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.

Autodesk, Inc. (NASDAQ:ADSK) Goldman Sachs Communacopia + Technology Conference September 11, 2024 1:10 PM ET Company Participants Simon Mays-Smith - VP, Investor Relations Raji Arasu - Executive Vice President and Chief Technology Officer Unidentified Company Representative The exciting announcement. Simon Mays-Smith I have got two. So one is I have to read you a safe harbor statement, apologies for that. So we may make forward-looking statements during the course of this presentation. Please refer to our ...

ServiceNow, Inc. (NYSE:NOW) Goldman Sachs Communacopia + Technology Conference Call September 11, 2024 1:50 PM ET Company Participants William McDermott - Chairman & CEO Conference Call Participants Kasthuri Rangan - Goldman Sachs Kasthuri Rangan All right. All I ask is, are we ready for GenAI to move to the application layer in the bottom of the NASDAQ, I don't know, 2002, September, October, I forget. NASDAQ thousand stocks that did 8x multiples, not on revenue and earnings. The world feels like it's comi ...

Peloton Interactive, Inc. (NASDAQ:PTON) Goldman Sachs Communacopia + Technology Conference September 11, 2024 1:10 PM ET Company Participants Liz Coddington - Chief Financial Officer Conference Call Participants Eric Sheridan - Goldman Sachs Eric Sheridan All right. I think in the interest of time, we're going to get going with our next fireside chat. It's my pleasure to welcome the team from Peloton Interactive here. I'm going to have a fireside chat with Liz Coddington, CFO. Liz, thanks so much for being ...

Charter Communications, Inc. (NASDAQ:CHTR) Goldman Sachs Communacopia + Technology Conference September 11, 2024 12:30 PM ET Company Participants Chris Winfrey - Chief Executive Officer Conference Call Participants Jim Schneider - Goldman Sachs Jim Schneider Okay. Good morning, everybody. I'm Jim Schneider. I'm the telecom analyst here at Goldman Sachs. It's my pleasure to welcome Charter Communications’ CEO, Chris Winfrey, to the stage today. Welcome, Chris. Thanks for being here. Chris Winfrey Thanks for ...

Zscaler, Inc. (NASDAQ:ZS) Goldman Sachs Communacopia + Technology Conference 2024 September 11, 2024 12:30 PM ET Company Participants Jay Chaudhry - Chairman and CEO Remo Canessa - CFO Conference Call Participants Gabriela Borges - Goldman Sachs Daniel Church - Goldman Sachs Gabriela Borges All right. We will kick it off. Good morning, and thanks for joining us at the Zscaler session at the Goldman Sachs conference today. I'm Gabriela Borges, I cover security here at Goldman. Delighted to have on stage with ...

Summary of Workday, Inc. Conference Call Company Overview - **Company**: Workday, Inc. (NASDAQ: WDAY) - **Event**: Goldman Sachs Communacopia + Technology Conference - **Date**: September 11, 2024 - **Participants**: - Carl Eschenbach - CEO - Kasthuri Rangan - Goldman Sachs - Gili Naftalovich - Goldman Sachs Key Points Company Leadership and Strategy - Carl Eschenbach emphasizes the importance of collaboration and trust between him and Aneel Bhusri, the Executive Chairman, highlighting their complementary skill sets in driving company value [6][8] - Eschenbach's leadership approach focuses on speed, agility, and innovation, aiming to create a unified company culture [21][23] Financial Outlook - Workday aims for a **15% growth rate** through FY '27, with an expansion of operating margins to **30%** over the next few years [10][11] - The company has already expanded operating margins by **500 basis points** in the last two years and anticipates a **1,000 basis point** expansion over the next 4 to 4.5 years [10][11] Growth Drivers - Workday is expanding its growth envelope by targeting various market segments, including medium enterprises and international markets, where only **25%** of its business currently comes from outside the U.S. [15][46] - The company is focusing on full platform sales, integrating HR and financial solutions, which is particularly successful in sectors like healthcare and education [28][48] AI and Data Strategy - Workday positions itself as a leader in AI, leveraging a highly curated data set to drive business value for customers [29][37] - The company is actively discussing AI's role in enhancing user experience and operational efficiency with customers [26][63] Partner Ecosystem - Workday has developed a new partner strategy that has shown significant growth in pipeline and revenue generation [51][52] - Strategic partnerships, such as those with Equifax and Kainos, are enhancing Workday's offerings and market reach [52] Market Dynamics - The financial sector is still transitioning to the cloud, with only **30%** of financial systems currently cloud-based, presenting a significant opportunity for Workday [46] - Customers are increasingly looking for consolidation of software solutions to improve ROI and reduce total cost of ownership, which aligns with Workday's platform strategy [63] Innovation and M&A - Workday is committed to continuous innovation, supported by a strong balance sheet with **$7 billion** in cash for potential acquisitions [56] - The company is exploring tuck-in acquisitions that align with its growth strategy without being dilutive to earnings [57][59] Customer Engagement - Conversations with customers reveal a strong focus on talent retention and user experience in HR, as well as leveraging data for deeper financial insights [26][27] - Workday is addressing customer needs for improved efficiencies and AI integration in their operations [63] Additional Insights - The company is actively working on enhancing its operational capabilities and has made significant changes in leadership and talent acquisition to support its growth strategy [22][23] - Eschenbach's leadership style is characterized by a focus on creating a collaborative environment that encourages innovation and agility [21][23]

Carrier Global Corporation (NYSE:CARR) Morgan Stanley’s 12th Annual Laguna Conference September 11, 2024 11:10 AM ET Company Participants David Gitlin - Chairman & CEO Patrick Goris - SVP & CFO Conference Call Participants Christopher Snyder - Morgan Stanley Cedar Ekblom - Morgan Stanley Christopher Snyder All right. Thanks, everybody. We got Carrier here today. Chairman and CEO, Dave Gitlin; CFO, Pat Goris. Dave is going to start off with some prepared remarks before we hop into the Q&A. David Gitlin Well, ...

Company and Industry Overview * **Company**: Pinterest, Inc. (NYSE:PINS) * **Industry**: Social media, e-commerce, visual search * **Event**: Goldman Sachs Communacopia + Technology Conference, September 11, 2024 * **Participants**: Bill Ready - CEO of Pinterest, Eric Sheridan - Goldman Sachs Key Strategic Priorities * **User Growth and Engagement**: Pinterest has seen eight consecutive quarters of user growth and is focusing on increasing engagement through shoppable content, curation, and AI-driven recommendations. * **Monetization**: The company is expanding its monetization efforts by targeting lower funnel advertising and leveraging its unique user behavior data. * **AI and Machine Learning**: Pinterest is leveraging AI to improve recommendation relevance, personalize user experiences, and enhance ad targeting. User Growth and Engagement * **User Growth**: Pinterest has seen eight consecutive quarters of user growth, with record levels of new users and deeper engagement per user. * **Shoppable Content**: Pinterest has transformed from a window shopping platform to a shoppable platform, allowing users to click, convert, and buy directly from the platform. * **Curation**: Pinterest's unique curation behavior provides valuable insights into user preferences and interests, which are used to improve recommendations and personalize user experiences. * **AI-Driven Recommendations**: Pinterest's AI algorithms analyze user behavior and preferences to deliver highly relevant recommendations, driving engagement and user satisfaction. Monetization * **Lower Funnel Advertising**: Pinterest is focusing on lower funnel advertising, targeting users who are actively looking to purchase products. * **Performance Advertising**: The company is gaining share in performance budgets by offering tools and solutions that help advertisers drive clicks and conversions. * **Third-Party Partnerships**: Pinterest has formed partnerships with third-party platforms like Amazon and Google to expand its ad inventory and reach. AI and Machine Learning * **AI-Driven Recommendations**: Pinterest's AI algorithms analyze user behavior and preferences to deliver highly relevant recommendations, driving engagement and user satisfaction. * **Computer Vision**: Pinterest is leveraging computer vision to analyze images and provide more accurate and personalized recommendations. * **Large Language Models**: Pinterest is using large language models to improve the relevance of its recommendations and personalize user experiences. Competitive Landscape * **Unique User Behavior**: Pinterest's unique user behavior and curation signals provide a competitive advantage over other social media and e-commerce platforms. * **Focus on Lower Funnel Advertising**: Pinterest's focus on lower funnel advertising differentiates it from other social media platforms that primarily focus on upper funnel advertising. * **AI and Machine Learning**: Pinterest's AI capabilities give it a competitive edge in delivering personalized and relevant user experiences. Gen Z * **40% of Users**: Gen Z represents the largest and fastest-growing demographic on Pinterest, accounting for more than 40% of the platform's user base. * **Shopability and Curation**: Gen Z users are drawn to Pinterest's shopability and curation features, which allow them to discover new products and express their personal style. * **Positive Alternative to Social Media**: Pinterest provides a positive alternative to social media, offering a space for users to invest in themselves and discover new ideas.