Recently sat through the full year results presentation which Mary and Vlad both outlined the 2025 scorecard. For me the biggest take away was the consistancy in the story and the change in dividend policy. I liked both.

The story on the refresh cycle for Windows and the pivot to Enterprise Customers impacting margin has played out over the year and it would appear that a 9% margin is something that will continue to keep the business ticking along with the level of revenue growth that they are seeing.

The dividend policy being changed to payout between 80 - 100% is marked shift and if it leads to a reduction in debt levels while interest rates remain elevated then this can only bea good thing from my perspective.

All in all a reseanable result and see the current weakness in share price as a potential opportunity to accumulate.

Net Profit of $82.1m and a really good story on the impact of AI on the business were the key takeaways for me from today’s results call. The pc refresh cycle that Vlad flagged last call is still be touted but now in the second half of calendar 24. Still holding IRL and hoping to get a good entry point for Strawman portfolio.

I just got off the call for the HY update and feel very positive about the next couple of years given the way Vlad broke down the business performance by segment. As previously noted there was a marked decline on the PC side of the business (which makes sense given the covid boom), but this was offset by big jumps in areas with better margins ie software and DAS.

The upcoming retirement of Windows10 support by Microsoft and the next refresh cycle to support compute power required for AI adoption - ongoing digital tranformation, cybersecurity focus etc - looks like some very nice tail winds.