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.

Macro Perspective * **Inflation and Economy Cooling**: Blackstone believes inflation and the economy are cooling, with inflation at target levels and labor markets softening. * **Resilience and Deceleration**: The overall economy is cooling but remains resilient, with decelerating revenue growth and resilient margins. * **Cautiously Optimistic for Soft Landing**: Blackstone is cautiously optimistic about a soft landing, with flat private sector job growth and neither significant hiring nor layoffs. * **Rate Environment**: The fair value of the 10-year Treasury yield is important for capital markets and Blackstone's business, with current levels being constructive. Blackstone's Business * **Transaction Environment**: The transaction environment is improving, with signs of the return of animal spirits and a potential robust 2025 in terms of activity levels. * **Deployment**: Blackstone has deployed or committed over $50 billion in the second quarter and $90 billion over the three quarter period, with $181 billion of dry powder. * **Realization**: Realization activity is expected to benefit from the improving transaction environment, although near-term scale dispositions are not yet robust. * **Fundraising**: Blackstone is excited about the near-term pipeline of growth, including new strategies and sectors where they have had extraordinary performance. Growth at Scale * **Scale as a Friend**: Blackstone believes scale is a friend and creates advantages for performance and growth. * **Digital and AI Infrastructure**: Blackstone is the largest financial investor in AI infrastructure globally, with significant investments in data centers in the U.S., Asia, and Europe. * **Private Markets Potential**: Private markets are still early days, with enormous potential for growth. * **Traditional Institutions**: Traditional institutions are growing allocations to private markets, particularly in areas like private credit. Credit and Insurance * **Private Credit**: Private credit is a growing market with significant potential, and Blackstone is well-positioned to capture this opportunity. * **Insurance**: Blackstone is the largest non-captive manager of alternative assets for insurance clients, with a $211 billion platform and significant growth potential. Real Estate * **Cyclical Recovery**: The real estate market is in a cyclical recovery, with asset values stabilizing and increasing. * **Investing**: Blackstone has deployed or committed over $20 billion in real estate this year, with a focus on secular themes like logistics, rental housing, and data centers. * **Portfolio Construction**: Blackstone's real estate portfolio is well-positioned to benefit from the recovery, with a strong sector selection and portfolio construction. Infrastructure * **Global Market**: Infrastructure is a global market of incredible importance and attractive growth. * **Perpetual Strategy**: Blackstone's perpetual strategy, BIP, has crossed the $50 billion milestone, with significant potential for further growth. * **FRPR Process**: The FRPR process will crystallize significant fee-related performance revenues in the fourth quarter and beyond. People and Culture * **Long-Term View**: Blackstone takes a long-term view and focuses on building an enduring institution with a focus on quality and excellence. * **Opportunity and Meritocracy**: Blackstone offers open-ended, uncapped career opportunities to all employees, regardless of tenure. * **Performance and Innovation**: Blackstone's culture is a culture of both performance and innovation, with a focus on being good at investing and also good at innovating and growing. Technology and AI * **Data and AI**: Blackstone believes private markets are advantaged by data and AI, with the ability to leverage insights and learnings from their private portfolio. * **Technology Strategy**: Blackstone's technology strategy focuses on making the firm more productive operationally and harnessing data better for revenue generation. * **AI Infrastructure**: Blackstone sees significant opportunity in using its scale platform to be a significant capital solution provider to the most important players in a transformational time.

Honeywell International Inc. (NASDAQ:HON) Morgan Stanley's 12th Annual Laguna Conference September 11, 2024 10:35 AM ET Company Participants Vimal Kapur - Chairman & CEO Conference Call Participants Christopher Snyder - Morgan Stanley Christopher Snyder Well, thank you everybody, for being here. I'm super excited to be here. And no better way to kick off the 12th Annual Laguna Conference with Vimal Kapur, Chairman and CEO of Honeywell, the largest U.S. industrial company by market cap. So you've been in the ...

Company and Industry Overview * **Company**: NVIDIA Corporation (NASDAQ: NVDA) * **Industry**: Technology, specifically focused on accelerated computing and AI infrastructure. * **Key Products**: GPUs, data center solutions, AI software libraries (cuDNN, cuOpt, cuQuantum, cuDF). * **Market Position**: Market leader in accelerated computing and AI infrastructure. Core Points and Arguments * **Evolution of NVIDIA**: Started as a gaming-centric GPU company, evolved to offer a broad range of hardware, software, and AI solutions for data centers and various industries. * **Accelerated Computing**: Different from general-purpose computing, accelerated computing focuses on specific algorithms and tasks, leading to significant performance improvements. * **Data Center Market**: The data center market is transitioning from general-purpose computing to accelerated computing due to the end of Moore's Law and the rise of AI. * **Generative AI**: Generative AI is a transformative technology that will expand beyond data centers and IT into various industries, creating new opportunities and skills. * **ROI of Accelerated Computing**: Accelerated computing offers significant ROI through performance improvements, cost savings, and productivity gains. * **Blackwell System**: NVIDIA's new Blackwell system offers four times faster training and 30 times faster inference compared to its predecessor, Hopper. * **Competitive Moat**: NVIDIA's competitive advantages include a comprehensive AI infrastructure, expertise in algorithms, and a large installed base. Other Important Points * **Supply Chain**: NVIDIA relies on a complex and interconnected supply chain in Asia, particularly Taiwan. The company is working to ensure diversity and redundancy in its supply chain. * **Demand and Responsibility**: The high demand for NVIDIA's products and solutions creates significant responsibility and challenges, particularly in terms of delivery and customer satisfaction. * **Innovation Pace**: NVIDIA is committed to maintaining a rapid pace of innovation to meet the evolving needs of its customers and the industry.

MongoDB, Inc. (NASDAQ:MDB) Piper Sandler Growth Frontiers Conference September 11, 2024 10:00 AM ET Company Participants Michael Gordon - Chief Operating Officer and Chief Financial Officer Serge Tanjga - Senior Vice President of Finance Conference Call Participants Brent Bracelin - Piper Sandler Brent Bracelin Good morning. Thank you for joining us here. I had an insightful little keynote there with the CIO panel. Good news is, a lot of investment in data. So this is very topical here. Very pleased to have ...

American Express Company (NYSE:AXP) Barclays 22nd Annual Global Financial Services Conference September 11, 2024 9:00 AM ET Company Participants Christophe Le Caillec - CFO Conference Call Participants Terry Ma - Barclays Terry Ma All right. I think we're going to get started. Welcome, everyone, to the third day of the Barclays Global Financials Conference. My name is Terry Ma. I cover U.S. Consumer Finance at Barclays. I'm very pleased to have on stage the CFO of American Express, Christophe Le Caillec. So ...

Digital Realty Trust, Inc. (NYSE:DLR) Goldman Sachs Communacopia + Technology Conference September 11, 2024 6:45 PM ET Company Participants Andrew Power - President and Chief Executive Officer Conference Call Participants James Schneider - Goldman Sachs James Schneider Okay, thanks. Okay, good afternoon, everybody. Welcome to the Goldman Sachs Communacopia + Technology Conference. My name is Jim Schneider. I'm the telecom and date centers analyst here at Goldman Sachs. It's my pleasure to welcome Digital Re ...

Okta, Inc. (NASDAQ:OKTA) Goldman Sachs Communacopia + Technology Conference September 10, 2024 6:45 PM ET Company Participants Todd McKinnon - Chairperson of the Board, Chief Executive Officer, Co Founder Conference Call Participants Gabriela Borges - Goldman Sachs Gabriela Borges I think we can go ahead and kick it off. Thanks for joining us this afternoon at the Okta session at the GS Communacopia and Technology Conference. I'm Gabriela Borges, I cover security here at Goldman and delighted to have on sta ...