Summary of NetApp Conference Call - December 09, 2025 Company Overview - **Company**: NetApp (NasdaqGS: NTAP) - **Industry**: Data Infrastructure and Storage Solutions - **Core Business**: Provides data storage solutions, including Keystone service in public cloud and traditional CapEx delivery through hybrid and all-flash solutions [8][10][54] Key Points and Arguments Core Enterprise Demand - **Current Demand Status**: Core enterprise demand is described as "not amazing, not terrible," with revenue growth in the mid-single digits in private Americas, APAC, and EMEA, indicating a tepid environment [10][12] - **Geographical Performance**: Approximately one-third of revenues come from EMEA, with Germany being a key market. The U.S. public sector business is down year-on-year due to cost-cutting measures [11][12][13] U.S. Public Sector Business - **Revenue Contribution**: U.S. public sector accounts for 10%-14% of total revenues, with about 75% from federal government contracts. This segment has been under pressure due to budget cuts [14][15][12] - **Segment Breakdown**: The federal business is divided into military, intelligence agencies, and civilian agencies, with no specific segment being highlighted as more affected than others [14][15] Supply Chain and Memory Chips - **Memory Component Costs**: DRAM constitutes a low single-digit percentage of costs, while SSDs are growing in importance. Total COGS is around $2 billion annually, with memory components being a minor part [18][19] - **Procurement Strategy**: NetApp manages supply chain costs by purchasing in volume and opportunistically, avoiding reliance on spot market prices [20][21] Pricing Strategy - **Price Management**: NetApp raises list prices in response to commodity cost increases while managing effective customer prices through discount strategies [21][22] AI and Storage - **AI Market Position**: NetApp anticipates growth in storage demand as AI spending shifts from training to inference, with 200 AI design wins reported, up from 100 a year ago [29][30] - **Data Lake Monetization**: Many design wins involve aggregating siloed data into data lakes, indicating that the industry is still transitioning towards AI inference workloads [31][32] Competitive Landscape - **Market Share**: NetApp holds a high teens market share in the all-flash market, gaining share as the market consolidates. The competitive environment is described as challenging but manageable [48][49] - **Emerging Competitors**: Smaller players are more disaggregated in their solutions, focusing on specific features, while NetApp continues to expand its all-flash and cloud offerings [51][52] Company Evolution - **Transformation**: NetApp has evolved from an HDD-centric company to a leader in all-flash solutions, with two-thirds of revenues now from all-flash products and a growing cloud business projected at $6.7 billion [54][55] Additional Insights - **Public Cloud Strategy**: NetApp's public cloud services are gaining traction, with a significant portion of new customers coming from this segment, indicating successful market penetration [44][46] - **Future Outlook**: The company is positioned for continued growth and innovation, adapting to changing market dynamics and customer needs [54][55]

Onex Corporation (ONEX.F) 2025 Conference Summary Company Overview - **Company**: Onex Corporation (ONEX.F) - **Date of Conference**: September 04, 2025 - **Speaker**: Bobby LeBlanc, CEO Key Changes and Developments - Focus on intellectual honesty regarding competitive areas and restructuring human capital accordingly [6] - Successful fundraising across various business units, including OP, OnCap, and Credit [7] - Introduction of three new board members with relevant skill sets [7] Competitive Advantages - Strong organizational culture emphasizing intellectual honesty and investor orientation [8] - Focus on mid-cap private equity, financial services, industrials (especially aerospace), and business services as core competitive areas [8] - Significant growth in structured credit business, particularly CLOs, moving from mid-20s to seventh or eighth globally in issuance [10] Financial Performance and NAV - NAV growth has been decent over the past two years, with a compounded growth rate of 15% over the last five years [20] - Current NAV includes approximately $5.4 billion in private equity assets, which are undervalued in the market [16] - Share buybacks totaling $2.5 billion since 2020 have contributed to per-share NAV growth [18] Challenges and Areas for Improvement - Need for better organization of businesses to ensure revenue supports cost structures [13] - Aim to reduce capital intensity in asset management, potentially lowering the percentage of fund commitments [14] - Addressing the discount to NAV and improving market perception of the company's value [15][17] Market Environment and Fundraising - Current M&A environment for private equity is improving, but challenges remain due to pricing uncertainties and a sluggish IPO market [27][28] - OnCap raised 70% more third-party capital than the previous fund, aiding revenue growth [29] - Credit platform showing strong AUM growth, with expectations for continued scaling [35] Future Outlook and Strategy - Focus on successful fundraising and maintaining an investment-first culture [48] - Plans to close the gap between market value and intrinsic value through strategic capital deployment and share buybacks [46] - Emphasis on creating enterprise value and attracting third-party capital in targeted sectors [34][48] Conclusion - Onex Corporation is positioned to leverage its strong culture, competitive advantages, and recent fundraising successes to enhance shareholder value and close the valuation gap in the coming years [48]