Core Insights - TD SYNNEX has been awarded multiple 2025 AWS Partner Awards, including Distributor Partner of the Year for North America and Latin America, recognizing its significant contributions in revenue and partner outreach [1][2] - The awards were announced during the AWS re:Invent 2025 Partner Awards Gala, highlighting partners that have excelled in specialization, innovation, and customer support [2][5] - TD SYNNEX was also recognized as a finalist for the Global Distributor Partner of the Year, showcasing its global reach and strong relationships within the AWS ecosystem [3] Company Achievements - TD SYNNEX has multiple specializations in AWS services, including Migration and Modernization, Education and Government Consulting, and Cloud Operations Software competencies [3] - The company supports AWS partners through its global cloud platform, StreamOne®, which provides end-to-end management and integrated procurement options [3] - Earlier in the year, TD SYNNEX entered into a Strategic Collaboration Agreement with AWS to accelerate cloud and AI adoption across North America, Latin America, and the Caribbean [4] Recognition and Evaluation - The Geography and Global AWS Partner Awards included a self-nomination process, with submissions reviewed by a third-party, Canalys, emphasizing customer success use cases [5][6] - Award categories were evaluated using unique metrics to measure AWS Partners' performance, ensuring objective and accurate assessments [6]

Core Insights - The FPA Queens Road Small Cap Value Fund reported a return of 7.46% in Q3 2025, underperforming the Russell 2000 Value Index which returned 12.60% [1] - For the first three quarters of 2025, the fund achieved a return of 13.77%, outperforming the index's 9.04% [1] - The fund's investment strategy focuses on a disciplined approach, expecting to perform better in down markets and lag in speculative environments [1] Company Highlights: TD SYNNEX Corporation - TD SYNNEX Corporation is recognized as the largest IT distributor globally, evolving from traditional hardware distribution to providing outsourced sales and IT consulting services [3] - The company reported a one-month return of -5.70% but has seen a 52-week gain of 20.89%, with shares closing at $146.24 and a market capitalization of $12.06 billion as of November 21, 2025 [2] - In Q3 2025, TD SYNNEX Corporation reported revenue of $15.7 billion, reflecting a 7% year-over-year increase [4] - The company's growth is driven by its Advanced Solutions portfolio, which has rebounded to double-digit billings growth, focusing on software and security solutions [3] - Current valuation of TD SYNNEX shares is approximately 12 times this year's earnings, indicating potential attractiveness for investors [3] Hedge Fund Interest - As of the end of Q2 2025, 36 hedge fund portfolios held TD SYNNEX Corporation, an increase from 35 in the previous quarter [4]

Group 1 - Brighthouse Financial (BHF) has been added to the Zacks Rank 5 (Strong Sell) List, with a significant downward revision of 67.6% in the Zacks Consensus Estimate for its current year earnings over the last 60 days [1] - AkzoNobel (AKZOY), a leading global paints and coatings company, has experienced a 10.1% downward revision in its current year earnings estimate over the last 60 days [2] - Climb Global Solutions, Inc. (CLMB), specializing in emerging and disruptive technologies, has seen its current year earnings estimate revised downward by almost 7.6% in the past 60 days [2]

Group 1 - Alta Equipment Group (ALTG) has been added to the Zacks Rank 5 (Strong Sell) List due to a significant downward revision of its current year earnings estimate by approximately 48.6% over the last 60 days [1] - Chagee Holdings Limited - Sponsored ADR (CHA) is also on the Zacks Rank 5 (Strong Sell) List, with its current year earnings estimate revised downward by 14.7% in the past 60 days [2] - Climb Global Solutions, Inc. (CLMB) has seen its current year earnings estimate revised downward by nearly 7.6% over the last 60 days, leading to its inclusion in the Zacks Rank 5 (Strong Sell) List [2]

Core Insights - TD SYNNEX has been awarded Global Distributor of the Year and Americas Distributor of the Year at Cisco Partner Summit 2025 for its achievements in the U.S. market [1][2] - The company also received recognition as Distributor of the Year for the EMEA region, specifically in Norway, and in Germany and Norway [1] - In the Americas, TD SYNNEX was honored as Distributor of the Year for Brazil and Mexico, and recognized as Social Impact Partner of the Year in Canada [1] Company Achievements - The awards reflect TD SYNNEX's commitment to delivering meaningful outcomes for partners through collaboration with Cisco [3] - The recognition highlights the company's efforts in driving significant value and fostering innovation across Cisco's portfolio in Latin America [3] - The multiple awards received globally and in Europe underscore the strong partnership between TD SYNNEX and Cisco, showcasing the dedication of teams to meet customer needs [3] Company Overview - TD SYNNEX is a leading global distributor and solutions aggregator for the IT ecosystem, serving over 150,000 customers in more than 100 countries [4] - The company employs 23,000 individuals and partners with over 2,500 technology vendors, focusing on high-growth technology segments such as cloud, cybersecurity, AI, and IoT [4] - TD SYNNEX aims to maximize the value of technology investments and create growth opportunities while acting as a responsible corporate citizen [5]

Financial Data and Key Metrics Changes - Gross billings in Q3 2025 increased by 8% to $504.6 million compared to $465.2 million in the prior year quarter [12] - Net sales in Q3 2025 increased by 35% to $161.3 million compared to $119.3 million, driven by organic growth and contributions from the acquisition of Douglas Stewart Software [12] - Net income in Q3 2025 was $4.7 million or $1.02 per diluted share, down from $5.5 million or $1.19 per diluted share in the prior year [16] - Adjusted EBITDA in Q3 2025 was $10.9 million, slightly down from $11.1 million in the prior year [18] Business Line Data and Key Metrics Changes - Distribution segment gross billings increased by 9% to $481.9 million, while solutions segment gross billings decreased by 5% to $22.7 million [12] - Gross profit as a percentage of gross billings was 5.1%, slightly down from 5.2% in the prior year [13] Market Data and Key Metrics Changes - The European team showed strong execution, particularly in the artificial intelligence market, with the launch of Climb AI Academy to support partners [9][10] - The cybersecurity space continues to lead growth, accounting for over 60% of the company's business [22] Company Strategy and Development Direction - The company is focused on building operational momentum and executing strategic initiatives, including evaluating acquisition opportunities to enhance capabilities and market presence [19] - The company aims to deepen partnerships with existing vendors while selectively adding new ones to maintain innovation and market differentiation [5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in closing out 2025 strong, with expectations for another year of record results [11] - There are no significant concerns regarding tariffs impacting the business, although currency fluctuations are monitored [30] Other Important Information - The Board of Directors declared a quarterly dividend of $0.17 per share, payable on November 17, 2025 [19] - The company has a robust balance sheet with cash and cash equivalents of $49.8 million as of September 30, 2025 [18] Q&A Session Summary Question: How would you characterize the quarter? Was the growth broad-based across your top 20? - Management indicated that there were no lumpy deals and organic growth was strong across the majority of vendors [21] Question: Were there any early pay price discounts that impacted margin? - No new relationships on early pay discounts were noted, and the percentage of gross billings remained consistent [24] Question: Is there a similar training program in the U.S. as the one in Europe? - Currently, there is no similar program in the U.S., but plans to roll out a training program are in place [25] Question: What is the impact of tariffs on your business? - There is no significant impact from tariffs, but currency fluctuations are considered [30] Question: Can you explain the notable declines in accounts receivable and accounts payable? - The changes are typical for the business and are expected to normalize in the next quarter [31] Question: What is the seasonality of orders now with DSS? - Seasonality is influenced by the education sector, with strong buying occurring in the summer [38] Question: What caused the 5% decrease in the solutions segment gross billings? - The decrease is attributed to fluctuations in the U.S. side of the business, which has a small team and large customers [40] Question: What are the acquisition-related costs in the quarter? - The costs are related to evaluating potential acquisitions, with a focus on larger deals moving forward [42][45] Question: What is the company's vision for future M&A? - The company is looking at opportunities ranging from $10 million to $40 million, focusing on strategic acquisitions that enhance technical capabilities [48][52]

Core Insights - Conestoga Capital Advisors reported strong equity market performance in Q3 2025, with their Micro-Cap Composite returning 11.7% net-of-fees, while the Russell Microcap Growth Index returned 19.9% [1] Company Overview - Climb Global Solutions, Inc. (NASDAQ:CLMB) is a value-added IT distribution and solutions company, focusing on emerging and cloud-based technologies [2][3] - The company operates with a focused lineup of under 100 brands, serving approximately 7,000 customers across North America and Western Europe [3] Financial Performance - Climb Global Solutions, Inc. reported a one-month return of -6.59% and a 52-week gain of 24.54%, with shares closing at $129.96 and a market capitalization of $600.052 million as of October 21, 2025 [2] - In Q2 2025, the company achieved net sales of $159.3 million, a significant increase from $92.1 million in Q2 2024 [4] Growth Potential - The company is experiencing organic revenue growth of 13-15%, with 80% of its revenue being recurring [3] - More than half of Climb Global Solutions' revenue comes from security software, an area expected to see continued growth due to increasing threats from artificial intelligence [3] Hedge Fund Interest - Climb Global Solutions, Inc. was held by 13 hedge fund portfolios at the end of Q2 2025, an increase from 9 in the previous quarter [4]

Core Points - Climb Global Solutions, Inc. will host a conference call on October 30, 2025, at 8:30 a.m. Eastern time to discuss its Q3 2025 financial results [1][2] - The results will be reported in a press release prior to the call [1] - Interested parties can submit questions via email before the call [2] Company Overview - Climb Global Solutions, Inc. is a value-added global IT distribution and solutions company specializing in emerging and innovative technologies [4] - The company operates across the U.S., Canada, and Europe through multiple business units, including Climb Channel Solutions, Grey Matter, and Climb Global Services [4] - Climb provides IT distribution and solutions for various industries, including Security, Data Management, Connectivity, Storage & HCI, Virtualization & Cloud, and Software & ALM [4]

Core Viewpoint - The divorce case of Guo Wei, the controlling shareholder of Digital China, has led to the freezing of 50% of his shares, raising concerns about potential changes in the company's actual control and ownership structure [2][3]. Group 1: Legal Proceedings and Shareholding Impact - The Beijing Haidian District People's Court has ruled on the divorce case between Guo Wei and Guo Zhengli, with the property division still under review [2]. - Guo Wei holds 155 million shares of Digital China, representing 21.49% of the total share capital, with half of these shares already frozen [2]. - The frozen shares amount to 77.39 million shares, accounting for 11.56% of the company's total share capital, with a market value of approximately 33.94 billion yuan based on the stock price of 43.86 yuan [3][5]. Group 2: Company Performance and Management Changes - Digital China reported a revenue of 71.586 billion yuan for the first half of 2025, reflecting a year-on-year increase of 14.42%, while net profit decreased by 16.29% to 426 million yuan [4]. - The decline in net profit is attributed to increased R&D investments in AI technology and related product areas to secure long-term growth and competitive advantage [4]. - The company has undergone a change in legal representation, with Wang Bingfeng now serving as the legal representative, replacing Guo Wei [4]. Group 3: Company Structure and Independence - Digital China maintains a complete separation from its controlling shareholder in terms of assets and operations, ensuring independent business capabilities [3][4]. - The second-largest shareholder is China New Era Limited, holding 4.65% of the shares, indicating potential significant changes in the ownership structure if the frozen shares are transferred [3].

Core Insights - Three stocks are highlighted with strong buy rankings and momentum characteristics for investors to consider on October 2nd: Robinhood Markets, Futu Holdings, and TD SYNNEX CORP [1][2][3][4] Company Summaries Robinhood Markets (HOOD) - The company offers trading services in crypto, stocks, options, ETFs, cash management, margin and securities lending, and Robinhood Gold [1] - It has a Zacks Rank of 1 (Strong Buy) and the Zacks Consensus Estimate for its current year earnings increased by 7.9% over the last 60 days [1] - Shares gained 42.1% over the last three months compared to the S&P 500's gain of 7.8% [2] - The company possesses a Momentum Score of A [2] Futu Holdings (FUTU) - This technology company provides a digitized brokerage platform and is primarily engaged in online brokerage services and margin financing [2] - It has a Zacks Rank of 1 and the Zacks Consensus Estimate for its current year earnings increased by 17.6% over the last 60 days [2] - Shares gained 46.6% over the last three months compared to the S&P 500's gain of 7.8% [3] - The company possesses a Momentum Score of A [3] TD SYNNEX CORP (SNX) - The company is a leading global IT distributor and solutions aggregator, providing a comprehensive range of technology distribution, logistics, and integration services [3] - It has a Zacks Rank of 1 and the Zacks Consensus Estimate for its current year earnings increased by 4.7% over the last 60 days [3] - Shares gained 18.4% over the last three months compared to the S&P 500's gain of 7.8% [4] - The company possesses a Momentum Score of A [4]