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    Kevin Krishnaratne

    Director and Equity Research Analyst specializing in Software and Media at Scotiabank

    Kevin Krishnaratne is a Director and Equity Research Analyst specializing in Software and Media at Scotiabank, with primary coverage of leading technology firms such as OpenText and Shopify. He maintains a track record with a 46.67% success rate on stock recommendations and is recognized for actionable insights, recently raising OpenText's price target by over 16% and offering key ratings on high-profile companies. Krishnaratne has built his career since 2015 across notable firms including Paradigm Capital, Eight Capital, Desjardins Group (as Vice President, Technology Equity Research Analyst), and National Bank Financial before joining Scotiabank in 2022. He holds a Bachelor of Electrical Engineering and Management from McMaster University and an MBA from York University's Schulich School of Business, and he possesses securities industry registration.

    Kevin Krishnaratne's questions to OPEN TEXT (OTEX) leadership

    Kevin Krishnaratne's questions to OPEN TEXT (OTEX) leadership • Q4 2025

    Question

    Kevin Krishnaratne of Scotiabank sought clarification on the timeline for the cybersecurity business returning to growth and asked about the thought process and timing for potential future divestitures.

    Answer

    CEO Mark J. Barrenechea stated clearly that the goal is to turn the cybersecurity segment's negative growth into positive growth in fiscal 2026. On capital allocation, he explained that any potential divestiture would be strategically considered to accelerate the company's overall growth rate, with a singular focus on accelerating organic cloud growth, similar to the rationale for the mainframe business sale.

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    Kevin Krishnaratne's questions to OPEN TEXT (OTEX) leadership • Q3 2025

    Question

    Kevin Krishnaratne asked about the company's confidence in returning to organic growth in fiscal 2026 and achieving a $1 billion free cash flow milestone, and also inquired about demand trends in the SMB segment.

    Answer

    CEO Mark Barrenechea expressed confidence in fiscal 2026, citing a new 'AI first' narrative, a new product cycle, and capital flexibility from the business optimization plan. He expects improved growth and higher free cash flow but will provide formal guidance in August. Regarding current trends, he reiterated that Q3 bookings were impacted by tariffs and that while the annual target of 20%+ growth is unlikely, the company expects mid-teens growth for the year, implying a strong Q4.

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    Kevin Krishnaratne's questions to OPEN TEXT (OTEX) leadership • Q2 2025

    Question

    Kevin Krishnaratne from Scotiabank questioned why the full-year cloud revenue guidance was maintained despite a strong quarter and bullish outlook, and also asked about the size of the U.S. government opportunity.

    Answer

    CFO Madhu Ranganathan explained that the guidance remains unchanged because strong enterprise cloud bookings have a 6-to-9-month ramp to revenue, impacting future periods more significantly. CEO and CTO Mark Barrenechea noted that the global public sector represents about 15% of revenue and that OpenText is well-positioned to capitalize on U.S. government efficiency initiatives.

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    Kevin Krishnaratne's questions to Docebo (DCBO) leadership

    Kevin Krishnaratne's questions to Docebo (DCBO) leadership • Q2 2025

    Question

    Kevin Krishnaratne of Scotiabank requested clarification on the significant acceleration in the growth of customers with over $100k in ARR. He also asked about the expected trends for net new ARR in Q3 and Q4.

    Answer

    CFO Brandon Farber explained that the acceleration in the >$100k customer count was due to a combination of strong new mid-market logos, successful customer expansions, and a favorable foreign exchange impact. Regarding ARR, Farber guided for a seasonal step-down in Q3 from Q2's $8 million addition, followed by a Q4 that is typically strong but will be impacted by the AWS contract churn.

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    Kevin Krishnaratne's questions to Docebo (DCBO) leadership • Q1 2025

    Question

    Kevin Krishnaratne asked for the size of the SMB business and the company's confidence that this segment would not be negatively impacted by macro uncertainty. He also inquired about non-macro factors, such as competition or AI product complexity, that might be causing deal delays.

    Answer

    CEO Alessio Artuffo confirmed the SMB segment is about 25% of ARR and sees no signs of accelerated churn, though the strategic focus remains on mid-market and enterprise. He identified 'AI readiness' in buyer organizations as a key non-macro factor causing delays. He explained that while business leaders want AI, their procurement and legal teams are still adapting, creating a temporary friction in the buying cycle similar to the early days of cloud adoption.

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    Kevin Krishnaratne's questions to Docebo (DCBO) leadership • Q4 2024

    Question

    Kevin Krishnaratne from Scotiabank asked for an explanation of the net retention rate dropping to 100%, questioning the impact of a known customer loss and SMB churn. He also asked about competitive win rates.

    Answer

    Interim CFO Brandon Farber attributed the NDR decline to a previously disclosed large customer downgrade (over 1% impact) and a 40% increase in contracts up for renewal, which led to customers rightsizing their plans. He noted Q1 2025 is the largest renewal quarter but expects NDR to inflect upwards after. CEO Alessio Artuffo stated that there have been no material changes to win rates or the competitive landscape, where Docebo continues to replace legacy players.

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    Kevin Krishnaratne's questions to Lightspeed Commerce (LSPD) leadership

    Kevin Krishnaratne's questions to Lightspeed Commerce (LSPD) leadership • Q1 2026

    Question

    Kevin Krishnaratne of Scotiabank inquired about software ARPU trends in the growth markets versus the overall average. He also asked how the 9% software revenue growth is expected to evolve relative to the full-year guidance and requested the constant currency revenue growth figure for the quarter.

    Answer

    CFO Asha Bakshani confirmed that software ARPU is higher in the growth portfolio due to the adoption of flagship products and innovation. She expects software revenue growth to continue improving as the sales team ramps up. Regarding currency impact, she estimated that the 15% total revenue growth would have been a 'couple points under' that on a constant currency basis.

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    Kevin Krishnaratne's questions to Healwell AI (HWAIF) leadership

    Kevin Krishnaratne's questions to Healwell AI (HWAIF) leadership • Q1 2025

    Question

    Kevin Krishnaratne of Scotiabank inquired about the AI & Data Science revenue, asking for a breakdown of monetization sources, the proportion of recurring revenue, the catalysts for unlocking larger enterprise contracts, and the M&A strategy for acquiring new AI technologies.

    Answer

    Executive Alexander Dobranowski clarified that AI tools are monetized through life sciences partners, not practitioners, with public sector opportunities now being explored. CFO Anthony Lam noted that recurring revenue constitutes 5-8% of the AI business. Dobranowski added that demonstrating value and cost savings across the healthcare ecosystem is key to growth and that M&A focuses on filling capability gaps in areas like dermatology and high-burden conditions.

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    Kevin Krishnaratne's questions to Healwell AI (HWAIF) leadership • Q1 2025

    Question

    Kevin Krishnaratne inquired about the revenue breakdown of the AI and Data Science segment, specifically asking if the clinical support side is monetized, what portion of the revenue is recurring, and what the tipping point would be for larger revenue jumps from the 32 signed MSAs with life sciences companies. He also asked about the M&A strategy for acquiring new AI technology and algorithms, questioning what makes a target attractive.

    Answer

    Executive Alexander Dobranowski clarified that monetization currently comes from life sciences partners, not physicians, and that the company is exploring opportunities with other large enterprises and the public sector. CFO Anthony Lam added that recurring revenue is currently a small portion, between 5-8% of the AI business. Dobranowski explained that demonstrating value and cost savings to the entire healthcare ecosystem is key to unlocking larger mandates and that the company is seeing success in growing its relationships with existing life sciences partners. Regarding M&A for AI tech, he stated the strategy is driven by filling capability gaps, such as in dermatology, and focusing on high-burden disease areas like cognitive decline and metabolic disease.

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    Kevin Krishnaratne's questions to WELL Health Technologies (WHTCF) leadership

    Kevin Krishnaratne's questions to WELL Health Technologies (WHTCF) leadership • Q4 2024

    Question

    Asked for clarification on a perceived year-over-year margin decline on a normalized basis and for details on the assumptions behind the 2025 revenue guidance range.

    Answer

    The potential margin difference is partly due to not expecting significant EBITDA from HEALWELL initially and timing differences in profitability from organic growth and absorptions. Overall margins are expected to improve over time. The potential for outperformance on guidance comes from the Canadian business, particularly through fulfilling the M&A pipeline.

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    Kevin Krishnaratne's questions to WELL Health Technologies (WHTCF) leadership • Q4 2024

    Question

    Kevin Krishnaratne from Scotiabank questioned the 2025 guidance, noting that normalized margins appear to be declining year-over-year when excluding certain items. He also asked for the key assumptions driving the low and high ends of the revenue guidance range and where the greatest potential for outperformance lies.

    Answer

    Chairman and CEO Hamed Shahbazi addressed margins by explaining that HEALWELL is not expected to contribute significant EBITDA initially and that timing differences on acquisitions can affect short-term profitability. He expects overall margins to improve over time. Regarding the guidance range, Shahbazi identified the Canadian M&A pipeline as the primary source for potential outperformance, stating that executing on these opportunities could push results to the high end of the range or beyond.

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    Kevin Krishnaratne's questions to DESCARTES SYSTEMS GROUP (DSGX) leadership

    Kevin Krishnaratne's questions to DESCARTES SYSTEMS GROUP (DSGX) leadership • Q4 2025

    Question

    Kevin Krishnaratne asked about the sales team structure, feedback from innovation forums, and the potential business impact from changes to the de minimis trade rule.

    Answer

    CEO Ed Ryan described the 300-person sales force's heavy focus on cross-selling (65-70% of activity) and noted the success of smaller, focused innovation forums. Regarding de minimis, he explained that while the outcome is uncertain, a rule change could shift volume from low-fee de minimis transactions to higher-fee traditional customs filings, which could be a net positive for Descartes.

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    Kevin Krishnaratne's questions to DESCARTES SYSTEMS GROUP (DSGX) leadership • Q4 2025

    Question

    Kevin Krishnaratne of Scotiabank asked about the sales team's structure for upselling, feedback from the recent customer innovation forum, and the potential business impact from changes to the de minimis trade rule.

    Answer

    CEO Ed Ryan described the ~300-person sales force, which achieves a high cross-sell rate of 65-70%. He noted the innovation forums are valuable for customers to learn from Descartes and each other. Regarding de minimis, he explained that while the outcome is uncertain, any changes would likely be a net positive, as Descartes could trade many low-fee transactions for fewer, but more valuable, complex customs filings.

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    Kevin Krishnaratne's questions to DESCARTES SYSTEMS GROUP (DSGX) leadership • Q1 2025

    Question

    Kevin Krishnaratne asked about the impact of recent U.S. regulatory changes and increased scrutiny on Type 86 filings for expedited small package shipping, a service related to the NetCHB acquisition, and whether this presents a headwind or a tailwind.

    Answer

    CEO Ed Ryan viewed the situation as a long-term opportunity. He explained that increased government requests for information create an opportunity for Descartes to provide a more significant, enhanced service. Furthermore, if some filers are forced to stop operating due to non-compliance, Descartes, as a major player in the space, expects to pick up that volume through its other customers. He emphasized that underlying demand driven by social commerce continues to grow, positioning Descartes well for the long run.

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    Kevin Krishnaratne's questions to DESCARTES SYSTEMS GROUP (DSGX) leadership • Q4 2024

    Question

    Asked about the scale of the cross-selling opportunity, how early the company is in pursuing it, and how they measure their progress.

    Answer

    The company stated the cross-sell opportunity is very large and ongoing, accounting for about two-thirds of new sales to their extensive existing customer base. Acquisitions are a key fuel for this strategy, as they can take a newly acquired product and immediately market it to their thousands of established customers, creating significant synergy and growth.

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    Kevin Krishnaratne's questions to Enthusiast Gaming Holdings Inc. / Canada (EGLXF) leadership

    Kevin Krishnaratne's questions to Enthusiast Gaming Holdings Inc. / Canada (EGLXF) leadership • Q2 2024

    Question

    Kevin Krishnaratne questioned the status of direct sales deals that were expected in Q1, whether new verticals like political advertising were emerging, and the outlook for the operating expense base, particularly concerning the increase in the direct sales team.

    Answer

    Interim CEO Adrian Montgomery confirmed that the delayed Q1 deals are still forthcoming and highlighted major new client wins with Coca-Cola and McDonald's, the return of entertainment advertisers like Disney and Paramount, and sizable RFPs from the political sector. CFO Felicia DellaFortuna clarified that while OpEx will increase in H2 due to NFL and NHL content production, the rise will not be material. She noted that the addition of 7 new sellers would bring the team size slightly above 2023 levels but would not be a material driver of operating expenses.

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    Kevin Krishnaratne's questions to Enthusiast Gaming Holdings Inc. / Canada (EGLXF) leadership • Q1 2024

    Question

    Kevin Krishnaratne of Scotiabank inquired about the Q1 direct sales performance, asking for clarification on the timing of CPG ad spend versus macro impacts on tech. He also asked about the evolving revenue mix between owned and third-party content and sought guidance on the Q2 operating expense run rate and the potential for sequential EBITDA improvement.

    Answer

    CFO Felicia DellaFortuna confirmed the CPG slowdown was a timing issue expected to resolve later in the year, while the tech/telco vertical was affected by macro softness. She noted that in Q1, revenue was split evenly across direct sales, owned properties, and the video platform, with the mix expected to shift towards owned properties and direct sales. Regarding OpEx, she confirmed an incremental $1.5 million in savings for Q2, with a muted cost impact from hiring five new direct sellers. Interim CEO Adrian Montgomery added that with a 60% gross margin business model and seasonal tailwinds, the company has set the stage for an accelerated path to profitability.

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