F&G Annuities & Life (NYSE:FG) FY Conference September 08, 2025 02:45 PM ET Company ParticipantsChristopher Blunt - CEO & DirectorConor Murphy - President & CFONoneAll right. We will go ahead and kick off the next session. First, I'd like to say thank you, everybody, for joining us. Chris Blunt, CEO of F&G Annuities & Life, Conor Murphy, CFO. I really appreciate you all being here. Really looking forward to the conversation. To kick it off, I wanted to start with a higher-level discussion of your strategy. ...

KKR (NYSE:KKR) FY Conference September 08, 2025 02:45 PM ET Company ParticipantsRobert Lewin - CFOBenjamin Budish - DirectorBenjamin BudishGood afternoon, everyone. Thanks for joining us for this next session. I'm Ben Budish. I cover the U.S. brokers, asset managers, and exchanges here at Barclays. For this next chat from KKR, we've got CFO Rob Lewin. Rob, thanks so much for being here.Robert LewinBen, thanks for having me and having the team. Great turnout today.Benjamin BudishBefore we dive into the detai ...

Merck & Co (NYSE:MRK) FY Conference September 08, 2025 02:35 PM ET Unknown Speakertextnumber_of_speakersparagraphs ...

Axsome Therapeutics (NasdaqGM:AXSM) FY Conference September 08, 2025 02:35 PM ET Unknown Speakertextnumber_of_speakersparagraphs ...

Collegium Pharmaceutical (NasdaqGS:COLL) FY Conference September 08, 2025 02:35 PM ET Company ParticipantsVikram Karnani - President, CEO & DirectorScott Dreyer - EVP & Chief Commercial OfficerRobert Klingenberger - Executive Director - Investment Banking & Healthcare GroupColleen Tupper - EVP & CFORobert KlingenbergerGood afternoon, everyone. My name is Bob Klingenberger. I'm an Executive Director with the Morgan Stanley Healthcare Investment Banking Group. It's my privilege to welcome the Collegium team h ...

DENTSPLY SIRONA (NasdaqGS:XRAY) FY Conference September 08, 2025 02:35 PM ET Company ParticipantsMatthew Garth - EVP & CFODaniel Scavilla - President, CEO & DirectorConference Call ParticipantsErin Wright - Senior Equity Research Analyst - HealthcareErin WrightGood afternoon, everyone. My name is Erin Wright, the Healthcare Services Analyst at Morgan Stanley. We're happy to have with us Dentsply Sirona, the management team. We have CEO Dan Scavilla, and Matt Garza, the CFO. Newly appointed management team h ...

Ocular Therapeutix (NasdaqGM:OCUL) FY Conference September 08, 2025 02:35 PM ET Company ParticipantsPravin Dugel - Executive Chairman, President & CEONoneWelcome, Pravin. It's great to have you here.Pravin DugelJessica, thank you. It's an honor to be here. Thanks for inviting us.NoneI hear it's just over a year that you've been at the company. Perhaps you could give us a little bit of background and what attracted you to Ocular Therapeutix?Pravin DugelIt's been a year, but it seems like it's been a dozen ye ...

公司概况与行业定位 * 公司为 Pegasystems (PEGA) 是一家专注于工作流自动化、流程自动化和客户关系管理 (CRM) 的软件公司 公司拥有超过40年的历史 并经历了从永久许可模式向订阅模式和软件即服务 (SaaS) 模式的转型 目前专注于利用人工智能 (AI) 帮助大型企业进行遗留系统现代化和数字化转型[5] * 行业属于数字流程自动化平台 公司在Gartner和Forrester等机构的市场排名中被评为流程自动化和人工智能领域的领导者[47] 核心产品与战略：Pega GenAI Blueprint * 核心产品Pega GenAI Blueprint是一个利用生成式AI的前端设计与构思工具 旨在显著缩短客户将应用程序迁移到云并进行现代化改造的时间 其价值主张是作为设计代理 帮助编排和构建应用程序 而非仅仅完成通话总结等传统任务[8][13] * 该产品于约一年前开始研发 销售团队于2025年1月开始使用 目前主要作为前端销售和设计工具 用于加速客户的数字化转型[9] * 公司的使命是改变世界构建软件的方式 其战略目标是从服务于500-1000家组织 扩展到能够支持全球前5000家或更多的组织[7][69] 财务表现与关键指标 * 关键指标年度合同价值 (ACV) 增长强劲 上一季度实际增长14% 高于12%的指引 其中净ACV增加额同比增长超过50% 被视为增长前景的领先指标[25] * 云ACV (Pega Cloud ACV) 是最重要的财务指标 上半年增长率为低至中20%区间 (low to mid-20s) 该指标的增长将转化为未来收入[28] * 公司是Rule of 40公司（增长率+自由现金流利润率≥40） 目前已超过40 并相信没有理由不能成为Rule of 50公司[35] * 毛利率接近80% 预计还有几百个基点 (a few more hundred basis points) 的扩张空间[32] * 长期自由现金流目标为2028年达到7亿美元以上 ($700 million plus) 这要求自由现金流复合年增长率 (CAGR) 约为15%[52][54] 盈利能力与资本分配 * 当前自由现金流利润率指引为26% 公司认为若ACV保持两位数增长 而成本增长低于此速度 业务应能产生35%至40%的自由现金流利润率[33] * 资本分配优先考虑股票回购 因为其交易倍数（约16倍）使回购能带来有吸引力的回报 其产生的现金足以抵消稀释 甚至可能达到2倍抵消 这使得收购的吸引力相对下降[36][37] 合作伙伴关系：与亚马逊AWS的合作 * 公司与亚马逊AWS签订了战略合作协议 这是其销售模式从直接销售转向与超大规模云厂商和系统集成商合作的关键举措 AWS的遗留转型网页上 Pega是唯一列出的软件公司[56][57] * 公司与AWS的合作关系深厚 是AWS上部署客户环境最多的公司之一 拥有的VPC数量被AWS告知是全球最大的[59] 市场环境与宏观影响 * 公司对宏观环境持相对乐观的 contrarian 观点 未看到大型企业受到重大影响 关税和政治分歧更多是噪音 消费者状况良好 债务水平不高[62] * 主要的宏观不确定性来自许多国家的民族主义运动 即试图将工作回流本土 但公司凭借其云基础设施 (AWS和GCP) 的全球覆盖和获得的各类认证（如FedRAMP High） 能够支持各国的主权云要求 视此为机遇而非风险[64][65] 增长动力与未来展望 * 增长的主要动力是Pega GenAI Blueprint的推广 其正在改变与客户的对话方式 以及与超大规模云厂商和系统集成商的新合作模式[25][56] * 未来12个月的关注点包括ACV增长率、自由现金流的持续增长 以及与合作伙伴关系的成功和Pega GenAI Blueprint的创新[68]

Autodesk (NasdaqGS:ADSK) 2025 Conference September 08, 2025 02:30 PM ET Company ParticipantsNone - ExecutiveKash Rangan - Managing DirectorJanesh Moorjani - EVP & CFONoneGiven we've only got a limited amount of time, I thought I'd crack on, and Cash will join us in a second. Okay. So,Kash RanganJamesh Mojani, CFO of is this?Janesh MoorjaniGreat to be here.Kash RanganFrom Smith.Janesh MoorjaniThank you, Vinny Cash.Kash RanganMatt, you're step in?NoneI'll be on. Here he is.NoneOkay. Let's go.Kash RanganOh, gr ...

Nexstar Media Group (NasdaqGS:NXST) 2025 Conference September 08, 2025 02:30 PM ET Company ParticipantsMichael Ng - MD - Global Investment ResearchPerry A. Sook - Chairman & CEOLee Ann Gliha - EVP & CFOMichael NgGreat. Thank you, everybody. Welcome to the Nexstar Fireside Chat at the Goldman Sachs Communications and Technology Conference. I have the privilege of introducing Perry Sook, Chairman and CEO at Nexstar Media Group. Alongside him is Lee Ann Gliha, who is the CFO of Nexstar. Perry founded Nexstar i ...