Visa Inc. (NYSE:V) Baird 2024 Global Consumer, Technology & Services Conference June 5, 2024 9:40 AM ET Company Participants David Koning - Robert W. Baird Conference Call Participants Lisa Ellis - Global Head of Strategy David Koning Good morning, everyone. We're live, and yes, welcome to our day here. So, thanks so much for joining. My name is David Koning. I'm a senior research analyst at Baird. I cover Payments and BPO. And very pleased to have Lisa with us, I think everybody's very familiar with Lisa. ...

American Tower Corporation (NYSE:AMT) Nareit REIT Week: 2024 Investor Conference Call June 5, 2024 8:45 AM ET Company Participants Steve Vondran - President and Chief Executive Officer Conference Call Participants Rick Prentiss - Raymond James Rick Prentiss All right. Good morning, everybody. I'm Rick Prentiss, Head of Telecom Services Research at Raymond James. That includes TMT Towers, media and telecom services. We're excited to continue the Nareit tradition of American Tower and Raymond James. This is a ...

over to Richard Putnam. Please go ahead. Thank you, Gary. Very fine job. Hello, everyone, and welcome to HealthEquity's first quarter of fiscal year 2025 pre-conference call. My name is Richard Putnam. I do investor relations for HealthEquity. Joining me today is John Kessler, President and CEO, Dr. Steve Demelman, Vice Chair and Founder of the company, and James Tania, Executive Vice President and CFO. Before I turn the call over to John, I have a couple of of reminders as we usually do. First, a press rel ...

Greetings and welcome to the GitLab First Quarter Fiscal Year 2025 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. You may register to ask a question at any time by pressing the star and 1 on your telephone keypad. You may withdraw yourself from the queue at any time by pressing star 2. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Kelsey Turcotte, Vi ...

Crown Castle Inc. (NYSE:CCI) Nareit REIT Week: 2024 Investor Conference June 4, 2024 1:30 PM ET Company Participants Daniel Schlanger - Chief Financial Officer Conference Call Participants Simon Flannery - Morgan Stanley Simon Flannery All right. Good afternoon, everybody. I'm Simon Flannery, Telco Services and Comm Infrastructure Analyst at Morgan Stanley. And it's my great pleasure to welcome Dan Schlanger, CFO at Crown Castle. Welcome, Dan. Daniel Schlanger Thanks. Thanks for doing this. Question-and-Ans ...

Summary of Western Digital Corporation Conference Call Company Overview - **Company**: Western Digital Corporation (NASDAQ: WDC) - **Event**: Bank of America 2024 Global Technology Conference - **Date**: June 4, 2024 Key Industry Insights - **AI Impact**: AI adoption is expected to increase storage needs across various sectors including PC, mobile, and cloud, benefiting both HDD and Flash segments [4][5][6] - **Pricing Environment**: The pricing environment for both Flash and HDD is favorable, driven by supply-demand dynamics, with expectations of continued favorable conditions in the coming quarters [7][8] - **Capacity Management**: The company has optimized its manufacturing capacity during the downturn, focusing on profitability rather than capital investments [10][11][49] Financial Performance and Projections - **Gross Margins**: Target gross margins are set at 31% to 34% for HDD and 35% to 37% for Flash, with current performance indicating a recovery towards these targets [20][22] - **Cost Reduction**: The company aims for mid-teen percentage cost reductions in Flash technology transitions, while HDD cost reductions are expected to be in low double-digit percentage points [15][16] - **Cash Generation**: Western Digital has returned to generating cash and is focused on strengthening its balance sheet ahead of the planned spin-off [24] Strategic Developments - **Spin-off Plans**: The company is making significant progress towards splitting into two independent entities focused on HDD and Flash, targeting completion by the end of the year [18][19] - **Enterprise SSD Growth**: Demand for enterprise SSDs is recovering, with new products aimed at AI workloads expected to launch in the second half of the year [25][26][27] - **Technology Transition**: The transition from BiCS5 to BiCS6 and BiCS8 is underway, with BiCS8 expected to be the next major node for product launches [29][30] Market Dynamics - **Exabyte Growth**: The HDD industry is expected to see long-term exabyte growth in the range of 20% to 25%, with sequential improvements anticipated for the remainder of the calendar year [34] - **SMR Adoption**: SMR-based shipments accounted for over 50% of high-capacity drives last quarter, with positive traction from key cloud customers [43][44] Operational Efficiency - **Capacity Reduction**: The company reduced its client manufacturing footprint by 40% and fixed costs by approximately 15% compared to fiscal year 2022, enhancing operating leverage [49][50] - **Cost Management**: Operating expenses have been reduced by $100 million to $150 million per quarter, allowing for continued investment in product development [50] Conclusion - **Cyclical Recovery**: Western Digital is positioned for a cyclical recovery with a strong product portfolio and favorable market conditions, while also preparing for the upcoming spin-off to unlock shareholder value [52]

Intel Corporation (NASDAQ:INTC) BofA Global Technology Conference June 4, 2024 5:40 PM ET Company Participants John Pitzer - Corporate VP of Planning & IR Conference Call Participants Vivek Arya - Bank of America Vivek Arya Let's get started. I'm Vivek Arya from BofA's semiconductor semi-cap equipment research team. I'm really delighted to have our friend, John Pitzer, Corporate Vice President and Head of IR at Intel join us this afternoon. I'll go through a few of my questions, but if you have anything you ...

Summary of Visa Inc. Conference Call Company Overview - **Company**: Visa Inc. (NYSE:V) - **Date**: June 4, 2024 - **Participants**: Chris Suh (CFO), Jason Kupferberg (Bank of America) Key Industry Insights - **Global Payment Volume Growth**: - Global payment volumes grew by **8%** in Q2 2024, with the US growing **6%** and international volumes growing **11%** in constant currency year-over-year [5][6] - Cross-border travel volumes increased by **16%**, indicating strong growth in travel and e-commerce sectors [5] - **Consumer Resilience**: - The underlying consumer spending remains stable and resilient, with no significant signs of pullback across different income segments [5][8] Financial Guidance and Performance - **Revenue Growth Outlook**: - Visa reiterated its guidance for low-double-digit revenue growth in constant currency for the fiscal year ending September 2024 [9][11] - Anticipated acceleration in the second half of the year due to normalization of cross-border growth and reduced currency volatility [12][14] - **Ticket Size Trends**: - Positive trends in US ticket sizes are expected to continue into the second half of the year, with easier comparisons across various spend categories [16] New Business Segments - **New Flows Business**: - The new flows segment, which includes commercial payments and Visa Direct, reported **14%** growth in Q2 2024, with significant growth potential ahead [18][20] - Visa Direct transactions grew by over **30%** in the last quarter, contributing to Visa's overall growth [21][23] - **Value-Added Services**: - Revenues from value-added services grew by **23%** year-over-year, with consistent growth expected to continue [24][25] - The focus on organizational structure and localized offerings has driven this growth [26][28] - **Debit Processing Service (DPS)**: - DPS processed nearly **$2.5 trillion** in authorization volume in 2023, serving a wide range of issuers [32][34] Market Opportunities - **Cash-to-Card Conversion**: - Visa sees a **$20 trillion** addressable opportunity in consumer payments, with approximately half attributed to cash and checks [38] - Significant growth in markets like Germany and Japan, with ongoing efforts to increase electronic payment penetration [39][40] - **Emerging Markets**: - Opportunities identified in Mexico and Africa, where cash remains a significant portion of consumer spending [42][43] Regulatory Environment - **UK Payment System Regulator**: - Visa disagrees with the interim report findings regarding network fees, emphasizing the competitive nature of the market [46] - **US Merchant Litigation Settlement**: - A recent settlement in long-running litigation is seen as beneficial for merchants and consumers, although some groups have expressed dissatisfaction [48] Future Outlook - **AI Integration**: - Visa is heavily investing in AI, with over **140 models** enhancing various products and services, particularly in fraud management and customer experience [52] This summary encapsulates the key points discussed during the Visa Inc. conference call, highlighting the company's performance, market opportunities, and strategic outlook.

Palo Alto Networks, Inc. (NASDAQ:PANW) Bank of America 2024 Global Technology Conference June 4, 2024 10:50 AM ET Company Participants Nikesh Arora - Chief Executive Officer Conference Call Participants Tal Liani - Bank of America Tal Liani Thanks very much for joining us to our tech -- Annual Tech Conference. We have a wonderful schedule for you for the next few days. We have over 540 registered investors. We have 135 companies. I just want to remind you, I'm going to start from the most important part. m ...

Philip Morris International Inc. (NYSE:PM) 2024 Deutsche Bank Global Consumer Conference June 4, 2024 2:30 AM ET Company Participants Emmanuel Babeau - CFO Conference Call Participants Gerry Gallagher - Deutsche Bank Gerry Gallagher Welcome to the 21st Deutsche Bank Global Consumer Conference, 21st time ex-COVID held here in Paris. And it is great to have everybody back here again. My name is Gerry Gallagher. I'm the Co-Head of European Company Research at Deutsche Bank and I sometimes masquerade as a Toba ...