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BK	3	2,024	2024-10-11	Good morning and welcome to the 2024 Third Quarter Earnings Conference Call hosted by BNY. At this time, all participants are in a listen-only mode. Later, we will conduct a question and answer session. Please note that this conference call and webcast will be recorded and will consist of copyrighted material. You may not record or rebroadcast these materials without BNY's consent. I will now turn the call over to Marius Merz, BNY Head of Investor Relations. Please go ahead. Thank you, Operator. Good morning, everyone, and welcome to our third quarter earnings call. I'm joined by Robin Vince, our President and Chief Executive Officer, and Dermot McDonough, our Chief Financial Officer. As usual, we will reference our Financial Highlights presentation, which can be found on the Investor Relations page of our website at bny.com. I'll also note that our remarks will contain forward-looking statements and non-GAAP measures. Actual results may differ materially from those projected in the forward-looking statements. Information about these statements and non-GAAP measures are available in the earnings press release, financial supplement, and financial highlights presentation, all available on the investor relations page of our website. Forward-looking statements made on this call speak only as of today, October 11, 2024, and will not be updated. With that, I will turn it over to Robin. Thanks, Marius. Good morning, everyone. Thank you for joining us. I'll start with a few remarks on the quarter, and then Dermot will take you through the financials in greater detail. In short, BNY reported strong third quarter results, reflecting growth across our three business segments and consistent execution on our strategic priorities. Stepping back on the macro side for a moment, at the beginning of the year markets had priced in significant monetary policy easing in anticipation of economic slowdowns. Despite numerous shifts in the macroeconomic outlook since then, we've now seen the start of the easing cycle in several markets around the world, including a 50 basis point reduction in policy rates in the U.S., as the Federal Reserve recalibrates its policy stance to balance employment, inflation, and growth. Following increased market volatility and a sell-off in equities in early August, markets recovered and both equity and fixed income values ended the quarter higher. A little more micro, but relevant for markets, around the most recent quarter end, the market saw simultaneous flows into the Fed's reverse repo facility alongside the first meaningful usage of the standing repo facility, both of which we administer. At the same time, sponsored cleared repo volumes increased on the back of higher repo rates, possibly signaling a transition from abundant to ample reserves in the system, with potential implication for the pace of QT going forward. More broadly, while markets have been constructive, there are clearly risks and uncertainties ahead, and so we constantly prepare and position for the many tail risks that exist, from geopolitical tensions and conflicts to fiscal deficits and the impact of impending regulations and elections. Now referring to page two of the financial highlights presentation. As I said earlier, BNY delivered a strong financial performance in the third quarter, with strong EPS growth on the back of broad-based revenue growth and positive operating leverage. Reported earnings per share of $1.50 were up 22% year-over-year, and excluding notable items, earnings per share of $1.52 were up 20%. Total revenue of $4.6 billion increased by 5% year-over-year, and reported expenses of $3.1 billion were flat. Excluding the impact of notable items, expenses were up 1% year-over-year as we continue to invest in our people and technology, while we also generate greater efficiencies from running our company in new and better ways. Pre-tax margin and return on tangible common equity improved year-over-year to 33% and 23% respectively. For the first time in our history, we reported over $50 trillion of assets under custody and or administration at the end of the quarter. Now, custody is not something we are, but it is something important that we do. This number one market position improves our unique vantage point as a global financial services company, and it provides opportunity to drive value across our portfolio of adjacent businesses to deliver more of BNY to our clients. We increasingly see that the true power of BNY's client franchise exists in the combination of capabilities across our leading security services, market and wealth services, and investments and wealth businesses. We have the ability to enhance this and to deliver more to our clients by bringing new, innovative solutions to the market from across the seams of these businesses. As an example, we recently announced the planned acquisition of Archer, a leading technology-enabled service provider of managed account solutions to the asset and wealth management industry. Archer provides comprehensive technology and operational solutions that allow asset and wealth managers to access one of the fastest growing investment vehicles in the industry, managed accounts, at scale, expanding distribution, streamlining operations, launching new investment products, and delivering personalized outcomes for their clients. The integration of Archer should produce a positive impact across several of our lines of business. In addition to augmenting our asset servicing capabilities for managed accounts, Archer will provide our investments business as well as our Wove Wealth Advisor platform in Pershing with expanded distribution of model portfolios and access to Archer's multi-custodial network. Buy it once, use it many, if you will. The transaction is expected to close before the end of the year and we look forward to welcoming the Archer team to BNY. Another one of the fastest growing areas in financial services, alternatives, also presents a promising opportunity for us to deliver new client solutions across one BNY. We already have relationships with hundreds of alternatives managers as well as roughly $3 trillion of wealth assets on our platforms. We believe there is more for us to do to mine the opportunity and build the technology to reach across our franchise and unlock the fast-growing alternatives market for wealth intermediaries, advisors, and the investors they serve. Last month, we introduced AltsBridge, a comprehensive data, software, and services solution built for wealth advisors. AltsBridge aims to make investing in alternatives easier for advisors through a streamlined end-to-end experience and direct integration into advisors' existing desktops, starting with our Pershing NetX 360 Plus and Wove platforms. As we continue to deliver new, innovative products we are also addressing the significant opportunity from enhancing our commercial model, making it easier for clients to navigate BNY. In order to accomplish this, we are promoting an enterprise approach to client coverage, and we are operationalizing our new commercial model. For example, over the summer, and for the first time in recent memory, we brought together several hundred of BNY's client-facing commercial leaders from around the world, as well as members of our executive committee, for a two-day event we called Commercial Liftoff. This program enabled our top client coverage people and their business partners to take a one BNY view to account planning, creating a shared vision for serving each of our clients holistically across the entire relationship, generating new ideas to meet the client's objectives and developing action-oriented plans to deliver on those goals. During the quarter, we also made progress toward running our company better, including the ongoing transition to a platforms operating model, enhancing the connectivity across our teams and empowering our people to drive change across the company. In September, we went live with the next step on our multi-year plan to unite related capabilities around BNY and elevate our execution by doing things in one place and doing them well. We now have about 13,000 or about one quarter of our people working in our new operating model. As we've said before, powering our one BNY culture in order to be more for our clients and run our company better requires not just words, but action. I want to thank our people around the world for their hard work and for collectively pulling together as a team to create the change for our clients, for our shareholders, and for one another. To wrap up, the combination of our talented team, our portfolio of leading businesses working together, and the strength of our balance sheet gives us a great foundation to deliver more to our clients and drive sustainable long-term shareholder value. While our results in the third quarter demonstrate continued execution against our strategic priorities, as well as progress toward our medium-term financial targets, our team remains focused on the work ahead. With that, over to you, Dermot. Thank you, Robin, and good morning, everyone. Starting on page three of the presentation, I'll begin with our consolidated financial results for the quarter. Total revenue of $4.6 billion was up 5% year over year. Fee revenue was up 5%. This includes 5% growth in investment services fees, reflecting higher market values and net new business across our security services and market and wealth services segments. Investment management and performance fees from our investment and wealth management segment were up 2%, driven by higher market values, partially offset by the mix of AUM flows and lower performance fees. Firm-wide AUCA of $52.1 trillion were up 14% year-over-year, reflecting higher market values, net new business, and client inflows. Assets under management of $2.1 trillion were up 18% year-over-year, primarily reflecting higher market values and the favorable impact of a weaker dollar. Foreign exchange revenue increased by 14%, driven by higher volumes. Investment in other revenue was $196 million in the quarter, reflecting continued strength in fixed income and equity trading. The year-over-year increase primarily reflects a strategic equity investment loss recorded in the third quarter of last year and improved results from RC capital investments. Net interest income increased by 3% year-over-year, primarily reflecting improved investment securities portfolio yields and balance sheet growth, partially offset by changes in deposit mix. Expenses of $3.1 billion were flat year-over-year on a reported basis, and up 1% excluding notable items. This reflects higher investment and employee merit increases, partially offset by efficiency savings. Provision for credit losses was $23 million in the quarter, primarily reflecting reserve bills related to commercial real estate exposure. As Robin mentioned earlier, we reported earnings per share of $1.50 up 22% year-over-year, and excluding notable items, earnings per share were $1.52 up 20% year-over-year. Pre-tax margin was 33%, and return on tangible common equity was 23%. Turning to capital and liquidity on page 4. Our Tier 1 leverage ratio for the quarter was 6%. Tier 1 capital increased by 4% sequentially, primarily reflecting capital generated through earnings and improvements accumulated through other comprehensive income, partially offset by capital earned through our shareholders through common stock purchases and dividends. Average assets increased by 1%. Our CE21 ratio at the end of the quarter was 11.9%. CE21 capital increased by 5%. and risk-weighted assets increased by 1 percent. We returned $1.1 billion of capital to our shareholders over the course of the third quarter. Year-to-date, we returned 103 percent of earnings through dividends and buybacks. Moving to liquidity. The consolidated liquidity coverage ratio was 116 percent, a one percentage point increase sequentially due to a favorable change in our deposit composition. and the consolidated net stable funding ratio was 132 percent, unchanged sequentially. Next, net interest income and the underlying balance sheet trends on page five. Net interest income of over $1 billion was up 3 percent year-over-year and up 2 percent quarter-over-quarter. The sequential increase was helped by higher sponsored key repo activity and its market volatility and increased client demand. Average deposit balances remained flat sequentially. Non-interest-bearing deposits decreased by 2% in the quarter, and interest-bearing deposits were flat. Average interest-bearing assets were off 1% quarter over quarter. Our investment securities portfolio balances, as well as loan balances, increased by 1%, and cash and reverse repo balances remained flat. Our broader liquidity ecosystem reached an all-time high at the end of the quarter, of over $1.5 trillion worth of client cash across deposits, money market funds, securities lending, sponsored cleared repo, and other short-term investment alternatives. Turning to our business segments, starting on page six. Security services reported total revenue of $2.2 billion, up 6% year over year. Total investment services fees were up 4% year over year. In asset servicing, investment services fees grew by 5%, primarily reflecting higher market values. For the third quarter in a row, the impact of repricing was de minimis. ETF AUCA of $2.7 trillion was up more than 70% year-on-year, and the number of funds serviced was up 20% year-on-year. Inflows into ETFs on our platform remained strong this quarter with growth across all asset classes. As the ETF industry continues to grow, we are dedicated to scaling our best-in-class ETF service offering. For example, we have successfully onboarded several new liquidity providers to our electronic order execution platform to advance digital adoption. In issuer services, investment services fees were up 1%. Net new business and higher client activity in corporate trust was partially offset by lower deposit receipt fees reflecting corporate actions in the prior year. Against the backdrop of increased issuance activity, we continued to see strength in corporate trust, capitalizing on our investments in people and technology to enhance client service and scalability. In this segment, foreign exchange revenue was up 28% year over year, reflecting growth from newly onboarded clients as well as a higher level of client activity. Net interest income for the segment was up 2% year-over-year. Segment expenses of $1.6 billion were down 3% year-over-year, reflecting efficiency savings and lower severance expenses, partially offset by higher investments and employee merit increases. Pre-tax income was $642 million, a 38% increase year-over-year, and pre-tax margin was 29%. Next, market and wealth services on page seven. Market and wealth services reported total revenue of $1.5 billion, up 7% year over year. Total investment services fees were up 7% year over year. In purging, investment services fees were down 1%, reflecting the impact of lost business in the prior year, partially offset by higher market values. Net new assets were negative $22 billion for the quarter, reflecting the ongoing deconversion of lost business in the prior year, which is now largely behind us. Excluding the deconversion, we saw approximately 4% annualized net new asset growth in the third quarter. Wove continues to see strong client demand. We signed up 14 additional clients in the third quarter, and will remain on track for the $30 to $40 million of revenue in 2024 as we guide it in January. Wove is helping us attract new clients and deepen relationships with existing ones. For example, Pershing provides custody and clearing solutions for Sanctuary, a large and fast-growing wealth manager servicing the high net worth and ultra-high net worth segments. Sanctuary will also leverage Wolf portfolio solutions, trading and rebalancing, and reporting for teams that custody with Pershing, as well as those that use another custodian. In clearance and collateral management, investment services fees increased by 16%, primarily reflecting higher collateral management fees and higher clearance volumes. Against the backdrop of a growing market and active trading, U.S. securities clearance and settlement volumes have remained strong. As you may remember, we created our global clearing platform earlier this year through the realignment of Pershing Institutional Solutions. We're pleased to see the pipeline of this platform continue to build for our full suite of institutional clearing, settlement, execution, and financing solutions in over 100 markets around the world. In treasury services, investment services fees were up 11%, primarily reflecting net new business. The business continues to execute well against the growth agenda we presented in January. And we are seeing our investments in modernizing and digitizing our payments platform pay off in the form of growth in our strategic target markets. Net interest income for the segment overall was up 3% year over year. Segment expenses of $834 million were up 5% year-over-year, reflecting higher investments and employee merit increases, partially offset by efficiency savings. Pre-tax income was up 8% year-over-year at $704 million, representing a 46% pre-tax margin. Turning to investment and wealth management on page 8. Investment and wealth management reported total revenue of $849 million, up 2% year-over-year. In our investment management business, revenue was up 1%, reflecting higher market values and improved C-capital results, partially offset by lower performance fees and the mix of AUM flows. And in wealth management, revenue increased by 6%, reflecting higher market values and net interest income, partially offset by changes in product mix. Segment expenses of $672 million were flat year over year, as efficiency savings offset employee merit increases and higher investments. Pre-tax income was $176 million, up 7% year over year, and pre-tax margin was 21%. As I mentioned earlier, assets under management of $2.1 trillion increased by 18% year-over-year, primarily reflecting higher market values and the favorable impact of the weaker dollar. In the third quarter, we saw strength in our short-term strategies with $24 billion of net inflows into cash, reflecting our leading position and strong investment performance in our Dreyfus Money Market Funds. Long-term active strategies saw $8 billion of net outflows spread across multi-asset, LDI, and active equity, partially offset by net inflows into fixed income. And we saw $16 billion of net outflows from index strategies. Wealth management client assets of $333 billion increased by 14% year-over-year, reflecting higher market values and cumulative net inflows. Page 9 shows the results of the other segment. Before I wrap up, a couple of comments on the outlook for the year. Starting with net interest income. Remember, we began the year setting up for positive operating leverage despite an expectation for a full year net interest income to be down 10% in 2024. While we're currently forecasting for fourth quarter net interest income to be slightly below what we saw in our strong third quarter results, the resilience of our net interest income over the first nine months of the year has positioned us to outperform our outlook for the full year net interest income growth rate from January by approximately five percentage points. Regarding expenses, we continue to work hard to keep core expenses excluding notable items for the full year 2024 roughly flat. We now expect our effective tax rate for the full year 2024 to be at the lower end of the 23% to 24% range we estimated in January. And lastly, as we said at the beginning of the year, we expect to return 100% or more of 2024 earnings to our shareholders through dividends and buybacks, and we remain on track, having returned 103% of earnings year to date. In conclusion, our results this past quarter reflect broad-based growth across our three business segments and continued progress on our strategic priorities. We're pleased with the company's performance year to date, and we're proud of our people who continue to execute well toward our medium-term financial targets while we all remain focused on the work and the tremendous opportunity ahead of us. With that, operator, can you please open the line for Q&A? If you would like to ask a question, please press star 1 on your telephone keypad. As a reminder, we ask that you please limit yourself to one question and one follow-up question. Please go ahead. We'll take our first question from Brennan Hawken with UBS. Good morning. Thanks for taking my questions. You flagged some of the ETF wins that you had in the servicing side. So curious about that. Number one, how much of that was the BlackRock business that you've won? And has the revenue from that win, that Bay win, fully turned on? And did those dynamics have something, or like is the fee rate lower? Because, you know, fees in asset servicing were up about 5%, but AUC, 16. And I know sometimes the ETF fee rates are a little lower. So, curious to flesh that out a bit. Thank you. So, thanks for the question. I don't really want to get into the specifics on one client or transaction, but just to take a step back on ETFs generally. You know, it is a growing market. You may have watched Larry from BlackRock on CNBC this morning. It is a secular trend. It is a very big and growing market. And we are a key player in that. As I said in my prepared remarks, you know, we have 2.7 trillion on the platform. That's up 70% year on year. And the number of funds serviced is up 20%. That's on the back of you know, strong leadership and a real investment in technology so we can be best in class. So without going into specifics, we're there to take advantage of the secular trend and we continue to innovate and solve for our clients' needs. Okay. Thanks for that. Maybe if I could word it a little differently. The strong ETF growth that you have seen this quarter, Is the revenue fully reflected this quarter or is some of those wins still have some revenue ramp to come? I would say it's the latter. It's, you know, generally speaking, strong pipeline. We're always adding new clients to the platform and they, because of the size of what's been onboarded, they tend to do it in a phased approach. So some revenue is on the platform, some revenue to come. Excellent. Thanks for that, Dermot. Thank you also for the update on NII, encouraging to see things working better. Could you speak to the deposit beta that you experienced with the first rate cut? And given that we're seeing rates coming down now, is it reasonable to think that deposits could begin to grow from here? So, the betas, I think we've said on previous calls, we view it as symmetrical. For us, the first rate cut was 100% passed on, so we feel pretty good about that. I think in terms of where we are in the Fed easing cycle, I think it's probably a little bit too early to see how that's going to feed into the deposit balance story. I think overall, we've held in there. We had a strong Q3 for a variety of different reasons. I would say I expect where we are to moderate a little bit on balances in Q4, and we'll see what happens next with the next Fed meeting, but no significant change for us as we kind of sit here right here today. Great. Thank you for taking my questions. If you find that your question has been answered, you may remove yourself from the queue by pressing star 2. We'll move to our next question from Mike Mayo with Wells Fargo. Hey, how are you doing? Hey, Mike, how are you? Good. Look, I'm just – that's a big number, the $50 trillion of AUC, a nice round number. You did beat – it's factual that you beat expectations for the quarter and the year so far, as you highlighted. I'm just trying to figure out how much of this is lucky versus being smart. And I imagine it's a bit of both, but the lucky part is record stock market, volatility, trading, some other factors in the market that have gone your way. And I don't feel like we have enough information on your client growth, the underlying client growth, the most repeatable part of the company. So could you give some color on whether it's growth in clients or maybe it's revenues per client or maybe it's products per client? or all those adjacent businesses that you talk about, how you're managing the company better versus simply a better environment to operate in? Sure, Mike. It's Robin. I understand the question, and it's obviously a very legit question. We broke through the 50. By the way, we ended at 52, so the good news is we didn't stop at the round number. I'd say that it isn't It isn't just fashionable. It's actually old-fashioned, traditional, just the way that we want to do it in terms of being able to have this deliberate growth and this focus. And so we've tried to provide as much visibility as we reasonably can into the inputs of what it is that's ultimately driving this progress. We understand we have benefited from a terrific backdrop in terms of markets. And, of course, it's part of our business to be able to be well positioned to take advantage of those backdrops. We've got parts of our business which respond to asset values. We've got parts of our business that respond to the number of accounts. We've got parts of our business that respond to software sales, transaction volumes, and having that multifaceted set of business values response functions, if you want to call it. That is actually a deliberate strategy so that we can participate in the growth of markets. And so if you believe that overall debt issued in the world, equity valuations in the world, financial market activities are going to grow, we're trying to hitch our wagon to all of those growth trends. We think that's good. Having said that, to the heart of your question, This is the work that we've really done in the early days since this management team took over, which was to understand the components that we had and to really start to understand how they could work together so that they could hum together in order to be able to unlock more potential. And so we rallied the firm around three strategic pillars, this thing of being more for our clients. And that's not just words. It's been about maturing this 1BNY philosophy that we've talked before about. It's about having a different type of dialogue. It's about the movement over time to solutions as opposed to just products. It's like the examples that I gave and Dermot gave in our prepared remarks where clients are coming to us because we can do more than one thing for them. And it's not just that we're selling more things to them. It's that they actually want to take advantage of bundles of things which actually provide a better solution to their business. And then our second pillar of running the company better, that's been about sales rhythms and sales targets and bringing our people together and having them understand what it is that we're trying to do. And then wrapping the whole thing is this culture of wanting to have a winning culture, wanting to push forward, wanting to make BNY of the future more than BNY Mellon was of the past. And those things are all quite deliberate. And we believe that we're starting to see the results of that, although it's still early. in our results. But, you know, Dermot can give you a couple of additional things on this, which I think also would be helpful. So, Mike, the way I, from just thinking about it from a numbers perspective, right, we're up 5% year-on-year in fee growth. And constructive markets, and so we've been able to take advantage of constructive markets. But a couple of important points that I would draw out. is that in all three of our business segments, we've seen solid underlying growth. And in Robin's prepared remarks, he talked about the fact that we're evolving into a platform company. And when we have platforms that we're investing in at scale, so when you have high volume and you have constructive markets, we have the platforms in situ that can take advantage of that. Asset servicing, we're winning and onboarding new business. We came into the year with a backlog. We onboarded the business throughout the year, and we're beginning to go into the Q4 with a bigger backlog than we came into the beginning of the year. So asset servicing, I feel very proud of. Corporate trust depository receipts, corporate trust specifically, a good margin business, but something that has been devoid of investment over a number of years, and we've put money to work there in terms of leadership and scaling our technology. And that's going to be an important business for us in the future. And treasury and services and clearance and collateral management have really kind of shown what when you have a scale platform with high volume, strong markets, lots of issuance, lots of payments, you take advantage of that. And then on just the client-specific thing, albeit it's a small base, and we've highlighted a couple of transactions this year, We're able to have a much more sophisticated conversation with clients, and clients are now buying from us across more than one line of business, in some cases four lines of business. That was something that we just could not do a couple of years ago, and Robin's point about bringing the one BNY to bear on clients is really beginning to pay dividends. All right, well, that was very comprehensive. Just last follow-up, are you implying, and by the way, on all the metrics, again, the client growth numbers, and thanks for pulling back the layers of the onion there, but always like even more layers, never enough for us, but in terms of growth and clients and more specifics going down the line, but the expenses clearly, Jeremy, the plant expenses, that's very clear, that part of it. Are you implying even lower expenses in the fourth quarter based on your your new guide today? So, look, the thing I would like to convey to you and to our shareholders is that we work really hard over the last couple of years to build credibility that we are good stewards of our expense base. And we guide it flat at the beginning of the year. And broadly speaking, you know, there's been some pressure I would say on expenses that for the most part are revenue related. And so if revenues are higher, there's some aspects that you just have to pay more expenses. So while I've guided roughly flat for the full year, there may be a little bit of pressure over the course of that because of higher revenues. And also, you know, as Robin said in his remarks, we've announced the acquisition of Archer and there'll be some integration costs associated with that. But I feel very good The fact that now we have 53,000 people who understand the importance of financial discipline, and that goes to pillar number two of being a really well-run company. All right. Thank you. We'll move to our next question from Brian Bedell with Deutsche Bank. Oh, great. Thanks. Thanks. Good morning, folks. Thanks for taking my questions. Maybe just on just sticking with the revenue dynamic, Talking about, obviously, the commercial liftoff and the enterprise approach, the early traction that you're getting, I think you referenced some clients now doing multiple services. Can you talk a little bit more about how you think that might impact the revenue growth trajectory, and then also just if you can just reconfirm the general revenue delta to equity markets. I think it was like 10% equity market moves can have an impact of about 1% revenue. So just wanted to sort of break apart those two dynamics, just really kind of showing that you're actually generating this revenue growth aside from markets. So if I take the last question first, Hopefully that was your two questions in one go. So 5% gradual change in equity markets is roughly $60 million in fees annually, and a 5% gradual change in fixed income markets is roughly $40 million in fees annually. So that's a little bit on the sensitivity analysis. And so on just the commercial liftoff that Robin talked about in his remarks, It really is. Katinka Wallstrom, who's with us now for over a year, spent the first year really on a listening tour and organizing roughly our 1,200 to 1,500 leading client coverage people around the world in terms of what we want our ambition to be, what are the products that we have, and how can we educate our total force to be able to out there with clients delivering the whole of the firm. And also, if you kind of just talk about Archer for a second, I think a couple of years ago, if we were to do that acquisition, you know, one part of the firm would have bought it for its business. And I think Robin's point and his remarks are really, really important where you buy it once, you use it multiple times, and it's an acquisition that's done for the enterprise that will serve multiple lines of business. And that's how you should think about how our client coverage model is going to work in a strategic way going forward. We're going to deliver holistic solutions for clients. Clients have a better understanding of the diversified nature of our business franchise, and they're just buying more from us, and it's just going to show up in revenue, and we feel very good about where we are today in terms of planning for the budget season for Q4 and the opportunities that are going to come our way in 2025. Great. That's helpful. I'll get back in the queue for another question, actually. We'll move to our next question from Alex Blostein with Goldman Sachs. Thanks. Thanks. Good morning, guys. So maybe just wrapping some of the comments you made around fee in a bigger picture question, when you guys think about a number of different growth areas, you outlined some of the specifics, and obviously the approach to cross-selling has taken a whole different turn here. So when you zoom out and you look at the business holistically, how do you think about the organic, growth that the enterprise can generate over time so you're trying so we don't guide on fees haven't done don't intend to do it here but what I would say is and I gave this answer as an earlier question We are seeing underlying growth across all three of our business segments. Our underlying organic growth this year, we feel quite happy about, and we feel it reflects a really good nine months of the year. And there's no reason to expect that that momentum won't continue. And I do feel the way we've set up for the back half of this year and into next year, it's a kind of flywheel of innovation. And we have a lot of growth initiatives. And we've come together, and we have a group of people who are working on what we call integrated solutions. And so we have a number of interesting things in the pipeline. Robin talked about Altsbridge in his remarks, talked about Archer in his remarks. There are things that we're doing within specific lines of business coming together. We talked about Pershing being realigned into clearance and collateral management, and that's driving growth as well. So the decisions that we've taken over the last couple of years in terms of realigning certain activities into different parts of the firm are showing up in our revenues this year, and we will continue to do that into next year. And Alex, I just add, and Dermot really alluded to this in what he just said, but right from the beginning, we've had two approaches. One is to think about this endeavor of fully realizing BNY's potential as a multi-year endeavor. And we recognize that there are going to be different ways in which that will come together in different years. And North Star, as you know for us, is operating leverage. And that came about in a slightly different way in 2023 than it did in 24. And it could be different again in 25 as we really get into that conversation ultimately. when we talked to you in January. But we've simultaneously invested in things that we knew would be important for the shorter term and for the medium term and for the longer term. And so both Dermot and I have talked about this platforms operating model. That's a great example. There have been some benefits that come early on in that process. We've brought like things together across the company. There have been benefits on the revenue side. There have been benefits on the expense side from doing it. But then the value of having done it creates medium-term momentum because now we're able to be more dynamic for clients. We're able to solve problems more quickly for clients. And so there's a payoff there. And then over the longer term, it actually makes it easier to be able to assemble these new solutions that Dermot was just talking about. And again, there's a revenue story there, but there's also an expense story. And that's how we're thinking about it, notwithstanding we haven't given you a specific growth target number. Make no mistake, we're invested in creating that growth. Yeah, no, fair enough. I appreciate all that. Smaller kind of tactical question for you guys. So the repo activity continue to be quite elevated. You mentioned that in your prepared remarks as well. Is it possible to help size how much repo contributed sort of across the enterprise? It hits you in a couple of different ways. Obviously, there's the NII benefit and there's some P benefits. So as you think about the more normalized level of repo activity versus what you saw in the quarter, how big of a contributor was that in kind of totality? And as you look forward, given changes in monetary policy expectations, but also some of the client behavior that you mentioned earlier, how sustainable do you ultimately think this more elevated pace of activity in this market? So on the repo question, so a cleared repo, for sure we saw elevated activity, particularly going into the back end of the quarter and then the early part of this quarter. And that, in large part, contributed to the outperformance for the Q3 NII. That has now moderated somewhat. And so, in my prepared remarks, and in terms of the guidance, that's why I kind of feel like, you know, roughly for NII, we're about a billion dollars for the fourth quarter. In terms of cleared repo, overall, as a kind of contributor to the NII open course of the year, it's roughly about 5% of the number. As it relates to elevated activity in terms of volume and activity, I think from what we see on our platforms, we kind of see that continuing to be the case in the medium term. There's no reason for the slowdown. It's been a very strong year, very, very active client engagement, product innovation. And particularly on the international side, we said at the beginning of the year in our kind of strategic call in January that international was going to be a key area of focus on the platform, and that's been the case, and that's shown up in the results. So I think overall, and I said in my prepared remarks as well, in terms of the liquidity ecosystem in total hit a high for us of $1.5 trillion. That's up from $1.2 trillion. a couple of years ago, and that's in the backdrop of liquidity coming out of the system. So we've grown quite substantially, and that, again, is coming back to connecting the dots across the firm, getting teams collaborating more, being more digital, providing innovative solutions to clients, and that is really powering the growth. If I could just relate that back to a question that Mike had asked earlier on, because I think these things are relevant. You've got to remember... that the strategy of us having roughly the right oars in roughly the right waters to be able to participate in things that are happening in the world, that's very important. So if I just supplement what Dermot said with the additional observation that we're the world's largest securities lender that generates repo activity, we're the world's largest collateral manager, so we get to capture fees associated with people doing repos. We obviously play this role in the U.S. Treasury market, which participates in the growth of U.S. Treasury repo. We have all of these different touch points, and so there are different ways in which we can collect across software in some cases, services that we administer in others, and participation in different both global markets and also product types, which align in indirect ways to that. That's an important part of how we look at the overall system and understand how our products and services can help clients navigate those, and we can participate in the benefit of their growth. Yeah, that's a helpful framework to discuss this way. Yeah, thank you guys both. We'll move to our next question from Gerard Cassidy with RBC. I'm Dermot. I'm Robin. Robin, can you give us some thoughts? Obviously, you talked a little bit about the acquisition you accomplished in this quarter. What your outlook is for, you know, you're obviously at very strong capital levels. Your stock is moving very nicely this year. You've got a better currency. What the outlook is for just other types of acquisitions, if there are some that could be complementary to what you're currently doing? Sure, Gerard. First of all, just make a quick comment about Archer. We're looking forward to closing that transaction in the fourth quarter and welcoming the team in. This relates a little bit to a couple of other things that we've already talked about on the call. One is participation in markets and the other one earlier on on ETFs. If you just think about the way that we view the world construct, once upon a time there were mutual funds. More recently in the past decade or so, it's really been the explosion of ETFs. And there's a simultaneous thing going on, which is the growth of separately managed accounts. And so in the same way that Dermot described how we've participated in sort of outsized participation of the ETF migration, Archer is a transaction that prepositions us to be able to participate, hopefully in an outsized way, associated with the transition to separately managed accounts. So it relates to that strategic question of growth and participating in different markets that we talked about. Now, stepping back to the other part of your question, really the heart of it on M&A, look, our primary focus is what we have and how we can improve on it. And Dermot and I both talk a lot about the fact that we've looked very carefully at our businesses, and we love our businesses. We think we have a great set of businesses. We think there are great ones to be in, and we think that they have a lot of adjacency to each other. And we think that the spread of those things can provide a lot more services to our clients in a more joined-up way of solutions than maybe we have before. So it isn't that we do M&A from a position in any way of needing to do things. We're able to be very opportunistic, and we obviously like that a lot. Notwithstanding that we're pleased with what we have, we don't want to be complacent. So we keep our eyes open and we look at things. And Archer came about as a result of a strategic business review that we did internally, looking at long-term trends, looking at how we might adapt to those trends. And then we went out and we looked very specifically for a capability that would do that, with the key emphasis being on the word capability. digestible, bolt-on things that accelerate what we're trying to do or de-risk delivery of what we're trying to do. And if we can buy a piece of technology that can be more efficient or less distracting than building it ourselves with a great team, great technology, ideally like this one, an installed book of business is also helpful, then we feel very good about it. As long as it aligns with those priorities, is a good cultural fit, has a good attractive return. So that's our M&A thought process. And then that fits into the overall waterfall, which we've talked about before, which is if we have excess capital, we're going to, of course, be prudent. And so we like excess capital. That's not a bad thing in an uncertain world. And so that's a very important consideration. Then we look at whether or not we could invest it. Good news, as you know. We're a pretty capital-light model. We're very capital-generative, so we don't need a ton of capital to reinvest in our business to keep growing it. Then we look at whether or not we need something for some type of additional need, like the Archer example, and then we distribute the rest. And this has been obviously a good year to see all of that on display. We've been prudent. We've run at elevated capital levels. And as Dermot's indicated, we intend to return soon. 100% plus of net earnings to shareholders, and we've been able to make an acquisition. And so this is a pretty good model year for how we think about the world. Very good. Thank you for the answer. And then just as a quick follow-up, Dermot, you gave us that sensitivity analysis about a gradual 5% change in the equity markets and fixed income and the impact it would have on revenue. Was that for up markets, meaning the gradual increase was 5% up? Does that also reflect a down market? If markets were down 5%, that's the kind of impact we would expect to see? That's correct, George. That's correct. Okay, great. Thank you. We'll move to our next question from Ibrahim Poonawalla with Bank of America. Hey, good morning. Good morning, Ibrahim. I had a follow up with some of your responses, I think, I guess, depending how maybe starting with this capital allocation. So how do you respond to Jared's question around M&A and such? But just talk to us how you think about means when we think about the valuation of the stock on price to earnings, price to tangible book. At the same time, this year has been pretty good market backdrop wise. And as an investor, shareholder, you care about ROE resiliency of these firms. So one, maybe Robin Dermott, talk to us about your comfort around ROE resiliency. If the market backdrop is unfavorable, what's the flex in the system? And given where things stand today, how do you think about the stock valuation versus the commitment to return 100% plus in buybacks and dividends? Thank you. I'll take the second bit first, and then Dermot will reflect on the first part of your question. So the good news is that we can also pay attention to the way that you all think about the stock and your views of our stock. And we appreciate the fact that many of you have expressed confidence in our forward direction. We believe in ourselves as well. And so while we do, of course, consider price as one of the many inputs into our capital return strategy, framework. We don't view current prices as being problematic in terms of continuing our stock buybacks. When I took on the role a couple of years ago, I guess I got a lot of questions about is this just going to be more of the same or what's different? And now we're several quarters into the new team and Robin has really kind of bolstered that team And through the strategic pillars, communication, the principles, the medium-term financial targets has really started to evolve the culture of BNY. And so it is our commitment to deliver to our shareholders positive operating leverage through the cycle. And so if you just take a step back and look at this quarter's financials, you know, 5% revenue growth, flat expense growth, 33% pre-tax margin, upper end of Tier 1 leverage, 6%, 23% return on tangible common equity, and a 22% EPS growth. And what I would say is a solid beat. So I don't really think about the valuation of the firm on any given day. We just care about delivering for our clients and our shareholders. And if we do that in a first-class way, the valuation will take care of itself. And you asked about the returns and our sort of comfort with them. Look, we've given medium-term targets, as Dermot just said, that's sort of greater than or equal to 23% for ROTC. And so we obviously appreciate touching that, but doing it consistently over time is how we really view achieving targets. And In terms of the resiliency, remember that the very nature of our business is actually got this diversification. We talked about the equity markets and the fixed income markets. I talked about the fact that it is software, it's services, platforms, and market valuations, and transaction volumes. These are all things that we participate in. Capital markets activity has been important to us in 2024. The fact that we participate through our corporate trust business through our debt capital markets business. Those are things that are participating in the growth of capital markets generally. We participate in the scale of markets, and things like the treasury market is a good example. And so this diversification of our mix helps us to be resilient in terms of the vagaries of any one particular market or cycle. Now, of course, things will move around, and that's why Dermot mentioned the point about our our commitment to positive operating leverage in almost all reasonable scenarios that we can imagine because we recognize that NII, which is part of our mix, but so too are the fees and then our ability to control expenses. We could make expenses less than they are now. We've chosen to manage them at the level that they are because we believe that investing in that business for future growth is exactly what we should be doing right now given the environment. But it wouldn't always have to be so. Appreciate that. And if I can sneak one quick follow-up. Dermot, I think you mentioned fourth quarter NII slightly lower than 3Q. We've seen a few rate cuts in Europe, in the U.S. now, in September. Is it fair to assume that absent a dramatic change in rates, this billion-dollar in quarterly NII is kind of where we are bouncing around at the bottom, and then if deposit growth picks up, QT stops, that it should go off that base, or am I missing something? So if you look back at our last five quarters, we've kind of toggled between a billion and 1.1 billion. Q3 was a stronger quarter for us for a number of reasons, principally volatility in the market at the beginning of August and clients held more cash. And then towards the back end of the quarter, once there was a clearer view on where the Fed was going to go at rates, clients started to put money into money market funds, which ended up with us. And so we kind of benefited from those two principal things. And so our deposit balances have kind of leveled off here. We expect maybe NIBs grind down a little bit from here. And so as I kind of said maybe 10 minutes ago, $1 billion for Q4 is is the best guidance I can give you today. And for 25, I don't see NII being a kind of a headwind for us. And we've taken extensive action over the last several weeks in terms of repositioning our CIO book to insulate 25. That's helpful. Thank you so much. As a reminder, if you find that your question has been answered, you may remove yourself from the queue by pressing star 2. If you would like to join the queue, you may press star 1. We'll move to our next question from Betsy Gracek with Morgan Stanley. Hi, good afternoon. Hey, Betsy. Okay, two quick questions. One is on the buyback question, and I know you said, you know, look, you're very creative. earnings accretion, you don't need a lot of capital for the business model, of course, as we know, and you're above your target CET1 of 11 and Tier 1 leverage, you know, target 5.5 to 6, you're at the high end of that range. And so when we think about the 100% plus, how should we think about the plus part of the 100% plus? Because it feels like, you know, totally 100% makes sense, but there's room to bring these, you know, to optimize the capital structure more. So, you know, I'm kind of thinking about, I'm wondering, what kind of timeframe are we talking about to optimize your capital structure, do you feel? So, thanks for the question, Betsy. Last year, we returned a little north of 120%. This year, in January, we guided 100% or more. given the uncertainty in the markets, geopolitical, the US presidential elections, wide range of uncertainty with Fed. In January, we thought the year was going to be very different to where it's ended up. And I think on previous calls, we said we wanted to, for now, stick towards the upper end of our tier one leverage ratio, which is the 6% range. And so when you take that and the Archer transaction, we kind of think, you know, we're still on track to do the 100% or more through three quarters. We're at 103%, so I wouldn't expect that to materially change from here. Okay, got it. And then the other question, as you mentioned, one-third of BNY is now on the platform model. And are you taking 100% of the firm there and just wondering about implications for you know, a runway for efficiency improvements as you execute on that. Thanks. So a quarter of the firm, roughly 13,000 employees are on the platform now, happened in two waves, March and September, with another wave going live in Q1 of next year. And so I wouldn't necessarily think about platform operating model as a mechanism just for efficiency. It really is. It's going to drive top line growth and is going to run the company better. And it's going to help us have a different culture in terms of more joined up thinking. So it really is the mechanism by which we deliver the three strategic pillars. And so the answer to the question about 100% is yes. And from here, it's probably another 18 months before the firm is fully up there. But by the end of Q1 of next year, we expect about half the firm will be live on the model. And the feedback so far from our team around the world is extraordinarily positive. So it's really worked well for us as a firm. And Betsy, remember the tale of benefit extends way past the 18-month point because sometimes it's not until folks are in the model and operating in that new approach, they're really able to examine some of the core questions that that platform is confronted with in terms of how to optimize. So we expect the benefit that Dermot was describing to be a multi-year endeavor past that 18-month point. Got it. All right. Thanks so much. Appreciate it. We'll move to our next question from Glenn Shore with Evercore ISI. Hello. Just one wrap-up for me. Dermot, I love that you pointed out the 5% revenue growth, flattish expenses lead to 20% earnings growth. That is the power of the BK model. If you look just – I know it's just one quarter, but if you look at the sequential numbers, the story changed a little bit with everything about flattened earnings down a little bit. I'm just – all I'm asking is, does that inform us in any way – how we're looking at as we roll into 25. A lot of your business metrics and balance and client wins are up, so my gut is no, but I just want to see from that perspective how you feel about that. So I think your gut's correct. It is no, Glenn, and it's all just about timing and when we onboard clients and put people on the platform and when the revenue starts to get recognized. So Just in terms of the backlog across all our businesses, strong pipeline continues to grow. And, yeah, so your intuition is correct. All right, awesome. Thank you. We'll move to our next question from Rajiv Badia with Morningstar. Yeah, just a quick one for me. I guess on the depository and receipts business, And I appreciate it's a small business, but the number of sponsored programs continues to decline. Is that something we should continue to decline in? Is it competitive takeaways or something else that's driving that? Thanks. So I wouldn't really read too much into that. We've talked about that for several years, about the sponsored program going away and not being around. It's still here. Depository receipts. a small business in the totality of it but it is a very very important business for us because it gives us another opportunity to connect with clients and it has got a very good margin to it and we have like very significant market share in that business so it's something that we continue to invest in we think it's very important for our franchise and we don't see a secular decline in that business from where we see it today We also off-boarded some of the smaller clients in that particular business. So the headline of total number is a little bit misleading, actually. If you were able to dig under the hood and see some of the clients that made up that decline, you'd see that they disproportionately skewed to the small. Got it. Thank you. We'll move to our next question from Jim Mitchell with Seaport Global Securities. Oh, my questions have all been asked and answered. Thanks. As a reminder, if you find that your question has been answered, you may remove yourself from the queue by pressing star 2. We'll move to our next question from Brian Bedell with Deutsche Bank. Great. Thanks for taking my follow-up. Just one more on the margins. You're mostly at your 33% target in most areas. So as you generate more saves from moving to the platform model and as we move into, say, next year or beyond, I guess what's the view on spending some of that in investing in the business versus actually generating, potentially generating margins well above 33%? So my answer to that one, Jim, would be yes. We want to demonstrate to you that we can prove that we can deliver 33% margins through the cycle. We gave guidance for the first time in January, and then we just managed to get there pretty quickly, but we want to stay there and show that we can deliver that over a period of time. We're heading into what's going to be quite an interesting budget season for us because we've done a lot of great things this year, And I know the various teams around the firm want to do great things next year. And to offset that balance, we want to be able to deliver positive operating leverage. And so the next eight weeks and how we set up the firm for next year will inform how we communicate with you in January. But we set out those targets because we believed we could hit them. The positive is we got there earlier than we thought. And now we want to show that we can improve and maintain those margins that we've guided to previously. And Brian, the best clue I could give you in terms of how we think about that in sort of a little bit more detail is if you actually look at us on a segment by segment basis, you can see us prosecuting the operating leverage journey differently in our three segments. And we told you a year or so ago that that's what we were going to do. And so maybe to allay your concerns in terms of growth and investment, if you look at market and wealth services, we aren't trying to grow the margin there. We're very happy with the margin. We just want to grow the total size of the business, which is exactly what we've been doing. There are the other segments where we've said we actually do want to grow the margin towards our medium term targets for those segments. there we are really growing the margin. And so you can see exactly your question at work in our segments. That's great, Heather. Thank you very much. And for our final question, we'll return to the line of Mike Mayo with Wells Fargo. Hi. With all this talk of the transitioning of the employees, I guess half the employees to the new platform over the next one to two years, How much do you see AI playing a role and can you give any metrics? I mean, keeping expenses flat, I don't know how much you're still investing in AI. When Emily presented at the Boston bank conference last November, it seemed like BNY was all in for AI. It was one of those bullish cases made yet you've heard out, you know, in the broader world, sometimes you have hits, sometimes you have misses. So where, How does AI relate to the whole platform strategy, and how committed are you to AI? Do you have any numbers that you can give us, some concrete metrics? Thanks. Sure. So just to reiterate, we've got a quarter of our people in the platforms operating model, and as Dermot said, it's sort of an 18-month trajectory from here. That's really, Mike, the way I think about platforms operating model is this concept of If you take it that we are, in fact, more and more a platforms company in terms of these large at-scale capabilities, often software and services that we deliver, generally in market-leading positions, number one, in a variety of different markets. We've talked about the businesses before. I won't repeat them. Then it follows to us from that that it makes sense for us to operate ourselves in a platforms operating model that which is the way that many other platform companies in the world operate themselves. That is a strategy around how we organize ourselves in being pursuant to our broader strategy. Now, AI, which is, of course, part of that, we have an AI hub. We have a couple of hundred people in that AI hub. And we are absolutely investing in AI and do believe in the power of AI to be able to help our business in terms of both revenue opportunities over time for clients and also ways to make our people more effective and efficient. And we haven't made a lot of noise about it, but don't misunderstand that for a lack of interest or investment because we haven't slowed down. In fact, we've increased. our AI investment. And of course, notwithstanding all of that, you can see that from running the company well on an expense line, we're not allowing that enthusiasm to distract us from the important task of expense management. And this is where, I don't mean to be pithy, but it's very, very important learning for us is that we as a company can walk and chew gum at the same time. We can invest in things that matter, and we can manage the company well. We make choices, and AI is a choice of something we're leaning into And we think that's important for the future. Thank you. Thank you. And with that, that does conclude our question and answer session for today. I would now like to turn the call back over to Robin for any additional or closing remarks. Thank you, Operator. And thanks, everyone, for your time today. We appreciate your interest in BNY. Please reach out to Marius and the IR team if you have any follow-up questions. Be well. Thank you. This does conclude today's conference and webcast. A replay of this conference call and webcast will be available on the BNY Investor Relations website at 2 p.m. Eastern Standard Time today. Have a great day.	BNY Mellon	74.150002	74.769997	BNY Mellon's Earnings Release on October 11, 2024 ### Earnings Highlights On October 11, 2024, Bank of New York Mellon Corp. (BNY Mellon) released its third-quarter earnings report, showcasing a robust financial performance that exceeded analyst expectations. Key highlights include: - Earnings Per Share (EPS): BNY Mellon reported EPS of $1.50, surpassing the estimated $1.42 and marking a 22% increase from the previous year[3]. - Total Revenue: The company achieved total revenue of $4.648 billion, exceeding forecasts of $4.542 billion and representing a 5% year-over-year increase[3]. - Net Income: Net income was $1.110 billion, reflecting a 16% year-over-year increase despite a 3% sequential decline[3]. - Assets Under Custody/Administration (AUC/A): BNY Mellon reached a milestone by overseeing $52.1 trillion in AUC/A, a 14% increase year-over-year[3]. ### Stock Price Movement Following the release, BNY Mellon's stock likely experienced a stable or slightly positive movement due to several factors: 1. Exceeding Expectations: The company's EPS and revenue both surpassed analyst forecasts, which typically boosts investor confidence and stock prices[3]. 2. Strategic Growth Initiatives: BNY Mellon's strategic acquisitions and investments, such as the planned acquisition of Archer, suggest future growth potential and can positively impact stock value[3]. 3. Operational Efficiency: The company's ability to maintain flat expenses while increasing revenue indicates strong operational efficiency, which investors view favorably[3]. However, specific stock price movements on October 11, 2024, are not detailed in the available data. Generally, exceeding earnings expectations tends to increase stock prices due to increased investor confidence. ### Risks and Challenges Despite strong performance, BNY Mellon faces several challenges: - Geopolitical Tensions: Global economic instability can impact financial markets and BNY Mellon's operations[1]. - Interest Rate Fluctuations: Changes in interest rates may affect net interest income[1]. - Commercial Real Estate Risks: Exposure to potential losses in commercial real estate remains a concern[3]. ### Conclusion BNY Mellon's Q3 2024 earnings release demonstrated strong financial performance and strategic execution, likely contributing to a positive stock market reaction. The company's ability to exceed earnings expectations and maintain operational efficiency are key drivers of this performance. However, ongoing challenges in the financial sector, such as geopolitical uncertainties and interest rate volatility, require careful management to sustain long-term growth. ### Key Points Summary \| Metric \| Q3 2024 Performance \| \|----------------\|--------------------\| \| EPS \| $1.50, +22% YoY \| \| Total Revenue \| $4.648 billion, +5% YoY \| \| Net Income \| $1.110 billion, +16% YoY \| \| AUC/A \| $52.1 trillion, +14% YoY \| \| ROTCE \| 22.8% \| These metrics highlight BNY Mellon's robust financial position and strategic advancements in the third quarter of 2024.	Overview of BNY's Third Quarter Earnings Call: BNY hosted a successful third quarter earnings call, showcasing strong financial performance across its three business segments. The call highlighted growth in earnings per share (EPS), revenue, and assets under custody, reflecting the company's strategic priorities and market positioning. Key Financial Metrics: - EPS Growth: Reported EPS of $1.50, up 22% year-over-year, with adjusted EPS of $1.52, up 20%. - Revenue: Total revenue of $4.6 billion, up 5% year-over-year. - Expenses: Reported expenses of $3.1 billion, flat year-over-year, with a 1% increase excluding notable items. - Pre-Tax Margin and Return on Tangible Common Equity (ROTC): Improved to 33% and 23%, respectively. - Assets Under Custody (AUC): Reached a record $52.1 trillion, reflecting the company's market leadership. Strategic Initiatives and Growth Drivers: - Acquisition of Archer: Expected to enhance asset servicing and wealth management capabilities, with integration expected by year-end. - Alternatives Market: BNY is leveraging its position in wealth intermediaries and advisors to tap into the growing alternatives market. - Platform Operating Model: Approximately 13,000 employees are now operating under this model, enhancing connectivity and efficiency. Full implementation is expected by Q1 2025. - AI Investment: BNY is actively investing in AI to drive revenue growth and operational efficiency, with a dedicated AI hub and increased investment levels. Outlook and Capital Management: - Net Interest Income (NII): Expected to remain strong, with Q4 guidance around $1 billion, reflecting resilience despite macroeconomic uncertainties. - Capital Returns: BNY remains committed to returning 100% or more of 2024 earnings through dividends and buybacks, with a strong track record of 103% year-to-date. - Tier 1 Leverage Ratio: Maintained at 6%, with a focus on prudent capital management and operational efficiency. Market and Client Focus: - BNY is leveraging its global financial services platform to deliver holistic solutions, combining capabilities across security services, market and wealth services, and investments. - The company is positioned to navigate macroeconomic uncertainties, with a diversified business model and strong client relationships. Conclusion: The call underscored BNY's strong performance, strategic initiatives, and focus on client-centric solutions. With a solid foundation for future growth, BNY is well-positioned to deliver sustained long-term value to shareholders and clients.	BNY Mellon's Earnings Expectations for Q3 2024 As of October 11, 2024, BNY Mellon is set to release its third-quarter earnings report. Here's an analysis based on previous financial trends and industry expectations: ### Financial Performance Expectations 1. Revenue Growth: BNY Mellon has historically shown steady revenue growth, driven by its strong position in asset management and custody services. In previous quarters, the company has reported increases in fee revenue, which is likely to continue given its strategic focus on expanding services. 2. Earnings Per Share (EPS): EPS growth is anticipated due to the company's efforts to enhance operational efficiency and invest in strategic initiatives. Previous quarters have seen EPS increases, and this trend is expected to continue. 3. Asset Growth: BNY Mellon's assets under custody and administration have been steadily increasing. This growth is expected to continue, reflecting the company's market leadership in financial services. ### Strategic Initiatives and Market Positioning 1. Innovation and Client Solutions: BNY Mellon has been focusing on innovation, particularly in digital transformation and client service enhancements. This strategic direction is expected to contribute positively to earnings. 2. Strategic Acquisitions: The company's approach to strategic acquisitions, such as technology-enabled service providers, is aimed at expanding its capabilities and enhancing its market position. 3. Market Conditions: The macroeconomic environment, including monetary policy changes and market volatility, could influence BNY Mellon's performance. However, the company's strong position in the custody business and its adaptability are expected to mitigate potential risks. ### Financial Metrics to Watch 1. Return on Equity (ROE): Given the company's focus on capital efficiency, ROE is a key metric to monitor. Previous quarters have shown improvements in ROE, reflecting effective capital management. 2. Return on Assets (ROA): This metric will provide insights into how efficiently BNY Mellon utilizes its assets to generate earnings. 3. Net Interest Income: Changes in interest rates and market conditions could impact net interest income. The company's ability to manage this aspect will be crucial. ### Conclusion BNY Mellon's Q3 2024 earnings report is anticipated to reflect continued growth in revenue and EPS, driven by strategic initiatives and operational efficiency improvements. The company's strong market position and adaptability to macroeconomic conditions will be key factors influencing its financial performance. Investors should watch for updates on strategic acquisitions, digital transformation efforts, and asset growth during the earnings call.	The earnings call for BNY Mellon (BNY) in the third quarter of 2024 highlighted strong financial performance across all business segments, driven by robust revenue growth and positive operating leverage. The company reported earnings per share (EPS) of $1.50, up 22% year-over-year, and total revenue of $4.6 billion, increasing by 5% year-over-year. Excluding notable items, EPS was $1.52, up 20% year-over-year, and expenses were flat year-over-year. The company's pre-tax margin and return on tangible common equity improved to 33% and 23%, respectively. BNY Mellon's President and Chief Executive Officer, Robin Vince, emphasized the company's strategic priorities and the importance of being more for clients, running the company better, and fostering a winning culture. He highlighted the acquisition of Archer, a leading technology-enabled service provider of managed account solutions, which is expected to close before the end of the year. The acquisition aims to enhance BNY Mellon's asset servicing capabilities and expand distribution of model portfolios across its investment and wealth businesses. The company's Chief Financial Officer, Dermot McDonough, provided detailed financial results, including a 5% increase in total revenue and a 1% increase in expenses year-over-year. He also discussed the company's liquidity position, with a consolidated liquidity coverage ratio of 116% and a consolidated net stable funding ratio of 132%. The company's Tier 1 leverage ratio was 6%, and it returned $1.1 billion of capital to shareholders over the course of the third quarter. During the Q&A session, analysts inquired about the company's growth prospects, client wins, and the impact of market conditions on revenue. BNY Mellon's management team provided insights into the company's growth initiatives, the role of AI in the platform strategy, and the potential for future acquisitions. They also discussed the company's commitment to returning 100% or more of net earnings to shareholders through dividends and buybacks. Overall, the earnings call demonstrated BNY Mellon's strong financial performance and strategic focus on growth and innovation. The company's management team expressed confidence in the company's ability to continue delivering value to clients and shareholders in the coming quarters.	The earnings call for Company A in the third quarter of 2024 highlighted strong financial performance across all business segments, driven by robust revenue growth and positive operating leverage. The company reported earnings per share (EPS) of $1.50, up 22% year-over-year, and total revenue of $4.6 billion, increasing by 5% year-over-year. Excluding notable items, EPS was $1.52, up 20% year-over-year, and expenses were flat year-over-year. The company's pre-tax margin and return on tangible common equity improved to 33% and 23%, respectively. Company A's President and Chief Executive Officer, Robin Vince, emphasized the company's strategic priorities and the importance of being more for clients, running the company better, and fostering a winning culture. He highlighted the acquisition of Archer, a leading technology-enabled service provider of managed account solutions, which is expected to close before the end of the year. The acquisition aims to enhance Company A's asset servicing capabilities and expand distribution of model portfolios across its investment and wealth businesses. The company's Chief Financial Officer, Dermot McDonough, provided detailed financial results, including a 5% increase in total revenue and a 1% increase in expenses year-over-year. He also discussed the company's liquidity position, with a consolidated liquidity coverage ratio of 116% and a consolidated net stable funding ratio of 132%. The company's Tier 1 leverage ratio was 6%, and it returned $1.1 billion of capital to shareholders over the course of the third quarter. During the Q&A session, analysts inquired about the company's growth prospects, client wins, and the impact of market conditions on revenue. Company A's management team provided insights into the company's growth initiatives, the role of AI in the platform strategy, and the potential for future acquisitions. They also discussed the company's commitment to returning 100% or more of net earnings to shareholders through dividends and buybacks. Overall, the earnings call demonstrated Company A's strong financial performance and strategic focus on growth and innovation. The company's management team expressed confidence in the company's ability to continue delivering value to clients and shareholders in the coming quarters.	## BNY Mellon's Q3 2024 Earnings Expectations As of October 11, 2024, BNY Mellon is set to release its third-quarter earnings report. Here's an analysis based on previous financial trends and industry expectations: ### Financial Performance Expectations 1. Revenue Growth: BNY Mellon has historically shown steady revenue growth, driven by its strong position in asset management and custody services. The company is expected to continue this trend, with fee revenue increases likely due to strategic service expansions. 2. Earnings Per Share (EPS): EPS growth is anticipated due to the company's focus on operational efficiency and strategic investments. Previous quarters have seen EPS increases, and this trend is expected to continue. 3. Asset Growth: BNY Mellon's assets under custody and administration have been steadily increasing. This growth is expected to continue, reflecting the company's market leadership in financial services. ### Strategic Initiatives and Market Positioning 1. Innovation and Client Solutions: BNY Mellon's focus on digital transformation and client service enhancements is expected to contribute positively to earnings. 2. Strategic Acquisitions: The company's approach to acquiring technology-enabled service providers aims to expand its capabilities and enhance its market position. 3. Market Conditions: The macroeconomic environment, including monetary policy changes and market volatility, could influence BNY Mellon's performance. However, the company's strong position in the custody business and adaptability are expected to mitigate potential risks. ### Financial Metrics to Watch 1. Return on Equity (ROE): Given the company's focus on capital efficiency, ROE is a key metric to monitor. Previous quarters have shown improvements in ROE, reflecting effective capital management. 2. Return on Assets (ROA): This metric will provide insights into how efficiently BNY Mellon utilizes its assets to generate earnings. 3. Net Interest Income: Changes in interest rates and market conditions could impact net interest income. The company's ability to manage this aspect will be crucial. ### Conclusion BNY Mellon's Q3 2024 earnings report is anticipated to reflect continued growth in revenue and EPS, driven by strategic initiatives and operational efficiency improvements. The company's strong market position and adaptability to macroeconomic conditions will be key factors influencing its financial performance. Investors should watch for updates on strategic acquisitions, digital transformation efforts, and asset growth during the earnings call.	## Company A's Q3 2024 Earnings Expectations As of October 11, 2024, Company A is set to release its third-quarter earnings report. Here's an analysis based on previous financial trends and industry expectations: ### Financial Performance Expectations 1. Revenue Growth: Company A has historically shown steady revenue growth, driven by its strong position in asset management and custody services. The company is expected to continue this trend, with fee revenue increases likely due to strategic service expansions. 2. Earnings Per Share (EPS): EPS growth is anticipated due to the company's focus on operational efficiency and strategic investments. Previous quarters have seen EPS increases, and this trend is expected to continue. 3. Asset Growth: Company A's assets under custody and administration have been steadily increasing. This growth is expected to continue, reflecting the company's market leadership in financial services. ### Strategic Initiatives and Market Positioning 1. Innovation and Client Solutions: Company A's focus on digital transformation and client service enhancements is expected to contribute positively to earnings. 2. Strategic Acquisitions: The company's approach to acquiring technology-enabled service providers aims to expand its capabilities and enhance its market position. 3. Market Conditions: The macroeconomic environment, including monetary policy changes and market volatility, could influence Company A's performance. However, the company's strong position in the custody business and adaptability are expected to mitigate potential risks. ### Financial Metrics to Watch 1. Return on Equity (ROE): Given the company's focus on capital efficiency, ROE is a key metric to monitor. Previous quarters have shown improvements in ROE, reflecting effective capital management. 2. Return on Assets (ROA): This metric will provide insights into how efficiently Company A utilizes its assets to generate earnings. 3. Net Interest Income: Changes in interest rates and market conditions could impact net interest income. The company's ability to manage this aspect will be crucial. ### Conclusion Company A's Q3 2024 earnings report is anticipated to reflect continued growth in revenue and EPS, driven by strategic initiatives and operational efficiency improvements. The company's strong market position and adaptability to macroeconomic conditions will be key factors influencing its financial performance. Investors should watch for updates on strategic acquisitions, digital transformation efforts, and asset growth during the earnings call.	## BNY Mellon's Q3 2024 Earnings Report ### Earnings Highlights On October 11, 2024, Bank of New York Mellon Corp. (BNY Mellon) released its third-quarter earnings report, showcasing strong financial performance that exceeded analyst expectations. Key highlights include: - Earnings Per Share (EPS): BNY Mellon reported EPS of $1.50, surpassing the estimated $1.42 and marking a 22% increase from the previous year. - Total Revenue: The company achieved total revenue of $4.648 billion, exceeding forecasts of $4.542 billion and representing a 5% year-over-year increase. - Net Income: Net income was $1.110 billion, reflecting a 16% year-over-year increase despite a 3% sequential decline. - Assets Under Custody/Administration (AUC/A): BNY Mellon reached a milestone by overseeing $52.1 trillion in AUC/A, a 14% increase year-over-year. ### Stock Price Movement Following the release, BNY Mellon's stock likely experienced a stable or slightly positive movement due to several factors: 1. Exceeding Expectations: The company's EPS and revenue both surpassed analyst forecasts, which typically boosts investor confidence and stock prices. 2. Strategic Growth Initiatives: BNY Mellon's strategic acquisitions and investments, such as the planned acquisition of Archer, suggest future growth potential and can positively impact stock value. 3. Operational Efficiency: The company's ability to maintain flat expenses while increasing revenue indicates strong operational efficiency, which investors view favorably. ### Risks and Challenges Despite strong performance, BNY Mellon faces several challenges: - Geopolitical Tensions: Global economic instability can impact financial markets and BNY Mellon's operations. - Interest Rate Fluctuations: Changes in interest rates may affect net interest income. - Commercial Real Estate Risks: Exposure to potential losses in commercial real estate remains a concern. ### Conclusion BNY Mellon's Q3 2024 earnings release demonstrated strong financial performance and strategic execution, likely contributing to a positive stock market reaction. The company's ability to exceed earnings expectations and maintain operational efficiency are key drivers of this performance. However, ongoing challenges in the financial sector, such as geopolitical uncertainties and interest rate volatility, require careful management to sustain long-term growth. ### Key Points Summary \| Metric \| Q3 2024 Performance \| \|----------------\|--------------------\| \| EPS \| $1.50, +22% YoY \| \| Total Revenue \| $4.648 billion, +5% YoY \| \| Net Income \| $1.110 billion, +16% YoY \| \| AUC/A \| $52.1 trillion, +14% YoY \| \| ROTCE \| 22.8% \| These metrics highlight BNY Mellon's robust financial position and strategic advancements in the third quarter of 2024.	## Company A's Q3 2024 Earnings Report ### Earnings Highlights On October 11, 2024, Company A released its third-quarter earnings report, showcasing strong financial performance that exceeded analyst expectations. Key highlights include: - Earnings Per Share (EPS): Company A reported EPS of $1.50, surpassing the estimated $1.42 and marking a 22% increase from the previous year. - Total Revenue: The company achieved total revenue of $4.648 billion, exceeding forecasts of $4.542 billion and representing a 5% year-over-year increase. - Net Income: Net income was $1.110 billion, reflecting a 16% year-over-year increase despite a 3% sequential decline. - Assets Under Custody/Administration (AUC/A): Company A reached a milestone by overseeing $52.1 trillion in AUC/A, a 14% increase year-over-year. ### Stock Price Movement Following the release, Company A's stock likely experienced a stable or slightly positive movement due to several factors: 1. Exceeding Expectations: The company's EPS and revenue both surpassed analyst forecasts, which typically boosts investor confidence and stock prices. 2. Strategic Growth Initiatives: Company A's strategic acquisitions and investments, such as the planned acquisition of Archer, suggest future growth potential and can positively impact stock value. 3. Operational Efficiency: The company's ability to maintain flat expenses while increasing revenue indicates strong operational efficiency, which investors view favorably. ### Risks and Challenges Despite strong performance, Company A faces several challenges: - Geopolitical Tensions: Global economic instability can impact financial markets and Company A's operations. - Interest Rate Fluctuations: Changes in interest rates may affect net interest income. - Commercial Real Estate Risks: Exposure to potential losses in commercial real estate remains a concern. ### Conclusion Company A's Q3 2024 earnings release demonstrated strong financial performance and strategic execution, likely contributing to a positive stock market reaction. The company's ability to exceed earnings expectations and maintain operational efficiency are key drivers of this performance. However, ongoing challenges in the financial sector, such as geopolitical uncertainties and interest rate volatility, require careful management to sustain long-term growth. ### Key Points Summary \| Metric \| Q3 2024 Performance \| \|----------------\|--------------------\| \| EPS \| $1.50, +22% YoY \| \| Total Revenue \| $4.648 billion, +5% YoY \| \| Net Income \| $1.110 billion, +16% YoY \| \| AUC/A \| $52.1 trillion, +14% YoY \| \| ROTCE \| 22.8% \| These metrics highlight Company A's robust financial position and strategic advancements in the third quarter of 2024.	BNY Mellon reported strong third-quarter results, with broad-based revenue growth across its three business segments. The company's total revenue increased by 5% year-over-year, driven by growth in investment services fees, foreign exchange revenue, and investment in other revenue. Net interest income increased by 3% year-over-year, while expenses remained flat year-over-year. The company's pre-tax margin and return on tangible common equity improved year-over-year to 33% and 23%, respectively. BNY Mellon's assets under custody and administration reached $52.1 trillion, a new record, and the company's Tier 1 leverage ratio was 6%. Management highlighted the company's progress in its strategic priorities, including being "more for our clients" and "running the company better." The company has been investing in its people and technology to enhance client service and scalability. In terms of forward guidance, management expects the company to outperform its outlook for full-year net interest income growth rate, with a focus on maintaining positive operating leverage. The company also expects to return 100% or more of earnings to shareholders through dividends and buybacks. Looking ahead, management highlighted the company's growth initiatives, including the planned acquisition of Archer, a leading technology-enabled service provider of managed account solutions. The company also expects to continue to innovate and deliver new, innovative products and solutions to its clients. In terms of operational and segment updates, BNY Mellon's security services segment reported strong revenue growth, driven by higher market values and net new business. The company's market and wealth services segment also reported strong revenue growth, driven by higher market values and net interest income. The investment and wealth management segment reported revenue growth driven by higher market values and net interest income. Finally, management highlighted the company's commitment to delivering sustainable long-term shareholder value, with a focus on creating a winning culture and driving innovation across the organization. Key metrics and performance highlights include: * Total revenue: $4.6 billion (up 5% year-over-year) * Net interest income: $1.1 billion (up 3% year-over-year) * Pre-tax margin: 33% (up from 32% year-over-year) * Return on tangible common equity: 23% (up from 22% year-over-year) * Assets under custody and administration: $52.1 trillion (up 14% year-over-year) * Tier 1 leverage ratio: 6% (up from 5.5% year-over-year) Management's forward guidance and future outlook include: * Outperforming its outlook for full-year net interest income growth rate * Maintaining positive operating leverage * Returning 100% or more of earnings to shareholders through dividends and buybacks * Delivering sustainable long-term shareholder value * Continuing to innovate and deliver new, innovative products and solutions to clients Overall, BNY Mellon's strong third-quarter results and progress in its strategic priorities position the company for long-term success and growth.	Company A reported strong third-quarter results, with broad-based revenue growth across its three business segments. The company's total revenue increased by 5% year-over-year, driven by growth in investment services fees, foreign exchange revenue, and investment in other revenue. Net interest income increased by 3% year-over-year, while expenses remained flat year-over-year. The company's pre-tax margin and return on tangible common equity improved year-over-year to 33% and 23%, respectively. Company A's assets under custody and administration reached $52.1 trillion, a new record, and the company's Tier 1 leverage ratio was 6%. Person A highlighted the company's progress in its strategic priorities, including being "more for our clients" and "running the company better." The company has been investing in its people and technology to enhance client service and scalability. In terms of forward guidance, Person A expects the company to outperform its outlook for full-year net interest income growth rate, with a focus on maintaining positive operating leverage. The company also expects to return 100% or more of earnings to shareholders through dividends and buybacks. Looking ahead, Person A highlighted the company's growth initiatives, including the planned acquisition of Company C, a leading technology-enabled service provider of managed account solutions. The company also expects to continue to innovate and deliver new, innovative products and solutions to its clients. In terms of operational and segment updates, Company A's security services segment reported strong revenue growth, driven by higher market values and net new business. The company's market and wealth services segment also reported strong revenue growth, driven by higher market values and net interest income. The investment and wealth management segment reported revenue growth driven by higher market values and net interest income. Finally, Person A highlighted the company's commitment to delivering sustainable long-term shareholder value, with a focus on creating a winning culture and driving innovation across the organization. Key metrics and performance highlights include: * Total revenue: $4.6 billion (up 5% year-over-year) * Net interest income: $1.1 billion (up 3% year-over-year) * Pre-tax margin: 33% (up from 32% year-over-year) * Return on tangible common equity: 23% (up from 22% year-over-year) * Assets under custody and administration: $52.1 trillion (up 14% year-over-year) * Tier 1 leverage ratio: 6% (up from 5.5% year-over-year) Person A's forward guidance and future outlook include: * Outperforming its outlook for full-year net interest income growth rate * Maintaining positive operating leverage * Returning 100% or more of earnings to shareholders through dividends and buybacks * Delivering sustainable long-term shareholder value * Continuing to innovate and deliver new, innovative products and solutions to clients Overall, Company A's strong third-quarter results and progress in its strategic priorities position the company for long-term success and growth. Note: I replaced the following entities: * BNY Mellon with Company A * Archer with Company C * Person A with Person A * Person B with Person B (no text was provided, so I left it as is)	## BNY Mellon Q3 2024 Earnings Report Analysis BNY Mellon is set to release its Q3 2024 earnings report on October 11, 2024. This analysis is based on previous financial trends and industry expectations. ### Financial Performance Expectations 1. Revenue Growth: BNY Mellon has historically demonstrated steady revenue growth, driven by its strong position in asset management and custody services. Fee revenue is likely to continue increasing due to the company's strategic focus on expanding services. 2. Earnings Per Share (EPS): EPS growth is anticipated due to efforts to enhance operational efficiency and invest in strategic initiatives. Previous quarters have seen EPS increases, and this trend is expected to continue. 3. Asset Growth: The company's assets under custody and administration have been steadily increasing, reflecting its market leadership in financial services. ### Strategic Initiatives and Market Positioning 1. Innovation and Client Solutions: BNY Mellon is focusing on innovation, particularly in digital transformation and client service enhancements, which is expected to contribute positively to earnings. 2. Strategic Acquisitions: The company's approach to strategic acquisitions, such as technology-enabled service providers, aims to expand its capabilities and enhance its market position. 3. Market Conditions: The macroeconomic environment, including monetary policy changes and market volatility, may influence BNY Mellon's performance. However, the company's strong position in the custody business and adaptability are expected to mitigate potential risks. ### Financial Metrics to Watch 1. Return on Equity (ROE): ROE is a key metric to monitor, given the company's focus on capital efficiency. Previous quarters have shown improvements in ROE, reflecting effective capital management. 2. Return on Assets (ROA): This metric will provide insights into how efficiently BNY Mellon utilizes its assets to generate earnings. 3. Net Interest Income: Changes in interest rates and market conditions may impact net interest income. The company's ability to manage this aspect will be crucial. ### Conclusion BNY Mellon's Q3 2024 earnings report is expected to reflect continued revenue and EPS growth, driven by strategic initiatives and operational efficiency improvements. The company's strong market position and adaptability to macroeconomic conditions will be key factors influencing its financial performance. Investors should watch for updates on strategic acquisitions, digital transformation efforts, and asset growth during the earnings call.	## Company A Q3 2024 Earnings Report Analysis Company A is set to release its Q3 2024 earnings report on October 11, 2024. This analysis is based on previous financial trends and industry expectations. ### Financial Performance Expectations 1. Revenue Growth: Company A has historically demonstrated steady revenue growth, driven by its strong position in asset management and custody services. Fee revenue is likely to continue increasing due to the company's strategic focus on expanding services. 2. Earnings Per Share (EPS): EPS growth is anticipated due to efforts to enhance operational efficiency and invest in strategic initiatives. Previous quarters have seen EPS increases, and this trend is expected to continue. 3. Asset Growth: The company's assets under custody and administration have been steadily increasing, reflecting its market leadership in financial services. ### Strategic Initiatives and Market Positioning 1. Innovation and Client Solutions: Company A is focusing on innovation, particularly in digital transformation and client service enhancements, which is expected to contribute positively to earnings. 2. Strategic Acquisitions: The company's approach to strategic acquisitions, such as technology-enabled service providers, aims to expand its capabilities and enhance its market position. 3. Market Conditions: The macroeconomic environment, including monetary policy changes and market volatility, may influence Company A's performance. However, the company's strong position in the custody business and adaptability are expected to mitigate potential risks. ### Financial Metrics to Watch 1. Return on Equity (ROE): ROE is a key metric to monitor, given the company's focus on capital efficiency. Previous quarters have shown improvements in ROE, reflecting effective capital management. 2. Return on Assets (ROA): This metric will provide insights into how efficiently Company A utilizes its assets to generate earnings. 3. Net Interest Income: Changes in interest rates and market conditions may impact net interest income. The company's ability to manage this aspect will be crucial. ### Conclusion Company A's Q3 2024 earnings report is expected to reflect continued revenue and EPS growth, driven by strategic initiatives and operational efficiency improvements. The company's strong market position and adaptability to macroeconomic conditions will be key factors influencing its financial performance. Investors should watch for updates on strategic acquisitions, digital transformation efforts, and asset growth during the earnings call. Note: I replaced BNY Mellon with Company A, Person A with no individual name mentioned, and did not replace any other company or individual names.	BNY Mellon's Earnings Release on October 11, 2024 ### Earnings Highlights BNY Mellon Corp. (BNY Mellon) reported its third-quarter earnings on October 11, 2024, with a robust financial performance that exceeded analyst expectations. - Earnings Per Share (EPS): $1.50, a 22% increase from the previous year. - Total Revenue: $4.648 billion, a 5% year-over-year increase. - Net Income: $1.110 billion, a 16% year-over-year increase. - Assets Under Custody/Administration (AUC/A): $52.1 trillion, a 14% year-over-year increase. ### Stock Price Movement The company's strong earnings performance likely contributed to a stable or slightly positive stock price movement. Key factors include: 1. Exceeding analyst forecasts for EPS and revenue, which typically boosts investor confidence. 2. Strategic growth initiatives, such as planned acquisitions, suggesting future growth potential. 3. Strong operational efficiency, indicated by flat expenses and revenue growth. ### Risks and Challenges Despite the strong performance, BNY Mellon faces several challenges: - Global economic instability and geopolitical tensions can impact financial markets and operations. - Changes in interest rates may affect net interest income. - Exposure to potential losses in commercial real estate remains a concern. ### Conclusion BNY Mellon's Q3 2024 earnings release demonstrated strong financial performance and strategic execution, likely contributing to a positive stock market reaction. The company's ability to exceed earnings expectations and maintain operational efficiency are key drivers of this performance. However, ongoing challenges in the financial sector require careful management to sustain long-term growth. ### Key Points Summary \| Metric \| Q3 2024 Performance \| \|----------------\|--------------------\| \| EPS \| $1.50, +22% YoY \| \| Total Revenue \| $4.648 billion, +5% YoY \| \| Net Income \| $1.110 billion, +16% YoY \| \| AUC/A \| $52.1 trillion, +14% YoY \| \| ROTCE \| 22.8% \|	Company A's Earnings Release on October 11, 2024 ### Earnings Highlights Company A reported its third-quarter earnings on October 11, 2024, with a robust financial performance that exceeded analyst expectations. - Earnings Per Share (EPS): $1.50, a 22% increase from the previous year. - Total Revenue: $4.648 billion, a 5% year-over-year increase. - Net Income: $1.110 billion, a 16% year-over-year increase. - Assets Under Custody/Administration (AUC/A): $52.1 trillion, a 14% year-over-year increase. ### Stock Price Movement The company's strong earnings performance likely contributed to a stable or slightly positive stock price movement. Key factors include: 1. Exceeding analyst forecasts for EPS and revenue, which typically boosts investor confidence. 2. Strategic growth initiatives, such as planned acquisitions, suggesting future growth potential. 3. Strong operational efficiency, indicated by flat expenses and revenue growth. ### Risks and Challenges Despite the strong performance, Company A faces several challenges: - Global economic instability and geopolitical tensions can impact financial markets and operations. - Changes in interest rates may affect net interest income. - Exposure to potential losses in commercial real estate remains a concern. ### Conclusion Company A's Q3 2024 earnings release demonstrated strong financial performance and strategic execution, likely contributing to a positive stock market reaction. The company's ability to exceed earnings expectations and maintain operational efficiency are key drivers of this performance. However, ongoing challenges in the financial sector require careful management to sustain long-term growth. ### Key Points Summary \| Metric \| Q3 2024 Performance \| \|----------------\|--------------------\| \| EPS \| $1.50, +22% YoY \| \| Total Revenue \| $4.648 billion, +5% YoY \| \| Net Income \| $1.110 billion, +16% YoY \| \| AUC/A \| $52.1 trillion, +14% YoY \| \| ROTCE \| 22.8% \| Note: I replaced the company name "BNY Mellon" with "Company A" and the individual names with placeholders.	BNY Mellon, a leading global financial services company, reported strong third quarter results, demonstrating growth across its three business segments and consistent execution on strategic priorities. The company saw a 22% year-over-year increase in reported earnings per share (EPS) to $1.50, and excluding notable items, EPS grew by 20% to $1.52. Total revenue for the quarter was $4.6 billion, marking a 5% increase from the same period last year, while reported expenses remained flat at $3.1 billion. The pre-tax margin and return on tangible common equity improved year-over-year to 33% and 23%, respectively, with assets under custody and/or administration reaching an all-time high of $52.1 trillion at the end of the quarter. In the security services segment, total revenue increased by 6% year over year, with a 5% growth in investment services fees, driven by higher market values and net new business across security services and market and wealth services. The ETF assets under custody and administration (AUCA) grew by over 70% year over year, and the number of funds serviced increased by 20%. The segment's expenses were down 3% year over year, reflecting efficiency savings and lower severance expenses, partially offset by higher investments and employee merit increases. Market and wealth services reported a 7% year-over-year increase in total revenue, with a 1% decline in investment services fees, attributed to lost business in the prior year, partially offset by higher market values. The segment's expenses were up 5% year over year, reflecting higher investments and employee merit increases, while pre-tax income increased by 8% year over year, representing a 46% pre-tax margin. Investment and wealth management saw a 2% year-over-year increase in total revenue, with a 1% rise in investment management revenue and a 6% increase in wealth management revenue. Expenses for the segment were flat year over year, as efficiency savings offset employee merit increases and higher investments. Pre-tax income was up 7% year over year, reaching $176 million, with a pre-tax margin of 21%. BNY Mellon's Tier 1 leverage ratio was 6% for the quarter, with Tier 1 capital increasing by 4% sequentially. The company returned $1.1 billion of capital to shareholders over the quarter, having returned 103% of earnings year-to-date through dividends and buybacks. In terms of future outlook, the company expects fourth quarter net interest income to be slightly below the strong third quarter results, with the resilience of net interest income over the first nine months of the year positioning the company to outperform its full year net interest income growth rate guidance by approximately five percentage points. Expenses are expected to remain flat excluding notable items for the full year 2024, and the company anticipates its effective tax rate to be at the lower end of the 23% to 24% range it previously estimated. The company remains on track to return 100% or more of 2024 earnings to shareholders through dividends and buybacks. It also highlighted the acquisition of Archer, a technology-enabled service provider of managed account solutions, which is expected to close before the end of the year and will provide opportunities for growth across its businesses. BNY Mellon's overall performance in the third quarter reflects broad-based growth across its business segments, strategic investments in technology and people, and a focus on delivering more holistic solutions to clients. The company's commitment to running the business better, investing in platforms, and maintaining financial discipline is expected to drive sustainable long-term shareholder value.	Company A, a leading global financial services entity, reported robust third quarter outcomes, showcasing expansion across its three operational divisions and steadfast progress on strategic objectives. Company A observed a 22% increase in reported earnings per share (EPS) year-over-year to $1.50, and excluding exceptional factors, EPS escalated by 20% to $1.52. Total revenue for the quarter amounted to $4.6 billion, signifying a 5% rise from the corresponding period last year, while reported expenses remained steady at $3.1 billion. The pre-tax margin and return on tangible common equity improved year-over-year to 33% and 23%, respectively, with assets under custody and/or administration reaching an unprecedented high of $52.1 trillion by the end of the quarter. In the security services division, total revenue surged by 6% year over year, propelled by a 5% growth in investment services fees, influenced by heightened market values and net new business across security services and market and wealth services. The ETF assets under custody and administration (AUCA) witnessed a 70% year-over-year increase, and the number of funds serviced escalated by 20%. The division's expenses were down 3% year over year, reflecting efficiency gains and reduced severance expenses, partially offset by elevated investments and employee merit raises. Market and wealth services reported a 7% year-over-year increase in total revenue, with a 1% decline in investment services fees, attributed to lost business in the preceding year, partially offset by superior market values. The division's expenses were up 5% year over year, reflecting heightened investments and employee merit raises, while pre-tax income increased by 8% year over year, representing a 46% pre-tax margin. Investment and wealth management observed a 2% year-over-year increase in total revenue, with a 1% rise in investment management revenue and a 6% increase in wealth management revenue. Expenses for the division were flat year over year, as efficiency improvements offset employee merit raises and increased investments. Pre-tax income was up 7% year over year, reaching $176 million, with a pre-tax margin of 21%. Company A's Tier 1 leverage ratio was 6% for the quarter, with Tier 1 capital increasing by 4% sequentially. The company returned $1.1 billion of capital to shareholders over the quarter, having returned 103% of earnings year-to-date through dividends and buybacks. Regarding future projections, the company anticipates fourth quarter net interest income to be marginally beneath the impressive third quarter results, with the resilience of net interest income over the first nine months of the year positioning the company to surpass its full year net interest income growth rate guidance by approximately five percentage points. Expenses are expected to remain stable excluding notable items for the full year 2024, and the company anticipates its effective tax rate to be at the lower end of the 23% to 24% range it previously estimated. Company A remains committed to its strategic objectives, aiming to return 100% or more of 2024 earnings to shareholders through dividends and buybacks. It also highlighted the acquisition of Archer, a technology-driven service provider of managed account solutions, which is anticipated to close before the end of the year and will offer growth opportunities across its businesses. Company A's overall performance in the third quarter reflects comprehensive growth across its business divisions, strategic investments in technology and personnel, and a dedication to delivering more integrated solutions to clients. The company's commitment to operational excellence, platform development, and financial discipline is expected to drive sustainable long-term shareholder value.	BNY Mellon's Earnings Expectations for Q3 2024 BNY Mellon is scheduled to release its third-quarter earnings report on October 11, 2024. Here's an assessment based on historical financial performance and industry expectations: Financial Performance Expectations - Revenue Growth: BNY Mellon has demonstrated consistent revenue growth, primarily due to its strong presence in asset management and custody services. This trend is expected to continue, as the company focuses on expanding its services. - Earnings Per Share (EPS): EPS growth is anticipated, influenced by the company's efforts to improve operational efficiency and invest in strategic initiatives. This trend has been observed in previous quarters and is expected to persist. - Asset Growth: BNY Mellon's assets under custody and administration have shown steady increase, reflecting its leadership in financial services. This growth is projected to continue. Strategic Initiatives and Market Positioning - Innovation and Client Solutions: BNY Mellon is prioritizing innovation, especially in digital transformation and client service enhancements. This strategic move is expected to positively impact earnings. - Strategic Acquisitions: The company's acquisition strategy, targeting technology-enabled service providers, aims to expand capabilities and strengthen its market position. - Market Conditions: The macroeconomic environment, including monetary policy changes and market volatility, might affect performance. However, BNY Mellon's robust custody business and adaptability are anticipated to mitigate these risks. Financial Metrics to Watch - Return on Equity (ROE): Given BNY Mellon's emphasis on capital efficiency, ROE is a critical metric. The company's previous quarters have shown improvements, indicating effective capital management. - Return on Assets (ROA): This metric will offer insight into the company's asset utilization for generating earnings. - Net Interest Income: Fluctuations in interest rates and market conditions could influence net interest income. BNY Mellon's capability to manage this aspect will be significant. Conclusion The Q3 2024 earnings report for BNY Mellon is expected to showcase continued revenue and EPS growth, propelled by strategic initiatives and operational efficiency enhancements. Its strong market position and adaptability to macroeconomic conditions will be key factors in its financial performance. Investors should pay attention to updates on strategic acquisitions, digital transformation efforts, and asset growth during the earnings call.	Company A's Earnings Expectations for Q3 2024 Company A is scheduled to release its third-quarter earnings report on October 11, 2024. Here's an assessment based on historical financial performance and industry expectations: Financial Performance Expectations - Revenue Growth: Company A has demonstrated consistent revenue growth, primarily due to its strong presence in asset management and custody services. This trend is expected to continue, as the company focuses on expanding its services. - Earnings Per Share (EPS): EPS growth is anticipated, influenced by the company's efforts to improve operational efficiency and invest in strategic initiatives. This trend has been observed in previous quarters and is expected to persist. - Asset Growth: Company A's assets under custody and administration have shown steady increase, reflecting its leadership in financial services. This growth is projected to continue. Strategic Initiatives and Market Positioning - Innovation and Client Solutions: Company A is prioritizing innovation, especially in digital transformation and client service enhancements. This strategic move is expected to positively impact earnings. - Strategic Acquisitions: The company's acquisition strategy, targeting technology-enabled service providers, aims to expand capabilities and strengthen its market position. - Market Conditions: The macroeconomic environment, including monetary policy changes and market volatility, might affect performance. However, Company A's robust custody business and adaptability are anticipated to mitigate these risks. Financial Metrics to Watch - Return on Equity (ROE): Given Company A's emphasis on capital efficiency, ROE is a critical metric. The company's previous quarters have shown improvements, indicating effective capital management. - Return on Assets (ROA): This metric will offer insight into the company's asset utilization for generating earnings. - Net Interest Income: Fluctuations in interest rates and market conditions could influence net interest income. Company A's capability to manage this aspect will be significant. Conclusion The Q3 2024 earnings report for Company A is expected to showcase continued revenue and EPS growth, propelled by strategic initiatives and operational efficiency enhancements. Its strong market position and adaptability to macroeconomic conditions will be key factors in its financial performance. Investors should pay attention to updates on strategic acquisitions, digital transformation efforts, and asset growth during the earnings call.	BNY Mellon's Earnings Release on October 11, 2024 Earnings Highlights: - Bank of New York Mellon Corp. (BNY Mellon) reported EPS of $1.50 for Q3 2024, surpassing the estimated $1.42 and marking a 22% increase from the previous year. - Total revenue reached $4.648 billion, exceeding forecasts of $4.542 billion, representing a 5% year-over-year increase. - Net income was $1.110 billion, reflecting a 16% year-over-year increase, though there was a 3% sequential decline. - Assets Under Custody/Administration (AUC/A) stood at $52.1 trillion, a 14% increase year-over-year. Stock Price Movement: - BNY Mellon's stock likely experienced a positive movement post-earnings due to exceeding analyst forecasts for EPS and revenue. - Strategic growth initiatives, including the planned acquisition of Archer, indicate future growth potential. - Operational efficiency, shown by flat expenses while increasing revenue, is viewed favorably by investors. Risks and Challenges: - Geopolitical tensions and global economic instability could impact financial markets and BNY Mellon's operations. - Interest rate fluctuations may affect net interest income. - The company faces potential losses in commercial real estate, a concern given its exposure. Conclusion: - BNY Mellon's Q3 2024 earnings release showcased strong financial performance and strategic execution. - Exceeding earnings expectations and maintaining operational efficiency are key drivers of this performance. - However, the company must manage ongoing challenges, including geopolitical uncertainties and interest rate volatility, to sustain long-term growth. Key Points Summary: \| Metric \| Q3 2024 Performance \| \|----------------\|--------------------\| \| EPS \| $1.50, +22% YoY \| \| Total Revenue \| $4.648 billion, +5% YoY \| \| Net Income \| $1.110 billion, +16% YoY \| \| AUC/A \| $52.1 trillion, +14% YoY \| \| ROTCE \| 22.8% \| This report focuses on BNY Mellon's financial performance and strategic direction, omitting unnecessary context and providing a clear, concise overview of the key details.	Company A's Earnings Release on October 11, 2024 Earnings Highlights: - Company A reported EPS of $1.50 for Q3 2024, surpassing the estimated $1.42 and marking a 22% increase from the previous year. - Total revenue reached $4.648 billion, exceeding forecasts of $4.542 billion, representing a 5% year-over-year increase. - Net income was $1.110 billion, reflecting a 16% year-over-year increase, though there was a 3% sequential decline. - Assets Under Custody/Administration (AUC/A) stood at $52.1 trillion, a 14% increase year-over-year. Stock Price Movement: - Company A's stock likely experienced a positive movement post-earnings due to exceeding analyst forecasts for EPS and revenue. - Strategic growth initiatives, including the planned acquisition of Company B, indicate future growth potential. - Operational efficiency, shown by flat expenses while increasing revenue, is viewed favorably by investors. Risks and Challenges: - Geopolitical tensions and global economic instability could impact financial markets and Company A's operations. - Interest rate fluctuations may affect net interest income. - The company faces potential losses in commercial real estate, a concern given its exposure. Conclusion: - Company A's Q3 2024 earnings release showcased strong financial performance and strategic execution. - Exceeding earnings expectations and maintaining operational efficiency are key drivers of this performance. - However, the company must manage ongoing challenges, including geopolitical uncertainties and interest rate volatility, to sustain long-term growth. Key Points Summary: \| Metric \| Q3 2024 Performance \| \|----------------\|--------------------\| \| EPS \| $1.50, +22% YoY \| \| Total Revenue \| $4.648 billion, +5% YoY \| \| Net Income \| $1.110 billion, +16% YoY \| \| AUC/A \| $52.1 trillion, +14% YoY \| \| ROTCE \| 22.8% \| This report focuses on Company A's financial performance and strategic direction, omitting unnecessary context and providing a clear, concise overview of the key details.
EMN	2	2,024	2024-07-26	"Good day, everyone, and welcome to the second quarter 2024 Eastman conference call. Today's confere(...TRUNCATED)	Eastman Chemical Company	100.730003	98.190002	"Eastman Chemical Company's Earnings Release on July 25, 2024\n\n### Introduction\n\nEastman Chemica(...TRUNCATED)	"The earnings call discusses Eastman Chemical Company's second quarter 2024 performance, focusing on(...TRUNCATED)	"Eastman Chemical Company's Upcoming Earnings Release (2024-07-26)**\n\nAs of the latest available d(...TRUNCATED)	"The earnings call for Eastman Chemical Company in the second quarter of 2024 highlighted several ke(...TRUNCATED)	"The earnings call for Company A in the second quarter of 2024 highlighted several key points regard(...TRUNCATED)	"Eastman Chemical Company's Upcoming Earnings Release (2024-07-26)\n\nAs of the latest available(...TRUNCATED)	"Company A's Upcoming Earnings Release (2024-07-26)\n\nAs of the latest available data prior to (...TRUNCATED)	"Eastman Chemical Company's Earnings Release on July 25, 2024\n\n### Key Highlights from the Earning(...TRUNCATED)	"Company A's Earnings Release on July 25, 2024\n\n### Key Highlights from the Earnings Report\n\n1. (...TRUNCATED)	"Eastman Chemical Company reported its second-quarter 2024 financial results, with revenue of $2.2 b(...TRUNCATED)	"Company A reported its second-quarter 2024 financial results, with revenue of $2.2 billion, a 10% i(...TRUNCATED)	"Eastman Chemical Company's Upcoming Earnings Release (2024-07-26)\n\nKey Metrics to Watch\n(...TRUNCATED)	"Company A's Upcoming Earnings Release (2024-07-26)\n\nKey Metrics to Watch\n\n1. **Revenue (...TRUNCATED)	"## Eastman Chemical Company's Q2 2024 Earnings Report Analysis\n\n### Introduction\n\nEastman Chemi(...TRUNCATED)	"## Company A's Q2 2024 Earnings Report Analysis\n\n### Introduction\n\nCompany A (NYSE: EMN) releas(...TRUNCATED)	"Eastman Chemical Company's second quarter 2024 earnings call highlighted several key financial metr(...TRUNCATED)	"Company A's second quarter 2024 earnings call featured several essential financial indicators and o(...TRUNCATED)	"Eastman Chemical Company's Upcoming Earnings Release\n\nKey Metrics to Watch:\n\n- Revenue Grow(...TRUNCATED)	"Company A's Upcoming Earnings Release\n\nKey Metrics to Watch:\n\n- Revenue Growth**: Company A(...TRUNCATED)	"Eastman Chemical Company's Earnings Release on July 25, 2024\n\nEastman Chemical Company (NYSE: EMN(...TRUNCATED)	"Company A's Earnings Release on July 25, 2024\n\nCompany A (NYSE: XYZ) published its Q2 2024 financ(...TRUNCATED)
META	1	2,024	2024-04-24	"Good afternoon, my name is Krista and I will be your conference operator today. At this time, I wou(...TRUNCATED)	Meta Platforms	493.5	508.059998	"Meta Platforms' Earnings Release on 2024-04-24\n\n### Overview\n\nOn April 24, 2024, Meta Platforms(...TRUNCATED)	"Key Metrics and Company Highlights:\n- Revenue: Q1 2024 total revenue was $36.5 billion, up(...TRUNCATED)	"Meta Platforms' Upcoming Earnings Release (2024-04-24)\n\n### Introduction\n\nMeta Platforms, Inc. (...TRUNCATED)	"The earnings call for Meta Platforms (formerly Facebook) for the first quarter of 2024 highlighted (...TRUNCATED)	"The earnings call for Company A for the first quarter of 2024 highlighted significant progress acro(...TRUNCATED)	"## Meta Platforms' Upcoming Earnings Release (2024-04-24)\n\n### Key Metrics to Watch\n\n1. **Reven(...TRUNCATED)	"## Company A's Upcoming Earnings Release (2024-04-24)\n\n### Key Metrics to Watch\n\n1. **Revenue G(...TRUNCATED)	"## Meta Platforms' Earnings Report: Q1 2024\n\n### Overview\n\nMeta Platforms, Inc. (META) reported(...TRUNCATED)	"## Company A's Earnings Report: Q1 2024\n\n### Overview\n\nCompany A, Inc. reported its first-quart(...TRUNCATED)	"Meta Platforms, Inc. reported its first-quarter 2024 earnings, with revenue reaching $36.5 billion,(...TRUNCATED)	"Company A Platforms, Inc. reported its first-quarter 2024 earnings, with revenue reaching $36.5 bil(...TRUNCATED)	"## Meta Platforms' Upcoming Earnings Release (2024-04-24)\n\n### Key Metrics to Watch\n\n1. **Reven(...TRUNCATED)	"## Company A's Upcoming Earnings Release (2024-04-24)\n\n### Key Metrics to Watch\n\n1. **Revenue G(...TRUNCATED)	"## Meta Platforms' Q1 2024 Earnings Report Analysis\n\n### Overview\n\nMeta Platforms, Inc. (META) (...TRUNCATED)	"## Company A's Q1 2024 Earnings Report Analysis\n\n### Overview\n\nCompany A, Inc. (A) released its(...TRUNCATED)	"In the first quarter of 2024, Meta Platforms reported significant growth in user engagement and rev(...TRUNCATED)	"In the first quarter of 2024, Company A reported significant growth in user engagement and revenue,(...TRUNCATED)	"Meta Platforms, Inc. is scheduled to release its first-quarter 2024 earnings on April 24, 2024. The(...TRUNCATED)	"Company A is scheduled to release its first-quarter 2024 earnings on April 24, 2024. The upcoming r(...TRUNCATED)	"Meta Platforms' Earnings Release on 2024-04-24\n\nMeta Platforms, Inc. reported a significant year-(...TRUNCATED)	"Company A's Earnings Release on 2024-04-24\n\nCompany A, Inc. reported a significant year-over-year(...TRUNCATED)
AKAM	1	2,024	2024-05-09	"Good day and welcome to the first quarter 2024 Akamai Technologies, Incorporated earnings conferenc(...TRUNCATED)	Akamai Technologies	102.459999	94.199997	"Akamai Technologies' Q1 2024 Earnings Release\n\nOn May 9, 2024, Akamai Technologies, Inc. (NASDAQ:(...TRUNCATED)	"Akamai Technologies reported strong first-quarter 2024 results, with revenue of $987 million, an 8%(...TRUNCATED)	"Akamai Technologies Upcoming Earnings Release\n\n### Introduction\n\nAkamai Technologies is set to (...TRUNCATED)	"Akamai Technologies, Inc. reported strong financial performance in the first quarter of 2024, with (...TRUNCATED)	"Company A reported strong financial performance in the first quarter of 2024, with revenue growing (...TRUNCATED)	"Akamai Technologies Upcoming Earnings Release\n\n### Introduction\n\nAkamai Technologies is set to (...TRUNCATED)	"Company A Upcoming Earnings Release\n\n### Introduction\n\nCompany A is set to release its Q1 2024 (...TRUNCATED)	"## Akamai Technologies' Q1 2024 Earnings Report\n\nOn May 9, 2024, Akamai Technologies, Inc. (NASDA(...TRUNCATED)	"## Company A's Q1 2024 Earnings Report\n\nOn May 9, 2024, Company A, Inc. (NASDAQ: AKAM) released i(...TRUNCATED)	"Akamai Technologies, Incorporated reported its first quarter 2024 earnings, with revenue growing 8%(...TRUNCATED)	"Company A, Incorporated reported its first quarter 2024 earnings, with revenue growing 8% year-over(...TRUNCATED)	"## Akamai Technologies Q1 2024 Earnings Report Analysis\n\n### Introduction\n\nAkamai Technologies (...TRUNCATED)	"## Company A Q1 2024 Earnings Report Analysis\n\n### Introduction\n\nCompany A is set to release it(...TRUNCATED)	"## Akamai Technologies' Q1 2024 Earnings Report Analysis\n\nOn May 9, 2024, Akamai Technologies, In(...TRUNCATED)	"## Company A's Q1 2024 Earnings Report Analysis\n\nOn May 9, 2024, Company A, Inc. (NASDAQ: A1) rel(...TRUNCATED)	"Akamai Technologies, Inc. reported a strong start to 2024 with a 8% year-over-year revenue growth t(...TRUNCATED)	"Company A reported a robust beginning to 2024 with an 8% year-over-year revenue growth to $987 mill(...TRUNCATED)	"Akamai Technologies is scheduled to release its Q1 2024 earnings on May 9, 2024. This analysis cent(...TRUNCATED)	"Company A is scheduled to release its Q1 2024 earnings on May 9, 2024. This analysis centers on key(...TRUNCATED)	"Akamai Technologies, Inc. (NASDAQ: AKAM) reported its first-quarter earnings for 2024 on May 9, 202(...TRUNCATED)	"Company A, Inc. (NASDAQ: ABC123) reported its first-quarter earnings for 2024 on May 9, 2024. The c(...TRUNCATED)
C	3	2,024	2024-10-15	"Hello, and welcome to Citi's third quarter 2024 earnings call. Today's call will be hosted by Jen L(...TRUNCATED)	Citigroup	62.639999	63.439999	"## Analysis of Citigroup's Earnings Release on October 15, 2024\n\nOn October 15, 2024, Citigroup r(...TRUNCATED)	"Citigroup (Citi) reported a strong third quarter 2024, highlighting progress across its five busine(...TRUNCATED)	"Citigroup's Upcoming Earnings Release**\n\nAs Citigroup prepares to release its third-quarter earni(...TRUNCATED)	"Financial Metrics & Performance Highlights:\nCiti reported net income of $3.2 billion and earni(...TRUNCATED)	"Financial Metrics & Performance Highlights:\nCompany A reported net income of $3.2 billion and (...TRUNCATED)	"Citigroup's Upcoming Earnings Release\n\nCitigroup is set to release its third-quarter earnings(...TRUNCATED)	"Company A's Upcoming Earnings Release\n\nCompany A is set to release its third-quarter earnings(...TRUNCATED)	"## Analysis of Citigroup's Earnings Release on October 15, 2024\n\nOn October 15, 2024, Citigroup r(...TRUNCATED)	"## Analysis of Company A's Earnings Release on October 15, 2024\n\nOn October 15, 2024, Company A r(...TRUNCATED)	"Citi reported its third-quarter 2024 earnings, with net income of $3.2 billion and earnings per sha(...TRUNCATED)	"Company A reported its third-quarter 2024 earnings, with net income of $3.2 billion and earnings pe(...TRUNCATED)	"Citigroup's Upcoming Earnings Release: Key Metrics and Trends\n\nAs Citigroup prepares to relea(...TRUNCATED)	"Company A's Upcoming Earnings Release: Key Metrics and Trends\n\nAs Company A prepares to relea(...TRUNCATED)	"## Citigroup's Third-Quarter Earnings Analysis\n\nOn October 15, 2024, Citigroup released its third(...TRUNCATED)	"## Company A's Third-Quarter Earnings Analysis\n\nOn October 15, 2024, Company A released its third(...TRUNCATED)	"Citi reported strong third quarter 2024 earnings, with net income of $3.2 billion and earnings per (...TRUNCATED)	"Company A reported strong third quarter 2024 earnings, with net income of $3.2 billion and earnings(...TRUNCATED)	"Citigroup's upcoming third-quarter earnings release, scheduled for October 15, 2024, will be closel(...TRUNCATED)	"Company A's upcoming third-quarter earnings release, scheduled for October 15, 2024, will be closel(...TRUNCATED)	"Citigroup's third-quarter earnings report, released on October 15, 2024, showcased significant fina(...TRUNCATED)	"Company A's third-quarter earnings report, released on October 15, 2024, highlighted substantial fi(...TRUNCATED)
ACGL	2	2,024	2024-07-31	"Good day, ladies and gentlemen, and welcome to the Q2 2024 Arch Capital Earnings Conference Call. A(...TRUNCATED)	Arch Capital Group	95.779999	96.18	"## Analysis Report on Arch Capital Group's 2024 Second Quarter Earnings\n\nArch Capital Group Ltd. (...TRUNCATED)	"Arch Capital reported a strong second quarter 2024, with key metrics including a record $762 millio(...TRUNCATED)	"To provide an analysis report on Arch Capital Group's (ACGL) upcoming earnings release for the seco(...TRUNCATED)	"The earnings call for Arch Capital Group for the second quarter of 2024 highlighted a highly profit(...TRUNCATED)	"The earnings call for Company A for the second quarter of 2024 highlighted a highly profitable quar(...TRUNCATED)	"Arch Capital Group (ACGL)\n\n## Overview\n- Headquarters: Pembroke, Bermuda\n- Business**: (...TRUNCATED)	"Company A (ACGL)\n\n## Overview\n- Headquarters: Pembroke, Bermuda\n- Business**: Provides (...TRUNCATED)	"## Analysis Report on Arch Capital Group's 2024 Second Quarter Earnings\n\nArch Capital Group Ltd. (...TRUNCATED)	"## Analysis Report on Company A's 2024 Second Quarter Earnings\n\nCompany A Ltd. (NASDAQ: ACGL) rep(...TRUNCATED)	"Arch Capital reported a highly profitable second quarter, driven by significant contributions from (...TRUNCATED)	"Company A reported a highly profitable second quarter, driven by significant contributions from its(...TRUNCATED)	"Arch Capital Group Q2 2024 Earnings Report Analysis\n\nArch Capital Group (ACGL) is set to rele(...TRUNCATED)	"Company A Q2 2024 Earnings Report Analysis\n\nCompany A is set to release its second-quarter 20(...TRUNCATED)	"## Analysis Report on Arch Capital Group's 2024 Second Quarter Earnings\n\nArch Capital Group Ltd. (...TRUNCATED)	"## Analysis Report on Company A's 2024 Second Quarter Earnings\n\nCompany A (NASDAQ: A1) reported i(...TRUNCATED)	"The Q2 2024 earnings call transcript highlights the strong financial performance of Arch Capital, w(...TRUNCATED)	"The Q2 2024 earnings call transcript highlights the strong financial performance of Company A, with(...TRUNCATED)	"Analysis Report on Arch Capital Group's Upcoming Earnings Release for Q2 2024\n\nArch Capital Group(...TRUNCATED)	"Analysis Report on Company A's Upcoming Earnings Release for Q2 2024\n\nCompany A (CA) is set to un(...TRUNCATED)	"Analysis Report on Arch Capital Group's 2024 Second Quarter Earnings\n\nArch Capital Group Ltd. (NA(...TRUNCATED)	"Analysis Report on Company A's 2024 Second Quarter Earnings\n\nCompany A (NASDAQ: ABCDE) surpassed (...TRUNCATED)
GOOG	2	2,024	2024-07-23	"Welcome, everyone. Thank you for standing by for the Alphabet second quarter 2024 earnings conferen(...TRUNCATED)	Alphabet Inc. (Class C)	183.600006	175.389999	"Alphabet Inc. (Class C) - Earnings Release on July 23, 2024\n\n### Introduction\n\nOn July 23, 2024(...TRUNCATED)	"Alphabet's second-quarter 2024 earnings call highlighted strong performance across key segments, dr(...TRUNCATED)	"Alphabet Inc. (Class C) Earnings Release Pre-2024-07-23\n\n### Introduction\nAlphabet Inc., the par(...TRUNCATED)	"The earnings call for Alphabet's second quarter 2024 highlighted strong financial performance, part(...TRUNCATED)	"The earnings call for Company A's second quarter 2024 highlighted strong financial performance, par(...TRUNCATED)	"## Alphabet Inc. (Class C) Pre-Earnings Report: Q2 2024\n\n### Introduction\nAlphabet Inc., the par(...TRUNCATED)	"## Company A (Class C) Pre-Earnings Report: Q2 2024\n\n### Introduction\nCompany A, the parent comp(...TRUNCATED)	"Alphabet Inc. (Class C) - Earnings Release on July 23, 2024\n\n### Introduction\n\nOn July 23, 2024(...TRUNCATED)	"Company A (Class C) - Earnings Release on July 23, 2024\n\n### Introduction\n\nOn July 23, 2024, Co(...TRUNCATED)	"Alphabet's second-quarter 2024 earnings call revealed strong financial performance across various s(...TRUNCATED)	"Company A's second-quarter 2024 earnings call revealed strong financial performance across various (...TRUNCATED)	"## Alphabet Inc. (Class C) Earnings Release Analysis - Q2 2024\n\n### Introduction\nAlphabet Inc., (...TRUNCATED)	"## Company A (Class C) Earnings Release Analysis - Q2 2024\n\n### Introduction\nCompany A, the pare(...TRUNCATED)	"## Alphabet Inc. (Class C) Q2 2024 Earnings Analysis\n\n### Financial Highlights\n\nAlphabet Inc. r(...TRUNCATED)	"## Company A (Class C) Q2 2024 Earnings Analysis\n\n### Financial Highlights\n\nCompany A reported (...TRUNCATED)	"Alphabet, the parent company of Google, reported strong second quarter earnings, highlighting signi(...TRUNCATED)	"Company A, the parent entity of Google, reported robust second quarter earnings, showcasing notable(...TRUNCATED)	"Alphabet Inc. (Class C) Earnings Release Pre-2024-07-23\n\n### Introduction\nAlphabet Inc., the par(...TRUNCATED)	"Company A (Class C) Earnings Release Pre-2024-07-23\n\n### Introduction\nCompany A, the parent enti(...TRUNCATED)	"Alphabet Inc. (Class C) - Earnings Release on July 23, 2024\n\n### Financial Highlights\n\nAlphabet(...TRUNCATED)	"Company A (Class C) - Earnings Release on July 23, 2024\n\n### Financial Highlights\n\nCompany A re(...TRUNCATED)
EW	1	2,024	2024-04-25	"Greetings and welcome to the Edwards Life Sciences first quarter 2024 results. At this time, all pa(...TRUNCATED)	Edwards Lifesciences	88.010002	88	"## Analysis of Edwards Lifesciences' 2024 First Quarter Earnings Release\n\nOn April 25, 2024, Edwa(...TRUNCATED)	"Edwards Life Sciences reported a strong first quarter 2024, with total company sales of $1.6 billio(...TRUNCATED)	"Edwards Lifesciences's Upcoming Earnings Release for Q1 2024 (April 25, 2024)**\n\nGiven the inform(...TRUNCATED)	"Edwards Life Sciences reported strong first-quarter 2024 results, with total company sales growing (...TRUNCATED)	"Company A reported strong first-quarter 2024 results, with total company sales growing by 10% to $1(...TRUNCATED)	"Edwards Lifesciences' Upcoming Earnings Release for Q1 2024 (April 25, 2024)\n\nEdwards Lifesci(...TRUNCATED)	"Company A's Upcoming Earnings Release for Q1 2024 (April 25, 2024)\n\nCompany A, a global leade(...TRUNCATED)	"## Analysis of Edwards Lifesciences' 2024 First Quarter Earnings Report\n\nOn April 25, 2024, Edwar(...TRUNCATED)	"## Analysis of Company A's 2024 First Quarter Earnings Report\n\nOn April 25, 2024, Company A relea(...TRUNCATED)	"Edwards Life Sciences reported a strong first quarter 2024, with total company sales growing 10% to(...TRUNCATED)	"Company A reported a strong first quarter 2024, with total company sales growing 10% to $1.6 billio(...TRUNCATED)	"Edwards Lifesciences Q1 2024 Earnings Preview\n\nEdwards Lifesciences, a global leader in patie(...TRUNCATED)	"Here is the anonymized text with company names and individual names replaced with placeholders:\n\n(...TRUNCATED)	"## Edwards Lifesciences' 2024 First Quarter Earnings Analysis\n\nOn April 25, 2024, Edwards Lifesci(...TRUNCATED)	"## Company A's 2024 First Quarter Earnings Analysis\n\nOn April 25, 2024, Company A released its fi(...TRUNCATED)	"Edwards Life Sciences reported a strong first quarter 2024 financial performance, with total compan(...TRUNCATED)	"Company A reported a robust first quarter 2024 financial performance, with total company sales grow(...TRUNCATED)	"Edwards Lifesciences's Upcoming Earnings Release for Q1 2024 (April 25, 2024)**\n\nEdwards Lifescie(...TRUNCATED)	"Company A's Upcoming Earnings Release for Q1 2024 (April 25, 2024)**\n\nCompany A, a global leader (...TRUNCATED)	"Edwards Lifesciences Corporation (NYSE: EW) announced its first quarter 2024 earnings on April 25, (...TRUNCATED)	"Company A (NYSE: XYZ) announced its first quarter 2024 earnings on April 25, 2024, revealing robust(...TRUNCATED)
ADSK	2	2,024	2023-08-23	"Thank you for standing by, and welcome to Autodesk's second quarter 2024 earnings call. At this tim(...TRUNCATED)	Autodesk	204.360001	215.5	"Autodesk's Earnings Release on August 23, 2023\n\n### Overview\n\nOn August 23, 2023, Autodesk Inc.(...TRUNCATED)	"Autodesk reported strong financial performance for the second quarter of 2024, driven by resilience(...TRUNCATED)	"Autodesk's Upcoming Earnings Release (2023-08-23)\n\nAs Autodesk prepares to release its earnings r(...TRUNCATED)	"Autodesk's second quarter 2024 earnings call highlighted the company's strong financial performance(...TRUNCATED)	"Company A's second quarter 2024 earnings call highlighted the company's strong financial perfor(...TRUNCATED)	"Autodesk's Upcoming Earnings Release (2023-08-23)\n\nAs Autodesk prepares to release its earnings r(...TRUNCATED)	"Company A's Upcoming Earnings Release (2023-08-23)\n\nAs Company A prepares to release its earnings(...TRUNCATED)	"## Post-Earnings Report: Autodesk Inc.\n\n### Overview\n\nOn August 23, 2023, Autodesk Inc. release(...TRUNCATED)	"## Post-Earnings Report: Company A\n\n### Overview\n\nOn August 23, 2023, Company A released its fi(...TRUNCATED)	"Autodesk's second-quarter 2024 earnings call was marked by strong financial performance, driven by (...TRUNCATED)	"Person A's second-quarter 2024 earnings call was marked by strong financial performance, driven by (...TRUNCATED)	"Autodesk's Upcoming Earnings Release (2023-08-23)\n\nAs Autodesk prepares to release its earnings r(...TRUNCATED)	"Company A's Upcoming Earnings Release (2023-08-23)\n\nAs Company A prepares to release its earnings(...TRUNCATED)	"Autodesk's Earnings Release on August 23, 2023\n\n### Overview\n\nAutodesk Inc. released its fiscal(...TRUNCATED)	"Company A's Earnings Release on August 23, 2023\n\n### Overview\n\nCompany A released its fiscal se(...TRUNCATED)	"Autodesk's second quarter 2024 earnings call highlighted strong financial performance and competiti(...TRUNCATED)	"Company A's second quarter 2024 earnings call showcased robust financial performance and competitiv(...TRUNCATED)	"Autodesk, set to release its earnings report on August 23, 2023, faces scrutiny on several key metr(...TRUNCATED)	"Company A, set to release its earnings report on August 23, 2023, faces scrutiny on several key met(...TRUNCATED)	"Autodesk's Earnings Release on August 23, 2023\n\n### Overview\n\nAutodesk Inc. reported its fiscal(...TRUNCATED)	"Company A's Earnings Release on August 23, 2023\n\n### Overview\n\nCompany A reported its fiscal se(...TRUNCATED)
HST	3	2,024	2024-11-07	"Good morning and welcome to the Host Hotels and Resorts Third Quarter 2024 Earnings Conference Call(...TRUNCATED)	Host Hotels & Resorts	18	18.059999	"Host Hotels & Resorts Earnings Release on November 7, 2024\n\nHost Hotels & Resorts, Inc. released (...TRUNCATED)	"Host Hotels and Resorts reported a strong third-quarter performance, despite challenges posed by na(...TRUNCATED)	"Host Hotels & Resorts Earnings Release (2024-11-07)\n\n### Introduction\n\nHost Hotels & Resorts, I(...TRUNCATED)	"The earnings call for Host Hotels and Resorts for the third quarter of 2024 highlighted the company(...TRUNCATED)	"The earnings call for Company A for the third quarter of 2024 highlighted the company's financial p(...TRUNCATED)	"## Host Hotels & Resorts Earnings Release (2024-11-07)\n\n### Introduction\n\nHost Hotels & Resorts(...TRUNCATED)	"## Company A Earnings Release (2024-11-07)\n\n### Introduction\n\nCompany A, a leading real estate (...TRUNCATED)	"Host Hotels & Resorts Earnings Release on November 7, 2024\n\nHost Hotels & Resorts, Inc. released (...TRUNCATED)	"Company A Earnings Release on November 7, 2024\n\nCompany A released its third-quarter 2024 earning(...TRUNCATED)	"Host Hotels and Resorts reported strong third-quarter 2024 results, with adjusted EBITDA RE of $324(...TRUNCATED)	"Company A reported strong third-quarter 2024 results, with adjusted EBITDA RE of $324 million and a(...TRUNCATED)	"## Host Hotels & Resorts Earnings Release Analysis (2024-11-07)\n\n### Introduction\n\nHost Hotels (...TRUNCATED)	"## Host Hotels & Resorts Earnings Release Analysis (2024-11-07)\n\n### Introduction\n\nCompany A, a(...TRUNCATED)	"Host Hotels & Resorts Earnings Release on November 7, 2024\n\nHost Hotels & Resorts, Inc. released (...TRUNCATED)	"Company A Earnings Release on November 7, 2024\n\nCompany A, Inc. released its third-quarter 2024 e(...TRUNCATED)	"Host Hotels and Resorts reported third quarter 2024 earnings, highlighting adjusted EBITDA RE of $3(...TRUNCATED)	"Company A reported third quarter 2024 earnings, highlighting adjusted EBITDA RE of $324 million and(...TRUNCATED)	"Host Hotels & Resorts Earnings Release (2024-11-07)\n\n### Financial Performance Overview\n\nHost H(...TRUNCATED)	"Company A Earnings Release (2024-11-07)\n\n### Financial Performance Overview\n\nCompany A, a leadi(...TRUNCATED)	"Host Hotels & Resorts, Inc. announced its third-quarter 2024 earnings on November 7, 2024. The repo(...TRUNCATED)	"Company A announced its third-quarter 2024 earnings on November 7, 2024. The report showcased signi(...TRUNCATED)

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