Core Viewpoint - Xunzhong Communication is facing challenges due to a contractual dispute with Beijing Yacon and Beijing Yunxi, leading to the judicial freezing of two bank accounts. The upcoming unlocking of 9.5565 million shares held by cornerstone investors on January 9 may pressure the stock price if they choose to cash out their profits [1][6]. Group 1: Shareholder Dynamics - The cornerstone investor, Tongzhou International Development Co., Ltd., subscribed to 9.5565 million shares, accounting for 31.39% of the total global offering, indicating strong support from Beijing's state-owned assets supervision [2][3]. - Xunzhong Communication's actual tradable shares post-listing are 17.15%, with the cornerstone investor holding a significant portion of the shares [2][3]. Group 2: Stock Performance - The stock price of Xunzhong Communication experienced volatility, initially breaking below the issue price shortly after listing, with a peak increase of 64% within ten trading days, reaching HKD 22.1 per share [4][6]. - As of December 31, the stock price was HKD 15.16, reflecting only an 11.88% increase from the issue price, indicating a "roller coaster" stock performance [6]. Group 3: Financial Performance - Xunzhong Communication's revenue from 2022 to 2024 shows steady growth, with figures of approximately RMB 8.1 billion, RMB 9.16 billion, and RMB 9.18 billion, primarily driven by CPaaS business growth [7][8]. - However, net profit is declining, with figures of RMB 75.97 million, RMB 77.62 million, and a significant drop to RMB 53.55 million in 2024, despite cost-cutting measures [8][9]. Group 4: Future Outlook - The company is transitioning to a dual-driven growth model, focusing on stable cloud communication services and high-growth intelligent communication solutions, which are expected to align well with government projects [10][12]. - The ability to maintain this new narrative will be crucial for Xunzhong Communication to reshape its value in the capital market, making it a focal point for investors [12].

Core Insights - Vonage has been recognized as one of America's Greatest Workplaces in Tech 2025 by Newsweek, highlighting its commitment to employee engagement and workplace satisfaction [1][3] - The company fosters a dynamic and innovative culture, focusing on unlocking the potential of mobile networks for enterprise digital transformation [2][5] - Employee recognition programs and a comprehensive range of benefits are integral to Vonage's strategy for enhancing employee engagement and career growth [2][3] Employee Engagement and Corporate Culture - The recognition reflects Vonage's high employee engagement levels and its dedication to providing a world-class employee experience [1][3] - The selection process for the award involved a thorough assessment of over 120 key performance indicators, including corporate culture, work-life balance, and career development [3][4] - Jennifer H. Cunningham, Editor-in-Chief at Newsweek, emphasized that companies with high employee engagement yield numerous benefits [4] Company Overview - Vonage, a subsidiary of Ericsson, specializes in technology that empowers enterprises and developers, facilitating digital transformation [5][6] - The company's technology portfolio includes Network APIs, CPaaS, CCaaS, and UCaaS solutions, which are trusted by enterprises and developers globally [6]

Core Insights - Vonage has been recognized as an Established Leader in three reports by Juniper Research, highlighting its innovations in API products and market leadership [1][2][3] Group 1: Market Recognition - Vonage received triple recognition from Juniper Research for its API product innovations in the Network APIs Market, Global Mobile Identity Market, and A2P & Business Messaging [1] - The company is noted for its advanced technologies and tools that enhance digital experiences, reinforcing its market leadership position [4] Group 2: API Innovations - Juniper Research emphasizes Vonage's introduction of Network APIs, such as Silent Authentication and SIM Swap, which address the complexities of APIs and support digital transformation [2] - Vonage's Fraud Prevention APIs are highlighted for providing secure authentication solutions, particularly beneficial for industries like financial services that are prone to fraud [2] Group 3: Communication Solutions - The A2P & Business Messaging Report recognizes Vonage's extensive network reach and its diverse portfolio of Communications APIs, including SMS and rich messaging solutions like RCS and WhatsApp [3] - Vonage's ecosystem partnerships are credited as a significant factor in its market leadership, enhancing its service offerings [3]

Core Insights - Sangoma Technologies Corporation reported solid first quarter results for Fiscal 2026, demonstrating the strength of its recurring revenue model and reaffirming its guidance for the fiscal year [2][4]. Financial Performance - Total revenue for the first quarter was $50.8 million, with a sequential growth expected in Q2. Excluding $7.6 million from VoIP Supply, LLC, revenue decreased by 3% year-over-year on a like-for-like basis [5]. - Average revenue per customer increased by 19% year-over-year, and bookings rose by 6%, supporting the growth outlook for the remainder of the year [5]. - Gross profit was $36.8 million, representing 72% of total revenue, an increase from 67% in the previous quarter, driven by a shift towards higher-margin recurring services [5]. - Operating expenses decreased by 9% year-over-year to $38.5 million, reflecting efficiency gains from transformation activities [5]. - The company reported a net loss of $2.3 million, compared to a net loss of $1.9 million in the same quarter last year [5]. - Adjusted EBITDA was $8.3 million, representing 16% of total revenue, consistent with historical seasonal patterns [5]. Guidance and Strategic Direction - Sangoma reaffirmed its guidance for Fiscal 2026, expecting total revenue in the range of $200 - $210 million, compared to $209 million in Fiscal 2025, excluding the contribution from VoIP Supply [4]. - The company is focused on expanding its software and services portfolio and deepening relationships with its global customer and partner base [2]. Shareholder Value and Capital Management - Free cash flow for the first quarter was $3.2 million, with net cash provided by operating activities at $4.9 million, representing 60% of Adjusted EBITDA [5]. - The company has repurchased over 700,000 shares under its Normal Course Issuer Bid, including 195,949 shares repurchased after the end of the first quarter [5].

Core Insights - The collaboration among Vonage, Aduna, Deutsche Telekom, and mBank at the World Banking Forum aims to leverage mobile networks, APIs, and AI to enhance banking security and customer experience [1][3][6] Group 1: Industry Collaboration - The World Banking Forum in Athens gathers senior banking executives and technology leaders to discuss technological innovations in banking [1] - The partnership focuses on the integration of 5G, Network APIs, and AI to improve fraud prevention and redefine customer interactions in financial services [3][4] Group 2: Fraud Prevention and Cybersecurity - The rise of digital channels has led to an increase in fraud, with cybercrime damages projected to reach $11.9 trillion annually by 2026, necessitating advanced fraud protection strategies [2] - The collaboration aims to address current security challenges by embedding mobile network capabilities into banking applications, enhancing customer interactions while reducing fraud [3][4] Group 3: Technological Innovation - Aduna acts as an aggregator of telecom network capabilities, providing banks like mBank access to real-time verified network data, which facilitates seamless customer experiences and fraud reduction [4][6] - Vonage's Network APIs enable developers to create solutions for banks that automate verification processes, enhancing security and transforming customer experiences [6][10] Group 4: Company Profiles - mBank is Poland's fifth largest universal banking group, servicing approximately 4.7 million retail clients and 36.8 thousand corporate clients, with a focus on innovative digital banking solutions [7] - Aduna is a joint venture among leading telecom operators and Ericsson, aimed at accelerating innovation through standardized network APIs [8]

Financial Data and Key Metrics Changes - Sangoma Technologies Corporation reported Q4 revenues of $59.4 million, an increase of $1.3 million or 2% sequentially from Q3, driven primarily by strong prem-based product sales [4][23] - Adjusted EBITDA for Q4 was $11.4 million, representing 19% of revenue, which is an increase from 17% in Q3, marking the highest margin delivered over the past eight quarters [24] - Free cash flow for Q4 was $4.8 million, or $0.14 per diluted share, while for the full fiscal year, free cash flow reached $32.9 million, or $0.98 per diluted share [22][24] Business Line Data and Key Metrics Changes - The company has shifted its focus towards software-led recurring revenue services, which now represent over 90% of the revenue mix, up from 79% two years ago [6] - Core services, which include high-margin SaaS products, currently account for approximately 75% of revenue, while adjacent services account for about 25% [14][25] - The prem-based product line saw an 18% growth in Q4 over Q3, indicating strong demand and market share capture from competitors [17][66] Market Data and Key Metrics Changes - The company is experiencing a sequential growth expectation beginning in Q2 of fiscal 2026, with a focus on mid-market enterprise initiatives [10][25] - Demand in core categories is building, supported by strategic partnerships and targeted marketing efforts in key verticals such as healthcare and education [8][9] Company Strategy and Development Direction - Sangoma's strategy includes delivering organic growth by investing in people, products, and partners, while also pursuing inorganic opportunities that create strategic value [7][10] - The company plans to categorize its results into core services and adjacent services to provide greater transparency and focus on growth areas [7][14] - Strategic partnerships with companies like Amazon Web Services and VTech Hospitality are aimed at enhancing product offerings and expanding market reach [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to resume growth, citing a strong pipeline and the successful execution of their transformation strategy [10][11] - The management team noted that while larger enterprise opportunities have longer sales cycles, they expect sequential growth to begin in Q2 and continue through fiscal 2026 [10][25] - The company is optimistic about the durability of high-margin opportunities and the potential for significant value creation for shareholders [11][26] Other Important Information - The sale of VoIP Supply, completed at the end of June, was a strategic move to streamline the portfolio and focus on higher-margin growth [6][24] - The company ended Q4 with total debt of $47.9 million, significantly below its original target, and has been actively repurchasing shares as a way to return capital to shareholders [22][26] Q&A Session Summary Question: Incremental go-to-market investments focus - The investments are categorized into field coverage and marketing coverage, aimed at enhancing brand awareness and expanding partner networks [29][30] Question: Changes in macro or competitive landscape - Management noted no significant competitive pressures, but acknowledged longer sales and implementation cycles for larger deals [31][32] Question: VoIP Supply's product mix - VoIP Supply primarily dealt with third-party products, with less than 10% being Sangoma proprietary products [33] Question: M&A strategy and appetite - The company is actively looking for acquisition opportunities, particularly in high-growth areas like SD-WAN and security, with a focus on integrating them quickly [34][36][37] Question: Visibility into second quarter growth - Growth is expected from both existing bookings and new deals with shorter sales cycles, providing confidence in the forecast [44][46] Question: Customer churn management - Churn is under control, with positive trends expected as new AI-based tools are deployed to mitigate churn further [53][54] Question: Revenue growth mix between expansion and new business - The company anticipates a balanced approach between expansion activities and acquiring new business, with significant investments in both areas [55][56] Question: International market focus - The company plans to expand its international presence, particularly in English-speaking markets, while focusing on high-margin SaaS products [86][87]

Financial Data and Key Metrics Changes - Sangoma reported revenues of $59.4 million for Q4, a sequential increase of $1.3 million or 2% from Q3, driven primarily by strong prem-based product sales [5][24] - Adjusted EBITDA for Q4 was $11.4 million, representing 19% of revenue, which is an increase from 17% in Q3, marking the highest margin delivered over the past eight quarters [25][27] - Free cash flow for Q4 was $4.8 million, or $0.14 per diluted share, while for the full fiscal year, free cash flow reached $32.9 million, or $0.98 per diluted share [23][24] Business Line Data and Key Metrics Changes - The company has shifted its focus towards software-led recurring revenue services, which now represent over 90% of the revenue mix, up from 79% two years ago [7] - Core services, which include high-margin SaaS products, currently account for approximately 75% of Sangoma's revenue, while adjacent services account for about 25% [15][66] Market Data and Key Metrics Changes - The company is seeing a 16% rise in pipeline demand from the healthcare sector, indicating strong traction in this market [9] - The international portfolio has been heavily oriented towards hardware, which has limited SaaS and software products, resulting in weaker performance in international markets [91][92] Company Strategy and Development Direction - Sangoma's strategy includes delivering organic growth by investing in people, products, and partners, while also pursuing inorganic opportunities that create strategic value [8][27] - The company plans to categorize its results into core services and adjacent services to provide greater transparency into growth areas and cash flow generation [8][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the momentum and opportunities across the core business, expecting sequential growth to begin in Q2 and continue through fiscal 2026 [11][27] - The company is focused on building strong strategic partnerships to deliver tailored solutions for specific industries, such as healthcare and education [9][10] Other Important Information - Sangoma completed the sale of its VoIP Supply business for $4.5 million, marking a deliberate shift towards higher-margin growth [26] - The company has a strong balance sheet, allowing it to invest in growth while reducing debt, with total debt at $47.9 million at the end of Q4 [23][24] Q&A Session Summary Question: How much of the incremental go-to-market investments is about existing partners versus new partners? - Management indicated that investments are focused on both field coverage and marketing coverage to enhance brand awareness and recruit new partners [30][31] Question: Have there been any changes in the macro or competitive landscape? - Management noted no major competitive pressures but acknowledged longer sales and implementation cycles for larger deals [32][33] Question: What is the appetite for M&A given the strong balance sheet? - Management expressed a strong appetite for M&A, focusing on targets in areas like SD-WAN and security, with a disciplined approach to integration [36][38] Question: What is the visibility into sequential growth for Q2? - Management indicated that growth will come from both existing business and new deals, with a balanced pipeline of opportunities [46][48] Question: How is the adjacent category expected to grow? - Management stated that while there is some growth in adjacent services, the focus remains on core services where higher growth opportunities exist [51][52] Question: What is the outlook for customer churn? - Management reported that churn is well under control and expected to decline further due to improved customer engagement and advanced tools [57] Question: What are the priorities for M&A? - Management highlighted market access and technology integration as key priorities for M&A, aiming to enhance the overall value proposition [60][61]

Financial Data and Key Metrics Changes - Sangoma Technologies Corporation reported Q4 revenues of $59.4 million, an increase of $1.3 million or 2% sequentially from Q3, driven primarily by strong prem-based product sales [5][23] - Adjusted EBITDA for Q4 was $11.4 million, representing 19% of revenue, which is an increase from 17% in Q3, marking the highest margin delivered over the past eight quarters [24] - Free cash flow for Q4 was $4.8 million, or $0.14 per diluted share, while for the full fiscal year, free cash flow reached $32.9 million, or $0.98 per diluted share, consistent with the previous year [22][23] Business Line Data and Key Metrics Changes - The company has shifted its focus towards software-led recurring revenue services, which now represent over 90% of the revenue mix, up from 79% two years ago [6] - Core services, which include SaaS-led communication platforms, now account for approximately 75% of Sangoma's revenue, while adjacent services account for about 25% [14][25] - The prem-based product line saw an 18% sequential growth in Q4 over Q3, reflecting successful channel efforts targeting competitors like Avaya and Mitel [70] Market Data and Key Metrics Changes - The company is experiencing a 16% rise in pipeline demand from the healthcare sector, indicating strong market interest [8] - International revenue has been declining, primarily due to a focus on North America and a product mix heavily oriented towards hardware, which is less profitable compared to SaaS offerings [88][90] Company Strategy and Development Direction - Sangoma's strategy includes delivering organic growth by investing in people, products, and partners, while also pursuing inorganic opportunities that create strategic value [7][25] - The company plans to categorize its results into core services and adjacent services to provide greater transparency and focus on high-margin growth areas [7][14] - Strategic partnerships with companies like Amazon Web Services and VTech Hospitality are aimed at enhancing product offerings and expanding market reach [9][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, expecting sequential growth to begin in Q2 and continue through fiscal 2026 [10][25] - The management noted that while larger enterprise opportunities have longer sales cycles, the pipeline is becoming more balanced with shorter cycle deals contributing to future revenue [16][46] - The company is optimistic about reducing churn and improving customer retention through advanced AI-based tools and upselling strategies [55] Other Important Information - The sale of VoIP Supply, completed at the end of June, was a strategic move to streamline the portfolio and focus on higher-margin growth [6][24] - The company has a robust pipeline of potential M&A targets, particularly in high-growth areas like SD-WAN and security, with a disciplined approach to acquisitions [36][81] Q&A Session Summary Question: Incremental go-to-market investments focus - Management indicated that investments are being made in field coverage and marketing to enhance brand awareness and partner recruitment [29][30] Question: Changes in macro or competitive landscape - Management noted no significant competitive pressures but acknowledged longer sales and implementation cycles for larger deals [31][32] Question: VoIP Supply's product mix - It was clarified that over 90% of VoIP Supply's sales were third-party products, with less than 10% being Sangoma proprietary products [34] Question: M&A appetite and strategy - Management expressed a strong appetite for acquisitions, particularly in areas that enhance the company's portfolio and market position [35][36] Question: Visibility into second quarter growth - Growth is expected to come from both existing bookings and new deals with shorter sales cycles [45][46] Question: Customer churn management - Management reported that churn is under control and expected to decline further due to improved customer engagement strategies [55] Question: Revenue growth mix between expansion and new business - Management indicated that both expansion and new business will drive revenue growth, supported by targeted investment strategies [56] Question: International revenue decline reasons - The decline is attributed to a focus on North America and a product mix that has not prioritized high-margin SaaS offerings [88][90]

Financial Data and Key Metrics Changes - Sangoma reported Q4 revenues of $59.4 million, an increase of $1.3 million or 2% sequentially from Q3, driven primarily by strong prem-based product sales [21][23] - Adjusted EBITDA for Q4 was $11.4 million, representing 19% of revenue, which is an increase from 17% in Q3, marking the highest margin delivered over the past eight quarters [24][26] - Free cash flow for Q4 was $4.8 million, or $0.14 per diluted share, while for the full fiscal year, free cash flow reached $32.9 million, consistent with the previous year [22][26] Business Line Data and Key Metrics Changes - The company has shifted its focus towards software-led recurring revenue services, which now represent over 90% of revenue mix, up from 79% two years ago [6][24] - Core services, which include high-margin SaaS products, now account for approximately 75% of revenue, while adjacent services account for about 25% [15][25] - The prem-based product line saw an 18% sequential growth in Q4 over Q3, indicating strong demand and market share gains [61] Market Data and Key Metrics Changes - The company is experiencing a 16% rise in pipeline demand from the healthcare sector, indicating strong growth potential in this vertical [9] - The international market has seen larger declines compared to the U.S., primarily due to a focus on North America and a product mix heavily oriented towards hardware [80][81] Company Strategy and Development Direction - Sangoma's strategy includes delivering organic growth through investments in people, products, and partners, while also pursuing inorganic opportunities that create strategic value [8][25] - The company plans to broaden its presence in key verticals such as healthcare, education, and distributed enterprise, leveraging strategic partnerships to deliver tailored solutions [9][10] - A deliberate shift towards categorizing results into core and adjacent services aims to provide greater transparency and focus on high-margin growth areas [7][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, expecting sequential growth to begin in Q2 and continue through fiscal 2026 [11][25] - The company is optimistic about the momentum and opportunities in its core business, despite longer sales cycles for larger enterprise deals [11][32] - Management noted that churn is well under control, with predictions of continued decline in churn rates due to improved customer engagement and upselling strategies [49] Other Important Information - The sale of VoIP Supply for $4.5 million was a strategic move to streamline the portfolio and focus on higher-margin growth [24][25] - The company ended Q4 with $47.9 million in total debt, significantly below its original target, and has been actively repurchasing shares as a way to return capital to shareholders [22][26] Q&A Session Summary Question: Incremental go-to-market investments focus - Investments are being made in field coverage and marketing to enhance brand awareness and partner recruitment, with a cautious approach to ensure returns [30] Question: Changes in macro or competitive landscape - No major competitive pressures noted, but longer sales and implementation cycles for larger deals are expected [32] Question: VoIP Supply's product mix - VoIP Supply primarily sold third-party products, with less than 10% being Sangoma proprietary products [34] Question: M&A strategy and appetite - The company is actively looking for acquisition opportunities, particularly in high-growth areas like SD-WAN and security, with a robust funnel of targets [36][39] Question: Visibility into Q2 sequential growth - Growth is expected from both existing bookings and new deals with shorter sales cycles, providing confidence in the forecast [43][44] Question: Customer churn management - Churn is under control, with advanced AI tools being deployed to further mitigate churn and improve retention [49] Question: Revenue by geography and international focus - The company is prioritizing North America but plans to expand its international presence, particularly in English-speaking markets [80][81]

Financial Data and Key Metrics Changes - In Q2 2025, the company reported a strong top-line growth of 24%, primarily driven by CPaaS and the rollout of Zenvia Customer Cloud [3][4] - Consolidated adjusted gross profit fell to R$69 million, with a gross margin down to 24%, although stable compared to Q1 [4][5] - Normalized EBITDA for the quarter was R$11 million, below expectations, but the company anticipates a progressive recovery throughout the year [5][11] Business Line Data and Key Metrics Changes - SaaS revenues grew 3% year over year in Q2, mainly from SMB customers, while Zenvia Customer Cloud revenues increased by 23% in the first half of the year [5][6] - CPaaS revenues were up by 33%, accounting for 72% of total revenues, but this higher mix with low margins negatively impacted gross profits and margins [7][9] Market Data and Key Metrics Changes - The market remains highly volatile and competitive, particularly affecting profitability in the short term [4][12] - The company expects CPaaS margins to normalize closer to 20% by Q4 of this year [9][21] Company Strategy and Development Direction - Zenvia Customer Cloud is positioned as the new core business, with expectations of 25% to 30% growth in 2025 [6][12] - The company is focusing on streamlining operations and enhancing efficiency, with AI playing a significant role [12][36] - There are ongoing evaluations for divesting non-core assets to optimize the balance sheet [12][28] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the competitive landscape and pricing pressures but believes the current strategy will lead to long-term profitability [20][23] - The company is optimistic about the future, expecting to transition from volatile revenues to a more stable, high-margin business model [35][36] Other Important Information - G&A expenses decreased by R$9 million, or 27%, compared to the same period last year, bringing the G&A to revenues ratio down to 9% [5][10] - The company has implemented strict expense management since the end of 2022, resulting in significant cost savings [10][11] Q&A Session Summary Question: Can you provide more color on forward guidance for Zenvia Customer Cloud? - The company maintains expectations of around R$200 million in revenues for Zenvia Customer Cloud, with growth of approximately 25% and gross margins close to 70% [16] Question: Are tight margins on the CPaaS side the new level? - Management indicated that while margins are under pressure, they expect stabilization at a higher level by year-end as cost increases from carriers are passed through [20][21] Question: How is the enterprise side performing for both Zenvia Customer Cloud and the rest of SaaS? - The company has seen adoption of Zenvia Customer Cloud by enterprise customers, which was not the initial focus, indicating a positive shift in strategy [24][25] Question: Can you provide insights on cash flow and divestitures? - The trailing 12 months EBITDA is close to R$100 million, with approximately R$60 to R$65 million in cash flow available to serve debt, leading to considerations for asset divestment [26][28]