covers retail at Roth Capital Partners. Bill, the call is getting a lot of attention, so we appreciate you coming on Power Launch. What's the primary thesis behind that cell rating.Yeah, the Thanks for having me. The the primary thesis is when you you unpack the quarter, there's a lot of key metrics that are going the incorrect way. Uh if you take a look at traffic, whether it's in the United States or even the worldwide number, it's decelerating.It decelerated this quarter from last quarter, which decelera ...

Sangoma (NasdaqGS:SANG) 2025 Conference Summary Company Overview - **Company**: Sangoma Technologies Corporation - **Market Cap**: Approximately $250 million - **Industry**: Telecommunications and Unified Communications as a Service (UCaaS) Key Points and Arguments Leadership and Strategy - **CEO Background**: Charles, the new CEO, has extensive experience in leading large P&Ls at major companies like Bell Canada, Hewlett Packard, and Infosys, focusing on enterprise modernization and cloud migration [3][4] - **Transformation Focus**: The CEO joined Sangoma to integrate its various acquisitions and unlock value, as the company had previously acquired 11 companies but struggled with integration [9][10] Market Dynamics - **Mid-Market Growth**: The mid-market segment is identified as the fastest-growing cohort in global IT spending, accounting for 44% of total IT expenditure. This segment is increasingly seeking integrated solutions to avoid vendor sprawl [6][7] - **Ransomware Threats**: There has been a 67% increase in ransomware attacks targeting the mid-market, highlighting the need for comprehensive security solutions [5] Product Offering - **Integrated Solutions**: Sangoma offers a complete suite of essential components for businesses, including voice, data, video, security, and hardware, all proprietary and high-margin [11][19] - **Bundling Strategy**: The company is moving towards bundling its services to provide a single vendor solution, which reduces total cost of ownership (TCO) for customers [16][19] Financial Performance - **Debt and Cash Flow**: The company reduced its debt from approximately $110 million to around $40 million and increased cash flow from $19 million to nearly $33 million [11] - **EBITDA Growth**: Sangoma's EBITDA margin has improved to between 17% and 19% [11][12] Partner Ecosystem - **Pinnacle Partner Program**: Sangoma has restructured its partner channel from 5,000 partners to a more focused group of 1,000 strategic partners, enhancing support and incentivizing sales through recurring revenue models [22][24] - **Competitive Advantage**: The company differentiates itself by providing superior support and service compared to competitors, many of whom are struggling with component-based offerings [26][28] Future Growth and Acquisitions - **Growth Phase**: Sangoma is transitioning into a growth phase, focusing on increasing bookings and revenue through larger, multi-year contracts [30][31] - **Acquisition Strategy**: The company is looking to acquire AI-enabled SaaS companies and expand geographically, particularly in Canada and the UK, to enhance its integrated offerings [39][40] Operational Improvements - **Cost Management**: The CEO highlighted that labor costs are a significant variable cost, which will decrease as the company integrates its operations and implements AI technology for automation [37][38] Additional Important Insights - **Customer Support**: Emphasis on high-quality customer support is crucial for retaining clients, especially in the face of increasing competition and service outages in the industry [27][29] - **Market Positioning**: Sangoma aims to position itself as a mini system integrator, providing comprehensive communication solutions rather than just individual components [19][26] This summary encapsulates the key insights from the Sangoma conference, highlighting the company's strategic direction, market opportunities, and operational improvements.

Stablecoin Ecosystem Analysis - The Solana ecosystem has a dominant stablecoin, USDC, which captures all the yield [1] - This yield should be distributed to Solana users and applications through mechanisms like buy/burn or direct returns [1] - The current situation where USDC captures all yield and potentially funds competitors is not ideal [2] Market Opportunity - Stablecoins are becoming commoditized and more competitive, creating an opportunity for change [1][2] - Solana builders should demand more from stablecoins to improve their products and grow the ecosystem [1] - This shift is described as an "insane no-brainer" for Solana's future [1]