Lockheed Martin Corporation (NYSE:LMT) Morgan Stanley 12th Annual Laguna Conference September 12, 2024 3:15 PM ET Company Participants Jim Taiclet - Chairman, President & CEO Jay Malave - CFO Conference Call Participants Kristine Liwag - Morgan Stanley Kristine Liwag Hello. Good afternoon, everyone. I'm Kristine Liwag, Morgan Stanley's Aerospace and Defense Analyst. Very excited to host our next panel, Lockheed Martin. I'm pleased to have Jim Taiclet, Chairman and President and CEO of Lockheed; and Jay Mala ...

Summary of Ford Motor Company Conference Call Company Overview - **Company**: Ford Motor Company (NYSE:F) - **Event**: Morgan Stanley's 12th Annual Laguna Conference Call - **Date**: September 12, 2024 - **Key Participant**: Navin Kumar, Chief Financial Officer of Ford Pro Key Points Leadership Changes - Ted Cannis, CEO of Ford Pro, announced retirement after 35 years at Ford, emphasizing his contributions to the company and the foundation he set for future growth [3][4] Ford Pro Overview - Ford Pro focuses on commercial customers, prioritizing total cost of ownership and vehicle uptime [4] - The company is a market leader in commercial vehicles in North America and Europe, with a diverse vehicle lineup [4] - Integration of hardware, software, and cloud applications is enhancing customer productivity and vehicle uptime, leading to improved bottom-line results for customers [5] Software and Services Growth - Ford Pro has over 600,000 paid software subscriptions, growing 40% year-over-year in the first half of the year [8] - Average revenue per user (ARPU) is approximately $7 to $8 per month, contributing to a growing software revenue stream [9] - The company is expanding its product offerings, including video telematics and fleet management software, which are enhancing customer efficiency [11] Electric Vehicle (EV) Adoption - Commercial customers are adopting EVs faster than non-commercial customers, driven by sustainability targets and regulations [20] - Year-to-date sales of the E-Transit reached over 8,000 units, representing about 7.7% of the Transit population [21] - E-Transit sales volume increased by 76% year-over-year, with significant adoption among government fleets [22] Challenges and Strategies - Charging infrastructure remains a challenge for larger corporate customers, leading to a more cautious adoption pace [23] - Ford is enhancing its EV offerings and partnerships to facilitate electrification in commercial fleets [27] - The company is committed to investing in electric vehicles while maintaining profitability in its traditional segments [34] Financial Performance - Ford Pro's EBIT for the first half of the year was $5.6 billion, exceeding Ford's total company EBIT of $5.5 billion [33] - Concerns were raised about the sustainability of profits from Ford Pro funding loss-making EVs [33] Market Position and Competitive Advantage - Ford Pro maintains a competitive edge through deep customer relationships, a flexible vehicle lineup, and a strong dealer network [41] - The integration of software and services creates a data and intelligence moat, enhancing customer loyalty and operational efficiency [18][42] Future Outlook - Ford Pro is focused on expanding its software ecosystem and enhancing customer productivity through advanced telematics and managed maintenance solutions [13][30] - The company is preparing for the launch of a next-generation electric van in 2026, indicating ongoing innovation in its product lineup [29] Conclusion - Ford Pro is positioned as a leader in the commercial vehicle market, with a strong focus on software and services to drive future growth and customer loyalty. The company is navigating challenges in EV adoption while maintaining robust financial performance and strategic investments in electrification and technology.

3M Company (NYSE:MMM) Morgan Stanley 12th Annual Laguna Conference September 12, 2024 10:00 AM ET Company Participants Bruce Jermeland - SVP, IR William Brown - Director and CEO Conference Call Participants Chris Snyder - Morgan Stanley Chris Snyder All right. Thank you, everybody. Super excited for day two here at the Laguna Conference. No better way to kick it off than with 3M, new CEO, Bill Brown. We also have Bruce Jermeland from IR. Before we get into the fireside, Bruce -- Bill is going to start with ...

Alcoa Corporation (NYSE:AA) Morgan Stanley's 12th Annual Laguna Conference September 12, 2024 10:00 AM ET Company Participants Molly Beerman - Executive Vice President and Chief Financial Officer Conference Call Participants Carlos De Alba - Morgan Stanley Carlos De Alba Good morning everyone. Thank you for joining the conference. And Molly Beerman, Executive Vice President and CFO of Alcoa. Very happy to have you here with us and do this again. And so look, maybe for those folks that might not be as famili ...

BILL Holdings (BILL) FY Conference September 12, 2024 12:10 PM ET Speaker0 Okay. I think we can get started with the next session. Welcome back, everyone. My name is Ken Sohoskin. I'm an analyst on the US and payments fintech team at Autonomous Research. Today, we're excited to have John Reddick, CFO of Bill, at our conference, this year. John, welcome. It's great to see you again. Thanks for thanks for doing this. Speaker1 Yeah. Thanks, Ken. Great to great to be with you. Looking forward to the conversatio ...

Marvell Technology, Inc. (NASDAQ:MRVL) Goldman Sachs Communacopia + Technology Conference Call September 11, 2024 6:45 PM ET Company Participants Matthew Murphy - Chairman and Chief Executive Officer Conference Call Participants Toshiya Hari - Goldman Sachs Group, Inc. Toshiya Hari Okay. Great. I think we're live. Good afternoon, everyone. Thank you so much for coming. My name is Toshiya Hari. I cover the semiconductor space for Goldman. Very psyched, very honored to have the team from Marvell with us this ...

Twilio Inc. (NYSE:TWLO) Goldman Sachs Communacopia + Technology Conference Call September 9, 2024 6:45 PM ET Company Participants Khozema Shipchandler - Chief Executive Officer Conference Call Participants Kasthuri Rangan - Goldman Sachs Matthew Martino - Goldman Sachs Kasthuri Rangan How is everybody doing, by the way? First day, it's just day one. We've got three more days so energize yourself. It's going to get better and better and better. It's going to be good now, and it's going to get – not good. I s ...

CrowdStrike Holdings, Inc. (NASDAQ:CRWD) Goldman Sachs Communacopia + Technology Conference September 11, 2024 6:45 PM ET Company Participants George Kurtz - CEO and Co-Founder Conference Call Participants Gabriela Borges - Goldman Sachs Gabriela Borges All right. We will go ahead and kick it off. Thank you for joining us at the CrowdStrike session this afternoon at the Goldman Sachs Communacopia and Technology Conference. I'm Gabriela Borges, I cover Security here at Goldman. Delighted to have on stage wit ...

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 ...