Walmart Inc. (NYSE:WMT) Goldman Sachs Communacopia and Technology Conference Call September 11, 2024 1:10 PM ET Company Participants Seth Dallaire - Executive Vice President and Chief Revenue Officer, Walmart US Conference Call Participants Kate McShane - Goldman Sachs Kate McShane Good morning, everyone. Thank you for joining us today. My name is Kate McShane. I'm the Hardlines Broadlines Retail Analyst at Goldman Sachs. It's my pleasure to introduce Walmart and to moderate today's fireside chat. Today, we ...

Company and Industry Overview * **Company**: Intuit Inc. (NASDAQ:INTU) * **Industry**: Financial Technology, specifically focused on small and medium-sized businesses (SMBs) and tax software. * **Key Focus**: Transitioning from a tax and accounting platform to a comprehensive business platform offering services like marketing, cash flow management, bookkeeping, and accounting. Core Points and Arguments * **Five-Year Vision**: Intuit aims to become a platform where all customer experiences are "done for them" by AI-powered human experts. This includes marketing, cash flow management, bookkeeping, accounting, and taxes. * **Mid-Market Focus**: Intuit plans to become a leader in the mid-market segment, targeting businesses with up to 250 employees. This segment represents a $300 billion total addressable market (TAM) with almost $100 billion available for Intuit. * **Small Business Strength**: Despite challenges like rising costs and labor shortages, small businesses on Intuit's platform are experiencing stronger growth and profitability compared to last year. * **Gen AI and Intuit Assist**: Intuit is investing heavily in Gen AI and Intuit Assist to automate tasks for customers, save time, and improve cash flow. This includes features like creating invoices, sending reminders, and following up on payments. * **Payment and Workforce Solutions**: Intuit's payment and workforce solutions, including payroll and bill pay, grew significantly last year. The company aims to further expand its money movement platform capabilities. * **QBO Advanced**: Intuit's QBO Advanced platform is designed for larger, more complex businesses. It experienced 28% customer growth last year and has a massive TAM of $90-100 billion in the mid-market segment. * **Tax Market**: Intuit's tax market TAM is approximately $40 billion, with a focus on the assisted segment, which represents a significant growth opportunity for TurboTax Live. Other Important Points * **Investment in AI**: Intuit has been investing in AI for over five years, developing its own Gen AI operating system and large language models. * **Outbound Sales**: Intuit has established an outbound sales team for the first time in its history to target mid-market customers. * **Product Development**: Intuit plans to announce new capabilities for its platforms, including consolidated reporting, segment reporting, and multi-entity support. * **Competitive Landscape**: The mid-market segment is not crowded, with most customers using manual methods like Excel and Google Sheets.

Atlassian Corporation (NASDAQ:TEAM) Goldman Sachs Communacopia & Technology Conference September 11, 2024 5:25 PM ET Company Participants Tiffany To - SVP, Enterprise and Platform Unidentified Analyst Hi, everyone. Thanks so much for joining us today. I'm here with Tiffany To from Atlassian. [indiscernible] from Goldman. Really, really excited to have Tiffany here with us as SVP of Enterprise and Platform for Atlassian. Question-and-Answer Session Q - Unidentified Analyst Tiffany, you have been with Atlassi ...

Applied Materials, Inc. (NASDAQ:AMAT) Goldman Sachs Communacopia and Technology Conference Call September 11, 2024 5:25 PM ET Company Participants Gary Dickerson - President and Chief Executive Officer Conference Call Participants Toshiya Hari - Goldman Sachs Toshiya Hari All right. Great. Good afternoon, everyone. Thank you so much for coming. My name is Toshiya Hari, I cover the semiconductor and semi-cap equipment space at Goldman Sachs. Very honored, very excited to have Gary Dickerson, President and CE ...

Digital Realty Trust, Inc. (NYSE:DLR) Bank of America 2024 Global Real Estate Conference September 11, 2024 3:45 PM ET Company Participants Andrew Power - President & CEO Jordan Sadler - IR Conference Call Participants David Barden - Bank of America David Barden So welcome, everyone. Thank you for joining us this afternoon. I'm Dave Barton. I head up, U.S. and Canada Telecom and Communications Infrastructure Research for Bank of America. Thank you for joining us. I'm really, really pleased to have with me, ...

KLA Corporation (NASDAQ:KLAC) Goldman Sachs Communacopia + Technology Conference 2024 September 11, 2024 12:30 PM ET Company Participants Bren Higgins - EVP and CFO Ahmad Khan - EVP and President, Semiconductor Process Control Conference Call Participants Toshiya Hari - Goldman Sachs Toshiya Hari Great. We'd like to get started. Good morning, everyone. Thank you so much for coming. My name is Toshiya Hari, I cover the semiconductor space as well as the semi cap equipment space. Very honored to have the team ...

Affirm Holdings, Inc. (NASDAQ:AFRM) Goldman Sachs Communacopia + Technology Conference 2024 September 11, 2024 4:45 PM ET Company Participants Max Levchin - Founder and CEO Conference Call Participants William Nance - Goldman Sachs William Nance All right. So we're going to kick it off today. Very excited to have Max Levchin here, Founder and CEO of Affirm, who just put up a series of really strong quarters. Closed out the year, now guiding to around 30% GMV growth in fiscal '25. Expect to exit the fiscal y ...

Visa Inc. (NYSE:V) Goldman Sachs Communacopia + Technology Conference September 11, 2024 1:10 PM ET Company Participants Chris Suh - CFO Conference Call Participants Will Nance - Goldman Sachs Will Nance Okay. We're going to start off. Thanks, everyone, for being here. I'm Will Nance, I cover payments and fintech here at Goldman. And today, we are very fortunate to have Chris, CFO of Visa. Prior to joining Visa, Chris spent over 20 years at Microsoft and held a number of senior roles there. Chris, really ap ...

Lam Research Corporation (NASDAQ:LRCX) Goldman Sachs Communacopia & Technology Conference Call September 11, 2024 11:10 AM ET Company Participants Doug Bettinger - Executive Vice President & Chief Financial Officer Conference Call Participants Toshiya Hari - Goldman Sachs Toshiya Hari Okay. Good morning, everyone. Thank you so much for coming. I'm Toshiya Hari. I cover the semiconductor space and the capital equipment space at Goldman Sachs. Very pleased, very excited to host Lam Research. With us this morn ...

Company and Industry Overview * **Company**: RTX Corporation (NYSE:RTX) * **Industry**: Aerospace and Defense * **Event**: Morgan Stanley's 12th Annual Laguna Conference Call * **Date**: September 11, 2024 Key Points RTX Performance and Outlook * **First Half Performance**: RTX is pleased with its performance in the first half of the year, with strong results across all three business units. The company is still tracking to its full-year guidance. * **Demand**: RTX is experiencing strong demand in both the commercial aerospace and defense sectors. The company has a $206 billion backlog, which is healthy on both sides. * **Focus**: RTX's focus is on executing on this demand, delivering products at the right cost, quality, and on time. Strategic Priorities * **Executing on Commitments**: RTX is focused on improving quality, delivery, and efficiency through its core operating system and supply chain management. * **Innovating for Future Growth**: The company is investing $7.5 billion in research and development (R&D) to drive innovation and future growth. This includes initiatives in next-generation propulsion, connected factories, and technology synergies. * **Leveraging Scale and Breadth**: RTX is leveraging its scale and breadth to realize synergies and drive better cost and performance across its business units. Next-Generation Propulsion * **Hybrid Electric Demonstrator**: RTX is investing in a hybrid electric demonstrator collaboration between Collins and Pratt & Whitney, targeting the smaller aircraft segment. * **GTF Advantage**: The GTF Advantage program is progressing well, with a focus on durability and performance. * **F-135 Engine Core Upgrade**: The F-135 engine core upgrade program is on track, ensuring the F-35 remains relevant for future combat. Aerospace and Defense End Markets * **Commercial Aerospace**: RTX expects continued demand for new aircraft, with a projected 3% to 5% annual passenger kilometers (RPK) growth. The commercial aftermarket remains strong, driven by a large installed base of out-of-warranty aircraft. * **Defense**: The defense sector is experiencing strong demand, driven by global security concerns and increased spending by the US and its allies. Raytheon is well-positioned to meet this demand with its product portfolio and pipeline of future franchises. Collins Aerospace * **Leadership Change**: There has been a change in leadership at Collins Aerospace, but there is no change in strategy. Collins is off to a strong start in 2024, with 9% organic sales growth and margin expansion. * **Cost Reduction**: Collins has ongoing cost reduction initiatives, including the removal of ERP systems and the establishment of centers of excellence. Pratt & Whitney * **GTF Fleet Management Plan**: The GTF fleet management plan is progressing well, with a focus on improving material flow and turnaround times. * **V2500**: The V2500 engine continues to be a strong contributor to Pratt's earnings, with a large installed base and strong aftermarket demand. * **Military Engines**: Pratt's military engine business is strong, with significant positions on priority platforms such as the F-35 and B-21. Raytheon Defense * **Backlog Conversion**: Raytheon has a strong backlog of $51 billion, but there are challenges in converting this backlog into revenue. These challenges include material flow, capacity, and development programs. * **Margin Expansion**: Raytheon is focused on improving productivity and efficiency to drive margin expansion. Capital Return * **Capital Allocation**: RTX remains committed to its capital return strategy, which includes deleveraging, growing the dividend, and returning capital to shareholders through share repurchases. Portfolio and Integration * **Portfolio**: RTX's portfolio is compelling, with strong positions in Collins, Pratt, and Raytheon. The company is focused on driving synergies and improving performance across the portfolio. * **Integration**: The integration of Raytheon into RTX is complete, and the company is now focused on execution and driving value from the combined portfolio. Innovation and Technology * **Technology Roadmap**: RTX has a robust technology roadmap, focusing on areas such as sustainability, advanced propulsion, connected battlespace, and enabling technologies. * **Sustainability**: RTX is investing in sustainability initiatives across its business units, including Collins and Pratt. Conclusion RTX is well-positioned to continue its strong performance in the aerospace and defense sectors. The company's strategic priorities, focus on innovation, and compelling portfolio position it for future growth and success.