Qualcomm (QCOM) Q3 2025 Earnings Call July 30, 2025 04:45 PM ET Company ParticipantsMauricio Lopez-Hodoyan - VP - IRCristiano Amon - President & CEOAkash Palkhiwala - CFO & COOJoshua Buchalter - Director - Equity ResearchChris Caso - Managing DirectorRoss Seymore - Managing DirectorBen Reitzes - MD & Head - Technology ResearchConference Call ParticipantsSamik Chatterjee - MD & Equity Research AnalystStacy Rasgon - MD & Senior AnalystTal Liani - Technology AnalystOperatorLadies and gentlemen, thank you for s ...

Qualcomm (QCOM) Q3 2025 Earnings Call July 30, 2025 04:45 PM ET Speaker0Ladies and gentlemen, thank you for standing by. Welcome to the Qualcomm Third Quarter Fiscal twenty twenty five Earnings Conference Call. At this time, all participants are in a listen only mode. Later, we'll conduct a question and answer session. As a reminder, this conference is being recorded 07/30/2025.The playback number for today's call is 8776606853. International callers, please dial (201) 612-7415. Playback reservation number ...

TTM Technologies (TTMI) Q2 2025 Earnings Call July 30, 2025 04:30 PM ET Company ParticipantsSameer Desai - Vice President of Corporate Development & Investor RelationsThomas Edman - President & CEODaniel Boehle - EVP & CFORuben Roy - MD - Equity ResearchMike Crawford - Senior MD & Head - Discovery GroupConference Call ParticipantsJames Ricchiuti - Senior AnalystWilliam Stein - MD & Senior AnalystOperatorGood afternoon. Thank you for standing by. Welcome to the TTM Technologies Inc. Second Quarter twenty twe ...

Dexcom (DXCM) Q2 2025 Earnings Call July 30, 2025 04:30 PM ET Company ParticipantsSean Christensen - VP - Finance & IRKevin Sayer - President, CEO & Chairman of the Board of DirectorsJereme Sylvain - EVP & CFOJacob Leach - President & Chief Operating OfficerTravis Steed - MD - Equity ResearchJoanne Wuensch. - Managing DirectorMatt Taylor - Managing DirectorDavid Roman - Managing DirectorJayson Bedford - MD - Medical TechnologyIssie Kirby - VP - Equity Research, Medical Technology & Life SciencesJoshua Jenni ...

TTM Technologies (TTMI) Q2 2025 Earnings Call July 30, 2025 04:30 PM ET Speaker0Good afternoon. Thank you for standing by. Welcome to the TTM Technologies Inc. Second Quarter twenty twenty five Financial Results Conference Call. During today's presentation, all parties will be in a listen only mode.Following the presentation, the conference will be open for questions. To ask a question during the session, you will need to press 11 on your telephone. You will then hear an automated message advising your hand ...

Dexcom (DXCM) Q2 2025 Earnings Call July 30, 2025 04:30 PM ET Speaker0Ladies and gentlemen, welcome to the DexCom Second Quarter twenty twenty five Earnings Release Conference Call. My name is Abby, and I'll be your conference operator today. At this time, all participants are in a listen only mode. Later, we will conduct a question and answer session. During the question and answer session, if you have a question, please press star one on your touch tone phone.As a reminder, this conference is being record ...

Financial Data and Key Metrics Changes - The company reported Q2 revenues of $195.8 million, exceeding the high end of the outlook range, with a 14.3% increase from Q1 and a 0.8% decrease year-over-year from Q2 2024 [14][21] - Non-GAAP gross margin for Q2 was 38.5%, at the low end of the range, and decreased from 39.2% in Q1 [16][18] - Non-GAAP operating income for Q2 was $22.8 million, a 35.2% increase from Q1, driven by higher revenues [19] - GAAP net income for Q2 was $9.1 million, or $0.12 per diluted share, compared to $6.4 million, or $0.08 per diluted share in Q1 [20] Business Line Data and Key Metrics Changes - Probe card segment revenues were $162.1 million in Q2, an 18.7% increase from Q1, driven by higher revenues in all markets, particularly Foundry and Logic and DRAM [14][15] - Foundry and Logic revenues increased to $100 million in Q2, a 16.7% increase from Q1, comprising 50.8% of total revenues [15] - DRAM revenues were $57.1 million in Q2, a 16.8% increase from Q1, with HBM revenues rising from $29.5 million in Q1 to $37 million in Q2 [15][16] - Systems segment revenues decreased to $33.7 million in Q2, down from $34.8 million in Q1, comprising 17.2% of total revenues [16] Market Data and Key Metrics Changes - The company continues to strengthen its leadership position in HBM probe cards, with expected growth in both HBM and DRAM overall [9] - The Foundry and Logic probe card market saw seasonal strength in Q2, but a moderate reduction in demand is expected in Q3 [10] - The company was recognized as the number one global supplier in both test subsystems and focused chip-making equipment categories in the annual Tech Insights 2025 Global Customer Satisfaction Survey [11] Company Strategy and Development Direction - The company is focused on advanced packaging and generative AI as key growth drivers, with expectations of semiconductor industry growth to a trillion dollars by the early next decade [5][6] - Strategic investments include a minority equity investment in FICT and the acquisition of a manufacturing facility in Farmers Branch, Texas, aimed at improving competitiveness and profitability [8][13] - The company aims to achieve a target financial model of 47% gross margin on $850 million of annual revenue, acknowledging recent performance has not demonstrated a clear path to that level [13][26] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that recent financial results, particularly gross margins, have not reflected the company's market leadership position, attributing this to product mix shifts and operational cost increases [7] - The company expects Q3 revenues of approximately $200 million, with a higher gross margin of around 40%, despite potential tariff impacts [24][25] - Management emphasized the importance of diversifying customer exposure to mitigate risks associated with individual customer volatility [62] Other Important Information - The company experienced a negative free cash flow of $47.1 million in Q2, primarily due to capital expenditures related to the Farmers Branch facility [21][22] - Total cash and investments at the end of Q2 were $253 million, a decrease of $50 million from Q1, largely due to the facility purchase [22] - The company has entered into a new $150 million revolving credit facility agreement to enhance financial flexibility [23] Q&A Session Summary Question: What is the residual customer ramp-up cost embedded in the Q3 gross margin guide? - Management confirmed no additional ramp-up costs are assumed in Q3 for the HBM customer [29][30] Question: Will the trend of higher sequential DRAM systems and lower sequential logic/foundry persist into Q4? - Management noted that while the PC and mobile markets remain weak, they are focusing on growth in areas driven by generative AI and advanced packaging [31][33] Question: What are the key factors that can help bridge the gross margin gap to target levels? - Management identified volume growth, operational cost reductions, and expanding Foundry and Logic market share as key components to improve gross margins [42][44] Question: What impact will the new Texas facility have on the P&L? - Management indicated that the facility is expected to lower operational costs in the long term, but immediate impacts on the P&L will be assessed as progress is made [48][49] Question: What is the status of the hyperscaler and GPU customer contributions? - Management reported progress in qualifying for GPU testing and noted contributions from hyperscaler custom ASICs in Q2, with expectations for revenue growth in the second half [70][72]

Financial Data and Key Metrics Changes - The company reported Q2 revenues of $195.8 million, exceeding the high end of the outlook range, with a 14.3% increase from Q1 and a 0.8% decrease year-over-year from Q2 2024 [15][16] - Non-GAAP gross margin for Q2 was 38.5%, down from 39.2% in Q1, primarily due to lower margins in the Systems segment and increased manufacturing costs [17][19] - Non-GAAP operating income for Q2 was $22.8 million, a 35.2% increase from Q1, driven by higher revenues despite lower gross margins [21] - GAAP net income for Q2 was $9.1 million, or $0.12 per diluted share, compared to $6.4 million, or $0.08 per diluted share in Q1 [22] Business Line Data and Key Metrics Changes - Probe card segment revenues were $162.1 million in Q2, an 18.7% increase from Q1, with significant growth in Foundry and Logic and DRAM markets [15][16] - Foundry and Logic revenues increased to $100 million in Q2, a 16.7% increase from Q1, representing 50.8% of total company revenues [16] - DRAM revenues were $57.1 million in Q2, up 16.8% from Q1, with HBM revenues increasing from $29.5 million in Q1 to $37 million in Q2 [16][18] - Systems segment revenues decreased to $33.7 million in Q2, down from $34.8 million in Q1, comprising 17.2% of total revenues [17] Market Data and Key Metrics Changes - The company continues to strengthen its leadership position in the HBM probe card market, with expectations of continued growth in both HBM and DRAM [9][10] - The Foundry and Logic probe card market saw seasonal strength in Q2, but a moderate reduction in demand is expected in Q3 [10][11] - The Systems segment is driven by advancements in co-package optics and quantum computing, with pilot production systems running for primary customers [12] Company Strategy and Development Direction - The company is focused on advanced packaging and generative AI as key growth drivers, positioning itself as a leading supplier of probe cards and systems [5][6] - Strategic investments include a minority equity investment in FICT and the acquisition of a manufacturing facility in Texas to enhance competitiveness and lower operational costs [7][8] - The company aims to achieve a target financial model of 47% gross margin on $850 million of annual revenue, acknowledging recent performance has not met this target [13][27] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that recent financial results, particularly gross margins, have not reflected the company's market leadership, attributing this to product mix shifts and operational cost increases [6][27] - The company expects Q3 revenues to be around $200 million, with a higher gross margin of approximately 40%, despite potential tariff impacts [26][27] - Management remains optimistic about long-term growth prospects in the semiconductor industry, projecting significant growth driven by advanced packaging and generative AI [5][79] Other Important Information - The company experienced a negative free cash flow of $47.1 million in Q2, primarily due to capital expenditures related to the Texas facility acquisition [23][24] - Total cash and investments at the end of Q2 were $253 million, a decrease of $50 million from Q1, largely due to the facility purchase [24][25] - The company has entered into a new $150 million revolving credit facility to enhance financial flexibility [25] Q&A Session Summary Question: How much residual customer or HBM product cost is still embedded in the third quarter gross margin guide? - Management confirmed no additional ramp-up costs are assumed in Q3 for the HBM customer [30][31] Question: Do you think the trend of higher sequential DRAM systems and lower sequential logic/foundry could persist in Q4? - Management indicated that while the PC and mobile markets remain weak, they are focusing on growth in areas driven by generative AI and custom ASICs [32][34] Question: What impact will the new facility in Texas have on the P&L over the next few quarters? - Management stated that the facility is expected to lower operational costs in the medium term, but no immediate impact on the P&L is anticipated until it is operational [48][50] Question: What is the expected contribution from hyperscaler and GPU customers in the second half of the year? - Management noted that there has been progress in qualifying for GPU testing and expects revenue contributions from hyperscalers and custom ASICs in the second half [74][75] Question: What are the expected impacts of tariffs on gross margins? - Management acknowledged that tariffs are expected to have a significant impact on gross margins, with ongoing efforts to mitigate these effects [94][95]

Where do you want to start Microsoft for. I just think for both of them, the context, these are trillion dollar companies and they're managing to post, for matter, more than 20% growth in terms of revenue, quarter on quarter, much ahead of expectations and signaling it's going to be 25% potentially for the next quarter. Microsoft still managing to build up 18% growth.Isn't that extraordinary. We have companies that valuable growing at that rate of run rate. And the fact that for Microsoft, a nuance here, we ...

SentinelOne (NYSE: S ) has lagged software peers in a booming market. Even as management had to reduce full-year guidance, it bears remembering that this is still one of the fastest-growing names in the tech sector. Sure, the company is growing slower than its closestJulian is the leader of the investing group Best Of Breed Growth Stocks where he only shares positions in stocks which have a large probability of delivering large alpha relative to the S&P 500. He also combines growth-oriented principles with ...