The Toronto-Dominion Bank (NYSE:TD) RBC Capital Markets Global Financial Institutions Conference March 6, 2024 9:20 AM ET Company Participants Kelvin Tran - Group Head & Chief Financial Officer Conference Call Participants Darko Mihelic - RBC Capital Markets Darko Mihelic Great. Thank you very much. So we'll start the next session with TD Bank. We have the Chief Financial Officer, Kelvin Tran here with us. Kelvin, welcome to the conference. Kelvin Tran Thanks for having me. Question-and-Answer Session Q - D ...

Salesforce, Inc. (NYSE:CRM) Morgan Stanley Technology, Media & Telecom Conference March 5, 2024 6:35 PM ET Company Participants Amy Weaver - President & CFO Conference Call Participants Keith Weiss - Morgan Stanley Keith Weiss Excellent. Thank you everyone for joining us this afternoon. My name is Keith Weiss. I run the U.S. software research practice here at Morgan Stanley. And very pleased to have with us Amy Weaver President and CFO of Salesforce. Seems like we're doing a little bit of a repeat of last w ...

Summary of Dell Technologies Inc. Conference Call Company Overview - **Company**: Dell Technologies Inc. (NYSE: DELL) - **Participants**: - Yvonne McGill - CFO - Arthur Lewis - President, ISG Business - **Conference Date**: March 5, 2024 Key Points Financial Performance - **Fiscal Year 2024 Results**: - Revenue: $88.4 billion - EPS: $7.13 - Cash Flow from Operations: $8.7 billion [5][6] - **Q4 Performance**: - Revenue: $22.3 billion - EPS: $2.20 [6] Market Outlook - **Fiscal Year 2025 Guidance**: - Revenue Growth: Approximately 5% - EPS Growth: Approximately 5% [8] - **AI Backlog**: - Entered FY '25 with a $2.9 billion AI backlog and pipeline [7] Industry Trends - **PC Market**: - Anticipated growth of 2% to 3% in the CSG (Client Solutions Group) business for FY '25, following an 8-quarter digestion cycle [12][11] - Drivers for growth include Windows 10 refresh and aging installed base [12] - **Input Costs**: - Expected increase in commodity and component costs impacting pricing and margins [14][16] ISG Business Insights - **ISG Growth**: - Projected mid-teens growth for FY '25, up from previous guidance of 6% to 8% [18][19] - AI market projected to grow at a 20% CAGR, with a TAM of $152 billion by 2027 [19] - **On-Premise Data Preference**: - 83% of the world's data remains on-premises, with a strong preference for on-premise deployment of generative AI [20] Competitive Advantages - **Differentiation Factors**: - Comprehensive portfolio including AI-optimized servers and storage solutions [35][39] - Strong partnerships with companies like Hugging Face and Meta [39] - Extensive sales team and supply chain capabilities [40] Generative AI Opportunities - **Market Position**: - Dell is positioned to capture significant opportunities in generative AI, with $1.5 billion in AI server revenue recognized and a $3 billion backlog [28][29] - **Use Cases**: - Key use cases include software development, sales chatbots, customer service, and content creation [49] Capital Returns and Shareholder Value - **Capital Return Commitment**: - Commitment to return over 80% of free cash flow to shareholders, with a 20% annual dividend increase announced [58][59] - **Stock Buybacks**: - Ongoing stock repurchase program due to perceived undervaluation [60] Conclusion - **Overall Sentiment**: - Optimism for FY '25 driven by AI growth and recovery in traditional server markets, despite challenges in enterprise spending [7][26]

Snowflake Inc. (NYSE:SNOW) Morgan Stanley Technology, Media and Telecom Conference March 5, 2024 5:50 PM ET Company Participants Sridhar Ramaswamy - CEO Mike Scarpelli - CFO Conference Call Participants Keith Weiss - Morgan Stanley Keith Weiss Excellent. Thank you, everyone, for joining us this afternoon. My name is Keith Weiss. I run the U.S. Software Research practice here at Morgan Stanley. I'm very pleased to have with us from Snowflake, both newly appointed CEO, Sridhar Ramaswamy; and CFO, Mike Scarpel ...

Iron Mountain Incorporated Conference Call Summary Company Overview - **Company**: Iron Mountain Incorporated (NYSE: IRM) - **Event**: Morgan Stanley Technology, Media & Telecom Conference - **Date**: March 5, 2024 - **Participants**: Barry Hytinen (CFO), Calvin Lam (Morgan Stanley) Key Points Industry and Company Performance - Iron Mountain has been one of the top 5 performing REITs over the last year, indicating strong market performance [4][4] - The company is experiencing significant growth in its data center business, which constitutes about 10% of total revenues and is expected to grow at least 20% this year [5][6] Data Center Business - Current operational capacity is over 250 megawatts, with 95% leased, and an additional 250 megawatts under construction, also 95% pre-leased [5][6] - Total potential build-out capacity is over 860 megawatts, up from 740 megawatts a year ago, reflecting ongoing expansion efforts [6][6] - The company anticipates new leasing of 100 megawatts or more this year, a 25% increase from previous guidance [6][6] - AI-related opportunities are driving demand, particularly from hyperscalers, leading to a robust pipeline of projects [6][6][10] Asset Life Cycle Management (ALM) - ALM is a growing segment with a total addressable market (TAM) of approximately $30 billion, with significant cross-selling opportunities from existing records management clients [24][25] - The company has grown its ALM business at a CAGR of over 30% since entering the market in 2017 [26][26] - Recent acquisitions, such as Regency Technologies, enhance Iron Mountain's capabilities in processing and recycling enterprise gear, allowing for better value capture [28][29] Financial Performance and Strategy - The data center segment has an EBITDA margin in the low to mid-40s percent, with expectations for improvement as efficiency increases [31][31] - The ALM segment operates on a revenue share model for hyperscale decommissioning, with margins in the teens to 20s, while enterprise services have margins in the 20s to 30s [33][34] - The company targets a leverage range of 4.5 to 5.5 times debt to EBITDA, currently operating at around 5 times, providing financial flexibility for growth [14][57] Growth and Investment Strategy - Iron Mountain plans to continue investing in data center development, funded by cash generated from its records management segment, which requires limited capital expenditure [13][36] - The company is focused on organic growth but remains open to strategic acquisitions if they present compelling opportunities [40][41] - Cross-selling initiatives are a key focus, with management compensation linked to cross-selling performance to drive revenue growth [20][55] Records Management Segment - The global Records Management segment grew about 9% last year, with expectations for continued growth driven by digital solutions and services [43][44] - The digital solutions business within Records Management is expected to grow at double-digit rates, fueled by increasing client demand for data digitization [44][45] Challenges and Market Dynamics - The company is aware of potential power constraints in certain markets but has not faced significant issues, thanks to proactive measures like building substations [72][73] - Competition in the data center market is healthy, with hyperscale clients increasingly favoring fewer, more reliable partners [68][69] Future Outlook - Iron Mountain aims for a revenue CAGR of 10% from 2021 to 2026, with current performance exceeding these targets [52][52] - The company is well-positioned to leverage AI and digital transformation trends to enhance service offerings and operational efficiency [10][55] This summary encapsulates the key insights from the conference call, highlighting Iron Mountain's strategic focus on growth, innovation, and operational efficiency across its business segments.

Fortinet, Inc. (NASDAQ:FTNT) Management presents at Morgan Stanley's Technology, Media & Telecom Conference March 5, 2023 5:05 PM ET Company Participants Ken Xie - Chairman and CEO Keith Jensen - CFO Conference Call Participants Hamza - Cybersecurity analyst at Morgan Stanley Hamza Fodderwala All right. Good afternoon, everybody. Thank you for joining us. My name is Hamza. I'm the cybersecurity analyst here at Morgan Stanley. And with me, I'm really excited to have the team from Fortinet here. We have Ken X ...

Advanced Micro Devices, Inc. (NASDAQ:AMD) Morgan Stanley Technology, Media & Telecom Conference March 5, 2024 11:00 AM ET Company Participants Joseph Moore - CFO Conference Call Participants Jean Hu - Morgan Stanley Jean Hu Welcome back, everybody. Joe Moore from Morgan Stanley Semiconductor Research. Very happy to have with us today Jean Hu, the CFO of AMD. I think, I just read this real quick. For important disclosures, please see the Morgan Stanley Research disclosure website at www.morganstanley.com. If ...

ON Semiconductor Corporation (NASDAQ:ON) Morgan Stanley Technology, Media & Telecom Conference March 5, 2024 5:50 PM ET Company Participants Hassane El-Khoury – Chief Executive Officer Thad Trent – Chief Financial Officer Conference Call Participants Joe Moore – Morgan Stanley Joe Moore Everybody, I’m Joe Moore, again, Morgan Stanley semiconductor research. Very happy to have the executive team from ON Semiconductor, Hassane El-Khoury, CEO; and Thad Trent, CFO. So I wonder if you guys could just start out. ...

Palo Alto Networks, Inc. (NASDAQ:PANW) Morgan Stanley Technology, Media & Telecom Conference Call March 5, 2024 2:45 PM ET Company Participants Nikesh Arora - Chief Executive Officer and Chairman Conference Call Participants Hamza Fodderwala - Morgan Stanley Hamza Fodderwala Good morning, or almost good afternoon, everybody. I hope you're doing well. My name is Hamza Fodderwala. I'm the cybersecurity analyst here at Morgan Stanley. And with me this afternoon, we have Mr. Nikesh Arora, Chairman and CEO of Pa ...

Summary of Zoom Video Communications, Inc. Conference Call Company Overview - **Company**: Zoom Video Communications, Inc. (NASDAQ: ZM) - **Event**: JMP Securities Technology Conference - **Date**: March 5, 2024 - **Participants**: Kelly Steckelberg (CFO), Patrick Walravens (JMP Securities) Key Points Business Transition and Performance - **Transition Phase**: Company is in a significant transition phase, moving from pandemic-driven growth to a more stable growth model [9] - **Revenue Segments**: Pre-pandemic, the Online segment contributed about 20% of revenue; during the pandemic, it surged to over 60% [10] - **Current Trends**: The Online segment has been declining as in-person interactions resume, but stabilization has been observed in recent quarters [10][11] Financial Performance - **Q4 FY2024 Results**: Revenue exceeded guidance, with strong free cash flow and $7 billion in cash at year-end [27] - **Buyback Authorization**: The Board authorized a $1.5 billion buyback for FY2025 [27] - **Sales Team Recovery**: After a significant reorganization and reduction in force, the sales team regained productivity, finishing Q4 strong [29] Future Growth Strategies - **Growth Acts**: - **Act 2**: Focus on expanding the phone segment, which now accounts for over 10% of revenue with more than 7 million seats [13] - **Act 3**: Transitioning to a full collaboration and communication platform, introducing products like Zoom Contact Center and Zoom AI Companion [14] - **Contact Center Development**: The Contact Center product is evolving with new pricing tiers and features, aiming to capture a larger market share [21] Market Potential - **Contact Center Market Growth**: The contact center and conversational AI market is projected to grow from $19 billion in 2023 to $39 billion by 2027, indicating a significant opportunity for Zoom [24] - **Self-Service Focus**: Emphasis on helping customers self-serve through conversational AI and transitioning legacy systems to the cloud [25] Guidance and Challenges - **Cautious Outlook**: Guidance reflects caution due to international market headwinds and the need for new leadership to drive growth in EMEA and APAC regions [31] - **Renewal Events**: Many customers had renewal opportunities in FY2024, impacting revenue stability; the company expects a low point in year-over-year growth in Q2, with reacceleration anticipated in the latter half of the year [35] Long-Term Strategy - **Operating Margin**: Long-term operating margin target remains at 28% to 32%, with a current margin of 39% due to investments aimed at reaccelerating growth [36][37] - **Portfolio Expansion**: Plans to expand product offerings to enhance online growth, targeting small business needs [43] Additional Insights - **User Experience**: High user satisfaction with Zoom Phone, which is designed for ease of use and portability [18] - **AI Integration**: The company is integrating AI into its products, particularly in the Contact Center, to enhance efficiency and customer service [22] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting Zoom's current position and future growth potential in the evolving market landscape.