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    Asiya Merchant • Citigroup

    Asiya Merchant's questions to SanDisk Corp (SNDK) leadership

    Asiya Merchant's questions to SanDisk Corp (SNDK) leadership • Q4 2025

    Question

    Asiya Merchant from Citigroup asked how high-capacity QLC SSDs for AI might alter the long-term bit growth outlook and questioned the potential impact of an aggressive Chinese competitor on the current supply-demand balance.

    Answer

    Chairman & CEO David Goeckeler clarified that demand from AI workloads and high-capacity SSDs is already factored into their overall model, which continues to show an undersupplied market through 2026. He added that all competitors' activities are included in their supply forecasts, and the market has successfully absorbed recent shipments.

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    Asiya Merchant's questions to CDW Corp (CDW) leadership

    Asiya Merchant's questions to CDW Corp (CDW) leadership • Q2 2025

    Question

    Asiya Merchant of Citigroup Global Markets Inc. asked about the drivers behind the year-over-year decrease in gross profit margins, questioning if it was due to competitive pricing on infrastructure products and where the margin might bottom out.

    Answer

    CFO Al Miralles clarified that the non-netted down margin was actually up 10 basis points sequentially. He explained the year-over-year decline was driven by two factors: dilution from a lower mix of 100%-margin netted-down revenue and a higher mix of large enterprise deals that carry lower margins. He reiterated that the full-year gross margin guide remains consistent with 2024 levels.

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    Asiya Merchant's questions to CDW Corp (CDW) leadership • Q1 2025

    Question

    Asiya Merchant requested details on the strong performance in the Healthcare segment, asking if the growth was specific to CDW's execution and what the outlook is for this channel for the rest of 2025.

    Answer

    CEO Christine Leahy attributed the robust Healthcare results to CDW-specific strategic investments in its sales organization, technology experts, and go-to-market strategy. She noted that key drivers for the quarter included an uptick in client devices, accelerated cloud adoption by healthcare organizations, and strong demand for security solutions.

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    Asiya Merchant's questions to Western Digital Corp (WDC) leadership

    Asiya Merchant's questions to Western Digital Corp (WDC) leadership • Q4 2025

    Question

    Asiya Merchant asked for an update on the potential for an enterprise slowdown due to tariffs and how the company ensures that current strong demand is not a tariff-related pull-forward.

    Answer

    CEO Irving Tan stated that the feared enterprise slowdown has not materialized. He expressed confidence that there is no demand pull-forward, citing stable in-quarter linearity, demand matching long-term customer forecasts, and a very tight supply environment that limits the ability to deliver upside.

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    Asiya Merchant's questions to Western Digital Corp (WDC) leadership • Q3 2025

    Question

    Asiya Merchant of Citigroup raised concerns about the potential for double ordering from hyperscalers and asked why gross margins were not guided to a more significant step-up given the strong revenue outlook.

    Answer

    CEO Irving Tan stated that the company sees no evidence of double ordering, attributing this to a tight supply-demand environment and order patterns that align with LTA visibility. He explained that the focus for margin expansion is on delivering innovation and TCO benefits to customers, from which strong margins will naturally follow, rather than targeting a specific number.

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    Asiya Merchant's questions to Western Digital Corp (WDC) leadership • Q2 2025

    Question

    Asiya Merchant asked for an update on inventory levels at hyperscalers and questioned how the HDD supply chain is positioned to meet the anticipated rising demand.

    Answer

    Incoming Western Digital CEO Tiang Yew Tan clarified that the Q3 guidance reflects order timing rather than a change in visibility, stating they have a good view of customer inventory. He expressed confidence in the operations team's ability to manage the tight supply chain, which is aided by the greater visibility provided by the build-to-order model.

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    Asiya Merchant's questions to Western Digital Corp (WDC) leadership • Q1 2025

    Question

    Asiya Merchant asked if the typical seasonality seen in the Flash business during the March quarter should also be expected for the HDD business, given its recent strength.

    Answer

    CEO David Goeckeler confirmed that it would be a reasonable assumption to expect some seasonality on the HDD side in the March quarter as well, similar to what is typically seen in Flash.

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    Asiya Merchant's questions to Seagate Technology Holdings PLC (STX) leadership

    Asiya Merchant's questions to Seagate Technology Holdings PLC (STX) leadership • Q4 2025

    Question

    Asiya Merchant from Citigroup asked for details on the demand drivers from AI inference workloads in both cloud and edge environments and how this might affect the company's exabyte growth projections.

    Answer

    CEO Dave Mosley explained that cloud AI demand is driven by large video properties and diverse datasets. At the edge, he noted growth from video applications in settings like factories and hospitals, with a trend toward saving more data snapshots. He confirmed Seagate is sticking to its mid-twenties exabyte CAGR forecast, while watching for new data-heavy viral applications at the edge.

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    Asiya Merchant's questions to Seagate Technology Holdings PLC (STX) leadership • Q3 2025

    Question

    Asiya Merchant inquired about the progress of HAMR qualifications with additional customers, the technology's contribution to March quarter results, and its expected role in bit shipments through calendar 2025.

    Answer

    CEO Dave Mosley confirmed that the HAMR ramp is on schedule, with one major cloud service provider (CSP) qualification nearly complete and several others in progress. CFO Gianluca Romano added that the March quarter's revenue upside was driven by higher-than-expected HAMR product volume, noting the technology is ramping very rapidly.

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    Asiya Merchant's questions to Seagate Technology Holdings PLC (STX) leadership • Q2 2025

    Question

    Asiya Merchant of Citi asked about Seagate's appropriate long-term gross margin target, noting that the company is already executing well above its previously stated range, especially with the ramp of HAMR technology.

    Answer

    CFO Gianluca Romano advised against focusing on the old gross margin range, stating it did not include the impact of HAMR technology and that a new model would be discussed at a future Analyst Day. CEO Dave Mosley added that strong margins are necessary to fund the R&D required to deliver the future product roadmap that customers demand.

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    Asiya Merchant's questions to Seagate Technology Holdings PLC (STX) leadership • Q1 2025

    Question

    Asiya Merchant of Citigroup inquired about the near-term impact of the HAMR ramp on gross margins, asking if it would be dilutive initially due to low volumes and ramp-up costs before becoming a long-term driver of margin expansion.

    Answer

    CEO Dave Mosley stated the company's goal is for HAMR to be accretive to gross margin from the start, as they must be paid for the technology to justify displacing existing PMR production from largely full factories. CFO Gianluca Romano added that at similar volumes, HAMR's cost per terabyte is already below PMR's, providing a cost advantage, and there is no reason HAMR should not be accretive in the short term.

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    Asiya Merchant's questions to Logitech International SA (LOGI) leadership

    Asiya Merchant's questions to Logitech International SA (LOGI) leadership • Q1 2026

    Question

    Asiya Merchant from Citigroup Global Markets Inc. requested a detailed breakdown of the gross margin guidance, including the effects of inventory reserves and tariffs, and asked about the margin trajectory for the rest of the fiscal year.

    Answer

    CFO Matteo Anversa provided a detailed walk-through of the gross margin. For Q1, the 120 bps year-over-year decline was driven by a ~100 bps tariff impact (net 50 bps after pricing) and a 50 bps pressure from a prior-year inventory reserve release. For Q2, he guided to 41-42%, explaining that a 200-300 bps negative tariff impact will be mostly offset by a 200 bps positive pricing impact. He stated it was premature to comment on the margin trajectory beyond Q2 due to market volatility.

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    Asiya Merchant's questions to Logitech International SA (LOGI) leadership • Q4 2025

    Question

    Asiya Merchant asked for a detailed breakdown of the Q1 gross margin guidance, specifically the impacts from tariffs, inventory, and recent price increases, and also inquired about early customer reactions to the new pricing.

    Answer

    CFO Matteo Anversa explained the Q1 gross margin guide of 41-42% reflects a ~200 basis point negative impact from tariffs and a ~100 bps negative impact from the absence of prior inventory reserve releases. This is partially offset by a ~100 bps positive impact from targeted price increases, which average about 10% on U.S. products. CEO Hanneke Faber added that it is too early to gauge customer reaction to the mid-April price hikes but believes the company's strong brand provides pricing power.

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    Asiya Merchant's questions to Logitech International SA (LOGI) leadership • Q2 2025

    Question

    Asiya Merchant inquired about the sustainability of Logitech's high gross margins, the specific sequential drivers for the Q2 outperformance, and the long-term margin outlook, particularly as B2B efforts increase.

    Answer

    CFO Matteo Anversa explained that the strong Q2 gross margin of 44.1% was driven by sustained product cost reductions and the successful sale of previously reserved inventory. He stated that while these cost reduction efforts are durable, the benefit from selling reserved inventory is not expected to repeat at the same level in the second half. For the full fiscal year, he guided for gross margins to be in the 42% to 43% range, noting that the second half will see some pressure from higher freight costs and typical holiday season promotional intensity.

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    Asiya Merchant's questions to Corning Inc (GLW) leadership

    Asiya Merchant's questions to Corning Inc (GLW) leadership • Q2 2025

    Question

    Asiya Merchant questioned if Corning is facing supply constraints in Optical Communications, its ability to exercise pricing power, and when the margin benefits from new product ramps would become more visible in financial results.

    Answer

    CEO Wendell Weeks acknowledged that new products are currently supply-constrained and that while new pricing was introduced, the margin benefit has been largely offset by ramp-up costs. CFO Ed Schlesinger added that despite these costs, the Optical Communications segment's net income is already growing faster than sales, indicating margin expansion is underway and expected to continue.

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    Asiya Merchant's questions to Corning Inc (GLW) leadership • Q2 2025

    Question

    Asiya Merchant inquired about potential supply constraints and pricing power in the Optical Communications segment, and asked when the financial benefits of productivity ramps would be fully reflected in margins.

    Answer

    Chairman & CEO Wendell Weeks acknowledged that supply for new products is currently 'tight' and that while new pricing was introduced, the margin benefit has been temporarily absorbed by startup costs. EVP & CFO Ed Schlesinger added that despite these costs, the segment's net income is already growing faster than sales, and he expects margins to continue improving.

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    Asiya Merchant's questions to Corning Inc (GLW) leadership • Q1 2025

    Question

    Asiya Merchant from Citigroup Inc. questioned whether the strong demand in Optical Communications is creating a supply-constrained environment and if this presents an opportunity for Corning to exert more pricing power or strengthen its competitive moat.

    Answer

    Chairman and CEO Wendell Weeks affirmed this strategic view, noting it is especially relevant for Corning's next-generation products. He pointed to the rising profitability in the Optical segment as existing proof of this dynamic. He expressed optimism that if their next-gen innovations are as competitively advantaged as anticipated, the segment's margin profile would continue to improve.

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    Asiya Merchant's questions to Corning Inc (GLW) leadership • Q4 2024

    Question

    Asiya Merchant of Citi inquired about the outlook for net income margins in the Optical Communications segment amid strong demand and asked about expectations for free cash flow margins as the company progresses on its Springboard plan.

    Answer

    EVP and CFO Ed Schlesinger stated that while Q4 Optical margins were slightly impacted by costs to support higher sales, he expects margins to accrete upwards in 2025. Regarding cash flow, he highlighted the strong 42% YoY growth in 2024 and expects continued improvement, noting that a Q4 build in working capital due to the sales ramp bodes well for 2025.

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    Asiya Merchant's questions to Corning Inc (GLW) leadership • Q3 2024

    Question

    Asiya Merchant asked about customer response to Display pricing actions, expectations for future increases, and how elevated operating expenses might moderate in Q4.

    Answer

    CEO Wendell Weeks expressed confidence in the H2 2024 double-digit price increase, which aims to stabilize profitability and achieve a 25% net income margin. CFO Ed Schlesinger explained that Q3 OpEx included a nine-month variable compensation catch-up accrual. While this catch-up won't repeat, he expects OpEx to remain temporarily elevated in Q4 due to continued strong performance.

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    Asiya Merchant's questions to Amphenol Corp (APH) leadership

    Asiya Merchant's questions to Amphenol Corp (APH) leadership • Q2 2025

    Question

    Asiya Merchant of Citigroup asked for more detail on the Industrial market's strong performance, particularly the organic growth in Europe, and whether this market's momentum could disproportionately boost incremental margins.

    Answer

    President & CEO R. Adam Norwitt confirmed strong, broad-based performance in the Industrial market, including double-digit organic growth in Europe and strength across sub-segments like medical and factory automation. However, he cautioned against assuming a disproportionate margin impact, stating that the company achieves strong profitability across all its markets.

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    Asiya Merchant's questions to Amphenol Corp (APH) leadership • Q1 2025

    Question

    Asiya Merchant from Citigroup requested more detail on the performance of the non-AI portions of the business, asking where the strength was coming from and about the forward-looking visibility.

    Answer

    CEO Adam Norwitt clarified that strength was broad-based, not just from AI. He noted that within IT Datacom, the non-AI business also showed "outstanding growth." He estimated that roughly two-thirds of the year-over-year IT Datacom growth was from AI, implying the remaining one-third was from the strong base business. He stated that even excluding the entire IT Datacom market, the rest of the company delivered excellent organic growth.

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    Asiya Merchant's questions to Amphenol Corp (APH) leadership • Q4 2024

    Question

    Asiya Merchant requested more detail on the improving demand trends in the industrial end market, asking where specifically the company is seeing strength and about the linearity of the improvement.

    Answer

    CEO R. Norwitt noted the company was pleased to see 6% organic growth in the industrial market. He identified strength in medical, rail mass transit, and alternative energy, with particularly robust growth in industrial instrumentation, which includes test equipment for semiconductor manufacturing. However, he remained cautious about calling a full recovery, citing continued uncertainty in the European market.

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    Asiya Merchant's questions to Amphenol Corp (APH) leadership • Q3 2024

    Question

    Asiya Merchant asked about the duration of the current elevated capital expenditure cycle, particularly in relation to supporting the growth in the IT Datacom segment.

    Answer

    CFO Craig Lampo confirmed that CapEx levels would remain elevated in Q4 to support strong demand in IT Datacom and defense. While not providing 2025 guidance, he reiterated the company's long-term target of 3-4% of sales and stated that no structural changes to this expectation have occurred, despite the near-term increase.

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    Asiya Merchant's questions to TE Connectivity PLC (TEL) leadership

    Asiya Merchant's questions to TE Connectivity PLC (TEL) leadership • Q3 2025

    Question

    Asiya Merchant from Citigroup asked for early thoughts on the impact of recent legislative bills and how TE would use its capital allocation optionality, particularly regarding the M&A pipeline.

    Answer

    CEO Terrence Curtin noted that as a global company, TE is focused on customer innovation and its localization strategy, and while some legislation may help, the company's key trends are global. CFO Heath Mitts added that the M&A pipeline looks good for bolt-on acquisitions of various sizes, particularly in the fragmented industrial space, and the company is well-positioned with a strong balance sheet to pursue them.

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    Asiya Merchant's questions to TE Connectivity PLC (TEL) leadership • Q2 2025

    Question

    Asiya Merchant inquired about the trajectory for the Commercial Transportation business, asking when a recovery might occur and how that would impact the Transportation segment's high margins.

    Answer

    CEO Terrence Curtin stated that the commercial transportation market remains soft in Europe and North America, with stable but weak orders. He noted that upcoming 2027 emission standard changes in North America could create an inflection point for a recovery, but the timing is uncertain. He confirmed that when volume returns, the high-margin nature of this business would provide a strong positive lift to segment profitability.

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    Asiya Merchant's questions to TE Connectivity PLC (TEL) leadership • Q1 2025

    Question

    Asiya Merchant inquired about TE Connectivity's role in the co-packaged optics opportunity within the AI space and how the company views this trend long-term.

    Answer

    CEO Terrence Curtin clarified that TE does not participate in co-packaged optics. He emphasized that the company's strength lies in copper connectivity, which will remain essential even as data center architectures evolve to a hybrid approach. He noted that TE's current AI revenue forecast already accounts for this architectural evolution and that solving harder engineering problems is a core strength.

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    Asiya Merchant's questions to Dell Technologies Inc (DELL) leadership

    Asiya Merchant's questions to Dell Technologies Inc (DELL) leadership • Q1 2026

    Question

    Asiya Merchant from Citigroup inquired about the competitive landscape, particularly given the macro environment and Dell's decision not to raise prices amid tariff discussions. She asked if the guidance reflects heightened competitive intensity or is primarily a reflection of prudence due to observed customer behavior.

    Answer

    Jeff Clarke, Vice Chairman and COO, characterized the competitive environment as largely stable and consistent. He noted that while large bids remain aggressive, transactional pricing has been disciplined. The main issue impacting the quarter was not a change in competitive behavior but rather the demand slowdown in North America during the last few weeks. He confirmed Dell mitigated tariff impacts without raising list prices, weathering the dynamic environment effectively.

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    Asiya Merchant's questions to Dell Technologies Inc (DELL) leadership • Q4 2025

    Question

    Asiya Merchant asked about the mix of enterprise and sovereign customers within Dell's AI pipeline and backlog, how that mix has changed recently, and how much of the associated services attach is factored into the fiscal '26 guide.

    Answer

    COO and Vice Chairman Jeffrey Clarke confirmed the AI pipeline has a healthy and growing mix of both CSP and enterprise customers, with the enterprise component and customer base growing quarter-over-quarter across sectors like education, tech, and government. He stated that the 'at least $15 billion' AI server shipment forecast is an all-inclusive number that factors in the attach of services (professional, deployment, installation), networking, and storage to the best of the company's ability.

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    Asiya Merchant's questions to Dell Technologies Inc (DELL) leadership • Q3 2025

    Question

    Asiya Merchant from Citigroup asked about the customer concentration within the AI backlog and orders, and inquired about Dell's market share ambitions in the projected AI TAM for calendar '25.

    Answer

    Executive Jeffrey Clarke acknowledged the business is weighted towards Tier 2 cloud providers but highlighted that Dell has now sold AI solutions to over 2,000 unique enterprise customers. He noted the enterprise portion of the pipeline is growing at a faster rate, representing a significant long-term opportunity as companies move from experimentation to production.

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    Asiya Merchant's questions to Dell Technologies Inc (DELL) leadership • Q2 2025

    Question

    Asiya Merchant asked for more detail on the demand indicators and pipeline visibility that support Dell's optimism for Client Solutions Group (CSG) growth in the fourth quarter and into calendar 2025.

    Answer

    COO Jeffrey Clarke stated that while the PC refresh cycle is starting later than initially expected, confidence remains high. He cited a large, aging installed base from the COVID era, the fixed end-of-life date for Windows 10, and the introduction of new AI-enabled PCs and applications as key drivers for a recovery weighted toward the end of the year and into 2025.

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    Asiya Merchant's questions to HP Inc (HPQ) leadership

    Asiya Merchant's questions to HP Inc (HPQ) leadership • Q2 2025

    Question

    Asiya Merchant questioned the drivers of AI PC adoption, asking about key applications and the expected impact of pricing and mix on Personal Systems growth. She also requested an explanation for the revised free cash flow guidance and the primary factors affecting cash flow margins.

    Answer

    CEO Enrique Lores highlighted that over 100 ISVs are developing applications for AI PCs, driving commercial demand, and reiterated the goal for AI PCs to be over 25% of the PC mix by year-end with a 10-20% price premium. CFO Karen Parkhill explained the free cash flow guidance was lowered in line with earnings and a smaller-than-expected improvement in working capital. Mr. Lores added this was a temporary effect of diversifying the supply chain to new locations.

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    Asiya Merchant's questions to HP Inc (HPQ) leadership • Q4 2024

    Question

    Asiya Merchant from Citigroup asked for the outlook and key growth drivers for HP's "growth businesses," which constituted about 20% of revenue in FY24.

    Answer

    CEO Enrique Lores stated these businesses are expected to continue growing faster than the overall company. He highlighted drivers such as growing subscriber numbers in consumer services (like the 'all-in' plan), strong momentum in Workforce Solutions (like Device as a Service), and continued growth in hybrid systems as the commercial market recovers. He framed this within the broader strategy of leading the "future of work."

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    Asiya Merchant's questions to Super Micro Computer Inc (SMCI) leadership

    Asiya Merchant's questions to Super Micro Computer Inc (SMCI) leadership • Q3 2025

    Question

    Asiya Merchant asked about Supermicro's order visibility and potential revenue impact from upcoming AI diffusion rules, given investor concerns. She also requested insight into how the company is thinking about gross margins for fiscal 2026, particularly with the rollout of its second-generation direct liquid cooling (DLC) solutions.

    Answer

    CEO Charles Liang responded that demand continues to grow, supported by capacity expansion in the U.S., Taiwan, and Malaysia, and that the company will continue to gain market share despite potential tariff impacts. CFO David Weigand acknowledged headwinds from diffusion rules and tariffs but stated the company is well-positioned as a U.S.-based manufacturer and first-to-market provider, while declining to give a specific forecast for fiscal '26 margins.

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    Asiya Merchant's questions to NetApp Inc (NTAP) leadership

    Asiya Merchant's questions to NetApp Inc (NTAP) leadership • Q3 2025

    Question

    Asiya Merchant inquired about the current penetration rate of all-flash systems into NetApp's installed base and whether recent wins are primarily from converting existing customers or acquiring net new ones.

    Answer

    CEO George Kurian reported that all-flash penetration of the installed base is now at 43%. He explained that because this percentage only increases modestly each quarter despite strong flash sales, it indicates that a 'preponderant part' of the all-flash business comes from winning net new footprints and new logos, not just from refreshing existing hybrid systems.

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    Asiya Merchant's questions to NetApp Inc (NTAP) leadership • Q2 2025

    Question

    Asiya Merchant inquired about the impact of the macroeconomic environment on the full-year revenue growth forecast and sought an update on enterprise AI adoption.

    Answer

    CEO George Kurian stated that the macro environment is unchanged and the company's growth outlook is based on strong execution and its product portfolio, independent of broader economic conditions. He added that while enterprise AI is in its early stages, NetApp secured over 100 wins for AI and data lake modernization, with the larger opportunity still ahead.

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    Asiya Merchant's questions to Pure Storage Inc (PSTG) leadership

    Asiya Merchant's questions to Pure Storage Inc (PSTG) leadership • Q4 2025

    Question

    Asiya Merchant of Citigroup Inc. asked about the company's confidence in improving product gross margins and whether NAND prebuys would be necessary to achieve the guidance.

    Answer

    CEO Charles Giancarlo expressed confidence, stating that Pure has a high skill at managing NAND pricing. He explained they are constantly in the market and will use a mix of prebuys and spot market purchases when advantageous, but they do not announce these actions specifically.

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    Asiya Merchant's questions to Pure Storage Inc (PSTG) leadership • Q3 2025

    Question

    Asiya Merchant asked about the outlook for Evergreen TCV, inquiring about expectations for it to return to double-digit growth in calendar 2025, given the current trend of customers shifting to traditional product sales due to OpEx pressures.

    Answer

    CFO Kevan Krysler noted that the dynamic of larger Evergreen//One deals (over $5M) is consistent with prior expectations, but smaller deals saw a meaningful shift to CapEx. He stated that he would wait to see how Q4 plays out before providing specific guidance for the next year, but reiterated the belief that the shift is not a sustained trend.

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    Asiya Merchant's questions to Pure Storage Inc (PSTG) leadership • Q2 2025

    Question

    Asiya Merchant asked for the basis of management's confidence in achieving the second-half ramp required to meet the revised $500 million Evergreen//One TCV forecast.

    Answer

    CFO Kevan Krysler explained that the forecast assumes continued strong performance in the high-velocity business, even with a reduced contribution from larger deals. He noted that the implied second-half ramp is only slightly higher than the company's typical seasonality for traditional sales, making the target achievable.

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    Asiya Merchant's questions to Hewlett Packard Enterprise Co (HPE) leadership

    Asiya Merchant's questions to Hewlett Packard Enterprise Co (HPE) leadership • Q4 2024

    Question

    Asiya Merchant asked for more detail on enterprise AI services, including whether it's a growing portion of orders, what specific services are in demand, and where HPE is securing wins.

    Answer

    President and CEO Antonio Neri confirmed that AI-related services orders grew quarter-over-quarter. He detailed the engagement model across 'day 0' (use case definition), 'day 1' (design/implementation), and 'day 2' (operations). He emphasized the value of partnerships like Deloitte for a business-process approach and highlighted the HPE Private Cloud AI offering as a key solution for enterprises seeking expertise and faster time-to-value, which will drive continued services growth and margin improvement.

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    Asiya Merchant's questions to Cricut Inc (CRCT) leadership

    Asiya Merchant's questions to Cricut Inc (CRCT) leadership • Q3 2024

    Question

    Asiya Merchant from Citigroup asked for more detail on the revenue trends for accessories and materials, which saw an improved decline, versus connected machines, which saw a larger decline. She also questioned the level of promotional intensity in the broader crafting market.

    Answer

    CFO Kimball Shill explained that the improved performance in Accessories & Materials was primarily due to easier year-over-year comparisons, and the company is not yet calling an inflection point. For Connected Machines, the 11% revenue decline was driven by provisions for deeper Q4 promotions; gross sales were actually up slightly. Shill noted that promotions are broad across the crafting category and that while Cricut's promotions generate uplift, baseline demand remains weaker than expected when not on promotion. CEO Ashish Arora added that this reinforces their hypothesis that consumers are waiting for deals, shaping their Q4 strategy.

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    Asiya Merchant's questions to Cricut Inc (CRCT) leadership • Q4 2024

    Question

    Asiya Merchant asked about the drivers of recent international growth and its expected trajectory. She also sought to reconcile the accelerating decline in Connected Machines revenue with management's confidence in generating a positive ROI from deeper promotions.

    Answer

    CFO Kimball Shill explained that international performance is mixed, with strength in France and MESA and a Q4 recovery in the U.K., but challenges in markets like Australia. He noted that 2025 marketing spend will target key international markets. Regarding Connected Machines, he stated that confidence in a turnaround is driven by the combined effect of sustained awareness marketing, deeper promotions, new product launches, and a focus on affordability.

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