text stringlengths 6 7.93k |
|---|
AnswerManish Bhatia: Yeah. QuestionAaron Rakers: And that is DRAM and NAND ? Once that is done, it'll bounce back and you can think of it like, like from where we were in the Q3 levels, from that we have volumes come down to almost a third, maybe even more than that into the Q1. So, at some point, there should be... |
We've embraced the realities of a changing We're now in attractive growthoriented end markets and we have a proven formula for how we run the company better through the Eaton Business System. |
And maybe a question on BD at this point. I mean, how are you thinking about BD ? But has anything changed at this point now that you are in a good position with the growth coming back ? Is there an updated thought there ? |
Thank you, all. We have reached the end of our call, and we do appreciate everybody dial in and ask questions. As always, Chip and I, we'll be available to address your followup calls. Thank you all for joining us today. Bye. That will conclude our conference for today. Thank you for your participation and for using ... |
I'll begin by saying that what we have seen, which is so far mostly United States and a little bit in Europe, is going to be a secondorder impact on us, not a firstorder impact. Let me unpack that and say what I mean. The bulk of the uncertainty is around the smaller banks, they're being the labeled regional banks, but... |
We all seem to be hereit seems like there's been a kind of an awakening, if you like, to ESG issues just in this last past six months, and particularly this year. More headlines this morning about pension funds just divesting out of fossil fuels altogether. How does Chevron compete for the incremental investment doll... |
Analyst:Sarah E. James QuestionSarah E. James: Thank you. It's clear the value United and insurers are creating for healthcare affordability and quality, when you look at the historical industry cost trend of 7% to 8% being brought down to 6% range with consumerism. And now you have a peer talking about future trends i... |
The quit rate in the United States has never been higher, reflecting confidence of employees. |
Our lifetime revenue expectations from these design wins remain in the same range as previously communicated. While we work through the nearterm dynamics in the data center, we remain confident in the growth outlook for this end market. We are seeing data center customers prioritizing key growth areas such as AI and ML... |
Also, Wearables, where Wearables are doing so great at a company level, they'redoing even better in China, and so lots of positives there. QuestionShannon S. Cross: Thank you. It continues to grow significantly faster than revenue. And then is there a point at which we might just see some leverage ? |
Thank you all for joining us for Eaton's Third Quarter 2023 Earning Calls. With me today are Craig Arnold, our Chairman and CEO; and Tom Okray, Executive Vice President and Chief Financial Officer. Our agenda today includes opening remarks by Craig. Then he will turn it over to Tom, who will highlight the company perfo... |
So, I guess, I know Andrew (00:33:31) asked about a number of other pipeline programs, but we don't have time to talk about all of them. So, I guess, which other pipeline programs would you highlight, either ones that are, I guess, you feel underappreciated by the Street, or ones that you're just particularly excited a... |
AnswerAlfred F. Kelly: I think in the short term, James, we're seeing many, many of these players use us and use our credentials, whether they're virtual cards or debit or credit cards, to actually payoff these various installments, and so we're getting instead of one transaction, we're getting four transactions, and ... |
Costs were up yearoveryear, primarily due to increased commodity and logistics expenses; engineering, software development costs; and the absence of a favorable Bolt recovery in the third quarter last year. |
As I mentioned, supply chain improvements enabled strongerthanexpected shipments, particularly in Construction Industries and supported an increase in dealer inventories. We saw increases in each of our primary segments and within Construction Industries, dealer inventories are now in their typical historical range of ... |
The PPACt playbook has five key elements: new system and device architectures, new 3D structures, new materials, new ways to shrink, and heterogenous integration. The transition to the new playbook is positive for Applied in two key ways: First, as the roadmap evolves, it is increasingly enabled by advances in materia... |
Just as a reminder, Visa's Class A, B, and C common stock structure was put in place in connection with our restructuring and IPO. The structure was designed to protect Class A and Class C stockholders from certain liabilities related to preIPO litigation referred to as the US covered litigation. |
Next question ? Operator Our next question is from Dominick Gabriele with Oppenheimer. Analyst:Dominick Gabriele QuestionDominick Gabriele: Hey. My previous question was actually just answered, I believe. Is that kind of the way you draw it out a little bit ? AnswerRyan McInerney: No, I wouldn't think about it tha... |
Wei: Rick, so far as I said TSMC's capacity will be very tight, not enough to support our customer. That all I can share with you. QuestionRick Hsu: Okay. That's very clear. Thank you so much again. Thank you, Rick. Operator NextoneonlineBrettSimpsonfromAreteResearchGoaheadplease Next one online Brett Simpson fro... |
Good morning, guys. Mike, I wanted to ask on the expenses, the first, in terms of the operating losses, I know it's tough to answer, but should we think of the op loss accrual this quarter as you reassessing what you might have to pay in the future, or you got hit with some stuff that you didn't expect and you've alrea... |
QuestionVivek Juneja: And how about in terms of liquid assets ? What level should we expect you would bring that down to ? Because those have come down a little bit when you look at them quarteroverquarter, and they're also down some yearoveryear. Is there room for that to comedown further ? What's sort of a run rate f... |
We don't want to do it alone. But I do even remember when James first presented our work with that waste at the Consumer Goods Forum and you havecompetitionthereaswellasmanufacturersretailerspeoplequicklysignedontotheplasticspartnershipbecause The trends have gone up. |
We also had strong bookings results in our insurance and retirement services offerings supported not only by legislative tailwinds, but also by the competitive positioning of our downmarket HCM ecosystem. |
What did you say, Scott ? I missed the question. QuestionScott A. Mushkin: Would U.S. EBIT have grown without the discrete items ? AnswerBrett M. Biggs: It would have been roughly flat. QuestionScott A. Mushkin: Roughly flat. Okay, great. Then my second question is regarding just kind of the strategy in the U.S. If I... |
Whether it's adopting modern application architectures, shifting to hybrid work and hybrid cloud, securing their enterprise, or meeting their ESG goals, Cisco is helping our customers thrive in a hybrid world. |
AnswerGlen Walter: Sure. So Give & Go, there's no question that when we think about their growth algorithm are there some crosscategory opportunities. The biggest opportunity we see with Give & Go right now is just to continue to allow them to expand. We can help them as they look at expanding into different channe... |
AnswerBrian T. Olsavsky: Sure, Brian. Let me start with AWS. We feel it was a really strong quarter. We had a growth year over year in our run rate from $24 billion to $33 billion, so 37% growth. The $9 billion that we increased our run rate by was second only to Q4 of last year as far as our history. So, as you can ... |
On the decline in the Networking that you project for the April quarter, I guess, first of all, is April quarter the bottom for Networking as well ? Are they declining sequentially as well ? |
I would say a big part of the strategy has been sort of a global practice, i.e., not just been US but deep into Europe and Asia. But it does feel like we'rein a period of globalization. I think you used the word slowbalization or something, that's ajust good phrase (00:28:24). How committed are you to your global footp... |
Beyond these brand and innovation initiatives, we are deploying our capabilities in revenue growth management and execution to adapt to changing channel dynamics. Providing beverages people desire at a price they can afford is increasingly important, given the macroeconomic pressures could be substantial and enduring. ... |
That's $0.02 more than what we can get from the other PET. So, with that, maybe I can go ahead and ask Henrique to weigh in and give a little bit more in terms of what he's also seeing. Or, Tim, actually, I don't know if you want to add in yourself since you work on capital allocation yourself as well. AnswerTimothy... |
Maybe just on Libtayoagain, you mentioned this is your kind of foundational or anchor molecule. As we think about the next key set of data, I guess, it's from the chemo combo studyall comers study, anything to call out in terms of that trial versus maybe some of the prior trials, or is this essentially just kind of tak... |
QuestionPete Skibitski: Tom, can you talk about some of these smaller programs at Missiles that you have going on ? One is this Coyote that you announced, a contract here this quarter for, not huge but not small either. And then this FEAVR radar and this HULK program, can you give us some color on some of those ? And ... |
And again, we'remodeling atypical recession, which in the US is a two to three quarter downdraft of typically 2% to 3% in GDP and then we'remodeling that into our markets, which would be probably more than that. QuestionMicrea Dobre: Sure. No, that's helpful. Aerospace and ESS margins have really stood out. Your ... |
And we're beginning to see some of that in different parts of the world. And finally, refinery rationalization; this is the part that's interesting for us because we've rationalized our portfolio over the past decade, and we're now seeing competitors start to do that. |
So, let me just start off by just acknowledging that in this challenging retail landscape, Lowe'sis very fortunate to operate in a sector that serves a resilient DIY homeowner and a Pro customer that'sin high demand. Looking out over the next few years, Lowe'sis focused on growing both Pro and DIY through our continued... |
Raymond Lo But we also havepeople have some internal error. I recommend you clear the cache, restartnot restart, refresh your browser. Sometime, it may happen. So, we have like a couple of people who have internal... Robert Chesebrough Okay, good. Well, another thing too for those of you that are having trouble... Ray... |
Appreciate it. John Lawler ExecutiveChief Financial Officer Sorry. About -- no, no, no. Total margin, contribution margin positive, total margin would be -- EBIT margin would be minus 20%. James Picariello AnalystBNP Paribas Got it. Yes. Can you bridge what the benefits are from a materials perspective, scaling in ter... |
HBO Max is at the top of those lists, and it's a real credit to the team and I think 2022 is going to be even a better year for that. QuestionMichael I. Rollins: I think this brings us to a good final question ahead of the rapid fire, which is going back to the survey. So we surveyed what the risk is to your pro forma... |
The situation is obviously extremely fluid. So, let's move on, talk a little bit about the macro and you alluded to it earlier. But there I say we're coming out of COVID. Historically, COVID has had an inverse relationship to procedure volumes here in terms of spiking COVID. What are you seeing out there in the field t... |
It's a continuing evolution of the Morgan Stanley strategy and a nod to the fact that having stronger digital capability across our Wealth Management business is critical and a nod to the fact that we're interested in expanding internationally. AnswerJonathan Pruzan: I will not attempt to make a crystal ball prediction... |
AnswerFrank K. Clyburn: Chris, good morning. For KEYTRUDA, we are very encouraged, especially over the last month. We are seeing new patient starts get back to where they were almost preCOVID. If you look at what happened in the quarter, Chris, April and May new patient starts were down somewhere in the range of about ... |
It's the only way to do it, really. So, that gives people energy security. And we can also, in working with the utilities, use the Powerwalls to stabilize the overall grid. So, let's say like if there waslike there was in Texas. There's no power in storage, no good form of power storage. However, with a whole bunch ... |
A quick one for Akhil as a followon. The spin timelines for Otis, Carrier doesn't sound like there's any impact, but does this transaction have any ramifications for the tax structure and the carveouts ? |
But where we really see Honeywell differentiating itself is in providing this fully integrated solution, driven by our remote operations software platform to monetize investors' energy storage assets. |
Anticipating changes to our customer demand, we have been moving supply from smartphone to service the strength in data center markets, for both DRAM modules as well as SSDs. |
Thanks, Manav. QuestionManav Gupta: Thank you. Operator We'll go next to Ryan Todd with Simmons Energy. Analyst:Ryan M. Todd QuestionRyan M. Todd: Sorry about that. My phone call dropped right as you asked me a question. Maybe if I could followup on one of the earlier questions in terms of the restarting of the buyback... |
Just about asset values. I guess, I just wanted to drill on that, if I could, and the idea that you guys have taken market rents to more of a neutral stance this year. You've taken market vacancy outlook higher. And is there any risk to that promote ? And then, maybe just a followup to that. Gene, you had said someth... |
And the market's obviously been very dynamic. How has the macro environment today evolved since the second quarter ? What's gotten better ? What's gotten worse ? And how does this compare to the assumptions in your guidance ? AnswerGlenn S. Boehnlein: Sure. |
And thenso you have 20% share in Japan. So, just wanted to see how you'rethinking about the pace of market share gain just given the trending dynamics there ? And then I've one quick followup. AnswerScott R. Ward: Yeah. I think we would expect that to continue to grow. And so we have been expecting and forecasting for... |
Maybe justcan you bring it down, maybe double down for me a little bit ? Can you give us a couple of examples of specific improvements you've made within the retail search category that have driven this user growth, the merchant spending and the overall more transactions for customers ? AnswerRuth M. Porat: Absolutely.... |
Operator Your next question comes from the line of Vivek Juneja. Allen Parker: Hi, Vivek. QuestionVivek Juneja: I just want to followup on all the regulatory stuff that's been going on. Allen Parker: Sure. QuestionVivek Juneja: The regulators' comments that things have been very slow, given all the hirings you've ... |
AnswerJim Baumbick: It's a great looking vehicle. So, we've been very thoughtful. We think of Bronco as having a lot of legs fora whole range of derivatives and that's the opportunity that we want to investigate. But right now, we'refocused on getting that winning product to market. And one other specific product, wh... |
AnswerDerek Idemoto:... (00:30:23) thoughts on how this whole... AnswerMohit Lad: Yeah. SoI thinkso look we had a great experience. We used capabilities that helped us simulate being in person, right ? We used the breakroom sessions and all that and created that experience. You have kids running around. So, in some s... |
So, Patrick, thanks for the followup on that. So I would think about it, the following. The timing of the transition and what the longterm demand for COVID there are so many scenarios, it's very hard to say which quarter which year exactly how things play out, right ? Because the capacity is repurposable, we will move... |
This will leverage his deep expertise in relationship, and when combined with Sunil Garg's additional role as North America Head, is designed to help us capture more of what is a significant business opportunity in our home market. |
Analyst:Joe Ritchie QuestionJoe Ritchie: Thanks. QuestionJoe Ritchie: Maybe just following up on John's question from earlier, obviously a big day herein the US. And I know his question was kind of limited to the tax implications. But I'm curious, Craig, just to hear your views on election outcomes and what that coul... |
Your line is now open. Analyst:Darrin Peller QuestionDarrin Peller: Thanks, guys. But if you guys don't mind just honing in on the services pieces, obviously, the other revenue is up. And there's definitely services flowing into the other transaction lines as well, so card not present fraud. I guess how big can this b... |
Analyst:Kerry Holford QuestionKerry Holford: Thank you. Just one left for me please, a broader question on cost and promotion in diabetes. So your competitor Novo Nordisk recently confirmed it's reducing its US sales force by around 25% and shifting those marketing costs through to digital routes. I wonder is that a si... |
So, this is just another way that we think is going to increase interest and demand for ETFs for our investors. AnswerLaurence D. Fink: I'd just add one more thing, Rob said it, and I said, I think, in my prepared talk, having commissionfree for long duration makes ETFs a great alternative to bank deposits, a really go... |
By leveraging the significant private infrastructure capital that has a strong demand for high quality, longterm contracted clean energy assets, NextEra Energy Partners maintains an attractive additional financing source. In summary, we believe NEP is wellpositioned to execute on accretive acquisitions for LP unitholde... |
And Anders, I mean that kind of shift and change, what have you been noticing ? No, but I thinkwhat Casey (01:22:09) just mentioned when he talked about the kind of commodification or sort of turning this into an asset class to the investment side, is I think that the art world feels wary about. I think there is always... |
They are always looking for great product, innovative product at a great value. And we do, we talk a lot about major technological advances in cordless technology. For several years now, the batteries and the motors and the electronics in these tools are really at the point that you can cut the cord in power tools and ... |
We believe Booking.com's payment services drive benefits for both our travelers and our supplier partners across hotels, alternative accommodations, cars, flights, and attractions. On the Connected Trip, I think it's a helpful reminder to talk through what we are hoping to achieve with this vision. Our vision for th... |
They don't have to deal with having too much. |
QuestionJeffreyJZekauskas:Sure QuestionJeffrey J. Zekauskas: Sure. White: So, currently what'sin other is our Materials Technology business, formerly called PST. You may recall... QuestionJeffrey J. Zekauskas: Yeah, I do. White:...that's the coatings business. It has what we call wholesale or our interco helium busi... |
This has raised demand concerns. Can you elaborate on order trends so far this year and how they compare to current production rates ? I think... AnswerElon Reeve Musk: We've already answered that question. AnswerMartin Viecha: Yes. |
But the reality is that the form factor is shifting. And so, it'snot just a hardware form factor that we offer any longer. We also offer virtual firewall and have for sometime and we also offer Prisma Access, which is essentially firewall security delivered as a service from the cloud. But what we believe is thatwhat... |
AnswerManish Bhatia: Sure. So I think we also said that on the DRAM side, we'll also update the industry, so I want to make sure we're clear on that. And again, the 1alpha is going very well. But on a sequential basis, when you think about how much cost decline we have from FQ2 to FQ3, that's what we are trying to sa... |
I think that it really plays into this arm's length, moral hazard thing. Theyyou want to have a completely independent, highly compliant, 99% plus audited partner to help you deliver these supercritical services, number one. Number two, I mean, we have the best data asset and the best logistics and routing platform to... |
And then the other way that we've really transitioned is the way we work with enterprises. |
The CNN Business folks chose you as, I think, a special award to acknowledge yourthe execution of your company and your role as a CEO. Quite a bit of competition that was out there. I think Elon Musk was in there, the Goldman Sachs CEO. So quite a notoriety. And I think that so much of what you were able to execute wi... |
Going forward, our capital allocation priorities remain unchanged: first, to invest in new units and opportunities to grow the business, along with reinvesting in existing restaurants; second, to continue growing our dividend; and, third, to repurchase shares. |
We are rapidly delivering groundbreaking innovations across Creative Cloud and Document Cloud. |
We deepen with combinations with non IO agents, LENVIMA, LYNPARZA, RAAS inhibitors, others, but we also are combining them with other IO agents like TIGIT, Lag3, CTLA4. All of those give us an opportunity to coformulate and that creates an environment where one can think about loss of exclusivity differently than 2028.... |
It's also when you add in thisthe emphasis on deep space exploration to Mars, I mean today is a historic day, we hope to see the launch today that SpaceX has, and but beyond that, the whole Artemis program that NASA has underway, we're a very important part of that with ourfor the lunar missions and missions to more de... |
Maybe just sticking in UC, as we think that aroundjust bigger picture, when we think about combinations, sort ofwhat are sort of the foundational pieces or thought process that kind of really sort of guide that decisionmaking process ? Our fundamental principle is to look for orthogonal mechanisms, mechanisms that d... |
We are poised to emerge stronger in both channels due to our actions to support customers and to ensure seamless execution from a supply chain perspective. |
You have to have compute capability. I mean truly, the Google Vision of a few years ago that everybody laughed about that this becomes the screen, that's feasible. That is truly feasible. |
Stephen Tusa: Sorry. So what's the sequential performance for EPS ? Should we think about that as kind of inline with normal seasonality ? Or... AnswerGregory P. Lewis: Yeah, when you look at our... QuestionC. Stephen Tusa:...usually up in the second quarter ? Like, how do we think about the pacing of EPS for the rest ... |
AnswerWilliam R. McDermott:...and I always accentuate the plus because we have the desire to be the defining enterprise software company of the 21st century. But in terms of the platform and fast forwarding it, what does it look like ? |
And then for John, over the last three quarters, you've had a very steep almost Vshaped recovery in your job openings from almost none back in June / July, to now over 1, 000 and up four months in a row yearoveryear. Could you talk about that in terms of your onboarding and the context of how you were thinking about ... |
With that, I will turn it back to Dave. David Pahl Thanks, Rafael. Operator, you can now open the lines up for questions. In order to provide as many of you as possible the opportunity to ask a question, please limit yourself to a single question. After our response, we'll provide you an opportunity for an additional f... |
Actual results may differ materially from those expressed or implied as a result of various risks, uncertainties and important factors, including those discussed in the risk factors, MD&A and other sections of our annual report on Form 10K and our other SEC filings. |
So there's a couple of points in there. Let'stalk about bloated. So we go after everything all the time. We go after waste. We try very hard to never be bloated and to not waste. That is a constant discipline. |
Throughout these times, BlackRock stayed connected with our clients connected across our businesses, and what immediately followed those periods in the past were new records for BlackRock client flows and organic base fee growth at or above 5% target. |
An oldline company, 117 years old, struggling with its stock price, while we see new competitors who've never built a product come in and get rewarded to crazy levels. AnswerWilliam Clay Ford: Jim Farley, did you hear that question ? AnswerJames D. Farley: I did, I did. Thanks Bill, and Paul, thanks for your question. ... |
And our estimated internal rates of return in this category are in excess of 25%. |
Michael J. Viola Okay. |
This isn't some sort of ethereal idea. This is like, hey, we need to make this real. How are you going to make it real ? How does your industry cloud help us make it real ? And so there's a ton of interest in those industry clouds. I also think it's just the beginning. When we launched those industry clouds, it'snot li... |
A few minutes of prepared remarks by American Tower, followed by a fireside chat, and then sometime for your Q&A and then down to the breakout session. We're going to call it the virus. Unfortunately, 38% of Americans have been pulled and think you get it from drinking beer, is how you get the coronavirus. And some of... |
QuestionPhilippe Houchois: Very clear, thank you very much. Operator Your next question comes from the line of Chris McNally with Evercore. Analyst:Chris McNally QuestionChris McNally: Good morning, everyone. Mary, I wanted to follow upon the questions on Cruise. And I know you can't be too specific on exactly when a l... |
Let me walk through, there's several components to the answer. First, I've got to start off with our financial position going into the crisis. And I'm sure we'll get questions on this later, but we do see this. And our customers, so the same with our customers, and we spent a lot of time, partly because we're able... |
I would say, listen, I think the way we feel about it is our capital levels grew quarteroverquarter even after we purchased the $4 billion of stock, so it just shows our ability to generate capital, if necessary, because of the environment or regulatory changes or things like that. |
We previewed this innovation at our Investor Day, which provides clients with the most comprehensive and valuable data and insights in the industry while strengthening our customer value proposition and competitive differentiation. |
Good morning, everyone, and congratulations on another strong set of results. I thought maybe we could spend a moment on China and the reopening there, of course, given the importance of that market for you guys, being the second largest market behind only the US. So, up 2% sequential improvement, which is encouraging.... |
As Dennis mentioned, we will deal with the impact individually, customer by customer, and we will look at various forms of economic value that we can provide. |
Just turning to the SMB initiative, clearly gaining some share there. There's a lot of expense noise in the quarter, but when you put that aside, is the incremental pullthrough from those volumes that you're getting on SMB where you thought they'd be at this point of the investment cycle for you ? |
Let's start maybe with the last part of the question, why didn't we do it before. And look, quite honestly, I would say, there were a couple of main reasons. And you look at the 600, 700 basis points of margin improvements we accomplished over the last five years, they come out of gross margin and in overheads / And... |
AnswerVimal M. Kapur: Good morning, Andrew. AnswerGregory P. Lewis: Good morning. QuestionAndrew Obin: Yeah. Just a question on advanced materials. I think it was a little bit weaker than we expected. Just, right, I know it's a highmargin business. |
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.