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    David Vogt • UBS Group AG

    David Vogt's questions to Cisco Systems Inc (CSCO) leadership

    David Vogt's questions to Cisco Systems Inc (CSCO) leadership • Q4 2025

    Question

    David Vogt of UBS Group AG sought to frame the AI revenue impact on FY2026 networking growth, suggesting it could add about two percentage points. He also asked for the specific gross margin impact from tariffs embedded in the FY2026 guidance.

    Answer

    CEO Chuck Robbins agreed that the two-point contribution from AI was 'generally in the ballpark' and that both AI and the core refresh would be meaningful. CFO Mark Patterson declined to quantify the tariff impact in basis points but detailed the specific tariff rate assumptions included in the guidance for clarity.

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    David Vogt's questions to Cisco Systems Inc (CSCO) leadership • Q3 2025

    Question

    Speaking for David Vogt of UBS, an analyst asked about the composition of the $600 million in AI orders, specifically whether they were concentrated or diffuse, and requested an estimate of the tariff impact on Q4 gross margin guidance.

    Answer

    CEO Chuck Robbins described the AI orders as 'fairly balanced,' noting that three of the top six web scalers grew orders by triple digits and that acceleration is visible across all of them. CFO Scott Herren reiterated the tariff assumptions built into the guidance but declined to quantify the specific impact, citing the fluid nature of the situation.

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    David Vogt's questions to Cisco Systems Inc (CSCO) leadership • Q1 2025

    Question

    David Vogt of UBS asked if the strong enterprise order growth was related to non-AI web-scale spending or a campus refresh. He also sought clarification on the gross margin impact from Splunk, specifically regarding subscription versus term licenses, and the outlook for the rest of fiscal 2025.

    Answer

    CEO Chuck Robbins clarified that enterprise segment growth is distinct from web-scale customer sales and was driven purely by enterprise customers. CFO Scott Herren reiterated that while Splunk provided a favorable mix benefit to gross margin, the quarter's outperformance was primarily due to a one-time duty drawback refund. He stated the team has done a great job on cost-out initiatives and expects gross margins to maintain a 68% to 69% range for the year.

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    David Vogt's questions to Lumentum Holdings Inc (LITE) leadership

    David Vogt's questions to Lumentum Holdings Inc (LITE) leadership • Q4 2025

    Question

    David Vogt asked about the status of EML wafer fab capacity expansion, the potential for price increases given supply constraints, and the expected profitability profile of the OCS business.

    Answer

    President and CEO Michael Hurlston confirmed the company is sold out on EMLs and is increasing capacity through a wafer size transition. He and CFO Wajid Ali acknowledged that pricing power exists and could provide upside to current financial models. Hurlston also stated that OCS margins are significantly above the corporate average and will be accretive to profitability.

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    David Vogt's questions to Lumentum Holdings Inc (LITE) leadership • Q3 2025

    Question

    David Vogt of UBS asked about the telecom business, questioning if there was channel normalization similar to prior quarters and what underlying demand looks like. He also asked for the growth rate of the core transceiver business in the March quarter.

    Answer

    CEO Michael Hurlston stated that the telecom business feels strong, with growth in areas like narrow linewidth lasers and pump lasers, and noted it is accretive to gross margin. He clarified that the datacom transceiver business was essentially flat sequentially in the March quarter due to a temporary execution 'air pocket' in ramping products, which has since been resolved. He expects strong growth to resume in the guided quarter.

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    David Vogt's questions to Lumentum Holdings Inc (LITE) leadership • Q2 2025

    Question

    David Vogt sought further clarification on the sequential gross margin decline, asking if a faster-than-expected transceiver ramp was the cause, and also inquired about the company's perspective on potential future tariffs affecting its global operations.

    Answer

    EVP and CFO Wajid Ali clarified that the gross margin pressure was not from mix but from specific headwinds: initial yield issues on new transceiver product ramps and underutilization costs in Thailand, which combined for a 100-150 basis point impact. On tariffs, he stated that the company expects a minimal impact, which is already factored into guidance, due to its small manufacturing footprint in China and the fact that most products ship from its Thailand facility.

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    David Vogt's questions to Lumentum Holdings Inc (LITE) leadership • Q1 2025

    Question

    An analyst on behalf of David Vogt at UBS asked if the new transceiver customers were already factored into the $500 million quarterly revenue target and inquired about the potential market share Lumentum could achieve.

    Answer

    President and CEO Alan Lowe confirmed that these customer wins are part of the multiple opportunities that contribute to the $500 million target, but they don't need to win every opportunity to get there. He explained that market share is earned over time through strong execution, quality, and supply chain resilience, as hyperscale customers always multi-source.

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    David Vogt's questions to Extreme Networks Inc (EXTR) leadership

    David Vogt's questions to Extreme Networks Inc (EXTR) leadership • Q4 2025

    Question

    Representing David Vogt from UBS, an analyst asked about the reasonable go-forward product gross margin and for an update on demand trends by vertical, particularly government.

    Answer

    EVP & CFO Kevin Rhodes addressed both questions. He projected that product gross margins, currently around 58%, could expand to a 58% to 60% range, driven by a higher mix of WiFi 7 products and potential freight cost savings. Regarding verticals, Rhodes stated that State, Local, and Education (SLED) constitutes about 40% of total revenue, with other key verticals like retail, manufacturing, healthcare, and hospitality each representing around 10%.

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    David Vogt's questions to Extreme Networks Inc (EXTR) leadership • Q3 2025

    Question

    David Vogt inquired about customer feedback regarding potential tariffs, the long-term financial impact of the forecasted $1.5 million tariff cost, and any potential strategies to mitigate this impact on gross margins.

    Answer

    President and CEO Ed Meyercord described the tariff situation as dynamic with minimal current impact, noting Extreme is the only vendor guaranteeing prices through the quarter. CFO Kevin Rhodes confirmed the $1.5 million quarterly impact is included in Q4 guidance, representing a 50 basis point headwind, and stated that future price increases are a potential offset. Rhodes also clarified that Q4 gross margins would have been flat sequentially excluding this tariff impact.

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    David Vogt's questions to Extreme Networks Inc (EXTR) leadership • Q2 2025

    Question

    David Vogt asked about the company's exposure to U.S. federal government funding dynamics, the expected attach rate for services and subscriptions as product revenue grows, and the drivers behind the better-than-seasonal Q3 guidance.

    Answer

    CEO Ed Meyercord stated that their government business is primarily state, local, and education (SLED) and they do not anticipate an impact from federal budget issues. CFO Kevin Rhodes detailed that subscription growth will be driven by higher product sales, Platform ONE adoption, the private subscription offer, and the MSP program. Meyercord explained the strong Q3 guidance, which is flat instead of the typical seasonal dip, is due to a broader market recovery and momentum in their new commercial models.

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    David Vogt's questions to Extreme Networks Inc (EXTR) leadership • Q1 2025

    Question

    Speaking on behalf of David Vogt, Brian asked for quantification of the revenue and margin impact from projects that closed earlier than expected. He also inquired about the accounts receivable balance, customer concentration, and the outlook for collections.

    Answer

    CFO Kevin Rhodes clarified that the early-closed deals had a normal margin profile and were not the primary driver of the sequential gross margin increase. He quantified the revenue impact as being between $4 million and $9 million. Regarding receivables, he stated the balance is normal with a healthy DSO of 35-40 days, and while concentration with large distributors is typical, there are no concerns about collections.

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    David Vogt's questions to CDW Corp (CDW) leadership

    David Vogt's questions to CDW Corp (CDW) leadership • Q2 2025

    Question

    David Vogt of UBS Group inquired about the specific drivers behind the strong performance in the Corporate segment, noting the absence of a pull-forward effect. He also asked if the lower mix of netted-down revenue was solely due to the shift towards larger corporate deals.

    Answer

    Chair & CEO Chris Leahy attributed the Corporate segment's strength to pent-up enterprise demand for mission-critical projects and strong sales execution. CFO Al Miralles explained that the lower netted-down revenue mix resulted from a greater wallet share going to solutions and client devices, difficult SaaS/IaaS comps, and lighter warranty revenues, cautioning against extrapolating from a single quarter.

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    David Vogt's questions to CDW Corp (CDW) leadership • Q1 2025

    Question

    David Vogt inquired about the underperformance in the NetComm and storage product categories, questioning if customer spending was paused due to tariff uncertainty despite favorable year-over-year comparisons.

    Answer

    CEO Christine Leahy explained that the networking results reflect a continuing shift to software-defined architectures and a temporary pause in large infrastructure deals due to market caution. She characterized it as a timing issue rather than a systemic problem, noting that ongoing design discussions are a positive leading indicator for future quarters.

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    David Vogt's questions to CDW Corp (CDW) leadership • Q3 2024

    Question

    David Vogt asked about the forecast for a flat 2024 U.S. IT market and CDW's potential to underperform it, a departure from its historical premium. He also inquired about the recovery outlook for networking and servers and what leading indicators management is watching for 2025.

    Answer

    CEO Christine Leahy affirmed the goal to outperform the market but acknowledged challenges from low hardware demand impacting CDW's specific mix. She noted that data center hardware (storage, networking, servers) remains muted, though client device refresh is picking up. CFO Albert Miralles added that NetComm comps get easier in Q4. For 2025 indicators, Leahy cited economic and geopolitical certainty and election outcomes as key factors.

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    David Vogt's questions to Arista Networks Inc (ANET) leadership

    David Vogt's questions to Arista Networks Inc (ANET) leadership • Q2 2025

    Question

    David Vogt from UBS asked about Arista's technical and competitive position in "scale out" networking, especially in light of the new Jericho 4 silicon, and its implications for distributed AI.

    Answer

    Chairperson & CEO Jayshree Ullal described scale-out as Arista's "bread and butter," positioning the 7800 AI spine as the premier platform in the industry. She highlighted its advantages in buffering and congestion control. She expressed excitement for leveraging Jericho 4 for 800G products, continuing the evolution of their flagship spine architecture.

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    David Vogt's questions to Arista Networks Inc (ANET) leadership • Q1 2025

    Question

    David Vogt asked for a deeper explanation of the potential impact of tariffs on Arista's top-line revenue, customer behavior, and the full-year financial outlook.

    Answer

    CEO Jayshree Ullal described the logistical challenges of navigating shifting tariff policies, stating Arista is absorbing current costs but may pass on future increases. CFO Chantelle Breithaupt added that the worst-case gross margin impact could be 1 to 1.5 points without mitigation, and the conservative full-year guidance reflects this uncertainty, not a change in demand.

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    David Vogt's questions to Arista Networks Inc (ANET) leadership • Q4 2024

    Question

    David Vogt asked about the evolution of network speed deployments (400G, 800G, 1.6T) at major customers and how Arista sees this playing out in 2025 and beyond.

    Answer

    CEO Jayshree Ullal explained that AI is accelerating speed transition cycles to approximately every two years. She characterized 2024 as the year of 400G, with 2025 and 2026 being focused on 800G. She sees 1.6T as a 2027 production reality, as its adoption is tied to the availability of next-generation GPUs that require such bandwidth. In the meantime, she expects a long runway for both 400G and 800G.

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    David Vogt's questions to Apple Inc (AAPL) leadership

    David Vogt's questions to Apple Inc (AAPL) leadership • Q3 2025

    Question

    David Vogt requested an update on Apple's supply chain strategy, particularly regarding production in India versus China, in light of tariffs. He also asked for the key drivers behind the unseasonably strong iPhone demand during the June quarter.

    Answer

    CEO Tim Cook reiterated that for U.S. sales, the majority of iPhones originate from India and most other products from Vietnam, while China primarily serves other international markets. SVP & CFO Kevan Parekh attributed the strong iPhone performance directly to the strength of the product lineup, especially the popularity of the iPhone 16 family.

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    David Vogt's questions to Apple Inc (AAPL) leadership • Q2 2025

    Question

    David Vogt asked a broader philosophical question about Apple's supply chain resiliency and redundancy over the next few years and any near-term export control risks. He also asked if there was a quantifiable impact on demand from tariffs factored into the June quarter outlook.

    Answer

    CEO Tim Cook acknowledged that the supply chain is complex and always has risks, stating that Apple learned some time ago not to have everything in one location and will continue to open new sources of supply. CFO Kevan Parekh responded that the company's best thinking on demand is captured in the provided outlook, but reemphasized that the guidance assumes the current tariff and macroeconomic situations do not worsen.

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    David Vogt's questions to Apple Inc (AAPL) leadership • Q1 2025

    Question

    David Vogt asked to reconcile the Apple Intelligence momentum with a seemingly flat iPhone revenue outlook for the March quarter, and also asked about the potential ceiling for Services gross margins.

    Answer

    CEO Tim Cook reiterated that AI-enabled markets performed better and the iPhone 16 is outperforming the 15. CFO Kevan Parekh explained that the 75% Services margin is driven by a favorable mix across its broad portfolio and that the business is accretive to overall company margin.

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    David Vogt's questions to Apple Inc (AAPL) leadership • Q4 2024

    Question

    David Vogt pressed for clarity on the December quarter guidance, asking if it implied a potential decline in product revenue. He also asked if the staged global rollout of Apple Intelligence could alter the historical demand cadence across different regions.

    Answer

    CFO Luca Maestri reiterated that Apple is not providing that level of detail, emphasizing that it's very early in the new product cycle and the Apple Intelligence rollout will occur over time. CEO Tim Cook acknowledged the rollout cadence is different from a typical software launch but maintained that the feature is a compelling reason for customers to upgrade, while declining to forecast demand beyond the current quarter.

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    David Vogt's questions to Celestica Inc (CLS) leadership

    David Vogt's questions to Celestica Inc (CLS) leadership • Q2 2025

    Question

    David Vogt sought details on the 800g ramp, asking which hyperscaler customers were driving growth, and inquired about the end-verticals within capital equipment that led to an H1 pull-forward. He later asked about the timeline for future capacity adjustments.

    Answer

    President and CEO Rob Mionis explained that while a couple of customers are ramping 800g faster, the Q2 volume mix was roughly 50/50 between 400g and 800g. On capital equipment, he noted H1 strength was from inventory normalization, with an expected H2 moderation. CFO Mandeep Chawla added that major capacity expansions have a 12-month lead time and decisions are already made for key sites, fitting within their 1.5-2.0% of revenue CapEx target.

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    David Vogt's questions to Celestica Inc (CLS) leadership • Q1 2025

    Question

    David Vogt asked about the level of customer visibility in the CCS segment amid macro uncertainty and the expected magnitude of the enterprise segment's reacceleration in the second half of 2025.

    Answer

    President and CEO Rob Mionis stated that visibility from hyperscaler customers remains strong and has not changed due to the tariff environment, with full-year outlooks firmed up quarterly. CFO Mandeep Chawla added that design work for programs one to two years out continues unabated. Regarding the enterprise ramp, Rob Mionis confirmed a large customer's AI/ML compute program will ramp in Q3 and Q4, though overall enterprise numbers are somewhat suppressed by dynamics in the storage business.

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    David Vogt's questions to Celestica Inc (CLS) leadership • Q4 2024

    Question

    David Vogt sought clarification on the new 1.6T switching program, asking if it was with a new or existing customer and if there were opportunities to expand the relationship. He also asked if the new digital native customer was transitioning from InfiniBand to Ethernet technology.

    Answer

    President and CEO Rob Mionis confirmed the 1.6T win is an extension of the relationship with an existing hyperscaler customer, moving into a full liquid-cooled networking RAC with opportunities to expand share of wallet. He clarified the digital native customer's project is not an InfiniBand-to-Ethernet shift but a completely custom data center design with unique requirements.

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    David Vogt's questions to TD Synnex Corp (SNX) leadership

    David Vogt's questions to TD Synnex Corp (SNX) leadership • Q2 2025

    Question

    David Vogt delved into Hyve's performance, asking if the lower margin mix implied strength in CM services over spares, and whether the previously delayed customer orders had returned. He also asked about the tariff assumptions embedded in the guidance.

    Answer

    CEO Patrick Zammit noted Hyve's 45% growth was driven by its largest customer, and demand from the second customer has returned, though slightly below expectations. CFO Marshall Witt explained Hyve's margin was impacted by unrealized FX losses, which are expected to recover, and a less favorable program mix. He stated the tariff outlook remains very uncertain, similar to the situation in 2018-2019.

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    David Vogt's questions to TD Synnex Corp (SNX) leadership • Q1 2025

    Question

    David Vogt from UBS asked for a deeper explanation of the issues within the Hyve business, questioning the nature of component shortages, the drivers behind the softer demand outlook, and whether it represents a temporary timing issue or a more fundamental problem.

    Answer

    CEO Patrick Zammit clarified that the issue was a shipment delay for a large customer, not a component shortage, and that the components are in stock. He emphasized that the business is expected to ship in Q2. CFO Marshall Witt added that the softer Q2 outlook for Hyve is due to a temporary demand pause from one specific customer, but the long-term demand environment and project pipeline remain strong.

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    David Vogt's questions to TD Synnex Corp (SNX) leadership • Q4 2024

    Question

    David Vogt inquired about the macroeconomic impact on the European business and how management expects this to evolve in fiscal 2025, particularly concerning the PC and server recovery.

    Answer

    CEO Patrick Zammit acknowledged political and economic uncertainty in Europe but noted that the distribution market still grew 2% in Q4, with TD SYNNEX outperforming. He stated that underlying demand from their customer base remains. CFO Marshall Witt provided a broader outlook, expecting consistent growth in Q2-Q4 after the Q1 compare, with normal seasonality boosting Q4, while balancing optimism with macro uncertainties.

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    David Vogt's questions to TD Synnex Corp (SNX) leadership • Q3 2024

    Question

    David Vogt inquired about TD SYNNEX's intermediate-term outlook for its cash conversion cycle, working capital, and free cash flow, particularly given the expected IT market recovery and the influence of the Hyve business.

    Answer

    CFO Marshall Witt reaffirmed the medium-term target of $1.5 billion in free cash flow but noted that continued growth, especially in the Hyve business, will increase working capital needs. He stated that a cash conversion cycle of 20-22 days is an appropriate target. Witt anticipates free cash flow for fiscal '25 will be north of the ~$1 billion expected for fiscal '24, confirming that the Hyve business is the primary swing factor for working capital.

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    David Vogt's questions to Jabil Inc (JBL) leadership

    David Vogt's questions to Jabil Inc (JBL) leadership • Q3 2025

    Question

    David Vogt asked about the potential revenue opportunity supported by the new $500M U.S. investment and whether this capacity is critical for future growth. He also inquired about networking business trends when excluding the weak 5G market.

    Answer

    CEO Mike Dastoor described the revenue potential from the new site as 'considerable' over the long term, with a material impact not expected until fiscal 2027, but noted Jabil has a growth path even without it. He stated that excluding the dilutive 5G business, the networking segment has accretive margins, driven by strong growth in photonics, which is expected to grow from ~$400M in FY25 to over $750M in FY26.

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    David Vogt's questions to Jabil Inc (JBL) leadership • Q2 2025

    Question

    David Vogt from UBS Group AG requested clarification on the pro forma year-over-year revenue growth rates after accounting for both the Mobility divestiture and the exit from a legacy networking business. He then questioned if the implied revenue deceleration in the back half of the fiscal year guidance was due to specific demand weakness or general conservatism.

    Answer

    Chief Financial Officer Greg Hebard clarified that excluding the legacy networking business, Jabil's Q2 year-over-year revenue growth would have been 8.5%, and the Intelligent Infrastructure segment's growth would have been 37%. Hebard confirmed that the cautious outlook for the remainder of the year, which implies a deceleration, is a reflection of broad-based prudence across all end markets rather than a specific negative demand signal.

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    David Vogt's questions to Jabil Inc (JBL) leadership • Q2 2025

    Question

    David Vogt asked for clarification on year-over-year revenue comparisons after accounting for the divested Mobility and legacy networking businesses. He also questioned if the implied Q4 revenue deceleration reflects specific demand weakness or general prudence.

    Answer

    CFO Greg Hebard clarified that excluding the exited legacy networking business, Q2 year-over-year revenue growth would have been 8.5%, and Intelligent Infrastructure growth would have been 37%. Hebard confirmed that the implied deceleration in the full-year guidance is a reflection of broad-based prudence across all end markets rather than a specific, observed change in demand.

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    David Vogt's questions to Jabil Inc (JBL) leadership • Q1 2025

    Question

    David Vogt questioned the margin profile of the growing cloud and data center business and its impact on the company's overall margin outlook. He also asked about the M&A strategy beyond buybacks, specifically if healthcare was a focus area for acquisitions.

    Answer

    CEO Mike Dastoor asserted that the cloud and data center business operates at enterprise-level margins and is not dilutive, with the semi-cap business being accretive. He noted the 5.4% FY25 margin guidance is healthy, considering hurricane impacts and new site costs. CFO Greg Hebard confirmed that M&A focus remains on capability acquisitions, highlighting healthcare and intelligent infrastructure as key areas of interest, while maintaining the capital allocation mix of 80% to buybacks and 20% to M&A.

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    David Vogt's questions to Ciena Corp (CIEN) leadership

    David Vogt's questions to Ciena Corp (CIEN) leadership • Q2 2025

    Question

    David Vogt of UBS Group asked if the current margin trajectory from new systems and pluggables would resemble the cycle seen in fiscal 2018-2020. He also questioned the magnitude of the margin impact implied by the updated guidance.

    Answer

    CFO Jim Moylan clarified that he does not expect a repeat of the exceptionally high margins of 2020, which were a COVID-related anomaly. However, he does see a clear path back to mid-40s gross margins driven by the WaveLogic 6 ramp, next-gen pluggables, and cost improvements. He acknowledged the current mix pressure but projected margin improvement starting in Q4 and continuing into next year.

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    David Vogt's questions to Ciena Corp (CIEN) leadership • Q4 2024

    Question

    David Vogt sought clarity on the timing and magnitude of the short-reach coherent opportunity and asked if gross margin expansion in fiscal '26 and '27 is expected to achieve the long-term operating margin target.

    Answer

    Executive Adviser Scott McFeely detailed the timeline, stating that coherent plug revenue for metro DCI is ramping now, with campus-focused WaveLogic 6 revenue expected in fiscal 2026; this is included in the 3-year targets. Opportunities inside the data center are beyond that horizon. CFO Jim Moylan confirmed that yes, gross margins are expected to improve towards historical levels in fiscal '26 and '27, which, combined with OpEx leverage, will drive the company to its 15-16% adjusted operating margin goal.

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    David Vogt's questions to Ciena Corp (CIEN) leadership • Q3 2024

    Question

    David Vogt asked for a long-term perspective on service provider spending against the 6-8% growth model and how the shifting product mix, particularly with more line systems, will impact gross margins over time.

    Answer

    CEO Gary Smith expressed confidence that service provider spending will return to a more normalized growth pattern after the current inventory absorption period, especially in North America, which supports the company's long-term 6-8% growth model. CFO Jim Moylan stated that gross margin profiles are similar across customer types but vary by product. Line systems have lower initial margins, while routing, switching, software, and services are expected to be accretive over time.

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    David Vogt's questions to Hewlett Packard Enterprise Co (HPE) leadership

    David Vogt's questions to Hewlett Packard Enterprise Co (HPE) leadership • Q2 2025

    Question

    David Vogt questioned why the Q4 outlook appears conservative given the strong Q3 guidance and asked how the workforce reduction plan specifically impacts server margins.

    Answer

    CFO Marie Myers explained the Q3 revenue strength is due to a large AI deal shipment, creating a non-seasonal pattern, but that year-over-year growth is still expected in Q4. She clarified the cost reduction program is enterprise-wide, not just for the server business, and that progress is on track. CEO Antonio Neri added that Q4 faces a tough year-over-year comparison from an exceptionally strong Q4 2024.

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    David Vogt's questions to Hewlett Packard Enterprise Co (HPE) leadership • Q1 2025

    Question

    David Vogt sought clarification that the new cost restructuring savings are separate from the Juniper acquisition synergies and asked if the new savings target specific business segments.

    Answer

    CFO Marie Myers confirmed the $350 million in new savings is entirely separate from the anticipated $450 million in synergies from the Juniper deal and applies to the current stand-alone HPE organization. CEO Antonio Neri added that if the deal had closed as planned, the combined programs would yield at least $800 million in savings, but for now, HPE is proceeding with the stand-alone plan.

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    David Vogt's questions to Hewlett Packard Enterprise Co (HPE) leadership • Q4 2024

    Question

    David Vogt requested more specific details about the 'risk' that prompted the debooking of a large AI systems order and asked how investors should think about order risk going forward.

    Answer

    President and CEO Antonio Neri explained that HPE evaluates customers on multiple factors, including end-user verification, ability to fulfill payment, and risks tied to component allocation. He stated the debooked order carried significant risk across these areas, making it a prudent decision under HPE's stringent control environment. CFO Marie Myers added that all orders are subject to changes prior to revenue recognition.

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    David Vogt's questions to Dell Technologies Inc (DELL) leadership

    David Vogt's questions to Dell Technologies Inc (DELL) leadership • Q1 2026

    Question

    David Vogt from UBS asked about the nature of AI server demand and shipments, especially in the context of the ongoing GPU transition. He questioned what Dell is doing differently from competitors and requested details on the technology composition of the $14.4 billion backlog.

    Answer

    Jeff Clarke, Vice Chairman and COO, stated that the backlog is primarily composed of NVIDIA's Blackwell architecture, including both ARM-based and x86-based systems, along with some Hopper-based systems. He attributed Dell's success to its engineering and innovation, particularly in designing custom solutions for large, complex deployments. He highlighted Dell's ability to get systems delivered and operational at a customer site within 24 hours as a key differentiator.

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    David Vogt's questions to Dell Technologies Inc (DELL) leadership • Q4 2025

    Question

    David Vogt asked for insights into the strong growth outlook for traditional servers and storage, questioning what market dynamics and competitive traction support achieving high single-digit growth in that part of the business.

    Answer

    CFO Yvonne McGill confirmed expectations for growth across the full ISG portfolio, with storage in low single digits and servers higher. COO and Vice Chairman Jeffrey Clarke added color, explaining that Dell will overcome headwinds like the HCI pivot and secular declines in high-end storage by taking share with its own IP storage (PowerFlex, PowerScale). For traditional servers, he stated Dell expects to take share in a low-single-digit growth market, driven by the ongoing data center consolidation trend which results in richer server configurations.

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    David Vogt's questions to Dell Technologies Inc (DELL) leadership • Q3 2025

    Question

    David Vogt from UBS inquired about the impact of federal and sovereign spending on Dell's business segments and the outlook for this vertical heading into 2025.

    Answer

    Executive Jeffrey Clarke confirmed that the U.S. federal government business was strong in Q3 across all product types. However, he noted that the multi-quarter AI pipeline does not yet contain a significant sovereign component, highlighting it as a future opportunity. Yvonne McGill added that the federal pipeline continues to build.

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    David Vogt's questions to Dell Technologies Inc (DELL) leadership • Q2 2025

    Question

    David Vogt asked about the gating factors for AI server deliveries and how constraints will be reconciled moving forward, questioning if the backlog will continue to outpace revenue conversion.

    Answer

    COO Jeffrey Clarke emphasized that component supply is improving and the primary gating factor is now customer readiness. This includes coordinating complex deployments with data center space, power, and cooling availability. The current guidance reflects this logistical reality. CFO Yvonne McGill added that Dell expects continued AI momentum and overall growth into next year.

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    David Vogt's questions to NetApp Inc (NTAP) leadership

    David Vogt's questions to NetApp Inc (NTAP) leadership • Q4 2025

    Question

    David Vogt from UBS Group AG asked for a bridge from fiscal 2025 to the 2026 revenue guidance, questioning a potential deceleration in the all-flash business given its strong ARR. He also inquired about the expected ramp in operating margins in the second half of the year to achieve the full-year target.

    Answer

    CEO George Kurian explained the FY26 guide by noting stable support revenue, continued cloud momentum (offset by the Spot divestiture), and ongoing growth in professional services. He indicated the all-flash market growth has moderated slightly, and the non-flash business is where some caution lies. CFO Wissam Jabre detailed the margin ramp, expecting gradual improvement in product gross margin and continued strength in cloud margins. He added that OpEx growth would be at most half the rate of revenue growth, providing the necessary operating leverage to hit the full-year targets.

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    David Vogt's questions to NetApp Inc (NTAP) leadership • Q3 2025

    Question

    David Vogt requested more specific details on the deals that were pushed out of Q3, asking about the factors like deal size, price, or technology that caused the delays, especially given the solid all-flash array performance.

    Answer

    CEO George Kurian clarified that the pushed deals were primarily large, flash-based transactions and that all-flash revenue would have been 'substantially higher' without the slips. He attributed the delays to several factors, including new calendar year budget freezes, clients wanting to upsize their transactions, and general market softness in Europe, rather than a single technology or pricing issue.

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    David Vogt's questions to NetApp Inc (NTAP) leadership • Q2 2025

    Question

    David Vogt inquired about the performance of the ASA block storage portfolio and the potential impact of softening NAND prices on future revenue.

    Answer

    CEO George Kurian reported strong early momentum for the ASA product, which is driving net new customer wins and wallet share expansion. He noted the overall shift to flash is a tailwind for gross margins. CFO Mike Berry added that the company does not assume significant revenue changes from component price fluctuations and will provide updates on the fiscal 2026 outlook later.

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    David Vogt's questions to Pure Storage Inc (PSTG) leadership

    David Vogt's questions to Pure Storage Inc (PSTG) leadership • Q4 2025

    Question

    David Vogt of UBS requested more detail on the two Fortune 50 companies mentioned that are migrating from VMware to Red Hat OpenShift using Portworx, asking about the rationale behind the move.

    Answer

    CEO Charles Giancarlo explained the move is driven by a desire to consolidate application management onto Kubernetes for both future container environments and existing virtualized solutions via KubeVirt. He noted this offers a compelling, integrated future, acknowledging that KubeVirt is still an immature technology compared to VMware but is attractive for its long-term vision.

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    David Vogt's questions to Pure Storage Inc (PSTG) leadership • Q3 2025

    Question

    David Vogt asked for details on the planned FY26 investments that will keep operating margin flat at 17%, inquiring where the investment dollars are specifically going and if the rate of OpEx growth will be similar to recent years.

    Answer

    CFO Kevan Krysler outlined that the incremental investments will focus on accelerating the DirectFlash density roadmap, expanding supply chain capabilities, qualifying more NAND suppliers and manufacturing sites, and integrating Pure's technology with the hyperscaler's hardware specifications. He also noted that significant CapEx investment is already occurring in the current year.

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    David Vogt's questions to Pure Storage Inc (PSTG) leadership • Q2 2025

    Question

    David Vogt asked a thematic question about the hyperscaler opportunity, seeking to understand the specific workloads and use cases hyperscalers are considering for Pure's technology.

    Answer

    CEO Charles Giancarlo described it as a fundamental architectural shift for hyperscalers, with discussions covering a broad set of use cases to replace both high-performance and low-performance workloads, including disk. CTO Rob Lee added that the long-term opportunity is to provide value across the board, but the initial focus is on replacing disk-based infrastructure.

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    David Vogt's questions to HP Inc (HPQ) leadership

    David Vogt's questions to HP Inc (HPQ) leadership • Q4 2024

    Question

    David Vogt from UBS inquired about the competitive landscape in the Print segment, especially regarding the weak Japanese yen, and questioned why HP maintains a 2x gross leverage target for its capital return policy given its improved structural margins.

    Answer

    CEO Enrique Lores stated that competitive pressure from Japanese rivals benefiting from the weak yen remains strong, but HP's own cost reduction efforts have allowed it to regain share. CFO Karen Parkhill explained the capital allocation policy is unchanged, and the 2x leverage target is reviewed annually and considered optimal for maintaining their credit rating and liquidity access.

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