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Clint Bolton

Research Analyst at Needham Emerging Growth Partners LP

Clint Bolton is an equity research analyst at Needham & Company, LLC, specializing in technology and semiconductor research, with coverage of major companies such as KLA Corporation, Applied Materials, Credo Technology Group, Ambarella, Marvell Technology, and Navitas Semiconductor. He has maintained a strong performance record, achieving a documented 61.07% success rate and average returns of 45.68% on rated stocks, according to analyst ranking platforms. Bolton began his professional career in equity research prior to joining Needham, where he has built a reputation for insightful coverage and highly ranked stock recommendations. He holds industry credentials such as FINRA registration and relevant securities licenses.

Clint Bolton's questions to ON SEMICONDUCTOR (ON) leadership

Question · Q1 2025

Clint Bolton asked for updated metrics to model gross margin potential, specifically the revenue and utilization levels needed to reach targets after the recent capacity reduction actions.

Answer

CFO Thad Trent reiterated that each point of utilization improvement now contributes 25-30 basis points to gross margin. He highlighted that the Q2 gross margin guidance includes a 900 basis point headwind from under-absorption charges. He explained that achieving the company's standard gross margin in the mid-40s is a function of returning to full utilization, with the path being linear based on the new sensitivity metric.

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