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    Martin Yang • Oppenheimer & Co. Inc.

    Martin Yang's questions to CEVA Inc (CEVA) leadership

    Martin Yang's questions to CEVA Inc (CEVA) leadership • Q2 2025

    Question

    Martin Yang from Oppenheimer & Co. Inc. questioned the cause of the year-over-year decline in Bluetooth shipments this quarter, which had been growing consistently. He also asked if management expects Bluetooth units to achieve year-over-year growth for the full year.

    Answer

    CEO Amir Panush stated there was no specific issue behind the quarterly Bluetooth decline, attributing it to customer mix and noting that he expects good sequential growth in the second half. CFO Yaniv Arieli added that the decline was small in the context of over 1.1 billion units shipped last year. Panush later clarified that for the first half of 2025, Bluetooth shipment volumes were actually up compared to the first half of 2024, and the company expects to see a year-over-year increase for the full year.

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    Martin Yang's questions to CEVA Inc (CEVA) leadership • Q3 2024

    Question

    Martin Yang from Oppenheimer & Co. Inc. requested more color on the drivers behind the strong Wi-Fi shipment quarter and asked about the sustainability of this high shipment level.

    Answer

    CEO Amir Panush positioned the Wi-Fi strength within a record quarter for overall IoT connectivity, stating that CEVA is still in the early stages of its Wi-Fi ramp with significant long-term growth expected as its 30+ licensees increase production. Executive Richard Kingston added that customer feedback and broader industry data from TSMC indicate an inventory restocking cycle in IoT, which supports the positive trend and future growth potential.

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    Martin Yang's questions to Take-Two Interactive Software Inc (TTWO) leadership

    Martin Yang's questions to Take-Two Interactive Software Inc (TTWO) leadership • Q1 2026

    Question

    Martin Yang of Oppenheimer & Co. asked about the trade-off between game quality and addressable audience size, and followed up with a question on the company's view of platforms like Roblox.

    Answer

    Chairman and CEO Strauss Zelnick stated that he does not see a trade-off between quality and reach, as the company aims to be on all viable platforms over time. Regarding Roblox, he explained that it is not a priority because its audience is primarily children, which is not the appropriate target for many of Take-Two's titles. He differentiated Roblox as a specific creative environment rather than an open distribution platform like Steam.

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    Martin Yang's questions to Take-Two Interactive Software Inc (TTWO) leadership • Q4 2025

    Question

    Martin Yang asked about the drivers behind the year-over-year and quarter-over-quarter increase in internal royalties, which are part of the cost of goods sold (COGS).

    Answer

    CFO Lainie Goldstein explained that the fluctuation in internal royalties is driven by the product mix of the business on the top line. Therefore, the amount changes from quarter to quarter and year to year depending on which titles are contributing most to revenue.

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    Martin Yang's questions to Transcat Inc (TRNS) leadership

    Martin Yang's questions to Transcat Inc (TRNS) leadership • Q1 2026

    Question

    Martin Yang from Oppenheimer & Co. Inc. inquired about the specific timing and catalysts for the ESCO acquisition. He also asked if ESCO's business includes any rental or distribution components, questioned the relative growth of core distribution versus rentals, and sought details on the factors underpinning management's confidence in returning to high single-digit organic growth.

    Answer

    CEO Lee Rudow explained the ESCO deal was finalized as the owner reached a point in his career where he wanted to ensure his company and employees would be cared for by a trusted partner. CFO Thomas Barbato confirmed ESCO is almost entirely core calibration services with minimal other components and that both core distribution and rentals grew in the quarter. Rudow reiterated that confidence in future organic growth is built on expanded capabilities from acquisitions, process improvements, high customer retention, and the unique value proposition, not just one factor like Transcat Solutions.

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    Martin Yang's questions to Transcat Inc (TRNS) leadership • Q3 2025

    Question

    Martin Yang asked if the Distribution segment's weakness was caused by the same holiday-related factors as the Service segment, inquired about the respective growth rates of rental versus non-rental distribution, and questioned if other seasonal patterns could cause future surprises.

    Answer

    President and CEO Lee Rudow confirmed the Rental channel within Distribution was similarly impacted by extended customer shutdowns in December, which also negatively affected the segment's margin mix. CFO Thomas Barbato reiterated that the Rental business is expected to grow at a rate similar to Services, while core distribution is expected to decline slowly. Lee Rudow noted that while some seasonality exists, the midweek Christmas impact was unusual and it is uncertain if it represents a new pattern.

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    Martin Yang's questions to Transcat Inc (TRNS) leadership • Q2 2025

    Question

    Martin Yang asked for the approximate size of NEXA's annual revenue contribution, whether other acquired businesses have been growing organically, and if the issues at NEXA would lead to increased scrutiny of other acquisitions' business processes.

    Answer

    President and CEO Lee Rudow and Executive Thomas Barbato estimated that NEXA contributes close to 10% of Service segment revenue. Barbato confirmed that other acquired businesses are contributing to the 9% organic growth (ex-NEXA). Rudow emphasized that the NEXA situation was an exception to their standard, successful integration playbook and that the lesson learned would prevent a recurrence, rather than change their proven process for other deals.

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    Martin Yang's questions to Applovin Corp (APP) leadership

    Martin Yang's questions to Applovin Corp (APP) leadership • Q2 2025

    Question

    Martin Yang asked for a comparison of the US versus international market opportunity for Applovin's target customers and inquired about the expected pace of onboarding for international advertisers.

    Answer

    Co-Founder, CEO & Chairperson Adam Foroughi clarified that Applovin's revenue is already roughly split 50/50 between the US and the rest of the world. He noted the immediate opportunity is to allow current advertisers to buy internationally, which will be enabled on October 1. The longer-term opportunity is onboarding local businesses in every market. He could not predict the exact pace but expects the referral process to be broad-reaching and unconstrained geographically.

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    Martin Yang's questions to Applovin Corp (APP) leadership • Q2 2025

    Question

    Martin Yang from Oppenheimer & Co. Inc. asked for perspective on the relative size of the U.S. versus international markets for Applovin's target customers and questioned what the pace of international customer onboarding might look like.

    Answer

    CEO Adam Foroughi noted that current revenue is roughly half U.S. and half rest-of-world. He explained that opening up international inventory to the existing U.S. e-commerce advertisers will provide an immediate lift. He couldn't predict the exact pace of new international onboarding but expects a global mix of referrals, as existing gaming clients are global, which will help penetrate local markets worldwide.

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    Martin Yang's questions to Applovin Corp (APP) leadership • Q1 2025

    Question

    Martin Yang from Oppenheimer asked who will get initial access to the new self-serve dashboard and whether the tool could provide a near-term boost to model performance by increasing data inputs.

    Answer

    Executive Adam Foroughi outlined a phased rollout for the self-serve dashboard, starting with current customers to gather feedback and automate internal workflows, followed by a gradual opening to new clients. He agreed that more advertisers and data diversity will inherently improve the recommendation model over time. However, he stressed that a full, open launch will be deliberately paced to ensure the product meets their high-performance standards for every customer.

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    Martin Yang's questions to Applovin Corp (APP) leadership • Q4 2024

    Question

    Martin Yang asked about operational changes since the CEO took over HR and inquired about potential market share gains in mediation from the expansion into non-gaming advertising.

    Answer

    CEO Adam Foroughi stated his focus has been on streamlining the company to concentrate on key organic growth opportunities, citing the planned divestiture of the Apps business as a prime example. He explained that the biggest supply opportunity is not from taking share but from onboarding large game publishers who currently avoid ads, by offering them non-competitive, non-gaming ad demand.

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    Martin Yang's questions to Applovin Corp (APP) leadership • Q3 2024

    Question

    Martin Yang from Oppenheimer & Co. Inc. asked if gaming customers respond consistently to AXON 2.0 performance step-ups or if some ramp spending faster than others. He also inquired about where the company is investing in its e-commerce initiative and if there are any bottlenecks to its ramp-up.

    Answer

    CEO Adam Foroughi explained that the system is fully automated and advertisers consistently have more budget available than the platform can currently deliver. Therefore, when a technology step-up occurs, spending increases across the board automatically. On e-commerce, he described it as the most exciting product ever launched at the company, stating there are no bottlenecks other than the human capital and automation needed to scale as fast as market demand, which is creating a 'line out the door' of interested advertisers.

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    Martin Yang's questions to Unity Software Inc (U) leadership

    Martin Yang's questions to Unity Software Inc (U) leadership • Q2 2025

    Question

    Martin Yang from Oppenheimer & Co. Inc. asked about the intra-quarter trajectory of Vector's benefit to the Unity ad network in Q2 and whether that positive trend continued into Q3.

    Answer

    CFO Jarrod Yahes confirmed that the 15% sequential growth in Q2 saw strength build each month, as not all Vector components were fully rolled out at the start. He stated this strength continued into July and August, giving them confidence in their Q3 guidance. He emphasized the robust product roadmap ahead, including unique data assets expected to contribute in 2026.

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    Martin Yang's questions to Unity Software Inc (U) leadership • Q1 2025

    Question

    Martin Yang from Oppenheimer & Co. Inc. inquired about the sequential growth trend for subscription revenue. He also asked for an overview of the key drivers for overall subscription revenue in 2025, from both a user growth and a revenue-per-user perspective.

    Answer

    CFO Jarrod Yahes reported that subscription revenue grew 13% year-over-year in Q1. He identified key drivers as new seat growth in the industries segment and the ongoing execution of price improvements, the impact of which will increase throughout the year. Yahes expressed confidence in achieving consistent double-digit growth in the Create segment, as subscriptions now represent 80% of its revenue.

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    Martin Yang's questions to Universal Display Corp (OLED) leadership

    Martin Yang's questions to Universal Display Corp (OLED) leadership • Q2 2025

    Question

    Martin Yang asked for the reason behind the higher-than-normal contract research service revenue and requested a concrete example of how AI and ML have advanced material research.

    Answer

    CFO Brian Millard clarified that the increased revenue was from the Adesis business, which serves life sciences clients and is separate from the core OLED operations. CEO Steven Abramson explained that the company's AI/ML platform, developed over a decade with a large proprietary database, accelerates the discovery of successful development pathways for complex OLED materials.

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    Martin Yang's questions to Universal Display Corp (OLED) leadership • Q1 2025

    Question

    Martin Yang from Oppenheimer & Company asked about future milestones to watch for before products ship with UDC's blue material, whether any technical hurdles remain for LG's announced product, and the company's communication strategy for future customer breakthroughs.

    Answer

    CFO Brian Millard explained that from this point forward, communication on product progress and timelines will primarily come from customers and OEMs. He stated that questions about remaining technical hurdles for a specific product are best directed to the customer (LG). He confirmed that future announcements would likely be led by the customers themselves.

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    Martin Yang's questions to Universal Display Corp (OLED) leadership • Q4 2024

    Question

    Martin Yang asked if there were any R&D savings planned for 2025 beyond the OVJP restructuring. He also inquired how much of the 2025 revenue guidance is dependent on new OLED capacity coming online and sought final confirmation on the start date for the "months, not years" blue delay timeline.

    Answer

    CFO Brian Millard stated that the OVJP realignment is the only significant change driving R&D expense expectations for 2025. He clarified that revenue from new fabs is a relatively small component of the 2025 growth forecast. Millard reiterated that the "months, not years" delay for blue commercialization began after the end of 2024.

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    Martin Yang's questions to Universal Display Corp (OLED) leadership • Q3 2024

    Question

    Martin Yang of Oppenheimer & Co. Inc. questioned the reasons behind the revised Q4 forecast and sought clarification on the quarter's material gross margin.

    Answer

    Brian Millard, VP and CFO, explained that the reduced Q4 forecasts were broad-based across multiple customers, driven by model-specific sales performance, macroeconomic concerns, and year-end inventory management. Regarding margins, he attributed the variance in material gross margin to customer and product mix, emphasizing that the total gross margin remains the most useful metric for evaluating profitability.

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    Martin Yang's questions to Ambarella Inc (AMBA) leadership

    Martin Yang's questions to Ambarella Inc (AMBA) leadership • Q1 2026

    Question

    Martin Yang from Oppenheimer & Co. Inc. asked if the second Edge AI infrastructure chip was a new development reacting to market demand or part of the long-term roadmap, and questioned if the higher-than-normal accounts payable was related to this new chip.

    Answer

    CEO Fermi Wang confirmed the second chip is a new project initiated in reaction to customer feedback, noting it leverages existing architecture for faster development. CFO John Young clarified that the increase in accounts payable was not for the new chip but was a function of building inventory to support the strong overall demand outlook for Q2.

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    Martin Yang's questions to Ambarella Inc (AMBA) leadership • Q3 2025

    Question

    Martin Yang asked if challenges with European and U.S. customers would alter the margin outlook for automotive wins and what the key long-term drivers for company-wide margins are.

    Answer

    President and CEO Dr. Fermi Wang projected that future CV3 production revenue would likely fall at the low end of the company's 59-62% long-term gross margin model due to intense competition. He noted that while short-term margins are dictated by product mix, the long-term strategy is to sell value, which has been successful with the 5nm transition, giving him confidence in the current business's margin profile.

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    Martin Yang's questions to Ambarella Inc (AMBA) leadership • Q2 2025

    Question

    Martin Yang asked if the consumer IoT segment contributed to the strong Q3 revenue guidance.

    Answer

    CEO Fermi Wang stated clearly that the consumer IoT (or 'IoT home') segment did not contribute to the strong Q3 guidance, as that market remains weak. However, he noted a future opportunity could arise if consumer device makers adopt more advanced AI models like VLM or CLIP, which would require more powerful chips like Ambarella's CV75, creating a better product-market fit.

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    Martin Yang's questions to Synaptics Inc (SYNA) leadership

    Martin Yang's questions to Synaptics Inc (SYNA) leadership • Q2 2025

    Question

    Martin Yang of Oppenheimer questioned the potential for synergies between Synaptics' premium touch business and the new Android wireless opportunity, and asked if different PC product segments would recover at different paces during a market rebound.

    Answer

    Interim CEO Ken Rizvi and SVP Satish Ganesan both highlighted the strong synergy, noting that their existing presence and differentiated technology in premium Android touch provides a direct path to engage the same OEMs with their newly acquired differentiated wireless portfolio. Regarding the PC market, Rizvi stated that while they have seen steady improvement, a major enterprise refresh cycle has not yet begun. Ganesan added that near-term performance will follow seasonal trends.

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    Martin Yang's questions to Corning Inc (GLW) leadership

    Martin Yang's questions to Corning Inc (GLW) leadership • Q3 2024

    Question

    Martin Yang asked for the reasons behind the slight reduction in the full-year capital expenditure guidance.

    Answer

    CFO Ed Schlesinger explained that there was no single specific reason for the guidance reduction, but rather it reflects the current run rate of spending on smaller capital projects. He reiterated that the company is not adding significant capacity and has what it needs to support the Springboard sales growth plan.

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