The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Deepak Kaushal - BMO Capital Markets Equity Research - Analyst
: It's Deepak here. A couple of questions for me. Good uptick in revenue, particularly continued strength on the product sales. Can you just give us
a sense qualitatively or intuitively, is this still coming from a rebound following a bit of a slowdown a year ago? Or are you seeing some increased
momentum there on the product side? Or are we now at a steady state for that side of the business?
Question: Deepak Kaushal - BMO Capital Markets Equity Research - Analyst
: Okay. Okay. That's helpful. And then when I think on the services side, the synergies with Star2Star, I think there are several categories, whether
it's cross-selling on-prem versus software, international markets or some cross-sales in the channel. How would you kind of say rank the progress
of achieving those synergies? What inning are we in, in terms of progress to your plan for driving these synergies? And when might we start to see
accelerating services growth as a result of those synergies?
Question: Deepak Kaushal - BMO Capital Markets Equity Research - Analyst
: Okay. Got it. And then just for my last question, perhaps just a bigger-picture question. And I think one of your competitors undertook a recent
rebranding exercise for the entire company. I know that you're in the process of bringing your teams together from Star2Star and Sangoma and
communicating that to your channel. What do you think about the merits of that kind of rebranding strategy?
And I know in your guidance, you've maintained a 20% EBITDA margin discipline. Is branding something that you can significantly invest in under
the current cost structure? Is that something that might -- you might consider more investment in somewhere down the line?
Question: David Kwan - TD Securities Equity Research - Analyst
: How should we think about the trajectory in the services revenue line in the coming quarters here? Understanding, I guess, there can be some
fluctuations quarter-to-quarter, but do you expect to see quarter-over-quarter growth trending upward as maybe your direct sales routes and
channel partners get even more familiar with the combined suite of solutions and you see some more success from a cross-selling perspective?
Question: David Kwan - TD Securities Equity Research - Analyst
: Okay. That's fair. One other question, just given where the share price is right now, I think for -- I assume, I guess, for acquisitions, you'd probably
look to lean more on debt in terms of funding them. But would you maybe target kind of smaller deals now that you could possibly completely or
mostly fund through debt while still kind of maintaining a manageable level total?
Question: David Kwan - TD Securities Equity Research - Analyst
: Yes. I guess I was just trying to get a sense of your willingness to issue equity, especially a significant amount of equity at these levels and that
maybe if you got an acquisition target -- a couple of acquisition targets that were essentially nearly identical, at least from a strategic standpoint,
as you pointed out, would you look at maybe the smaller one, given that you probably would have to issue was a maker equity for it.
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