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Financial Presentation Materials March 4, 2026 Safe Harbor Forward-Looking Statements Fourth Quarter & Full Year 2025 Certain statements in this document regarding anticipated financial, business, legal or other outcomes, including business and market conditions, outlook and other similar statements relating to future events, developments or financial or operational performance or results, are "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Refor ...

Snowflake (NYSE: SNOW) 2026 Conference Summary Company Overview - **Company**: Snowflake Inc. - **Event**: 2026 Conference - **Date**: March 03, 2026 - **Speakers**: CEO Sridhar Ramaswamy, CFO Brian Robins Key Points Industry and Market Dynamics - The conversation highlighted the importance of data modernization initiatives in driving the core business of Snowflake, particularly in the context of AI readiness [10][9] - The company is positioned to leverage agentic AI to enhance the value derived from data estates [10][12] Core Business Performance - Snowflake's core business has shown durability, driven by data modernization and the introduction of Snowflake Intelligence [10][12] - The company reported a 30% growth in product revenue for Q4, with a significant increase in remaining performance obligations (RPO) by 42% year-over-year, reaching $9 billion [25][27] Product Innovations - **Snowflake Intelligence**: A product that enhances data access and utilization, allowing enterprises to build AI-native applications [14][15] - **Cortex Code**: A coding agent designed to streamline project setups and improve efficiency, resulting in a 10x improvement in deployment speed [20][30] - The integration of Cortex Code with Snowflake Intelligence is expected to unlock growth and productivity across the business [30][57] Financial Metrics - Free cash flow margins decreased to 23% in FY27 from 25% in FY26, attributed partly to the acquisition of Observe [27][90] - The company aims for GAAP profitability, with a target of reducing stock-based compensation (SBC) from 34% of revenue to 27% [90] Customer Engagement and Sales Strategy - Snowflake signed its largest deal ever, valued at over $400 million, indicating strong customer confidence in its data and AI strategy [25][26] - The sales team has successfully expanded existing customer relationships, leading to multiple nine-figure deals [25][26] Competitive Landscape - Snowflake's strategy involves collaboration with hyperscalers like AWS, Azure, and Google Cloud, while also navigating potential competition from AI model providers [74][80] - The company emphasizes the importance of owning the "front door" to data access, ensuring that it remains the primary interface for users [60][64] Future Outlook - The integration of AI capabilities is expected to transform workflows and job roles within organizations, enhancing productivity and efficiency [38][72] - Snowflake is focused on creating a seamless experience for users, merging data access with actionable insights [45][57] Capital Allocation and Shareholder Value - Snowflake has a share buyback authorization of $1.1 billion and plans to continue small acquisitions to enhance its capabilities [91][90] - The company is committed to maintaining a balance between growth and profitability, with a focus on sustainable financial practices [90][91] Additional Insights - The introduction of Cortex Code has democratized coding within the company, leading to increased creativity and productivity among non-technical staff [36][38] - The evolving relationship with Google Cloud is seen as a potential growth area, with improved collaboration expected [80][81] This summary encapsulates the key discussions and insights from the Snowflake conference, highlighting the company's strategic direction, product innovations, and financial performance.

Summary of Cognizant Technology Solutions 2026 Conference Call Company Overview - **Company**: Cognizant Technology Solutions (NasdaqGS: CTSH) - **Date of Conference**: March 03, 2026 Key Points Industry and Market Outlook - **Growth Guidance**: Cognizant has guided for total growth of 4% to 6.5% for 2026, with an inorganic contribution of approximately 150 basis points, of which 100 basis points are already realized and 50 are expected to be achieved [3][4] - **Organic Growth**: The midpoint of organic growth is projected at 3.75% for 2026, attributed to both market share gains and an increase in client discretionary spending, particularly in the BFSI (Banking, Financial Services, and Insurance) sector [6][3] Competitive Environment - **Execution and Large Deals**: Cognizant has successfully won and executed 27-28 large deals in both 2024 and 2025, which has helped consolidate its market position [7][8] - **AI Investments**: The company is perceived as a forward-looking partner due to its investments in AI, enhancing its competitive edge [8][9] Client Spending and Budget Trends - **IT Budget Growth**: The environment for IT budgets remains stable, with BFSI showing strong growth at 7% in 2025, exiting at a 9% growth run rate. Healthcare also grew by 5-6% despite regulatory uncertainties [12][14] - **Cautious Spending**: Sectors like products and resources, as well as communication and media, are exhibiting cautious spending behaviors [15][17] Discretionary Spending Insights - **BFSI Sector**: Discretionary spending in BFSI is driven by compliance-related work, technology adoption, and improvements in customer journeys [52][53] - **Other Sectors**: There is some improvement in discretionary spending in healthcare and consumer products, while communication and media remain volatile [55][60] AI and Technology Deployment - **GenAI Integration**: Cognizant is embedding GenAI-driven productivity into its deal structures, with a focus on delivering expected outcomes and efficiency [23][24] - **Project Sizes**: AI-related projects are currently smaller in size, typically ranging from $8 million to $12 million, compared to traditional contracts which can reach up to $500 million [74] Margin Expansion and Financial Performance - **Operating Margin**: Cognizant anticipates a 10 to 30 basis point expansion in operating margins for 2026, driven by gross margin stability and SG&A leverage [80][81] - **Pricing Trends**: New AI-related work is seeing improved pricing, while existing contracts face productivity pressures rather than pricing pressures [84][87] Future Considerations - **India Listing**: Cognizant is exploring a potential listing in India to access a broader investor base, although the timeline remains uncertain due to regulatory processes [88][90] - **Focus for Investors**: The company emphasizes the importance of capturing value in the evolving AI landscape as a key focus for investors in 2026 [93] Additional Insights - **BPO Growth**: The BPO segment has been a strong adopter of GenAI technology, leading to increased throughput and market expansion [42][49] - **Fixed Price Contracts**: Fixed price projects are expected to grow as a proportion of Cognizant's business mix, providing certainty of outcomes for clients [32][38] This summary encapsulates the key insights and projections discussed during the conference call, highlighting Cognizant's strategic focus areas and market dynamics for 2026.

AvePoint Conference Call Summary Company Overview - **Company**: AvePoint (NasdaqGS:AVPT) - **Industry**: Data Protection and Governance - **Core Offering**: Confidence Platform for modern data protection, focusing on unstructured data which constitutes about 80% of organizational data [2][3] Key Problems Addressed 1. **Fragmented Data**: Data residing in different silos makes it difficult to apply policies effectively [2] 2. **Information Sprawl**: Excessive access and multiple data repositories complicate data management [3] 3. **Data Loss**: Challenges include data corruption and ransomware attacks, making data recovery difficult [3][4] 4. **Over-sharing of Data**: Risks of exposing sensitive information through inadvertent sharing [4] Competitive Advantages - **Security Layer**: Provides controls to help organizations manage data changes and overexposure [4] - **Data Resiliency**: Assists in data recovery during outages, as seen with incidents in AWS and Azure [5] - **AI Integration**: Supports organizations in preparing their data for AI applications, ensuring data quality and governance [10][12] Financial Performance - **Annual Recurring Revenue (ARR)**: $470 million with a 27% growth year-over-year [20][23] - **SaaS Revenue Growth**: 38% for the full year [20] - **Free Cash Flow Margins**: 19% with a GAAP operating margin of 7.9% [20][26] - **Rule of 40**: Achieved a score of 46, indicating a balance of growth and profitability [24][25] Customer Insights - **Spending Behavior**: No major changes in spending; organizations are prioritizing cost and vendor consolidation [14][17] - **Migration Solutions Demand**: Increased demand for data movement solutions, particularly in the context of AI adoption [29][32] Pricing Model Evolution - **Hybrid Pricing Model**: Currently utilizing a mix of seat-based and consumption-based pricing, with plans to evolve towards value-based pricing as agentic AI systems develop [34][39] Strategic Partnerships - **Microsoft Relationship**: Strong partnership with Microsoft, leveraging their ecosystem for product development and go-to-market strategies [43][46] - **Independence**: AvePoint's platform operates independently of Microsoft, integrating with various third-party services [48] Capital Allocation Strategy - **Investment Focus**: Prioritizing R&D, M&A for inorganic growth, and share repurchases to enhance shareholder value [51][55] - **Strong Balance Sheet**: Ended the year with over $480 million in cash, allowing flexibility in capital allocation [55] Future Outlook - **Profitability**: Projecting continued growth in profitability and free cash flow, with no immediate plans for dividends [58][59] - **Innovation in AI**: Actively working on governance frameworks for agentic architectures and preparing for future AI developments [62][65] Additional Insights - **Customer Concerns**: Organizations are increasingly focused on data governance as they adopt AI tools like Microsoft Copilot [63] - **Market Positioning**: AvePoint is well-positioned to meet evolving customer needs in data governance and protection as AI technologies advance [65]

Microchip (NasdaqGS:MCHP) 2026 Conference Summary Company Overview - **Company**: Microchip Technology Inc. - **Industry**: Semiconductor Key Points Financial Performance and Guidance - Microchip guided a 6.2% sequential increase in revenue for March, which is stronger than seasonal trends, attributed to good product momentum and normalized distribution inventory [5][4] - Distribution inventory has decreased from a $100 million difference between sales to distributors and sales through to only $12 million last quarter, indicating a normalization process [5][6] - February bookings were strong, marking the highest first two months of bookings since June 2023, contributing to confidence in current quarter guidance and future visibility [7][12] Inventory Management - The company has 200 days of inventory on the balance sheet, with a target of reducing it to between 130 and 150 days [55][56] - Underutilization charges were reported at $51 million in the last quarter, primarily from large wafer fabs, and are expected to persist for a couple of years as the company grows into its capacity [51][53] Product Development and Customer Relations - Microchip has revamped its customer engagement strategy, focusing on improving relationships and speeding up product releases [20][21] - The company has shifted to a more cohesive organizational structure with five pillars, enhancing collaboration across product lines [23][27] - New product launches include PCIe Gen 3 and Gen 4 switches for industrial applications, which are performing better than traditional products [21][22] Growth Drivers - Data center products, particularly PCI Express Gen 6, are a significant focus, with confirmed design wins including a $100 million-plus annual usage contract [70][72] - The company is also expanding its offerings in timing products and precision timing devices for data centers, which are expected to drive growth [79][81] - Microchip is actively engaging in the automotive sector, with partnerships for Ethernet products with Hyundai and BMW, expected to ramp up in 2027-2028 [91][92] Market Trends and Competitive Landscape - Pricing has remained stable, with no wholesale price increases planned, focusing instead on maintaining customer relationships [98][99] - The company is cautious about domestic competition in China but emphasizes the importance of technology and speed in meeting customer needs [106][111] - The traditional microcontroller market is evolving, with increasing interest in RISC-V architectures alongside ARM [116][117] Financial Strategy - The company is focused on maintaining its dividend while using excess cash flow to pay down debt, with no immediate plans for share buybacks [124][126] - Net leverage is expected to decrease as revenue and EBITDA grow, with a commitment to maintaining an investment-grade rating [132] Future Outlook - Employee morale has improved significantly, and the company is committed to enhancing customer relationships and product development [134][135] - Microchip is exploring AI at the edge applications, with potential for significant improvements in product efficiency and performance [138][142] Conclusion - Microchip is positioned for growth with a strong focus on product innovation, customer relationships, and strategic market engagement, particularly in data centers and automotive sectors. The company is navigating inventory challenges while maintaining financial discipline and exploring new technologies to enhance its product offerings.

Summary of Shenandoah Telecommunications Company (NasdaqGS:SHEN) 2026 Conference Call Company Overview - **Company**: Shenandoah Telecommunications Company (Shentel) - **Industry**: Telecommunications, specifically focusing on fiber to the home (Glo Fiber) and commercial fiber services Key Points Glo Fiber Build-Out - Shentel is on track to complete the build-out of Glo Fiber, expecting to reach approximately **510,000 homes passed** by the end of 2026, up from **427,000** at the end of 2025 [3][4] - The company aims for a terminal penetration rate of **37%** across its markets within **5-7 years** of launching services [4] Competitive Landscape - In **90%** of its markets, Shentel faces only one competitor, typically a cable company [5] - The company maintains a **first mover advantage** in many areas, which helps mitigate competition [5][6] - Approximately **88%** of Shentel's passings are in duopoly markets, primarily competing against cable providers [6] Pricing Strategy and Customer Service - Shentel focuses on technology and local customer service rather than competing solely on price [7] - The company has high **Net Promoter Scores (NPS)** of **61**, contributing to low customer churn rates of about **1% per month** [9][10] Commercial Business Growth - The commercial segment saw nearly **10%** growth in bookings in the latter half of 2025, driven by strong relationships with tower companies and K-12 schools [12][13] - Shentel is expanding into the **hyperscale data center** market, which presents significant growth opportunities [19][20] Capital Structure and Financing - Shentel introduced an **Asset-Backed Security (ABS)** structure to minimize capital costs, reducing debt costs by **170 basis points**, saving approximately **$11 million** annually [38][39] - The company expects to turn **free cash flow positive** by **2027** and anticipates a peak net leverage of **5.3-5.4 times** by the end of 2026 [43][44] M&A Strategy - Shentel is focused on completing its current build and may pursue **tuck-in acquisitions** in the fiber to the home space, with potential for more transformative M&A after achieving free cash flow positivity [53][54] - The company believes the fiber to the home consolidation is just beginning, with many smaller companies likely seeking liquidity in the future [55][56] Financial Outlook - For 2026, Shentel projects **4% revenue growth** and **12% EBITDA growth**, with expectations of **300 to 400 basis points** margin expansion [63][65] - The company anticipates capital intensity to be in the **15%-25% range**, with residential business likely closer to **25%** due to the costs associated with new customer connections [71][72] AI and Operational Efficiency - Shentel is exploring AI initiatives to enhance customer service and operational efficiency, aiming to reduce costs and improve service delivery [68][69] Return to Shareholders - Currently, Shentel pays a small dividend of about **1%** yield, which may be increased once free cash flow is generated [79] - Share repurchase programs are also being considered, contingent on the status of preferred stock [80] Additional Insights - Shentel's unique fiber routes and strong customer relationships contribute to exceptionally low churn rates in both residential (1%) and commercial (0.6%) segments [18] - The company is strategically positioned to leverage its existing infrastructure and customer base to capitalize on future growth opportunities in the telecommunications sector [19][20]

Summary of Booking Holdings Conference Call Company Overview - **Company**: Booking Holdings (NasdaqGS: BKNG) - **Event**: 2026 Conference at Morgan Stanley TMT Conference - **Date**: March 3, 2026 Key Points Growth Framework - Booking Holdings aims for a medium-term growth framework of **8%** in gross bookings and revenue, and **15%** in earnings per share (EPS) [7] - In 2025, the company exceeded these targets with results of **10%** growth in gross bookings, **10%** in revenue, and **18%** in EPS on a constant currency basis [7] - For 2026, guidance is set at **9%** for gross bookings and revenue, and **15%** for EPS, indicating confidence in continued growth [8] Market Dynamics - Travel markets are expected to grow faster than global GDP, driven by increased disposable income leading to higher travel spending [8] - Booking Holdings is positioned as the largest online travel platform in Asia (excluding mainland China) and is focused on capturing growth in this region [9] - The company is also targeting growth in the U.S. market, where it has seen double-digit growth rates, significantly outpacing the overall market [10] Strategic Initiatives - Booking Holdings is investing in various verticals, including flights and attractions, with growth rates of **30%** and **80%** respectively in the previous year [10] - The company is reinvesting savings from its transformation program into strategic initiatives to drive future growth [10] Regional Focus - **Asia**: The company is enhancing its go-to-market strategy with localized branding and payment options, particularly through its brand Agoda [13][17] - **U.S.**: Growth drivers include performance marketing optimization, B2B partnerships, and an increase in direct channel bookings, which have shown significant improvement [21][29] - **Europe**: Booking Holdings continues to grow faster than the European travel industry, focusing on enhancing user experience and expanding service offerings [44][46] Marketing and Advertising - The company has diversified its marketing spend, increasing investment in social media platforms, with total marketing spend exceeding **$10 billion** [62] - Social media advertising has grown **13%** year-over-year, contributing to overall marketing effectiveness [62] Technology and AI Integration - Booking Holdings is developing agentic tools to enhance customer experience and streamline operations, with a focus on integrating generative AI into customer service and other areas [98][106] - The company has seen a **10%** reduction in average cost per booking due to improved customer service efficiency through AI tools [98] Competitive Landscape - Booking Holdings maintains a strong relationship with Google, which serves as a lead generator rather than a direct competitor in the OTA space [125][126] - The company views the rise of horizontal agents and LLMs (Large Language Models) as opportunities to enhance its service offerings rather than threats [130][131] Financial Performance and Projections - The transformation program has led to increased targets for reinvestment, with **$700 million** allocated for 2026, expected to generate approximately **$400 million** in additional revenue [103][106] - The net impact on the bottom line from these investments is projected to be around **$300 million** [106] Additional Insights - Booking Holdings emphasizes the importance of customer trust and support during travel disruptions, positioning itself as a reliable partner for travelers [66][74] - The company is focused on creating a seamless travel experience through integrated services, enhancing customer loyalty and repeat business [130][131]

ON Semiconductor Conference Call Summary Company Overview - **Company**: ON Semiconductor (NasdaqGS:ON) - **Date**: March 03, 2026 - **Speakers**: CEO Hassane El-Khoury, EVP and CFO Thad Trent Key Industry Insights Semiconductor Industry Recovery - The semiconductor industry is stabilizing but not yet accelerating, indicating the first step of recovery is stabilization [2][5] - Key performance indicators (KPIs) are trending positively, with improvements in book-to-bill ratios and visibility into future quarters [2][4] - Year-over-year growth was observed for the first time in several quarters [6] Automotive Market Dynamics - ON Semiconductor has been shipping to end demand in the industrial sector since 2025, with expectations to return to natural demand in automotive by the end of 2025 [8] - Automotive revenue growth from 2019 to 2025 is projected at 70%, translating to a compound annual growth rate (CAGR) of approximately 9%-10% [10][11] - The company emphasizes content growth in vehicles rather than solely relying on sales and production rates (SAR) [10] Competitive Landscape in China - ON Semiconductor holds a 50% market share in the China EV market, attributed to superior technology compared to local and European competitors [22] - The company aims to maintain its competitive edge through continuous investment in technology [25] Financial Performance and Strategy Exits and Restructuring - The company has earmarked $900 million in exits from non-core businesses, with a commitment to complete these exits by the end of 2026 [29][51] - Restructuring efforts have led to a 12% reduction in capacity, resulting in a depreciation benefit of $45 million-$50 million in 2026 [69] Operational Efficiency - Operational expenditures (OpEx) are expected to decrease by a couple of percentage points in 2026, with a focus on leveraging efficiencies as the market recovers [68] - Utilization rates are projected to improve from 68% to the mid-70% range, positively impacting gross margins [71] Growth Initiatives Silicon Carbide and AI Data Center Opportunities - The penetration of silicon carbide in electric vehicles (EVs) is currently at 14%, indicating significant growth potential [77] - The company is positioned to benefit from the increasing demand for silicon carbide in both EVs and AI data centers, with a substantial increase in content opportunity from $9,500 to $105,000 for future AI racks [82] Treo Platform Development - The Treo platform, a 65 nanometer BCD technology, is expected to generate $1 billion in revenue by 2030, with high margins of 60%-70% [93][98] - The company has achieved early revenue milestones, indicating strong market demand and product momentum [94] Cash Return and M&A Strategy - ON Semiconductor has returned 100% of its free cash flow to shareholders, with a $6 billion share repurchase program in place [117] - Future M&A activities will focus on strategic acquisitions that complement the existing product portfolio rather than scale for scale's sake [120][123] Conclusion - ON Semiconductor is navigating a stabilizing semiconductor market with a focus on operational efficiency, strategic growth initiatives, and maintaining a competitive edge through technology advancements. The company is committed to returning value to shareholders while positioning itself for future growth in key markets such as automotive and AI data centers.

Pegasystems Conference Call Summary Company Overview - **Company**: Pegasystems (NasdaqGS:PEGA) - **Event**: KeyBank's Technology Summit, Emerging Technology Summit - **Date**: March 03, 2026 Key Financial Highlights - **Fourth Quarter Performance**: - Strong finish to 2025, with a notable increase in annual contract value (ACV) net additions, up approximately **40%** in constant currency compared to 2024, which is double the net ACV add from a few years ago [6][8] - Pega Cloud, the company's SaaS offering, is experiencing accelerated growth, now growing at around **30%**, up from high teens to 20% in previous years [7] - Free cash flow for 2025 was nearly **$500 million**, a significant increase from **$22 million** in 2022, with free cash flow margins now in the **30%** range [8] Guidance and Future Outlook - **2026 Guidance**: - Projected **17%** year-over-year growth in free cash flow [8] - Expectation of continued improvement in net revenue retention (NRR), which has increased from **110%-111%** in previous years to over **112%** in 2025 [44][46] - Anticipation of growth primarily from targeting new logos and expansion within existing accounts [42][43] Industry Dynamics and AI Integration - **AI and Automation**: - Pega has a long history of integrating AI into its offerings, dating back to the 1980s and 1990s, and has evolved its AI capabilities to include generative AI, which enhances design thinking in workflows [18][20] - The company emphasizes the importance of deterministic workflows, which are essential in regulated industries, contrasting with the more flexible nature of generative AI [21][22] - Pega's Blueprint tool, launched recently, significantly accelerates the transformation process for clients, allowing for quicker decision-making and implementation of workflows [32][34] Market Position and Vertical Focus - **Core Verticals**: - Pega operates primarily in five core verticals: financial services, insurance, healthcare, telecommunications, and public sector government, all of which involve regulated workflows [27][28] - The company is focusing on expanding its presence in horizontal use cases, such as customer service in utilities, which share similarities with existing verticals [49] Sales Strategy and Partnering - **Sales Strategy**: - Introduction of an autonomous partner selling model, collaborating with system integrators and AWS to enhance sales processes [52][55] - The company is cautious about attributing significant growth to this new model until it has been executed effectively [55][56] Capital Allocation and Buyback Strategy - **Capital Allocation**: - Pegasystems has recently announced a **$1 billion** buyback program, following the exhaustion of a previous **$500 million** buyback [78] - The company is focused on maintaining flexibility in its capital allocation strategy, weighing the benefits of share buybacks against potential acquisition opportunities [81] Conclusion - Pegasystems is positioned for continued growth, driven by its cloud offerings, AI integration, and strategic sales initiatives. The company is optimistic about its future performance, with a strong focus on maintaining operational efficiency and capitalizing on market opportunities.