| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q3'26 | February 5, 2026 | 6/12 | 2 high, 2 medium, 2 low flags | 5 | 0 | Call sheet → |
| Q2'26 | November 6, 2025 | 5/12 | 3 high, 4 medium, 1 low flags | 3 | 1 | Call sheet → |
| Q1'26 | August 7, 2025 | 10/12 | 3 medium, 5 low flags | 5 | 0 | Call sheet → |
| Q4'25 | 2025-05-08 | 11/12 | 4 medium, 3 low flags | 6 | 0 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q3'26 | Pending | Inventory reserves normalize by fiscal year end Still elevated at $58.4M, one quarter left to deliver |
| Q3'26 | Delivered | Distribution inventory correction nearly complete At 28 days, within normal range per management |
| Q3'26 | Delivered | Bring down borrowings with excess FCF Net debt decreased $26M sequentially |
| Q3'26 | Exceeded | Adjusted FCF roughly even with dividend payment $305.6M FCF far exceeded dividend obligations |
| Q3'26 | Delivered | Non-GAAP gross margin six-handle in March Hit 60.5% one quarter early in December |
| Q3'26 | Exceeded | March quarter sales stronger than seasonal low single digit up Delivered 6.2% guide vs 2-3% seasonal, strong beat |
| Q2'26 | Delivered | Lead times to increase to 6-10 weeks range Confirmed happening on some products, accelerating to 8-12 weeks |
| Q2'26 | Pending | Adjusted FCF to exceed dividend after September Q2 FCF of $38.3M vs ~$70M dividend suggests this is at risk |
| Q2'26 | Pending | Start increasing wafer starts in December quarter Reconfirmed but now saying impact will be 'ever so slightly' |
| Q2'26 | Delivered | Underutilization to modestly decrease Dropped from $51.5M to $51M, barely measurable but technically true |
| Q2'26 | Delivered | Inventory write-offs expected to decrease in September Decreased from $77.1M to $71.8M, minimal but technically delivered |
| Q2'26 | Missed | September quarter to be well above seasonal +5.1% was above seasonal but not 'well above' as promised |
| Q1'26 | Exceeded | Customer relationship restoration progress Declared the issue 'closed and behind us' vs tracking specific percentages |
| Q1'26 | Pending | Book-to-bill ratio improvement Stopped disclosing book-to-bill ratio despite it being healthy last quarter |
| Q1'26 | Delivered | Gross margin recovery acceleration 230 bps sequential improvement with 76% incremental margins |
| Q1'26 | Exceeded | 85% incremental operating leverage Delivered 82% operating leverage, close to promise |
| Q1'26 | Delivered | Revenue growth driven by trifecta effect Distribution gap closed faster than expected, direct sales increased |
| Q1'26 | Exceeded | Inventory reduction to 215-225 days by June Delivered 214 days, beating the low end of guidance |
| Q4'25 | Exceeded | Expected to reduce inventory balance by approximately $250 million by end of fiscal 2026 Now targeting over $350 million reduction - accelerated timeline |
| Q4'25 | Delivered | Will make changes in channel strategy Changed demand creation flags to expire and lowered distributor margins |
| Q4'25 | Delivered | Will close Tempe Fab 2 after building material buffer and transferring processes Tempe Fab 2 now closed, 70% of products already qualified elsewhere |
| Q4'25 | Delivered | Operating expenses to increase in March quarter due to employees coming off pay cuts OpEx rose to 38% of sales from 34.9% as guided |
| Q4'25 | Delivered | Inventory days to decrease from December 31, 2024 levels at midpoint of March guidance Went from 266 to 251 days, first meaningful reduction in three years |
| Q4'25 | Delivered | We will provide comprehensive update on nine-point plan on March 3 Gave detailed progress update on all nine points |
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