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    Matthew Bryson • Wedbush Securities

    Matthew Bryson's questions to Tower Semiconductor Ltd (TSEM) leadership

    Matthew Bryson's questions to Tower Semiconductor Ltd (TSEM) leadership • Q1 2025

    Question

    Matthew Bryson questioned if the RF Mobile business had bottomed in Q1, the status of customer inventory reduction, and whether efforts by China to increase domestic RF production were impacting Tower's business.

    Answer

    CEO Russell Ellwanger confirmed that based on current forecasts, Q1 represented the lowest point for the RF Mobile business, with growth expected throughout the remainder of the year. He acknowledged that an inventory burn-off is occurring. He also noted that there has been an impact from a major Chinese customer moving to source more of its older-generation platforms domestically, partly due to local pressure.

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    Matthew Bryson's questions to Tower Semiconductor Ltd (TSEM) leadership • Q4 2024

    Question

    Matthew Bryson asked if Tower achieved its $150 million annualized run rate for silicon photonics in Q4, inquired about the weakness in active copper cables, and asked about the financial impact of the shift from 200mm to 300mm wafers.

    Answer

    CEO Russell Ellwanger confirmed they hit the $150 million SiPho run rate in Q4 and that the target to double the 2024 full-year revenue in 2025 remains. He attributed short-term active copper cable weakness to a customer's architectural change but expects long-term growth. He noted that while 300mm wafers have higher ASPs, the margin impact is similar to 200mm due to higher substrate costs.

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    Matthew Bryson's questions to Diebold Nixdorf Inc (DBD) leadership

    Matthew Bryson's questions to Diebold Nixdorf Inc (DBD) leadership • Q1 2025

    Question

    Matthew Bryson inquired about the drivers behind the strong Q1 order growth, whether tariff uncertainty accelerated customer orders, and the nature of the significant foreign exchange expense.

    Answer

    CFO Thomas Timko attributed the robust order entry to strong adoption of banking cash recyclers and improved retail self-service activity, which provides 80-90% visibility into full-year product revenue. CEO Octavio Marquez clarified that tariff talks did not accelerate Q1 orders, as they were announced after the quarter ended, and customers have not indicated changes to their investment plans. Timko explained the foreign exchange expense was a non-cash, non-operational P&L impact from intercompany loans, primarily with Brazil and Europe, due to currency fluctuations.

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    Matthew Bryson's questions to Diebold Nixdorf Inc (DBD) leadership • Q4 2024

    Question

    Matthew Bryson asked about potential business disruptions from geopolitical events, the financial benefits and adoption rate of the shift to ATM recyclers, the final year-end product backlog figure, and the expected cash flow linearity for 2025.

    Answer

    CEO Octavio Marquez and CFO Thomas Timko confirmed they see no material impact from geopolitical issues due to their regionalized 'local to local' supply chain, with less than 25% of components sourced from China. Marquez noted recycler shipments are growing from 45% in 2022 to a projected 55%. Timko added that the year-end backlog was approximately $800 million and that 2025 free cash flow is expected to be a use in H1 before turning positive in H2, with a strong second half.

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    Matthew Bryson's questions to Diebold Nixdorf Inc (DBD) leadership • Q3 2024

    Question

    Matthew Bryson requested specific figures on the revenue and margin impact from the retail services project delay. He also asked about the revenue opportunity, associated costs, and timing for the Asia expansion. Bryson followed up by questioning the implied sequential decline in Q4 EBITDA despite higher expected revenue and the reasons for the sharp drop in net income.

    Answer

    CFO Thomas Timko quantified the retail project pushout as impacting revenue by roughly $10 million and gross margin by 50-100 basis points. Regarding the Asia expansion, Timko and CEO Octavio Marquez stated it would create a near-term product margin headwind but would be accretive to margin dollars without significant CapEx, with revenue benefits starting in 2025. Timko explained the Q4 EBITDA outlook is a result of this geographic product mix shift away from Q3's record-high margins. He attributed the large sequential drop in net income primarily to a strategically higher non-GAAP effective tax rate of approximately 65% in Q3.

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    Matthew Bryson's questions to Western Digital Corp (WDC) leadership

    Matthew Bryson's questions to Western Digital Corp (WDC) leadership • Q1 2025

    Question

    Matthew Bryson asked why HDD pricing was relatively stable quarter-over-quarter despite a favorable mix shift to cloud and higher capacity drives. He also asked if the lack of new test equipment orders indicates more rational industry behavior.

    Answer

    CEO David Goeckeler clarified that there was a low single-digit increase in like-for-like pricing and that the business has seen significant margin improvement over the last four quarters. He suggested the business would take a 'breather' for a quarter before new products provide further tailwinds. On capacity, he reiterated that the company has set its manufacturing footprint and will only consider changes based on strong, long-term customer demand signals, implying a rational approach.

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