Novavax, Inc. (NASDAQ:NVAX) H.C. Wainwright 26th Annual Global Investment Conference September 9, 2024 3:30 PM ET Company Participants Jim Kelly - CFO Bob Walker - Head of R&D Conference Call Participants Vernon Bernardino - H.C. Wainwright Vernon Bernardino Okay. Good afternoon, everybody. Welcome to the 26th Annual H.C. Wainwright Global Investment Conference. Our next company presenting are -- that we're having a chat today is Novavax, company that by now, hopefully, all of you know really well. They hav ...

Amazon.com, Inc. (NASDAQ:AMZN) Goldman Sachs Communacopia + Technology Conference September 9, 2024 4:05 PM ET Company Participants Matt Garman - CEO of Amazon Web Services Conference Call Participants Eric Sheridan - Goldman Sachs Eric Sheridan All right. So all right, I think we're going to get going in the interest of time. I know people are still moving around, but it's my pleasure to introduce Matt Garman, the CEO of AWS, representing AWS as part of amazon.com today. First, I'm going to read the safe h ...

International Business Machines Corporation (NYSE:IBM) Goldman Sachs Communacopia + Technology Conference September 9, 2024 8:30 PM ET Company Participants Conference Call Participants James Schneider Okay. Good morning, everybody. Welcome to the Goldman Sachs Communacopia and Technology Conference. I'm Jim Schneider, I'm the IT services here at Goldman. It's my pleasure to welcome IBM and CFO, Jim Kavanaugh with us today. Thanks Jim for being here. James Kavanaugh Thank you very much for having us. We're l ...

Booking Holdings Inc. (NASDAQ:BKNG) Goldman Sachs Communacopia & Technology Conference Call September 9, 2024 1:50 PM ET Company Participants Ewout Steenbergen - Chief Financial Officer Conference Call Participants Eric Sheridan - Goldman Sachs Eric Sheridan Keep this train on time and the train on the track, we're going to get started. I know a lot of people are getting settled into the room, but it's my pleasure to introduce Ewout Steenbergen, CFO of Booking Holdings. Ewout, thank you so much for being pa ...

Palo Alto Networks, Inc. (NASDAQ:PANW) Goldman Sachs Communacopia & Technology Conference September 9, 2024 1:10 PM ET Company Participants Nikesh Arora - CEO Conference Call Participants Gabriela Borges - Goldman Sachs Gabriela Borges All right. We will go ahead and kick it off. Thanks everyone for joining us. Day one, Goldman Sachs Communacopia & Technology Conference. I'm Gabriela Borges, I lead our cybersecurity research chair. And I'm excited to have on stage with me Nikesh Arora, CEO of Palo Alto Netw ...

Company and Industry Overview * **Company**: eBay Inc. (NASDAQ:EBAY) * **Industry**: E-commerce, Online Marketplaces * **Scale**: $73 billion GMV, 132 million buyers, operating in 190 countries * **Focus**: Non-new in season products (90% of sales), enthusiast buyers, three pillars of relevant experiences, scale, and magical innovation Core Views and Arguments * **Strategic Priorities**: * **Focus Categories**: Drive growth in key categories with leading customer satisfaction experiences. * **Scale**: Leverage the platform's scale for robust payments, advertising, international shipping, etc. * **Magical Innovation**: Utilize generative AI to create seamless experiences and unlock TAM across C2C and B2C. * **AI and Innovation**: * **Magical Listings**: AI-generated product descriptions and enhanced images. * **Fashion**: AI-driven features like size saving and personalized recommendations. * **Explore**: AI-powered personalized shopping suggestions. * **Internal Applications**: AI in customer service, engineering, and legal teams. * **Consumer Landscape**: * **Challenges**: Elevated inflation, interest rates, and consumer sentiment pressure. * **Benefits**: Non-new in season products, value and trust, sustainability. * **Execution**: Positive GMV growth and sequential improvement. * **Enthusiast Buyers**: * **Behavior**: High spend, cross-category shopping, repeat business. * **Investment**: Full funnel marketing, partnerships, and community engagement. * **Focus Categories**: * **Growth**: 4% growth in focus categories, 30% of business. * **Drivers**: Leading CSAT, authentication, personalized experiences. * **Investment**: Continued investment in existing categories and new launches. * **Competitive Landscape**: * **Advantages**: Scale, organic traffic, cross-category shopping, community. * **Strategic Capital Allocation**: Focus on differentiation, innovation, and monetization. * **Advertising**: * **Current**: 2.3% penetration, growing. * **Opportunities**: Seller penetration, listing penetration, ad rate optimization, new products. * **Take Rate**: * **Current**: [Indiscernible], positive momentum. * **Drivers**: Third-party advertising, financial services, shipping. * **Investments**: * **Focus Categories**: Continued investment in existing categories and new launches. * **Geo-Specific Investments**: C2C in Germany, Imperial Fashion in the UK. * **Horizontal Investments**: Trust, friction reduction, generative AI. * **Monetization**: Financial services, first-party advertising, eBay international shipping. * **M&A Philosophy**: * **Focus**: Core business investments, build by partner framework. * **Acquisitions**: Sneaker Con, myFitment, TCGplayer, Goldin Auctions, 3PM Shield. * **Minority Equity Stakes**: * **Returns**: $7.3 billion returned to shareholders since Q1 2022. * **Adevinta**: Significant shareholder value creation. * **Balance Sheet**: * **Financial Architecture**: Strong margins, best-in-class balance sheet. * **Capital Allocation**: Maintaining investment grade, gross debt to EBITDA, and EBITDA to net. * **Leverage**: Gross leverage at 3.2 times, targeted at 3.0. Other Important Points * **Sustainability**: Focus on non-new in season products and sustainability initiatives. * **Generative AI**: Exciting opportunities for future growth and innovation. * **Long-term Vision**: Leverage TAM in non-new in season products and generative AI to drive long-term growth and shareholder value.

MongoDB, Inc. (NASDAQ:MDB) Goldman Sachs Communacopia and Technology Conference September 9, 2024 11:50 AM ET Company Participants Dev Ittycheria - President & CEO Michael Gordon - COO & CFO Conference Call Participants Kash Rangan - Goldman Sachs Kash Rangan Real delight to be able to host MongoDB. I think it's been three years in a row that we've had the pleasure of hosting you guys. CEO, Dev Ittycheria; Michael Gordon, CFO, and I think you’re COO as well, right? Yeah. I got to keep up with the promotion ...

Company and Industry Overview * **Company**: S&P Global Inc. (NYSE:SPGI) * **Industry**: Financial Services, specifically credit ratings, market intelligence, and data analytics * **Key Individuals**: Martina Cheung (CEO-elect, S&P Global Ratings), Manav Patnaik (Barclays Information Services Analyst) Leadership and Strategy * **Martina Cheung's Vision**: Excited about taking over as CEO, leveraging her experience in Market Intelligence and Ratings to drive long-term profitable growth and shareholder returns. * **Portfolio Review**: S&P Global has a disciplined approach to portfolio management, continuously optimizing assets for growth and profitability. Recent portfolio review led to the acquisition of Fincentric. * **Rating Business**: Strong performance in structured finance and private markets, driven by investment in capacity, expertise, and reorganization of the analytical team. Issuance Environment * **2024 Issuance**: Not a typical year due to factors like refinancing and reduced M&A and IPO activity. * **Refinancing**: Significant pull-forward of refinancing activity from the second half of 2024 into the first half, driven by favorable financing conditions and certainty of execution. * **New Issuance**: Reduced M&A and IPO activity, with optimism skewed towards 2025. Expectation of a sequential slowdown in issuance from Q2 to Q3 to Q4. * **Geopolitical Uncertainty**: Potential for Q4 volatility due to geopolitical factors and expectations on the rate environment. Ratings Business Performance * **Structured Finance**: Strong growth in structured finance, with Q2 revenue growth of over 60% year-over-year. * **Private Markets**: 52% revenue growth in private markets for the first half of 2024, driven by direct lending and sustainability. * **Pricing Philosophy**: Focus on creating value for customers and aligning economics with that value, particularly in areas like surveillance and annual surveillance fees. Generative AI * **Kensho**: S&P Global has invested in Kensho, leveraging its capabilities for data organization and analysis. * **Generative AI**: Developing various use cases for generative AI across the organization, including S&P Spark Assist and partnerships with Accenture for training. * **Private Credit**: Investing in private credit teams and methodologies, with 52% revenue growth in the first half of 2024. Capital Allocation * **Private Credit**: Focus on organic growth opportunities within the core business, with potential for acquisitions in strategic areas like private markets and decentralized finance. * **Capital Allocation**: Disciplined approach to capital allocation, balancing long-term growth and shareholder returns.

Verizon Communications Inc. (NYSE:VZ) Goldman Sachs Communacopia + Technology Conference September 9, 2024 11:50 AM ET Company Participants Hans Vestberg - CEO and Chairman Conference Call Participants Jim Schneider - Goldman Sachs Jim Schneider Okay, good morning, everybody. Welcome to the kick-off presentation of the Goldman Sachs Communacopia and Tech Conference. I'm Jim Schneider, I'm the telecom analyst here at Goldman Sachs. And it's my pleasure to welcome Verizon Communications and the CEO, Hans Vest ...

Rivian Automotive, Inc. (NASDAQ:RIVN) Goldman Sachs Communacopia + Technology Conference September 9, 2024 11:50 AM ET Company Participants Mark Delaney - Goldman Sachs Conference Call Participants Claire McDonough - Chief Financial Officer Mark Delaney Okay, great. Thank you everybody for joining. My named is Mark Delaney, I cover Rivian for Goldman Sachs. Very pleased to have with us yet again this year Claire McDonough, the CFO of Rivian. Thanks for joining. Claire McDonough Thanks for having me. Questio ...