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    Lisa Thompson • Zacks Investment Research

    Lisa Thompson's questions to Tower Semiconductor Ltd (TSEM) leadership

    Lisa Thompson's questions to Tower Semiconductor Ltd (TSEM) leadership • Q2 2025

    Question

    Lisa Thompson from Zacks Small Cap Research asked whether RF mobile revenue could match RF infrastructure for the year, the reasons for the mobile segment's strong comeback, and for clarification on the trend in the 'other income' line.

    Answer

    CEO Russell Ellwanger stated that RF infrastructure revenue will be "substantially bigger" than RF mobile for the year, though mobile run rates are returning to high levels. He attributed the mobile recovery to a combination of inventory correction and market share gains by Tower's customers. CFO Oren Shirazi clarified that the 'other income' line should be baselined around $10.6 million going forward, as the higher Q2 figure included a one-time gain from currency hedging transactions.

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    Lisa Thompson's questions to Tower Semiconductor Ltd (TSEM) leadership • Q1 2025

    Question

    Lisa Thompson sought clarification on how much of Tower's product is physically shipped to the U.S. and thus subject to tariffs, as opposed to being billed to U.S.-based headquarters. She also asked if quarterly operating expenses would remain above the $40 million level for the rest of the year.

    Answer

    CFO Oren Shirazi clarified that while 42% of revenue is billed to U.S.-headquartered customers, a very small portion of the physical product is actually shipped to the U.S., limiting direct tariff exposure. He also stated that operating expenses are expected to remain flat at the current level of approximately $40 million per quarter for the remainder of the year.

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    Lisa Thompson's questions to Tower Semiconductor Ltd (TSEM) leadership • Q4 2024

    Question

    Lisa Thompson asked if the sequential revenue growth from Q1 to Q4 2025 would be comparable to the 18% seen in 2024 and which capacity additions would be the largest contributors to second-half revenue.

    Answer

    CFO Oren Shirazi reiterated guidance for year-over-year growth and a stronger second half but declined to provide a specific Q1-to-Q4 growth target. He identified the SiGe and SiPho capacity expansions from the $350 million investment plan, along with Agrate capacity, as the primary drivers for H2 2025 growth.

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    Lisa Thompson's questions to Tower Semiconductor Ltd (TSEM) leadership • Q3 2024

    Question

    Lisa Thompson of Zacks Small-Cap Research inquired about the company's tax rate, asking for expectations for Q4 2024 and for the full year 2025, especially considering the company's varied operational activities across different countries.

    Answer

    CFO Oren Shirazi explained that there is no large, one-time tax payment expected in Q4. He noted that a one-time tax benefit in Q1 2024 lowered the year-to-date average, but the normalized rate is typically between 10% and 14%, depending on the geographic mix of income. He stated that modeling a tax rate in the 10% to 14% range for the coming year would be reasonable.

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    Lisa Thompson's questions to Perfect Corp (PERF) leadership

    Lisa Thompson's questions to Perfect Corp (PERF) leadership • Q1 2025

    Question

    Lisa Thompson inquired about the launch details and reception of the new YouCam AI Chat app, the impact of the Wanna acquisition on the Key Customer count, and the company's future M&A strategy regarding new verticals.

    Answer

    CEO Alice H. Chang explained that the YouCam AI Chat app launched globally on Apple and Google Play stores with eight-language support. EVP & CSO Pin-Jen Chen (Louis) clarified that the Wanna acquisition added over a dozen Key Customers, but this was offset by churn among other beauty clients. He added that the M&A priority is expanding the company's total addressable market (TAM) in areas like luxury retail, rather than acquiring direct competitors.

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    Lisa Thompson's questions to Perfect Corp (PERF) leadership • Q3 2024

    Question

    Lisa Thompson asked for details about the new web-based version of the B2C apps, inquiring about differences in user behavior, whether it is bundled with mobile subscriptions, the competitive landscape, and the pricing model.

    Answer

    CEO Alice H. Chang and EVP Pin-Jen Chen explained that the web-based service is a separate offering targeting a different user demographic that prefers larger screens and does not significantly overlap with the mobile app user base. They confirmed it is not bundled and uses a credit-based subscription model, which offers higher gross margins by avoiding app store fees.

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    Lisa Thompson's questions to Perfect Corp (PERF) leadership • Q2 2024

    Question

    Lisa Thompson asked about the rollout timeline for the new AI assistant, the future trajectory of licensing revenue, the drivers of Q2 gross margin, the company's advertising strategy for its mobile apps, and the competitive positioning against broader AI e-commerce platforms.

    Answer

    CEO Alice Chang projected that the new PerfectGPT AI assistant would likely be adopted first by prestige beauty groups, with pilots expected by year-end. EVP & CSO Pin-Jen Chen stated that licensing revenue is expected to remain under $1 million per quarter and become immaterial over time. He attributed the slight gross margin decline to the faster growth of the lower-margin B2C app business. Both executives emphasized that while they use paid advertising, the primary focus for app growth remains organic. They positioned their AI as a specialized, value-add service for beauty that complements general e-commerce platforms.

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