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    Michael Nathanson • MoffettNathanson

    Michael Nathanson's questions to Alphabet Inc (GOOGL) leadership

    Michael Nathanson's questions to Alphabet Inc (GOOGL) leadership • Q4 2024

    Question

    Michael Nathanson asked how new AI tools are impacting Google Shopping behavior and monetization, and questioned the long-term capital intensity of the business given the $75 billion CapEx plan.

    Answer

    Executive Philipp Schindler highlighted that the AI-rebuilt Google Shopping experience led to a 13% increase in daily active users by simplifying product research. CFO Anat Ashkenazi addressed capital intensity by noting the rigorous governance process, the efficiency of their self-designed data centers and custom TPUs, and the fact that current demand exceeds capacity.

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    Michael Nathanson's questions to Alphabet Inc (GOOGL) leadership • Q3 2024

    Question

    Michael Nathanson asked how Alphabet has changed its operational structure and go-to-market strategy to accelerate AI innovation and execution.

    Answer

    CEO Sundar Pichai explained that the company has restructured to operate with more speed and agility, creating a 'virtuous cycle' for AI development. He cited unifying teams, such as moving the Gemini app team to Google DeepMind, as a key change that has streamlined development and enabled smaller, dedicated teams to ship new products faster, comparing the shift to the company's evolution from desktop to mobile.

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    Michael Nathanson's questions to Alphabet Inc (GOOGL) leadership • Q2 2024

    Question

    Michael Nathanson questioned the decision to halt the deprecation of third-party cookies and asked about the factors contributing to Google Search growing faster than YouTube Ads during the quarter.

    Answer

    CEO Sundar Pichai explained the cookie decision was based on ecosystem feedback, shifting the focus to user choice. CFO Ruth Porat attributed the growth difference to tougher year-over-year comparisons for YouTube, which was lapping a period of negative growth and anniversarying a ramp-up from APAC retailers. Sundar Pichai also noted that multimodal AI for YouTube is taking longer to develop.

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    Michael Nathanson's questions to Interpublic Group of Companies Inc (IPG) leadership

    Michael Nathanson's questions to Interpublic Group of Companies Inc (IPG) leadership • Q1 2025

    Question

    Michael Nathanson from MoffettNathanson asked about the current new business pitch activity and whether clients are delaying decisions due to the Omnicom merger. He also requested clarification on how much of the headcount reduction was organic versus tied to divestitures.

    Answer

    CFO Ellen Johnson clarified the 6.5% organic headcount decrease was driven by transformation efforts like centralization and streamlining management structures. CEO Philippe Krakowsky described new business activity as being at a 'mid-range level,' noting that while it's 'business as usual,' some clients might delay decisions due to macro uncertainty. He added that they have briefed intermediaries on the process.

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    Michael Nathanson's questions to Interpublic Group of Companies Inc (IPG) leadership • Q4 2024

    Question

    Michael Nathanson of MoffettNathanson highlighted the mention of 'Principal Media' as a factor in client losses and asked about the potential speed of integrating Omnicom's capabilities in this area post-merger. He also questioned the strategic rationale for merging to gain this capability versus building it internally.

    Answer

    CEO Philippe Krakowsky acknowledged that Principal Media was a challenge in 2024 and that merging with Omnicom, which has global expertise in this area, is a clear benefit. However, he emphasized that this is just one of many complementary strategic benefits of the proposed combination and the overall opportunity is much broader.

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    Michael Nathanson's questions to Interpublic Group of Companies Inc (IPG) leadership • Q3 2024

    Question

    Michael Nathanson asked about client reception to IPG's 'fast follower' approach in Principal Media and requested an apples-to-apples full-year organic growth figure if R/GA and Huge were included.

    Answer

    CEO Philippe Krakowsky noted that client adoption of their Principal Media offering is tracking ahead of internal expectations, with a rollout planned for 6-8 international markets next year. CFO Ellen Johnson declined to provide a recalculated organic growth figure including the divested agencies, stating the company has been transparent about their drag and is following standard accounting practices for assets held for sale.

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    Michael Nathanson's questions to Netflix Inc (NFLX) leadership

    Michael Nathanson's questions to Netflix Inc (NFLX) leadership • Q4 2024

    Question

    Michael Nathanson of MoffettNathanson inquired about Netflix's film strategy, particularly the cultural impact of direct-to-platform releases, its pricing philosophy, and its approach to competing with short-form video.

    Answer

    Theodore Sarandos (Co-CEO) stated that films like 'Carry-On' prove a Netflix-born movie can dominate the cultural zeitgeist, and the Narnia IMAX release is a tactical move, not a change in the core strategy of member-exclusive first runs. Gregory Peters (Co-CEO) reiterated their pricing philosophy: add value through content investment, then ask members to pay slightly more. Sarandos added that while they cater to younger audiences who watch short-form, Netflix's core is longer-form storytelling, and they aim to 'outcompete for those moments of entertainment truth.'

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    Michael Nathanson's questions to Warner Bros Discovery Inc (WBD) leadership

    Michael Nathanson's questions to Warner Bros Discovery Inc (WBD) leadership • Q3 2024

    Question

    Michael Nathanson asked about the primary factors limiting U.S. subscriber growth for Max and the company's strategy for closing the gap with competitors. He also inquired about the company's philosophy on partnering with other streaming services internationally.

    Answer

    CEO David Zaslav reiterated his belief in bundling and industry consolidation for a better consumer experience, citing the early success of the Disney/Hulu partnership. CEO of Global Streaming JB Perrette addressed U.S. growth, noting that while legacy wholesale subs decline, retail subs are growing. He said the key to penetrating price-sensitive households is the ad-lite tier, bundles, and new partnerships.

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