CRISPR Therapeutics AG (NASDAQ:CRSP) Jefferies 2024 Global Healthcare Conference June 5, 2024 10:00 AM ET Company Participants Samarth Kulkarni - Chief Executive Officer Conference Call Participants Maury Raycroft - Jefferies Maury Raycroft Good morning. My name is Maury Raycroft and I'm one of the biotech analysts at Jefferies. It's with great pleasure that I'd like to welcome the CEO of CRISPR Therapeutics Sam Kulkarni. Thanks so much for joining us today, Sam. We're going to do fireside chat format. So m ...

Hewlett Packard Enterprise Company (NYSE:HPE) BofA Securities 2024 Global Technology Conference June 5, 2024 11:40 AM ET Company Participants Marie Myers - CFO Conference Call Participants Ruplu Bhattacharya - Bank of America Ruplu Bhattacharya Okay. Folks, I think we're going to get started. Thanks, everyone, for attending the second day of our 2024 Global Technology Conference. My name is Ruplu Bhattacharya, and I'm a Director with the IT hardware and electronics manufacturing services equity research tea ...

Company and Industry Overview * **Company**: ON Semiconductor Corporation (NASDAQ: ON) * **Industry**: Semiconductor * **Event**: BofA Securities 2024 Global Technology Conference * **Date**: June 5, 2024 Key Points Transformation and Growth Strategy * **Transition from Cyclical to Cyclical Growth**: ON Semiconductor has transitioned from a deep cyclical company to a more cyclical growth model with multiple product cycles. * **Fab-Like Strategy**: ON has implemented a fab-like strategy, divesting four fabs to reduce fixed costs and focus on high-growth areas. * **Product Portfolio Changes**: ON has walked away from $475 million of high-volatility business and redirected the company into high-growth areas like silicon carbide in EV. Financial Performance and Margin Expansion * **Improved Utilization and Margin**: ON's manufacturing footprint utilization is currently at 65%, with a margin floor of 45%. This is significantly better than previous cycles, where gross margins were in the low 30s. * **Long-Term Margin Target**: ON's long-term margin target is 53%, with significant potential for expansion as utilization increases and new products are introduced. * **East Fishkill Fab**: The East Fishkill fab acquisition has improved cost structures and cycle times, with a goal of achieving parity with other fabs. Industrial Segment * **Traditional vs. Secular Growth**: ON's industrial segment is divided into traditional (power tools, white goods) and secular growth (renewable energy, energy storage, factory automation). * **Stabilization**: The traditional industrial segment has stabilized, with some green shoots in medical and alternative energy. * **Conservative Outlook**: ON is conservative in calling for a bottom in the industrial market, emphasizing the need for demand pickup and end-demand recovery. Automotive Segment * **Flattish Growth**: ON expects the automotive business to be flattish in 2024, with growth in silicon carbide offsetting declines in other areas. * **Silicon Carbide Growth**: ON expects the silicon carbide market to grow 2x in 2024, driven by design wins and market share gains. * **Competition and Overcapacity**: ON is not concerned about overcapacity in the silicon carbide market, emphasizing the value-driven nature of the product and its technology advantage. AI and Data Center * **Power Tree for Cloud**: ON is developing a power tree for the cloud, leveraging its expertise from automotive and industrial segments. * **Cross-Selling Opportunities**: ON plans to cross-sell power switches, controllers, and drivers to customers in the cloud market. Second Half Recovery * **Balanced Approach**: ON is taking a balanced approach to the second half, preparing for both a recovery and a continuation of the current environment. * **Inventory and Utilization**: ON has a low inventory level and utilization of 65%, positioning the company to quickly react to any recovery. Conclusion ON Semiconductor is focused on transforming itself into a more sustainable and predictable company with a strong focus on high-growth areas like silicon carbide in EV and the cloud. The company is taking a conservative approach to the near-term outlook, emphasizing the need for demand pickup and end-demand recovery in the industrial and automotive markets.

PayPal Holdings, Inc. (NASDAQ:PYPL) BofA Global Technology Conference June 5, 2024 4:20 PM ET Company Participants Alexander Chriss - President and CEO Conference Call Participants Jason Kupferberg - BofA Global Research Jason Kupferberg I'm Jason Kupferberg, the payments processors and IT services analyst here at Bank of America and we're very excited to have with us for the first time, Alex Chriss, President and CEO of PayPal. As most of you know, Alex joined last year. And so obviously, it's first time a ...

Key Points Company and Industry * **Company**: Zscaler, Inc. (NASDAQ:ZS) * **Industry**: Cybersecurity, specifically Zero Trust SASE (Secure Access Service Edge) Core Views and Arguments * **Outperformance in Q3**: Zscaler outperformed billings significantly in Q3, growing 30% compared to expectations of 21% [5]. * **Win Rates**: Zscaler maintains strong win rates in the market, with 40% of Fortune 500 companies and over 30% of Global 2000 using their platform [6]. * **Market Positioning**: Zscaler is well-positioned in the Zero Trust SASE market, with a focus on protecting workloads and expanding into areas like Zero Trust SD-WAN and data protection [10]. * **Competitive Landscape**: Zscaler differentiates itself from competitors like Fortinet and Cisco by offering true Zero Trust architecture and a broader platform [12]. * **SD-WAN Strategy**: Zscaler views SD-WAN as an important component of a single vendor SASE solution, focusing on Zero Trust SD-WAN to protect branch offices and workloads [20]. * **Product Evolution**: Zscaler has evolved from a Secure Web Gateway to a comprehensive security platform, including data protection, endpoint security, and cloud workload protection [23]. * **Zero Trust Adoption**: Zscaler targets large enterprises that understand the value of Zero Trust and are willing to invest in the right technologies [28]. * **Data Security**: Zscaler offers a range of data security solutions, including data loss prevention (DLP), cloud security posture management (CSPM), and data security posture management (DSPM) [37]. Other Important Points * **Transition**: Zscaler is currently going through a transition in its go-to-market strategy, led by new leadership from ServiceNow [6]. * **Billings Growth**: Zscaler expects a headwind of 2% to 3% on billings growth in fiscal '25 due to the transition and higher-than-expected attrition in Q3 [7]. * **Market Opportunity**: Zscaler has a significant opportunity to grow its customer base, with less than 20% penetration in the market for companies with over 2,000 employees [8]. * **Upsell Opportunities**: Zscaler has a 6x opportunity to upsell additional modules to existing customers, including Zscaler for users, Zero Trust SD-WAN, and data protection [8]. * **Cloud Protection**: Zscaler offers solutions for cloud workload protection, including internet access protection, data protection, and workload communications [37]. * **Technology Readiness**: Zscaler's approach to data security differs from traditional CNAPP vendors like Wiz and Palo Alto, focusing on a broader SASE framework [39]. * **Fiscal '25 Outlook**: Zscaler expects the market to remain scrutinized, but also expects growth in revenue and sales organization maturity [43].

HP Inc. (NYSE:HPQ) Bank of America Global Technology Conference June 5, 2024 2:20 PM ET Company Participants Alex Cho - President, Personal Systems Conference Call Participants Ruplu Bhattacharya - BofA Securities Ruplu Bhattacharya Hey, everyone. Thanks for joining us today on the second day of our 2024 Global Technology Conference. My name is Ruplu Bhattacharya, and I'm with the equity research team covering IT hardware and electronics manufacturing services. Today I'm filling in for Wamsi Mohan, who is t ...

Fortinet, Inc. (NASDAQ:FTNT) Bank of America Global Technology Conference June 5, 2024 1:40 PM ET Company Participants Keith Jensen - Chief Financial Officer John Maddison - Chief Marketing Officer Conference Call Participants Tal Liani - Bank of America Tal Liani So I want to welcome John Maddison, Chief Marketing Officer, and Keith Jensen, CFO. I've known both of them for many years, and we have a lot of discussion, a lot of topics to discuss. Before we start, I think you need to read us something from h ...

Summary of Advanced Micro Devices, Inc. (AMD) Conference Call Company Overview - **Company**: Advanced Micro Devices, Inc. (NASDAQ: AMD) - **Event**: BofA Securities 2024 Global Technology Conference Call - **Date**: June 5, 2024 - **Participants**: Jean Hu (CFO), Vivek Arya (Bank of America Securities) Key Highlights from the Conference Call Industry and Market Position - AMD is positioned as a leader in the semiconductor industry, particularly in AI infrastructure, offering end-to-end solutions from CPU, GPU to NPU [3][8] - The AI market is projected to grow significantly, with AMD targeting a $400 billion addressable opportunity by 2027-2028 [27][28] Product Announcements - **AI PC Ryzen AI 300 Series**: Features a single chip with Zen 5 CPU, latest GPU, and powerful NPU, achieving up to 50 TOPS, surpassing Microsoft AI PC requirements [4][39] - **Turin Gen 5 EPYC CPU**: Previewed with up to 192 cores, expected to enhance performance and efficiency in data centers, available in the second half of 2024 [5] - **MI300 and MI325 GPUs**: MI300 has become the fastest ramping revenue product in AMD's history, with a forecasted revenue increase from over $3.5 billion to over $4 billion for 2024 [9][10] - **Future GPU Roadmap**: MI350 and MI400 expected in 2025 and 2026, respectively, with significant performance improvements over previous generations [7][8] Financial Performance and Projections - AMD's revenue market share reached 33% by the end of Q1 2024, with expectations for strong year-over-year growth in Q2 [34] - The company anticipates continued growth in the server business, driven by new product launches and TCO benefits for enterprise customers [36] Supply Chain and Production - AMD is facing tight supply chain conditions but is working closely with memory suppliers to ensure adequate support [15][16] - The ramp-up of MI300X has exceeded expectations, with over $1 billion in revenue generated in less than two quarters [10] Competitive Landscape - AMD is competing against established players like NVIDIA, focusing on high-performance compute in both CPU and GPU markets [22][24] - The company emphasizes its software capabilities (ROCm) to enhance GPU performance and efficiency [23] AI and Non-AI Workloads - AMD believes that different workloads require different compute engines, with CPUs still playing a crucial role in foundational workloads [31][32] - The company is addressing both AI and non-AI workloads, ensuring customers can choose the best solutions for their needs [32] Gross Margin and Financial Strategy - AMD's gross margin improved from 50% in 2023 to 52.3% in Q1 2024, with expectations for further improvement [47] - The company aims to maintain a strong gross margin while launching new products annually [46] Future Outlook - AMD is optimistic about its growth trajectory in the AI market, with a focus on expanding its product portfolio and addressing customer needs [20][29] - The company is committed to enhancing its competitive positioning in the semiconductor market, particularly in AI and data center solutions [24][25] Additional Insights - AMD's strategy includes a focus on customer engagement and understanding their long-term needs, which is crucial for capital expenditure planning [19][20] - The company is well-positioned to compete in the evolving landscape of AI and high-performance computing, leveraging its historical expertise and product innovation [22][24]

CrowdStrike Holdings, Inc. (NASDAQ:CRWD) BofA Securities 2024 Global Technology Conference June 5, 2024 10:50 AM ET Company Participants George Kurtz - CEO Conference Call Participants Tal Liani - BofA Securities Tal Liani We have a packed, packed day and George did us a favor and reported great results last night. So we have great topics to talk about. So with no further ado, I'd like to welcome George Kurtz, the CEO of CrowdStrike. George Kurtz All right. Thank you. I did it just for you. Tal Liani I know ...

Summary of Waste Management, Inc. Conference Call Company Overview - **Company**: Waste Management, Inc. (NYSE: WM) - **Event**: Stifel 2024 Cross Sector Insight Conference - **Date**: June 5, 2024 Key Points Industry Context - Waste Management operates in the environmental services sector, focusing on waste collection and disposal, including medical waste management [1][16]. Acquisition Details - Waste Management is in the process of acquiring Stericycle, a company specializing in medical waste management [1][15]. - The acquisition is viewed as a strategic move to enhance Waste Management's capabilities in the medical waste sector, which is projected to grow at 5% to 6% annually [19][20]. Financial Projections and Synergies - The expected timeline for closing the acquisition is approximately four to five months, barring any second requests from regulatory bodies [3][4]. - Waste Management aims to return to a target leverage ratio of 2.75 to 3 within 18 months post-acquisition [8]. - The acquisition is anticipated to generate significant synergies, including: - Reduction of duplicate public company costs estimated at $60 million [10]. - Streamlining IT systems, with potential savings of $25 to $30 million [10]. - Lean SG&A management, with expectations to reduce Stericycle's SG&A from 22% to closer to Waste Management's 9% [18][27]. Strategic Rationale - The acquisition is seen as a way to enhance operational efficiencies, particularly in routing and logistics, where Waste Management has invested heavily [17][18]. - There is a strong emphasis on cross-selling opportunities between Waste Management's existing services and Stericycle's offerings, particularly in the healthcare sector [22][33][59]. - Waste Management's leadership believes that the integration will allow for a broader suite of services, enhancing their competitive position in the market [34][45]. Market Position and Growth - Waste Management's solid waste business is expected to grow at 1% to 2% over the next decade, while the medical services business is projected to grow at a higher rate [20]. - The company is focused on maintaining a strong balance sheet and capital efficiency, which is expected to support continued growth in free cash flow [61][65]. International Considerations - Waste Management is not currently planning to expand aggressively into European markets but is open to exploring opportunities that may arise from Stericycle's existing international operations [70][72]. Conclusion - The acquisition of Stericycle is positioned as a strategic growth opportunity for Waste Management, with a focus on operational efficiencies, cost reductions, and enhanced service offerings in the medical waste sector [62][68]. The leadership is optimistic about the potential for synergies and the long-term growth trajectory of the combined businesses [66][67].