ADI Global Distribution Inc. Common Stock When-Issued

We assess ADI’s moat as multi-pronged but still building. Intangible assets: strong proprietary brands and platforms acquired with Snap One (Control4 home and business automation used in 500,000+ sites; OvrC remote management used by 60,000+ installers), 100+ active patents, and growing exclusive brands portfolio that is only available through ADI.

Score: 80/100. Switching costs: for professional integrators, ADI combines line-of-credit terms, bid support, kitting, local pickup, design help, and remote-management software that embeds into installer workflows; digital adoption and loyalty features raise friction to switch.

Score: 82/100. Network effects: modest; more suppliers and SKUs make the platform more valuable, and installer communities around Control4/OvrC add some indirect network dynamics, but this is not a classic two-sided network.

Score: 60/100. Cost advantages: scale purchasing across 1,000+ suppliers, exclusive brands margin, and a dense branch/DC network enable favorable terms and fast fill rates; digital raises price realization.

Score: 78/100. Efficient scale: in many local markets, the combination of in-market branches plus same-day service limits viable entrants; however, national distributors (e.g., Wesco/Anixter, Graybar, TD SYNNEX, specialty AV distributors) remain capable competitors.

Score: 70/100. Overall weighted moat: 78/100 with durability supported by exclusive brands and software, but we temper for category competition and potential supplier disintermediation over time.