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    Stephanie Price • CIBC World Markets

    Stephanie Price's questions to Open Text Corp (OTEX) leadership

    Stephanie Price's questions to Open Text Corp (OTEX) leadership • Q4 2025

    Question

    Stephanie Price of CIBC World Markets questioned where the company is focusing its investments and sees the most opportunity, and also asked for an update on the expanded restructuring plan's progress and timeline.

    Answer

    CEO Mark J. Barrenechea identified Content, Security, and OSM as areas expected to outperform in fiscal 2026. On restructuring, he confirmed the plan is on schedule, with 35% of savings realized in FY25, another 35% expected in FY26, and the remainder in FY27. He noted that early progress on people restructuring has enabled reinvestment into sales and product development.

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    Stephanie Price's questions to Open Text Corp (OTEX) leadership • Q3 2025

    Question

    Stephanie Price inquired about the expanded $400 million restructuring plan, asking if the savings would be additive to margins or reinvested, and sought details on the drivers behind the organic decline in the customer support business.

    Answer

    CFO Chadwick Westlake stated that more clarity on the restructuring's margin impact would come in Q4, with savings realized across fiscal '26 and '27. CEO Mark Barrenechea linked the plan directly to an 'AI first' strategy, targeting roles that can be automated. Regarding customer support, Barrenechea attributed the decline to ITOM/ADM license performance, the DXC contract, and FX, but noted that core metrics are positive and the off-cloud renewal rate would be improving without the DXC impact.

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    Stephanie Price's questions to Open Text Corp (OTEX) leadership • Q2 2025

    Question

    Stephanie Price of CIBC inquired about OpenText's AI investment strategy in light of lower-cost LLMs and asked for an expansion on the company's evaluation of strategic alternatives for capital allocation.

    Answer

    CEO and CTO Mark Barrenechea responded that OpenText welcomes and will benefit from the trend of lower-cost language models. Regarding strategy, he stated that with margins secured, the top priority is now growth. In parallel, the company will evaluate strategic opportunities like acquisitions or divestitures to unlock value in its business units, complementing its focus on organic growth and capital return.

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    Stephanie Price's questions to Open Text Corp (OTEX) leadership • Q4 2024

    Question

    Stephanie Price requested more detail on Micro Focus's organic growth performance in fiscal 2024 and asked about the sources of savings from the recent restructuring and why the resulting margin benefit wasn't larger.

    Answer

    President, CFO and Corporate Development Madhu Ranganathan confirmed Micro Focus met its plan and achieved organic growth for the year, driven by strong renewal performance. She explained that restructuring savings came from talent and regional optimization, but the net margin benefit reflects a significant reinvestment to hire 800 new positions in sales and services to fuel future growth. CEO Mark J. Barrenechea added that the ex-AMC Micro Focus business has a low-30s adjusted EBITDA starting point, making the uplift to the FY25 target more substantial than it appears.

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    Stephanie Price's questions to BCE Inc (BCE) leadership

    Stephanie Price's questions to BCE Inc (BCE) leadership • Q2 2025

    Question

    Stephanie Price from CIBC World Markets inquired about the components of BCE's revised 2025 guidance, seeking to understand the specific impact of the Zipline Fiber acquisition versus other adjustments, and asked for commentary on the free cash flow ramp.

    Answer

    EVP & CFO Curtis Millen explained that Zipline Fiber is outperforming their initial investment case and the revised guidance reflects the combined company's performance, not a simple addition. He clarified that the midpoint of the free cash flow guidance represents the Canadian business expectation with the Zipline impact layered on top.

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    Stephanie Price's questions to BCE Inc (BCE) leadership • Q2 2025

    Question

    Stephanie Price inquired about the components of BCE's revised guidance, seeking to understand the specific impact of the Zipline acquisition versus other adjustments, and followed up on the free cash flow ramp for 2025.

    Answer

    EVP & CFO Curtis Millen explained that Zipline's performance is outperforming their initial investment case and the revised guidance reflects the combined company's outlook, not a simple addition. He clarified that the free cash flow guidance midpoint represents the Canadian business expectation with the Zipline impact layered on top.

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    Stephanie Price's questions to BCE Inc (BCE) leadership • Q2 2024

    Question

    Stephanie Price inquired about the financial impact of BCE's initiatives with ServiceNow, AI, and automation, asking if these are included in original cost-saving plans or are additive, and what the potential magnitude and timing of these benefits might be.

    Answer

    CEO Mirko Bibic explained that the ServiceNow partnership drives both internal efficiencies and new enterprise revenue streams. CFO Curtis Millen clarified that benefits from these initiatives are incremental to the $150-$200 million in savings from the February workforce restructuring, which remains on track. While Mirko Bibic cited $20 million in Q2 labor savings from AI, he did not provide a specific future quantum for these new initiatives.

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    Stephanie Price's questions to Telus Corp (TU) leadership

    Stephanie Price's questions to Telus Corp (TU) leadership • Q2 2025

    Question

    Stephanie Price of CIBC World Markets requested a breakdown of the interest savings versus rent payments in the tower deal and asked about the strategy for reintroducing 5G plans to the Kudo flanker brand.

    Answer

    EVP & CFO Doug French explained the net positive cash flow comes from interest savings plus co-location revenue offsetting lease payments. EVP & President of TELUS Consumer Solutions, Zainul Mawji, detailed that reintroducing 5G to Kudo was a strategic decision based on monetizing other value drivers to align with AMPU objectives and customer value perception.

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    Stephanie Price's questions to Telus Corp (TU) leadership • Q1 2025

    Question

    Stephanie Price inquired about the key drivers behind TELUS Health's strong Q1 revenue and EBITDA growth, the strategic value of the Workplace Options acquisition, and the long-term vision for the health segment, including potential monetization milestones.

    Answer

    EVP & CFO Doug French and President & CEO Darren Entwistle responded, attributing the growth primarily to organic performance, which constituted 26% of the 30% EBITDA growth. They also cited accretive tuck-in acquisitions, record bookings, and accelerating cross-sell synergies from the LifeWorks integration. French highlighted that Workplace Options is a high-growth, immediately accretive asset that adds a strong client base and digital capabilities. They confirmed that monetization opportunities will be evaluated as the business continues to scale and evolve.

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    Stephanie Price's questions to Telus Corp (TU) leadership • Q4 2024

    Question

    Stephanie Price of CIBC asked about the expected payout ratio by 2027 following the removal of the Dividend Reinvestment Plan (DRIP) and sought clarification on the term 'ratcheting down the DRIP' in 2026. She also inquired about the strategy and customer uptake for TELUS's move into the Ontario Internet market.

    Answer

    EVP and CFO Doug French stated the payout ratio is expected to remain within their target range of 60% to 75% in 2027. President and CEO Darren Entwistle suggested that 'ratcheting down' in 2026 could be modeled as a 'half a step' toward the full removal. Zainul Mawji, EVP, described the Ontario Internet strategy as a 'marathon, not a sprint,' focused on profitable growth by targeting niches where customers desire bundled services, rather than pursuing dilutive offers.

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    Stephanie Price's questions to Telus Corp (TU) leadership • Q2 2024

    Question

    Stephanie Price inquired about the potential for a monetization event for TELUS Health and if the strategy for growth businesses has changed given the TELUS Digital experience.

    Answer

    CEO Darren Entwistle confirmed a monetization event for TELUS Health is still planned for the medium-term, contingent on the business earning it through strong organic performance. He highlighted TELUS Health's return to mid-single-digit revenue growth, over 30% EBITDA contribution growth, and significant progress on synergy realization ($297M of a $427M target), expressing confidence in its upside.

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    Stephanie Price's questions to CGI Inc (GIB) leadership

    Stephanie Price's questions to CGI Inc (GIB) leadership • Q3 2025

    Question

    Stephanie Price asked for an outlook on constant currency organic growth for the second half of the calendar year and whether the company believes a floor has been reached. She also inquired about CGI's strategy for winning share with its Momentum ERP solution, one of two approved systems for the U.S. government.

    Answer

    President and CEO François Boulanger stated that he believes organic growth is at a floor, but a full recovery may take a couple more quarters pending more certainty on global tariffs, which primarily affects manufacturing clients. Regarding the Momentum ERP, he expressed confidence that being one of only two approved solutions for the U.S. federal government will create significant new opportunities for CGI as agencies look to modernize their core systems.

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    Stephanie Price's questions to Docebo Inc (DCBO) leadership

    Stephanie Price's questions to Docebo Inc (DCBO) leadership • Q1 2025

    Question

    Stephanie Price followed up on the AWS topic, asking for the total ARR represented by all Amazon contracts and the expiration dates for the remaining use cases. She also inquired about capital allocation priorities, particularly the balance between share buybacks and M&A, following the announcement of a new credit facility.

    Answer

    CFO Brandon Farber stated the other Amazon contracts are for smaller use cases, each in the low six-figure range, and are considered immaterial. Regarding capital allocation, he emphasized the company is operating from a position of strength and the new credit facility provides flexibility to simultaneously pursue its three priorities: investing in the business, share repurchases, and M&A.

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    Stephanie Price's questions to Docebo Inc (DCBO) leadership • Q4 2024

    Question

    Stephanie Price of CIBC Capital Markets asked about the Q1 guidance, noting it seemed to deviate from typical seasonal patterns, and also inquired about the current enterprise demand environment.

    Answer

    Interim CFO Brandon Farber explained the Q1 margin guidance is affected by having two fewer revenue days than Q4 and by seasonal cost increases, such as employee benefits resetting. CEO Alessio Artuffo added that the enterprise demand environment remains very healthy, with a strong pipeline for deals over $500k ACV and customers consistently bringing multiple use cases to the table.

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    Stephanie Price's questions to Descartes Systems Group Inc (DSGX) leadership

    Stephanie Price's questions to Descartes Systems Group Inc (DSGX) leadership • Q4 2025

    Question

    Stephanie Price asked for a comparison to customer behavior during the 2008 financial crisis and inquired about the growth and investment plans for the MacroPoint business.

    Answer

    CEO Ed Ryan recalled that in 2008, shipment volumes only fell about 8% as essential goods continued to move, and the downturn created excellent acquisition opportunities. He highlighted that MacroPoint's growth is driven by superior tracking rates (85-90%) from its network-based approach, and investments are focused on enhancing the software for large retailers and manufacturers to expand into the shipper market.

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    Stephanie Price's questions to Descartes Systems Group Inc (DSGX) leadership • Q4 2025

    Question

    Stephanie Price of CIBC asked for historical context on customer behavior during volatile periods like 2008 and requested an update on the growth and investment strategy for the MacroPoint business.

    Answer

    CEO Ed Ryan recalled that during the 2008 downturn, shipment volumes only fell about 8% as essential goods continued to move. He emphasized that such challenging periods historically created excellent acquisition opportunities that fueled future growth. Regarding MacroPoint, he stated it continues to perform very well, gaining market share due to superior shipment track rates (85-90%) compared to competitors, with ongoing investments focused on enhancing the software for large retailers and manufacturers.

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    Stephanie Price's questions to Descartes Systems Group Inc (DSGX) leadership • Q2 2025

    Question

    Stephanie Price of CIBC asked for more detail on the GroundCloud hardware refresh and the confidence level in its completion by Q3. She also inquired about the M&A landscape for larger-scale deals.

    Answer

    CEO Ed Ryan explained the hardware refresh was driven by a successful AI camera promotion that saw high customer uptake, and while they expect it to be largely done in Q3, continued activity would be positive. On larger M&A, he noted that they are often less attractive due to high valuations from private equity roll-ups of businesses Descartes had previously passed on.

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    Stephanie Price's questions to Descartes Systems Group Inc (DSGX) leadership • Q2 2025

    Question

    Stephanie Price asked for more details on the GroundCloud AI camera hardware refresh and the company's confidence in its Q3 completion. She also inquired about the M&A landscape for larger deals.

    Answer

    CEO Edward Ryan stated that the hardware refresh, tied to a two-year deal for new AI cameras, saw surprisingly strong uptake and is expected to be largely complete in Q3. Regarding M&A, he explained that while Descartes evaluates larger deals, they are often less attractive as they can be private equity roll-ups of businesses Descartes previously passed on at what they considered inflated prices.

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    Stephanie Price's questions to Descartes Systems Group Inc (DSGX) leadership • Q1 2025

    Question

    Stephanie Price requested more detail on trends in the e-commerce business, including the impact of Amazon Logistics, and asked about the potential to raise the long-term 10-15% adjusted EBITDA growth target given recent outperformance.

    Answer

    CEO Ed Ryan explained that the core of their e-commerce growth comes from small- and medium-sized e-tailers, a segment that continues to perform very well. He noted that shifts among large carriers like Amazon Logistics don't significantly impact this core business. CFO Allan Brett addressed the growth target, stating that while the company has consistently overperformed, with a 10-year average of 18%, they plan to maintain the 10-15% target and strive to exceed it. He applied similar logic to the 40-45% EBITDA margin range, indicating they would need to operate above it for several quarters before considering an increase.

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