|Transcripts are great, but I finally did something I should have done a while ago....took notes on some earnings calls.|
I really wanted to get a better understanding of what has been driving the recent margin and revenue trends. Unfortunately, it is still hard to parse the various pieces of color commentary that they have given over the last year or so.
For example, they said during the Q4 2020 earnings (last August) that materials made up half of revs. Unfortunately, they didn't specify whether they were talking about the whole fiscal year or the last fiscal quarter. Since that earnings call, materials revenues have grown "modestly" each quarter while device revs have seen substantial growth.
If materials were half of revs in Q4 2020, then they would be substantially less than that today. OTOH, that wouldn't be true if materials were half of revs for all of 2020. The last two fiscal quarters were impacted by COVID so it is really tough to parse the statements around those particular quarters.
One thing I am fairly certain of, they have substantial amounts of excess capacity for materials right now.