ADI Global Distribution Inc. Common Stock When-Issued

Management outlines priorities of organic investments (digital, exclusive brands, services), disciplined deleveraging, and targeted M&A in expansion categories.

The Snap One integration lifts mix and margin and the store footprint/digital consolidation plan targets >$30 million in in-year opex reductions in 2026. We like the capex-light model and measurable self-help, but spin-related leverage and preferred stock reduce near-term flexibility.

Track record on acquisitions is improving post-Snap One, though we will watch returns and supplier relationship dynamics carefully. Score: 65.