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    Lanny • TD Cowen

    Lanny Ray is a Managing Director and Senior Equity Research Analyst at TD Cowen, specializing in the energy sector with deep expertise in oilfield services and equipment. He covers leading companies such as Halliburton, Schlumberger, Baker Hughes, and TechnipFMC, and is recognized for his accurate stock recommendations that have earned him high rankings on platforms such as TipRanks, including a success rate exceeding 65% and strong average returns. Lanny began his career in equity research in the early 2000s, previously holding analyst positions at Simmons & Company and Tudor, Pickering, Holt & Co. before joining TD Cowen in 2017. He holds FINRA Series 7, 63, 86, and 87 licenses and is known for his detailed industry analysis and thought leadership in the energy and oilfield services space.

    Lanny's questions to Wolfspeed Inc (WOLF) leadership

    Lanny's questions to Wolfspeed Inc (WOLF) leadership • Q1 2025

    Question

    Lanny, on for Joshua Buchalter, asked about the drivers for the guided sequential decline in the materials business and for an outlook on interest expense following recent capital raises.

    Answer

    CFO Neill Reynolds attributed the materials weakness to the same end-market softness affecting devices, stating they are managing shipment timing and inventory with customers. On interest expense, Reynolds noted that cash interest is expected to decrease year-over-year in fiscal 2025, partly due to restructuring customer refundable deposit (CRD) interest payments, which will help lower operating cash burn.

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