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    Michael Cadiz

    Research Analyst at Citigroup

    Michael Cadiz is an Assistant Vice President in Equity Research at Citigroup, specializing in financial analysis and investment research. He is based in New York City and holds a Bachelor of Science degree, applying his expertise to cover a targeted portfolio of companies as part of Citi’s institutional research team. While specific company coverage and detailed performance metrics such as TipRanks rankings or returns are not publicly disclosed, Cadiz is recognized for his analytical rigor and contributions to Citi’s equity research offerings. His career began upon earning his undergraduate degree and he currently serves in a senior analyst capacity at Citigroup, though information about previous employers, FINRA registrations, or securities licenses is not available.

    Michael Cadiz's questions to Cricut (CRCT) leadership

    Michael Cadiz's questions to Cricut (CRCT) leadership • Q2 2025

    Question

    Michael Cadiz from Citigroup asked about Cricut's capital allocation strategy, specifically questioning if the special dividends issued in recent years should be considered a recurring event for investors.

    Answer

    CFO Kimball Shill clarified that recent special dividends were largely funded by excess cash generated from right-sizing inventory post-COVID, a process that is now complete. He reiterated Cricut's capital allocation framework, prioritizing organic growth investments and strategic M&A first. Excess capital is returned to shareholders via stock repurchases, a recurring semi-annual dividend, and periodic special dividends when cash generation exceeds normal expectations.

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    Michael Cadiz's questions to Cricut (CRCT) leadership • Q1 2025

    Question

    Michael Cadiz from Citigroup asked for the key drivers behind management's confidence in reaching a sales inflection point this year. He also questioned the source of the stronger-than-expected profitability in the quarter and how investors should view it going forward.

    Answer

    CFO Kimball Shill noted that while tariff uncertainty poses a risk to the inflection point, positive signs include improving machine sales (both sell-in and sell-out units were up), continued platform growth, and the expansion of the value line of materials with over 100 new SKUs. Regarding profitability, he explained that operating margins were helped by about four percentage points from onetime items. These included higher product gross margins from new launches, the monetization of $5 million in previously reserved inventory, a duty drawback, and the reversal of a bad debt reserve related to the JOANN bankruptcy.

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    Michael Cadiz's questions to NetApp (NTAP) leadership

    Michael Cadiz's questions to NetApp (NTAP) leadership • Q4 2025

    Question

    Speaking for Assia Merchant, Michael Cadiz of Citigroup Inc. asked about the nature of customer conversations regarding Keystone (OpEx vs. CapEx) amid macro uncertainty. He also requested color on product momentum following recent validations like the NVIDIA SuperPOD certification.

    Answer

    CEO George Kurian highlighted strong momentum for Keystone, with TCV sales up 54% year-over-year to $224 million in FY25, indicating no unusual shifts in customer spending preferences. He also confirmed that the new product portfolio is performing ahead of internal plans, with the company seeing SuperPOD wins shortly after receiving the certification, signaling continued strength.

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    Michael Cadiz's questions to NetApp (NTAP) leadership • Q4 2025

    Question

    Speaking for Assia Merchant, Michael Cadiz of Citigroup Inc. asked about the nature of customer conversations regarding Keystone, specifically on OpEx versus CapEx spending in an uncertain macro environment. He also inquired about product momentum following the recent NVIDIA SuperPOD validation.

    Answer

    CEO George Kurian reported strong momentum for Keystone, with TCV sales up 54% year-over-year in fiscal 2025, noting that customers are increasingly choosing it for a growing number of use cases without any unusual shift in behavior. He also stated that the new product portfolio, including systems validated for NVIDIA SuperPOD, is performing ahead of internal plans, with some SuperPOD wins already secured since the certification.

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    Michael Cadiz's questions to NetApp (NTAP) leadership • Q4 2025

    Question

    Speaking for Assia Merchant, Michael Cadiz of Citigroup asked about the nature of customer conversations regarding the Keystone storage-as-a-service offering (OpEx vs. CapEx) amid macro uncertainty. He also inquired about product momentum following recent validations like the NVIDIA SuperPOD certification.

    Answer

    CEO George Kurian highlighted strong Keystone momentum, with TCV sales up 54% year-over-year to $224 million in fiscal 2025, indicating it is a preferred model for a growing number of use cases. He also confirmed that the new product portfolio is performing ahead of plan, with the company securing SuperPOD wins shortly after the certification was announced.

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    Michael Cadiz's questions to Pure Storage (PSTG) leadership

    Michael Cadiz's questions to Pure Storage (PSTG) leadership • Q1 2026

    Question

    Representing Assia Merchant, Michael Cadiz of Citigroup requested clarification on the outlook for subscription margins, considering the potential absorption of higher tariff costs.

    Answer

    CFO Kevan Krysler stated that he does not foresee a significant impact on subscription gross margins. He attributed this resilience to the operational efficiency of the Evergreen One service and the agility of Pure's manufacturing and supply chain, which allow the company to manage and absorb potential tariff costs effectively.

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