This is Adam Tindle, and part of my supply chain coverage. Very happy to have Steve Jones, CFO of ScanSource, and Mary Gentry, of course, from IR. In terms of the format of our time today, Steve's going to go through about a 15-minute presentation just to kind of reintroduce. There's been obviously a lot of evolution of ScanSource over the years, so looking forward to getting updated on the story. We will save another 15 minutes or so for questions. Certainly, if you do have questions as Steve's going along, please feel free to raise your hand. With that, Steve. Thank you for that introduction, and good morning, everyone. Like Adam said, I've got about a 15-minute presentation. Feel free to ask questions as we're going along. We'll do some Q&A afterwards, take some questions from the audience as well during that time. I wanted to, you know, we're really excited and very proud about the transformation that's happened over the last few years at ScanSource. If you think about the company, we're about 32 years old. For the first 25 years of our history, we were a hardware distributor. We were a specialized hardware distributor. We were narrow in the technologies that we distributed, but we went very deep. It allowed us to have higher gross profit margins than other distributors. A great business model for us to then spring forward as we look at what happened in 2016 with our acquisition of Intelisys, where we were able to expand our technology offering in the increasing digital world. Intelisys allowed us to then start selling SaaS and connectivity and recurring revenue streams. That's been huge for our business model as we started in 2016. You know, this faster growing recurring revenue has had a significant impact on both our margin profile and the predictability of our business. We'll talk a little bit more about that as we go forward. You know, I would say that if you were trying to put ScanSource in like one sentence, we're a specialized technology distributor. We're not broadline. We don't do things like PCs that compete on low margin. We're business, I would say, core business technology focused is a good way to think about it. We've got recurring revenue streams now in both of our segments, which is really exciting for us from a financial profile. A couple of things I want to just highlight here. If you look at these two key metrics, one being our fast-growing recurring revenue streams. From 2016, when we acquired Intelisys, to now in 2025, we're above 30% of our gross profits, consolidated gross profits, coming from recurring revenue streams that for us are reported net. They're almost 100% gross profit. If you look at how that translates over into our gross profit margin expansion, 2016 we were about 10%. That's about where we've been as a company through our history. You get this inflection point where we started growing. In FY25, our first two quarters, we're above 13% on our gross profit margins. Very transformative in the financials of the business as we've been able to transform the company into this hybrid distribution. I want to just give a little bit of a highlight here and maybe a little participation from the audience. I might have crapped out on this one a little bit. Usually, if you look in these rooms, you're going to see a network device. Ar uba, a Cisco, some kind of network device. A lot of times in these rooms, you'll see cameras. There's cameras, security cameras setting up all over the place. Those are two of the technologies that you interact with every day that a reseller, our customer, comes to the venues and installs. They'll be the in-customer part of the transaction. They get the technology from ScanSource. We're a two-tier distribution model. They're buying the technology from ScanSource, and we're getting it from the manufacturers. If you look down at the specialty technologies that we're in, mobile computing and barcodes. Think about when the Amazon guy comes to your house and he's got the little mobile computer that kind of looks like a cell phone, but you either sign it or he's taking a picture of your package that's delivered. That would be some of the technology that we're talking about. Things that happen inside a warehouse, any kind of data capture with barcoding, those are the kind of technologies that we're talking about in that space. Security and networking, very easy. You interact with these things every day. You see the security cameras pretty much everywhere. You see the network devices everywhere. Again, a growing opportunity for us because security is getting more and more integrated into companies and networking gets more and more complicated with security. Point of sale, again, things that you interact with every day. If you think about the self-checkout units that you use or the card swipe machines that you use, we distribute those to our resellers. Communication and collaboration. This is really where the company started but has probably had the most evolution in terms of the technology. Think about in your room tonight or last night, you had a phone. That's an old communication technology that we distributed for the last 25 years. Also think about the collaboration. Think about when you're on a Zoom call. Zoom, 8x8, RingCentral, those would all be technologies around collaboration that have really displaced, in many ways, the hardware and the old technology. We're really excited about that. That's still in kind of the growth phase of that transition. Connectivity, this is where we get into the Intelisys space. Think about all of the network gear has to connect to an ISP. You need that connectivity. Suppliers like Spectrum, Verizon, Lumen, AT&T, Comcast, those are some of the base technologies that our agents support with their end users. Last but not least, cloud services. Think about Microsoft as an example in terms of a security Fortinet, some of those types of suppliers. We love our line card. We feel like it's very relative to the business environment that we're focused on. We talk about our two operating segments. You know, we've got a specialty technology solution segment, and we've got this Intelisys and advisory segment. We just talk about the differences. Both have recurring revenue, but the specialty technology solution segment, that's where most of our revenue is going to be because that's where most of the hardware sits. When you talk about the Intelisys and advisory, this is going to be where a lot of our digital SaaS connectivity revenues come into play. Much less impactful on the top line, but at 100% gross profit, very impactful on our gross profit. When you think about the growth between those two, you've got kind of a mid-single digit growth on the hardware, and you've got a faster growing, kind of a 2x that low-teens growth on the technologies and the Intelisys and advisory. Those then combine to give us what we'll talk about in a bit, which are our mid-range goals. Just kind of who are we? What do we do? We've got about 25,000 customers. These are going to be channel partners that purchase from us and do the installs. We represent about 500 technology suppliers. In a lot of the cases, we're their number one or number two distributor. We've got about 2,300 employees. Most of our revenue comes out of the U.S. We do have about 10% or less of our revenues that come out of Brazil. We're the number two technology distributor in Brazil. It still is a pretty small part of our revenue base. When we talk about this recurring revenue at 28%, this was 2024 data. Now it's grown to 30% plus. This is a key to knowing that our transition's happening. We'll go into that in a little bit more detail. Steve, I guess you're probably going to answer it here in a second. On specialty technologies, there's a couple of areas there where there's a big transition from sort of legacy type of vendors, right? I'm thinking of Avaya, Mitel, ShoreTel, those types of guys. Particularly if I think about point of sale, collaborations, and communications and collaboration, two areas that are really going digital. I think sometimes investors get confused and tie ScanSource to more of the legacy vendors. In those two areas in particular, and maybe you'll answer it a little bit on the next slide, can you talk about maybe the mix of sort of the new faster growing type of vendors for ScanSource? Great question. You know, we kind of get trapped behind our name a little bit in the 25 years that we've been in business. Really, when you think about that communication collaboration, that's going to be sitting in the specialty technology. I would say that the, you know, the Avayas are much less. They've seen their, and the Mitels, they've kind of seen their process go down. I call it the lunatic fringe. There's always going to be these replacement hardware units that are out there. Great margin for us. You also have to worry about the working capital. You got to manage that really close. A lot of that has then been displaced by the, it's a combination. It's really a tech set. It's the connectivity. Then it's going to be, you know, the RingCentrals, the Five9s, the F5s. Those collaboration tools have taken over in terms of what we use every day in business. It has been a longer transition than we thought in terms of the impact to our P&L. We thought it would be a faster, you know, a faster decline and a shorter tail. The tail's long. We're going to continue to support Avaya and Mitel as long as that margin makes sense for us. It's a great question. This just gives you a little idea of the supplier base that we have in our portfolio across those technologies. We have two that we call out in our Ks and Qs that are more than 10% of our business. That's going to be Zebra and Cisco. Cisco's interesting. We don't have the full Cisco line card. We have the collaboration, and we have the networking part of Cisco's business. But that's still more than 10% of our total revenues. Did that answer your question, Adam? Okay. Anybody else have any questions? Just feel free to interrupt. I want to talk a little bit about how do we think about growth in our business. We really think about it from a profitable growth. We were talking this morning with someone, and we said, you know, our top line probably isn't the best measure of our growth. It's really going to be the GP. There are two things that are going on. If you think what happened back years ago in the software business when they went from perpetual to recurring revenue stream, there is a chasm of the way that monetary transaction works. We're seeing that in a lot of our key suppliers as well, Cisco being one of them, where they're putting more value in the security and in the software and less value in the hardware itself. That is going to be, that'll be a continued trend. When we look at what's going on from a bigger perspective, this shift in buying consumption preferences to cloud, SaaS, and subscription, people do not buy the hardware first. They buy the solution first. Then our value-added resellers, our partners, are building solutions for them around the hardware and the endpoints that they need. More complex technology solutions as devices, software, and services are bundled together. No longer do you typically see an end-to-end solution with the same supplier. It is going to be multiple suppliers that have to work together. This allows our tech teams to work with our resellers to be able to come up with the right solution for the end user. Connected devices enabled, automation, worker productivity. You know, more and more, we're asking frontline workers to do more, to be more productive. They need technology to be able to do that. Investments in advanced networks and 5G connectivity into 5G networks. This is probably the area that I'm most excited about right now. When you think about what happens with data, the more data you use, the more AI-enabled things you use, the bigger pipeline you need from a connectivity space. When you talk about 5G networks, if you're reliant on data, you can't have network interruptions. 5G private networks, 5G connectivity is a way to solve that for a company. It allows them to not have to be reliant on a single provider. We love this space. We've invested in this space in the last couple of months, and we'll continue to look to there for additional growth. Heightened emphasis on security. I mean, it's obvious, right? You know, as we go forward, there's more and more security needs. There's more and more access points that because everybody's connecting. I think I saw a research that said for even small businesses, there's usually 100-plus devices connected to their network at any time. You can imagine what security problems that brings if you don't have the right security. I know in my house, I've got like I've got four kids, so I've got like 30 devices connected at all times. I'm not even sure what they all are, but it's, you know, they tell me it's okay. Yeah, I'm pretty sure. And then AI. And for us, the realization of AI is really in our CX. So AI-enabled CX solutions, that would be UCaaS and CCaaS. We see that happening today. We are monetizing that AI technology today. So it's real for us. We're excited about it. It's an upsell to all of those suppliers, and we'll increase the gross profit and the revenue on our Intelisys segment. How do we create value? We get this question a lot. As a two-tier distributor, what role do you play? There are really two roles that we play. I would probably tell you that our value is more related to the suppliers than necessarily it's related to the resellers. The reason why is because the resellers can go from very small, where we can help them do a lot, to very large, where they're self-sufficient and they just need us to help them fulfill their orders. If you think about the technology suppliers, what do we do for them? We expand their reach at a variable cost, which is very important, especially for the SaaS suppliers. They're always thinking about CAC, cost of customer acquisition. Our routes to market are variable for them. If it's not a sale, they don't pay anything. Multiple routes to market. We work with MSPs, VARs, agents. We have multiple routes to market that allow them to put resources other places. We talked about the lower customer acquisition cost, recruit and train new customers. We have an investment to recruit and bring in new VARs, new agents into the technology space. Of course, we manage their credit. We have a fairly large accounts receivable. We're kind of the go-between, the manufacturer and the customer on credit. We can work with them on end user credit terms as well. From a channel partner perspective, we like to say that we meet our customers where they are. We go the gamut for our 25,000 customers from mom-and-pop VARs to very large private equity-owned resellers. If they need our technical support, if they need education, if they need tools, we can provide that. If they just need the product and maybe a little bit of technical advice, we can do that as well. We can flex our offering based on where the customer is. Just for time, I'm going to skip a couple of these real quick. If we have time, we can come back. I wanted to talk about what does all this mean from a financial profile. When we look at kind of the four pillars of how we think about the financial profile of the business, we're not going to be a fast grower. We're going to be a consistent mid-single digit grower because of the mix of hardware. If you think about our top line revenue, it's mostly hardware. It's at 10 points of margin, roughly. We also then have this recurring revenue business that helps us expand our margin. We talk about adjusted EBITDA margin as kind of our measure for profitability. Our midterm goal is to be between four and a half building to five. We think there's opportunity to continue to grow that as well. When we think about over the last couple of years, Adam will appreciate this, we've really built a cash culture inside of ScanSource. Historically, we've used our balance sheet to drive deals. We would buy inventory. We would get margin by holding more inventory. We would extend customer terms to help get deals off the street. We had a very heavy working capital business over the last few years, especially as we cycled out of kind of the COVID and the supply chain disruption. Our teams have been focused on generating free cash flow, having a good free cash flow yield based on the business. You know, we've done a good job. I think there's additional areas where we can improve. There's always technologies that you can deploy in inventory management. We love that the teams have really embraced this cash culture. It's been a big change for our business. Last thing I would say is we have a very strong balance sheet. We have very low leverage. We have plenty of capacity to do the things that we want to do from a strategic perspective. I would say a few years ago, when we had a higher working capital balance, you know, we had a lot of our EPS getting consumed with interest. That's not the case today. We've got plenty of cash to be able to fund our core business. What do we do with all this cash? Where is our balance sheet? How do we think about it? I'm going to really focus on the priorities. One of our key priorities is to maintain a very targeted net debt level to our EBITDA, very, I would say, very conservative. One to two times allows us to have a lot of flexibility. It really becomes the priority of this disciplined M&A. It's thematic. We're looking at things that can expand our capabilities in recurring revenue and digital, maybe some hardware, but that hardware would have to, we'll talk about Advantix. That hardware has to come with recurring revenue streams with it to be interesting to us. That would be one of the priorities. The other priority that we've really stepped up in the last couple of years is our share repurchases as we've generated more free cash flow. That's becoming more and more predictable for us. Those are our priorities. When you look at kind of our Q2 ending, our net leverage ratio was almost 0.2%. We have $111 million in cash, credit facility available of $350 million. Total debt is really our fixed debt is $140 million. We've got a flexible balance sheet. We're poised to do what we want to do strategically to execute our mid-range goals. Q2 is a December ending. So it's a fiscal Q2. Yes, it is. Yeah, great point. We were just talking about this this morning. We're one of the weird ones. We've got a June 30th fiscal year end. So we're always off cycle. That's a good point. I'll talk a little bit about the last two acquisitions that we did really back to back and why they're thematic for us. When we look at Resourcive, resources and agents, we were thinking really hard about do we go and buy something where we're competing right with our customer base. Mike Baur, our CEO, went to our top customers in that space and talked to them about what we wanted to do. This is not about competing in the agent space. This is about building the channel model of the future in this agency space. Let me just step back and talk about what that really means. Agents are typically coming out of OEM direct sells, and then they go on their own. The reason why they do that is because if they're selling for Zoom, they can only sell Zoom technologies. If they're an agent, they can sell all the technologies that are on the Intelisys line card. The economics to them are pretty much the same. Think about agents as being almost like independent insurance agents. They don't work for Allstate. They work for all of the different insurance companies. They can get you as an end user, they can get you the best deal. They can get you the best supplier. The problem with that is there's a lot of variation in how they operate. We believe long term for this channel, which is growing but still pretty immature, the suppliers need more consistency. Our investment in this space was really a management team and a set of leaders that had a lot of discipline in what we think the channel model of the future looks like. Our investment here is really around best practices, tools that will take back to the Intelisys community and help the entire channel be better. That is the idea there. It is recurring revenue, and it does fit our theme, but we felt it was important to be a leader in this space. As other TSDs, our Intelisys business is a technology service distributor, TSD. It has gone through a lot of different terms. The other large ones are private equity-backed. Are they in it for the long haul? We are not sure. We do not know what their plans are, but we know what our plans are. Our plans are to be in this for a long time. Advantix, I will try not to geek out here, but we have been doing business with Advantix for about five years. They have got a very unique solution. If you think about 5G, one of the problems that you have with 5G is who your carrier is and the connectivity of that carrier as you go across the country. They have a Smart SIM that can take all of the major carriers and allow them to switch real time to have the best connectivity. If you think about fleet management, where you may be talking about trucks or other things that would go across state lines on a regular basis, you need that to be able to track. You do not want to have gaps in your connectivity. We love this. We announced a few months ago that we have some agreements with our OEMs. We think this fits well with our hardware, particularly security and mobile computing, being able to do value-added distribution, even if we are not the distributor, but we can use Advantix. Even if it's another distributor doing it or a direct deal, we can add value there. We love this business. Last thing I want to talk about is our mid-range goals. We have had these out here for a while, probably three years, Mary, about three years. The way to think about this is a set of goals. Individually, they are interesting, but not compelling. When you look at them as a set, this is the transformed company that we are talking about. Net sales per year are really going to be driven by the hardware. We look at what our key suppliers think about their growth. What does IDC and Gartner think about the growth of the technologies that we are in? It is going to be kind of a mid-single digits growth on the hardware side. The recurring side will grow faster than that. That will help us improve our margin. When we talk about our adjusted EBITDA margin expanding to this 5% plus that we're kind of here. We're in a kind of a weird period where these were our midterm goals three years ago. We've hit a lot of these. Stay tuned. We're going to be needing to update these. Our expanded margin is really a mixed discussion. Adjusted ROIC being in the mid-teens. This is really management effectiveness. When we think about where we deploy capital, we want to make sure that we're keeping a high ROIC as just almost a checkpoint for management decisions. Last but not least, this recurring revenue is a percent of gross profit. This was a bold thing to do three years ago when we were kind of in the teens to say we were going to double it. And we're there now. You know, it hasn't been all organic. It's been some acquisitions, some small acquisitions. We think there are other acquisitions that we can do that can really step this up to a different level. We're excited. Just stay tuned. We're excited to update these mid-range goals soon. The other one that we're really excited about, we talked about the cash culture. We love the idea of being able to talk more about our cash generation in our strategic plans. With that, Adam, I'll open it up for questions if you've got any, or we can open it up to the room. Probably have time for one. We're going to continue the discussion in the breakout downstairs. Doesn't look like—let me get this one out on the public webcast, Steve. Just near-term fiscal first half of 2025, so September and December, right? Because June ending fiscal year has been a little bit weaker than you were hoping for out of the gate, but you also decided to hold guidance for fiscal 2025 despite a little bit of underperformance in the first half. You know, anything to update on that or what's giving you and the team confidence that the back half will rebound to hit the targets? I will go back to what we talked about in January. We would not be able to comment on the current quarter or kind of give guidance update at this point. I think, you know, first of all, if you look at our guidance that we came out of earlier in the year, it is a very wide range on the top. We were really trying to signal there is a lot of uncertainty in this demand cycle. We have got good messages from our suppliers. We get good messages from the channel when we hear from our channel customers that there is pipeline building. These larger deals are pushing out. We knew that was going to be a problem for us. The fact that we are also a June 30 timing, we get really—we are way ahead of our key suppliers in terms of their next year. That kind of put us into this big wide range on the top line. We're much more confident on our adjusted EBITDA. We manage that very carefully. When we think about how we're thinking about our profitability, as you think about that range of $400 million on the top line, we're very confident that we can be—our EBITDA margins will come out to the right place given where the top line goes. Our free cash flow, again, that one's one that we're very confident in because, again, the teams have embraced that. I would say the top line is still very uncertain. Really our guidance was we talked a lot about how big is the range going to be. We felt like that was our best guess. We still believe that there's second half opportunity even in this crazy world we're living in right now. That's right. Quarter before is the breakout. Thanks, Steve. Thank you.