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Well, a lot going on. It's fascinating times at Palo Alto Networks. Thank you so much, Nikesh Arora, CEO. Really appreciate your time. Have a great rest of the day and we'll keep following the company closely. It's time for you to crack that bottle of Canti, given where you are. Nice. Cheers. All the best. |
I just wanted to ask if I could, first, as I think about your IQOS guidance for the year and obviously reducing that for Russia and Ukraine, I just wanted to be sure as you think aboutas thosethe new guidance incorporates your expectations, excluding Russia and Ukraine, is that the only adjustment you've made for volum... |
We've made considerable progress during the course of the year on improving access to Repatha. We've made considerable progress in both the commercial patients as well as prospectively for the Medicare Part D eligible patients. |
In fiscal Q3, we achieved record quarterly client SSD bit shipments, driven by share growth in client SSDs, as customers adopted our industryleading solutions. Our SSD QLC bit shipment mix reached a new record for the third consecutive quarter, with growth in both client and consumer. |
Increases in interest rates could negatively impact sales and create supply chain inefficiencies. Central banks and other policy arms of many countries may take actions to vary the amount of liquidity and credit available in an economy. |
For example, when a user sets up a Venmo account, it is Plaid that enables the user to link their bank account to their Venmo account. |
So, first, John, I think you're putting it in good context. And so, if you look at revenue performance of Embedded over the last several years, we've had that significant outperformance, as you pointed out, in 2017 and 2018. And last year, we probably gave some of that back. So, I'd just point out that in the most re... |
AnswerKevin A. Lobo: Well, certainly if the current marketplace continues, it will be much better, obviously, because July is trending better than June, as we mentioned and as long as we don't have an outbreak or have to go back to shelterinplace, as long as this trend line continues, we're feeling good about Q3. Que... |
And I think one of the reasons why that's remained that way is when we add to the business through M&A, those acquisitions tend to be a little bit less mature in rest of world. When we look at the next decade, we imagine a lot of the digital transformation we've already seen in the US and in Europe will spread to a lo... |
EVs are great for ADI. |
Brian, thanks. That's a very efficient mechanism and will move up and down. As Carol said, it's a different type of price. AnswerCarol B. Tome: And I'm just so happy you asked about delivery density. Because we've tried to move the needle on this area for along time and we haven't been successful principally becaus... |
I'll take your question. If you look at the Mac, the Macit was the best quarter we've ever had in the history of the company. It was helped by the product launch of the MacBook Air with M2. And so, we had a backlog exiting our Q3 headed into Q4. We were able to satisfy all of that demand during Q4 and fill the channel... |
AnswerPierre R. Breber: Yeah, essentially and then we just restated. So, yeah, the $4 billion guidance wasdid not anticipate a transaction or an acquisition at the time. There are two sort of restrictions that we're operating under. So, we're just operating under a different regime here during the transaction. Postc... |
And, in fact, for the first six months it grew at 4%. QuestionDavid W. Barden: So I just was talking to Ronan Dunne at Verizon about the restructuring of the business that they did and all the new management teams that they have there and their roles. This summer, we've had a lot of changes now at AT&T as well. |
If I'ma potential IFS customer and I start my design today, realistically, right, I'm not expecting my chip design to be ready for manufacturing conservatively for at least 2 years because that's just how long the design cycle times are for these leadingedge chips. |
So the way I would think about the margin opportunity that we have and you will really see this kick in from an inflection point as you think about the 2024 margin opportunity that we have, which brings together the combination of us really ramping and accelerating the production volumes within the plant, combined with... |
Operator We'll take our next question from Michael Cyprys with Morgan Stanley. |
As we've previously discussed, FPL historically utilizes more reserve amortization in the first half of the year given the pattern of its underlying revenues and expenses and we expect to continue this trend this year. |
AnswerDavid A. Ricks: Yeah, thanks, Andrew. It's a deeply flawed assumption. Of course, the Executive Order method has other problems in terms of legal power, but if enacted under administrative rules, there isn't necessarily a requirement to square the budget. So savings can be assumed in other ways and there's a... |
Keep in mind that the mucosal healing and corticosteroidfree remission definitions were more stringent in this trial than what we've observed in historical clinical trials. |
So, that's a strong position for us. But that also means that our ability to compete is not simply a narrow handset subsidy, but it's about strong CRM, highly targeted offerings, differentiated propositions, bringing customers things they truly value, and particularly doing it in a way that'snot driving up our cost of ... |
We saw varied (00:33:18) COVID19 impact across countries in the region with South Korea emerging the fastest delivering 8% growth in the quarter and digital growth was nearly 80% led by strength in Japan, Korea and Brazil, with Women's growing two times the rate of Men'son NIKE Digital. As of today, approximately 65% o... |
But I think the biggest and most important part here is commercial execution on the ground and thinking about workflow in the hospital systems, right ? Managing that and addressing that and working with the hospitals to address this workflow has been probably the biggest impact that the team has had. And then we're goi... |
That's what we wanted to see. That's what we are seeing. And it then becomes a platform to do more. So, we're now at 3 million Flex boxes out in the field. And that can't be a bad thing when you think about 30 millionplus customer relationships that we have and the pandemic has shown network usage as we shared in ... |
This condo is a third off. This company is a third off. But you just have to realize you're dealing in a slightly different place... QuestionKash Rangan: Yeah. AnswerMarc Benioff: And not just in Japan, also in Europe... QuestionKash Rangan: Yeah. AnswerMarc Benioff:...and in other places in the world as well. So that ... |
AnswerMark Grant: Thanks, Seth, and welcome. Our next question comes from Manav Patnaik with Barclays. Analyst:Manav Patnaik Q i MP ikHi d iIj f hMkIlli I QuestionManav Patnaik: Hi, good morning. I just want to focus on the Market Intelligence revenue. I guess you lowered by 50 basis points. Did I hear you right by ... |
In the US, we start from a smaller scale there. We've been bringing different parts of that business together. The Wealth at Work franchise is one that'shad particularly pleasing growth in it. And we've also been seeing some good growth as we pulled a comprehensive offering together for our customers. The biggest upsid... |
And Salesforce is an incredible company to take that forward. |
AnswerRyan Weispfenning: Thanks, Matt. Francesca, next question, please. AnswerFrancesca DeMartino: We'll take the next question from Larry Biegelsen from Wells Fargo Securities. Larry, please go ahead. Analyst:Larry Biegelsen QuestionLarry Biegelsen: Good morning. So for Sean, this quarter I probably got more questi... |
I think as you pointed out, the fundamental issue is that while we see terrific results with KEYTRUDA in a substantial fraction of cancer patients that still leaves substantial fractiona very substantial fraction in some tumor settings who just don't respond and the question is why ? We've published data in which we pr... |
It's also about trust, and I think the Trust Layer and the way that we've architected our platform so that our customers are not basically getting taken advantage of these next generation, large language model, these foundation models. We're not going to let them have it. We're going to separate ourselves from those m... |
AnswerMichelle Clatterbuck: Oh, thanks, Kirk. When you think specifically about something like the expert platform, AI services on that, yes, we have employed and continue to employ, as we talked about at Investor Day, a number of data scientists who are coming into really help us continue to develop this critical c... |
Very good question. There is one really significant item, just to make sure that we're all aware of, and that's that we'rein an MLR collar or MLR rebate position in many of our Medicaid states currently. And as we look at what future rate actions or rate filings could do, the first thing that they will do is they wil... |
So if you look at the percentages, foundry / logic is really around twothirds of total wafer fab equipment. |
I'm happy to address that. I think just to recap on some of those points, we do believe our climate risk framework is both credible and ambitious and addresses the realities of our Triple Mandate: meet transition pathway demand; deliver competitive returns; and achieve net zero emissions on the emissions we control, w... |
It's a simple, reliable and private way to receive important updates from people and organizations. And I'm quite excited for more people to try it as we bring the product to more countries through the rest of this year. We partnered with Microsoft to opensource Llama2, the latest version of our large language model a... |
AnswerGeorge Damis Yancopoulos: Well, we powered our futility analysis as well as our clinical trial to deliver what we believe would be clinically meaningful benefit if the study proves positive, which we hope it will. I remind you that in other settings, in asthma, in particular, Dupixent has distinguished itself f... |
For example, as a result of limited visibility into encrypted products, we have fewer data signals from WhatsApp user accounts and primarily rely on phone numbers and device information to match WhatsApp user accounts with accounts on our other products. In addition, such evolution may allow us to identify previousl... |
Second, we are establishing a more disciplined innovation framework and a new path forward for increased marketing effectiveness and efficiency. Third, we are strengthening our RGM and execution capabilities to drive relevance and responsiveness. |
HIV revenues increased 8% yearoveryear primarily due to higher demand driven by Biktarvy and, as I said earlier, the normalization of inventory purchases in the US partially offset by lower sales of Truvada. |
The acquisition of PPD is a great example of how our capital deployment strategy is creating customer and shareholder value. The combination of a great business and a smooth integration is driving excellent financial performance. |
And, again, how do you think about that opportunity ? AnswerNikesh Arora: So you guys are seeing likelook, there's a huge movement out of this whole, the GitLabs, HashiCorp, Atlassians of the world, where it's kind of developerled, developers pick up tools that make stuff up happen. That's why we don't have 4, 000 pol... |
And I'll be your conference operator today. At this time, I would like to welcome everyone to the Merck Oncology ESMO Virtual Investor Relations Event Conference Call. After the speakers' remarks, there will be a questionandanswer session. |
Nothing is going to solve this with a snap of fingers. And so, one, we're carbon neutral. Two, we're leading the financing as we talked about (30:56). So, we have to think about this as an operator. We have to be carbon neutral, net zero and work on that. We have to think as an educator. We have this big staff they... |
And maybe just one more on WarnerMedia actually that I wanted to ask you, can you just talk about your strategy as it relates to Turner given the secular pressures in that business from pay TV subscriber declines ? |
Thanks, Erin. Erin, I don't know that I would call as an inflection point. I think we've seen now over at least the last two, maybe even three quarters a progressing level of stabilization. And we would measure that stabilization in terms of some things that caused some disruption in the past, a series of adjustments i... |
In Africa, we have recently taken several steps to help accelerate the shift to digital payments. On the credentials side, mobile money wallets are already prevalent across Africa. |
For example, we continue to expand the range of clinical services we provide via our HouseCalls initiative. |
Phil ? Analyst:Philip Winslow QuestionPhilip Winslow: Yeah. Thanks guys for taking my question and congrats on a great Q3. I just wanted to focus in on the apps business. Obviously, Safra, you called out the acceleration there, but also some pretty strong growth rates, ERP Cloud 38%, HCM Cloud Fusion 27%. So, two quest... |
AnswerRobert A. Iger: Dan, before I answer your question, I just want to clarify two things. My number on the number of people who have been carried on the Millennium Falcon attraction was way low. Usually I pride myself on being right with statistics, it's 5 million, not 1.7 million. And secondly, we will have access ... |
AnswerDaniel O'Day: Thanks, Cory. I really appreciate the opportunity to answer that. I think they can both very much happen in parallel. I mean, I can just articulate that the Galapagos collaboration, for instance, I mean it involved teams of people within our organization that are absolutely dedicated to both the Dis... |
And you see it across the board. And MLs are becoming more and more part of everyday life. Soand whether you're frontend developer, backend engineer, whether you're an analyst or even HR, I'm sure you probably come across ML in your work. I know I have and I've had a lot of different roles in my career. And the proble... |
Are you seeing evidence of spot prices are stabilizing ? AnswerAndre Schulten: We see... QuestionJason English: In aggregate. I know there's going to be pieces going different directions. AnswerAndre Schulten: When I say stabilize, what we see is smaller increases than the increases we've seen at the beginning of the f... |
AnswerMatt Hicks: Yeah. And I think for a lot of companies, it's picking that balance. AnswerWajahat Ali: Howard, I have a final minute. It's about marriage, it's about partnership. I am happily married so far for 10 years, knock on wood. What is an example right now where you see a great little marriage and symmetr... |
So far this year, we've also introduced new price assessments for Black Mass in Europe and Asia and for RPET in India to improve transparency in pricing of battery raw materials and recycled plastics. We remain focused and disciplined in our M&A, completing the acquisitions of TruSight and ChartIQ within Market Intelli... |
The emerging markets have more problems. The government doesn't have another $1.5 trillion stimulus. A bank has to be prepared for both. |
QUESTION AND ANSWER SECTION Analyst:Suraj Kalia QuestionSuraj Kalia: Yeah. So Scott, let me just start out, overall, COVID has disrupted the environment for a lot of companies. Entering into calendar Q1, how do you allare things getting better or things getting worse as you guys see it ? |
That's what we think. And so, we've seen rationalization happen in other markets from China to Korea to India to even kind of Europe, UK now. As you look at the US, do we need consolidation and really just rationalization down to fewer players to make this a profitable country ? AnswerDara Khosrowshahi: So, I guess, if... |
Is it one dose versusone dose versus two doses ? Is it a second line label versus something broader ? What's your latest thinking on where that could land ? AnswerMichael E. Severino: Well, we feel very comfortable with our ability to compete with either dose, but we've said previously, and we still believe that the be... |
And is that just kind of operating leverage in the business ? Are there any other explanations to discuss there ? AnswerEvan G. Greenberg: Larry, there isI'm going to give you three answers. Number one, we had the runoff, if you will, of all the projects we have put in place since the merger, and those had some runoff... |
Now, it will go more widely. Also recommender systems. We're also seeing the applying the technology to video and collaboration platforms, that's with our NVIDIA Maxine products. Those are obviously where some of these were invented last year. They're going to come to market now and activate. So, conversational AI is a... |
For what it's worth, I think if we do that well, it will beI think we will be able to do better product work. |
And as you saw in our first quarter results, where wireless EBITDA grew by 2.3%. And as you heard from John Stanke recently, we plan to realize incremental transformation, cost savings about between $1.7 billion and $2 billion by 2023, which in part allows us to reinvest to support the growth of our business. ... |
What are the puts and takes on why that would happen sooner, why that's the right timeline or why it would take longer ? AnswerAndy McLean: So I agree with your timeline. But let me... QuestionRick Schafer: Okay. |
We also recently reached anew fleet product partnership agreement with Edenred, which is making their Edenred Essentials product available to commercial and public sector organizations with vehicles in the United States. |
Earlier this year, investors used iShares bond ETFs to express preference for short duration treasuries, and more recently, our highyield, our corporates, long duration ETFs have been leading the flows. |
And it is on Ford's website right now. But you said a lot just there, and I'd like to try to unpack it a little bit with you. Maybe just starting off within practical purposes, just running a company, what is running the business on the EV side and the ICE business differently really mean ? What does it mean organiza... |
Your line is open. Analyst:Doug Terreson QuestionDoug Terreson: Good morning, everybody. AnswerRyan M. Lance: Morning, Doug. QuestionDoug Terreson: So, Ryan, you guys are one of the few, if not the only Big Oil or E&P with higher rather than lower normalized returns on capital in recent years. And while your stock has ... |
The other thing that we have been very focused on this quarter is continue to lead the market in wireless and for consumers. We also added in a lot of partnership as we now have network serviceasastrategy. |
Google other revenues were driven by growth in YouTube's nonadvertising revenues primarily from subscriptions as well as by Google Play revenue growth. |
AnswerCraig A. Menear: And again, we saw in all of our top 40 markets, doubledigit growth. |
So we have powerful data there. I think the other thing we have is the device itself. We talked about Trulicity. Emgality uses the same platform and the same device as Trulicity. And we also know that, as I mentioned, primary care physicians were the ones prescribing here and there's a significant overlap between a phy... |
And so ADI has also, since those high margins generate a lot of cash, done a very good job of returning the cash to you, the shareholders. |
Analyst:Jon Raviv QuestionJon Raviv: Hey, thanks. So what's going on there ? |
Great question. I'll take that. I mean, I think just to sort of level set, last year, Ingenio, we really spent our time of ensuring a seamless transition, and we felt really good getting through the transition and finishing that. So, I'd say 100% of our energy was spent on that moving 16 million pharmacy members over, ... |
AnswerLance M. Fritz: Yeah, that's an excellent question. Thanks for allowing me to close upon it. The cool thing about our railroad is just how much cash we generate, right ? Even in a very difficult year last year, we had very strong cash generation. And to your point, our guidance basically says 17%ish ROIC looking... |
AnswerTed Cannis: I think there is nothere are no solid lines in this business. I think, like we said, there was a time to not announce egears and eMotors with our partners. We like the competitive friction. We like the access to technology. We've seen other OEMs make big bets on battery technology go along in that a ... |
Michael E. Severino Thank you, Rick. When we set out as an independent company, we knew that building a productive R&D engine was an essential part of our success, and we're proud of the progress we've made over the past seven years. We've built one of the strongest latestage pipelines in our industry and brought to ma... |
PSD2 is obviously something that is in the process of being rolled out in Europe and secure customer authentication, the FCA standard, has definitely come up throughout the conference in different panels. |
But if you look at it fundamentally, nearterm, it's really about being able to have this bestinclass mobile, realtime, diagnostic quality CT imaging that really helps facilitate these complete procedural solutions, which is increasingly a trend we're seeing in spine. Operator Your next question comes from the line... |
On the enterprise side, as we have always said, it takes a bit longer because the sales cycles are a bit longer. We have made very nice progress with all of the top OEMs. I think the portfolios are continuing to expand. We are excited about not just the current portfolio, as you said, with Genoa, but as we expand to ... |
Can you maybe just put that in context of how you expect that ramp to maybe look like versus the prior wave of reimbursed procedures in Japan ? |
We launched anew line of desktop workstations based on NVIDIA RTX Ada Lovelace generation GPUs and ConnectX, SmartNICs offering up to 2x the AI processing ray tracing and graphics performance of the previous generations. These powerful new workstations are optimized for AI workloads such as finetune AI models, changing... |
Justin Post AnalystBank of America And then maybe, Ruth, on the CapEx, where is most of that going to and how do you think about that going forward ? Ruth Porat ExecutiveCFO The majority of CapEx does continue to be for our technical infrastructure. The technical infrastructure team has consistently focused on levers ... |
I suspect you can. AnswerAndrew Philip Witty: No. I don't know whether you can do that literally in an annual, quarterly cycle. So it depends what you mean by every time you go through. You need to have great systems. But can you imagine that's a $1 trillionthat's probably a $1 trillionplus sat there as a fundamenta... |
AnswerThomas A. Kennedy: Yeah. So let me back up and say what is this LTAMDS outside of being a very interesting acronym. It's the next generation radar for the Patriot system and it's a radar that the U.S. Army wants to develop to essentially allow the Patriot system to continue to live on for another 40 years. And so... |
AnswerGeorge Damis Yancopoulos: Yeah. The opportunity for this class which is obviously dominated by Keytruda right now because, up until now, it was the only agent that had this strong data across the spectrum of monotherapy and chemo combination, we think that now we can be legitimate competitors here in the lung ca... |
To bring it all together on chart 11, the first quarter delivered solid operational performance that was largely inline withourexpectationsinspiteoftheeffectsoftherecentCOVIDspikesOurcashgenerationanddeploymentalsogot with our expectations, in spite of the effects of the recent COVID spikes. So with that, John, let's... |
I mean, if you think about premium amortization expense over time, it's going to depend on the path of rates and I just would remind you that prepayments lags movements in mortgage rates. People tend to focus on the 10year, it's about mortgage rates. And they lag that by a little more than two months. And I would also... |
And I think that's going to drive a whole other segment for us. |
And for anybody who wants to ask questions, you can just scan the QR code on the table and submit them directly tome. Look, I think, we can dive, it's probably a short term question, but it's something that's been dominating some of the debate we've had recently. And I can see the smiles in your faces, we can... Answer... |
But when interest rates rise, we reach out to clients and suggest they consider realigning their investment cash into other solutions, whatever the client sees fit, whether that would be a purchase money fund, purchase money market fund, a CD, a treasury security or other appropriate cash solution that the client is in... |
Analyst:Stewart Kirk Materne III QuestionStewart Kirk Materne III: Thanks very much. I guess at the outset, I'd say thanks very much for the guidance with COVID. And I realize things are moving quickly, but even just the color you've given today I think is helpful to help us think through this as it continues to evolve... |
Reconciliations of all nonGAAP financial measures can be found in our earnings press release or on our website at investorrelations.medtronic.com. And finally, our EPS guidance does not include any charges or gains that would be reported as nonGAAP adjustments to earnings during the fiscal year. |
And the second, I was just curious how you'repositioning the PEO franchise to really win market share in a post pandemic environment, given the secular growth seems to be very favorable ? But how do you actually make sure that ADP wins share ? AnswerCarlos A. Rodriguez: Soon the first question, I think I said it in my ... |
During this call, we will present both GAAP and nonGAAP financial measures. A reconciliation of nonGAAP to GAAP measures is included in today's earnings press release, which is distributed and available to the public through our Investor Relations website located at abc.xyz / investor. |
Shared value is an important concept and something that we have fully embraced as we think about how to best: allocate our time and capital; deliver strong, efficient growth; reduce costs; and operate with discipline. |
Let me start off answering the first question. We talked about that reflected continuation of the same operating model we delivered in 2019, so my comments about gaining share in accommodations with some deceleration of room nights, some modest pressure on operating margins, and for EPS to benefit from our share buyb... |
We've been, of course, giving some very careful consideration to it. We think that what we are coming up with reflects thewith accuracy the situation today. |
In China, growth in urology was solid, in particular with growth in prostatectomy, nephrectomy and partial nephrectomy. |
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