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    David Kwan

    Research Analyst in Technology at TD Cowen

    David Kwan is a Research Analyst in Technology at TD Cowen, specializing in coverage of the Canadian technology sector with over a decade of experience. He covers specific companies including WELL Health Technologies and Softchoice Corporation, and has demonstrated strong performance, achieving a 65.22% success rate and positive average returns on investment calls according to TipRanks. Kwan began his career over ten years ago and joined TD Securities (now TD Cowen) in 2020, following experience in both equity research and investment banking roles. He holds professional securities licenses and is recognized for delivering detailed insights to institutional investors and for his active involvement in shaping technology investment strategies.

    David Kwan's questions to WELL Health Technologies (WHTCF) leadership

    David Kwan's questions to WELL Health Technologies (WHTCF) leadership • Q1 2025

    Question

    Inquired about the status of the OceanMD contract in British Columbia, including deployment progress and the timeline for revenue ramp-up. Also asked about the reasons for Wisp's lower EBITDA margin in the quarter and whether this might delay its potential sale.

    Answer

    The OceanMD deployment in BC is progressing as planned, but they are awaiting next steps from the provincial government which is undergoing a strategic review. E-referral numbers are improving, and other provinces are showing interest. The lower Q1 EBITDA for Wisp is a seasonal pattern due to increased advertising spend at the beginning of the year when rates are lower, plus some higher compliance costs. Management is confident margins will expand and does not believe this will delay the sale process.

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    David Kwan's questions to WELL Health Technologies (WHTCF) leadership • Q1 2025

    Question

    David Kwan from TD Cowen inquired about the status of the OceanMD contract in British Columbia, specifically regarding deployment progress and the timeline for revenue ramp-up. He also asked about the recent decline in Wisp's EBITDA margins, its causes, and the potential impact on the timing of a sale.

    Answer

    Chairman and CEO Hamed Shahbazi reported that the OceanMD deployment in BC is on track, but they are awaiting next steps from the province, which is undergoing a broader strategic review. Regarding Wisp, Shahbazi explained that the lower Q1 EBITDA is a predictable seasonal pattern resulting from a strategic increase in advertising spend early in the year. He expressed confidence that margins will improve through 2025 and does not expect this to delay the divestiture process.

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    David Kwan's questions to WELL Health Technologies (WHTCF) leadership • Q3 2024

    Question

    David Kwan asked for the mix of acquisitions versus absorptions in the longer-term pipeline of over 30 clinics. He also inquired about M&A opportunities and current valuation multiples in the diagnostics and specialty health business.

    Answer

    Chairman and CEO Hamed Shahbazi responded that the future clinic pipeline is more balanced between absorptions and traditional acquisitions, with a focus on adding strong operators and maximizing unlevered ROIC, not just acquiring "cheap-off" clinics. Regarding diagnostics, he noted that valuation multiples have moderated, creating a great opportunity to acquire high-quality radiology and cardiology assets, and signaled that WELL expects to be active in this area in the coming quarters.

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    David Kwan's questions to Sangoma Technologies (SANG) leadership

    David Kwan's questions to Sangoma Technologies (SANG) leadership • Q3 2025

    Question

    David Kwan of TD Cowen questioned the capital allocation strategy, asking if a Substantial Issuer Bid (SIB) would be considered. He also sought clarity on the margin outlook for fiscal 2026 and inquired if any other business units beyond VoIP Supply were being considered for divestiture.

    Answer

    CFO Larry Stock and CEO Charles Salameh addressed the questions. Stock indicated satisfaction with the current NCIB for now. Salameh added that an SIB would be considered for fiscal 2026 planning. For margins, Stock projected gross margins approaching 75-80% and adjusted EBITDA of 19-20% in late fiscal 2026, driven by the shift away from non-core products. Salameh confirmed that no other parts of the business are currently being considered for sale, as the company is comfortable with its current asset mix.

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    David Kwan's questions to Sangoma Technologies (SANG) leadership • Q3 2025

    Question

    David Kwan of TD Cowen inquired about capital allocation, asking if the company would consider a Substantial Issuer Bid (SIB). He also asked for clarity on the margin outlook for fiscal 2026 and whether other business units were being considered for divestiture.

    Answer

    CFO Lawrence Stock and CEO Charles Salameh indicated they are currently focused on the Normal Course Issuer Bid (NCIB) but will consider an SIB for fiscal 2026 planning. Stock projected gross margins could approach 75-80% and adjusted EBITDA 19-20% in late FY'26 as the company shifts away from non-core assets. Salameh confirmed that no other divestitures are planned at this time.

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    David Kwan's questions to Sangoma Technologies (SANG) leadership • Q2 2025

    Question

    David Kwan inquired about the strategy behind deemphasizing the low-margin hardware resale business, asking if it would be wound down or sold. He also asked about other non-core product lines, potential mitigation strategies for tariffs, and progress on international expansion.

    Answer

    CEO Charles Salameh explained the decision was to reallocate SG&A investment from the uncertain federal government hardware business towards accelerating core, high-margin MRR growth, rather than just winding down a specific unit like VoIP Supply. COO Jeremy Wubs added that non-core lines are well-organized for potential divestiture. CFO Larry Stock noted that tariff impacts would be immaterial due to sufficient inventory and manufacturing options in locations like Vietnam. Regarding international growth, management confirmed improved performance and noted that the company's stronger balance sheet now allows for inorganic geographic expansion.

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    David Kwan's questions to Sangoma Technologies (SANG) leadership • Q4 2024

    Question

    David Kwan sought to clarify if larger deal sizes were driven by product bundling or a strategic move toward larger customers. He also questioned the company's readiness to compete in the enterprise market and asked about the long-term adjusted EBITDA margin outlook beyond fiscal 2025.

    Answer

    COO Jeremy Wubs confirmed it's a combination of both multi-product bundles and pursuing larger deals, enabled by new disciplines like a robust deal pursuit process. CEO Charles Salameh added that segmenting their channel partners allows them to focus market development funds on partners who serve larger, mid-market clients. Regarding margins, CFO Lawrence Stock suggested that post-FY25, margins could be in the same range or higher as operational efficiencies from the ERP system are realized. Salameh emphasized the focus on the high-margin services business, which the ERP will help expand through cross-selling.

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    David Kwan's questions to Sangoma Technologies (SANG) leadership • Q3 2024

    Question

    David Kwan of TD Cowen asked about the cause for the year-over-year decline in gross margin, sought details on constructive feedback from channel partners, and inquired about capital allocation priorities, specifically M&A criteria and potential leverage levels.

    Answer

    CFO Lawrence Stock stated the slight gross margin dip was due to a normal variation in the mix within services revenue. CEO Charles Salameh shared that constructive partner feedback centers on requests for more training and support to sell the full Sangoma portfolio. On capital allocation, Salameh emphasized the goal is creating 'optionality' for growth via a strong balance sheet, with debt repayment as a priority. He noted that while they are evaluating M&A, it is too early to specify criteria or leverage levels.

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