For the most part, competition is Ingram Micro and Synnex. There are some smaller distributors, but market share doesn't shift that easily here.
Looking at their quarterlies, the last Q1 does seem high given its usually the weakest by a big margin:
(Ignore the statutory rev lines, that's not provided the whole way through)
Q1 last year was still the weakest, but not by as much as you'd expect. However, it does seem that they're selling more additional services (warranty, software, etc.) which is helping margins. Beyond that, I can't really get much else from the result.
PC refresh cycle, E8/SOCI compliance and AI adoption are all large tailwinds. I still expect to see them come through in the next 6-12mths.
Ann: Q1 FY24 Market Update, page-57
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