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    Jinli Chan

    Research Analyst at Bank of America

    Jinli Chan is an equity research analyst at Bank of America Securities, recognized for her expertise in covering companies within the financial and fintech sectors, including client-facing interactions on firms such as CompoSecure, Inc. She distinguishes herself with insightful coverage and strategic guidance, frequently participating in high-profile earnings calls and delivering in-depth industry analysis. Beginning her analyst career after relevant academic and industry training, Jinli Chan has developed a reputation for clear, well-researched commentary and is noted for her strong client engagement and expert reputation. She is professionally credentialed and is registered with relevant securities industry authorities, reflecting her adherence to high regulatory and professional standards.

    Jinli Chan's questions to CompoSecure (CMPO) leadership

    Jinli Chan's questions to CompoSecure (CMPO) leadership • Q1 2025

    Question

    Jinli Chan from Bank of America inquired about the expected cadence of revenue and EBITDA growth for the remainder of 2025, the underlying macroeconomic assumptions, and potential supply chain challenges. She also asked about the drivers of recent Arculus wins and its specific financial contribution in Q1.

    Answer

    CEO Jon Wilk reiterated the expectation for mid-single-digit growth, with momentum building through Q2, Q3, and Q4 for both revenue and EBITDA. He noted the company is proactive on supply chain management and is not yet seeing macro impacts on client activity. Regarding Arculus, Wilk highlighted that its authentication value proposition is resonating as the market moves to passkeys, but declined to provide specific revenue or contribution figures due to the new equity method accounting, while noting it was a record quarter with a strong net positive contribution.

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    Jinli Chan's questions to CompoSecure (CMPO) leadership • Q4 2024

    Question

    Jinli Chan of Bank of America inquired about the financial impact of the Resolute Holdings spin-off on CompoSecure's P&L for 2025. She also asked about Resolute's broader strategic role and the potential types or sizes of companies CompoSecure is considering for M&A.

    Answer

    CEO Jonathan Wilk described Resolute's impact as 'incredibly meaningful' across organic growth, operational improvements via the COS, and M&A. He highlighted that Executive Chairman Dave Cote and the Resolute team are actively involved in operations and customer engagement. Wilk confirmed there is a 'very robust pipeline' of M&A opportunities across the spectrum, with the primary criterion being that any deal must be accretive and deliver value to investors.

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    Jinli Chan's questions to CompoSecure (CMPO) leadership • Q3 2024

    Question

    Jinli Chan from Bank of America requested more detail on the implied Q4 revenue guidance, which suggests a significant deceleration from Q3, and asked about the expected performance of the international versus domestic segments. She also followed up on the drivers of free cash flow and potential future growth levers.

    Answer

    CEO Jon Wilk explained that the updated full-year guidance of $418M-$424M is above the original midpoint and that Q4 seasonality is not abnormal. He noted that international performance can be 'lumpier' but should be in the 17%-23% range for the full year. Regarding free cash flow, Wilk reiterated that the company hasn't provided a forward forecast but expects an additional $20 million annually from the Resolute transaction due to reduced tax distributions.

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    Jinli Chan's questions to TELUS International (Cda) (TIXT) leadership

    Jinli Chan's questions to TELUS International (Cda) (TIXT) leadership • Q1 2025

    Question

    Jinli Chan asked why the full-year revenue outlook was only reiterated despite a strong Q1, inquiring about any changes to assumptions for FX, the macro environment, or top client performance.

    Answer

    CFO Gopi Chande explained that while they are 'cautiously optimistic,' their annual plan is built to accommodate volatility with built-in 'puts and takes.' She noted that foreign exchange rates have seen some stabilization, and barring any material changes in the macroeconomic environment, the company remains confident in its reiterated full-year outlook.

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    Jinli Chan's questions to TELUS International (Cda) (TIXT) leadership • Q4 2024

    Question

    Jinli Chan sought clarification on the Q1 2025 outlook, confirming expectations for a sequential and year-over-year revenue decline, followed by gradual improvement. She also asked about the timing and nature of the $65 million in investments and $50 million in cost savings.

    Answer

    Gopi Chande, CFO, confirmed that Q1 revenue and EBITDA would be the lowest of the year, impacted by seasonality, upfront investments, and a non-recurring gain in Q1 2024. She explained the investments are weighted to H1 2025 and are a continuation of 2024's sales and marketing build-out. Jason Macdonnell, Acting CEO, added that investments target workforce management tools and advancing AI data operations capabilities.

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    Jinli Chan's questions to TELUS International (Cda) (TIXT) leadership • Q2 2024

    Question

    Jinli Chan asked about headcount expectations for the second half of the year and the current geographical mix of headcount versus revenue.

    Answer

    CFO Gopi Chande projected that non-billable headcount would remain flat or decline, while billable headcount would track with revenue growth. Geographically, she noted a slight reduction in North American team count and revenue, which was being offset by growth in Central America and Africa. She offered to provide more specific numbers offline.

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    Jinli Chan's questions to TTEC Holdings (TTEC) leadership

    Jinli Chan's questions to TTEC Holdings (TTEC) leadership • Q1 2025

    Question

    Jinli Chan sought clarity on the full-year outlook, asking if the guidance was maintained because it could accommodate potential softness in the second half, and inquired about remaining levers for margin improvement, particularly regarding offshore operations.

    Answer

    CFO Kenny Wagers confirmed that the guidance reflects a strong first half but incorporates caution for the second half due to potential macro impacts on clients. CEO Kenneth Tuchman identified moving more business offshore as the single largest margin driver, noting over 50% of new Engage signings are for offshore delivery. Both executives highlighted ongoing cost discipline, AI integration, and improved talent utilization as key levers, while also emphasizing the need to reinvest savings into future growth initiatives.

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    Jinli Chan's questions to TTEC Holdings (TTEC) leadership • Q3 2024

    Question

    Jinli Chan asked for more details on client project delays, including expected ramp-up periods and the specific macro concerns, and also questioned if the new, higher tax rate is a good baseline for 2025.

    Answer

    Shelly Swanback, CEO of TTEC Engage, clarified that delays in the Digital segment were about project start dates, not ramp-up speed. CFO Kenny Wagers explained the higher normalized tax rate is due to a U.S. valuation allowance and pretax income mix, and that a similar rate is expected in Q4, but did not provide formal 2025 guidance.

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    Jinli Chan's questions to dLocal (DLO) leadership

    Jinli Chan's questions to dLocal (DLO) leadership • Q4 2024

    Question

    Jinli Chan inquired about the new merchant pipeline, the expected mix of growth from new versus existing clients in 2025, and the outlook for free cash flow conversion.

    Answer

    Executive Pedro Arnt stated that the company expects continued high TPV retention from existing clients and a pickup in volume from new merchants, highlighting that the 2024 new merchant cohort delivered record first-year TPV. He noted that the take rate for new merchants varies significantly by their size and vertical. The question regarding 2025 free cash flow was not addressed before the call concluded.

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    Jinli Chan's questions to dLocal (DLO) leadership • Q3 2024

    Question

    Jinli Chan, also known as Cassie, asked about the confidence in typical Q4 seasonality materializing, given the reiterated full-year guide implies stable growth. She also inquired about the outlook for revenue concentration, noting that the top 10 clients still represent over 60% of revenue.

    Answer

    Executive Pedro Arnt expressed caution regarding Q4, stating that while quarter-to-date trends were solid, the most critical holiday shopping weeks were still ahead. On client concentration, he acknowledged the goal is to diversify but expects reliance on top global merchants to continue in the near-term, as they are the primary players aggressively expanding across the emerging markets dLocal serves.

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    Jinli Chan's questions to TaskUs (TASK) leadership

    Jinli Chan's questions to TaskUs (TASK) leadership • Q4 2024

    Question

    Jinli Chan questioned the strong Q1 revenue guidance, asking if it represented a pull-forward from later in the year and implied a growth deceleration. She also asked for quantification of the Q4 security incident's impact and related investment spending.

    Answer

    CEO Bryce Maddock explained that the strong Q1 guidance reflects a solid start to the year despite a $15 million sequential headwind, and the full-year guidance of 10-13% growth has potential upside. Regarding the security incident, he stated that its impact, combined with growth investments, accounted for the 'few million dollar' Q4 EBITDA miss. He confirmed millions will be invested in both AI and security, which is factored into the 2025 guidance.

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