Royal Bank of Canada (NYSE:RY) Barclays 22nd Annual Global Financial Services Conference September 11, 2024 11:15 AM ET Company Participants Katherine Gibson - CFO Conference Call Participants Brian Morton - Barclays Brian Morton All right. Thank you, everyone. We're in the homestretch here. This is the final presentation for today. With us, we have Royal Bank of Canada. Joining us is Katherine Gibson, Chief Financial Officer. Welcome, Katherine. Katherine Gibson Thank you. Question-and-Answer Session Q - B ...

Industry/Company Overview * **Company**: Sirius XM Holdings Inc. (NASDAQ: SIRI) * **Industry**: Satellite radio and streaming audio services Key Points Transaction with Liberty Media * **Transaction**: SiriusXM completed the acquisition of the Liberty tracking stock group, making it a freely independent, publicly traded company. * **Impact**: * Simplified company structure and improved investor thesis. * Accelerated share repurchase, retiring 12% of shares and assuming $1.6 billion in debt. * Focus on investing in the business, maintaining the dividend, and deleveraging. Business Strategy * **Focus**: Delivering unique audio experiences, transforming the business for long-term success, and building on the strength of the core SiriusXM service. * **Key Areas of Investment**: * Strengthening presence in the car, including partnerships with OEMs, offering subscription bundles, and supporting pure-play EVs. * Enhancing 360L platform, focusing on personalized experiences, seamless integration with streaming products, and targeted advertising. * Expanding streaming-only offerings, targeting younger audiences, and improving engagement metrics. * Leveraging advertising assets, including Pandora, podcasting, and SXM Media, to grow the platform and increase revenue. Financial Outlook * **Revenue**: $8.75 billion in revenue, $2.7 billion in EBITDA, and $1 billion of free cash flow for 2024. * **Headwinds**: Economic uncertainty, shifting consumer behaviors, and increased competition. * **Cost Structure**: Focus on cost efficiency to balance short-term results with long-term investments. * **Capital Allocation**: Using cash flow to fund growth opportunities, maintain the dividend, deleverage, and be opportunistic about share repurchases. Other Important Points * **360L Penetration**: Approximately 40% of new car trial starts have 360L, with plans to reach above 50% next year and above 80% in the coming years. * **Streaming-Only Service**: Launched at $9.99, targeting broader audiences and reducing reliance on discounted promotional plans. * **Bundle Opportunities**: Exploring opportunities to bundle services with Pandora, leveraging music discovery and interactive music capabilities. * **Free Access Plan**: Testing and learning into the product, with plans to unlock ad opportunities as volumes increase. * **Content Strategy**: Focusing on human curation and bringing differentiated content to the market, including exclusive content with talent like Alex Cooper.

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 ...

Company and Industry Overview * **Company**: Applied Materials, Inc. (NASDAQ: AMAT) * **Industry**: Semiconductor and semiconductor equipment * **Key Executive**: Gary Dickerson, President and CEO * **Industry Focus**: Energy-efficient computing, AI, EDGE, IoT, Industrial Automation, Robotics, EVs, Autonomous Vehicles, Renewable Energy Core Points and Arguments * **Industry Focus**: The semiconductor industry is currently focused on energy-efficient computing, driven by AI, EDGE, IoT, and other technologies. Datacenter wafer starts will surpass PCs and smartphones in the next few years. * **Market Growth**: The wafer fab equipment market is expected to reach $1 trillion in the future, with a compound annual growth rate of mid-teens or higher. Applied Materials is well-positioned to outgrow the overall market due to its leadership in key technologies. * **Key Technologies**: * **Gate-All-Around**: Applied Materials is leading in the development of Gate-All-Around technology, which offers a 30% improvement in energy-efficient computing. This technology generates about $2.5 billion in revenue for Applied Materials this year, with the potential to double next year. * **Backside Power**: This technology moves power lines from the front side of the wafer to the backside, offering up to 30% area savings and over 20% improvement in energy-efficient computing. * **DRAM**: Applied Materials has gained 10 points of DRAM share over the last 10 years and is well-positioned to capture more than 50% of the 4F-Squared technology inflection, which is expected to drive additional demand in DRAM and compute memory. * **Advanced Packaging**: Applied Materials has seen its Advanced Packaging business grow from $500 million to $1.7 billion in the past few years and expects it to double again over the next few years. * **Integrated Solutions**: Applied Materials has grown its integrated solutions business from 20% to 30% of revenue, offering a unique and connected portfolio of technologies that enable customers to move data efficiently through complex chip designs. * **Services**: Applied Materials' services business, which accounts for about 20% of revenue, has seen year-over-year growth for 20 consecutive quarters. The company is focused on driving service innovations to help customers optimize their processes and reduce costs. * **AI**: Applied Materials is using AI in various areas, including R&D, product development, operations, and supply chain. AI is expected to drive significant gains in productivity and enable the company to double its size over the next few years. Other Important Points * **China**: China represents about 32% of Applied Materials' revenue and is a key market for ICAPS technologies. The company expects the Chinese market to grow at a mid-to-high single-digit compound annual growth rate. * **Competitive Advantage**: Applied Materials' competitive advantage lies in its unique and connected portfolio of technologies, its ability to co-innovate with customers, and its focus on energy-efficient computing. * **Future Outlook**: Gary Dickerson is optimistic about the future of Applied Materials and the semiconductor industry, noting the company's focus on enabling magical innovations that will drive growth and value creation.

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 ...