Zillow Group Inc. (NASDAQ:Z) Goldman Sachs Communacopia + Technology Conference September 9, 2024 6:45 PM ET Company Participants Jeremy Hofmann - Chief Financial Officer Conference Call Participants Mike Ng - Goldman Sachs Mike Ng Great. Well, thank you, everybody. Welcome to the Zillow fireside chat at the Goldman Sachs Communacopia + Technology Conference. I have the privilege of introducing Jeremy Hofmann, who's the CFO of Zillow. Prior to joining Zillow in 2017, Jeremy was at Goldman Sachs Investment B ...

Wells Fargo & Company (NYSE:WFC) Barclays 22nd Annual Global Financial Services Conference Call September 10, 2024 7:30 AM ET Company Participants Mike Santomassimo - Chief Financial Officer Conference Call Participants Jason Goldberg - Barclays Jason Goldberg Good morning. I'm Jason Goldberg, and welcome to day two of Barclays 22nd Annual Global Financial Services Conference. Thank you for joining us. We have a full slate of large-cap banks. We've got 11 in a row, all in this room, with the exception of Ba ...

Summary of Lumen Technologies Conference Call Company Overview - **Company**: Lumen Technologies, Inc. (NYSE:LUMN) - **Event**: Goldman Sachs Communacopia and Technology Conference Call - **Date**: September 9, 2024 Key Industry Insights - **AI Integration**: Lumen is leveraging AI to enhance operational efficiency and productivity, being a launch partner with Microsoft Copilot and integrating AI into their data center operations [4][3] - **Data Center Demand**: The demand for data centers is driven by the need for training large AI algorithms, with Lumen positioned to provide the necessary connectivity [5][14] - **Competitive Landscape**: Lumen's unique infrastructure, including a vast network of conduits for rapid fiber deployment, gives it a competitive edge in the enterprise telecom space [8][30] Core Business Developments - **Customer Base**: Lumen's customers include hyperscalers, large tech firms, and cloud providers focused on AI training, indicating a diverse and robust customer portfolio [13][12] - **Contract Value**: The company has secured a $5 billion deal with over 10 customers, with potential for an additional $7 billion in opportunities, primarily in the AI sector [10][11] - **Long-term Contracts**: The deals are structured as long-term contracts, typically spanning 20 years, with significant upfront cash inflows [22][19] Financial Performance and Projections - **Cash Flow Dynamics**: The majority of cash from these deals is received upfront, with a significant portion allocated to capital expenditures over the first 3-4 years [22][23] - **EBITDA Guidance**: Lumen anticipates a decline in EBITDA for 2025 due to investment costs but expects stabilization and growth in 2026 and beyond [25][31] - **Cost-Cutting Measures**: The company has announced $1 billion in cost-cutting actions, which are expected to contribute to EBITDA stability and growth in the coming years [45][46] Strategic Focus Areas - **Enterprise vs. Consumer**: Lumen is focusing on its enterprise business, indicating that the consumer segment does not align with its long-term strategy [40][51] - **Market Positioning**: The company is not currently considering a stock sale, emphasizing execution of its strategic initiatives as the priority [51][52] - **Future Growth**: Lumen is positioned to capitalize on the growing demand for AI and data connectivity, with plans to enhance its fiber network capabilities [28][27] Additional Considerations - **Legacy Business Challenges**: The company is facing challenges from legacy declines in the telecom industry, which are impacting overall performance [32][36] - **Sales Strategy**: Lumen is enhancing its sales strategy to better capture market share in the mid-market and SMB segments, which have been historically underdeveloped [38][37] - **Infrastructure Investment**: Ongoing investments in fiber infrastructure are critical for supporting future growth and meeting customer demands [43][44] This summary encapsulates the key points discussed during the conference call, highlighting Lumen Technologies' strategic direction, financial outlook, and market positioning within the telecom industry.

Airbnb, Inc. (NASDAQ:ABNB) Goldman Sachs Communacopia + Technology Conference September 9, 2024 7:25 PM ET Company Participants Ellie Mertz - Chief Financial Officer Conference Call Participants Unidentified Analyst All right, I guess in the interest of time, we're going to get started since the mics have started to work. So I know people are still trickling in, but we will get started in the interest of time. It's my pleasure to have Airbnb back at the conference this year, and Ellie Mertz, Chief Financia ...

Block, Inc. (NYSE:SQ) Goldman Sachs Communacopia and Technology Conference September 9, 2024 1:50 PM ET Company Participants Amrita Ahuja - COO & CFO Conference Call Participants Will Nance - Goldman Sachs Will Nance All right, everyone. I'm Will Nance. I cover Payments and Fintech here at Goldman. I am delighted to have Amrita Ahuja here, CFO and COO of Block. Amrita, you've been here several times, but it's my first time interviewing you. So really appreciate you being here. Amrita Ahuja Thanks for having ...

Summary of Advanced Micro Devices, Inc. (AMD) Conference Call Company Overview - **Company**: Advanced Micro Devices, Inc. (NASDAQ: AMD) - **Date**: September 9, 2024 - **Participants**: Lisa Su (Chair and CEO), Toshiya Hari (Goldman Sachs) Key Industry Insights AI and Data Center Growth - AMD's data center GPU business is projected to grow from essentially zero to **$4.5 billion** in 2024, highlighting significant progress in AI [2] - The launch of MI300X has garnered strong customer traction, with major hyperscalers like Microsoft, Meta, and Oracle adopting AMD's solutions [3] - AMD's ROCm software stack has improved significantly, achieving performance parity or exceeding competitors in certain workloads [11] Market Potential - AMD maintains a **$400 billion** Total Addressable Market (TAM) forecast for AI accelerators by 2027, with GPUs expected to be the largest segment [5][6] - The demand for compute resources is increasing due to the growing workloads associated with AI, including training and inference [6] Hardware Strategy - AMD has transitioned to a **one-year product cadence** for data center GPUs, driven by customer feedback and the need for diverse product offerings [7][8] - Upcoming products include the MI325, MI350, and MI400 series, aimed at capturing a broader market share [8] Software Development - Software remains a priority for AMD, with ROCm evolving to support complex workloads and improve performance [10][11] - Recent acquisitions, including Silo AI, are aimed at enhancing software capabilities and customer migration to the AMD ecosystem [10][12] Competitive Landscape Server CPU Market - AMD's server CPU market share has grown from low single digits to approximately **30%**, with hyperscale customers adopting AMD technology faster than enterprise clients [19][20] - The upcoming Zen 5 cycle is expected to drive further adoption in both cloud and enterprise environments [18] Custom vs. Merchant Silicon - AMD anticipates a mix of custom and merchant silicon in the future, with a focus on maintaining strong partnerships with hyperscalers [24][26] Embedded Business - The Embedded business, primarily focused on FPGAs, is recovering from a downturn, with strong demand in aerospace, defense, and industrial sectors [32][33] - Design win synergy between embedded FPGA and CPU businesses has increased, with a **40% year-on-year** growth in new design wins [33] Supply Chain and Manufacturing Strategy - AMD is experiencing tight supply conditions, particularly in advanced packaging and high-bandwidth memory, but expects to ramp up capacity in 2025 [36][37] - The company is diversifying its supply chain to mitigate risks associated with reliance on TSMC [39] Financial Strategy - AMD is focused on disciplined capital allocation, aiming to grow operating expenses slower than revenue while investing in AI and high-performance computing [41] - The company views the current AI technology arc as a significant opportunity, akin to a computing super cycle [43] Conclusion - AMD is well-positioned in the AI and data center markets, with a strong focus on software development, hardware innovation, and strategic acquisitions to enhance its competitive edge [35][43]

Mastercard Incorporated (NYSE:MA) Present at Goldman Sachs Communacopia + Technology Conference September 9, 2024 6:05 PM ET Company Participants Michael Miebach - Chief Executive Officer Conference Call Participants Will Nance - Goldman Sachs Will Nance All right, guys, we're getting started. My name is Will Nance. I cover payments and fintech here at Goldman. We're delighted to have Michael from Mastercard today. Michael was a last-minute addition to the schedule. We're obviously pleased to have him. Sad ...

Company and Industry Overview * **Company**: Fiverr International Ltd. (NYSE:FVRR) * **Industry**: Freelancing services marketplace * **Market Opportunity**: Large and growing, with significant potential for market penetration * **Company Size**: Three times larger than pre-IPO, with over 700 categories and profitable since 2019 Strategic Focus * **Go Upmarket**: Target larger customers with higher spending power and longer-term engagements * **Invest in AI**: Leverage AI for platform enhancements and category expansion * **Expand Revenue Streams**: Develop more value-added products and services Market Environment * **Challenging Macro Environment**: SMB sentiment and hiring environment are weak * **Growth Catalysts**: Expansion into professions and longer-term engagements, and development of value-added products * **Future Outlook**: Expect growth in spend per buyer and take rate expansion Generative AI * **Opportunity**: Connect SMBs with AI experts and leverage AI for marketing capabilities * **Platform Integration**: Launch of Neo, an AI-powered platform for improved matching and conversion rates Product and Strategy * **Key Products**: Neo, professions catalog, Promoted Gigs, Seller Plus, and acquisition of AutoDS * **Strategic Goals**: Drive growth and innovation, optimize the balance sheet, continue buybacks, and pursue strategic M&A Financials * **Target Margin**: 25% EBITDA margin by 2027 * **Free Cash Flow**: Tangible path to achieve free cash flow and free cash flow per share targets * **Capital Allocation**: Invest in product, optimize balance sheet, continue buybacks, and pursue strategic M&A Growth Priorities * **Go Upmarket**: Focus on complex services, longer engagements, and the Pro side of the business * **Invest in AI**: Continue to leverage AI for platform enhancements and category expansion * **Expand Revenue Streams**: Develop more value-added products and services Conclusion Fiverr is well-positioned to capitalize on the growing freelancing services market. The company's strategic focus on going upmarket, investing in AI, and expanding revenue streams, combined with its strong financial position and disciplined capital allocation, positions it for continued growth and success.

American Tower Corporation (NYSE:AMT) Goldman Sachs Communacopia + Technology Conference September 9, 2024 4:45 PM ET Company Participants Steve Vondran - Chief Executive Officer Conference Call Participants Jim Schneider - Goldman Sachs Jim Schneider Okay, great. Hey, good morning, everybody, or good afternoon, everybody. Welcome to the Goldman Sachs Communacopia and Tech Conference. It's my pleasure to introduce American Tower and CEO Steve Vondran with us today. We're really -- pleasure to have you. Than ...

HP Inc. (NYSE:HPQ) Goldman Sachs Communacopia + Technology Conference September 9, 2024 1:50 PM ET Company Participants Enrique Lores - CEO Conference Call Participants Michael Ng - Goldman Sachs Michael Ng Great. Well, welcome to the HP Inc. fireside chat at the Goldman Sachs Communacopia and Technology Conference. I have the privilege of introducing Enrique Lores, CEO of HP. Enrique has been in HP for nearly 35 years. And prior to taking over as CEO in 2019, he served as President of the Printing business ...