milestones we lay out. Our new pricing strategy is another example of this, and so is our focus on automation. All of these are intended to improve our operational efficiency and our profitability. Dee's gonna talk about the work we're doing to optimize and scale our services business through improving utilization and driving delivery excellence and cost reduction in this now billion-dollar services business. We're not just driving costs out though. We're actually redefining the cost curve through automation, AI, machine learning, and optimizing our work from top to bottom. As a result, we expect continued margin expansion, and we also expect SG&A leverage. Glynis is gonna provide the framework of our financial commitments at the end of this morning. Everything I've described, strategies, plans, initiatives, are all accelerated by our renewed focus on M&A. We have a great start. Insight has a very long history of acquiring and successfully integrating companies, delivering accelerated values to clients and to shareholders. We're amping up our M&A focus. We just hired a new leader, Anima Rewat, who's joined us just a couple of months ago. We have a two-pronged focus for M&A. Let me tell you about it. First of all, we intend to acquire medium, small to medium-sized, high growth companies in the fastest growing areas of the market that will expand our capabilities and allow us to scale. Companies like Hanu. Second, we will always keep our eye out for, opportunistically, for scale acquisitions that can help us expand our customer base, expand our global capabilities, or increase our capacity to deliver even more value to our shareholders. We are poised and ready to execute this thoughtful, methodical M&A strategy, but it's gonna be very significant for Insight. There you have it. Our ambition is to be the leading solutions integrator, setting the pace and creating a brand-new category in our industry. Our strategies and actions to get there, do you want me to go through them again? You got it? Okay. Seriously, though, this is our plan to become a truly great company. Frankly, this is why I joined Insight. If you'd like some more details, we're ready to go with that. Next up, Dee Burger's gonna take us through some of the operational plans I talked about. Let me tell you for a second about Dee. Dee's been here for five months. It feels like a lot longer than that. He's had a huge impact already on our business and is an expert in services at scale. We're thrilled you're here, Dee. Come on up. Thanks, Joyce, and hi, everybody. I'm really happy to be here today to talk about where Insight is and, much more importantly, about where we're gonna go from here. I will build on Joyce's discussion about the solution integrator strategy, and then I'll talk about the actions that we're gonna put in place to drive that even further. I do wanna touch before and give you a little context on me and my background. I have been here five months. Before that, I won't—I was at Capgemini. I won't go with the three decades Joyce used. I was at Capgemini for 357 months. So a lot of time, a lot of experience doing this. When I joined Capgemini was a sub $200 million U.S. business. When I left, it was more than a $20 billion global business. Lots of people did lots of things, but I enjoyed the experience I had there. I learned an awful lot. During my career there, I spent about 20 years, first 20 years, doing every job you could ever do serving telecom clients. I spent my whole career with clients, working with them. Project analyst, led projects, led our client accounts. I led our U.S. telecom business for a while, and then I led our global business. I got to the point in my career where I had had every conversation with anybody in the world that ever wanted to talk about implementing a billing system. It was done. I needed a new route to take. About 10 years ago, there was a shift into getting into new things. My role was actually, as it started, new things. That eventually became digital and cloud. It was getting out and how are we gonna deal with the software as a service vendors, what does digital customer experience mean, what role does innovation play in our business, what's digital manufacturing do? And then what are these Amazon guys doing off on the side, and is that ever gonna be relevant? You know, it was building that out. I spent five years in the U.S. and then globally helping build that for Capgemini and eventually building something that served 40 countries with 30,000 people, bringing all that together. The last five years I was at Capgemini in a couple of different roles. I essentially led at different times all of the different practice areas that we had. Practice area in a company like Capgemini is applications and data and engineering and consulting and all that. I led each of those. There are some relevant parts of that as I now step into Insight, there's relevant parts of that that I bring. The first of which is dealing with customers that know us as one thing, where you wanna expand the relationship and offer value in different ways. There's a lot of that that's very similar to the Insight opportunity of the long-standing business and technology and trying to drive solutions and services from there. Very similar. Second part of that was the corollary, where internally, how do you deal with long-standing aspects of the business that, there's a danger of them being perceived as a legacy component and driving in new things and keeping them in balance so both parts of the business continue to thrive. Third is creating scale and managing at scale. I already talked about the way Capgemini scaled during my time there. I had four different roles where I managed more than 20,000 people, and as we scale up at Insight, there's a lot for that. Then finally was the kind of ever-present need to do the balancing act of both growth and margin. Right? It's easy to conceive the strategy where you grow, grow and don't really care what you spend. Fairly easy to cut everything immediately and drive margins. It's a very important balancing act as we go. We've got an ambitious growth plan ahead, and we're gonna drive margins while we do it. Glynis is gonna make that mathematical later, but, you know, rest assured, that's the nature of our plan. With that context, I go back to beginning of this year, my first conversations with Joyce. Joyce was new to her role. I didn't know much about Insight. She talked a lot about the capabilities Insight had and what a solutions integrator was and what that would mean in the market, and it really resonated with me. I felt like I could help, and that's how I got here today. Let me give a little context as we get started. Some of this, you know, was in Joyce's discussion. Insight's a global company, of course. Regions in North America, EMEA, and APAC. We've got a very wide range of customers. Right? It's a very unique aspect for Insight, particularly when considering Insight against the normal system integrator field. We've got, depends how you count them, we've got more than 20,000 customers, right? From small and commercial to medium and corporate and the very large enterprises. We are a different Insight to each of the different segments. In the smaller end of the range, we're more about efficient access to technology. In the middle part, we've got a very comprehensive offer, and we can solve most of our clients' needs, so corporate clients, smaller enterprise clients. At the top end of enterprise, we are large scale procurement and doing a lot of IT projects. We're a little different in each. The other contextual piece of this that is important is in our services and solutions, while it is a 10%-ish part of our overall revenue, it is nearly half of the margin we generate. Very important aspect to think about as we manage the customer spectrum. We've got a lot of unique strengths that enable us to be a solution integrator. Across the bottom are the ones that you would traditionally associate with Insight and probably are not surprised by. Large scale supply chain organization, all the procurement logistics that go with that. We have lots of partners. Really, we're partners with just about everybody. We have a very significant global footprint. We can operate, we can deal with global clients. We can operate, you know, across the world. The top is where we're really gonna differentiate. When we think about being a solution integrator, this is where we're gonna differentiate. The culture part feels like a soft way to start this, but it's actually really important. Coming to Insight, culture is very unique. It is very intentional. It's been engineered over a lot of years. When you're looking at a business that is transforming and a business that is changing and a business that will acquire other companies, it's a very important aspect to our ability to adapt. We've also got a massive customer list, so it's not just the roster. It's the set of people that have been dealing with those customers now for many years, that have relationships, that understand the customers. Joyce talked about the NPS scores. It's a legacy of doing a good job for those customers and adding value to those customers. Going in, you know, to the technology capabilities, this is also a unique aspect for Insight. Coming from the system integrator world, that world has all become about mass. It's become about, you know, Mr. or Mrs. Client, I know you want 100 people to do this. We're gonna go hire them. Right? Whatever it is, it is very generalized. Insight's had great proximity to the OEMs and to the partner world and built a tremendous amount of depth in these technologies, working on partner advisory boards, doing all the architecture that it takes to help a client understand what they actually need. Very unique. Very. The amount of architects Insight has relative to somebody you'd see in the system integrator world is wildly disproportional. Because it has been a significant part of our business, we're gonna use this to differentiate. Then of course, we have the portfolio that results from this, that is innovative, that is relevant, that is modern. It's all about cloud, data, cyber, modern applications. We're really driving that way. That's where investments are gonna go, not only M&A investments, but organic investments to make sure we really drive that. I'm gonna kinda dive in a little bit on the solution integrator concept. On the left, you see what would be normally thought of as system integrator capabilities. We think we're very good at those, but there's other people that do those as well. On the right are our technology sales capabilities. We're very good at those, and there's other people that do those as well. Where we're unique is the ability to combine these at the scale that we combine them at. As you think about how this works practically, the simplest example is on a client in a given project. We bring in the infrastructure. We do the services. We hopefully then drive it as managed service. I'll give you an example of that here with a video that I hope flows naturally. I think we're one for two now on that. There's also a lot of leverage in a client, right? Where we've got a long-standing relationship in one side or the other and have the ability to bring in a services relationship, we have the ability to actually bring in our technology sales or vice versa. There's leverage there. There's leverage inside of Insight. Not only the customer value, but the leverage with the partners, the opportunities for our teams, the economic impact of being able to leverage your sales force better and get a better return, the margin opportunities, and a lot of future possibilities for how we might combine these. I'm gonna bring up. There's a mic effect. I'm gonna bring up a video of John Pelant at Carlson Wagonlit Travel, and John's gonna talk a little bit about how we combine these different things. The CWT is a business-to-business travel company, so we make sure that our customers, their travelers, in the journey and wherever they may go, they have us behind them the whole way. Insight is part of the core community that helps us provide that for our travelers. Really, it gives us a place to go for that partnership. They then work with the other technology partners to bring them together in a solution for us. Makes it much easier for us to not have to go find all of these partners, and that shows in our trust of Insight that we will let them in closer than we do many other partners. To be able to have somebody that knows us well means we don't start from scratch each time. It means they know what we're building to the future and can bring things that we haven't thought of, things that may be differentiators because they are really out in the market understanding what's going on. We know our business very well. Insight knows their business very well. That creates a great relationship. CWT is a global company. We've met with Insight and been able to bring all of those partners around the world, and that can be getting equipment in China, getting equipment in Europe and across Latin America, really building out some of that. Also, as we work within our data centers and what Insight brings to those relationships, it can be really wide and varied. What I will tell you is it's creating efficiency for us. It's creating a new future for us from a technology standpoint, and what we're able to utilize, that will help us in our growth. Insight is a really critical component of how we deliver solutions to our customers. We couldn't do it without them, and that's truly, for me, a definition of a relationship and a partner that we want going forward. John's video actually brings out a few different things. Brings out long-standing relationship where we started with it. It was a global need. They had a need for our services. They had a need for the procurement. They wanted us to be able to bring all that together and then offer them that as a service, which Insight is uniquely positioned to do because of the capabilities that we have. I wanna come to the market dynamics. The biggest thing in our market and the biggest thing in probably almost everybody, every technology company's market is a shift to the cloud, of course. This has an interesting effect on our traditional business, right? It dampens the core infrastructure and data center business a little bit. It creates opportunities in devices and networking. The biggest thing it does is it creates a big opportunity for us to help our clients get to the cloud, right? Get to the cloud, work in the cloud, thrive in the cloud, transform in the cloud. It drives cloud revenue for us. It also drives services opportunities for us. We've got the unique set of skills you've got there in the middle that I've already covered, that places Insight in a unique place as we drive to be a solutions integrator, and it starts really for us a flywheel effect, where you start off and you've got a great base of existing customers. You've served them for a long time and done well. You help them go to the cloud. You help them with services. You get stronger as you do it. You know, you build out those capabilities. You drive much more value into the relationship, which in turn strengthens your original starting point. It's a great effect that we have in the center of the business that is gonna drive our growth, drive our margins, drive ultimately our value in the market. Joyce covered our strategy. She had, you know, a comprehensive view of our strategy. These are the actions we're gonna take to drive that strategy, optimizing our portfolio, transforming the way we sell solutions, scaling our services, and accelerating our profitability. I'll go in and I'll talk a little bit about each of those. Optimizing our portfolio is the single most strategic thing that we have. It defines who we are to our customers. It defines who we are to our partners. It defines who we are to our team. The idea here is we're gonna be very proactive about our portfolio and less reactive about our portfolio and be very disciplined. We've got a series of categories. Talked about the anchor category, that are the core things that we wanna do in every one of our major long-term clients. We wanna get in there, help them in those areas, and help them in those areas for a long time. There's no client who does a three-month project, gets to the cloud and says, "Hey, I'm out. I'm good. I'm done." Right? These are long-term ways to anchor ourselves in these customers and build long-term relationships. We also are gonna have scaled, highly cost-effective managed services that go with that, and these will take kind of a range of flavors, ranging from a single service that we do for many clients, a multi-tenant type of deal, to going into a single client or small group of clients and providing services at scale. Clearly, the market's gonna move. We're gonna need to bring in new things, and so we're gonna incubate new services, right? As we incubate, the key is we're gonna be very disciplined about how we do that. We're gonna make choices. We're not gonna do everything. We're gonna make choices that are in line with our strategy. We're gonna devote the resources to make sure we do them well, launch them into the market, and maintain control of that aspect. Back again to the idea that our portfolio is a very intentional thing. Everything else is just that. It's everything else. We're not shutting down everything else. In a case where it makes sense for a customer that has long-term value to us, and if it makes sense relative to a partner relationship that is significant, or if it makes economic sense, we're gonna do it. We're gonna qualify much more back to the theme of being very proactive about our portfolio, not just reacting to it. Transforming solution selling is also really important. As you can see, I'm blocking the screen from a view there. Transforming solution selling is also really important to us. Right? Again, you start off long-term business, lots of salespeople, lots of relationships, selling lots of technology. As you actually drive into the solutions market, it's a little bit different. You've gotta dig deeper into a client, you've gotta have different discussions, you've gotta meet some other people. It's certainly a leverageable starting point. Our organization ultimately has to get better at doing that. As we go forward on our journey as a solutions integrator, this is something that will be a constant evolution for us. This has been going on for some time. We're fairly well down this path. We've made lots of progress so far. The actions we're taking, though, we're gonna start off and we're gonna drive much more segmentation into our customer base so that we align what we're putting into a relationship and what we hope to get out of it in a very, again, intentional and thoughtful way. We're going to make sure that the way we compensate people is very heavily incentivizing them on selling solutions and driving margin. We're gonna align our sales support structures, which are really important. There's a lot of things that go into driving a solution. All the resourcing, all of the operations go with it. We're gonna align all that to make sure we are supporting those teams in an efficient way, but also in a highly prioritized way. We're gonna continually invest in building this as a capability. This is a journey you're never done with. Right? I've mentioned my experience at Capgemini. Nobody thinks they've got good account managers. You're never done developing that capability, 'cause that capability is so important, it's on the front line. We're gonna have a very continuous path to drive this, and again, one that we've already made a fair way down. Scaling services is my favorite part of this, right? You know, I come from this world, lived in this world the whole time. This was the single biggest surprise that I had in discussions with Insight. My discussions with Joyce, one of the things I asked her along the way was, "Am I gonna be a zebra in a field full of horses?" You know, is my background natural for this? Is it gonna work out? I met a bunch of fellow zebras, and it's been great. The Insight services business is kind of a hidden gem. We're all very proud of what Stan and his team have built over time. It's a billion-dollar business. It's unique in the aspects of the technical depth it has and the level of expertise it has, and on that, we're gonna differentiate. You know, I look at where I was. I certainly was at Capgemini, and we were much smaller than $1 billion in services, certainly in the North American business. I look at where Insight sits today relative to where Capgemini did, and Insight's got a much more advantageous position. It's a much better established company. It's got a great client roster. It's got a great set of people. The culture part about the low attrition, while it may have seemed like kind of a footnote that went by, that's so critical in the services business because it's all about building that expertise, building relationships, and it's very much a person-to-person thing. You can't do it if 30 of your people are leaving every year. The actions we're taking here, first one is we're gonna be much more account-focused and less transaction-focused, in line with what I just said about solution selling and portfolio. Right? It's not gonna be, "Let's just react to everything that comes in." It's, "Let's decide on our accounts. Let's build those accounts. Let's have those accounts long term." We're gonna look at the competitiveness of our labor model. We're gonna build out India. Hanu is a good example of, you know, how we're gonna start that and, you know, gives us a significant head start. We're also gonna work on the labor composition of our US teams and our global teams onshore, to make sure that we are highly competitive in our ability to go to a client, we can deliver for them cost effectively, and we can continue to hold the margins we wanna hold. We're gonna drive operating leverage in the business. Easiest lever for this is utilization. We're gonna drive that. But it's also a focus on delivering to the economic model that you expect and driving out overheads that exist in the business. Above all, we're gonna continue to focus very much on differentiating through expertise. That is our unique spot. At our size in the market, where we fit in the market, we've actually gotta have a differentiated strategy, so that expertise is gonna be our differentiator. Finally, we've got a number of things. I've talked about several growth ideas. A number of things that we're gonna do to make sure that we are effectively managing margin as we do all this. First one, Joyce talked about our pricing strategy. To me, this is a, it's more about qualifying. Back to the themes of being intentional, not being reactive. We really wanna qualify deals, set the margin expectations that we have, make sure our entire team knows it, set the criteria around clients and portfolio, and be very disciplined about how we go through that process. So we're moving towards that. We're also gonna leverage a lot relative to, cost efficiency. Talked about automation, talked about Rob's arrival and driving e-commerce, which is really important to us. We've got cost advantages in India and also in Manila that we use operationally. Those are important. We're certainly gonna grow our support services, but we're gonna grow them at a slower rate than we grow the rest of Insight and make sure that as we do it, we're continuing to drive margins, supporting growth effectively, but also, you know, that balance that I mentioned earlier, the balance of growth and margin. If you look at the four things I just mentioned, we think they're gonna have a great growth effect. Driving solutions, they're gonna have a great composition effect also, and we think they certainly are gonna have an effect to increase our margins. Glynis puts math to that. I just say words, but we think there is an opportunity to drive a whole lot of value through these actions. Now I'm gonna close with what I hope you took away from this, which is we are a solutions integrator, and we've got the strategy and the strength to support it. The trends in the market, we've built our strategy around the trends in the market, and the trends in the market support us, and then we've got a very clear action plan to get there. With that, I'm gonna introduce Stan Lequin. Stan leads our solutions business and is gonna talk about technology and innovation. Thanks, Dee. What a validation of our strategy. As Joyce said, massive impact in a very short period of time and incredible business partner. So glad you joined as we have this ambitious plan and drive this together. As Dee said, I'm Stan Lequin, so I'm the president of our solutions team. I joined Insight 11 years ago. I came through acquisition, so Insight acquired my company, which was a pure play services company. Over those 11 years, I've seen just incredible transformation. It's only picking up speed. I love where we've been. I absolutely love where we're going, and I'm excited 'cause I get to talk to you about our capabilities. I get to talk to you about our teammates. I get to talk to you about how we're impacting our clients through the transformation we drive. I get to tell you you get to go on break after this. Appreciate you spending the time with us. Really excited to talk about what we're doing to drive our strategy. What I wanna do is double-click on what Dee and Joyce spoke about and really around this concept of superpowers. I'd be remiss if I didn't mention. I think the number one superpower we have is in the ability to acquire and integrate companies. Acquisition's easy, right? It's writing the check. Maybe not as easy for Glynis, but acquisition's easy. It's the integration, which is really where the magic happens. Today would be my 11-year anniversary with Insight. Eleven years ago, I made the best decision I possibly could have made for all of my teammates. It was a decision I took very seriously. I recognized the opportunity we had ahead of us as being a part of Insight. I recognized that we could be a force multiplier for Insight, but Insight could be a force multiplier for our teammates. As I'm joined by the panel, Joyce had spoken about this coming out of the break. All three of those teammates were leaders and principals in their organization. All of them came through acquisition. Everyone realized what I realized, not was it a great opportunity for us as individuals, but more importantly for our teammates. Superpower for us is acquisition and integration. It's the integration thing that's so critical, and it's really the culture that fuels that. We have technical superpowers too, which is equally important, so I'm gonna spend a little bit of time speaking through this, and I'll start with cybersecurity. For us, it's really around the concept that everything we do is secure by design. What that means is we use the project we're engaged on to help our clients learn about security principles, to understand what it means to build things with a secure mentality in place, to create a security flywheel for future projects by using this project as the standard, as the model moving forward. It's not just the security component of the transformation we're driving, it's driving security to an end managed state is so critical, and that could be a managed state that's managed by us, it could be managed by our clients, it could be both, but it's all around that concept of driving everything to a secured managed state and bringing that into the operational mentality of our clients. It fuels really well into what we're doing around cloud. For us, when I speak to cloud, I'm really speaking through on premises or private cloud. I'm speaking through public cloud. We really speak of those as hybrids, and I'm also talking about multi-cloud across multiple providers. From a cloud perspective, it's really around taking those security principles and rolling that into how clients provision services and platforms through the cloud. Security is kinda one of the first things we engage in around a cloud concept. We talk to our clients about really that journey, right? The big ambitious plan we have, it's backed, as Dee said, by incredible technical know-how, incredible processes and methodologies, proven success that you've heard from our client testimonials, and I have a couple as well that will speak through that. It's really about creating that journey for our clients, meeting them where they are on that journey, and helping to roadmap it out. For us, in cloud, I'll use the example, or I'll speak to it as cloud 1.0, 2.0, and 3.0. In the 1.0 journey, it's really infrastructure-as-a-service. It's spinning up virtual machines. It's moving virtual machines from data centers. It's kinda treating the cloud like a data center, but you get the benefit of instant provisioning. You get the benefit of starting to consume cloud-based services. Early on, we helped our clients with that journey, but as we worked with them on that journey, we really taught them about how cloud could be an enabler, can be a strategic asset for them. It could be a flywheel for innovation, and that really moves into the 2.0 concept. In a cloud 2.0 world, it's really around platforms-as-a-service. It's hyper-automation around platforms. It's standing up these platforms that allow you to basically roll out services quicker, internally and externally. In the cloud 2.0, it's about consuming best-in-class services across the hyperscale providers and doing that seamlessly. It's about automated provision, a hyper-automation platform-as-a-service, building out automated platforms to, again, fuel innovation. It's in the 3.0 world where things really magical start to happen. In a cloud 3.0 world, it's where you start to blend not only your cloud platforms, but you start to blend that into your software as a service solutions, right? You can think of bringing your business applications and solutions into what you're doing from a cloud perspective. When you're ramping up services, you're ramping up services, security, authentication, data and analytics really across your business platforms as well as cloud platforms. We start to see federation. In the 3.0 world, it's about cloud at your place of business. I got a great example. I went on a call last week, and it was with a very, very large healthcare organization, one of the largest healthcare organizations in the world. Whenever we're meeting with these clients, our clients around this executive briefing concept, we always wanna bring a big idea. What's something transformational that we can bring to them that maybe they haven't thought about? I think this speaks so well to our solution integrator capability. In this example, we talked to them about you've made these big investments. We did this massive project for you to roll out a software-defined network. When we did that, we put this incredibly powerful infrastructure out at the edge. You wanted to go with powerful infrastructure, so you knew at some point you could use that infrastructure. We also know you made a very big investment, in this case, in Google. They really use all three hyperscale providers, but they had picked Google for their analytics capabilities, specifically around BigQuery, which is a Google advanced analytics product. We talked to them about imagine a world where you create an AI mesh. You take BigQuery Omni, you package it up in containers, and you push it out to these 3,000 devices you have out at the edge. It's terabytes of processing power. It's thousands of CPUs. What that means to you is not only are you gonna save money on the egress coming in and out of the cloud, but more importantly, you're gonna put processing power out at the edge where you need it. Place of business for healthcare is hospitals. It's a place of care. When you can process and get access to data quicker, think about what it means from a human life perspective. I love the type of transformations we drive. I take so much pride in it. We all do. When healthcare is involved, when we're impacting communities, it's even more important. It's even more impactful. It was something that our clients said, "What? We didn't even think about that. It's that could be such an enabler to our strategy. That can allow us to do things from an analytics perspective that was impossible if we're gonna only have to do analytic processing in the cloud." What partner can do that? You know? We have the network expertise. We're a part of their technology roadmap. We helped them along that journey. Now we know what they're doing around advanced analytics. We know what they're doing around cloud. We understand their strategy. We helped inform that strategy, and we can pull that together to drive something compelling to them. Pretty cool example of sort of a Cloud 3.0 world. Again, Cloud 3.0 is about putting things where you do business. It's around having that autonomy to put services where they're best delivered from an optimization cost perspective, from an impact perspective, and from a strategy perspective. Data and AI. Data and AI is weaved into everything we do. We've been doing data for quite some time. The advanced analytics AI for vision, AI for optimization, AI for prediction, AI for language is a bit of a superpower of ours. One of the acquisitions we made was BlueMetal in 2015, and that's really what BlueMetal accelerated around unbelievable, innovative use cases at the edge. AI for us now, and with our clients, it used to be differentiator. Our clients are now weaving it into everything they do. It's starting to become table stakes. When the market changed, when the pandemic hit, our clients, some of them, saw leapfrogging of competition because they had made these investments. Others did not see that leapfrogging and created a little bit more separation in a bad way from competitors because they had not made these investments. AI is quickly becoming table stakes in the solutions that we're rolling out. We have a great example. We're gonna have a friend of ours, Dave, from Steward Health Care, who is the CIO, talk about how we fundamentally changed their business by leveraging advanced analytics and AI. Steward Health Care is the largest physician-led private healthcare system in the United States. We have 39 hospitals across multiple states, over 5,500 physicians, and we see over 12 million patients per calendar year. We are always trying to push boundaries. We are always trying to innovate. We are always trying to find out what that next great thing is that we can do in healthcare. A large number of healthcare systems across the United States really have chosen to look at technology as a business or clinical impediment. Here at Steward, the leadership team really looks at technology as a business and clinical enabler. We partnered with Insight to help us build an entire length of stay dashboard that, to this day, is still being used in many ways, in its original context. Our main engagement on most of our products with Insight, and what has become known as AppSuite here at Steward, began on a napkin. The napkin was handed to us by our Chief Executive Officer, and he looked at us and said, "I have multiple products that tell me what has already happened. What I need to know to make this business successful is what is going to happen." There were no products on the market then that did that. Our initial conversation with Insight was, "We need to know what's gonna happen 7-10 days from now, not what happened 7-10 days ago." Thankfully, that's an area that Insight excelled. They had done that before. They knew how to help us on that journey and really pointed us in that direction. Using thousands of predictive models, we're able to predict with over 90% accuracy by day and by shift what our inpatient census will be. If it wasn't for Insight being there with us, working side by side, we never would have created the products that we did, on the timelines that we did. It would have been a much slower process, much more difficult process. Honestly, we wouldn't have been able to get a product into our hospitals as quickly and, honestly, as successfully as we did. What a great story from Dave. One of the things he didn't speak about was part of what we did was we analyzed patient length of stay and ran analytics against what we could do to optimize patient length of stay. What we were able to do through that process was take length of stay from 4 days down to 2.5 days. We reduced length of stay by, on average, 1.5 days. Imagine being a patient at Steward and having your length of stay reduced by 1.5 days, what that means. Getting out of the hospital sooner, being back with your family sooner, not being exposed to things within the hospital, and such a huge impact. You would think in healthcare, the longer you stay in a hospital, more profitability drives. That's not the case at all, and it was really around optimizing who got what test when based on the condition they were, what was gonna allow them to exit the hospital faster. When you talk about teammate satisfaction, for us, it's about experiences. In this case, the experience was for the clinical staff. Imagine as a nurse, you know, working through a world where you're guessing on staffing levels. You come in, and then you're told you can go home that day because they don't need you. Where with what we did allowed them to predict, as David said, with a high level of accuracy, staffing levels two weeks in advance. Just an incredible, impactful project. We did this project a little bit ago too. It just shows you how early on we were from an AI perspective, and as David says, they still use and enhance that AppSuite. Additionally, Steward Health Care, right before that, went on a bit of a acquisition spree. What they were able to do was take the money that we saved, which was in the $100 million area plus, reinvest that into acquiring new companies, and then optimizing every single one of those healthcare organizations they bought through the data and AI suite that we built. Pretty impactful. I talked to you really around the left side of this chart around cybersecurity, modern infrastructure, data and AI. We speak of modern infrastructure really as cloud. But our roots in infrastructure are so critical here, the capabilities we have in the data center, the capabilities we have in the edge. Because what happens is we become the bridge for the infrastructure teams, the operating teams, and the development teams through concepts like DevOps. That really comes together with modern apps. For modern apps, it's really about helping software or helping companies transform into becoming software companies, whether it be manufacturing, retail, whatever it may be. Companies are realizing that being able to build a unique experience with their customers is critical, right? Being able to use the power of software to unlock new revenue streams, being able to monetize their data in unique ways, that helps them become more competitive. Being able to build experiences, the best experiences allows them to shift markets and take markets, to be the disruptor and not be disrupted. From a modern apps perspective, it's not just how to build code in a modern world, how to leverage all the capabilities of modern infrastructure. It's about concepts around design. Design matters. It's about helping companies with that transformation. You think of the processes and cultural changes that are required to become a software development company when your legacy is maybe in manufacturing. Such a critical part of what that roadmap is for us. It's all around the concept of best experience wins. We focus experience across a couple planes. The first one is, what are the experiences that our clients are gonna give to their customers? It's around what are they gonna give from an experience perspective to their knowledge workers, in this case, clinical staff. Again, best experience, high teammate satisfaction, low attrition, big impact. How do they optimize their business through the access and the things we can do to unlock data, the democratization of data, to put data in the hands of people that can make the best possible decisions with it. Sometimes it's even enhancing products. We help our clients enhance their products through these concepts of modern software development. For us, everything comes together in intelligent edge. One of the acquisitions we made was because that company recognized the power we had as Insight. The ability to get tens of thousands of things out to tens of thousands of locations, and why our client in that process is so critical in the edge world. I gave you an example of 3,000 pieces of infrastructure that we pushed out in that healthcare example that we took care of the deployment of it, the acquisition of it, getting it placed, the configuration, everything associated with it. That is a superpower when it comes to intelligent edge. This all comes together around the edge. It's not only our legacy in putting all those devices out in the field, but it's the ability to build platforms to securely manage them, and then through data and AI and software, unlock the power of that data, take that telemetry information that sits out at the edge, pull it in, and make unique insights around it. Great example of intelligent edge that I think kind of really brings this together is we did a project for a railroad company. In this case, the railroad company wanted to understand any safety issues or any concerns with the track, and they wanted to do it at a macro level and a micro level. At the macro level, what we did was we built a piece of analytic software that connected into a drone program that flew over the tracks and analyzed the track. Is there any debris or any issues that are gonna cause problems? We would take that data back, AI for vision. We'd run it through predictive models to see if there are any issues and then flag possible problems. That was the macro case. Additionally, what we did was we sort of built a little data center in every one of the cabooses, and I think they're called cabooses, right? That's what we called them as children. What we did was we put these high-definition cameras in the cabooses, and it basically allowed us to analyze the track at a micro level, right? So what's happening around attenuation? What's happening around track movement? Have the bolts changed? Let's flag that as a possible issue. Let's build a trending associated with that to find out what future problems could be leveraging AI for prediction. That's a real-world example of intelligent edge coming together and having a meaningful impact, and in this case, safety is a big part of that for commuters. From a modern workplace perspective, Dee spoke about this. We have an incredible team, client or base that uses us for procurement services, uses us for productivity services. Modern workplace is really around taking all of that device business, taking all of that software asset management business, and wrapping that around services and delivering it to our clients in a consumption or OpEx-based way. We have incredible capabilities around device as a service, productivity as a service that all maps into this. What I love about everything we've built is it's really taken this incredible core base that we have that's unique to us, and then enhancing that with the services that we put on top of it to drive transformation. It's all about, for us, scale. We've proven that we can do this. We've proven we can do this in a decent amount of scale, but now how do we sort of become that amplification of the scale components? There's a lot of things that are going in a positive direction for us, but I just wanna point out a couple of them. Joyce spoke about this 5,300 teammate number. We have doubled the size of our teammate, technical teammate base in the last 3 years organically. Think about, you know, Great Recession, everything that was going on. Not only did we hold our own, attrition lower than industry, but we were able to add incredible talent during that period as well. You can imagine with us being able to do that during the tighter times, how good we're gonna be at it when we're running into a more sort of fluid market. From an innovation perspective, 70 patents, this is a big part of why we're able to attract talent. We have this culture of innovation. We celebrate and really drive towards innovation. It's a key component of what our culture is. From an innovation perspective, imagine what it means to teammates to be a part of that, to be part of a patent solution, to have that celebrated, your work celebrated, to have it fundamentally change the way we do things around services. Joyce talked about two components of our IP. We're gonna roll a video during break, and if you get a chance to watch it's our teammates actually who are participating in driving this innovation, talking about the products, talking about what it means, talking about what these patents mean to them personally, but also what it means to Insight. Joyce spoke about SnapStart. SnapStart was a teammate who looked at it and said, "There's no great tools. We're doing so much around cloud, there's no great tools that allow us to not only analyze what you have, but then put that through models to say what we should transform towards," right? Not only the current state, but what should that to-be state be in a cloud transformation. We don't wanna just lift and shift your infrastructure. There are other companies that can do that. We wanna transform your company and transform your infrastructure through that journey. It's really what SnapStart was about. Joyce talked about Lens. Lens is the data equivalent of that. How do we get you into the cloud faster? How do we get you to the ability to where you can start to unlock your data, start to do things around advanced analytics quicker? Well, we needed a solution for that. It's really what we built around Lens, and Lens does not just do the sort of migration components, it does the transformation, as it's in flight as well. That is a data migration, advanced data migration capability we built around data warehousing. That talks a little about what we're doing from an innovation and transformational IP perspective. Customer sat. We've made these acquisitions. We've grown organically. We've kept attrition low. Again, acquisition's easy. Integration is where the magic happens. We've also kept our clients wowed through that whole process. Lastly, scale. 4 million managed cloud seats. I spoke about what we're doing around modern workplace. Clients have ultimate choice to move from us to someone else. They stay with us because of the services that we provide. We protect our market share by doing that. We take market share because of the advanced capabilities we have in that space. Our awards, they mean everything to us. It's a recognition from our from our partners in our capabilities. It's a recognition that we're their partner to drive transformation with our mutual clients. Joyce had highlighted this. The biggest thing for us is the lead flow that comes through, because what that says to us is our partners recognize our services 'cause they know in a consumption-based economy, we're gonna help maximize the opportunity for them because we're gonna wow the clients. We're gonna help the clients understand how this becomes an asset to them, these platforms and these products that they buy. We're gonna help build a roadmap on how they continue to transform their business around these platforms and solutions. For us, the biggest reward that we could ever receive is just the continued support that our partners have in us to be the partner of choice for them. It's through that lead flow. It's in that relationship and knowing that mutually we're gonna help transform our mutual clients together. One of the most transformational companies I talked about cloud 2.0, 3.0 is HashiCorp. Absolutely love everything Hashi's been doing. We engaged very early with them. As Dee and Joyce said, we're gonna look for what are those unicorns? What are gonna be those innovative companies that are gonna help sort of transform? HashiCorp is definitely one that we identified very early and had an incredible relationship with them. They're really driving that multi-cloud, whether it be on-premises or in the cloud, hyper-automation. They're doing a lot to drive really that, as I mentioned, that cloud two point oh, three point oh world. We're so proud to have them as a partner, and I'm really excited to have Armon, who's their CTO and Co-founder, one of the most innovative people that I've ever met, talk about the Insight and HashiCorp relationship. I appreciate the opportunity to talk with you about HashiCorp and the Insight partnership. My name is Armon Dadgar, Co-founder and CTO of HashiCorp. At HashiCorp, we enable the world's largest companies to deliver applications faster. This is driven by application modernization, zero trust approaches to security, or adoption of public cloud infrastructure. Our products enable a cloud operating model with a consistent way to provision, secure, connect, and run any application on any infrastructure. When it comes to the transformation to modern platforms, we see the intersection of all of these trends. Organizations want to enable their application teams to quickly deliver, while at the same time providing the necessary governance and controls for an enterprise. Improving the agility of development teams is often the top business priority, but it cannot come at the sacrifice of security and operational efficiency at scale. The HashiCorp products play a critical enabling role for application security and platform teams. However, there's a necessary transformation in the delivery beyond just the underlying technology. Helping with this transformation is why Insight is a strategic partner to HashiCorp. They enable our mutual customers to achieve their goals and create long-term value through their expertise and extended services capabilities. Insight is unique in both understanding the HashiCorp solutions and bringing expertise from adjacent solutions from other ISV, CSP, and OEMs, allowing for innovative solutions for our joint customers. Insight's consultative and customer-centric approach complements the HashiCorp products and helps drive business value through a broad array of delivery capabilities. Partnering with Insight over the last three years has grown the reselling business of our software, but has also accelerated the value of the solutions by allowing our customers to really drive adoption and the business transformation required for them to be successful. We look forward to continuing to partner and deepening our investment in the relationship with Insight over the years to come. Thank you. We were one of HashiCorp's first professional services partners. They would give us lead flow and count on us to be their professional services engine, as they were continuing to build and enhance their products. This was, I don't know, a month ago, I got an email from a massive company, and it was about the work we did at that company with HashiCorp in combination with them, sent to us as well as HashiCorp's executive leadership team, which I think is a big part why Armon felt so good about coming on and talking about our partnership. It spoke about how we're transforming their company around the enablement that we're driving through cloud and through HashiCorp. Incredible partnership, which we really appreciate. It's one that's is really allowing us to help transform our clients. It's all about driving business value. We focus on outcomes, right? Those outcomes all lead towards a couple different patterns. This is a cloud 1.0, 2.0, 3.0 world, which I used earlier. But this could be data and AI, this could be a bunch of transformational-focused areas, but it's all about driving the same exact sort of outcomes in different ways, and it's around increasing profits, it's around reducing cost, optimizing our clients' business. It's about creating new revenue streams. It's about monetizing and unlock the power of data. Everything we do is about a focus. It's about driving an outcome. We come together and say, "What are the business outcomes that we can drive? What's the transformation we can drive? How can we help our client be better tomorrow?" What's unique about us, and I think this is really well described in the story I told about the healthcare organization. It starts with IT transformation. That's an 18-year relationship that we had with that company. We understood where they've been. We understood the investments they've made. We understood their IT technical direction, and we have these relationships across thousands of clients. In this one example, we're able to take that information and then drive that into digital transformation initiatives. How do we take the strategic direction that they've picked around analytics services and connect that into the previous investments they've made to unlock new opportunities for that organization? This is really about building platforms that drive innovation. Our core, our history, moving into how we set up these platforms to drive innovation. Lastly, that moves into really innovation. The panel's gonna talk about some additional stories that really highlight this. For us, it's about educating our clients on design thinking, about what human-centric design means, right? It's about the power of design, the power of experience, and then creating a flywheel through the platforms we create based on the core IT investments that our clients have made. It's understanding their technical debt. It's understanding where they're going. That really is what a solutions integrator is. We have incredible competitors in each one of these spaces, but none that go across this whole gamut. The typical, global systems integrators will live in this space, which is really the digital transformation space, pushing through the innovation space, but we're really unique because we can engage through that whole process. That's all I have, but I'm really excited to have the panel come up, and so we are gonna take a break. Again, we're gonna roll a video that is our teammates talking about innovation, patents. To see their engagement, their passions around it, I think is incredible. Hopefully you get a chance to watch that. I will be joined by three of my colleagues, as a panel. Thank you so much. 15 minutes. 15 minutes. We had a global technology retailer that was looking to increase product attach at the point of sale. In order to accomplish those two things, they needed to have access to the data as well as the capabilities to build out a solution like that, which they were lacking on both of those parts. We created a product called Lens, which is an accelerator for building data warehouses. As you know, data warehouses are very expensive to build. A lot of projects fail, and with Lens, we have a reusable framework allows us to literally stand up a data warehouse in about two weeks. Our clients and our partners are constantly coming to us to solve some of the most difficult problems that off-the-shelf software can't solve, other partners can't solve. They're turning to us for solutions like, you know, IP-based solutions that we have in-house or for us to innovate and create some other short IP that we can leverage and solve those challenges. We've been watching the business for years, especially after acquisitions. After we acquired BlueMetal, we started noticing that the architects, engineers, developers, first of all, the bench size was increasing quite a bit, and they were starting to work on some really innovative, cool technologies that were potentially patentable. Oftentimes, you know, our teammates will go about doing their own thing for a client project. There's an outcome or a problem that we're asked to solve, and they just do their work and solve the problem, not realizing that they're actually doing something very inventive and potentially patentable. I think when you're in the thick of it, you're trying to achieve the objectives, and so I don't think we really realized what we had until we started socializing with others. We're helping clients solve unique problems in a technical way that's patentable. Just the awareness, the acknowledgement, even the pride that I see teammates taking on because they're doing something that hasn't been done before and their contribution, not just to solve client outcomes, to help clients, but it's creating value for Insight. Hi, my name is Nick Parker, and I'm the President of Industry and Partner Solutions here at Microsoft. Insight has been a partner of Microsoft for over 30 years and is one of our largest and most strategic partners globally. Microsoft's roots are in partnerships, and of course, this is a continuing part of our strategy. We're grateful to the innovative, progressive partners like Insight who challenge us and help push us to new places as we build businesses together. We've witnessed Insight's transformation from a reseller or LSP into a solutions and service provider. As a company, Insight has shown incredible progress in integrating several leading Microsoft system integration partners, most recently Hanu. Insight's a crucial partner in the Azure ecosystem for us, and they're one of our leading partners for Azure consumption that's driven by the innovative services and solutions. Insight's services capabilities around Azure data and AI and application modernization are key to driving the business outcomes for our shared customers' needs and. Go back, I want so bad to hold you back. It's all I've said and done. Fallen, be gone. I'll stand as I begin. The reason for no more. Overnight. The minute I was thinking to hold you back. The moment I was wishing it's overnight. Slow down, never. I know now, I know better. I need it more than ever. Go back, harder. Hold back, I pull off track. It's all I've said and done. Overnight. The minute I was thinking to hold you back. The moment I was wishing it's overnight. The minute I was thinking to hold you back. The moment I was wishing it's overnight. It's overnight. In many ways, they'll miss the good old days. Some days. Yeah, it hurts to say, but I want you to stay. Sometimes. When we was young, oh man, did we have fun. Always. Promises they break before they're made. Sometimes. Oh, my eyes, they look like an eclipse. I will do my best. You say you wanna stay by my side. Darling, your head's not right. I see the longer we stay together, we fall apart. Yeah, I think I'll be all right. I'm working so I won't have to try so hard. Tables, they turn sometimes. Oh, someday. No, I ain't wasting no more time. Time. Now my fears, they come to me in threes. I sometimes. It pays my friends to share the strangest things I find sometimes. Oh, my eyes, they look like an eclipse. You say, "I will try my best." You say you wanna stay by my side. Darling, your head's not right. I see the longer we stay together, we fall apart. Yeah, I think I'll be all right. I'm working so I won't have to try so hard. Tables, they turn sometimes. Oh, someday. I ain't wasting no more time. Ending my day at ten. Got my cup of bed to start again. Don't wanna get up to let myself do all the things that I don't really want to. Wake up, gotta plan load. Waiting for the signs to let us all know. Making all the blinds to block the sun go. Gonna try light to trust as I grow. It's a warming highway speed. I got a job I don't wanna keep. Got to stop to live in the dream. Best spots are not in need of your cream. Dreams are gonna get lost through all the honor that's gonna get cost. Love that they wanna, but it's gonna be hard. Stop warin' one another and each other we'll learn. I wanna feel my love, feel my love on top. Yeah. I wanna feel my love, feel my love on top. Yeah. It's a new day and a new dawn. I try to hide that my timing's poor. My mind is miming while I yawn. Why are you lying? I'm so bored. I don't know why, but I know you're me. Everything I'm not supposed to be. What you want? Hard work that comes for a fee. All of our enemies come for free. We are wasting too much time. We should be out living out our lives. Moving about, not sitting inside. Losing our doubts, listening to lies. Wait, nah, not anymore. Done with the ones that are making us poor. Done with the ones that are facing the floor. Done with the all, what we waiting for? I wanna feel my love, feel my love on top. Yeah. I wanna feel my love, feel my love on top. Hi, my name is Nick Parker, and I'm the President of Industry and Partner Solutions here at Microsoft. Insight has been a partner of Microsoft for over 30 years, and is one of our largest and most strategic partners globally. Microsoft's roots are in partnerships, and of course, this is a continued part of our strategy. We're grateful for the innovative, progressive partners like Insight, who challenge us and help push us to new places as we build businesses together. We've witnessed Insight's transformation from a reseller or LSP into a solutions and service provider. As a company, Insight has shown incredible progress in integrating several leading Microsoft system integration partners, most recently like Hanu. Insight's a crucial partner in the Azure ecosystem for us, and they're one of our leading partners for Azure consumption, that's driven by the innovative services and solutions. Insight's services capabilities around Azure data and AI and application modernization are key to driving the business outcomes for our shared customers' needs and demand. You'll see more and more of that accelerate our business growth and success together in the coming years. Insight's also a key partner for Microsoft for our modern workplace solutions, the driving adoption of Microsoft 365 and Windows 365, and they've been recognized as our Surface Partner of the Year globally this past fiscal. What is also great to see is Insight's investment and commitment to driving industry-specific solutions where we ourselves are investing all the way across from obviously our product and research and development into our go-to-market and marketing. Insight was awarded the FY22, so our last fiscal year, U.S. Manufacturing Vertical Partner of the Year. That's proof that those investments are paying off in customer success. With that, I would like to say thank you again, Insight. We really truly do appreciate the partnership, and we will build more and more businesses together and more success in the coming years. Go forward. All righty. Yeah, we're good. Ready here. Perfect. Well, thanks so much. Welcome back. If you didn't get a chance to video, it was Microsoft just basically saying we're awesome. They did a very good job of it. I am so happy to be joined by three of my teammates here, thought leaders at Insight. We have Phil Rickson, Matt Jackson, and Jason Rader joining us today. As I mentioned, all of us came through acquisition. All of us were principals in our organization. All of us have been here for at least five years and have witnessed that incredible transformation. We're gonna talk about how we're impacting clients, the innovation we're driving, and tell some stories, which I think is the best part of what we get to do. Phil, I'm gonna start with you as the leader of Asia Pacific. Talk to me about the superpowers in the region. Sure. Firstly, let me say it's great to be here. Superpowers. We have a lot of superpowers, but I would say for me, our number one superpower is the way that we help customers to reimagine their business for digital. We're well known for our technical prowess around apps and data and security and integration, but we're less well known for that front-end strategy and design work we do using techniques like human-centered design and design thinking to help customers really imagine how their business can be. If I use an example where I'm from in Australia, the Department of Water and Environmental Regulation is effectively the environment agency for the largest state in Australia. They manage the environment for a vast state. To give you a bit of an idea, it's about 3.5 times the size of Texas, so it's an enormous area. It's got a pristine wilderness environment. They've got the largest fringing reef in the world. They've got UNESCO World Heritage sites. They've got cultural sites for one of the oldest cultures on Earth that date back 45,000 years. The Western Australian economy is really based on industry and mining. They have vast reserves of oil and gas, iron ore, lithium, gold, diamonds. They're trying to strike that balance between the industrial and economic needs of the state and protecting a pristine wilderness environment and the biodiversity is a really difficult task. The department originally approached us probably about 18 months ago with a bold ambition to transform into a digital environmental regulator. We came in, we met with not only the departmental staff, but also with industry groups, environmental groups, and we sat down, and we really worked out and helped the customer to firstly map out their entire value chain, and then we helped them to reimagine what their business would be. We blueprinted the way that services could be delivered in the future using design thinking and human-centered design. Then starting with the end state in mind, we really helped the customer to imagine the art of the possible without being constrained by their current thinking around their current processes and fragmented applications. The strategy was really, really well received. The goal really was to do these billion-dollar projects. You think about the big infrastructure for the state, you know, mines, ports, rail. If you can compress the time down, these environmental approvals can take years. The economic benefits to the state, these projects can have thousands of people involved in the construction. Their goal was to shorten the timeframe, but also be able to use modern cloud technology like AI and data science and machine learning to be able to look at the environmental studies and all the biodiversity data in one place. We came in, we did their full digital strategy and online vision for a project that became known environment online. We delivered that. That was really well-received. As I say, we put the human at the center and really put the stakeholders in the center of these complex environmental approvals. The first phase went live earlier this year, so now all complex environmental approvals for the state of Western Australia go through this new digitized system that we helped to build. We've now started on a three-year transformation to help the department fully modernize and transform their systems in the cloud. Yeah, we use the great capabilities that we're known for around apps and data and cyber. For me, our true superpower is that front-end strategy and design piece that we do using these modern design techniques to help the customer really reimagine their business. Yeah. What a great story. Especially, we have so many teammates that live in Western Australia, and so that balance of the economy plus sustainability plus the environment is such a big part of it. Then the awesome responsibility for our client in managing with advanced capabilities. I love the sort of transformational juxtaposition there of one of the oldest cultures in the world being maintained and supported through technology. Incredible. Thank you so much, Phil. Matt, you've led transformation for a while now, with the acquisition of your company in 2015, you know, incredible capabilities around Edge, around IoT, around Cloud, around Modern App. I mean, maybe talk a little bit about same question really around superpowers and maybe tell a story that puts that in motion. Yeah, absolutely. Actually I do wanna go back to something you alluded to and Joyce talked about as well. We've all come through acquisition, and I think one of the really important things is that Insight's been really intentional about acquiring the different capabilities or growing the capabilities to help our clients through every stage of that digital transformation journey. Saying we can help a client transform is one thing, but really to own that transformation and kinda guide them, I think of us as like holding their hand through those stages, has really been important. We start with the outcome. You know, Phil, you talked about that, but I was actually in the room if you remember the Steward video. Dave was talking about the, you know, the napkin. I was in the room when the CEO presented that idea, and everybody kinda looked around like, "Oh, boy, this is gonna be interesting." The key was starting with the vision for what they wanted to accomplish and then layering in all those great technical capabilities to achieve the outcome. I started as a software developer, so I'm a true geek. I like to code. I like the technology. For me, I think one of the most interesting areas right now for us is helping clients at the intersection of their data estate and the human experience. That could be a enterprise application, it could be a mobile consumer application, or it could even be something at the edge. Really interesting stuff happening with cognitive services at the edge like you talked about for the railroad. One of our most ambitious clients, it's actually a client we've been working with for about 10 years, Kroger. Kroger is one of the largest grocery chains in the country. You think about them, not a very digital business, right? They sell, you know, eggs, milk, broccoli, but they have this ambitious goal of driving 50% of their growth through digital assets. It's incredible. If you think about this industry in the last few years, the amount of disruption that they have gone through, supply chain. Like who knew that there was gonna be a big rush on toilet paper a few years ago, right? But that was a real problem for them, and the investments that they had made with Insight helped them adapt to all of that chaos. We started at their data estate. Thinking about, you know, all this amazing wealth of data they have about their consumer buying patterns, supply chain pricing, getting that all into a modern data estate was task number one. We worked with them in a subsidiary called 84.51° that literally monetizes that data. It brings all that data together and then resells it to consumer goods manufacturers, as well as marketers. Really the most direct way to monetize data, selling it back to industry. Once they had that wealth of data, they could start to introduce new experiences into their store. We worked with them on a intelligent shelving, right? You think about today, you go to the grocery store, and most of the places that you go to, they have those little sticker guns, right? Literally putting a little sticker price on every one of the tens of thousands of items in the supermarket. Now there's a big run on diapers. How do you adapt to that? How do you change your pricing automatically? How do you deal with the change within the store as well as the, you know, potential efficiencies wasted by having people go out and put all those little stickers on things? We came up with an intelligent shelf that's a digital panel, where you could do real-time pricing, so you could adapt to what's happening both within your supply as well as the consumer demand. A huge, you know, win from a, an ROI standpoint, right? They're able to drive better margins. But a big productivity gain too 'cause they don't have to have those people going out putting the stickers everywhere. What I really loved about this one though, once we put technology at the edge, we could put sensors in that too. It even had things to detect, is anybody in the aisle? If nobody's in the aisle, dim the lights down. If nobody's in the freezer, adjust the temperature. It was a sustainability play as well. Then last, but certainly not least, you've probably seen a lot of the grocery stores, it's a place that people go to every day. You've got, you know, that you have to go in there to get your groceries. They've started to introduce pharmacies, but Kroger had an initiative to introduce health clinics as well. This was right around the time of the pandemic, so vaccines, urgent care, et cetera. They reached out to Insight based on all the great work we had done to build their mobile health app. Now they could again gather all that data, engage their customers in a totally new way. Whether it was finding out about medical information, getting your, you know, prescription at the pharmacy, or even scheduling a clinic visit, it really transformed the way they engaged their clients. One of the things that I love about that story, we had been working with Kroger for about 10 years, and we had built that trust. But when it was time for them to transform into a digital organization, they trusted Insight to do that. You know, Matt, you have a quote you used to say all the time that I love. In 2015, how many people were writing checks for IoT, Internet of Things? Oh, yeah. I mean, maybe we talked somebody into it, but yeah. Yeah, one. It's all about that purpose, right? When we looked at what was happening with the industry, what we predicted was gonna happen, we thought IoT was gonna be a massive opportunity, and we also felt like DevOps was gonna drive cloud consumption, and both of those things came true. Your company's very focused on both of those areas and has become a force multiplier. When you were telling that story around what we do from a mobile perspective, one of our teammates sent me a screenshot, and it was from the App Store, and there were three apps. First app, 5 stars, second app, 3 stars, third app, 5 stars. He titled the email, "Which one's different than the other?" The 3.5-star was the one app that we didn't help build. It speaks through, again, what we're doing around mobile, what we're doing around innovation, what we're doing around enablement. You know, Jason, constantly changing, especially from a cybersecurity world, the world you live in, regulations, people are learning new things daily as people deal with threats. Can you talk a little bit about how we engage with our clients, how we are driving that transformation, and maybe tell a story that sort of personifies that? Yeah, love to. I think, you know, I love the point that was made earlier. From a superpower perspective, I love, you know, Stan, you had mentioned that security's the underlying element of all that we do, and I think that's awesome. That's, you know, that's where those companies that we acquire come together, and then we all work together to provide that complete solution. That's super compelling. I think from a superpower perspective, when cyber leads, you know, when cybersecurity leads the engagement, it pulls all of those things along with it, which is not typical of a normal cybersecurity consulting engagement. Usually, it's very security-focused, but we can pull the other elements along, and so that's, you know, that's consulting. That's, you know, technology acquisition through lifecycle services. That's managed services, and that's, again, a power of the combination of those acquisitions and the power of Insight. It's really exciting. A great example of this is a client that we worked with following the Colonial Pipeline incident that happened last year. For the uninitiated, that was a ransomware attack on critical infrastructure, oil and gas pipelines, that kept petroleum from being delivered on the East Coast, and you probably remember the news or you maybe waited in a line for gas. What happened after that event was the TSA created a new standard that they pushed down to the 100 largest oil and gas companies in the United States that considered critical infrastructure. A brand-new standard, and the client that we worked with was hit with this and had a very, very aggressive timeline, and by their estimates, they were gonna have to hire 40 people just to operationalize whatever solution they were able to come up with. We had already been engaged with this client as an infrastructure provider. We were providing infrastructure and managed that infrastructure for them. They came to us because they really didn't have the time to do the bake-offs from a technology perspective to audition all of the different partners that were out there to bring the solution together and then integrate those separate solutions from multiple partners together into what they needed. Really, again, superpower applied. We came in, brought in GRC experts, so governance, risk, and compliance experts, to come in and do the consulting to analyze this brand-new standard, take a look at the roadmap of the business, align it appropriately to meet those requirements, and develop a plan of action for them. You know, it was funny. A brand-new standard, our guys knew that standard was probably gonna change a little bit because that's what standards do and gave some good advice to the client, prepared them for that, and they were right, by the way. That was really helpful from that perspective. Also, for this particular client, they were working their own roadmap, so they had previously combined their environment from an OT, operational technology, and IT perspective into the same, which is a trend. Because of this new requirement, they had to redesign and separate those environments again. It really put them in a lurch. They had to acquire new technology, all of these things. We brought our infrastructure team in, rearchitected the solution, brought those experts in to be able to and not just for the purposes of this particular standard, but really helped them advance their roadmap in general. Again, looking way beyond that particular case at hand and partnering with them to do all that, acquire it and implement it. If we had just done those two things, it's pretty awesome. We would have delivered a good thing for this client. They, by their estimates, would have to hire 40 people to operationalize this, and there was no way in the timelines that they were given would they have been able to accomplish this at all. The fact that we were able to come in from a managed perspective and help these guys really was a game changer for them. You know, that's a big deal, and I think that's from a superpower perspective. That's what we can come in and deliver to our clients like that. Yeah. I'll just add, too, 'cause that was an important project where we figured something out for the first time. Now we've also resold that solution to other or other, you know, similar industry, you know, oil and gas companies that need to follow those same regulations. Perfect point. Yeah. I think it's about core competency, right? For us, that's our core competency is securely managing environments. For them, their core competency was in oil and gas and energy, right? Recognize us as a force multiplier and allowing them to get that done. What I love about that is exceeding the standards, knowing the standards were gonna change, and those standards did rapidly change, and as you said, we got it right. Matt, you talked about scale in how you spoke to that we've you know turned that into a solution that we're bringing to other clients. Let's keep that theme going. Maybe talk a little bit about what we're doing to scale up our services. Yeah, absolutely. You know, it's interesting. A lot's changed in the last few years with the pandemic. We used to talk about offshore or onshore, maybe nearshore got into the mix. Now people are talking about rightshore. So meaning meet the client where they need to be. Almost all of our projects, especially large projects at scale, have all of the above. That's fairly new, but it's been made possible through the use of technology. You know, you can basically be productive anywhere, including anywhere in the world. You know, looking at the stories we told today, either our client case studies or just the ones we've told on the panel here, they're global stories. These are big industries with big problems. You know, they're all over the world, and many of them are everywhere in the world. Being able to meet them where they need to be is really critical. A few years ago, we acquired PCM. That was really important for us because it had effectively a base in both Manila and India, so we could start to expand those global capabilities. Then as you talked about with Hanu, that really gave us that acceleration of the offshore. What was really exciting about great capabilities in their own right, but the thing that attracted me to the company was both their culture, their relationships with local universities, and that academy that we talked about. Really the ability to bring in people that are new to this industry and train them up to be productive is gonna help us scale. Also, I think as Dee talked about, make sure that we're price competitive. As we take on bigger and bigger projects for global organizations, we need to make sure that we can compete on price and quality. We've really been able to scale through these acquisitions and then continuing to invest in those companies. Yeah, I think there's a bunch of times where we've driven innovation and our clients have said, "If you could get me a couple hundred, a couple thousand of... I would love to use you in that capacity." So there's a huge opportunity for us and we're gonna think about our teammate base in the tens of thousands sometime in the future, and that's really exciting. Then to be a part of that mentorship, to be part of that growth, to see that impact you have on those teammates, is incredible. Phil, maybe, you know, we talked about let's kinda keep on scale, but we talked about, you know, Joyce spoke around industries a little bit, and I know we engage in a bunch of different industries and drive transformation at scale in those industries. Maybe give us an example of scale and maybe an industry we haven't talked about yet. Sure, absolutely. I'm sure you'll be pleased to hear there's a lot of opportunities for us to scale, particularly with this audience. Many of our customers in APAC are embarking on large transformation projects, and you already heard from Perpetual, which, I'm proud to say is an Australian customer. We're doing a lot of large transformation projects. For me, one of the real opportunities to scale is, and we've already touched on this, is the opportunity in our under-penetrated software and hardware business. We have a really large product resell business, and we're still very early on in penetrating that customer base with our services. If I use a different industry than we've talked about today, maybe the Department of Education in New South Wales. Department of Education, New South Wales is actually where I'm from in Sydney. They're the largest education provider in Australia, so they've got about, I think, 800,000 students, about 95,000 staff. They're a big government agency. We've been a trusted advisor and partner to the Department of Education for many years. We've been advising them around their cloud software. We've been helping them to understand the features of cloud and helping them to adopt cloud. What we hadn't been doing was really providing those transformation services on the top, so helping the customer to actually transform and provide outcomes for their business. When the Department of Education's cloud renewal came up last year, we were able to bundle in services to start that transformation to add value on top. Not only that, but one of the things that's often overlooked in this is. I remember I came through an acquisition similar to Matt and Jason. When we were a small company, getting on the panel of large customers with tens of thousands of users, it's not easy. With the Department of Education, we had a master services agreement in place, which is. It sounds insignificant, but it's so important to get that contractual instrument to be able to buy services. We were a trusted advisor. We'd been working with them for many years. When we managed to bundle in services in their renewal, we then became an obvious choice to be able to do transformation. For the department, we've done probably since that renewal, probably 6 projects around apps and data and productivity, really helping them to improve teacher outcomes in the field, but also to help them with the training of teachers in the field. If you think about that opportunity, and we have several thousand customers in APAC alone, where we've got a great deep long-standing relationship from a products perspective, and then you multiply that by the tens of thousands of customers globally, it's a massive opportunity to scale, and we're still very early in that journey. I mean, for us in APAC, you talked, Stan, about the services business more generally doubling in size in the last 3 years. We've certainly done that in APAC, and we're a lot bigger now. Our ability to go into those very large customers and have that end-to-end capability around transformation, and to be able to go and do that and deliver into those customers, it's a real opportunity for us. Yeah. You know, Dee, I remember when you came in, you smiled and said, "Well, we have all the clients we need, and now we just need to engage with them and open up all the greatness that we have." Here's an example. Someone who knew us for our technology provider capabilities, we engaged with them about how we could drive transformation. You talked about propensity for services, the amount of analytics we can get out of our systems and what folks have acquired, and then come up with creative ideas like, the healthcare organization I spoke through to really drive that type of transformation. Again, going left to right through the technology component to digital transformation, create that flywheel for innovation. Absolutely love that story, and I'm excited about all the other clients we're gonna engage to drive similar transformation. Jason, you know, we are obviously a large organization, and so, we have a very sophisticated and well-run IT organization, and, I know we leverage each other's capabilities and services, and it's just an incredible partnership which we appreciate. Maybe you can talk a little bit more about that partnership in motion, as it relates to cyber. Sure. Thanks. It's an interesting perspective to be the CISO of a very large organization, and to be client-facing. To be working in an organization that's transforming and scaling out the way that we are. You know, the security threat I'd love to say is going away. It just absolutely isn't. It's. You know, and one of the things from our perspective is our problems are our clients' problems. So as we solve our own problems, as we grow, as we scale, as we deal with embracing the cloud, embracing IoT, and all of the things that we do from automation, everything that we do within our organization, it's brilliant to be able to work with experts in the field that are innovating for our clients and innovating inside and being able to exchange that IP. The 70 patents are gonna be leveraged for us as well as for our clients. That's a really cool environment to have and that relationship that we have back and forth. You know, it's super empowering. It's another reason that I was super excited again when our organization was acquired by Insight and coming in and seeing the vast amounts of technology partners that were here, and being able to put together a solution that had any technology, and then being able to have the power to be able to put those things together with the engineers and architects that are rock stars. It's amazing. From a CISO-only perspective, I'm super confident that we can innovate with the technology that exists, with the people that we have to be able to do the things that we've gotta do from a security perspective, but it's really awesome to be able to take that to our clients as well. When there isn't an off-the-shelf bit of technology that can be integrated with other technology, we've got our modern application folks that can create a bespoke solution if necessary, top to bottom, to be able to solve these problems. Again, I like to think from a line of sight perspective, we've got this covered, but again, it's our duty, you know, from a security perspective, we've gotta protect our clients as well and keep that innovation going. Yeah. I'd just add, you know, a lot of us came from services backgrounds, coming into Insight and seeing the relationship we have with our partners. Yeah. It was really eye-opening. One of the things that is important is that we provide a lot of value to our clients. We also provide a lot of value to those partners. They can't solve these problems by themselves. Absolutely. A typical solution has about 10 different partners involved, 10 different technologies. No one OEM can solve that client challenge by themselves. They really need the complementary partners that Insight can bring together, and then kind of our special sauce with the services to drive the outcome. That's the solution integrator or- I was told by one of our very, very large partners that they really preferred us to talk about them as opposed to them talking about them because it's so much more compelling, they said, for us to tell that story with them as part of it because it really sells what their value is more than them doing it themselves. I really think it's a symbiotic relationship that we've got. Yeah. I think the big thing is it's about us talking about outcomes on their products, right? I think that and how that can have the business impact, I think is really what we see there. It's been incredible partnership from an IT perspective and Jason comes to a lot of client calls and as Joyce said, all three are leaders in the industry. To have Jason talk about what we do from a security perspective at Insight, which is leverage our own talent, is a huge justification or a huge you know, check mark on just the level of talent we have. So appreciate it. Really appreciate the time. Obviously three incredible thought leaders, three folks that are passionate about the type of transformation we're driving. A representation of 5,300 incredible technologists. All of us are technologists. That's really what our background is, and we continue to love the journey we're on. We continue to love the way we're engaging with partners, the innovation that we continue to drive, and again, just an incredible representation in the three of you, of our 5,300 teammates. Thank you so much for the time. I really appreciate it. Thank you. Thank you. Then we're just gonna clear the stage real quickly. I'm supposed to stand up here and pause. It's more awkward for me than it is for you, I guarantee it. I'd rather it be me than Glynis. Perfect. Okay. Well, I am really excited to have Glynis come up and really talk about our ambition in motion as it relates to the financial component. Glynis, come on board. Hello. There's a little bit of an echo. I'm telling this to the guys in the room. I have the pleasure of talking to you about what you came here to hear today, what we're gonna deliver for you in 2027. Before I start that, I would just like to give another round of applause to this tech team that was just here. I actually think that they did a phenomenal job of explaining some of the technology that we deliver to our clients in, I think, kind of plain English so that most of us could understand it. This whole concept of a tech talent, many of you suggested to us with regard to being able to showcase the technology that we have, because while we talk about technology and digital transformation, what you told us was that you didn't really know what we did. Hopefully today, after that and some of the other client examples that we've showcased today, you have a better understanding of exactly what it is we do. Will do as we're on our journey to be the solutions integrator. I'm actually gonna start out with the end. I'm gonna walk you through why Insight is a great opportunity. I'm gonna walk you through the last five years of history to give you the confidence of what we've executed in the past and why you should feel confident that we can execute in the future. I'm gonna share with you the metrics right up front for 2027, and I would hope that after you hear the metrics, you are interested in listening to how we get there. Okay. Joyce, everybody has talked today about our ambition to be the leading solutions integrator. We've also talked about what that means. It is the combination of hardware, software, combined with services to create integrated solutions for our client that drive preferred business outcomes for them. We do this quickly and efficiently, and we have the ability to also do it at scale. Part of what enables us to do this and why the decision to be the solutions integrator is because we have three elements. We have the product element, we have the supply chain element, and we also have the technical capability in all the areas of IT today that are the fastest-growing, the elements of IT that are growing in the double digits. The overall market's growing at 6%, but data, cloud, AI, machine learning, all the digital aspects are growing at an even faster pace. That is an important criteria for us in terms of how we determine the strategy as we move forward. Okay. One of the other things we're gonna deliver over the next five years that makes us a good investment opportunity, I think, is gross margin and gross profit acceleration. When you look at our business, and I will walk you through it, you will see that Insight core services GP and cloud GP are gonna be the fastest-growing elements of the business. Over the next five years, that'll drive gross margin expansion associated with that, partly related to the portfolio optimization, sales, the sales transformation that we've talked about, more details to come on those, as well as the pricing optimization project that Dee mentioned. All of those things together drive gross margin expansion. Combined with the tech. The automation that we've talked about, the process improvement, the streamlining, that's gonna drive EBITDA margin expansion and allow us to scale our business more effectively as we move forward without having to add as many resources as we scale because we have an engine that we can actually push this growth through. As important as those two elements is the cash generation capability of our business. Over the last couple of years, our cash flow has been a little bit erratic. It's based primarily on the hardware growth that we've experienced. That triggers negative working capital for us. When hardware is growing in the 25+ range, it uses a lot of cash. A lot of our working capital is tied up in that. When hardware grows more normally in the mid-single digit range, as is forecast for the next several years, we generate cash. You will see the start of this cash flow generation in Q3. Q3, we will generate cash flow from operations, whereas for the prior two quarters, they have been negative. This is not an update on guidance, it's just a fact, to be clear. We told you that was what was gonna happen when we told you about the second quarter results. With all of that, we spin off a lot of cash. We are very efficient in how we handle our debt, and we actually have a 300 million share authorization, share repurchase authorization as of right now, and we will execute that over the next 5 years with a significant portion of that in the next open window, which would be November. All of that together should give you, I would say many reasons why, at the price that we're at today, we're a great investment as you move forward. Now, I'm gonna talk you through, just so that you understand that this team has delivered in the past and will deliver in the future. I'm gonna walk you through the last 5 years. You don't care about that, so I'm gonna be really quick, okay? There are only two things that matter. You have this for your history, and it will be on the website. What matters here is that gross profit grew $650 million, a CAGR of 11%, but gross margin expanded 130 basis points. Now, 130 basis points is good, but it would have been even more had we not had the really high hardware growth that we've had in the last five quarters. When you think about that, and I tell you about the future, what I would say is that in the future, we would have more gross margin expansion than what we experienced in the last five years, given the forecast for a more normalized hardware growth environment. Through our disciplined operating execution, the other thing is that EBITDA margin expanded by 90 basis points, and it grew to 4.4%. Another benchmark you should keep in mind when I talk to you about the future. All of that led to an EPS CAGR of 19%. To be fair, it's a combination of M&A. PCM is included in here. It's not totally organic growth. It's a combination of M&A. It's a combination of some share buybacks, less than what we're gonna be doing going forward, as well as the execution that we have driven. As of 6/30/2022, trailing twelve months, EPS, adjusted EPS was $8.49, and that would have been ahead of the models we had back in 2019 when we shared some metrics with you. I'm gonna move on from there because what matters now is the next five years. These are the KPIs that I normally would give you at the end. Don't worry, I'm gonna show them to you again at the end. For now, I want you to look at these KPIs. I'm gonna walk you through them, and then I want you to actually listen to how it is we get there. First of all, EBITDA margin. I told you we ended 6/30/2022, 4.4%. We anticipate that we're gonna be in the range of 6.5%-7%, and that 6.5%-7%, you could think of as being closer to 7%, but it's a range. ROIC, in the absence of acquisitions, there's no M&A included in here. ROIC is gonna be greater than 25%, and it's gonna be greater than 25% because of our execution, the growth that we're gonna be driving around gross profit dollars, EBITDA growth, as well as the cash that this business is gonna be spinning off starting in 2025. Key drivers of growth as we move forward. Core, Insight core services growth is gonna be in the high teens. Cloud services, cloud growth, also in the high teens. EPS CAGR approaching 20%. As we think about free cash flow, which we're defining as net cash flow from operations minus capital expenditures required to support the business growth, that's gonna be a conversion greater than 90% as we move forward. I will just make one comment. In these metrics that we're sharing with you, we have made an assumption that 2023 is a little bit muted. The growth is lower in 2023 than it is in the other years, given the current economic environment that we're looking at right now. Still growth, just lower. As we think about how we get there, this is how I think about it. As we put this plan together over the last several months, there are drivers of growth, many of which I've talked about already, and there are what I call enablers to that growth, many of which our leaders have all talked about today. The drivers. Insight core services GP growth, cloud growth, and the product and pricing optimization that we've talked about. The enablers we've all talked about as well, and it's the sales transformation, the portfolio optimization, and automation and process improvements that we're gonna be talking about. Joyce also talked about these. I'm gonna move on and start with the growth drivers. When you look at our results in the future, core services GP growth and cloud GP growth are gonna generate about 60% of our total growth as we move forward. GP growth, not revenue. That is an important statistic. Number one, because cloud is almost 100% gross margin, and our services, Insight core services gross margin are in the high 20s, growing to the 30% range. Those are gonna be two key drivers of expansion. Services gross margin expansion is also gonna be helped by the portfolio strategy. More to come on that. It's also gonna be helped by the pricing strategy. More to come on that. It is a key driver of how we will incent the sales force, compensate the sales force, and actually streamline the portfolio to the more profitable elements of the services offering that we have. More profitable, partly because they're more valuable to our clients, and we can command a premium for those. I kind of lumped cloud and services together. They do grow at minute differences in rate. In the last five years, we grew services at 14%, core services GP. Always think of that when I say services. We grew it at 14%. That's gonna be growing in the high teens going forward. Cloud grew at 28%, and I'm just gonna address that up front 'cause it's not growing at 28% going forward. It's gonna grow in the high teens as well. Part of that is just related to the fact that cloud is now a larger percentage of the overall IT portfolio. When it was smaller, 5, 7 years ago, it grew at a very fast pace, 50+%, then it declined to the 30% range, 25% range. Now it is in the teens. We've overperformed the cloud over the last 5 years. We plan to overperform going forward, but the absolute rate of cloud growth in the industry today is lower than it used to be. Okay. Ooh, don't even look at the slide. On the product side, Joyce talked about how important product is, and product is the base that we're leveraging. Our product base, the clients that we have in our product base, Phil mentioned it when he talked about the opportunities in Australia. Our product base and our clients in that product base have the ability to actually help us drive more services growth. We can sell into that portfolio. Now, some of you are thinking, "They've said this before." What's different this time is that we're not expecting every client to be a solutions client. We actually have a targeted approach with regard to which clients we think can benefit, where our capabilities match up well with those clients, and that we can actually help them optimize their journey to a more cloud-enabled and digital environment. As Joyce said, the clients in the corporate space can benefit from the full suite of offerings that we have from soup to nuts, from product front-end all the way through to a digital enablement on the back end. We can do that for some selected enterprise clients, we can do that for public sector clients, and we can do that in a different way for commercial clients. Not as much opportunity there because of the size of the dollars. That's the only reason. We have enough capability to service different elements of our client portfolio and not be constrained in any way. We also, under James, you know, his favorite person at Insight is Joyce, apparently, not me. Under James, we have a pricing initiative that I'm gonna hold him even more accountable for going forward with regard to what incremental profitability we need to deliver as we streamline the portfolio and as we sell our product business with maybe more guardrails in place in terms of how a salesperson can price. The deal desk that his team's setting up with regard to how we evaluate deals to make a determination about which deals should we actually prioritize ahead of others, or which client should we maybe consider a disincentive or discretion for, could be extended payment terms, something like that. It's just gonna be a more focused approach to the evaluation of deals that impact us on a go-forward basis. I'm not gonna tell you what gross margin grows to, because the metric you're gonna be using on a go-forward basis is gonna be cloud GP growth, core services GP growth, and EBITDA margin expansion are gonna be the critical metrics that will enable you to determine whether we're hitting our objectives or not. When you look at this graphic, it's presented here so you can see on an illustrative purpose. Please do not attempt to interpolate what each bar means. That is not what its purpose. This illustrates why it is that you can see that cloud GP and Insight core services GP are the drivers of this plan. I'm gonna turn around and look at it for one second. You have cloud GP, the second bar. Sorry, maybe the third bar in. Core services and partner GP, and then you see that bar around services optimization. That is the expectation that we have from the work streams managed by the transformation office that will drive the portfolio optimization strategy, the client value creation strategy as we move forward, and there's a product piece associated with that, with a different work stream as to how we're gonna drive and effect this transformation and get at these dollars on a go-forward basis. I'm gonna move on now to the enablers. Sales transformation, portfolio optimization, and automation and process improvement. It's an interesting thing when you put a presentation together and you look at it 50 times, and then in the middle of somebody else's presentation on the day you're giving your presentation, you think to yourself, "I probably should have done portfolio optimization first, as Dee did." I didn't do that. I'm gonna do it in my way. Sales transformation. This is actually a pretty critical initiative. Dee probably put it second 'cause he wasn't here at the start. I was here. The reality is that we started our journey in 2021. When you think about changing sales and transforming how the organization sells, how they're compensated, how they're gonna be supported, how are you gonna train them, it's a major initiative and a major task. We started with a pilot in 2021, a very small pilot. We expanded that pilot in 2022, and the pilots were around solution-based salespeople who are capable of selling a broader range of our solutions, how to support them, and how to compensate them and structure their books to drive the results that we wanted. What were the results we wanted? We wanted higher services, solutions, sales, and gross profit margin coming from that population, and we wanted overall higher gross margin in that population. We're actually now gonna be rolling this out to our field sales organization in 2023 because we have demonstrated feedback now, knowledge, results, that we've actually hit those two objectives. We're gonna be rolling it out to the broader sales force and more to come on that. Dee and James, as part of the overall management team, lead the charge on that. What else are we gonna do? I think I'm finished with sales transformation. I'm gonna move it on to portfolio optimization, and Dee is right. This is actually the glue. It's the mesh that, you know, you have to think about. I think about it in terms of the fabric. It's the underlying fabric that knits everything together. What you have to realize is we have to streamline the portfolio of offerings that we have. When you have a broad offering portfolio, you have to have people on the bench sitting available to actually implement that broad portfolio. When you streamline your portfolio, you have the ability to be more efficient and get higher utilization across the bench that you have. You may need to hire in different people for the bench, but you have the ability to actually drive greater efficiency. Greater efficiency, greater utilization of the bench translates to higher gross margin. For the same dollar of profit, the same dollar of revenue that we sell, as we're more efficient in our offerings and reduce the, I hesitate to say excess, but increase the utilization of the bench that we have, that results in greater gross profit and margin flowing through to the bottom line. One of the things that Stan talked about and showcased was HashiCorp. One of the values that we do bring to the table, and he said it really well, I can't do it better than he did, is these emerging partners that we partner with early in the game, that we identify early, we partner with, so as they grow, we actually help them grow, and we grow with them, and there's a certain level of loyalty that exists between these emerging partners that we've actually truly helped drive to a differentiated place. I think he's now a billionaire, the CTO and co-founder of HashiCorp, just an aside. At the end of the day, what is it that we're driving? We're driving to increased gross margin through a more targeted and focused portfolio. We're incenting the team, the sales team, to sell that more targeted and focused portfolio. We're actually also, I have to look at my notes, using nearshore, best shore capability to drive to an operating structure that enables us to deliver these solutions, specifically maybe our managed services, on a more cost-effective basis going forward. All of this is around leveraging the tools that we have at our disposal in order to drive these changes. I'm gonna move on now to automation and process reengineering, which is really more around the back office. We have... Insight's always done a really great job on the front end. We're actually upgrading part of our front end now with the Rob Green e-commerce initiative that Joyce mentioned in terms of having a more seamless, streamlined, efficient way for clients to purchase online. A big part of the automation and the process reengineering for us is gonna be around the back office. It's gonna be around sales operations. It's gonna be around the finance team. We do a lot of stuff manually today. To the extent that we're scaling our business around services and solutions going forward, we need more automation in the business. We've started the journey, and every once in a while, people get concerned about systems implementations. I'll just say up front, we have migrated all of our regions, all of our countries to a SAP platform, and none of you would ever have known that that occurred because we did it seamlessly, effectively and efficiently, and that's how it should be. You should never know that we're doing any of this stuff in the background. I want you to understand why is it that we will be generating incremental EBITDA growth and ex-margin expansion through using and leveraging these tools. I don't want you to be concerned because we'll handle it in the background, and you should see it in the EBITDA results as we move forward. I'm gonna share a video with you just because you never have a video in the finance section. This is a video. It's ACCA. It's a British client, it's a British corporate client. I have to stay very close to this. It's a British corporate client, and it's the Association of Chartered Certified Accountants. My mother was a certified chartered accountant, hence why I chose this video. ACCA is a global professional body for accountants. We have a strong global presence in 35 different countries with 55 offices in those countries. One of the most important factors for ACCA is the quality of our qualification. One of our key KPIs is helping students progress through that qualification, not by making the qualification easier, but by giving them access to good learning materials and things that will help them study and to become better accountants. ACCA has been going through a digital transformation because we're a small company, but a very global company, it's absolutely essential that we're strongly digitally enabled. One of the things we were trying to do is become a much more flexible, agile business, and that's about being able to get new products and services to market more quickly. We had this aging solution based in a legacy data center and based in certain of our on-premise offices, and what we wanted to do was create one global infrastructure that was more sophisticated, but actually simpler and easier to operate and manage. We realized that in order to achieve that, we had to go with a partner who had already been it, seen it, done it. Insight were the answer to that question because they demonstrated to us throughout the journey they had the answers, they had the people, and they had the capability. We chose a Fortune 500 solutions integrator because we wanted to work with a company with a great depth of capability, and we wanted to work with a company that we knew would be there for the long haul. One of the key things with Insight that was a differentiator, despite us being a much smaller company than Insight, they were very intimate with us, stayed close to us, gave us access to senior leadership and access to top expertise, so we didn't feel like a small customer of a big company. As the person responsible for making the recommendation to our business on which organization we go with, Insight's been one of my better decisions. For me, what's important here and what we're applying to our business today at Insight is leveraging this technology that we've provided to our clients and using it internally. That nimble, agile platform that Tony talked about in terms of driving the change that he made, we're actually using that internally to automate, make changes in a more nimble and agile way, and get to an effective execution that will help us as we move forward, and it's a stage growth from here. I just looked at Sumana back there, and I realized I didn't say one thing. Sumana's our CIO. We've had RPA technology at Insight for several years, and we've used it to automate several simple functions, you know, swivel chair activities, that our teammates were doing. We're actually leveraging intelligent automation, where we're combining the RPA with AI, with machine learning, with channel vision, with fuzzy logic. These are real things. These are what they're called. The combination of that allows the bots or RPA technology to be even more effective and apply it across a broader, more complicated scope of duties, freeing up even more teammate time with regard to doing more targeted work, more value-added work. The sum of all of this, the sum of the drivers that I've discussed, the enablers that I've talked about, the detail that you've heard across this team from Joyce to Dee to Stan about what we're driving, all of that is driven to create higher solution sales and expanded EBITDA margin. It's gonna be expanded margins in sales. We're not expanding margins in the cloud 'cause those are already at 100%, but higher growth in the cloud, continuing that. It's gonna be sales compensation tied to gross margin and other strategic priorities that we're trying to drive. It's gonna be better analytical support internally to help us make better decisions, and it's gonna be the process optimization and automation that we also talked about. All of this is designed. This is one slide that summarizes it all. What it would show you is core services driven by portfolio optimization, sales transformation, shorter, better, best shore talent, I call it. Matt called it something else, but it's best shore talent in terms of driving us to a lower operating cost structure as we deliver services to our clients, and it's value pricing on our product business. We deliver huge value to a large portion of our customer population through products pricing, whether it's hardware or software. What we're saying on a go-forward basis is that we will continue to serve these clients, and we will essentially effect better pricing for us in terms of the value we deliver to them, as well as integrate more solutions into their portfolio and expand our share of wallet with those clients. SG&A as a percentage of GP is gonna decline significantly. I don't want you walking away thinking we're not investing in the business. We are continuing to invest in the business, and I will show you shortly that 40% of the growth that occurs in SG&A is actually related to investments that we will be making in the business. We're not short-changing the business with regard to SG&A that we acquire. Automation helps a lot in terms of how we can drive more scale and efficiency on the base that we have. All of this leads you to EBITDA CAGR high teens, and it leads you to EPS CAGR approaching 20%. Five-year CAGRs all around. Please, this is illustrative only. It's just showing you the elements that you can track. We will share these going forward with regard to cloud services on a go-forward basis. I'm not gonna talk through the elements of the GP anymore. I've done that already. As you look at the SG&A, the red bars on the far right, the big bar is kind of the base and just variable pay. It's the sales commissions based on growth in GP. It's the bonus, all the other very variable elements of our compensation structure or of our operating structure, kind of the core run the business, as you see forward, flexing with the growth that we will have. What you see is that bar representing the dollars that we're gonna be investing on a go-forward basis. Don't iterate to find out what they exactly are. It's just illustrative, so you can get a sense of the relative contribution of the various elements. I'm gonna briefly run through debt. We have two primary debt instruments, a convert and an ABL. ABL is $1.8 billion. It expires in July of 2027, and we borrow at a spread of 125-150 basis points above the underlying instrument. Our convertible $350 million. It expires in February of 2025, and it has a coupon interest rate of 75 basis points. Cash flow, we've talked about a little bit, but it's important. Today, we are operating in a negative cash flow scenario. Cash flow from operations is negative through Q2. I've told you that it's gonna be positive in Q3. It's gonna be positive again in Q4. We likely will end 2022 at a slight negative cash flow. We expect in 2023 that our cash flow will normalize. Over the course of the five-year period, this business generates significant cash. Capital allocation priorities. There are two critical pieces I will mention. We have capital allocation related to investments in the business, and we have capital allocations associated with returning capital to our shareholders. The third piece is debt, but debt is not as significant in this five-year period, absent M&A. We invest first organically to grow the business. You saw part of that in the SG&A graphic that I showed you. We invest organically to grow the business, and we also invest for growth through M&A. Over the course of the next five years, we will probably have about $3 billion-plus available for M&A through a combination of the ABL that we have, as well as the cash generation in the business. Realistically, as the business grows, the ABL would also grow, but this is based on a $1.8 billion ABL. It's not an insignificant amount, and you should think about that as available to fund M&A in the future. There is no M&A in the numbers I shared with you about the 2027 KPIs. We have a $300 million share authorization that we will execute over the next 5 years, a chunk of it upfront, in terms of returning capital to our shareholders. 2027 KPIs. I'm flashing this slide up there 'cause I'm running out of time. I need to give you time to ask questions. I'm flashing this up there. It hasn't changed. I walked you through this the first time. I will spend a little bit of time here. I actually believe that at Insight, we have the right assets. We have the talent that we need to execute on this plan, and that talent is both the technical talent as well as our management talent, and really the talent of all the 12,500 teammates that Joyce mentioned who actually have helped us to be successful today and will help us be successful in the future by virtue of the strong culture of execution that we have. We also have a strategy to be the leading solutions integrator, leveraging the capability we have in products, combining it with services, and creating integrated solutions that solve business outcomes for our clients. I said it before, I'm saying it again, I think that gross profit growth and services and cloud-specific gross profit growth is the best way to measure this business. You will notice I have not mentioned revenue. With the netting that occurs in our business and the continued growth of cloud, gross profit growth is the best way to measure our performance, and it's the metrics that we're gonna be using to measure attainment on a go-forward basis. The automation piece and the leverage that we will have and build in our SG&A will also lead to gross margin, Sorry, EBITDA margin growth and EBITDA margin expansion. I think that 6.5%-7% EBITDA margin represents 210-250 basis points improvement over where we're at as of 6/30/2022. I've talked about the cash generation capability of this business. It is not insignificant. It matters. It actually is the way our business operates in a normalized hardware environment, which is projected for the next several years or so. Our services business does not use as much cash as our hardware business, and on a go-forward basis, we have a lot of capacity to support M&A. Our philosophy around M&A has not changed. Joyce briefly walked you through that. We will continue to be consistent in terms of our evaluation and how we move forward. I would just like to leave you with one thing. At the end of this session with me, as well as my colleagues, Joyce, Dee, Stan, you should feel very comfortable with the strategy that we've laid out. It's a hard one being the leading solutions integrator. It's a hard one. It's not something that's normal that we come forward and talk to you about. It is a differentiator that we believe that we have that will make a difference as we move forward, and this is a team that can execute against that strategy. It really leverages all the strengths that we have had for a long time, have created through M&A and built through M&A, then expanded organically, and that is what will get us to our results in 2027, and personally, I would hope to multiple expansion. With that, I'm gonna say thank you very much. I'm gonna ask you to give us a few minutes. We'll bring up the chairs for the panel. Joyce will be our moderator for the Q&A, and James will be walking around potentially getting questions. For those of you on the website, you can submit questions through the chat function, and we'll attempt to get them answered. Thank you very much. I appreciate it. Okay, so we've run a little long today. We were gonna give you—Can you talk here, Glynis? Oh. This voice of mine. Hopefully, it was worth your while. We're gonna go into Q&A, and it's 20 minutes. 20 minutes. Till 12:10 P.M. If there are a lot of questions, we'll figure it out, and then there will be boxed lunches for everybody. As Glynis mentioned, if you have a question, just flag me down and I'll bring the mic over. We wanna make sure we use the mic for anybody. Is the mic working? No. If you have a question, James will bring the mic around. By the way, don't let Glynis' soft voice fool you. We've been working on this investor day for, I think, nine months. Matt, you have a question. There's nothing soft about Glynis. For anybody online, please feel free to submit the questions. We'll read those in the room as well. Matt? Yeah, thank you, and thanks for all the information so far. I'm Matt Sheerin with Stifel. I have a couple of questions, one on the sales transformation. As you roll that out, does that include moving or reassigning accounts or any other changes that could present near-term hiccups to sales or lost sales opportunities? How are you managing through that? I'll just start by saying, as Glynis mentioned, we have been doing various pilots for a long period of time, so we've been pretty careful on our implementation. Why don't I let Dee talk about that? We've done the first phase of that. The sales transformation is already implemented actually now two phases, and we'll be doing more. Most of the account reassignments that end up getting done are done around less productive accounts. The situations that are going well and are productive, we usually stabilize that and use that kind of as a starting point. It really is the opportunity accounts that get moved around. Okay, great. On basically the strategy to expand the services attach rate, can you give us an idea of how many customers, maybe, you know, corporate to enterprise customers actually utilize Insight for services in addition to hardware and what that number may look like over the next few years? We actually don't have those numbers yet that we're ready to share. We are looking at that very carefully as we go through our segmentation. What we're doing right now is making sure that we're aligning our solution sellers to the clients where we know we have the propensity to buy our solutions. That's how we're limiting the accounts that they're focused on. We don't have numbers specific to that today. Okay. My last question, just regarding the price optimization. I think you're talking a lot about on the solutions side. We haven't heard a lot about your hardware business, which obviously is not gonna grow as much. Certainly it's more than, you know, 70% of your revenue, a big chunk of your gross profit. How are you managing that in terms of a portfolio and pricing as you go forward? Our pricing optimization project is actually initially focused on products. Do you wanna talk about that, Glynis? Or James? I actually think it's great that you're handing the microphone to James because he's in charge of it. He's charge of it. He's managing the project, and he can comment on it. We have piloted first in the product, on the product side of the house. Of course, over time, we're gonna expand this out into the full portfolio. It's really aimed first. It dovetails really closely into what we're doing with the portfolio rationalization work, making sure we have the right portfolio. Doing along with that hand in hand is ensuring that we have the right pricing. We found that there's a disparity in some of our pricing and discounting across our product portfolio that's allowing us to get the right set of pricing and discounting for each of the set of products that we have. It also dovetails into education into the sales team, ensuring that they have full access to data and understanding how our product pricing should work. There's an enablement aspect to this as well. It is also supported. Could you talk about the deals desk? Yeah. Could you talk about the deals desk? Yeah. We also have, we're piloting a deals desk, and we've started a couple of quarters ago with the deals desk. Really it's effectively ensuring that as projects come through, we're looking at the overall profitability of those projects and working with the sales team to go back and either sell value and/or price things differently, or add new different types of products into that as well. There's a full approval process in that which we have not had historically, which is operational aspect, operational discipline that we're also developing. I actually think this is low-hanging fruit for us. It also supports the e-commerce initiative we talked about. Right. It's pretty broad ranging. Anthony. Thank you very much, and terrific overview of the company and the strategy. I know you talked about increasing your recurring revenue. Can you give us a sense as to, you know, how much of your revenue would be coming from, you know, I would say, recurring sources? Do you have a sense as to when your clients do leave Insight for another competitor, what are the reasons for that? Do you wanna talk about recurring revenue? Sure. We're not sharing our recurring revenue metric right now. Part of the reason is that it overlaps significantly with cloud and core Insight services, and it would maybe be confusing. Think about cloud as being recurring. They're usually multi-year contracts associated with the cloud. When you think about our managed services business within the core services, that's also a recurring revenue stream. In some of the business, the legacy services that we provide around desktop support, albeit now it's virtual, it's not actually on-site. That's also typically a recurring revenue 'cause we usually have a three-year contract. It would be somewhat duplicative of a measure with cloud as well as our core services, and we're just tracking it to figure out how we can describe it to our population, you, our investors, and analysts, without you thinking about adding them all up, realistically. Got it. It's in the 30%+ range. Okay. Thanks for that. Then just the second part of that question was when clients do leave Insight, do you have a good sense as to why they're leaving, Insight for another competitor? Yeah. We look at losses and wins and losses obviously on a very consistent basis. I would say that when we look at our loss column, it's more around a failure to acquire a client. I'm actually trying to remember one that we've... I'm sure we have lost someone, but I'm actually trying to remember an example of a lost client. Do you wanna talk about that? Where I'd add to that is tying back to the portfolio thought. When we're on the edges of our portfolio, stretching into something that's unfamiliar, that's where we're at our worst. Those are the situations where we will lose a client. That's a big part of why we're gonna continue our focus to make sure that we're playing in these situations on our terms. Anthony, I'd also say that I mentioned the deals desk. As we've gone through the deals desk, there hasn't been a single project in the pricing optimization, there hasn't been a single customer deal that we've lost through that. The results have also been very positive, not only from the pricing optimization, but the fact that we are not losing any deals as a result. Okay. Just one more question from me. Glynis, you talked about 2023 being more muted growth because of macro issues and so on. Couple months ago, you guys reported very good numbers, raised guidance. How should we think about, you know, kind of squaring away everything that's going on in the macro world? You know, Europe is in a recession. The US could be in a recession now. Just kind of trying to tie in everything, you know, as far as what's going on now. We're not changing Q4 guidance. We're not changing second half guidance. This year, full year guidance. Yeah. We're committed. I think we said $855-$875 was the guidance range that we gave. There's some noise between what you think Q4 is gonna be versus what we think Q3 and Q4. Some flip-flop there, but we're committed to the guidance range that we gave. We're not talking about 2023 right now. I think it's still to be determined. What I would say is that in prior recessions, we have seen hardware decline. We're expecting hardware to not necessarily decline in 2023, but grow at a much slower rate. Devices in particular. Devices being the lowest element of our gross margin will impact us from a gross margin perspective. But we have a strong backlog around the infrastructure, networking, server storage, the data center elements that typically transact at higher gross margin. Our anticipation is that with that backlog coming through, and we think flushing in 2022, 2023, given the supply chain constraints that I think may not be easing, but are a little bit better. Mm-hmm. As well as the timing from when they were ordered and the delivery dates that we received, they're already into 2023. That will give us some measure of protection against an inflationary environment, a recessionary environment. It always depends on the depth of the recession, of course. Our history is that hardware declines, software declines at half the rate of hardware. If at all, and we've seen services growth historically, in prior recessions. There was a question that came in online, and it's: How is your investment in becoming leading solutions integrator different from strategies of other large resellers? Well, I'll start, and I'll turn it over to Stan. I mean, I think one of the things that as we sort of worked hard to establish this strategy, we studied a lot of different companies who've made significant transformations. Microsoft was a, is a good example of one such company. We believe that our strategy to establish and clarify our ambition, first of all, is quite important. We think we have the appropriate strategic pillars underneath, and I would argue that most value-added resellers do not have, especially if I focus on strategic pillar number three, do not have the innovation, the talent, and the portfolio to deliver differentiation. So I think that is the thing that differentiates us most from other value-added resellers. Stan, you wanna add on to that? Yeah. I talked about superpower of integration. We've integrated these capabilities already where some of our traditional in the past reseller competition is working through that concept right now, right? We're just ahead in what we've built. We've already integrated, we've woven it into the fabric of how we go to market and how we drive complete solutions. I think the differentiator is we're here already. We think this notion of the solutions integrator is compelling enough that you guys should think it's a new category, and you should help us understand how we're the leader of that category after we prove it to you. People will follow. Yes. They already are. Joe. Hey, Joseph Cardoso from J.P. Morgan. You outlined both programs as well as strategic focus areas to expand gross margins as well as prudently manage SG&A. Just curious, you know, when you look at those goals, you know, how do you expect those to track in terms of a timeline relative to achieving them, and like, particularly relative to the biggest ones that are contributing to the EBITDA margin expansion? I guess just more generally, like where are you seeing the low-hanging fruit versus the ones that are going to track over a longer period? Joe, can I go? It's not a linear journey. Joyce mentioned it. I think I forgot it in my section. We don't anticipate, much as I would love it, to be up and to the right. What will happen is that 2023 will be a little bit more muted. We will have stronger growth in 2024 through 2027 as we move forward. There are initiatives that we're putting in place started this year, will continue into next year. While those initiatives will continue throughout the five-year period, they're more focused and driving to results in 2022, 2023 and 2024. You'll see expansion more likely in 2025 through 2027. If you know, want a little bit of a timing in terms of how things will roll out from an EBITDA margin expansion perspective. But I don't wanna overplay it. We expect that there will be twists and turns in the road. We've had twists and turns in our road before, and we've been able to overcome those. In 2009, when we had the great financial recession at the EBIT and the EPS line, we were flat relative to our performance. Revenue was down, gross margin was down, gross profit was down. We cut SG&A, and we were flat at the EPS line. One of the things I do know about our business is that we will drive to a result that we need to make through a combination of growing in services, that helped us in 2009, as well as looking at our SG&A and being constrained in our growth initiatives so that we can still come out well. We did that in this last. It was a little soft, our recession in 2021. We did that well in that time period, and I think you can see the results of many recessions that we've experienced in our results to date. I would not expect us to perform any differently and maybe better given the automation and some of the process improvement initiatives that we have underway to actually drive more capacity and capability in the business. Two-part question online. The first was portfolio optimization. Help us define low-value offerings. For example, is this hardware and devices? Absolutely not. I think I mentioned before that we are not abandoning our product business. It is one of the things that differentiates us from the traditional SIs. It is really about the combination of hardware, software, and services that produces a solution that delivers the outcomes. If you believe clients want outcomes, then they need solutions, and that's a combination of hardware, software, and services, and we feel like we're really well positioned to put those together. In terms of the portfolio optimization, do you wanna talk a little bit about those things that we're looking to optimize? Yeah. In terms of the lower value end of it's more again, around the concept of being reactive versus proactive. We wanna be proactive versus reactive. There's a lot that comes in small. I noted that we've got 20,000 customers. A big system integrator would, in a similar thing, be looking at 500. Where I came from, it was more like 500. That base, the difference in the base, there's a lot of requests for lots of different types of things. Some of them actually are going to make sense and some of them aren't. Most of our portfolio simplification is in areas like that that are reactive questions that are not necessarily in our highest value segment of customers, that is not in the sweet spot of what we do, and we're going to be much more choosy about those. Doesn't mean we're eliminating them. There are times you do them. There are times you do them for a partner reason. There are times you do it for a client reason. There are times you do it for an economic reason. But we're going to be much more choosy, and that's the way that will sort itself out. A follow-up to that was, historically, Insight has suggested that services growth was tied to hardware growth. For example, 25 cents for every dollar was the quote-unquote, "rule of thumb." Has something changed to enable services to grow independently? I don't remember that rule. I could be wrong, but I don't remember that rule. Services growth is independent from hardware. We think we're better with combining hardware, the products, the hardware, software, and services to provide a solution going forward. But I don't think that I remember that we said services growth is dependent on hardware growth. If we said it in the past, this is the future. Yeah. This is the direction that we're headed in. The direction that we're headed in says that services and the cloud can grow at double, more than double the rate of hardware. Two questions. One, you talked about services utilization, improving utilization to improve gross margin. Can you just give two kind of key reasons why that will happen? Secondly, your 2027 goals, you talk about not including M&A. I couldn't read the footnote, but if it's not including M&A and you're talking about doing more M&A, how will we be able to reconcile, you know, that the core business hits these targets at that point? Okay. Dee, you wanna start? I'll start with the utilization one. That's easy. The utilization changes because you decide to change it. It literally is that simple. You got two types of mindsets when you think about it. One, I am gonna have somebody around no matter what comes in, and I'm gonna fulfill it 100% of the time. Takes a lot of people to make that choice. The other is what we've been talking about with some of the portfolio rationalization others, where I am gonna go after big buckets of skills around cloud, around data, around our applications, around cyber. I'm gonna staff those fully, and I'm not gonna keep ancillary people around for all the different things that might come in and have to react to. That's kind of a tactic. I've lived that literally forever. We will make a choice to run higher levels of utilization, and it is literally something that can be decided. The second part of the question, Jason, can you repeat it for me? The M&A. Oh, M&A. Sorry. How you'll hit those organic targets. I think that we're gonna do M&A. We have been reasonably good in the first year of an acquisition, a large acquisition, of highlighting the impact of that large acquisition on our results. The reality is that after we integrate the acquisition, and part of what we do well is integrate the acquisition so that we can actually get the benefits, more fully get the benefits from that acquisition, it's going to be harder to track. But I think that the metrics that you should think about using on a go-forward basis is that we're saying M&A is an accelerator, right? As we're going through the journey, the numbers that we're seeing as we overlay M&A on top of them, they should be accelerating the growth. If you think about, I'm making this up, totally making this up. You think about 2027 and EBITDA growth of 6.5%-7%. M&A could maybe accelerate that, and we get that EBITDA growth in 2026, as an example, or 2025. That's how M&A could accelerate that for us, and that's the metric that you could use to track it. But you're right, we do actually integrate the acquisitions pretty quickly. We can only track it usually for the first year. The small ones just roll in, but, you know, it takes multiple small ones to really make a meaningful impact. Does that answer your question? You still look a little perplexed. Yeah. That's fine. Mm-hmm. James, I think we have time for one more. Yeah, one more question online. Joyce, I think this one would be directed at you, but why do you believe the solution integrator path is the right one, and what other alternatives did you evaluate? As I mentioned earlier, when we were working on trying to figure out our next level of growth and our next level of improvement and our path to become a truly great company, we looked at a lot of different options. We looked at transformations across the landscape, and we spent a lot of time studying Microsoft. When we thought about what Microsoft did, they declared that they were gonna be a cloud and mobile company, and that was the beginning of a whole bunch of a significant series of actions around culture, around investment allocation, et cetera. We think it's pretty good basic playbook for us. As we thought about our options, we said, "Okay, let's go figure out how to apply this to our business." There's a lot of similarities, and we're pretty excited about the opportunities we have to do just that. As we all said today, we're clear on our ambition. We're gonna allocate our investments organically and through M&A to the areas of our business that are the fastest-growing areas of the market, the places where the macro trends are happening. If, I think Dee talked about the biggest thing in the industry is this movement to cloud. Then we also listen carefully to what our clients are telling us. They're looking for outcomes. They're looking for success. They're looking to grow their business or add new revenue streams or improve their client experience or improve their safety. When you think about how to do that, you need to build solutions. It feels fairly obvious to us that this is the right path and one that we're committed to and one that we're incredibly well-positioned to succeed at. Okay. Well, thank you all very much. I think that brings us to the close. Let me just make sure I'm summarizing this. I told you at the beginning that we were gonna talk to you and hopefully explain what our ambitions are and what the actions are that we're taking to get there. I hope we brought this message to life. You heard a lot of discussion about being the leading solutions integrator, setting the pace, and creating a new category in our industry. We also heard Dee and Stan and the panel talk about some great client stories, and even Glynis talked about a great client story. Glynis connected the dots and summarized the commitments we're making financially. Let me just reiterate those. We will grow faster than the market at a premium to the market, about 200 basis points. We will grow gross profit even faster than that. EBITDA margins will be between 6.5%-7%, and all of this rolls up to an EPS CAGR of 20%. We're gonna generate pretty impressive cash flow along the way. Glynis talked about this, but let me just summarize. Why should you believe in Insight? It's pretty simple. The opportunity in this $4 trillion market is staggering. Our capabilities are unique. We are developing a new breed of technology partner and delivering truly integrated solutions which we believe are most essential to our clients' success. Hardware, software, services backed up by an incredible partner network and a solutions portfolio to pull it all together. We're ahead of the curve, and we intend to widen that lead. Our value proposition is unique. It's differentiated, and we've been fortifying that organically and through M&A for the last decade plus, and we can deliver globally. I'm not gonna take you through all these things again unless you really want to, but we have four strategic pillars, captivate clients, sell solutions, deliver differentiation, and capitalize on our incredible strength of our culture. This is gonna allow us to deliver a compelling value proposition to our clients and significant shareholder value to all of you. By the way, we have the right team on the field, a combination of people who've been around here for quite some time and some brand-new faces with some new skills. At the end of the day, we know you care about differentiated shareholder value consistently, and everything we've talked about today sets us up to do precisely that and, as I said, to become a truly great company. Thank you all very much for coming today. It's been a pleasure to meet so many of you, and I hope you love your lunch on your way out the door. Take care.