Agilent Technologies, Inc. (NYSE:A) 44th Annual TD Cowen Health Care Conference March 4, 2024 2:50 PM ET Company Participants Robert McMahon - SVP and CFO Conference Call Participants Daniel Brennan - TD Cowen Daniel Brennan Great. Here to kick off the Agilent session. I'm Dan Brennan, I cover Tools Diagnostics here. Really pleased to be hosting Bob McMahon, Chief Financial Officer of Agilent here at the 44th Annual TD Cowen Healthcare Conference. So, first off, Bob and Parmeet, welcome. Robert McMahon Than ...

Company and Industry Overview * **Company**: KLA Corporation (NASDAQ: KLAC) * **Industry**: Semiconductor Equipment and Materials * **Event**: Morgan Stanley Technology, Media & Telecom Conference Call, March 4, 2024 Key Points Corporate Priorities and Financial Targets * **2026 Financial Targets**: Revenue of $38 billion and earnings per share of $38. * **Revenue Growth**: Semiconductor revenue growth expected to be 2x GDP, aligning with McKinsey's projection of $1 trillion in semiconductor revenue by 2030. * **Capital Intensity**: Capital intensity has been climbing since 2013-2014, with recent elevated levels due to investments in China. * **Market Mix**: Memory expected to grow at GDP plus rates, with logic foundry growing faster, resulting in a mix of approximately 60-70% logic foundry. * **Process Control**: Process control intensity is higher in logic and foundry than in memory, benefiting KLA's strong position in process control. * **Service Business**: Growing 12-14% in 2024, driven by high complexity, low redundancy, and long-term contracts. * **EPC Business**: Expected to grow about 10%, with Specialty Semiconductor being the strongest part of the business. * **Gross Margins and Operating Margins**: Gross margins in the low 60s, with a target of 63%. Operating margin target of 40-50% incremental. * **Capital Structure**: Actions to drive EPS level about 1.5x revenue growth rate, with 85% of cash flow returned to shareholders. Process Control Intensity and Growth Drivers * **Process Control Intensity**: Increased from low 6% in 2021 to high 7s in 2023, driven by adoption of leading-edge design rules and HBM. * **Growth Drivers**: Incremental scaling, changes in architecture, power distribution, and competitive dynamics in leading-edge technology. * **Optical Inspection**: Grew at about 1.7x the rate of WFE from 2019 to 2022, driven by adoption of EUV and scaling of devices. Semiconductor Equipment Market * **2023 WFE**: Estimated at $87-88 billion. * **2024 WFE**: Expected to be flattish to slightly up in the high 80s. * **Leading Edge**: Expected to improve, driven by 3-nanometer activity. * **Memory**: Expected to grow modestly, mostly in DRAM, with HBM and advanced DRAM as drivers. * **China**: Expected to be flattish, with some inefficiency in investment and over time, some rationalization. Advanced Packaging * **Growth Drivers**: Rising complexity, pitch shrinking, and increased metrology requirements. * **Revenue**: Expected to grow at least 2x WFE growth rates, potentially reaching $1 billion by the back half of this decade. Memory * **DRAM**: Utilization has improved slightly, with core DRAM CapEx expected to remain healthy. * **NAND**: Spending has been low, with capacity investment expected to follow a similar path into next year. Services * **Growth**: Expected to grow 12-14% in 2024, driven by utilization improvement and tools coming off warranty. * **Visibility**: Good visibility into future revenue due to long-term contracts and high attach rates on services. Other Key Points * **Supply Chain**: Managed well through 2022, with strong partnerships with suppliers and investments in capacity. * **Geopolitics**: Not speculating on government actions, but acknowledging the desire for self-sufficiency in China and potential inefficiencies in investment. * **High NA**: Expected to drive scaling and adoption of EUV, benefiting KLA's high-end inspection capabilities. * **Competitive Dynamics**: Strong competitive dynamics in leading-edge technology, with multiple markets driving adoption of leading-edge nodes.

Pfizer Inc. (NYSE:PFE) TD Cowen 44th Annual Health Care Conference March 4, 2024 11:10 AM ET Company Participants David Denton - Chief Financial Officer and Executive Vice President Conference Call Participants Steve Scala - TD Cowen Steve Scala Well, good morning once again. We're delighted to have Pfizer here at Cowen's 44th Annual Healthcare Conference. Representing the company, Dave Denton, who is Chief Financial Officer as well as Executive Vice President, will start out. Dave is going to give a few th ...

Applied Materials, Inc. (NASDAQ:AMAT) Morgan Stanley Technology, Media & Telecom Conference March 4, 2024 11:00 AM ET Company Participants Brice Hill - CFO Conference Call Participants Joseph Moore - Morgan Stanley Joseph Moore Great, good morning everybody. Usually when I have done the first session, they give me a script of things I am supposed to say and I don't have that script. So, welcome to the Morgan Stanley TMT Conference. And I'm sure we'll have something smarter to say there. So just quickly on t ...

Summary of Netflix, Inc. Conference Call Company Overview - **Company**: Netflix, Inc. (NASDAQ:NFLX) - **Event**: Morgan Stanley Technology, Media & Telecom Conference - **Date**: March 4, 2024 - **Participants**: Spencer Neumann (CFO), Benjamin Swinburne (Morgan Stanley) Key Points Leadership Transition - The transition to a co-CEO structure with Ted and Greg has been smooth, with no significant changes in operations noted, as the groundwork was laid over the past few years [3][5][6] Growth Potential - Netflix is still in the early stages of growth, with less than 10% view share and over 5% of the $600 billion revenue opportunity in the entertainment sector [8] - The company aims to expand its member base significantly, targeting hundreds of millions of connected TV homes globally [8][9] Financial Growth Expectations - Netflix is focused on delivering healthy revenue growth, aiming for double-digit growth and margin expansion over time [10][11] - The company emphasizes the importance of improving entertainment value to drive growth across revenue, profit, and cash flow [11][15] Content Strategy - Netflix spends approximately $17 billion annually on content, with ongoing efforts to optimize returns on this investment [20] - There is a strong focus on diversifying content offerings, including games, live programming, and local originals [25][30] International and Local Content - Non-English content accounts for about 30% of total view hours, highlighting the importance of local storytelling in Netflix's strategy [30] - The company is actively expanding its presence in international markets and local original productions [27][28] Engagement and Retention - Engagement metrics have shown growth, with Netflix's TV view share increasing from approximately 6.5% to 8-9% over the past couple of years [32] - Engagement is crucial for retention and acquisition, influencing pricing power and advertising opportunities [35][37] Advertising Strategy - Netflix has seen significant growth in its advertising tier, with over 23 million monthly active users and a 40% organic sign-up rate for the ad tier [58][59] - The company expects advertising to become a more meaningful revenue driver in the coming years [59] Live Programming and Partnerships - The recent deal with WWE for live programming is seen as a strategic move to enhance content offerings and engage fans [49][51] - Netflix is not shifting its overall sports strategy but is exploring opportunities in sports entertainment that align with its business model [55][56] Financial Management and M&A Strategy - Netflix maintains a conservative approach to leverage, focusing on organic growth and prudent capital allocation [70][72] - The company is selective in M&A opportunities, prioritizing investments that align with its long-term growth strategy [75][76] Future Content Highlights - Upcoming content includes adaptations of popular works and new international productions, indicating a diverse content pipeline [78] Conclusion - Netflix is positioned for continued growth with a focus on enhancing content offerings, expanding international reach, and optimizing financial performance while maintaining a strong balance sheet. The company is committed to delivering value to its members through innovative strategies in content, advertising, and engagement.

Airbnb, Inc. (NASDAQ:ABNB) Morgan Stanley Technology, Media & Telecom Conference March 4, 2024 5:10 PM ET Company Participants Ellie Mertz - CFO Conference Call Participants Brian Nowak - Morgan Stanley Brian Nowak All right. Good afternoon, everyone. Welcome to our next fireside discussion with Ellie Mertz, the CFO of Airbnb. We are very thrilled to have Ellie here. This is her first interview in this setting as the CFO. So, Ellie, thank you so much for joining us. Great to see you. Ellie Mertz Great to se ...

Summary of ServiceNow, Inc. Conference Call Company Overview - **Company**: ServiceNow, Inc. (NYSE: NOW) - **Event**: Morgan Stanley Technology, Media & Telecom Conference - **Date**: March 4, 2024 - **Participants**: Gina Mastantuono (CFO), Keith Weiss (Morgan Stanley) Key Points Company Vision and Strategy - ServiceNow aims to be the defining enterprise software company of the 21st century, with a consistent strategy focused on innovation and expanding customer workflows [3][6] - The company has achieved significant milestones, including guiding for over $10 billion in revenue and having three workflows exceeding $1 billion in Annual Contract Value (ACV) [3][7] Financial Performance - ServiceNow is projected to achieve approximately $10.6 billion in subscription revenues, exceeding previous targets despite a challenging spending environment [7][8] - Over 85% of net new ACV comes from existing customers, indicating strong customer retention and platform stickiness with renewal rates of 98-99% [3][8] Market Position and Demand - The company benefits from a broad product portfolio that addresses various enterprise needs, allowing it to maintain strong demand even during economic uncertainty [8][10] - ServiceNow is viewed as a deflationary force, helping customers achieve productivity and cost savings [8][10] Product Portfolio and Innovation - The company has over 12 products with ACV exceeding $250 million, showcasing a diverse product offering [3] - ServiceNow has been proactive in integrating AI into its platform, launching its first AI SKUs in September 2023, and is seeing strong initial customer reception [21][24] Customer Engagement and Spending Trends - CFOs are increasingly involved in digital strategy discussions, indicating a shift towards prioritizing technology investments that drive efficiency [12][10] - The company is cautiously optimistic about 2024, noting an increase in IT spending as reported by Gartner [10][12] Verticalization and Acquisitions - ServiceNow is focusing on vertical-specific solutions, with significant growth in industry vertical solutions, particularly in telecommunications and financial services [45][49] - The recent acquisition of netACE is aimed at enhancing capabilities in the telecommunications sector [49] Partnerships and Market Expansion - A new five-year partnership with AWS will allow ServiceNow offerings to be available on the AWS marketplace, expanding market reach [54][56] Financial Metrics and Guidance - The company maintains a strong outlook with a revenue guide of $15 billion by 2026, and CRPO (Contracted Remaining Performance Obligations) is seen as a key metric for assessing future revenue [59][66] - ServiceNow is focused on maintaining free cash flow margins despite potential pressures from cash taxes and working capital dynamics [67][70] Conclusion - ServiceNow is well-positioned for growth in 2024, leveraging its innovative platform, strong customer relationships, and strategic partnerships to navigate the evolving enterprise software landscape [41][42]

eBay Inc. (NASDAQ:EBAY) Morgan Stanley Technology, Media & Telecom Conference Call March 4, 2024 3:40 PM ET Company Participants Jamie Iannone - Chief Executive Officer Steve Priest - Chief Financial Officer Conference Call Participants Nathan Feather - Morgan Stanley Nathan Feather Great. Well, good afternoon, everyone, and thank you so much for joining us. My name is Nathan Feather and I am Morgan Stanley's small and mid-cap Internet analyst. I'm excited to be joined this afternoon by Jamie Iannone, eBay' ...

AT&T Inc. (NYSE:T) Morgan Stanley Technology, Media & Telecom Conference Call March 4, 2024 1:15 PM ET Company Participants Jeff McElfresh - Chief Operating Officer Conference Call Participants Simon Flannery - Morgan Stanley Simon Flannery Alright. Good morning, everybody. Welcome to San Francisco. I’m Simon Flannery, I cover telecom services and communications infrastructure. It’s my great pleasure to welcome back Jeff McElfresh, COO at AT&T. Welcome, Jeff. Great to have you here. I think you have some sa ...

Cameco Corporation (NYSE:CCJ) 2024 Raymond James International Investors Conference March 4, 2024 1:40 PM ET Company Participants Grant Isaac - CFO Conference Call Participants Unidentified Analyst So Grant is going to give us a presentation today. And then we're going to leave a little bit of time at the end for questions. So, I'll turn it over to Grant. Grant Isaac Okay, great. Thank you very much. Obviously, thank you to Raymond James, for inviting us. We have been into this conference before. And I ho ...