Dropbox, Inc. (NASDAQ:DBX) 51st Annual J.P. Morgan Global Technology, Media and Communications Conference May 22, 2023 4:30 PM ET Company Participants Tim Regan - CFO Conference Call Participants Mark Murphy - J.P. Morgan Mark Murphy Okay. Good afternoon, everyone. I'm Mark Murphy, software analyst with JPMorgan. And it's a real pleasure to be here with Tim Regan, who is the CFO of Dropbox. So first of all, Tim, thank you for taking some time out of your schedule to be here with us. Tim Regan Terrific. Than ...

American Tower Corporation (NYSE:AMT) 51st Annual J.P. Morgan Global Technology, Media and Communications Conference May 22, 2023 2:30 PM ET Company Participants Rod Smith - CFO Conference Call Participants Phil Cusick - J.P. Morgan Phil Cusick Hi, thanks for joining us. My name is Phil Cusick. I follow the Communications Services and Media Space here at J.P. Morgan. Welcome to the 51st Annual J.P. Morgan Media and Communications and Tech Conference. I want to welcome Rod Smith, CFO of American Tower and Tr ...

QUALCOMM Incorporated (NASDAQ:QCOM) 51st Annual J.P. Morgan Global Technology, Media and Communications Conference May 22, 2023 3:10 PM ET Company Participants Samik Chatterjee - JPMorgan Conference Call Participants Akash Palkhiwala - CFO Samik Chatterjee Good afternoon, everyone. I'm Samik Chatterjee. I cover hardware companies at JPMorgan. For the next session here, we have the pleasure of hosting QUALCOMM, and we have with us, Akash Palkhiwala, who's the CFO at QUALCOMM. Akash, thanks for coming here. A ...

eBay Inc. (NASDAQ:EBAY) 51st Annual J.P. Morgan Global Technology, Media and Communications Conference Call May 22, 2023 11:15 AM ET Company Participants Stephen Priest - Chief Financial Officer Conference Call Participants Douglas Anmuth - J.P. Morgan Douglas Anmuth All right. We're going to go ahead and get started. I'm Doug Anmuth, J.P. Morgan's Internet Analyst. We're pleased to have with us today Steve Priest, CFO of eBay. So eBay, everybody knows, one of the world's largest and most vibrant marketplac ...

Datadog, Inc. (NASDAQ:DDOG) JP Morgan 51st Annual Global Technology, Media and Communications Conference Call May 22, 2023 12:30 PM ET Company Participants Olivier Pomel - CEO and Co-Founder Conference Call Participants Mark Murphy - J.P. Morgan Mark Murphy Okay. Good afternoon, everyone. Welcome. I’m Mark Murphy, Software Analyst at JP Morgan. And it is a great pleasure to be here today with Olivier Pomel, who is the CEO, and Co-Founder of Datadog. First off, Olivier, thank you so much for joining us here ...

Mastercard Incorporated (NYSE:MA) JPMorgan Global Technology, Media & Communications Conference May 22, 2023 10:00 AM ET Company Participants Michael Miebach - Chief Executive Officer Conference Call Participants Tien-tsin Huang - JPMorgan Tien-tsin Huang All right. I think we can get started. Thanks, everybody, for joining. My name is Tien-Tsin Huang. I follow the Payments and IT Services sector, and super, super excited to have Mastercard with us. Michael Miebach, CEO. And I was just talking, Michael, I t ...

T-Mobile US, Inc. (NASDAQ:TMUS) 51st Annual J.P. Morgan Global Technology, Media and Communications Conference May 22, 2023 1:10 PM ET Mike Sievert - Chief Executive Officer Conference Call Participants Phil Cusick - J.P. Morgan Phil Cusick I want to welcome you to J.P. Morgan’s 51st Annual TMC Conference. My name is Phil Cusick, I follow the Communications and Media Space here. I want to welcome Mike Sievert, CEO of T-Mobile since 2020. Thanks for joining us. Mike Sievert Thanks, Phil. Phil Cusick And this ...

Summary of PayPal Holdings, Inc. Conference Call Company Overview - **Company**: PayPal Holdings, Inc. (NASDAQ: PYPL) - **Event**: 51st Annual JP Morgan Global Technology, Media and Communications Conference - **Date**: May 22, 2023 Key Points Industry and Market Trends - E-commerce is showing stronger growth than initially expected, with a projected growth rate shifting from negative 2% to positive 2% to low-to-mid single digits for the year [4][5] - Discretionary spending is under pressure due to inflation, although inflation is moderating in the U.S. [5] - PayPal's Total Payment Volume (TPV) accelerated by 300 basis points from Q4, with branded checkout growing by 200 basis points and unbranded by 100 basis points [4] Financial Performance - PayPal outperformed expectations in Q1 with revenue growth of 10.4% and an increase in EPS growth forecast from 18% to 20% for the year [8] - Transaction margins grew by about 1% in the quarter, but pressures exist due to slower e-commerce growth and challenges in cross-border transactions [9] - Non-transactional operating expenses (OpEx) were reduced by 12%, with expectations for continued declines [8][32] Strategic Initiatives - The unbranded business is growing rapidly, with a year-over-year growth of 40%, and is expected to continue to expand [10] - PayPal is focusing on enhancing its checkout experience, aiming to be best-in-class and reduce latency by 10% this year [17][18] - The rollout of PayPal Complete Payments (PPCP) is anticipated to be a significant product launch targeting small and midsized businesses [29][30] Competitive Landscape - Digital wallets currently account for 35% of online checkout, indicating significant market share opportunities [23] - PayPal's market share in checkout preferences has grown, while competitors like Apple Pay have seen fluctuations [24][25] - The company is well-positioned to leverage its unique data sets and machine learning capabilities to redefine the checkout experience [20][42] Future Outlook - The company expects high-single-digit revenue growth for the year, with a positive outlook for branded checkout growth and margin improvements [26] - AI is seen as a transformative force for productivity and cost efficiency, with ongoing efforts to integrate AI into various aspects of the business [36][41] - The search for a new CEO is underway, with a focus on candidates with technology and product experience, as well as expertise in regulated industries [45][46] Additional Insights - PayPal has quadrupled its volumes and tripled its revenues and profitability over the past nine years, demonstrating resilience in a competitive market [52] - The company is committed to continuous improvement and innovation, with a significant increase in software releases from a few hundred to 50,000 annually [53] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting PayPal's performance, market trends, and future initiatives.

Summary of Sirius XM Holdings Inc. Conference Call Company Overview - **Company**: Sirius XM Holdings Inc. (NASDAQ: SIRI) - **Event**: 51st Annual J.P. Morgan Global Technology, Media and Communications Conference Call - **Date**: May 22, 2023 - **Participants**: Jennifer Witz (CEO), Sebastiano Petti (JPMorgan Chase & Co) Key Points Industry and Market Context - **Macro Headwinds**: Sirius XM is facing macroeconomic challenges similar to other companies, particularly in ad sales and auto sales softness [2][3] - **Investment Year**: 2023 is identified as an investment year for Sirius XM, focusing on product suite updates and long-term growth strategies [1] Financial Performance and Guidance - **EBITDA and Free Cash Flow**: The company raised its 2023 EBITDA and free cash flow guidance by $50 million each due to better-than-expected ad sales and improved cost structure management [5][6] - **Ad Sales Trends**: Ad sales were down 2% year-over-year in Q1, but there is optimism for recovery in the second half of the year [6][11] - **Revenue Uncertainty**: Revenue guidance remains cautious due to uncertainties in ad sales, despite expectations for recovery [6][11] Subscriber Base and Growth Strategy - **Strong Subscriber Base**: Sirius XM has a loyal subscriber base with high customer satisfaction and low churn rates [2][3] - **Self-Pay Net Adds**: The company is comfortable with modestly negative self-pay net adds for 2023, with expectations for slight improvements in auto sales [14][15] - **360L Platform**: The rollout of the 360L platform is expected to enhance customer experience and improve conversion and retention rates [23][24] Advertising and Podcasting - **Ad Sales Recovery**: There is a noted recovery in certain ad categories, particularly travel, which is up 50% year-over-year in Q2 [8][9] - **Podcasting Growth**: Sirius XM is leveraging its podcasting capabilities to attract brands, with a focus on audience-based advertising products [40][41] Technology and Product Development - **NextGen Platform Investments**: Investments are being made in a new streaming experience and backend capabilities to enhance user engagement and content discovery [33][34] - **Flexible Pricing Strategy**: The company is exploring flexible pricing options to attract younger listeners while maintaining its premium offerings [44][46] Competitive Landscape - **Differentiation Strategy**: Sirius XM positions itself as a complementary service to other audio platforms, emphasizing its unique content offerings and human curation [21][22] - **Impact of Technology**: The company acknowledges the potential disruption from technologies like Apple CarPlay and Android Auto but believes its differentiated service will retain customer loyalty [21][22] Future Outlook - **Satellite Fleet Expansion**: Sirius XM is building a new satellite fleet to enhance service reliability and explore new revenue opportunities, including potential video and data services [56][58] - **Long-Term CapEx Strategy**: The company plans to maintain a disciplined approach to capital expenditures while ensuring flexibility for future growth [50][60] Conclusion - **Management Focus**: The management team remains focused on executing the business strategy, addressing cost structures, and preparing for future growth opportunities [52][53] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting the company's current challenges and future growth initiatives.

Lam Research Corporation (NASDAQ:LRCX) 51st Annual JPMorgan Global Technology, Media and Communications Conference May 22, 2023 10:00 AM ET Company Participants Doug Bettinger - Chief Financial Officer Conference Call Participants Harlan Sur - JPMorgan Harlan Sur Good morning and welcome to JPMorgan's 51st Annual Technology, Media & Communications Conference. My name is Harlan Sur, semiconductor and semiconductor capital equipment analyst for the firm. Very pleased to have Doug Bettinger, Chief Financial Of ...