CDW Corporation (CDW) Morgan Stanley Technology, Media & Telecom Conference 2026 March 2, 2026 1:00 PM EST
Company Participants
Albert Miralles – CFO & Executive VP of Enterprise Business Operations
Conference Call Participants
Erik Woodring – Morgan Stanley, Research Division
Presentation
Erik Woodring
Morgan Stanley, Research Division
Awesome. So let’s get started, guys. Welcome to Day 1 of the Morgan Stanley TMT Conference. My name is Erik Woodring. I lead the hardware research coverage here. I’m delighted to be joined by Al Miralles, CFO of CDW, a long time mainstay here at the conference.
Before we start, for important disclosures, please see the Morgan Stanley research disclosure website at www.morganstanley.com/researchdisclosures. [Operator Instructions] So Al, thank you very much for joining us today.
Albert Miralles
CFO & Executive VP of Enterprise Business Operations
Yes. You’re welcome. Thanks, Erik.
Question-and-Answer Session
Erik Woodring
Morgan Stanley, Research Division
Awesome. So I think the best place to start is maybe doing a quick look back on last year. And really what I’m hoping to better understand is, some of the challenges that you faced last year, how are you kind of course correcting, whether that’s market or micro-related? And then where do you actually see also the opportunities at the company level to lean in 2026, and we can take off from there?
Albert Miralles
CFO & Executive VP of Enterprise Business Operations
Yes. Sounds good. Just playing back the last couple of years, obviously, coming off of COVID growth, we had a number of factors that influenced our — and impacted our business, which resulted in ’23 and ’24 being tough, right? So macro environment, a bit of decision elongation, funding cycles in the public sector, a number of factors that caused an air pocket of growth during that time. For 2025, what we’re looking for was a sustainable return to growth. We did see that. We felt like we took advantage