Uber Technologies, Inc. (NYSE:UBER) Morgan Stanley Technology, Media & Telecom Conference Call March 7, 2024 3:35 PM ET Company Participants Dara Khosrowshahi - Chief Executive Officer Conference Call Participants Brian Nowak - Morgan Stanley Brian Nowak Alright. Good afternoon, everyone. We are thrilled to have our next conversation with Dara from Uber. Before we get started, Dara, I have to read the important disclosures, including all the personal holdings disclosures and Morgan Stanley disclosures all a ...

Shopify Inc. (NYSE:SHOP) Q1 2024 Earnings Conference Call March 6, 2024 4:20 PM ET Company Participants Harley Finkelstein - President Jeff Hoffmeister - Chief Financial Officer Conference Call Participants Keith Weiss - Morgan Stanley Keith Weiss Excellent. Thank you, everyone, for joining us. My name is Keith Weiss. I run the U.S. research -- software research franchise here at Morgan Stanley. And very pleased to have with us from Shopify, both President, Harley Finkelstein as well as CFO, Jeff Hoffmeiste ...

Sirius XM Holdings Inc. (NASDAQ:SIRI) Morgan Stanley Technology, Media & Telecom Conference March 6, 2024 5:05 PM ET Company Participants Jennifer Witz - Chief Executive Officer Conference Call Participants Cameron Mansson-Perrone - Morgan Stanley Cameron Mansson-Perrone Get started. I'm Cameron Mansson-Perrone, Morgan Stanley, music, live events analysts. Before we get started, note that important disclosures, including my personal holdings disclosures and Morgan Stanley disclosures, all appear as a hando ...

Zillow Group, Inc. (NASDAQ:Z) Morgan Stanley Technology, Media & Telecom Conference March 6, 2024 4:20 PM ET Company Participants Jeremy Hofmann - Chief Financial Officer Conference Call Participants Matt Cost - Morgan Stanley Matt Cost All right. Thank you so much everyone for being here. My name is Matt Cost from Morgan Stanley US Internet team thrilled to be joined by Jeremy Hofmann, CFO of Zillow. Thank you so much for being here. Jeremy Hofmann Yeah. Thanks for having me. Matt Cost I have to quickly go ...

Key Points Industry Overview - **Evolution of BDCs**: The BDC sector has evolved significantly over the past two decades, moving from smaller transactions and asset liability mismatches to larger, more transparent deals with institutional managers. [8-10] - **Private Credit Growth**: The rise of private credit has been driven by the need for alternative credit solutions, particularly post the global financial crisis. [11-12] - **Competitive Landscape**: The industry has seen an increase in new entrants, particularly in smaller deals. However, larger players with significant capital and experience maintain a competitive advantage. [32-33, 38-39, 41-42] Origination and Return Profiles - **Normalization of Syndicated Loan Markets**: The normalization of syndicated loan markets has led to increased competition for deals, but direct lending remains a preferred option due to its certainty, privacy, and customization. [15-18, 20] - **Impact on Return Profiles**: The normalization of markets has led to slightly tighter spreads and underwriting standards, but overall risk-adjusted returns remain attractive. [29-30] M&A Activity - **Pickup in M&A Activity**: There is a strong expectation for a pickup in M&A activity in 2024, driven by increased pressure on sellers to return capital and the availability of dry powder among buyers. [23-25, 27] - **Dependence on M&A**: While M&A activity is a significant driver of origination, larger BDCs like Ares Capital Corporation also benefit from a diverse portfolio of existing companies that require additional capital. [26] Credit Performance - **Low Non-Accrual Rates**: Despite elevated rates and economic concerns, non-accrual rates have remained low, reflecting the strong credit quality of portfolio companies. [46-47, 50] - **Downside Protections**: BDCs offer strong downside protections through low leverage, match-funded structures, and close relationships with private equity firms. [56-58, 60] Alternative Credit Outlook - **Shift to Direct Lending**: There is a structural shift away from syndicated lending towards direct lending, driven by the need for certainty, privacy, and customization. [65-67, 74-77] - **Banks' Role**: Banks are likely to remain in the business of distributing risk, but they are losing market share to direct lenders. [75-77] Macro and Rates - **Impact of Rate Changes**: A decline in base rates would likely reduce net investment income and dividends, but could be offset by increased transaction volume and upfront fees. [82-86] - **Funding Mix**: BDCs prefer diversified, durable sources of funding with laddered maturities to avoid forced debt issuance in unfavorable market conditions. [89-90]

Moderna, Inc. (NASDAQ:MRNA) TD Cowen 44th Annual Health Care Conference March 6, 2024 1:30 PM ET Company Participants Stephen Hoge - President Conference Call Participants Tyler Van Buren - TD Cowen Tyler Van Buren Good afternoon, everyone. Thanks for being here. Welcome again to TD Cowen's 44th Annual Healthcare Conference. My name is Tyler Van Buren, Senior Biotech Analyst here. For this session, it's a privilege to have a fireside chat with Moderna. And from Moderna, it's my pleasure to introduce Stephen ...

Electronic Arts Inc. (NASDAQ:EA) Morgan Stanley Technology, Media & Telecom Conference March 6, 2024 3:35 PM ET Company Participants Andrew Wilson - CEO Conference Call Participants Matt Cost - Morgan Stanley Matt Cost Hello, everyone. Thanks for being here. My name is Matt Cost from Morgan Stanley U.S. Internet team. Thrilled to be joined by Andrew Wilson, the CEO of EA. Thank you so much for being here. Andrew Wilson Thanks for having me. Matt Cost I have to quickly go through the disclosures. Please no ...

Arista Networks, Inc. (NYSE:ANET) Morgan Stanley Technology, Media and Telecom Conference Call March 6, 2024 1:15 PM ET Company Participants Jayshree Ullal - CEO Chantelle Breithaupt - CFO Conference Call Participants Meta Marshall - Morgan Stanley Meta Marshall I'll just read some brief disclosures. If you need to see any disclosures, please check out morganstanley.com/researchdisclosures or talk to your Morgan Stanley sales representative. For those who don't know me, the least important person on the sta ...

Fastly, Inc. (NYSE:FSLY) Morgan Stanley Technology, Media & Telecom Conference Call March 6, 2024 12:30 PM ET Company Participants Todd Nightingale - Chief Executive Officer Ron Kisling - Chief Financial Officer Conference Call Participants Sanjit Singh - Morgan Stanely Sanjit Singh All right. I'm Sanjit Singh. I'm the Infrastructure Software analyst on the Morgan Stanley Software Research team. We are super thrilled to have the management team from Fastly, Todd Nightingale, CEO; and Chief Financial Officer ...

Editas Medicine, Inc. (NASDAQ:EDIT) TD Cowen 44th Annual Healthcare Conference March 4, 2024 12:50 PM ET Company Participants Gilmore O'Neill - CEO Erick Lucera - CFO Conference Call Participants Phil Nadeau - TD Cowen Phil Nadeau Good afternoon and welcome once again to TD Cowen’s 44th Annual Healthcare Conference. I'm Phil Nadeau, one of Cowen’s biotech analysts, and it's my pleasure to moderate a fireside chat with Editas. We have with us today, Gilmore O'Neill, CEO and Erick Lucera, CFO. Hand it over ...