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    Robert Young

    Research Analyst at Canaccord Genuity

    Robert Young is Managing Director and Head of Research for Canada at Canaccord Genuity, specializing in equity research within the technology and communication services sectors. He has covered companies such as Celestica, Docebo, Real Matters, Quisitive Technology Solutions, Converge Technology Solutions, and Thinkific Labs, maintaining a career success rate of over 54% and an average return of 26% on rated stocks. Young began his analyst career in 2010 at Canaccord Genuity following roles as a technology strategy consultant at IBM and a systems engineer at Nortel Networks, and he holds an MBA from the Richard Ivey School of Business and a Bachelor of Engineering from McMaster University. Notably, he has received recognition as Starmine’s No. 1 stock picker in Canadian IT Equipment and maintains active professional credentials in equity research and capital markets.

    Robert Young's questions to Docebo (DCBO) leadership

    Robert Young's questions to Docebo (DCBO) leadership • Q2 2025

    Question

    Robert Young from Canaccord Genuity Inc. asked for confirmation on the number of 'Big Five' tech customers and details on the recent expansion win, particularly the decision to displace an internal system. He also sought clarity on the assumptions behind the raised guidance, including the status of large deals, FedRAMP, and net retention trends.

    Answer

    CEO Alessio Artuffo confirmed this was their second 'Big Five' tech customer, won due to the client's need for a scalable, highly integrable platform to replace an in-house system for a customer experience use case. CFO Brandon Farber stated the guidance increase reflects strong mid-market performance and FX tailwinds, while noting that large enterprise deals and FedRAMP remain upside. Farber also reiterated that net retention should improve in Q3 before a Q4 dip from the AWS contract loss.

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    Robert Young's questions to Docebo (DCBO) leadership • Q1 2025

    Question

    Robert Young asked for clarification on the full-year guidance reduction, questioning if it was driven by an increase in churn. He also noted a seeming slowdown in large customer growth and asked if the enterprise pipeline was overrepresented in macro-sensitive industries like retail and manufacturing.

    Answer

    CFO Brandon Farber explained the guidance reduction reflects a more measured approach for the second half of the year due to macro impacts on new logo growth, not an increase in churn; retention assumptions remain unchanged. He noted some deal elongation in the enterprise segment but stated the pipeline remains healthy and well-diversified, consistent with historical industry representation.

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    Robert Young's questions to Docebo (DCBO) leadership • Q4 2024

    Question

    Robert Young of Canaccord Genuity asked about the impact of new product releases on Docebo's competitive position and customer adoption, and requested an update on the FedRAMP initiative's progress and potential.

    Answer

    CEO Alessio Artuffo confirmed the new product modules had a meaningful impact and outlined a broader strategy to evolve Docebo into an AI-first learning platform. Interim CFO Brandon Farber provided a FedRAMP update, stating they expect to achieve Authority to Operate (ATO) status by the end of Q3, which will allow them to begin bidding on federal contracts and capitalize on the need to modernize government technology.

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    Robert Young's questions to Docebo (DCBO) leadership • Q2 2024

    Question

    Robert Young of Canaccord Genuity sought context on the steady decline in quarterly new customer additions and asked if it was solely due to the upmarket shift. He also inquired about the presence of 'mega deals' in the current sales pipeline.

    Answer

    CFO Sukaran Mehta explained that new customer count is a less relevant metric as the company focuses on higher-value enterprise clients, where one large win can equal 10-20 SMB customers. He noted new logo ACV increased to $71k and the enterprise cohort grew 30% YoY. Mehta also confirmed the pipeline contains large, strategic 7-figure opportunities in both government and enterprise.

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    Robert Young's questions to CELESTICA (CLS) leadership

    Robert Young's questions to CELESTICA (CLS) leadership • Q2 2025

    Question

    Robert Young asked for an update on 1.6T momentum and how the full-rack solution win is creating a halo effect for ODM opportunities. He also questioned if acquisitions are needed to scale the services component of these solutions.

    Answer

    President and CEO Rob Mionis confirmed they continue to win 1.6T variants and that the fully orchestrated rack win is opening new doors. He stated that expanding their services footprint is a major focus. CFO Mandeep Chawla added that while they have a partner network, they are looking at M&A targets for vertical integration in services, which would likely have a more material financial impact around 2026.

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    Robert Young's questions to CELESTICA (CLS) leadership • Q1 2025

    Question

    Robert Young asked for clarification on the guidance, which seems to imply a second-half deceleration despite several announced program ramps. He also inquired about the ATS segment's margin improvement and the timing of the A&D program roll-off.

    Answer

    CFO Mandeep Chawla clarified that the second half will see sequential revenue growth and described the guidance as a 'high confidence view' that is risk-adjusted for the uncertain environment. On ATS margins, he confirmed the dilutive A&D program roll-off occurred in April and is reflected in the Q2 and full-year outlook, and he sees further opportunity for margin expansion in ATS this year.

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    Robert Young's questions to CELESTICA (CLS) leadership • Q4 2024

    Question

    Robert Young asked about the new digital native win, specifically probing the relationship with custom silicon providers and the depth of Celestica's own IP contribution to the full RAC solution. He also inquired about the expected revenue cadence throughout 2025.

    Answer

    President and CEO Rob Mionis clarified that the win leverages long-standing silicon partners for networking and the customer's proprietary custom compute silicon. He stressed that it is a significant design win for a full RAC, utilizing Celestica's IP in switching, compute modules, and RAC orchestration. CFO Mandeep Chawla described the 2025 guidance as a 'high confidence view' with strong visibility through Q3, implying potential for upside as Q4 solidifies.

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    Robert Young's questions to CELESTICA (CLS) leadership • Q3 2024

    Question

    Robert Young from Canaccord Genuity sought details on the strategic win with Grok, asking why Celestica was chosen, if it was a direct go-to-market effort, and if it includes HPS revenue. He also asked for an update on the pace, win rate, and ASP difference for 800G programs.

    Answer

    Stephen Dorwart, SVP, stated the Grok win was a significant proof point for Celestica's AI/ML compute capabilities, secured through their own go-to-market efforts, though often endorsed by ecosystem partners. The initial engagement is for manufacturing, with plans for increased design participation in future generations. On 800G, Dorwart confirmed winning next-gen programs with existing 400G customers, with strong demand and customer pressure to accelerate. CFO Mandeep Chawla added that while individual 800G ASPs are higher, the portfolio average ASP increase is in the low to mid-single digits due to product mix.

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    Robert Young's questions to Enthusiast Gaming Holdings Inc. / Canada (EGLXF) leadership

    Robert Young's questions to Enthusiast Gaming Holdings Inc. / Canada (EGLXF) leadership • Q1 2025

    Question

    Robert Young inquired about the current status of the company's debt covenants and near-term maturities, particularly the one in June 2025. He also asked about potential asset sales in a worst-case scenario, growth opportunities in the subscription business via The Sims Resource (TSR), and sought clarification on gross margin guidance for the remainder of the year.

    Answer

    CFO Alex Macdonald stated the company is working closely with lenders to amend facilities and extend the June 2025 maturity, expecting a resolution soon. Interim CEO Adrian Montgomery confirmed the company possesses highly attractive and transactable assets, receiving regular inbound interest. Regarding subscriptions, Alex Macdonald detailed a successful shift to premium annual packages for TSR, which now comprise over 50% of subscribers, and highlighted the upcoming 'Dress to Impress' feature as a key driver for market share and expansion. He also clarified that gross margins are expected to remain stable at the current Q1 level of around 74% for the rest of the year.

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    Robert Young's questions to Enthusiast Gaming Holdings Inc. / Canada (EGLXF) leadership • Q1 2025

    Question

    Robert Young of Canaccord Genuity Group Inc. inquired about the current status of Enthusiast Gaming's debt covenants, the maturity of its credit facilities, and potential actions in a worst-case scenario, such as asset sales. He also asked about the growth outlook for the subscription business, particularly The Sims Resource (TSR), and sought clarification on gross margin guidance for the remainder of 2025.

    Answer

    CFO Alex Macdonald stated the company is actively working with lenders to amend its credit facilities, extend the June 2025 maturity date, and revise covenants, expecting a resolution soon. Interim CEO Adrian Montgomery added that in a worst-case scenario, the company possesses numerous attractive and transactable assets. Regarding subscriptions, Mr. Macdonald detailed a successful shift to premium annual plans for TSR, which improves LTV and reduces churn, and highlighted the upcoming 'Dress to Impress' feature as a key differentiator for market share growth. He also clarified that gross margins are expected to stabilize around the mid-70% level reported in Q1 for the rest of the year.

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    Robert Young's questions to Enthusiast Gaming Holdings Inc. / Canada (EGLXF) leadership • Q4 2024

    Question

    Robert Young of Canaccord Genuity inquired about the Q1 outlook, including top-line seasonality, the impact of discontinuing the NFL TNG program, and whether adjusted EBITDA could remain positive. He also asked about the expected gross margin cadence for 2025, future opportunities with the NFL, the rationale for ending the TNG contract, and the status of the CEO search.

    Answer

    CFO Alex Macdonald addressed the financial outlook, confirming normal Q1 seasonality but noting strong underlying CPM trends and significant cost savings from ending the NFL TNG program. He stated that while achieving positive adjusted EBITDA in Q1 is difficult due to seasonality, it is the goal for the remainder of the year, with gross margins expected to stabilize in the low 70% range. Interim CEO Adrian Montgomery explained the decision to end the NFL TNG contract was due to its rigid, high-cost structure, contrasting it with more flexible and profitable custom content models. Regarding the CEO search, he noted the board's focus has been on stabilizing the business and can now revisit leadership timelines.

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

    Question

    Robert Young of Canaccord Genuity inquired about the pipeline for additional major sports league partnerships following the NFL and NHL deals. He also sought more detail on the timing of CPG-related direct sales and the potential margin impact of a rebound, and asked about the future growth opportunity within the subscription business.

    Answer

    Interim CEO Adrian Montgomery noted a pipeline exists, with some inbound interest from other leagues, but the immediate focus is on successfully launching the NHL partnership. CFO Felicia DellaFortuna elaborated that the CPG direct sales dip was due to client campaign timing, not a loss of business. Adrian Montgomery added that a rebound in direct sales would significantly impact the bottom-line EBITDA. Regarding subscriptions, he highlighted the use of first-party data and longer-term packages to drive intelligent user acquisition for properties like The Sims Resource and Fantasy Football Scout.

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    Robert Young's questions to Sangoma Technologies (SANG) leadership

    Robert Young's questions to Sangoma Technologies (SANG) leadership • Q3 2025

    Question

    Robert Young of Canaccord Genuity asked about channel dynamics, specifically if legacy competitor disengagement is shifting power in Sangoma's favor, and whether the speed of these exits creates a unique opportunity to migrate on-prem customers to the cloud. He also inquired about potential margin upside from this market shift.

    Answer

    CEO Charles Salameh confirmed the market shift is highly beneficial, with thousands of competitor resellers now seeking alternatives. He described it as a "double-edged opportunity" to capture on-prem customers and later migrate them to cloud solutions, leveraging Sangoma's improved customer satisfaction. Regarding margins, Salameh stated it is too early to consider price increases, as the current priority is to capture market share and build the customer base for long-term value rather than seek short-term profit gains.

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    Robert Young's questions to Sangoma Technologies (SANG) leadership • Q3 2025

    Question

    Robert Young from Canaccord Genuity asked about channel dynamics, questioning if the disengagement of legacy players is shifting power to Sangoma's benefit. He also explored the strategy of capturing and migrating these on-prem customers to the cloud and asked if this market shift could lead to margin upside.

    Answer

    CEO Charles Salameh confirmed the market shift is highly beneficial, as thousands of resellers from legacy players are now seeking alternatives, creating a significant opportunity for Sangoma's revitalized on-premise offerings. He detailed the strategy to capture this base and migrate them to higher-value cloud solutions over time. He stated it's too early to leverage price for margin upside, as the current focus is on building the customer base.

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    Robert Young's questions to Sangoma Technologies (SANG) leadership • Q2 2025

    Question

    Robert Young sought clarification on the revised guidance, asking why the significant revenue reduction didn't result in higher EBITDA margin guidance. He also asked about the timeline to reach 85% recurring revenue and 20% EBITDA margins, the balance between M&A and debt paydown, and whether Sangoma was seeing increased market interest similar to Cisco's recent report.

    Answer

    CFO Larry Stock and CEO Charles Salameh explained the current guidance still includes the non-core businesses, and the shift to higher-margin revenue takes time due to longer sales cycles. The 20% EBITDA margin target is a future goal post-divestitures and strategic realignment. Salameh confirmed they will simultaneously pay down debt and accelerate their M&A strategy, with active discussions underway. COO Jeremy Wubs noted that while they see increased uptake of AI features like transcription, boosting order size, they haven't seen a major jump in the volume of new orders akin to what Cisco reported for the large enterprise market.

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    Robert Young's questions to DESCARTES SYSTEMS GROUP (DSGX) leadership

    Robert Young's questions to DESCARTES SYSTEMS GROUP (DSGX) leadership • Q4 2025

    Question

    Robert Young asked about the penetration of Global Trade Intelligence (GTI) solutions within Descartes' customer base and whether the use case applies to all customers.

    Answer

    CEO Ed Ryan stated that he expects continued GTI growth from new and existing customers but clarified that the solution is primarily for mid-sized to large customers with complex international shipping needs. He noted that it is not a universal use case for all 26,000 customers, as smaller clients with simple supply chains can often manage tariffs themselves.

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    Robert Young's questions to DESCARTES SYSTEMS GROUP (DSGX) leadership • Q4 2025

    Question

    Robert Young of Canaccord Genuity asked for metrics or a general idea of the penetration of Global Trade Intelligence solutions within Descartes' existing customer base.

    Answer

    CEO Ed Ryan did not provide specific penetration metrics but explained that the need for trade intelligence solutions is primarily with mid-sized and larger customers. He noted that usage is driven by complexity; a company with many products shipping to many countries cannot manage tariffs effectively on their own and becomes a prime candidate for the solution, whereas smaller, less complex shippers may not need it.

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