there is some noise around the YoY, but what is clear is that the current quarter is a clear signal that they are getting those acquisitions under control
$30.7m PBT is their 2nd largest quarterly profit (3Q21 was ~0.9m higher, but I suspect it may have something to do with the exceed purchase that was done that quarter). The other significant change is that PBT margin has ticked up to 3.75% margin with 3Q21 again the previous high.
25bps in PBT margin on ~3200m in annual sales is $8m if PBT.....last year their margin was ~3.4% so 25-40bps improvement on margin is going to be 8-12% improvement in PBT (and worthwhile to note that interest rates have ticked up materially in the last 8 quarters, and they are seemingly accounting for that as well)
Great result and also positive outlook on both PCs and software over the next couple of years
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