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    Natalie Back

    Director and Equity Research Analyst at Citigroup

    Natalie Back is a Director and Equity Research Analyst at Citigroup, specializing in the coverage of food and beverage companies within the consumer staples sector. She covers leading firms such as The Kraft Heinz Company, The J.M. Smucker Co., Beyond Meat, and Campbell Soup Company, drawing recognition for detailed stock analysis and actionable research. Since joining Citi in 2019 from previous positions at Credit Suisse and Evercore ISI, where she also focused on consumer staples, Back has cultivated a reputation for rigorous financial modeling and industry insight. She holds Series 7, 63, 86, and 87 FINRA registrations and is regularly cited for her comprehensive sector evaluations.

    Natalie Back's questions to Symbotic (SYM) leadership

    Natalie Back's questions to Symbotic (SYM) leadership • Q4 2024

    Question

    Natalie Back, on behalf of Andy Kaplowitz, asked for a bridge on gross margins for Q1, the potential for margin inflection during the year, and an update on European expansion, as well as whether the Walmex deal in a lower-cost geography was a one-time opportunity.

    Answer

    CFO Carol Hibbard explained that the Q1 gross margin guidance reflects a transitional period focused on quality deployments, with an expectation for margins to expand throughout the year. CEO Richard Cohen stated there were no new updates on Europe but emphasized that the Walmex deal proves the system's ROI extends beyond labor savings to areas like transportation, suggesting it is not a one-off opportunity.

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