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    Gary Mobley • Loop Capital Markets

    Gary Mobley's questions to ON Semiconductor Corp (ON) leadership

    Gary Mobley's questions to ON Semiconductor Corp (ON) leadership • Q2 2025

    Question

    Gary Mobley asked for the expected revenue headwind from non-core business exits in fiscal 2025 and whether the impact is linear. He also requested an update on the operational status and ramp of the East Fishkill facility.

    Answer

    CFO Thad Trent specified that the headwind from business exits in 2025 is expected to be approximately $200 million, with $100 million already realized year-to-date. President and CEO Hassane El-Khoury reported that the East Fishkill fab is qualified and running, with silicon power products shipping, image sensor qualification on track, and over 5 million units of Trejo products already shipped from the facility. Its margin impact is tied to overall network utilization.

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    Gary Mobley's questions to ON Semiconductor Corp (ON) leadership • Q1 2025

    Question

    Gary Mobley requested more context on the 50% win rate for silicon carbide (SiC) models at the Shanghai Auto Show, asking about market share and whether pricing concessions were made to compete with Chinese suppliers.

    Answer

    CEO Hassane El-Khoury clarified that the wins are based on superior performance and system-level cost savings, not price concessions. He emphasized that onsemi's primary competition in China for high-performance SiC is its global peers, not local suppliers, due to a significant technology lead, which is being extended with next-generation trench-based products.

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    Gary Mobley's questions to ON Semiconductor Corp (ON) leadership • Q4 2024

    Question

    Gary Mobley of Loop Capital inquired about pricing trends for core products following annual negotiations and asked for an update on the company's silicon carbide wafer sourcing strategy, particularly the mix between internal and external supply.

    Answer

    CEO Hassane El-Khoury stated that the company is not seeing traditional annual price reductions. Instead, it shares efficiency gains from its Fab Right strategy with customers, which is beneficial for both parties' margins, rather than cutting prices without an increase in demand. On wafer sourcing, he confirmed onsemi uses a flexible mix of internal and external supply, has qualified 200-millimeter wafers, and will continue to refine the mix based on factors including the geopolitical environment.

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    Gary Mobley's questions to Monolithic Power Systems Inc (MPWR) leadership

    Gary Mobley's questions to Monolithic Power Systems Inc (MPWR) leadership • Q2 2025

    Question

    Gary Mobley asked about the seasonality expectations for the fourth quarter compared to historical trends. He also inquired about MPS's total annual revenue capacity and whether the book-to-bill ratio was trending above parity.

    Answer

    Founder, Chairman, President & CEO Michael Hsing and EVP & CFO Bernie Blegen stated that historical seasonality is no longer a reliable guide, suggesting a 'flattish' outlook for Q4 is most appropriate. Blegen confirmed capacity supports $4 billion in revenue and noted that the ordering pattern is short-term, so the book-to-bill is not building a large, long-term backlog. Hsing added that inventory is low but they can meet Q4 demand.

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    Gary Mobley's questions to Monolithic Power Systems Inc (MPWR) leadership • Q1 2025

    Question

    Gary Mobley asked about the scale of MPS's business in China for local consumption and its competitive positioning due to its 'China for China' manufacturing strategy. He also inquired about customer order lead times and inventory levels.

    Answer

    CEO Michael R. Hsing explained the company's long-term strategy of diversifying manufacturing, resulting in a balanced global footprint that serves China from within and the U.S. from outside China. On inventory, CFO Bernie Blegen stated that both company and channel inventory are lean and below their target model, with lead times holding steady. Hsing added that MPS's strategy is to hold more inventory internally to better manage new product ramps.

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    Gary Mobley's questions to Monolithic Power Systems Inc (MPWR) leadership • Q4 2024

    Question

    Gary Mobley asked if there were any greater than 10% customers in fiscal year 2024 and inquired about the potential revenue scale of diversification efforts like data converters, silicon carbide, and DSP audio by the 2026 timeframe.

    Answer

    EVP and CFO Bernie Blegen confirmed that for the full year, MPS had two direct customers (distributors) and one indirect customer that were each greater than 10% of revenue, but declined to provide specific percentages ahead of the 10-K filing. Regarding new markets, CEO Michael Hsing stated that these are multi-billion dollar opportunities for MPS but declined to put a specific timeline on them, suggesting the company's historical growth model is a good reference. Bernie Blegen added that the company continues to 'plant a lot of seeds' in different areas.

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    Gary Mobley's questions to Allegro Microsystems Inc (ALGM) leadership

    Gary Mobley's questions to Allegro Microsystems Inc (ALGM) leadership • Q1 2026

    Question

    Gary Mobley asked if the Q2 revenue guidance reflects shipping to true end demand and whether Western OEM profit warnings have impacted design win activity.

    Answer

    CFO Derek D'Antilio clarified that the Q2 guide does not yet represent shipping to true end demand, which he estimates is higher at $220M-$230M, as channel inventory dynamics are still normalizing. CEO Michael Doogue stated he has seen no impact on design or RFQ activity from OEM tariff concerns, noting that any past program shifts were related to EV/ICE platform strategy, not tariffs.

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    Gary Mobley's questions to Allegro Microsystems Inc (ALGM) leadership • Q4 2025

    Question

    Gary Mobley of Loop Capital Markets inquired about inventory levels in the distribution channel and at direct customers, and asked about the possibility of achieving a 50% gross margin within fiscal year 2026.

    Answer

    CFO Derek D'Antilio reported that distribution channel inventory was down 25% year-over-year, with the Q1 guidance accounting for regional normalization. Regarding gross margin, D'Antilio stated that reaching 50% is 'plausible' in the short term. He explained that the variable contribution margin could temporarily exceed the typical 65% as benefits from restructuring and negotiated cost reductions begin to positively impact the P&L.

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    Gary Mobley's questions to Allegro Microsystems Inc (ALGM) leadership • Q3 2025

    Question

    Gary Mobley from Loop Capital Markets questioned management's view on S&P Mobility's 2025 light vehicle production forecast and Allegro's ability to outgrow it, while also inquiring about pricing trends with both customers and foundry partners.

    Answer

    CEO Vineet Nargolwala stated that Allegro can grow even without auto production growth due to rising content in xEV and ADAS, reaffirming the company's model of growing 7-10% above vehicle production. He described auto pricing as returning to a normal 2-3% annual reduction. CFO Derek D'Antilio added that Allegro is successfully negotiating wafer price reductions from foundries in exchange for volume commitments.

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    Gary Mobley's questions to Qorvo Inc (QRVO) leadership

    Gary Mobley's questions to Qorvo Inc (QRVO) leadership • Q1 2026

    Question

    Gary Mobley challenged the decision not to raise the full-year fiscal 2026 outlook despite a stronger first-half forecast, asking if it was due to conservatism or tariff concerns. He also asked about the practicality of separating the ACG business, questioning its manufacturing and R&D integration with HPA and CSG.

    Answer

    SVP & CFO Grant Brown cited the push-out of a CSG program, the second-half impact of exiting low-margin Android business, and general macro uncertainty as reasons for maintaining a cautious full-year view. On business structure, Brown explained the segments are "rather tightly coupled," sharing critical resources like process engineering and factories, including the main Oregon fab. President & CEO Robert Bruggeworth reinforced this point about the shared fab.

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    Gary Mobley's questions to Qorvo Inc (QRVO) leadership • Q4 2025

    Question

    Gary Mobley asked if Qorvo is still comfortable with its outlook for double-digit growth in the HPA and CSG segments for fiscal '26 and sought confirmation on the quarterly OpEx run rate.

    Answer

    CEO Robert Bruggeworth confirmed the double-digit growth outlook for HPA and CSG. An executive (likely Eric Creviston, President of CSG) detailed CSG drivers, including the WiFi 6-to-7 transition and rapid growth in SoC businesses like UWB and Matter. CFO Grant Brown affirmed that a $250 million quarterly OpEx is a reasonable baseline, with minor potential fluctuations from seasonality or currency effects.

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    Gary Mobley's questions to Qorvo Inc (QRVO) leadership • Q3 2025

    Question

    Gary Mobley of Wells Fargo Securities asked for verification of Qorvo's Android revenue forecast, which projects an initial $875 million base declining over the next few years. He also inquired about the sustainability of the strong quarterly performance in the High-Performance Analog (HPA) segment, particularly within the defense business.

    Answer

    CEO Bob Bruggeworth confirmed the $875 million Android revenue figure and the projected annual decline of $150-$200 million, primarily from China and some Samsung mid-tier business. Bruggeworth and CFO Grant Brown explained that the defense business is highly seasonal, with a strong second half of the fiscal year. They anticipate even stronger defense revenue in the March quarter, followed by a significant seasonal decline in the June quarter, while maintaining a double-digit growth outlook for the full year.

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    Gary Mobley's questions to Cadence Design Systems Inc (CDNS) leadership

    Gary Mobley's questions to Cadence Design Systems Inc (CDNS) leadership • Q2 2025

    Question

    Gary Mobley from Loop Capital asked about the strong first-half bookings, their implication for the second half, and whether the Q2 backlog figure excluded China.

    Answer

    SVP & CFO John Wall confirmed that the Q2-ending backlog excluded certain China bookings due to the restrictions in place at the time. He expressed high confidence that Cadence will end the year with a record-level backlog and a book-to-bill ratio greater than one, driven by a strong renewal cycle in Q3 and Q4.

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    Gary Mobley's questions to Cadence Design Systems Inc (CDNS) leadership • Q1 2025

    Question

    Gary Mobley asked how the increasing use of GPU-based servers for running EDA tools like simulation and synthesis impacts Cadence's licensing model and its annual contract value (ACV).

    Answer

    CEO Anirudh Devgan described their strategy of running software on a rich hardware set including CPUs, GPUs, and their own Palladium processors. He confirmed that while the traditional subscription licensing model remains, Cadence is increasingly offering cloud solutions that package hardware and software together. This presents a new SaaS-like business model for customers.

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    Gary Mobley's questions to Cadence Design Systems Inc (CDNS) leadership • Q4 2024

    Question

    Gary Mobley of Loop Capital Markets asked about the 2025 operating expense cadence, noting that the operating margin guidance implied a different quarterly progression than the revenue split.

    Answer

    CFO John Wall explained that the company changed its employee merit cycle from July to January, starting in 2025. This change eliminates the previous pattern of a margin drop from Q2 to Q3. Consequently, the profitability profile for 2025 is now expected to improve sequentially throughout the year.

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    Gary Mobley's questions to Rambus Inc (RMBS) leadership

    Gary Mobley's questions to Rambus Inc (RMBS) leadership • Q2 2025

    Question

    Gary Mobley of Loop Capital asked about the PC market opportunity, seeking visibility on PMIC sales for upcoming platforms and current revenue from client clock drivers. He also questioned the company's lean inventory levels and whether lead times were extending.

    Answer

    CEO Luc Seraphin explained that client chipsets (clock drivers, PMICs) are seeing modest initial traction in the high-end PC market, with significant revenue contributions expected in 2026. CFO Desmond Lynch addressed inventory, stating that Q2 levels were around 120 days and sufficient to meet demand. Lynch noted that lead times remain at normal levels and the company is comfortable holding more strategic inventory going forward.

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    Gary Mobley's questions to Rambus Inc (RMBS) leadership • Q1 2025

    Question

    Gary Mobley asked about the key drivers for memory density in servers, such as socket configurations and core counts, and questioned the reversal in the relationship between ASC 606 GAAP revenue and adjusted revenue.

    Answer

    CEO Luc Seraphin explained that a combination of factors, including socket counts, channels per processor, and the AI server mix, is expected to drive mid-to-high single-digit market growth for Rambus's products. CFO Desmond Lynch clarified that a small patent agreement renewal led to upfront revenue recognition under ASC 606, causing GAAP revenue to exceed licensing billings for the quarter, but noted that major contracts are now aligned, improving convergence.

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    Gary Mobley's questions to Rambus Inc (RMBS) leadership • Q4 2024

    Question

    Gary Mobley asked for a response to competitor claims about a PMIC (power management IC) issue and sought details on the company's memory interface chip market share gains in 2024.

    Answer

    CEO Luc Seraphin clarified that a reported market issue is not with Rambus's PMIC and stated the situation reinforces the strategic value of its in-house PMIC development. He noted that Rambus's 10% product revenue growth in a mid-single-digit server market indicated share gains, estimating the company's DDR5 RCD share is now in the 'early 40%' range.

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    Gary Mobley's questions to Rambus Inc (RMBS) leadership • Q3 2024

    Question

    Gary Mobley of Loop Capital Markets questioned the market evolution of MRDIMM as a JEDEC standard and Rambus's potential market share. He also asked how much of the current revenue growth is due to server market recovery versus share gains, and the associated risk of an inventory rebuild.

    Answer

    CEO Luc Seraphin confirmed MRDIMM is a JEDEC standard and that Rambus aims for a market share similar to its RCD business, noting the content per module is at least 4x higher. He acknowledged the server market recovery but stated Rambus's product business is growing faster, indicating share gains. He also conveyed that current DDR5 inventory levels are considered reasonable and not a cause for concern.

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    Gary Mobley's questions to Synopsys Inc (SNPS) leadership

    Gary Mobley's questions to Synopsys Inc (SNPS) leadership • Q2 2025

    Question

    Gary Mobley from Loop Capital inquired about the pricing benefits and cost implications of shifting more EDA tools to GPU-based computing. He also asked about potential supply chain constraints for the Zebu and HAPS 200 hardware systems in the second half of the year.

    Answer

    CEO Sassine Ghazi explained that GPU acceleration provides significant speedups, allowing for value-based pricing tied to the customer's total cost of ownership benefit. CFO Shelagh Glaser stated that there are no supply chain constraints for its hardware systems and that supply is expected to improve in Q4, supporting the company's back-half weighted revenue plan.

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    Gary Mobley's questions to Synopsys Inc (SNPS) leadership • Q2 2025

    Question

    Gary Mobley from Loop Capital asked about the pricing benefits and cost implications of shifting EDA tools to GPU-based computing. He also inquired about potential supply chain constraints for the Zebu and HAPS 200 hardware systems in the second half of the year.

    Answer

    CEO Sassine Ghazi explained that GPU acceleration delivers a multiple-factor speedup, allowing for value-based pricing that reflects the customer's total cost of ownership savings. CFO Shelagh Glaser confirmed that there are no supply chain constraints for hardware and that the supply situation is expected to improve in Q4, which is factored into the company's second-half guidance.

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    Gary Mobley's questions to Synopsys Inc (SNPS) leadership • Q4 2024

    Question

    Gary Mobley asked about the significant operating margin expansion guided for FY25 despite slower projected revenue growth, questioning if it was mainly due to reduced M&A activity ahead of the Ansys deal. He also sought clarification on whether the FY23 ending backlog of $8.1 billion was adjusted for the Software Integrity divestiture.

    Answer

    CFO Shelagh Glaser attributed the 150 basis points of guided operating margin expansion to a multiyear focus on driving internal efficiencies across R&D and digital transformation, rather than just a pause in M&A. She noted this operational discipline will be applied to the Ansys integration. Glaser also confirmed that the prior-year backlog figure of $8.1 billion was indeed adjusted for the divestiture of the Software Integrity business.

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    Gary Mobley's questions to Skyworks Solutions Inc (SWKS) leadership

    Gary Mobley's questions to Skyworks Solutions Inc (SWKS) leadership • Q2 2025

    Question

    Gary Mobley asked about CEO Phil Brace's priorities, specifically regarding the business with its leading smartphone customer, and also inquired about current factory utilization rates and optimization goals.

    Answer

    CEO Philip Brace emphasized a renewed focus on execution, stating the company must 'deliver better parts, period' to win in the competitive mobile market. CFO Kris Sennesael added that while utilization varies, they have plenty of capacity, and future revenue growth will improve margins without significant CapEx. He also confirmed their view on blended content in the next phone launch has not changed.

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    Gary Mobley's questions to Cirrus Logic Inc (CRUS) leadership

    Gary Mobley's questions to Cirrus Logic Inc (CRUS) leadership • Q4 2025

    Question

    Gary Mobley inquired about Cirrus Logic's largest customer concentration for fiscal year 2025, whether there was any evidence of demand pull-forward ahead of potential tariffs, and for a progress update on the company's traction in the PC market.

    Answer

    CEO John Forsyth confirmed the largest customer represented 89% of FY25 revenue. He stated that while there may have been very limited, immaterial pull-ins ahead of tariff announcements, there were no clear signs of a material impact. Regarding the PC business, he noted revenue was in the low tens of millions for FY25, as expected, and is projected to double in FY26 as the company ships in over 150 different laptop SKUs.

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    Gary Mobley's questions to Cirrus Logic Inc (CRUS) leadership • Q3 2025

    Question

    Gary Mobley asked how new smartphone form factors like foldables might affect Cirrus's content and inquired about the significance of a recent Android win and the broader opportunity in that market.

    Answer

    CEO John Forsyth explained that novel form factors like foldables create content opportunities, particularly in audio, due to the need for more microphones and complex processing for different device modes. He characterized the Android market as an opportunistic business where the company leverages existing IP to win flagship sockets, but confirmed that the primary R&D investment focus remains on other growth markets like laptops.

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    Gary Mobley's questions to Lattice Semiconductor Corp (LSCC) leadership

    Gary Mobley's questions to Lattice Semiconductor Corp (LSCC) leadership • Q1 2025

    Question

    Gary Mobley asked about the path to achieving the long-term gross margin target of low 70s, considering factors like product mix, a potential snapback in legacy products, and IP revenue. He also inquired about the competitive landscape in the low-power, small-sized FPGA market.

    Answer

    CEO Fouad Tamer expressed confidence in achieving the 70% long-term gross margin target, noting the company has sustained that level for 10 quarters, which demonstrates product value. CFO Lorenzo A. Flores added that margin expansion will be aided by revenue scaling and a favorable mix from new products. On competition, Tamer asserted that Lattice's Lot 4 architecture provides a sustainable power and size advantage in small and mid-range FPGAs against competitors' Lot 6 architectures.

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    Gary Mobley's questions to Mobileye Global Inc (MBLY) leadership

    Gary Mobley's questions to Mobileye Global Inc (MBLY) leadership • Q1 2025

    Question

    Gary Mobley asked about the catalyst for re-engaging with a European OEM after nearly a decade and sought reaffirmation of the full-year non-GAAP gross margin guidance.

    Answer

    Executive Daniel Galves stated the re-engagement was a testament to Mobileye's product leadership, likely driven by a superior performance-to-cost ratio. CFO Moran Rojansky adjusted the gross margin outlook slightly, now expecting a 100 basis point improvement for the year, down from 150, which CEO Amnon Shashua attributed to a higher mix of lower-margin China volumes.

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