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.

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 ...

Company and Industry Overview * **Company**: PayPal Holdings, Inc. (NASDAQ:PYPL) * **Industry**: Fintech, Payments, and Digital Commerce Key Points and Arguments 1. **PayPal Everywhere Campaign**: PayPal is launching a new campaign aimed at expanding its user base and increasing daily usage. The campaign focuses on rewards and cashback for everyday purchases, both online and offline, to encourage habituation and increase market share. [3, 4, 5] 2. **Venmo Growth and Monetization**: Venmo is a key growth driver for PayPal. The company is focusing on monetizing the Venmo ecosystem by enabling users to keep their money in their accounts and use it for purchases. Longer-term, PayPal aims to build a social commerce network across millions of users. [6, 7, 8, 9, 10] 3. **Omnichannel Commerce Strategy**: PayPal is committed to an omnichannel approach, offering seamless payment experiences across online, mobile, and in-store environments. This includes integrating PayPal and Venmo, as well as leveraging NFC technology where available. [12, 13, 27, 28] 4. **Leadership and Organizational Changes**: Alex Chriss, CEO, has led a transformation of PayPal's leadership team and organizational structure, focusing on profitable revenue growth and innovation. [15, 16] 5. **Braintree and Pricing to Value**: Braintree has made significant progress in landing large customers and building value-added services. The company is focused on strategic conversations with customers around pricing and value, aiming for profitable revenue growth. [19, 20, 21, 22, 24, 25] 6. **NFC Chips and POS Opportunities**: PayPal is exploring NFC technology to enhance its point-of-sale offerings and meet customers where they are. The company plans to expand NFC capabilities in Europe and potentially the US. [26, 27, 28] 7. **Fastlane and Guest Checkout**: Fastlane is a guest checkout solution that improves conversion rates for merchants. PayPal is partnering with other processors to offer Fastlane as a platform for guest checkout experiences. [29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40] 8. **Mobile and Online Checkout**: PayPal is focused on delivering a differentiated customer experience in the mobile and online checkout space. The company leverages its consumer and merchant ecosystems to offer personalized rewards, targeted advertising, and frictionless checkout experiences. [41, 42, 43, 44, 45] 9. **Buy Now, Pay Later (BNPL)**: PayPal views BNPL as an important element of its portfolio, offering flexibility and choice for customers. The company aims to provide transparent and personalized credit experiences. [46, 47, 48] 10. **Credit Solutions and Partnerships**: PayPal continues to explore partnerships for credit solutions, allowing the company to be nimble and focused on innovation. [50, 51] 11. **Advertising Opportunities**: PayPal is leveraging its unique data and consumer insights to offer targeted advertising solutions for merchants. The company aims to disrupt the traditional advertising model and provide guaranteed ROI for advertisers. [52, 53, 54, 55, 56] 12. **Cost Efficiency and Growth**: PayPal is focused on driving cost efficiency and investing in growth opportunities. The company is exploring automation and AI to streamline operations and improve efficiency. [57, 58, 59, 60, 65] 13. **Capital Allocation**: PayPal has prioritized capital returns, with significant stock buybacks. The company is focused on organic growth opportunities and will consider M&A when appropriate. [66, 67]

Citigroup Inc. (NYSE:C) Barclays 22nd Annual Global Financial Services Conference Call September 9, 2024 10:30 AM ET Company Participants Mark Mason - Chief Financial Officer Conference Call Participants Jason Goldberg - Barclays Jason Goldberg Everyone, either get seated or get situated, if you're standing. I guess more seats -- you guys will figure it out. We'll just put up the first ARS question like we've done for the others. But you obviously can't have a Global Financial Services Conference without Ci ...

Terns Pharmaceuticals (TERN) Update / Briefing September 09, 2024 07:00 AM ET Speaker0 Good day, and thank you for standing by. Welcome to the Returns Pharmaceuticals Conference Call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session. Please Speaker1 be advised that today's conference is being recorded. I would now like Speaker0 to hand the conference over to your speaker today, Amanda Iskoff with PrecisionAQ. Please go ah ...