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    Jonathan Lee

    Director at Arias Resource Capital

    Jonathan Lee is a Director at Arias Resource Capital Management (ARC), specializing in investment analysis within the metals and mining sectors with a focus on battery materials and vanadium assets. He covers companies such as Largo Inc., Largo Physical Vanadium, and Compañía Minera Kolpa, and has previously served on the boards of Park Lawn Company Ltd. and Bearing Lithium Corp. With over 20 years of experience, Jonathan began his career as an engineer, later moving into finance roles at Raging River Capital, Geologic Resource Partners LLC, and as an equity research analyst at Byron Capital Markets before joining ARC; he is also noted as Vice President in some public company records. He holds a B.S. in Chemical Engineering from Tufts University, an MBA from NYU Stern, and maintains directorships in both private equity investments and public mining companies.

    Jonathan Lee's questions to Globant (GLOB) leadership

    Jonathan Lee's questions to Globant (GLOB) leadership • Q2 2025

    Question

    Jonathan Lee asked for clarification on the assumptions in the revised growth outlook, the level of conservatism, and potential for acceleration. He also inquired about pricing discussions, particularly the impact of the AI Pod model and the competitive environment.

    Answer

    CFO Juan Urthiague explained the guidance revision was a minor tweak on revenue but an increase in EPS, reflecting structural changes to capture future growth. CEO Martín Migoya added that the AI Pod model offers better margins for Globant and cost-effectiveness for clients, creating a win-win scenario by sharing productivity gains.

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    Jonathan Lee's questions to Globant (GLOB) leadership • Q1 2025

    Question

    Jonathan Lee asked about the composition of the revised outlook in terms of new versus existing business, and for an update on the top client's growth expectation for the year.

    Answer

    CFO Juan Urthiague explained the revised forecast is 'derisked,' based heavily on contracted work and assumes current uncertainty continues without a significant second-half recovery. Regarding the top client, he revised the full-year growth expectation down to 'around the mid-single-digit' level, noting that while conversations on new projects are ongoing, they will take time to materialize.

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    Jonathan Lee's questions to Globant (GLOB) leadership • Q4 2024

    Question

    Jonathan Lee asked about the level of visibility into the full-year 2025 outlook compared to prior years and the expected mix of growth between hunting for new clients versus farming existing ones.

    Answer

    CFO Juan Urthiague stated that visibility is similar to the previous year. He noted that the sales pipeline has grown significantly, but conversion needs to accelerate. The guidance range reflects this uncertainty: the low end accounts for potential weakness in Latin America, while the high end assumes an acceleration in deal closures in the U.S. and for AI-related projects.

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    Jonathan Lee's questions to Globant (GLOB) leadership • Q3 2024

    Question

    Jonathan Lee asked if Globant was observing any sales cycle elongation or deal delays that could affect its commitment to double-digit growth next year.

    Answer

    CFO Juan Urthiague responded that the sales environment remains stable and similar to recent quarters, with no signs of elongated closing cycles. He noted a positive shift towards more revenue-oriented projects and stated that customer budgets for 2025 appear stable. This, combined with a clearer macro picture, supports the company's optimistic outlook.

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    Jonathan Lee's questions to TTEC Holdings (TTEC) leadership

    Jonathan Lee's questions to TTEC Holdings (TTEC) leadership • Q2 2025

    Question

    Jonathan Lee from Guggenheim Securities asked about the trends in blended pricing and rate cards for new wins, and questioned the potential risk of existing clients shifting work offshore using new accent neutralization capabilities.

    Answer

    Founder, Chairman & CEO Kenneth Tuchman responded that he does not see new technology as deflationary to pricing; instead, it drives clients to allocate more business to TTEC from competitors or their own captive operations. Regarding the offshore shift, Tuchman stated it's difficult to size the risk but emphasized that with a tight U.S. labor market and a massive total addressable market, TTEC is well-positioned to capture new business and achieve its historical growth and margin targets.

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    Jonathan Lee's questions to TTEC Holdings (TTEC) leadership • Q2 2025

    Question

    Jonathan Lee from Guggenheim Partners asked about trends in blended pricing and rate cards for new wins, and questioned the potential risks of customers increasingly shifting work offshore, aided by technologies like accent neutralization.

    Answer

    Kenneth Tuchman, Founder, Chairman & CEO, responded that he does not view technology adoption as deflationary. Instead, he sees it as an opportunity to secure more business from large enterprise clients, as improved performance and capabilities lead to a greater share of their wallet. Regarding the offshore shift, he acknowledged the trend is driven by a tight US labor market but did not quantify the risk, emphasizing that TTEC's total addressable market is vast, and the company is focused on capturing a larger share to return to historical growth rates and margins.

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    Jonathan Lee's questions to TTEC Holdings (TTEC) leadership • Q2 2025

    Question

    Jonathan Lee from Guggenheim Partners asked about blended pricing trends, the rate cards for new client wins, and the potential risk of customers using accent neutralization capabilities to shift more work offshore.

    Answer

    Kenneth Tuchman, Founder, Chairman & CEO, clarified that he does not see technology adoption as deflationary; rather, it leads to clients allocating more business to TTEC from a very large total addressable market. He could not quantify the specific risk of an offshore shift but expressed confidence in the company's ability to get back to historical growth rates and margins, emphasizing that TTEC only needs to capture a small fraction of the massive market opportunity to grow significantly.

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    Jonathan Lee's questions to TTEC Holdings (TTEC) leadership • Q2 2025

    Question

    Jonathan Lee from Guggenheim Securities asked about trends in blended pricing and rate cards for new wins, particularly with the adoption of potentially deflationary technologies, and also inquired about the risk of customers shifting more work offshore using new accent neutralization capabilities.

    Answer

    Founder, Chairman & CEO Kenneth Tuchman explained that he does not view technology as deflationary; instead, it enables TTEC to win a larger share of business from large enterprise clients. He could not quantify the specific risk of work shifting offshore but expressed confidence in the very large total addressable market (TAM) and TTEC's ability to capture more of it, ultimately returning the company to its historical growth rates and margin levels.

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    Jonathan Lee's questions to TTEC Holdings (TTEC) leadership • Q2 2025

    Question

    Jonathan Lee from Guggenheim Partners asked about blended pricing, the rate cards for new wins, and the potential deflationary impact of new technologies. As a follow-up, he inquired about the risk of customers shifting more work offshore due to capabilities like accent neutralization.

    Answer

    Kenneth Tuchman, Founder, Chairman & CEO, responded that he does not view technology as deflationary; instead, it leads to clients allocating more business to TTEC from their large overall spend. He emphasized that TTEC is capturing a small fraction of a massive Total Addressable Market (TAM). Regarding the offshore shift, Mr. Tuchman noted that the tight US labor market naturally pushes clients to nearshore and offshore locations for quality and scale, and TTEC is well-positioned to capture this business and return to historical growth rates and margins.

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    Jonathan Lee's questions to TTEC Holdings (TTEC) leadership • Q2 2025

    Question

    Jonathan Lee from Guggenheim Partners asked about the impact of new technologies on blended pricing and rate cards, and also questioned the potential risk of existing clients shifting more work offshore due to new capabilities like accent neutralization.

    Answer

    Kenneth Tuchman, Founder, Chairman & CEO, explained that he does not view technology as deflationary; instead, it enhances value and encourages large clients to allocate more of their substantial business to TTEC. While unable to quantify the offshore shift, he emphasized that TTEC's focus is on capturing a larger share of the massive total addressable market to return to historical growth rates and margins.

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    Jonathan Lee's questions to TTEC Holdings (TTEC) leadership • Q4 2024

    Question

    Asked about the source of margin uplift (offshore delivery vs. cost-takeouts), how margins are defended, and how to gain confidence in the back-half loaded guidance given typical short-term visibility.

    Answer

    The executive clarified that while the offshore mix is growing, the 2025 margin expansion is more heavily weighted towards operational improvements and discipline, including AI. Confidence in the back-half forecast comes from the predictable onboarding cycle of new Engage client wins and a strong Digital pipeline, providing better long-range visibility than typical volume forecasts.

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    Jonathan Lee's questions to EPAM Systems (EPAM) leadership

    Jonathan Lee's questions to EPAM Systems (EPAM) leadership • Q2 2025

    Question

    Jonathan Lee of Guggenheim Partners asked for details on the assumptions underpinning the high and low ends of the full-year guidance, particularly regarding macro factors and Q4 activity. He also requested more color on the net new discretionary transformation programs EPAM is winning, given that peers have cited challenges.

    Answer

    CFO Jason Peterson detailed the guidance scenarios, stating the midpoint assumes a seasonal Q4 decline, while the high end would require an improved demand environment to overcome seasonality. CEO Arkadiy Dobkin explained that EPAM's unique portfolio benefits when clients face pressure from AI and automation, driving demand for new types of builds. This trend, which they have been anticipating, is contributing to their growth in discretionary projects.

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    Jonathan Lee's questions to EPAM Systems (EPAM) leadership • Q1 2025

    Question

    Jonathan Lee asked about the growth contribution from Global Capability Centers (GCCs) and the level of reinvestment needed to sustain AI-related volume.

    Answer

    CEO Arkadiy Dobkin stated that GCC contracts and profitability are largely in line with other business, without sharing specific numbers. CFO Jason Peterson added that GCCs are part of the growth story but not the largest part. On AI investment, Peterson confirmed it continues as previously discussed and is producing benefits, with spending levels similar to the start of the year.

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    Jonathan Lee's questions to EPAM Systems (EPAM) leadership • Q4 2024

    Question

    Jonathan Lee asked for the vertical outlook embedded in the 2025 guidance, specifically which industries are expected to accelerate or decelerate, and what factors could catalyze a return to a more favorable pricing environment.

    Answer

    CEO Arkadiy Dobkin and CFO Jason Peterson indicated that Life Sciences, Financial Services, Energy, and the Tech vertical are expected to show good dynamics and growth. They expressed less certainty about Retail and Business Information & Media. Regarding pricing, Dobkin stated that a better environment depends on a broader client shift toward 'change' programs where the value of quality execution is better understood, a trend they are seeing in spots but need to become more widespread.

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    Jonathan Lee's questions to EPAM Systems (EPAM) leadership • Q3 2024

    Question

    Jonathan Lee of Guggenheim Securities asked if there is evidence of demand reverting back to Eastern and Central Europe delivery centers. He also inquired about shifts in the composition of the top client cohort and changes in the types of work or delivery locations being pursued by these accounts.

    Answer

    CEO Arkadiy Dobkin and CFO Jason Peterson confirmed they are beginning to see a recovery in demand for Eastern Europe, with hiring starting to increase across all locations, not just India and Latin America. Dobkin noted positive changes in top accounts, with a shift from stabilization to the activation of more transformational programs that are moving to realization faster than in previous quarters.

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    Jonathan Lee's questions to TELUS International (Cda) (TIXT) leadership

    Jonathan Lee's questions to TELUS International (Cda) (TIXT) leadership • Q2 2025

    Question

    Jonathan Lee of Guggenheim Partners asked for more detail on the expected return of discretionary spending, questioning which verticals are driving this trend, how it is reflected in the outlook, and how pricing has been affected.

    Answer

    CFO Gopi Chande noted that clients are moving past 'paralysis of decision,' driving demand for cost transformation projects. President of Digital Solutions Tobias Dengel added that this rebound is broad-based across industries and is visible in both cost-optimization projects and classic digital transformation work like building apps and websites. He stated the company's main challenge is now hiring fast enough to meet this demand.

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    Jonathan Lee's questions to DXC Technology (DXC) leadership

    Jonathan Lee's questions to DXC Technology (DXC) leadership • Q1 2026

    Question

    Jonathan Lee from Guggenheim Partners asked about the macroeconomic assumptions embedded in the fiscal 2026 revenue guidance, the rationale for maintaining the outlook despite a Q1 beat, and any changes to booking win rates.

    Answer

    CFO Rob Del Bene stated that the guidance range of -3% to -5% organic growth still accounts for potential economic worsening. He expects CES revenue declines to narrow through the year. Del Bene also confirmed that win rates increased by low-to-mid single digits in Q1 for both CES and GIS, with pricing remaining consistent.

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    Jonathan Lee's questions to DXC Technology (DXC) leadership • Q4 2025

    Question

    Jonathan Lee asked about the macroeconomic assumptions embedded in the high and low ends of the company's guidance range. He also inquired about the current pricing environment and how it compares to the previous year.

    Answer

    CFO Rob Del Bene stated that DXC widened its guidance range for Q1 and the full year to account for potential macroeconomic uncertainty at the low end. CEO Raul Fernandez described the pricing environment as 'very stable,' noting favorable terms on mega-deal renewals and consistent pricing for project-based services, which has been a positive for the company.

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    Jonathan Lee's questions to DXC Technology (DXC) leadership • Q3 2025

    Question

    Jonathan Lee inquired if the strong Q3 bookings were driven by seasonal budget flushes and asked about the demand outlook for calendar year 2025 based on customer conversations.

    Answer

    CEO Raul Fernandez attributed the bookings improvement to internal operational execution, including better leadership, pipeline quality, and conversion rates, rather than a temporary demand surge. He described the overall demand environment as solid, driven by ongoing technology transformation and AI, emphasizing that DXC's focus remains on improving its internal performance.

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    Jonathan Lee's questions to DXC Technology (DXC) leadership • Q2 2025

    Question

    Jonathan Lee requested more detail on the contrasting performance between the softness in GBS and the improvement in GIS, and asked what specific factors would be needed for DXC to achieve the high end of its revenue outlook. He also followed up with a question on pricing dynamics within the CES business.

    Answer

    CFO Rob Del Bene explained that reaching the high end of the revenue outlook depends on the CES business, specifically an acceleration in custom application projects, which would push GBS revenue closer to flat. Regarding pricing, he noted stability in current deals and expects a long-term margin benefit as the business mix shifts from custom apps to higher-margin enterprise solutions.

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    Jonathan Lee's questions to COGNIZANT TECHNOLOGY SOLUTIONS (CTSH) leadership

    Jonathan Lee's questions to COGNIZANT TECHNOLOGY SOLUTIONS (CTSH) leadership • Q2 2025

    Question

    Jonathan Lee of Guggenheim Partners questioned the assumptions behind the full-year revenue guidance, particularly the implied deceleration in the second half, and asked for clarity on the expected Q4 exit rate. He also sought to understand which verticals and geographies might accelerate or decelerate.

    Answer

    CFO Jatin Dalal provided a Q4 exit rate range with a midpoint around 1% growth, noting the wide range reflects market uncertainty. CEO Ravi Kumar S expressed optimism for all-around performance, highlighting continued strength in Financial Services, productivity-driven opportunities in Healthcare, and a return to growth in the Communications, Media, and Technology sector. He emphasized that all geographies are showing positive momentum.

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    Jonathan Lee's questions to Infosys (INFY) leadership

    Jonathan Lee's questions to Infosys (INFY) leadership • Q1 2026

    Question

    Jonathan Lee from Guggenheim Partners, LLC sought clarification on the guidance range, asking if the midpoint implies a slight deterioration in demand. He also asked about the progression of client demand from April through June.

    Answer

    CFO Jayesh Sanghrajka clarified that the guidance is built from models for the upper and lower ends, with the midpoint being an outcome, not a specific forecast. CEO Salil Parekh described client demand as a mix, with strong interest in AI, consolidation, and cost efficiency, but also constraints in sectors like logistics and manufacturing.

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    Jonathan Lee's questions to Infosys (INFY) leadership • Q2 2025

    Question

    Jonathan Lee sought details on pricing conversations for new and existing deals amid a client focus on cost optimization, and also asked about the momentum for large deal TCV and any shift in client preference towards smaller deals.

    Answer

    CFO Jayesh Sanghrajka described the overall pricing environment as stable but noted progress from 'Project Maximus' in value-based selling, which is reflected in the delta between revenue and volume growth. CEO Salil Parekh added that the large deal pipeline remains strong, focused on cost efficiency and consolidation, and that the increase in smaller deal activity is an additive trend, not a replacement for large deals.

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    Jonathan Lee's questions to Endava (DAVA) leadership

    Jonathan Lee's questions to Endava (DAVA) leadership • Q3 2025

    Question

    Jonathan Lee expressed concern about a potential 'extended revenue air pocket' given the delays in client decision-making and the ramp-up time for large deals, asking what provides confidence against this risk. He also asked about any spending impact from ownership changes at a top customer.

    Answer

    CEO John Cotterell conveyed confidence based on the growing pipeline of large, late-stage deals, stating that while the lack of signatures is frustrating, the pipeline's strength should help the company exit the 'air pocket' relatively soon. Regarding the top customer, he confirmed that they are not seeing any negative dynamics, with contracts continuing to be signed and program momentum remaining strong.

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    Jonathan Lee's questions to Endava (DAVA) leadership • Q1 2025

    Question

    Jonathan Lee inquired about the underlying assumptions for the fiscal year outlook, the drivers of the expected back-half revenue acceleration, and how that aligns with recent headcount trends.

    Answer

    CEO John Cotterell stated the outlook assumes a stable macro environment but with continued high scrutiny on IT investments, leading to longer sales cycles. Confidence in back-half acceleration comes from large transformation programs already underway and a strong pipeline. CFO Mark Thurston added that the pipeline is growing, enhanced by the GalaxE acquisition and new India delivery capabilities, which underpins their confidence.

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    Jonathan Lee's questions to Accenture (ACN) leadership

    Jonathan Lee's questions to Accenture (ACN) leadership • Q2 2025

    Question

    Jonathan Lee sought to clarify if the high end of the revenue outlook still assumes a 'status quo' environment and asked about the timing for stable pricing to flow through to the P&L.

    Answer

    CFO Angie Park confirmed the high end of the 5-7% full-year growth guidance does not assume an improvement in discretionary spending, while the low end allows for further deterioration. On pricing, she noted that it takes time to layer into financial results and is dependent on the mix of deals sold.

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    Jonathan Lee's questions to Sierra Metals (SMTSF) leadership

    Jonathan Lee's questions to Sierra Metals (SMTSF) leadership • Q1 2024

    Question

    Jonathan Lee asked for clarification on the approximately 30% year-over-year increase in the fully diluted share count, specifically requesting the aggregate portion of the new shares, RSUs, and DSUs that were issued to management and insiders.

    Answer

    CEO Ernesto Balarezo Valdéz stated that management participated in 10% of the recent private placement. Executive Jean Pierre Del Rio added that while he did not have the full aggregate numbers on hand during the call, all the information is publicly available on SEDAR+ and offered to provide the information offline.

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