Miscellaneous Earnings Call Notes 3.10.16

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Uber CEO Travis Kalanick Fireside Chat

Uber CEO Travis Kalanick said he is being forced to raise money in order to compete with an irrational competitor

“We’re profitable in the USA, but we’re losing over $1 billion a year in China. We have a fierce competitor that’s unprofitable in every city they exist in, but they’re buying up market share. I wish the world wasn’t that way. I prefer building rather than fundraising. But if I don’t participate in the fundraising bonanza, I’ll get squeezed out by others buying market share.”


Linkedin CEO Jeff Weiner Bloomberg Interview

Linkedin (LNKD) CEO Jeff Weiner said turnarounds are hard

“Turnarounds are arguably the most difficult thing you can do in business.”


Sprint’s (S) Management Presents at Deutsche Bank Media, Internet & Telecom Conference

Sprint (S) CFO Tarek Robbiati said they are increasing focus on how their marketing dollars are spent

“I can find a lot of things at Sprint that were superfluous. One example is I never liked sponsoring race cars in telephone industry. That makes absolutely no sense. There is no car relations between the branding for the race car and our customers, so there’s no more sponsorships that don’t bring us any sort of result. We are also more targeted in the way we advertise.”

Sprint (S) CFO Tarek Robbiati said the 4G network is already past its prime and they are now focusing on building out the 5G network

“We are not building a network that is 4G, 4G is almost a thing of the past. We are building a 5G network for the future, and 5G networks are funded fundamentally different to 4G networks. They’re all around high capacity, and the more spectrum you have the more capacity you have. The more spectrum you deploy, the more you can connect customers and the more speed you can give customers across your network. And there is a simple engineering law that governs this, the higher frequency spectrum is more efficient to handle very large capacity of traffic and that’s the world we’re moving towards with 5G.”


American Express Investor Day

American Express (AXP) CEO Ken Chenault is confident they have the right business model going forward

“Is the American Express business model fundamentally broken? I can tell you with complete confidence, the answer is no.”


AT&T’s (T) Management Presents at Deutsche Bank 2016 Media, Internet & Telecom Conference

Saw a slowdown in the handset upgrade cycle

“I think you saw in the fourth quarter, it was a slowdown in the handset upgrade cycle or the total sales. I wouldn’t be surprised to see that continue”

The DirecTV assets were as advertised if not better

“The DIRECTV assets were as advertised if not better. Good quality products, good people, a good organization. Two, from a more mundane perspective, we are focused on systems integration, we are focused on everything from general ledger reporting and payrolls and vendor management and so forth. We are going through all of that heavy lifting.”


Enterprise Products Partners’ (EPD) CEO Jim Teague on 2016 Investor Day

Oil and gas markets are being forced to adjust to the staying power of US shale

“Because of U.S. shale and slowing economies much different than President Carter said, now we’ve got too much oil and global markets have another problem. They are being forced to adjust to the magnitude and staying power of U.S. shale. Over the last few years, the largest consumer of hydrocarbon now has enough to production to be a provider to international markets and different from sovereign producing countries, the U.S. producer is a pure capitalist.””

In a crisis you’re trying to survive

“Is this a crisis or is it a cycle? Well they are different. In a crisis you’re trying to survive”

Low prices are the cure for low prices

“So we see this as a challenging year but we see a sunrise with all of the demand growth that’s coming. And I think, Tony, you’re going to speak to that. Really the cure for low prices are low prices, just like price creates supply, guess what? Price creates demand. ”


Bancolombia S.A. (CIB) Q4 2015 Results

Risks to the economy are biased to the downside, but we don’t expect a sharp deceleration

“Risks to economic activity are biased to the downside. And in that sense with today’s information, I think that the likelihood of having the 1.8% growth scenario for this year is becoming more likely. But I would also say that basically what we think is that — I mean if you compare the situation to previous ones, what we think is that, I mean we are not in — I mean it’s not very likely to see a sharper deceleration but instead to have a long period of low growth, basically because first, the external shock that the economy has received has proved to be more prolonged than we expected before; and secondly, because we don’t see that there is a scope for countercyclical policies and/or monetary or fiscal side.”


Vail Resorts’ (MTN) CEO Robert Katz on Q2 2016 Results

People are skiing

“Our Colorado resorts continue to deliver very strong results, with solid growth above our record prior year. Our U.S. destination visitation has remained strong throughout the year at all of our mountain resorts, as we saw the benefited from the appeal of our resorts to high-end leisure travellers; we are reaching through our more sophisticated marketing efforts and the strong U.S. economy.”

International visits have declined, but drop has moderated

“While we have continued to see a decline in international visitation, it has moderated since the Christmas holiday, in large part due to the strength of Australian visitation which is up considerably over last year due to the success we’ve had in driving visitation to the U.S. among our Epic Australia Pass holders. Visits from Mexico have been stable relative to prior year which we view as a strong success given the currency headwinds and as expected we are seeing declines from our U.K. Canadian and Brazilian markets.”