Mastercard Incorporated (NYSE:MA) BofA Virtual Electronic Payments Symposium March 18, 2024 3:45 PM ET Company Participants Sachin Mehra - CFO Conference Call Participants Jason Kupferberg - Bank of America Sachin Mehra Hi, Jason, can you hear me? Jason Kupferberg I can. I can. Thank you very much, Sachin, for doing this. Sachin Mehra I'm happy to do this. Jason Kupferberg Thank you to everybody connecting here for this session. Second to last session of the day, day one of our 2024 Virtual Electronic Payme ...

Cronos Group Inc. (NASDAQ:CRON) Roth MKM 36th Annual ROTH Conference March 18, 2024 11:30 AM ET Company Participants Mike Gorenstein - Chairman, President and CEO Conference Call Participants Bill Kirk - ROTH MKM Bill Kirk All right, our clock is starting here. You guys are in track two. The sponsors, again, are Crow and Pillsbury Law. Go see them outside of the sponsor booths. For our next fireside, we have Mike Gorenstein, CEO, Chairman of Cronos Group. We're happy to have you, Mike, so thanks for being h ...

Company and Industry Overview * **Company**: Intuitive Surgical, Inc. (NASDAQ: ISRG) * **Industry**: Robotic-Assisted Surgery * **Product**: da Vinci 5, a new generation robotic surgical system Key Points da Vinci 5 Features and Benefits * **Enhanced Precision**: Incorporates next-generation surgeon controllers, patient-side manipulators, and additional sensors for smoother, more precise motion. * **Improved Imaging**: Features the highest quality and most natural 3D surgical imaging system to date, with additional capabilities for future generations of surgical endoscopes and vision software. * **Force Feedback Technology**: Provides real-time force measurement and feedback to surgeons, potentially reducing tissue trauma during surgery. * **Efficient Workflow**: Integrates a high-performance insufflator, next-generation electrosurgical unit, and optimized user interface for improved efficiency. * **Ergonomic Design**: Prioritizes ergonomics for surgeons and care teams, reducing physical strain and improving productivity. * **Increased Computing Power**: Offers 10,000x the computing power of previous generations, supporting advanced digital experiences and future features. Regulatory Clearance and Indications * FDA cleared da Vinci 5 for the same indications as da Vinci Xi, except for cardiac and pediatric indications. * Optional Force Feedback needle driver contraindicated for use in suturing in hysterectomy and myomectomy procedures. Financial Impact * Gross system ASPs for da Vinci 5 expected to be approximately 30% higher than Xi. * Total acquisition cost for da Vinci 5 approximately 15% higher than Xi when considering the full stack of integrated items. * Gross margins for da Vinci 5 expected to be significantly below the corporate average initially, with plans to improve over time. Launch Strategy * Phased launch in the U.S. starting in 2024, with a focus on customers who collaborated during development and those with mature robotic programs. * Limited launch phase expected to continue into 2025, with a focus on optimizing manufacturing and supply chains. * Broad launch expected in the first several years of the trading cycle. Competitive Positioning * da Vinci 5 will be positioned as the top product in Intuitive Surgical's portfolio, alongside da Vinci Xi, da Vinci X, and da Vinci SP. * da Vinci Xi will continue to be offered as a highly capable system for cost-sensitive markets and other sites of care. Future Outlook * da Vinci 5 expected to improve interoperative efficiency, increase procedure throughput, and potentially lower the total cost to treat per patient episode compared to Xi. * Intuitive Surgical plans to pursue additional indications for da Vinci 5 in future years. * da Vinci 5 expected to drive robotic surgery adoption and contribute to the evolution of surgical practice.

Summary of MGM Resorts International Conference Call Company Overview - **Company**: MGM Resorts International (NYSE:MGM) - **Participants**: William Hornbuckle (CEO), Jonathan Halkyard (CFO), Joseph Greff (JPMorgan) Key Industry Insights - **Core Operations**: Focus on Las Vegas as the primary market, with a robust regional business that has shown resilience during economic fluctuations [3][4] - **Digital Expansion**: Significant growth in digital operations, particularly through BetMGM, projected to reach approximately $2.5 billion in revenue this year [5] - **International Development**: Active pursuits in Japan, New York, UAE, and Thailand for future expansion [6][8] Strategic Priorities - **Mandalay Convention Business**: Anticipation of 100,000 room nights return, expected to enhance productivity [3] - **Event Activity**: Sports events, including the Super Bowl, are key drivers for market growth [3] - **Digital Growth**: Expansion of BetMGM and international operations, including successful launches in the UK and other countries [5][19] Development Opportunities - **Japan**: License won, with construction expected to begin mid-2025, aiming for a 2030 opening [6][9] - **New York**: Awaiting regulatory approvals, with hopes to start construction by early to mid-2026 [10] - **UAE**: Exploring opportunities in non-gaming hotel projects with potential for future casino developments [6][11] - **Thailand**: Early-stage exploration for market entry, focusing on regulatory frameworks [16][18] Financial Performance and Projections - **Room Night Strategy**: Partnership with Marriott expected to drive 600,000 to 700,000 additional room nights annually, enhancing profitability [34][35] - **EBITDA Contribution**: Potential for LeoVegas to contribute $0.5 billion in cash flow if market share targets are met [24] - **BetMGM Growth**: Anticipated revenue growth of approximately 25% this year, with ongoing product enhancements to regain market share [25][26] Operational Insights - **Las Vegas Market**: Improved seasonality management through strategic programming and events, including Raiders games [31] - **Macau Recovery**: Outperforming peers with a focus on high-end offerings and strategic casino reconfigurations [39][40] Capital Allocation Strategy - **Debt Management**: Currently zero net debt, with a focus on disciplined capital allocation for future growth opportunities [49][50] - **Free Cash Flow Utilization**: Plans to use free cash flow for investments in BetMGM, Japan, and New York while considering share repurchases [50] Additional Considerations - **Regulatory Environment**: Ongoing efforts to engage with local governments in UAE and Thailand for potential gaming licenses [11][12] - **Technological Advancements**: Implementation of chip-in-chip technology in Macau to enhance tracking and customer experience [44][47] This summary encapsulates the key points discussed during the conference call, highlighting MGM Resorts International's strategic focus, growth opportunities, and financial outlook.

Mastercard Incorporated (NYSE:MA) Wolfe Research FinTech Forum Company Conference Presentation March 14, 2024 2:30 PM ET Company Participants Craig Vosburg - Chief Product Officer Conference Call Participants Darrin Peller - Wolfe Research Darrin Peller We settle in. If everyone can start taking their seats. We're going to kick it off with Mastercard now. I was kidding around Craig how -- we've had him for a number of years, but I really, really love having you here with us. Craig, who is the Chief Product ...

Summary of Etsy, Inc. Conference Call Company Overview - **Company**: Etsy, Inc. (NASDAQ:ETSY) - **Participants**: - Josh Silverman - CEO - Rachel Glaser - CFO - Deb Wasser - VP, IR - **Conference Date**: March 14, 2024 Key Industry Insights - **E-commerce Landscape**: The e-commerce sector is facing increased competition from big box retailers like Amazon, Walmart, and new entrants like Temu and Shein, which have gained market share by offering lower prices and faster shipping [doc id='17'][doc id='24']. Core Company Performance Metrics - **Gross Merchandise Sales (GMS)**: - 2017: $3.3 billion - 2023: $12 billion, a 3.5x increase [doc id='5'][doc id='6']. - **Active Sellers**: - 2017: 2 million - 2023: 7 million [doc id='6']. - **Active Buyers**: - 2017: 33 million - 2023: 92 million [doc id='6']. - **Revenue Growth**: - 2017: $444 million - 2023: $2.6 billion, a fourfold increase [doc id='6']. - **EBITDA Growth**: - 2017: $80 million - 2023: $754 million, a ninefold increase [doc id='6']. Strategic Priorities - **Consumer Experience**: Focus on improving search functionality and brand awareness to enhance consumer experience [doc id='4'][doc id='9']. - **Gift Mode Initiative**: Launched to increase buyer consideration during gifting occasions, targeting a $200 billion U.S. gifting market [doc id='11'][doc id='13']. - **Shipping Improvements**: Plans to reduce shipping times by at least two days and improve shipping price predictability [doc id='15']. - **International Fulfillment**: Enhancements in international shipping to make it as easy as domestic purchases [doc id='16']. Competitive Positioning - **Unique Value Proposition**: Etsy aims to differentiate itself from competitors by emphasizing quality, artisanal products, and a unique shopping experience rather than competing on price [doc id='19'][doc id='20']. - **Market Share Dynamics**: While Temu has gained significant market share, Etsy does not perceive itself as disproportionately impacted, maintaining a distinct brand identity [doc id='24'][doc id='25']. Financial Guidance - **Q1 GMS Guidance**: Expected low single-digit to mid-single-digit declines, with a take rate of 21% to 21.5% [doc id='31'][doc id='32']. - **Full Year Guidance**: Anticipates Q1 to be the low point for GMS, with margins expected to be at least as high as 2023 levels [doc id='33']. Marketing and Advertising Strategy - **Brand Marketing**: Increased focus on brand marketing, with a 24% rise in spending last quarter [doc id='45']. - **Performance Marketing**: 80% of GMS comes from free channels, with a dynamic approach to paid advertising based on ROI [doc id='51']. Technology and Innovation - **Search Functionality**: Significant investments in AI and machine learning to enhance search capabilities and improve buyer experience [doc id='63'][doc id='64']. - **Chat-based Search Tools**: Exploring the integration of chatbots to assist buyers in finding products more effectively [doc id='67']. Conclusion - **Future Outlook**: Etsy is positioned to continue growing by leveraging its unique brand identity, enhancing consumer experience, and capitalizing on market opportunities in gifting and international fulfillment [doc id='69'][doc id='71'].

Phillips 66 (NYSE:PSX) BofA Securities Refining Conference March 14, 2024 12:45 PM ET Company Participants Rich Harbison - EVP, Refining Jeff Dietert - VP, IR Conference Call Participants Douglas Leggate - Bank of America Douglas Leggate Folks, we're going to try and get back on schedule. I'm sorry, we're running just a few minutes late. So say the best the last, I guess, right? [Indiscernible] No joking aside. Thanks very much indeed for being here guys. Jeff Dietert, Head of Investor Relations shouldn't b ...

Summary of Best Buy Co., Inc. Conference Call Company Overview - **Company**: Best Buy Co., Inc. (NYSE: BBY) - **Event**: UBS Global Consumer and Retail Conference - **Date**: March 14, 2024 Key Industry Insights - **Dynamic Retail Environment**: Best Buy operates in a rapidly changing consumer electronics sector, emphasizing the need for adaptability and innovation to remain relevant [1][2] - **Consumer Electronics Trends**: The industry is characterized by frequent changes in product assortments, requiring retailers to adapt quickly to new technologies and consumer preferences [8][9] Core Company Strategies - **Adaptability and Learning**: Best Buy's leadership emphasizes learning from challenges and adapting to changes in the retail landscape, which is crucial for long-term success [3][4] - **Partnerships**: Collaborating with other brands and leveraging partnerships is a significant strategy for Best Buy to enhance its market position [5][6] - **E-commerce Growth**: E-commerce sales have increased from 20% to 40% of total sales, now stabilizing around 30%, indicating a shift in customer shopping behavior [21] Financial Performance and Market Position - **Market Share**: Best Buy holds a strong position in the consumer electronics market, with a significant portion of the market still available among smaller players [15] - **Profit Pools**: The company is exploring new profit pools in areas like healthcare and connected fitness, positioning itself as a unique player in these emerging markets [18][19] Consumer Behavior and Replacement Cycles - **Replacement Cycle Insights**: The typical replacement cycle for consumer electronics ranges from three to seven years, with signs of stabilization in the market [41][42] - **Innovation Impact**: The introduction of new technologies, particularly in AI, is expected to drive future sales as consumers seek upgrades [54][55] Membership Program Changes - **Total Tech Program**: Adjustments to the membership program have been made to enhance customer engagement and retention, with positive early results observed [72][73] Advertising and Profitability - **Advertising Revenue**: Best Buy has a long history of participating in advertising profit pools, which is growing faster than its core business [33][34] - **Data Utilization**: The company leverages customer data to enhance advertising effectiveness, providing targeted marketing opportunities for vendors [34][38] Challenges and Future Outlook - **Macro Factors**: Challenges such as inflation, housing market conditions, and a lack of innovation have impacted consumer electronics sales, but there are signs of stabilization [52][53] - **AI Integration**: Best Buy is actively integrating AI into its operations to improve customer experiences and operational efficiency [70][71] Conclusion Best Buy is navigating a complex retail environment by focusing on adaptability, leveraging partnerships, and exploring new market opportunities. The company is well-positioned to capitalize on emerging trends in consumer electronics and AI, while also addressing challenges in the macroeconomic landscape.

Visa Inc. (NYSE:V) Wolfe Research FinTech Forum March 14, 2024 9:20 AM ET Company Participants Chris Suh - CFO Conference Call Participants Darrin Peller - Wolfe Research Darrin Peller So first of all, good morning again. And thank you, everybody, for being here again. I'm Darrin Peller from Wolfe Research, covering FinTech and Payments. Really happy to have Visa with us. And I think many of you, some of you have met, before with Chris, some of you not. But he's been now, how long has it been - CFO? Chris S ...

AbbVie Inc. (NYSE:ABBV) Conference Call Summary Company Overview - **Company**: AbbVie Inc. - **Event**: Barclays 26th Annual Global Healthcare Conference Call - **Date**: March 14, 2024 - **Participants**: Rob Michael (CEO), Scott Reents (CFO), Roopal Thakkar (CMO), Jeff Stewart (CCO) Key Points R&D Investment Strategy - AbbVie has shifted its approach to R&D investment, now viewing it as essential for identifying growth assets for the next decade [2][3] - Approximately 50% of the R&D increase is attributed to internal programs, including promising candidates like 400 (next-generation ADC) and 383 (BCMA CD3 bispecific for multiple myeloma) [3][4] - The company anticipates a ramp-up in sales growth starting next year, supporting continued R&D investment, which is currently around 14% of sales [4] Financial Performance and Projections - Operating margin is expected to remain flat for 2023 and 2024 at 46.5%, with expansion anticipated from 2025 onwards due to sales growth [5][6] - Gross margin is stabilizing around 84%, with operating margin expansion driven by efficiencies in SG&A [5] Oncology Pipeline - AbbVie is optimistic about its BCMA asset (383), which shows high efficacy and safety, potentially allowing it to compete effectively against CAR-T therapies [8][9] - The company plans to initiate a Phase III trial for 383 in the third line of therapy this year [10] - ImmunoGen acquisition is progressing well, with strong integration and positive momentum in the ADC market [15][16] Neuroscience Developments - The Cerevel acquisition is expected to close mid-year, with confidence in its non-anticompetitive nature [28][30] - AbbVie is creating a new market segment with its product 951 for advanced Parkinson's disease, targeting over 500,000 patients globally [32][33] Immunology and Market Dynamics - For 2024, AbbVie projects a revenue decline for Humira of approximately $7.8 billion (36%), primarily driven by price erosion [35] - Skyrizi and Rinvoq are expected to see significant growth, with Skyrizi projected to grow by 50% and Rinvoq by 60% despite some volume erosion [39] Future Indications and Market Opportunities - New indications for Rinvoq include lupus and hidradenitis suppurativa, which are established markets with strong potential for growth [41][42] - The company believes it has a competitive advantage in these markets due to its extensive safety data and established presence [43][44] Additional Insights - AbbVie is focused on leveraging its oncology assets to capture market share in both colorectal and ovarian cancers, with promising data supporting its ADC programs [24][26] - The company is actively exploring combination therapies and earlier lines of treatment to enhance its market position [23][25] This summary encapsulates the key discussions and insights from AbbVie's recent conference call, highlighting its strategic focus on R&D, financial outlook, and growth opportunities across various therapeutic areas.