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    Daniel Chan • TD Cowen

    Daniel Chan's questions to Lightspeed Commerce Inc (LSPD) leadership

    Daniel Chan's questions to Lightspeed Commerce Inc (LSPD) leadership • Q3 2025

    Question

    Daniel Chan asked for clarification on GTV seasonality to understand the confidence in the year-end payments penetration target and questioned if the fiscal 2025 EBITDA guide implied a sequential margin decline in Q4.

    Answer

    CFO Asha Bakshani outlined the annual GTV cycle, noting Q4 is seasonally the weakest, followed by a recovery in Q1 and peaks in Q2 (hospitality) and Q3 (retail), which supports the payments target. She corrected the premise on EBITDA, stating that the Q4 margin is expected to be stable or improve slightly, consistent with the company's trend of raising its EBITDA outlook throughout the year.

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    Daniel Chan's questions to Celestica Inc (CLS) leadership

    Daniel Chan's questions to Celestica Inc (CLS) leadership • Q3 2024

    Question

    Daniel Chan from TD Cowen asked about the potential impact on Celestica's wallet share from Cisco's inclusion in Meta's new data center network designs and inquired about the company's positioning and share dynamics in the growing back-end network opportunity for Ethernet.

    Answer

    Stephen Dorwart, SVP of Hyperscaler and Service Provider business, explained that hyperscalers often use OEM solutions as a backup plan without fundamentally shifting away from custom hardware, which plays to Celestica's strengths. Jason Phillips, President of CCS, emphasized Celestica's advantage as a North American ODM focused on customization. Regarding back-end networks, Dorwart noted the trend towards Ethernet for both scale-up and scale-out applications, driven by AI/ML data growth and distributed architectures, positioning Celestica well for continued strong demand.

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    Daniel Chan's questions to BlackBerry Ltd (BB) leadership

    Daniel Chan's questions to BlackBerry Ltd (BB) leadership • Q2 2025

    Question

    Daniel Chan asked about the potential impact of a U.S. ban on Chinese auto software, the long-term royalty impact of delayed design programs, the reason for the sequential decline in Cybersecurity ARR, and the drivers behind the improving net revenue retention rate.

    Answer

    CFO Tim Foote said BlackBerry is watching the China situation but is well-diversified, and that delayed auto programs are a matter of timing, not lost business. CEO John Giamatteo attributed the ARR variability to Cylance churn being offset by UEM and AtHoc strength. He noted the improved net retention rate was also a mix, with upsells in UEM and AtHoc offsetting Cylance churn.

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    Daniel Chan's questions to Docebo Inc (DCBO) leadership

    Daniel Chan's questions to Docebo Inc (DCBO) leadership • Q2 2024

    Question

    Daniel Chan of TD Cowen inquired why Docebo is outperforming some HCM peers and whether potential unemployment could be a headwind. He also asked about the potential impact of the U.S. elections on government opportunities and FedRAMP timing.

    Answer

    Interim CEO Alessio Artuffo attributed Docebo's outperformance to its strategic focus on serving both employee (EX) and external/customer (CX) use cases, with over 65% of ARR tied to these mission-critical functions. Regarding the U.S. election, Artuffo stated they do not anticipate a major impact on the FedRAMP certification process or government opportunities.

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    Daniel Chan's questions to Descartes Systems Group Inc (DSGX) leadership

    Daniel Chan's questions to Descartes Systems Group Inc (DSGX) leadership • Q1 2025

    Question

    Daniel Chan asked if data-centric acquisitions like OCR offer greater cost synergies and operating leverage than other types of deals. He also questioned why Descartes appears to be maintaining resilient sales cycles while peers in the logistics space are reporting elongated cycles.

    Answer

    CEO Ed Ryan stated that while there are significant synergy opportunities, he wouldn't necessarily say they are greater than in other areas. He noted the potential to consolidate data collection efforts over time. Regarding sales cycles, Ryan attributed the company's resilience to the post-pandemic focus from customers on improving supply chain operations. He believes customers are prioritizing investments in supply chain projects, like those Descartes offers, even if they are pulling back on spending in other areas of their business.

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