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    Michael Ng • Goldman Sachs

    Michael Ng's questions to Cisco Systems Inc (CSCO) leadership

    Michael Ng's questions to Cisco Systems Inc (CSCO) leadership • Q4 2025

    Question

    Michael Ng of Goldman Sachs Group, Inc. asked how the over $2 billion in FY2025 AI orders translated into revenue for the year and how to think about the revenue conversion in FY2026. He also requested a breakdown of networking orders by sub-segment.

    Answer

    CEO Chuck Robbins highlighted the broad strength in the web-scale business, with four customers growing orders in triple digits. CFO Mark Patterson specified that approximately $1 billion of the AI infrastructure orders were recognized as revenue in fiscal 2025. The company did not provide a detailed sub-segment breakdown for networking orders.

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    Michael Ng's questions to Cisco Systems Inc (CSCO) leadership • Q3 2025

    Question

    Michael Ng of Goldman Sachs inquired about the specific drivers of the strong networking orders, questioning the contribution from the WiFi 7 cycle versus a broader recovery, and asked for the company's organic revenue growth rate excluding Splunk.

    Answer

    CEO Chuck Robbins attributed the strength to broad-based demand across enterprise switching, data center switching, enterprise routing, and WiFi 7, which he sees as a 12-to-18-month cycle. CFO Scott Herren declined to provide an organic growth figure, stating that Splunk is now fully integrated and considered part of the company's baseline run rate.

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    Michael Ng's questions to Cisco Systems Inc (CSCO) leadership • Q3 2025

    Question

    Michael Ng from Goldman Sachs asked about the drivers behind the strong networking orders, questioning if it was a broad recovery or a product cycle like WiFi 7, and requested the company's organic revenue growth rate excluding Splunk.

    Answer

    CEO Chuck Robbins attributed the networking strength to broad-based demand across enterprise switching, data center switching, routing, and WiFi 7, which he expects to be a 12-to-18-month cycle. CFO Scott Herren declined to provide an organic growth rate, stating that Splunk is now fully integrated and considered part of the company's baseline run rate.

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    Michael Ng's questions to Cisco Systems Inc (CSCO) leadership • Q1 2025

    Question

    Michael Ng from Goldman Sachs requested details on the first seven-figure Hypershield deal, including its nature and customer reception. He also asked for the organic security order growth figure, excluding Splunk, and for qualitative commentary on security trends.

    Answer

    CEO Chuck Robbins revealed the Hypershield deal was with a large financial institution, calling it a positive sign of the technology's viability. He explained that organic security orders grew in the low-to-mid single digits but would have been in the mid-to-high teens if not for spending delays in the U.S. Federal sector. Robbins highlighted that over 1,000 customers have now deployed Cisco's new security products like XDR and Secure Access, indicating strong adoption.

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

    Michael Ng's questions to Warner Bros Discovery Inc (WBD) leadership • Q2 2025

    Question

    Michael Ng questioned if WBD is revisiting its DC franchise strategy for theme parks and live events, and asked for details on the HBO Max U.S. distribution deal restructuring mentioned in the shareholder letter.

    Answer

    President & CEO David Zaslav confirmed WBD sees untapped value in DC consumer products and is exploring licensing opportunities for experiences, having regained some rights from Six Flags. CFO Gunnar Wiedenfels explained the distribution deal restructuring was with a former affiliate, causing a near-term revenue headwind that will be lapped in 12 months, with growth expected to reaccelerate in 2026.

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    Michael Ng's questions to Warner Bros Discovery Inc (WBD) leadership • Q2 2025

    Question

    Michael Ng asked if WBD is revisiting its strategy for DC-related theme parks and live events, given the success of properties like Harry Potter. He also requested details on the restructuring of an HBO Max U.S. distribution deal mentioned in the shareholder letter.

    Answer

    President & CEO David Zaslav confirmed WBD sees significant untapped value in monetizing its IP through licensing for parks and events, citing regained DC rights and a lucrative deal in Abu Dhabi. CFO Gunnar Wiedenfels explained the distribution deal renewal with a former affiliate involved adjusted rates, which will temper revenue growth for 12 months before reaccelerating in 2026 with new international launches.

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    Michael Ng's questions to Warner Bros Discovery Inc (WBD) leadership • Q4 2024

    Question

    Michael Ng asked for a breakdown of the expected 35 million DTC subscriber growth by 2026 between domestic and international markets, and inquired if the associated ARPU would be flat or decline in the near term.

    Answer

    CEO David Zaslav indicated the U.S. market is mature and the primary growth driver is global scaling. CEO of Global Streaming and Games JB Perrette confirmed a large portion of subscriber growth will be international. Perrette also stated that near-term ARPU will likely see some deterioration due to the ad-lite rollout, expansion into lower-ARPU regions, and aggressive pricing on hard bundles to gain scale, but he expressed confidence in a return to ARPU growth long-term.

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    Michael Ng's questions to Ingram Micro Holding Corp (INGM) leadership

    Michael Ng's questions to Ingram Micro Holding Corp (INGM) leadership • Q2 2025

    Question

    Michael Ng from Goldman Sachs inquired about the third-quarter revenue growth expectations for the endpoint and advanced solutions segments, and the impact of China's mobility subsidies on top-line growth.

    Answer

    EVP & CFO Mike Zilis projected mid-single-digit growth for Client and Endpoint Solutions and low-to-mid single-digit growth for Advanced Solutions in Q3, noting the guidance reflects a 1-2% top-line impact from the recent cyber incident. Regarding China, he acknowledged some demand pull-forward from stimulus but couldn't quantify it. CEO Paul Bay added that strong mobility growth in the Asia Pacific region has been a consistent trend for several quarters.

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    Michael Ng's questions to Walt Disney Co (DIS) leadership

    Michael Ng's questions to Walt Disney Co (DIS) leadership • Q3 2025

    Question

    Michael Ng inquired about the drivers of the strong 8% per capita spending growth in domestic theme parks, specifically asking about the mix of attendance between local, out-of-state, and international visitors.

    Answer

    CFO Hugh Johnston acknowledged that visitor mix is a factor in per caps but stated there were no material trends to note regarding international versus domestic visitors. He expressed satisfaction with both per cap growth and attendance levels, especially given new competitive offerings, and reiterated the strategy is balanced growth in both metrics.

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    Michael Ng's questions to Walt Disney Co (DIS) leadership • Q2 2025

    Question

    Michael Ng asked about the key learnings from the Disney Treasure cruise ship launch and for an update on the level of international visitation to domestic theme parks.

    Answer

    CEO Robert Iger stated that the strategy of deeply embedding high-quality Disney IP into the ships has led to 'sky high' guest ratings for the Treasure, a successful formula that will be applied to future vessels. CFO Hugh Johnston reported that while international visitation to U.S. parks has not fully recovered to pre-COVID levels, it remains in the double-digits and any mix impact is being more than offset by strong domestic attendance.

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    Michael Ng's questions to Walt Disney Co (DIS) leadership • Q1 2025

    Question

    Michael Ng asked about the strategy behind adding the SportsCenter Daily Show to Disney+ instead of the ESPN flagship service. He also inquired about the observed benefits of live content on streaming metrics like gross adds and churn, and Disney's competitive advantage in live production.

    Answer

    CEO Bob Iger explained that live programming is highly attractive and a key advantage for Disney. He clarified that placing an ESPN tile on the Disney+ home screen was a strategic move to increase user engagement, reduce churn, and serve as an introductory funnel to drive subscriptions to the full ESPN flagship service upon its launch, creating a fully integrated one-app experience.

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    Michael Ng's questions to Super Micro Computer Inc (SMCI) leadership

    Michael Ng's questions to Super Micro Computer Inc (SMCI) leadership • Q4 2025

    Question

    Michael Ng requested the specific revenue concentrations for the four greater-than-10% customers in fiscal 2025 and asked if the Q1 fiscal 2026 gross margin guidance is a good proxy for the full year.

    Answer

    CFO David Weigand disclosed that the four large customers represented 21%, 11%, 11%, and 11% of fiscal 2025 revenue. He declined to provide a full-year margin forecast but reiterated that the company is optimistic about margin improvement driven by DCBBS and its fast time-to-market capabilities.

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    Michael Ng's questions to Super Micro Computer Inc (SMCI) leadership • Q3 2025

    Question

    Michael Ng asked for an update on Supermicro's midterm demand outlook and whether the company would reiterate its previous $40 billion revenue target for fiscal year 2026. He also sought details on any demand differences between HGX systems and full NVL72 racks.

    Answer

    CEO Charles Liang expressed strong confidence in midterm and long-term growth, citing high demand for Blackwell products and the new DCBBS total solutions. However, he declined to provide guidance for fiscal 2026 due to current tariff and macroeconomic uncertainty. He noted strong demand for both GB200 NVL72 and B200 liquid-cooled systems, with some customer deployment delays tied to data center readiness.

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    Michael Ng's questions to Super Micro Computer Inc (SMCI) leadership • Q2 2025

    Question

    Michael Ng inquired about the basis for the $40 billion fiscal 2026 revenue outlook, asking for details on the backlog, pipeline, or product roadmap that supports this confidence. He also asked about the sales mix between Blackwell and Hopper servers during the quarter and whether it was affected by supply chain issues.

    Answer

    CEO Charles Liang stated that the $40 billion forecast for fiscal 2026 is a conservative estimate based on a projected 65% growth rate, similar to past performance. He highlighted that production capacity is underutilized, with the U.S. at 55%, Taiwan at 60%, and Malaysia at only 1%, providing ample room for expansion. Regarding product mix, Liang confirmed that both Hopper and Blackwell products are shipping, with Blackwell (B200 and GB200) seeing strong new order momentum, but declined to provide a specific percentage breakdown.

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    Michael Ng's questions to Super Micro Computer Inc (SMCI) leadership • Q1 2025

    Question

    Michael Ng asked about the reasons for revenue coming in at the lower end of guidance, whether the company is experiencing market share loss due to delayed financial filings, and for an update on the full-year revenue guidance.

    Answer

    CEO Charles Liang stated the primary reason for the revenue result was customers pausing orders while waiting for the next generation of GPU chips. He affirmed the company's production capacity and liquid cooling solutions are ready for the new products. CFO David Weigand confirmed that the company is not providing annual guidance at this time.

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    Michael Ng's questions to Arista Networks Inc (ANET) leadership

    Michael Ng's questions to Arista Networks Inc (ANET) leadership • Q2 2025

    Question

    Michael Ng from Goldman Sachs asked for more details on the growth in deferred revenue and its impact on the guidance increase, and also inquired about the confidence in achieving the $10 billion revenue target for 2026.

    Answer

    CFO Chantelle Breithaupt linked the deferred revenue growth to new products, new use cases like AI, and customer acceptance clauses. CEO Jayshree Ullal added that the complexity of AI deployments is extending these cycles. Regarding the 2026 target, she expressed high confidence, stating the goal is to achieve $10 billion in revenue two years ahead of the previous 2028 schedule.

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    Michael Ng's questions to Arista Networks Inc (ANET) leadership • Q1 2025

    Question

    Michael Ng asked for more details on management's increased confidence in reaching its $10 billion revenue target sooner than expected, and how this optimism is balanced with current market uncertainties.

    Answer

    CEO Jayshree Ullal referenced her November 2023 Analyst Day projection that achieving the next $5 billion in revenue would be faster than the nine years it took to reach the first $5 billion. The current business momentum reinforces this accelerated timeline.

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    Michael Ng's questions to Arista Networks Inc (ANET) leadership • Q4 2024

    Question

    Michael Ng inquired about the rollout timing for Arista's AI back-end switches and whether their deployment is contingent on the availability of next-generation GPUs or custom ASICs.

    Answer

    CEO Jayshree Ullal confirmed Arista's commitment to four of its five major AI cluster projects, with one stalled due to GPU and funding issues. For the active projects, she noted that three customers are expected to deploy a cumulative 100,000 GPUs this year, proceeding with current technology while awaiting next-generation chips. The fourth customer is in a pilot phase, migrating from InfiniBand to Ethernet, with production anticipated next year.

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    Michael Ng's questions to Apple Inc (AAPL) leadership

    Michael Ng's questions to Apple Inc (AAPL) leadership • Q3 2025

    Question

    Michael Ng inquired about the drivers behind record upgrade rates for iPhone, Mac, and Watch, and asked for details on the notable increase in capital expenditures, questioning if it was driven by AI or supply chain diversification.

    Answer

    SVP & CFO Kevan Parekh confirmed that a significant driver for increased CapEx is investment in AI and private cloud compute. CEO Tim Cook attributed the record upgrade rates to strong product performance, particularly the iPhone 16 family and the transition to Apple Silicon for Mac. Cook also estimated that tariff concerns created a one-percentage-point pull-forward of demand.

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    Michael Ng's questions to Apple Inc (AAPL) leadership • Q2 2025

    Question

    Michael Ng inquired about Apple's strategic responses to trade policy uncertainty, including inventory management and pricing philosophy. He also asked for more detail on the factors that drove the sequential and year-over-year decline in product gross margins.

    Answer

    CEO Tim Cook stated that Apple is actively engaged in tariff discussions and praised the operational team's work in optimizing the supply chain, but had nothing to announce on pricing. CFO Kevan Parekh detailed that the 340 basis point sequential decline in product gross margin was driven by mix, seasonal loss of leverage, and foreign exchange, partially offset by cost savings. The 70 basis point year-over-year decline was attributed to a different product mix and foreign exchange.

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    Michael Ng's questions to Apple Inc (AAPL) leadership • Q1 2025

    Question

    Michael Ng asked about the drivers behind the record number of iPhone upgraders and inquired about the impact of the thin form factor of the new iPad Pro M4 on sales.

    Answer

    CEO Tim Cook attributed the record iPhone upgrades to compelling features, noting that the iPhone 16 family outperformed the 15 and that markets with Apple Intelligence saw better results. On iPad, he said the 15% growth was driven more by iPad Air and the entry-level model, and highlighted that over half of buyers were new to the product.

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    Michael Ng's questions to Apple Inc (AAPL) leadership • Q4 2024

    Question

    Michael Ng inquired about the early feedback for Apple Intelligence and its potential contribution to the strong iPhone performance, and also asked about the capital expenditure outlook, particularly concerning investments in private cloud compute.

    Answer

    CEO Tim Cook shared positive feedback on Apple Intelligence, noting that iOS 18.1 adoption was twice as fast as the previous year's update, indicating strong user interest. He outlined a phased rollout of new features. CFO Luca Maestri explained Apple's hybrid data center model and confirmed that all necessary investments for AI-related CapEx are being made, directing investors to the 10-K for specific figures.

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    Michael Ng's questions to Comcast Corp (CMCSA) leadership

    Michael Ng's questions to Comcast Corp (CMCSA) leadership • Q2 2025

    Question

    Michael Ng asked about the potential for 'everyday pricing' to be a drag on ARPU growth and whether domestic broadband net additions are returning to traditional seasonal patterns.

    Answer

    David Watson, CEO of Connectivity & Platforms, explained the focus is on aggressively rolling out new pricing to both new and existing customers to improve long-term value and retention. He also confirmed a trend towards more predictable seasonality. CFO Jason Armstrong added that while broadband ARPU growth of 3.5% will moderate in the near term, it is expected to remain healthy.

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    Michael Ng's questions to Comcast Corp (CMCSA) leadership • Q2 2025

    Question

    Michael Ng posed two questions on broadband: one on the potential drag from new 'everyday pricing' on ARPU growth, and another on whether domestic broadband net adds are returning to traditional seasonal patterns.

    Answer

    David Watson, CEO of Connectivity & Platforms, explained that while the new pricing is initially focused on new customers, it will be aggressively offered to the existing base to improve long-term stability. He also confirmed a trend towards more predictable seasonality, with the company positioned for the important Q3 back-to-school period. CFO & Treasurer Jason Armstrong added that while ARPU growth will moderate from its current 3.5% rate, it is expected to remain healthy.

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    Michael Ng's questions to Comcast Corp (CMCSA) leadership • Q1 2025

    Question

    Michael Ng questioned the drivers behind the quarter's 3.3% broadband ARPU growth and asked for an updated outlook on the long-term 3-4% ARPU growth target in light of new strategies like the 5-year price lock.

    Answer

    David Watson, President and CEO of Comcast Cable, stated that the company can still achieve healthy broadband ARPU growth despite new initiatives like the 5-year price lock, which he described as a tactical investment rather than a broad repricing. He emphasized the long-term goal is to reduce churn and increase customer lifetime value by moving away from deep upfront discounts to a model of long-term price certainty, which will create future upside.

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    Michael Ng's questions to Comcast Corp (CMCSA) leadership • Q4 2024

    Question

    Michael Ng asked for the outlook on domestic broadband ARPU, questioning if growth should accelerate given recent price increases. He also requested details on the free cash flow forecast for the upcoming year, considering moving parts like cash taxes and capital expenditures.

    Answer

    CEO of Comcast Cable David Watson stated that while he expects continued 'healthy' ARPU growth, the primary focus is on maximizing overall broadband and convergence revenue. CFO Jason Armstrong provided a detailed free cash flow outlook, noting a strong 2024 baseline, an expected one-time cash tax tailwind of roughly $2 billion in 2025, and continued working capital headwinds of approximately $1.5-$2.0 billion tied to growth initiatives. He also confirmed that cable capital intensity is expected to remain around 10%, with some relief coming from the completion of the Epic Universe construction.

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    Michael Ng's questions to Comcast Corp (CMCSA) leadership • Q3 2024

    Question

    Michael Ng asked about the profitability of the record-setting Paris Olympics and its quantifiable impact on broadband net additions. He also questioned the drivers behind the strong performance in video net adds and programming costs during the quarter.

    Answer

    President Michael Cavanagh and CEO Brian Roberts confirmed the Paris Olympics were profitable and exceeded expectations, calling it a proud moment for the company. Executive Vice President David Watson noted the Olympics were a contributor to broadband strength but did not provide a specific number. He attributed the improvement in video trends to stabilized churn, aided by mobile bundling, and the successful rollout of the 'NOW' portfolio of video products.

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    Michael Ng's questions to Compass Inc (COMP) leadership

    Michael Ng's questions to Compass Inc (COMP) leadership • Q2 2025

    Question

    Michael Ng of Goldman Sachs inquired about any observable changes in commission rates, as reflected by revenue as a percentage of GTV. He also asked for the outlook on agent net additions for the remainder of the year, considering the overall shrinkage of agents in the industry.

    Answer

    CFO Kalani Reelitz reported that commission rates have remained stable year-over-year with no significant degradation. He also noted that while the industry is losing agents, Compass continues to see strong recruiting momentum, with a baseline expectation of 600-700 principal agent net adds annually, with potential upside from boutique brokerage 'walkovers'.

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    Michael Ng's questions to Compass Inc (COMP) leadership • Q1 2025

    Question

    Michael Ng inquired about agent churn trends during the quarter, asking if there were any unusual drivers. He also asked what Compass considers the primary yardstick for success for its 3-phase marketing strategy, such as agent recruitment or market share gains.

    Answer

    CEO Robert Reffkin defined success for the 3-phase strategy as giving agents a competitive edge to outperform the market, secure more listings, and achieve better terms for sellers. CFO Kalani Reelitz addressed churn, stating it was in line with historical levels and consistent with the prior year. He noted that Q1 is typically the highest churn quarter due to the annual agent renewal process.

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    Michael Ng's questions to Compass Inc (COMP) leadership • Q4 2024

    Question

    Michael Ng asked about the long-term vision for Compass's inventory strategy, questioning if success is primarily about attracting agents or if it could evolve into new revenue streams like licensing fees to portals.

    Answer

    CEO Robert Reffkin described the long-term vision as making Compass known as the premier brokerage for maximizing a home's sale value. He believes this reputation will naturally attract top agents, drive transactions, and enable reinvestment in the platform. He framed the strategy as empowering agents against restrictive industry rules, ensuring the agent, not a third party, dictates the future of real estate marketing.

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    Michael Ng's questions to Compass Inc (COMP) leadership • Q3 2024

    Question

    Michael Ng asked about the key drivers behind the strong organic principal agent net additions in the third quarter and inquired about the company's outlook for agent growth in the foreseeable future.

    Answer

    CEO Robert Reffkin attributed the growth to a rebuilt culture, superior agent training, a strong technology platform, and an improved brand perception of stability. Executive Kalani Reelitz added that the company expects to continue adding over 700 principal agents organically each quarter, which is a key pillar of its '30-30' growth strategy.

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    Michael Ng's questions to Dell Technologies Inc (DELL) leadership

    Michael Ng's questions to Dell Technologies Inc (DELL) leadership • Q1 2026

    Question

    Michael Ng from Goldman Sachs posed a two-part question on AI servers. First, he asked if the full-year profit outlook for AI servers was effectively raised, given that the overall company guidance was reiterated despite lower profit assumptions for other segments. Second, he requested more detail on the AI server orders booked in the quarter, such as key customer types or technologies.

    Answer

    CFO Yvonne McGill explained that the full-year margin rate expectation is down, reflecting lower profitability in traditional servers and CSG, but AI server revenue is accretive in absolute dollars. Jeff Clarke, Vice Chairman and COO, reiterated this point, stating AI drives operating income dollar growth even if it dilutes the overall rate. Regarding orders, Clarke noted a mix of CSP and enterprise customers, with enterprise growing faster, and a technology mix including both Hopper and Blackwell GPUs with ARM and x86 processors.

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    Michael Ng's questions to Dell Technologies Inc (DELL) leadership • Q4 2025

    Question

    Michael Ng requested a breakdown of the drivers behind the flat year-over-year ISG margin outlook, given the significant and presumably dilutive growth of 50% in AI server revenue.

    Answer

    COO and Vice Chairman Jeffrey Clarke explained that Dell will hold ISG margins flat while growing AI servers to at least $15 billion by leveraging its storage and traditional server businesses. Key drivers include improved storage operating margins from scale, a pivot to higher-margin Dell IP storage like PowerStore, and growing the customer base for PowerFlex and PowerScale. He also noted that traditional servers are seeing higher revenue per unit due to richer configurations, which helps offset AI server margin dilution.

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    Michael Ng's questions to Dell Technologies Inc (DELL) leadership • Q3 2025

    Question

    Michael Ng from Goldman Sachs questioned why AI server revenue is expected to be down sequentially in Q4 despite strong backlog growth, and asked if the current backlog is unusually high.

    Answer

    Executive Jeffrey Clarke clarified that the slight sequential dip in Q4 AI shipments is a direct result of the Q3 order mix shifting dramatically to the new Blackwell platform, which is still ramping production. He emphasized that the 5-quarter pipeline grew over 50%, indicating the opportunity is expanding, not contracting.

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    Michael Ng's questions to Dell Technologies Inc (DELL) leadership • Q2 2025

    Question

    Michael Ng asked about the drivers of the Q3 ISG revenue guidance, which implies a sequential decline, and the impact of recent partnerships (Nutanix, NVIDIA SuperPOD) on the storage business.

    Answer

    CFO Yvonne McGill confirmed the guidance implies a sequential dip in AI server revenue, though she noted they are ready to ship more if supply and customer readiness align. COO Jeffrey Clarke positioned the Nutanix partnership as providing customer choice for HCI, while highlighting the NVIDIA SuperPOD certification for PowerScale as essential for high-performance AI workloads, which he sees as a key growth and margin driver.

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    Michael Ng's questions to HP Inc (HPQ) leadership

    Michael Ng's questions to HP Inc (HPQ) leadership • Q2 2025

    Question

    Michael Ng asked for clarification on Personal Systems (PS) margins, seeking confirmation of the full-year target range and the key variables. He also questioned whether HP observed any demand pull-forward in Q2 due to anticipated tariffs.

    Answer

    CFO Karen Parkhill confirmed the full-year PS margin is expected to be within the 5-7% range, likely in the lower half due to the Q2 impact, with sequential improvement expected. CEO Enrique Lores stated that while some demand pull-in occurred, it was minimal, accounting for less than one percentage point of overall revenue growth and was not a factor for the Print segment.

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    Michael Ng's questions to HP Inc (HPQ) leadership • Q1 2025

    Question

    Michael Ng of Goldman Sachs asked what specific element of the PC market improved to warrant a better outlook and requested an expansion on the Human acquisition and HP's intelligent device ecosystem strategy.

    Answer

    CEO Enrique Lores attributed the confidence to HP's own momentum, highlighting the 10% commercial growth in Q1. Regarding the Human acquisition, he described it as a strategic move to acquire talent and IP to accelerate the 'future of work' strategy. The assets will be used to deploy AI at the edge and create seamless 'better-together' experiences, starting with PC and conference room connectivity.

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    Michael Ng's questions to HP Inc (HPQ) leadership • Q4 2024

    Question

    Michael Ng of Goldman Sachs asked if HP's price and cost reductions in the Print segment would lead to continued unit growth in FY25. He also inquired about historical enterprise behavior regarding Windows end-of-life deadlines and the use of extended support.

    Answer

    CEO Enrique Lores responded that while the goal is to grow profitable share, the overall Print market is expected to decline slightly in FY25, making it hard to predict unit growth. On the PC refresh, he stated that historically, companies do respond to the hard deadline, which is why HP expects an acceleration of upgrades through 2025, especially in the second half.

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    Michael Ng's questions to HP Inc (HPQ) leadership • Q3 2024

    Question

    Michael Ng of Goldman Sachs asked for details on the strategy of placing more print hardware at the expense of margins and for an update on key print KPIs. He also inquired if the weakness in consumer PCs was worsening sequentially.

    Answer

    CEO Enrique Lores clarified the strategy is to place profitable units, which was enabled by hardware cost reductions, leading to market share gains. He confirmed continued growth in Instant Ink subscribers and that profit-upfront units remain around 50% of the mix. Regarding consumer PCs, he noted that while Q4 will be seasonally stronger than Q3, the growth rate will be lower than historical patterns due to general market softness, not a worsening trend.

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    Michael Ng's questions to Fox Corp (FOXA) leadership

    Michael Ng's questions to Fox Corp (FOXA) leadership • Q3 2025

    Question

    Michael Ng requested an update on the company's digital investment levels for the current and next fiscal year, and asked about future plans for the Fox lot in Century City after Disney vacates.

    Answer

    CFO Steve Tomsic clarified that digital investment, which was in the mid-$300 million range in fiscal 2024, is expected to decrease in fiscal 2025 as Tubi's profitability improves. CEO Lachlan Murdoch added that Disney is only vacating office space, which represents less than a third of the lot's total office space, not the in-demand sound stages. He expressed confidence in their ability to re-lease the valuable real estate.

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    Michael Ng's questions to Fox Corp (FOXA) leadership • Q2 2025

    Question

    Michael Ng asked about the improving subscriber decline trends, questioning if this was due to skinny bundle inclusion and whether Fox expects to outperform the market going forward. He also sought an update on the full-year forecast for digital investment losses.

    Answer

    Executive Chair and CEO Lachlan Murdoch noted the positive subscriber trend but stated it was too early to attribute it solely to skinny bundles, suggesting sports seasonality may also be a factor. He stressed that Fox's portfolio is well-represented in these new bundles, making them financially positive for the company. CFO Steven Tomsic confirmed they are on track to meet the full-year target for reduced digital investment, despite a planned increase in Tubi marketing spend for the Super Bowl in Q3.

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    Michael Ng's questions to Fox Corp (FOXA) leadership • Q1 2025

    Question

    Michael Ng asked for details on the EBITDA bridge for the Television segment for fiscal 2025, specifically whether the outlook for digital losses had improved given Tubi's outperformance, and to flag other key drivers.

    Answer

    CFO Steve Tomsic outlined a positive outlook for the TV segment, driven by a cyclical political advertising tailwind and strong MLB postseason performance. He noted a Q2 headwind from NFL scheduling and higher college sports costs, offset by the absence of WWE expenses. He highlighted the Super Bowl in Q3 as highly cash-flow accretive and a favorable Q4 comp without major soccer tournaments, concluding the segment has a 'really nice tailwind.'

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    Michael Ng's questions to Axon Enterprise Inc (AXON) leadership

    Michael Ng's questions to Axon Enterprise Inc (AXON) leadership • Q1 2025

    Question

    Michael Ng asked if there are any meaningful margin differences for AI services versus the core Evidence.com platform and requested an outlook on the typical state and local government budget flush.

    Answer

    CFO Brittany Bagley stated there are no meaningful margin differences to factor in, and that the AI Era Plan fits within the company's expectation for software gross margins to be above 80%. President Joshua Isner commented that Axon is not seeing much difference in the state and local budget environment, as most of its business relates to operational expenditures rather than capital purchases, which are more sensitive to grant funding cycles.

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    Michael Ng's questions to Axon Enterprise Inc (AXON) leadership • Q4 2024

    Question

    Michael Ng asked about expectations for bookings growth in 2025 after a strong $5 billion year and inquired about the drivers behind the record sequential increase in Axon Evidence and cloud services revenue in Q4.

    Answer

    President Joshua Isner explained the goal is for bookings growth to mirror revenue growth, supported by a healthy pipeline. CFO Brittany Bagley attributed the strong sequential cloud revenue to normal seasonality, where software revenue recognition lags strong Q3 and Q4 bookings, along with a minor contribution from the Dedrone acquisition.

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    Michael Ng's questions to Axon Enterprise Inc (AXON) leadership • Q4 2024

    Question

    Michael Ng requested insight into 2025 bookings growth expectations following a strong 2024 and asked about the key drivers behind the record sequential increase in Axon Evidence and cloud services revenue.

    Answer

    Joshua Isner, President, stated that the goal is for bookings growth to mirror the company's strong revenue growth rate, supported by a very healthy pipeline. Brittany Bagley, CFO, attributed the cloud revenue surge to normal seasonality where software revenue recognition in Q4 and Q1 typically follows strong bookings in Q3 and Q4, combined with strong user and product adoption.

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    Michael Ng's questions to Axon Enterprise Inc (AXON) leadership • Q3 2024

    Question

    Michael Ng sought confirmation on the outlook for a record Q4 bookings quarter and asked for color on its drivers. He also followed up on TASER, asking if the T10 adoption cycle could be faster than T7's and inquiring about the ASP uplift.

    Answer

    EVP Joshua Isner confirmed he is "very confident" in a record Q4 bookings quarter, driven by broad-based execution across all business segments rather than a single large deal. On TASER adoption, Isner stated the goal is to upgrade the entire legacy fleet to T10, viewing it as a "massive leap forward" in technology, rather than targeting a specific percentage like 85%.

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    Michael Ng's questions to F5 Inc (FFIV) leadership

    Michael Ng's questions to F5 Inc (FFIV) leadership • Q2 2025

    Question

    Michael Ng of Goldman Sachs asked for more detail on the iSeries and VIPRION installed base, which constitutes 50% of the total, and the typical price uplift upon migration to newer platforms. He also questioned the software renewal cycle's implications for growth in fiscal 2026, given the large renewal base in 2025.

    Answer

    EVP and CFO Cooper Werner confirmed the iSeries and VIPRION families represent over half the installed base, creating a durable refresh opportunity leading up to their 2026 and 2027 end-of-support dates. He noted a general 5% price increase with a larger uplift on rSeries. For software, he explained that due to the 3-year cycle, FY26 will face a 'math headwind' from a smaller renewal base compared to FY25, but the company still sees opportunities to drive growth through expansion.

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    Michael Ng's questions to F5 Inc (FFIV) leadership • Q2 2025

    Question

    Michael Ng from Goldman Sachs asked for more detail on the iSeries and VIPRION installed base, which represents over 50% of the total, and the typical price uplift when customers migrate to the newer rSeries and VELOS platforms. He also inquired about the software renewal cycle and its implications for growth in fiscal year 2026.

    Answer

    CFO Cooper Werner confirmed the iSeries and VIPRION families are over half the installed base, representing a durable refresh opportunity into 2026 and 2027. He noted a general 5% price increase, with a slightly larger increase on the rSeries due to its superior performance. Regarding FY26, he explained that due to the 3-year renewal cadence, the renewal base will be smaller, creating a 'math headwind,' but the company still sees opportunities to drive growth through expansion.

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    Michael Ng's questions to F5 Inc (FFIV) leadership • Q4 2024

    Question

    Michael Ng asked about the expected cadence of subscription revenue, noting an implied sequential decline into Q1, and questioned if the FY25 outlook assumes a similar level of renewal expansion seen in Q4.

    Answer

    SVP of Finance and incoming CFO Cooper Werner explained that any implied sequential software decline is due to the timing of the renewal base, which is weighted more heavily to the second half of fiscal 2025. He confirmed that the company has adjusted its assumptions to account for the continued strength in renewal expansions, which is factored into the full-year growth outlook.

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    Michael Ng's questions to TD Synnex Corp (SNX) leadership

    Michael Ng's questions to TD Synnex Corp (SNX) leadership • Q1 2025

    Question

    Michael Ng from Goldman Sachs asked for two clarifications on Hyve: whether the customer with the demand pause was the legacy customer or the newer one, and if the strategic buy business was the primary driver of the issues.

    Answer

    CFO Marshall Witt confirmed the temporary demand pause was with the newer customer that ramped last year, attributing it to forecasting precision. He also affirmed that the strategic procurement business was a key factor, as a large component purchase intended for Q1 shipment was delayed into Q2.

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    Michael Ng's questions to TD Synnex Corp (SNX) leadership • Q4 2024

    Question

    Michael Ng asked for color on the PC and peripherals recovery, including potential reseller pre-buying ahead of tariffs, and also questioned the path to achieving the medium-term free cash flow target and the outlook for the cost-to-gross-profit ratio.

    Answer

    CEO Patrick Zammit attributed the PC recovery to the Windows 10 refresh cycle and an aged installed base, particularly in the commercial segment, while downplaying the impact of tariff speculation. CFO Marshall Witt reaffirmed the fiscal '25 free cash flow target of $1.1 billion and the medium-term aspiration of $1.5 billion. He projected the cost-to-gross-profit percentage would hold around 59% in the first half of the year with slight improvement expected in the second half.

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    Michael Ng's questions to TD Synnex Corp (SNX) leadership • Q3 2024

    Question

    Michael Ng asked for more detail on the Endpoint Solutions business, specifically regarding PC market trends, the contribution from AI PCs, and the reasons for the segment's gross margin decline.

    Answer

    CEO Patrick Zammit confirmed the PC market has returned to low single-digit growth, slightly more muted than expected. He noted that the impact from AI PCs is still relatively low but anticipates an acceleration in the first half of next year as new mid-range models become available. He also cited the Windows 11 refresh as a continuing tailwind for the PC market.

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    Michael Ng's questions to Hewlett Packard Enterprise Co (HPE) leadership

    Michael Ng's questions to Hewlett Packard Enterprise Co (HPE) leadership • Q1 2025

    Question

    Michael Ng asked about the momentum of AI systems orders during the quarter, noting the total implied a slowdown after a strong start, and also requested clarification on any unusual items affecting the free cash flow outlook.

    Answer

    CEO Antonio Neri attributed the order pattern to the lumpy nature of the AI business but stressed that Q1 AI orders were double those of Q4, indicating strong overall momentum, particularly in the enterprise segment. CFO Marie Myers clarified that the FY25 free cash flow outlook includes a $400 million cash impact from restructuring, combining $250 million from the new program with carryover from prior initiatives.

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    Michael Ng's questions to Hewlett Packard Enterprise Co (HPE) leadership • Q3 2024

    Question

    Michael Ng of Goldman Sachs asked about the product and services mix within AI systems, noting the growing share of services in new orders versus the low amount of services revenue recognized to date, and if this will improve Server margins.

    Answer

    CEO Antonio Neri expressed satisfaction with the services attachment momentum, which he expects to grow with enterprise adoption of offerings like HPE Private Cloud AI. He explained that most services revenue is deferred and recognized over the contract's life, and affirmed that as this revenue is recognized, it is expected to be accretive to the Server segment's gross margin.

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    Michael Ng's questions to Zillow Group Inc (ZG) leadership

    Michael Ng's questions to Zillow Group Inc (ZG) leadership • Q3 2024

    Question

    Michael Ng asked about the effectiveness of the rentals marketing campaign and potential for further advertising in 2025, and also inquired about the risks related to potential changes in the MLS 'clear cooperation' policy.

    Answer

    CEO Jeremy Wacksman and CFO Jeremy Hofmann confirmed the rentals campaign has been very successful, driving a 20% YoY increase in unique visitors and 38% YoY growth in multifamily revenue. They see the long-term opportunity as well beyond the $1B target. On clear cooperation, Wacksman reiterated Zillow's principle of free access to listings, stating that restricting access is bad for consumers and agents, and that Zillow would work to strengthen, not weaken, such policies.

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