My April 14, 2026 presentation on Rand Worldwide.

TL;DR: Rand Worldwide (OTC: RWWI) is the largest North American reseller of Autodesk products and related services. The stock is undervalued and screens poorly for several reasons, but two in particular impact reported revenue. First, three-year promotional contracts offered in 2023 pulled revenue forward and hid positive sales growth trends occurring in 2024-25, and second, a shift in June 2024 to recording most revenue as high-margin commissions rather than low-margin gross revenues sharply lowered reported revenue but did not affect net profits. As these contracts expire and comparisons normalize, free cash flow is rising for this capex-light company, which typically distributes over 75% of net income as dividends. In 2026, net income is likely ~$2/year, supporting a $1.50 dividend on the current $15 share price. The stock is fairly illiquid, so limit orders and patience required.