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    Michael Cadiz • Citigroup

    Michael Cadiz's questions to Cricut Inc (CRCT) leadership

    Michael Cadiz's questions to Cricut Inc (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 Inc (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 Inc (NTAP) leadership

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

    Michael Cadiz's questions to Pure Storage Inc (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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