Marvell Technology (MRVL) Q2 2026 Earnings Call August 28, 2025 04:45 PM ET Company ParticipantsAshish Saran - SVP, IRMatt Murphy - Chairman & CEOWillem Meintjes - EVP & CFORoss Seymore - Managing DirectorChris Koopmans - President & COOSandeep Bharathi - President - Data Center GroupVivek Arya - Managing DirectorThomas O'Malley - Director - Equity ResearchTimothy Arcuri - Managing DirectorHarlan Sur - Executive Director - Equity ResearchConference Call ParticipantsNone - AnalystAaron Rakers - Managing Dire ...

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]

Ulta Beauty (ULTA) Q2 2026 Earnings Call August 28, 2025 04:30 PM ET Company ParticipantsKiley Rawlins - SVP - IRKecia Steelman - President, CEO & DirectorChris Lialios - Interim CFODana Telsey - CEO & Chief Research OfficerSimeon Gutman - Managing DirectorSteven Forbes - Senior MD - Equity ResearchKate McShane - Managing DirectorOliver Chen - Managing Director - Retail, Luxury, New Platforms Sector HeadConference Call ParticipantsMichael Binetti - Senior MD & Fundamental Research AnalystAdrienne Yih - MD & ...

Ambarella (AMBA) Q2 2026 Earnings Call August 28, 2025 04:30 PM ET Company ParticipantsLouis Gerhardy - Vice President of Corporate DevelopmentFermi Wang - CEO & Co-FounderJohn Young - CFOShadi Mitwalli - Semiconductor Equity ResearchKyle Smith - Research AssociateGus Richard - Managing Director Conference Call ParticipantsChristopher Rolland - Senior Equity Analyst - SemiconductersKevin Cassidy - MD - Senior Research AnalystLiam Pharr - Equity Research AnalystDavid O'Connor - AnalystMartin Yang - Senior An ...

Dell Technologies (DELL) Q2 2026 Earnings Call August 28, 2025 04:30 PM ET Company ParticipantsPaul Frantz - VP - IRJeff Clarke - Vice Chairman and Chief Operating OfficerYvonne McGill - CFOErik Woodring - MD - Equity ResearchBen Reitzes - MD & Head - Technology ResearchVijay Rakesh - Managing DirectorDavid Vogt - Managing DirectorAmit Daryanani - Senior MD - Equity ResearchMichael Ng - MD - Global Investment ResearchSimon Leopold - Managing DirectorAsiya Merchant - Technology Equity ResearchKrish Sankar - ...

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 ...

SentinelOne (S) Q2 2026 Earnings Call August 28, 2025 04:30 PM ET Company ParticipantsSaad Nazir - Head - IRTomer Weingarten - Co-Founder, Chairman, President & CEOBarbara Larson - CFOJohn DiFucci - Senior Managing DirectorBrad Zelnick - MD - Software Equity ResearchJoseph Gallo - SVPBrian Essex - Executive DirectorIttai Kidron - Managing DirectorShaul Eyal - Managing Director - Equity ResearchRoger Boyd - Executive DirectorYun Kim - Managing DirectorGabriela Borges - MD - Software ResearchConference Call P ...

Petco Health and Wellness Company (WOOF) Q2 2026 Earnings Call August 28, 2025 04:30 PM ET Company ParticipantsTina Romani - Head of Investor RelationsJoel Anderson - CEO & DirectorSabrina Simmons - CFOSteven Zaccone - Director & Equity Research - Hardlines RetailSteven Forbes - Senior MD - Equity ResearchKaumil Gajrawala - Managing DirectorKendall Toscano - Equity Research AssociateSimeon Gutman - Managing DirectorConference Call ParticipantsMichael Lasser - Equity Research Analyst - Hardlines, Broadlines ...

Financial Data and Key Metrics Changes - The total Annual Recurring Revenue (ARR) grew by 24% and surpassed $1 billion, marking a significant milestone for the company [6][34] - Revenue increased by 22% year over year to $242 million, with international markets growing by 27% and representing 38% of total revenue [35] - The net retention rate remains strong, driven by customer adoption of broader platform solutions, including data, cloud, and Purple AI [36] - Gross margin was maintained at 79%, with operating profitability of 2% and a positive net income margin of 5% for the quarter [37][38] Business Line Data and Key Metrics Changes - The company achieved record second-quarter net new ARR of $53 million, driven by new customer acquisitions and expansion with existing accounts [6][34] - Approximately half of the quarterly bookings came from non-endpoint solutions, indicating strong growth and diversity in the platform [17] - Purple AI achieved triple-digit growth, with attach rates surpassing 30% of licenses sold during the quarter [18] Market Data and Key Metrics Changes - The company continues to expand its presence in international markets, with a notable increase in revenue contribution from these regions [35] - The managed security market is seeing strong traction, with the company being recognized as a valuable vendor in the MSSP ecosystem [14] Company Strategy and Development Direction - The company is focused on delivering AI-powered innovations that unify security, data, and automation, positioning itself as a technology leader in cybersecurity [8][29] - The introduction of SentinelOne Flex is aimed at enhancing customer engagement and driving greater return on security investments [9][10] - The acquisition of Prompt Security is a strategic move to secure generative AI usage and enhance the Singularity platform [23][40] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong demand for the Singularity platform, despite being mindful of evolving macro conditions that could influence deal timing [41] - The company raised its full-year revenue outlook while maintaining prudent assumptions for the second half of the fiscal year [42][43] - Management emphasized the critical role of security in enabling AI adoption, stating that AI's promise cannot be realized without security [47][48] Other Important Information - The company ended the quarter with $1.2 billion in cash and no debt, providing flexibility for strategic capital allocation [39] - Remaining performance obligations grew by 26% to $1.2 billion, reflecting customer trust and commitment to innovation [38] Q&A Session Summary Question: Can you provide insights on the expansion of the Singularity platform? - Management noted that both new logos and expansion with existing customers contributed to strong performance, with significant growth in endpoint and emerging solutions like AI, data, and cloud [54][56] Question: What guidance can you provide for net new ARR in Q3? - Management indicated that while formal ARR guidance is not provided, the improved Q2 results imply a positive outlook for net new ARR for the full year [59] Question: How is the Flex model impacting customer adoption? - The Flex model has been well-received, allowing customers to adopt more of the platform's capabilities and driving consumption across various modules [63][64] Question: What are the expectations for the Prompt acquisition? - Management believes that Prompt will significantly contribute to the company's growth by addressing the governance and control needs associated with generative AI usage [70] Question: Can you elaborate on the U.S. versus international revenue mix? - International revenue accounted for 38% of total revenue, showing strong performance and growth compared to previous quarters [92] Question: How is the partnership momentum progressing? - Management reported positive traction with partnerships, particularly with Lenovo, contributing to the overall growth outlook [98]

Financial Data and Key Metrics Changes - Net sales increased by 9.3% to $2.8 billion compared to $2.6 billion last year [6][32] - Operating profit increased by 4.8% to $345 million, with an operating margin of 12.4%, down from 12.9% last year [37] - Diluted earnings per share rose by 9.1% to $5.78, including a $0.03 benefit from income tax accounting for stock-based compensation [37] 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 [33] - Fragrance category led with double-digit growth, supported by successful promotions and new brand launches [12] - Skin care and wellness category saw high single-digit growth, while makeup delivered mid single-digit comp growth [13][14] 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 [8] - Engagement with beauty and wellness remains healthy, with consumers prioritizing their beauty regimens despite economic pressures [9] 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 [7][19] - International expansion includes the acquisition of Space NK to enter the UK market and plans for new stores in Mexico and the Middle East [23][25] - The company is enhancing its assortment and brand building capabilities, launching 24 new brands during the quarter [20] Management's Comments on Operating Environment and Future Outlook - Management remains cautious about consumer spending in the second half of the year, despite strong first-half performance [29][43] - The company expects consolidated net sales for the year to be between $12 billion and $12.1 billion, with comp sales growth projected at 2.5% to 3.5% [40] - Operating profit is expected to decrease in the high single-digit range, reflecting ongoing macroeconomic uncertainties [41] Other Important Information - The company ended the quarter with $243 million in cash and cash equivalents and $289 million in short-term debt [38] - SG&A expenses increased by 15% to $742 million, influenced by higher incentive compensation and transaction expenses related to the Space NK acquisition [36] Q&A Session Summary Question: What is the sustainability of the initiatives under the Beauty Unleashed plan? - Management expressed confidence in the momentum of the Beauty Unleashed plan but acknowledged higher comps in the second half of the year [45][48] Question: Can you clarify the assumptions behind the comp range for the back half of the year? - Management indicated that while they are cautiously optimistic, they expect comp sales to be flat to low single digits in the second half due to ongoing economic conditions [52][57] Question: How is the promotional backdrop in the beauty sector evolving? - Management noted that promotional activity has been lower than in previous years, with a focus on optimizing key offers and events [60][61] Question: What are the growth prospects for the wellness category? - The wellness market is seen as a significant growth opportunity, with plans to expand product offerings and store footprint [63] Question: How is the company addressing competitive pressures and store recovery? - Management reported steady improvement in comp trends and emphasized the importance of their loyalty program in recapturing customers [70][74]