Financial Data and Key Metrics Changes - The company reported total revenue of $415 million for Q1 2026, representing a 20% year-over-year growth and an 18% growth on a constant currency basis [27] - Sales-led subscription revenue, excluding monthly Elastic Cloud, was $339 million, growing 22% as reported and 20% on a constant currency basis [27] - Non-GAAP operating margin was 16%, with a gross margin of 79% [32] Business Line Data and Key Metrics Changes - Subscription revenue growth was driven by both cloud and self-managed offerings, with strong performance across all solution areas [28] - The company ended the quarter with over 1,550 customers spending more than $100,000 annually, indicating strong enterprise adoption [7] - The number of Elastic Cloud customers using Gen AI use cases exceeded 2,200, with over 330 customers spending $100,000 or more annually [12] Market Data and Key Metrics Changes - In the U.S. Public sector, signs of stabilization were noted, with a strategic agreement signed with the U.S. General Services Administration [9] - The company reported strong customer commitments and competitive success in the security segment, with one-third of new and expansion deals coming from competitive displacements [28][51] Company Strategy and Development Direction - The company is focused on leveraging its Search AI platform to drive growth in Gen AI and platform consolidation across various industries [23] - The strategic alignment of the sales team towards expanding enterprise accounts and high-potential mid-market customers is proving effective [10] - The introduction of new capabilities, such as the Elastic AI SOC engine (EASE), aims to enhance threat detection and drive further adoption [28][60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong execution and market position, despite operating in a complex macro environment [34] - The company raised its fiscal 2026 revenue guidance, reflecting better-than-expected macro conditions and strong demand for its solutions [34] - Management highlighted the importance of search relevance and context in the AI era, positioning the company as a leader in data retrieval and context engineering [15][101] Other Important Information - The company achieved an adjusted free cash flow margin of 28% in Q1, with expectations to maintain and expand this margin over time [33] - The current remaining performance obligations (CRPO) grew 18% year-over-year, reaching approximately $956 million [30] Q&A Session Summary Question: Customer spend uplift related to AI usage - Management noted that as customers utilize AI applications, workloads tend to be more compute-intensive, leading to increased overall consumption [42] Question: Impact of price increases on guidance - The price increase implemented in May is expected to provide a year-over-year benefit, but the majority of growth is attributed to performance rather than price [46] Question: Growth mix across business segments - Management indicated strong performance across all solution areas, with Gen AI driving growth in search, security, and observability [50] Question: Predictability of the business model - Management expressed confidence in the predictability of sales-led subscription growth, noting strong execution and consistency in performance [52] Question: Competitive displacements in security - Management highlighted a growing trend of customers recognizing security as a data problem, leading to increased migrations to the company's platform [58] Question: Federal business stabilization - Management confirmed stabilization in the U.S. Public sector, with expectations for continued execution and alignment with customer needs [90][94]

Financial Data and Key Metrics Changes - The company reported a gross margin expansion of 360 basis points to 41.2% in Q2 compared to the same period two years ago [6] - Earnings per share (EPS) increased by 6% to $0.57, up from $0.54 last year [30] - Operating margin for the quarter was 7.8%, down 10 basis points compared to last year [36] - Net sales were flat year over year at $3.7 billion, with comparable sales up 1% [30][31] Business Line Data and Key Metrics Changes - Old Navy's net sales were $2.2 billion, up 1% with comparable sales increasing by 2% [31] - Gap brand net sales reached $772 million, up 1% with comparable sales up 4% [33] - Banana Republic's net sales were $475 million, down 1% year over year, but comparable sales increased by 4% [33] - Athleta's net sales decreased by 11% to $300 million, with comparable sales down 9% [34] Market Data and Key Metrics Changes - The company experienced a 1% increase in comparable sales across its three largest brands: Old Navy, Gap, and Banana Republic [9] - Athleta faced challenges, indicating a need for a brand reset to align with customer expectations [22] Company Strategy and Development Direction - The company is focused on four strategic priorities: maintaining financial and operational rigor, reinvigorating brands, strengthening the platform, and energizing culture [5][8] - The brand reinvigoration playbook is driving growth, particularly in key categories like denim and activewear [10][12] - The company is investing in technology to enhance efficiency and customer experience [25][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the brand's ability to navigate a dynamic environment and achieve sustainable growth [5][8] - The company anticipates a net sales growth of 1% to 2% for fiscal 2025, despite headwinds from tariffs [30][39] - Management noted that the impact of tariffs is expected to be approximately 100 to 110 basis points on operating margin [41] Other Important Information - The company ended the quarter with cash and short-term investments of $2.4 billion, a 13% increase from last year [37] - The company returned approximately $144 million to shareholders through share repurchases and dividends [30] Q&A Session Summary Question: Concerns about lowered EBIT and EPS guidance despite strong Q2 performance - Management acknowledged the solid Q2 results but updated guidance due to headwinds from trade policies, specifically tariffs impacting operating margin [50][51] Question: Changes in merchandising and marketing at Old Navy - Management confirmed that improvements in merchandising and marketing have contributed to Old Navy's strong performance, without increased spending [58] Question: Confidence in Gap brand's performance during the holiday season - Management expressed confidence in Gap's consistent execution and positive comp growth, supported by strong marketing campaigns [66][68] Question: Drivers of revenue acceleration in Q3 forecast - Management highlighted the focus on brand reinvigoration and category leadership as key drivers for expected growth in Q3 [70][72] Question: Pricing strategy and its impact on mitigating tariff pressures - Management stated that pricing strategies are being used to maintain value while mitigating tariff impacts, with a balanced approach to pricing across brands [80][84]

Financial Data and Key Metrics Changes - The company reported record revenue of $187 million for FY 2025, an increase of $42 million from the previous quarter, primarily driven by Bitcoin mining revenue of $180 million [12] - The company achieved 10 times EBITDA growth year on year, with an adjusted EBITDA close to $650 million from Bitcoin mining operations [6][30] - Operating expenses increased to $114 million due to overheads and depreciation costs associated with expanded data center platforms [13] Business Line Data and Key Metrics Changes - The Bitcoin mining capacity increased to 50 exahash, generating over $1 billion in annualized revenue [8][30] - AI cloud revenue reached $7 million during the quarter, with expectations of $200 million to $250 million in annualized revenue from AI cloud business expansion by December [13][19] - The company expanded its Bitcoin mining capacity by 400% and increased contracted grid-connected power by over a third to nearly 3 gigawatts [6][8] Market Data and Key Metrics Changes - The AI cloud business is scaling rapidly, with more than 10,000 GPUs online or being commissioned [7] - Industry reports indicate that the percentage of organizations leveraging AI in more than one business function grew from 55% to 78% in the last twelve months [15] - The company is uniquely positioned to meet the increasing demand for AI infrastructure, with significant near-term grid-connected power and data centers engineered for next-generation compute [16] Company Strategy and Development Direction - The company’s strategy focuses on scaling across the full AI infrastructure stack, from grid-connected transmission lines to digital compute [8] - The construction of Horizon 1, a direct-to-chip liquid cooling AI data center, is underway, with plans for further expansion to Horizon 2 [10][25] - The company aims to capture a broad and growing addressable market in AI, leveraging its vertical integration to control key bottlenecks [16][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the AI cloud market, citing strong demand signals and the ability to scale operations rapidly [15][16] - The company expects to continue delivering strong margins in its AI cloud business, supported by low power costs and full ownership of its data centers [20] - Management highlighted the importance of flexibility in monetizing data center capacity, allowing for a mix of cloud and colocation strategies [108] Other Important Information - The company completed its transition to a US domestic issuer status and reported results under US GAAP for the fiscal year [12] - The company closed the financial year with approximately $565 million in cash and $2.9 billion in total assets, indicating a strong balance sheet [13] Q&A Session Summary Question: Efficiency at sites and backup generation - Management noted that the PUE at British Columbia sites is 1.1, with expectations of slightly higher efficiency after liquid cooling installation [38] - Redundancy is being introduced across the GPU fleet to enhance customer service, driven by customer demand [40] Question: GPU capability and financing impact - The company has introduced flexibility for a wider range of rack densities to accommodate various GPU types, including future generations [44] - Financing structures allow for operational flexibility, with options to return equipment or acquire it at the end of lease terms [71] Question: Cloud business contract duration - The company has a range of contract lengths, with newer equipment often leading to longer-term contracts [49] - Management is evaluating opportunities in both colocation and cloud, aiming to maximize risk-adjusted returns [51] Question: Horizon one and two capacity utilization - The company can monetize data center capacity through a combination of cloud and colocation, maximizing risk-adjusted returns [108] - There is flexibility in how capacity is utilized, allowing for adjustments based on market conditions [108]

Financial Data and Key Metrics Changes - The company reported exceptionally strong results, setting new records in most metrics for the quarter, which is unusual for Q4 [6][7] - The growth is accelerating, indicating strong momentum in the U.S. and Canadian markets [15][16] Business Line Data and Key Metrics Changes - The 0% APR offerings have attracted a significant number of new users, with 50% of first-time users opting for this rate [20][21] - Repeat usage rates for users acquired through 0% APR promotions are comparable to traditional users, with many converting to interest-bearing loans over time [25][26] Market Data and Key Metrics Changes - The company has seen a strong performance in the consumer segment, with a focus on maintaining high credit performance despite macroeconomic shifts [31][36] - 95% of transactions in the quarter came from repeat borrowers, indicating a solid customer base [37] Company Strategy and Development Direction - The company is focusing on expanding its international presence, particularly in the UK, with plans to leverage partnerships like Shopify [75][76] - The strategy includes enhancing the Affirm card offerings and increasing the attach rate, which is currently at 10% [46][48] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to manage credit performance and maintain strong results despite potential consumer stress from factors like student loan repayments [32][36] - The funding environment remains favorable, with a 55% year-over-year increase in funding capacity, allowing for continued growth [40][41] Other Important Information - The company is actively investing in the Affirm card, which has shown significant growth and is expected to continue expanding [48][50] - The 0% APR product is seen as a competitive advantage, with the company emphasizing its unique underwriting capabilities [55][59] Q&A Session Summary Question: Insights on consumer stress and optimism - Management noted that consumer performance continues to be strong, with positive momentum in the U.S. and Canada [14][15] Question: Repeat rates for first-time users with 0% APR - Management confirmed that users attracted by 0% APR promotions do repeat their usage and often convert to interest-bearing loans [25][26] Question: Concerns about consumer credit quality - Management reassured that credit performance remains a top priority, with consistent monitoring and adjustments as needed [31][36] Question: Impact of funding environment on competition - Management acknowledged the favorable funding conditions but emphasized their focus on maintaining high credit quality and long-term partnerships [40][41] Question: Strategy for the Affirm card and its growth - Management highlighted the card's strong performance and ongoing investments to enhance its appeal and functionality [48][50] Question: International expansion strategy - Management confirmed ongoing testing in the UK and plans for careful expansion into other European markets [75][76]

Financial Data and Key Metrics Changes - Marvell reported record revenue of $2,006 million, reflecting a 6% sequential increase and a strong 58% year-over-year growth [4][25] - Non-GAAP operating margin expanded by 870 basis points year-over-year to 34.8% [4] - Non-GAAP earnings per share reached $0.67, up 123% year-over-year [4][27] - Operating cash flow was $462 million, significantly up from $333 million in the first quarter [5][27] - GAAP gross margin was 50.4%, while non-GAAP gross margin was 59.4% [25][26] Business Line Data and Key Metrics Changes - Data center revenue was $1,490 million, growing 3% sequentially and 69% year-over-year, driven by custom XPU and XPU attached products [11][25] - Enterprise networking revenue was $194 million, and carrier infrastructure revenue totaled $130 million, with combined revenue growing 2% sequentially and 43% year-over-year [19] - Consumer market revenue was $116 million, up 84% sequentially and 30% year-over-year, primarily driven by gaming demand [21] - Automotive and industrial revenue was $76 million, flat both sequentially and year-over-year [21] Market Data and Key Metrics Changes - The data center end market now accounts for 74% of total revenue, up from 34% in 2024 [32] - The total addressable market (TAM) for data centers is projected to increase to $94 billion by 2028, a 26% increase from previous estimates [8] - The company expects data center revenue to continue delivering strong growth in the mid-thirty percent range year-over-year in the third quarter [12] Company Strategy and Development Direction - The divestiture of the automotive Ethernet business for $2,500 million aligns with the strategy to focus on AI opportunities in the data center market [6][7] - Marvell aims to grow its data center market share from 13% of a $33 billion TAM in 2024 to 20% of a $94 billion TAM by 2028 [8] - The company plans to consolidate non-data center end markets into a new single communications and other end market starting in the third quarter [7][33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing momentum in the data center market, driven by AI demand [4][23] - The company anticipates overall revenue in the third quarter to be approximately $2,060 million, representing 36% year-over-year growth [22] - Management noted that the custom business is expected to see growth in the second half of the fiscal year compared to the first half [39] Other Important Information - Marvell has repurchased $540 million of stock in the first half of the fiscal year, with approximately $2 billion remaining in its authorization [5] - The company completed a public offering of notes totaling $1 billion, using most proceeds to repay existing debt [28] Q&A Session Summary Question: Guidance for the custom business and headwinds in Q3 - Management acknowledged the lumpiness in the custom business but expects a strong recovery in Q4, driven by optics business growth [37][39] Question: Clarity on design wins and revenue expectations - Management reported significant design activity and new design wins, with many opportunities in the billions of dollars [42][44] Question: Impact of supply constraints and tariffs - Management indicated tight supply chain conditions but has not seen significant impacts from tariffs [45][48] Question: Concentration among lead customers and timing of design wins - Management confirmed that initial programs are ramping and additional design wins are expected to contribute to revenue over the next 18-24 months [52][54] Question: Update on three nanometer XPU program - Management stated that initial programs are ramping and expressed confidence in growth from this program next year [106]

Financial Data and Key Metrics Changes - Marvell reported record revenue of $2,006 million, reflecting a 6% sequential increase and a strong 58% year-over-year growth [4][25][21] - Non-GAAP operating margin expanded by 870 basis points year-over-year to 34.8% [4][25] - Non-GAAP earnings per share reached $0.67, up 123% year-over-year [4][25] - Operating cash flow was $462 million, significantly up from $333 million in the first quarter [5][27] - GAAP gross margin was 50.4%, while non-GAAP gross margin was 59.4% [25][26] Business Line Data and Key Metrics Changes - Data center revenue was $1,490 million, growing 3% sequentially and 69% year-over-year, driven by custom XPU and XPU attached products [11][25] - Enterprise networking revenue was $194 million, and carrier infrastructure revenue totaled $130 million, with combined revenue growing 2% sequentially and 43% year-over-year [19] - Consumer end market revenue was $116 million, up 84% sequentially and 30% year-over-year, primarily driven by gaming demand [20] - Automotive and industrial end market revenue was $76 million, flat both sequentially and year-over-year [20] Market Data and Key Metrics Changes - The data center end market now accounts for 74% of total revenue, up from 34% in 2024 [32] - The company expects data center revenue to continue strong growth in the mid-thirty percent range year-over-year for the third quarter [12][22] - The enterprise networking and carrier infrastructure markets are expected to grow sequentially by approximately 30% in the upcoming quarter [19] Company Strategy and Development Direction - The divestiture of the automotive Ethernet business aligns with the strategy to focus on AI opportunities, redirecting investments towards data center markets [6][21] - The company aims to grow its data center market share from 13% of a $33 billion TAM in 2024 to 20% of a $94 billion TAM by 2028 [7][11] - Marvell is enhancing its leadership structure to capitalize on opportunities in AI and cloud markets [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing momentum in the data center market, driven by AI demand [22][23] - The company anticipates total revenue for the third quarter to be approximately $2,060 million, representing 36% year-over-year growth [21][29] - Management noted that the custom AI design engagements are at an all-time high, with strong interest in differentiated technologies [23] Other Important Information - The company completed a $2,500 million all-cash divestiture of its automotive Ethernet business [5][28] - Marvell's cash and cash equivalents stood at $1,200 million at the end of the second quarter [28] Q&A Session Summary Question: Guidance for the custom business and headwinds in Q3 - Management acknowledged the lumpiness in the custom business but expects a strong recovery in Q4, with optics business growing double digits [36][38] Question: Clarity on design wins and revenue expectations - Management reported significant design activity and confidence in achieving a 20% market share target in the custom silicon business [42][45] Question: Impact of supply constraints and tariffs - Management indicated tight supply chain conditions but noted no significant impact from tariffs on business operations [46][49] Question: Concentration among lead customers and timing of design wins - Management confirmed that initial programs are ramping and additional design wins are expected to contribute to revenue over the next 18-24 months [52][54] Question: Update on three nanometer XPU program - Management stated that initial programs are ramping and emphasized the focus on securing incremental designs and market share [104][108]

Financial Data and Key Metrics Changes - For the second quarter, net sales increased by 9.3% to $2.8 billion compared to $2.6 billion last year [8][35] - Operating profit increased by 4.8% to $345 million, with an operating margin of 12.4%, down from 12.9% last year [41] - Diluted earnings per share rose by 9.1% to $5.78, including a $0.03 benefit from income tax accounting for stock-based compensation [41] Business Line Data and Key Metrics Changes - Comparable sales grew by 6.7%, driven by a 3.7% increase in transactions and a 2.9% increase in average ticket [36] - Fragrance was the strongest performing category with robust double-digit growth, supported by successful promotional events [13] - Skin care and wellness saw high single-digit growth, while makeup delivered mid single-digit comp growth [14][15] Market Data and Key Metrics Changes - The U.S. beauty category showed stable growth, with low single-digit growth in mass and mid single-digit growth in prestige beauty [10] - The wellness market is projected to be a $410 billion market in 2024, growing faster than beauty [67] Company Strategy and Development Direction - The company is focused on its "Ulta Beauty Unleashed" strategy, which aims to enhance core business growth and improve operational excellence [9][21] - The acquisition of Space NK marks a significant step in international expansion, allowing entry into the UK market with an established player [26][27] - The company plans to launch a curated online marketplace to explore a broader array of beauty and wellness products [29] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the future, acknowledging ongoing macroeconomic uncertainties while highlighting strong first-half performance [33][46] - The company anticipates comp sales growth in the second half to be flat to low single digits, reflecting a prudent approach to planning [43][44] - Management emphasized the importance of employee engagement and culture as a competitive advantage [30] Other Important Information - The company hosted over 30,000 events during the quarter to enhance customer engagement and brand experience [17] - The decision to end the partnership with Target will conclude in August 2026, with minimal impact on net sales [31][32] Q&A Session Summary Question: What is the sustainability of the initiatives under the Beauty Unleashed plan? - Management is pleased with the team's response and believes momentum will continue, but acknowledges higher comps in the back half of the year [52] Question: Can you clarify the assumptions behind the comp range for the back half of the year? - Management remains cautious but has modestly increased expectations for the second half, reflecting less uncertainty in the macro environment [62] Question: How is the promotional backdrop in the beauty sector evolving? - The company has optimized promotional strategies, reducing less productive events and aligning offers with consumer shopping behavior [65] Question: What is the outlook for the wellness category? - The wellness market is recognized as a significant growth opportunity, with plans to expand product offerings and store footprint [67] Question: How are the stores recovering from previous competitive pressures? - Management noted steady improvement in comp trends and emphasized the importance of the loyalty program in recapturing customers [78]

Financial Data and Key Metrics Changes - Revenue for Q2 fiscal year 2026 was $95.5 million, an increase of 11.2% sequentially and 49.9% year-over-year, exceeding prior guidance [23][7] - Non-GAAP gross margin for Q2 was 60.5%, at the low end of the prior guidance range [23] - Non-GAAP net profit for Q2 was $6.4 million, or $0.15 per diluted share [24] Business Line Data and Key Metrics Changes - Automotive revenue increased in the mid-single digits, while IoT revenue grew in the low teens, with IoT representing slightly more than 75% of total revenue [23] - The company reported strong demand for new five-nanometer AI SoCs across various applications, particularly in portable video and robotics [9][10] Market Data and Key Metrics Changes - The company anticipates revenue growth for fiscal year 2026 in the range of 31% to 35%, with a midpoint of approximately $379 million [9] - The edge AI business is expanding, with expectations for unit and average selling price growth [27] Company Strategy and Development Direction - The company is focusing on both autonomous driving and IoT markets, leveraging shared hardware architecture to optimize operational expenses [31] - The company is actively pursuing design wins in the automotive sector while also expanding its presence in the IoT market, particularly in portable video and robotics [12][19] Management's Comments on Operating Environment and Future Outlook - Management noted that while automotive growth is expected to eventually outperform IoT, the current strong performance in IoT is driven by shorter design cycles and more available opportunities [31][36] - The company remains optimistic about the edge AI market, with significant lifetime revenue opportunities in automotive autonomy [80] Other Important Information - The company has shipped over 36 million AI processors, establishing itself as a leader in the edge AI market [19] - The company is preparing for upcoming investor events, including participation in various conferences [5] Q&A Session Summary Question: Thoughts on IoT versus automotive focus - Management acknowledged the strong performance of IoT and indicated a balanced focus on both IoT and automotive markets, with plans to allocate more resources to IoT [31][32] Question: Expectations for automotive growth - Management expects automotive growth to eventually outperform IoT, particularly around 2027-2028, but noted that IoT will continue to contribute significantly in the near term [35][36] Question: Trends in robotic aerial drones - Management confirmed a growing trend in the drone market, with multiple companies focusing on autonomous drone applications [39] Question: Guidance for Q4 - Management indicated that seasonality is expected in Q4, driven by consumer cycles, but noted that growth rates are improving compared to previous years [48] Question: Non-security IoT growth - Management sees significant growth potential in non-security IoT applications, with expectations that this segment will outpace traditional security camera business [50][51] Question: Industry consolidation and strategy - Management refrained from commenting on industry rumors but emphasized the company's leadership in the edge AI market [57] Question: Demand pull-ins related to tariffs - Management stated that they have not observed any significant inventory buildup among customers, indicating confidence in demand stability [70] Question: Customer response to the Cooper development platform - Management reported positive feedback on the Cooper platform, which facilitates easier transitions between different chips for customers [72] Question: Growth drivers in IoT and automotive - Management indicated that growth is roughly split 50/50 between average selling price and unit growth [84] Question: IoT market split between security and non-security applications - Management noted that portable video applications are growing rapidly, with Insta360 being a significant customer [88]

Financial Data and Key Metrics Changes - The company reported record revenue of $29.8 billion, up 19% year-over-year [7][18] - Earnings per share (EPS) increased by 19% to $2.32, marking a Q2 record [7][20] - Operating expenses decreased by 4% to $3.3 billion, representing 11% of revenue [19][24] - Net income rose by 13% to $1.6 billion, driven by stronger operating income [20][29] Business Line Data and Key Metrics Changes - Infrastructure Solutions Group (ISG) revenue reached a record $16.8 billion, up 44%, with servers and networking revenue up 69% [20][21] - Client Solutions Group (CSG) revenue increased by 1% to $12.5 billion, with commercial revenue up 2% and consumer revenue down 7% [22][23] - PowerStore saw double-digit growth for six consecutive quarters, with 46% of buyers being new customers [12][21] Market Data and Key Metrics Changes - Demand for AI servers remained strong, with $5.6 billion in orders and $8.2 billion shipped in Q2 [8][21] - International markets showed growth, while North America experienced continued weakness [11][20] - The company noted a significant opportunity as over 70% of the installed base is running on older server generations [11] Company Strategy and Development Direction - The company is focused on driving revenue growth and share gains while maintaining profitability [30] - Continued investment in AI solutions is a key differentiator, with expectations for AI hardware and services market to double by 2028 [16][17] - The company aims to improve execution in the PC market, particularly with the upcoming Windows 10 end of life [14][122] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth and value creation opportunities ahead, particularly in AI and enterprise markets [30] - The company expects the demand environment for traditional servers and storage to persist into the second half of the year [25][29] - Guidance for Q3 revenue is projected between $26.5 billion and $27.5 billion, reflecting an 11% increase at the midpoint [26] Other Important Information - The company returned $1.3 billion to shareholders through stock repurchases and dividends [24] - The AI server shipment guidance was raised to $20 billion for the full year, up from $15 billion [25][29] Q&A Session Summary Question: AI server shipment guidance increase - Management confirmed the increase in AI server shipment guidance to $20 billion, citing strong demand and a growing pipeline [34][36] Question: Profitability improvement from Q2 to Q4 - Management indicated that profitability is expected to improve significantly in Q4 due to seasonal factors and a better mix of products [43][45] Question: Storage market performance - Management acknowledged a slowdown in large account demand, particularly in North America, but highlighted growth in PowerStore and all-flash storage [51][54] Question: AI server margins - Management discussed expectations for improved margins in AI servers due to a better business mix and reduced one-time costs in the supply chain [60][66] Question: Pipeline composition - Management noted that the pipeline includes a mix of sovereign and enterprise orders, with a focus on Blackwell technology [70][72] Question: Traditional server and storage profitability - Management indicated that moving towards more proprietary Dell storage and software would enhance profitability, despite current challenges [77][81] Question: Services revenue growth - Management emphasized the importance of growing services as part of the overall strategy to improve profitability [133]

Carlsmed (CARL) Q2 2025 Earnings Call August 28, 2025 04:30 PM ET Company ParticipantsCaroline Corner - Partner - Medical TechnologyMike Cordonnier - Co-Founder, President, CEO & DirectorLeo Greenstein - CFOGracia Mahoney - AssociateDavid Roman - Managing DirectorRichard Newitter - Managing DirectorConference Call ParticipantsRyan Zimmerman - MD & Medical Technology AnalystAnna Andreeva - MD & Senior Research AnalystOperatorLadies and gentlemen, thank you for standing by, and welcome to the Carlsbad Second ...