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    Robert Mertens • TD Cowen

    Robert Mertens's questions to Cohu Inc (COHU) leadership

    Robert Mertens's questions to Cohu Inc (COHU) leadership • Q1 2s025

    Question

    Robert Mertens asked if there are typically different order patterns between OSATs and IDMs based on test cell utilization and which group tends to lead a recovery. He also inquired about the outlook for the automotive market following its sequential growth in Q1.

    Answer

    CEO Luis Müller explained that while buying is dictated by utilization for both OSATs and IDMs, historical trends show OSATs tend to lead both the downturn and the subsequent upswing in a cycle. Regarding the automotive market, Müller noted that while customers have called a trough, the recovery pace is still uncertain. He expects the auto recovery to be slow for the next quarter or two and to trail the recovery in the mobile market.

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    Robert Mertens's questions to Cohu Inc (COHU) leadership • Q4 2024

    Question

    Robert Mertens sought to understand the reason for the lower Q1 guidance after previous optimism, asking if customer pushouts were the primary cause and when that revenue might return. He also asked if the HBM opportunity is focused on one customer or involves broader engagement.

    Answer

    Executive Jeffrey Jones confirmed the softer Q1 outlook was due to approximately $7 million in customer shipment pushouts, which are now expected to be spread throughout the remainder of 2025, not concentrated in Q2. President and CEO Luis Müller clarified that the current 2025 HBM forecast is based on scaling with the initial customer, but the company is actively working to sell these solutions to other memory suppliers, representing potential upside.

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    Robert Mertens's questions to Cohu Inc (COHU) leadership • Q3 2024

    Question

    Robert Mertens of TD Cowen questioned if the automotive segment's better-than-expected performance was due to a single large customer. He also sought clarification on whether the stated $50 million revenue opportunity for die-level burn-in was for the total market or a single customer.

    Answer

    President and CEO Luis Müller explained that the automotive segment's improvement reflects a broader recovery in bookings from a cyclical low, describing it as a 'bathtub' curve, and is not solely dependent on one customer. Regarding the revenue opportunity, Müller confirmed the figure referenced was for the market at large, representing the potential as customers migrate to die-level processes, not the potential from a single customer.

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    Robert Mertens's questions to Advanced Energy Industries Inc (AEIS) leadership

    Robert Mertens's questions to Advanced Energy Industries Inc (AEIS) leadership • Q1 2025

    Question

    Speaking on behalf of Krish Sankar, Robert Mertens asked for factors supporting confidence in a second-half recovery for the Industrial & Medical market beyond inventory drawdowns. He also questioned the risk of customers delaying new semiconductor system rollouts due to the macro environment.

    Answer

    CEO Stephen Kelley pointed to four straight quarters of inventory reduction in the distribution channel and a rebound in order activity late in Q1 as reasons for optimism in the I&M segment. Regarding semiconductor systems, he acknowledged that schedules can shift but emphasized the high degree of urgency from customers to adopt AE's new technology to solve critical technical challenges at advanced nodes, which mitigates delay risks.

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    Robert Mertens's questions to Advanced Energy Industries Inc (AEIS) leadership • Q3 2024

    Question

    Robert Mertens, on behalf of Krish Sankar at TD Cowen, asked about the visibility and sustainability of demand in the Data Center market and sought clarification on the timeline for the guided 400 basis point gross margin improvement.

    Answer

    CEO Stephen Kelley noted that visibility in Data Center is improving due to compressed design cycles and that the influence of AI could extend the growth period. CFO Paul Oldham detailed the path to 40%+ gross margin, stating it would be driven by abating material costs, over 200 basis points from manufacturing efficiencies, volume recovery, and an additional 200-250 basis points from a better structural mix as new products ramp over the next 12-24 months.

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    Robert Mertens's questions to Ultra Clean Holdings Inc (UCTT) leadership

    Robert Mertens's questions to Ultra Clean Holdings Inc (UCTT) leadership • Q1 2025

    Question

    Robert Mertens, on behalf of Krish Sankar, asked for an updated outlook on the domestic China semicap business for the year, inquiring if weakness was still customer-specific and about any potential inventory overhang. He also asked for details on the customers' technical delays and whether new export controls could impact the 'China for China' business.

    Answer

    Interim CEO Clarence Granger confirmed that part of the Q1 shortfall was due to a Chinese customer's technical issues with their end customer. He projected that China revenue would be up slightly in Q2 with a modest recovery in the second half, while emphasizing that China is less than 10% of total business. VP of Marketing Cheryl Knepfler added that Chinese demand spans NAND, DRAM, and foundry. Granger expressed confidence that potential export controls would not impact their localized China business.

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    Robert Mertens's questions to Ultra Clean Holdings Inc (UCTT) leadership • Q3 2024

    Question

    Robert Mertens, on for Krish Sankar, asked for a breakdown of domestic China demand between foundry and memory, the level of visibility into 2025, and whether improved product margins were driven by mix or volume.

    Answer

    CEO James Scholhamer stated they do not segment China revenue by chip type but have high confidence in 2025 demand remaining at strong 2024 levels, based on recent discussions with Chinese CEOs. CFO Sheri Brumm explained that while mix is a factor, higher sales volume is the primary driver of product margin improvement due to better absorption of fixed costs.

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    Robert Mertens's questions to FormFactor Inc (FORM) leadership

    Robert Mertens's questions to FormFactor Inc (FORM) leadership • Q4 2024

    Question

    On behalf of Krish Sankar, Robert Mertens asked for color on the Systems business decline in Q1, its growth drivers for the year, and for a margin comparison between HBM and traditional DDR probe cards.

    Answer

    CEO Mike Slessor attributed the Systems Q1 decline to typical customer budget seasonality and identified silicon photonics transitioning to pilot production as a key 2025 growth driver. CFO Shai Shahar added that while specific margins aren't disclosed, HBM probe cards carry higher margins than other DRAM products due to their differentiated technology, though not always as high as Foundry & Logic.

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