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    Brian Morrison

    Managing Director and Senior Equity Analyst at TD Cowen

    Brian Morrison is a Managing Director and Senior Equity Analyst at TD Cowen specializing in the consumer discretionary sector, with a focus on Canadian and global companies such as BRP Inc., Gildan Activewear, Magna International, Linamar, and Spin Master. He has established a strong track record, earning a 5-star analyst rating, a 58.8% success rate, and an average return of 10.7%, with top performing recommendations including a standout 179.7% return on Magna International. Morrison has been with TD Cowen for several years, having previously held roles at other firms within the securities industry and frequently hosts industry conferences such as TD Cowen’s Future of the Consumer Conference. He holds recognized professional analyst credentials and is registered with relevant securities authorities in accordance with industry regulations.

    Brian Morrison's questions to BRP (DOOO) leadership

    Brian Morrison's questions to BRP (DOOO) leadership • Q2 2026

    Question

    Brian Morrison of TD Cowen inquired about the revenue recovery profile as wholesale aligns with retail, following a significant destocking headwind. He also asked for framing on the margin impact from promotional activity this year and going forward as industry inventory normalizes.

    Answer

    CFO Sébastien Martel explained that the inventory destocking in the current fiscal year had a $400-$500 million revenue impact, which should become a tailwind next year as wholesale matches retail. He noted that while the promotional environment was tough this year, BRP benefited by about 75-100 basis points versus the prior year. Martel suggested another 50 basis point tailwind from lower promotions next year is a plausible scenario as the market stabilizes.

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    Brian Morrison's questions to BRP (DOOO) leadership • Q1 2026

    Question

    Brian Morrison requested a detailed breakdown of the Q1 gross margin decline to better understand the H2 outlook. He also asked if ORV sales might soften further as heavy promotions on aged inventory fade.

    Answer

    CFO Sebastien Martel attributed the Q1 gross margin decline of nearly 500 basis points to unfavorable product mix (-170 bps), higher sales programs (-120 bps), and fixed cost absorption from lower volumes (-190 bps). For the second half, he expects new product introductions and normal discounts on MY25 non-current units to sustain demand and offset the reduction in heavy promotions, leading to significant margin improvement, particularly in Q4.

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    Brian Morrison's questions to BRP (DOOO) leadership • Q2 2025

    Question

    Brian Morrison requested BRP's current inventory level in terms of 'days of inventory' against its 90-day target. He also asked about the maximum leverage level BRP is comfortable with and for any insights into the used vehicle market.

    Answer

    CFO Sebastien Martel did not provide a specific 'days' number but highlighted the 13% inventory reduction since year-end as strong progress. On leverage, he stated that while 1.5x-2.0x is the target in normal times, he is 'super comfortable' operating at higher levels like 3.0x-3.5x temporarily due to the company's favorable debt structure. CEO Jose Boisjoli noted the used market is stabilizing but did not provide specific data.

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    Brian Morrison's questions to BRP (DOOO) leadership • Q1 2025

    Question

    Brian Morrison of TD Cowen asked for the specific assumptions on retail sales volumes and net pricing within the updated guidance and inquired about the timeline for completing the dealer inventory destocking. He also asked for the normalized EBITDA margin assumption in BRP's long-term earnings model.

    Answer

    CFO Sebastien Martel detailed that the retail outlook is for low-single-digit growth in ORV and a high-single-digit decline in Seasonal Products. He noted destocking will be progressive, with a large part in Q2. He also reaffirmed the company's belief that a 17% normalized EBITDA margin is achievable long-term, pointing to the implied H2 guidance as evidence of progress toward that goal. CEO Jose Boisjoli added that pricing is a science based on competitive features, not an automatic reaction to competitors.

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    Brian Morrison's questions to MAGNA INTERNATIONAL (MGA) leadership

    Brian Morrison's questions to MAGNA INTERNATIONAL (MGA) leadership • Q2 2025

    Question

    Brian Morrison of TD Securities asked what specific factors will jumpstart margin performance in the Power & Vision segment to reach its 2026 targets, as it appears to need the most acceleration. He also inquired about how the Veoneer acquisition is performing relative to initial expectations.

    Answer

    CEO Seetarama Swamy Kotagiri identified tariffs as a significant factor weighing on H1 P&V performance, and noted that launch cadence, engineering spend, and operational performance are all on track. Regarding Veoneer, he stated the focus is on the consolidated entity, not Veoneer in isolation, and confirmed that synergy targets have been met or slightly exceeded, with the strategic rationale for the acquisition holding.

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    Brian Morrison's questions to MAGNA INTERNATIONAL (MGA) leadership • Q4 2024

    Question

    Brian Morrison asked about Magna's flexibility and contingency plans to mitigate the potential impact of broad-based tariffs, given that some automakers have discussed moving production.

    Answer

    CEO Seetarama Kotagiri described the tariff issue as an industry-wide problem, stating that absorbing the potential cost is "unrealistic and untenable" for a supplier. He noted that while Magna's North American footprint provides some flexibility to work with customers, shifting production is not a short-term fix and would be highly disruptive for the entire industry. He confirmed active dialogue is underway with all constituents.

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    Brian Morrison's questions to MAGNA INTERNATIONAL (MGA) leadership • Q2 2024

    Question

    Brian Morrison of TD Cowen asked for a sequential margin walk for 2024, detailing the key factors driving the expected improvement from Q2's 5.3% to the implied 6.0-6.5% margin in the second half of the year.

    Answer

    CFO Patrick McCann identified the two primary drivers for the second-half margin uplift as commercial recoveries, which are historically weighted to Q4, and lower net engineering spend. He noted that benefits from restructuring would also contribute but would be third in magnitude. These positive factors are expected to more than offset some anticipated weakness in sales volumes.

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    Brian Morrison's questions to Gildan Activewear (GIL) leadership

    Brian Morrison's questions to Gildan Activewear (GIL) leadership • Q2 2025

    Question

    Brian Morrison of TD Securities inquired about the scale of the capacity increase in Honduras related to near-shoring opportunities and asked about the operational efficiency and tariff implications of the Bangladesh facility.

    Answer

    President & CEO Glenn Chamandy estimated the Central American expansion would yield about 10% more capacity overall, installed within the year. He stated that the Bangladesh facility is already contributing to operating margin expansion, with half its volume serving international markets and the other half using U.S. cotton to mitigate tariff impacts for North America. He emphasized Gildan's flexibility and pricing actions to manage tariff costs effectively.

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    Brian Morrison's questions to Gildan Activewear (GIL) leadership • Q1 2025

    Question

    Brian Morrison of TD Cowen asked for confirmation on the drivers of national account growth, including competitor weakness and nearshoring trends. He also questioned how Gildan would manage growth if tariffs on products from Bangladesh were to increase, specifically asking about capacity in Honduras.

    Answer

    President and CEO Glenn Chamandy confirmed that growth is being driven by competitor exits and a potential increase in nearshoring due to prohibitive tariffs on goods from Asia. Regarding Bangladesh, he stated that the facility remains highly cost-effective even with a 10% tariff, thanks to a 25% cost advantage and significant U.S. content value. He also noted that the company is currently operating at about 90% capacity, with available capacity primarily in Central America, and is actively looking to expand there to capture new opportunities.

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    Brian Morrison's questions to Gildan Activewear (GIL) leadership • Q4 2024

    Question

    Brian Morrison asked for details on Gildan's point-of-sale (POS) performance relative to the industry amid competitor challenges. He also pressed on the pricing environment, noting that Q4 gross margin appeared slightly light and questioning its impact on the 2025 margin expansion guidance.

    Answer

    President, Sales, Marketing and Distribution Chuck Ward confirmed strong, positive POS across all channels in Q4, with double-digit growth in basics and the ring-spun category, indicating market share gains against a flat-to-down market. EVP & CFO Rhodri Harries asserted that pricing was generally stable in Q4 and is expected to remain so in 2025, attributing margin performance to volume growth and cost efficiencies.

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    Brian Morrison's questions to Gildan Activewear (GIL) leadership • Q2 2024

    Question

    Brian Morrison asked about the current capacity utilization at the Bangladesh facility, the impact of recent civil unrest, and progress on Phase 2. He also inquired about the sustainable level for SG&A expenses going forward, inclusive of the new Barbados tax credit.

    Answer

    CEO Glenn Chamandy confirmed the Bangladesh ramp-up is on track to reach 75% exit capacity by year-end, with startup costs already embedded in current margins. He stated the civil unrest was not material and that Phase 2 development is included in the 3-year CapEx plan. CFO Rhodri Harries addressed SG&A, suggesting a near-term sustainable level in the 9% to 9.5% range of sales, with expectations for future leverage as the company grows.

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    Brian Morrison's questions to Park Ha Biological Technology (PHH) leadership

    Brian Morrison's questions to Park Ha Biological Technology (PHH) leadership • Q3 2017

    Question

    Brian Morrison of Tulsania Capital questioned if the 2019 profitability forecast was optimistic, asked about the conversion timeline for the subservicing pipeline, inquired about the competitive landscape, and asked if the board was reassessing the PHH 2.0 strategy.

    Answer

    Michael R. Bogansky, CFO, clarified that the increased $70 million cash earmark reflects a slower ramp-up in business development. Robert B. Crowl, President and CEO, added that the sales cycle is 6-10 months and they face typical competitors. He also stated that while the board continuously monitors performance, they are only a few quarters into the PHH 2.0 strategy and the need to build scale was anticipated.

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