NVIDIA Corporation (NASDAQ:NVDA) TD Cowen 44th Annual Health Care Conference March 5, 2024 9:50 AM ET Company Participants Kimberly Powell - Vice President, Healthcare Conference Call Participants Matt Ramsay - TD Cowen Matt Ramsay Good morning, everybody. Thank you for, attending this session and, obviously, coming to the 44th Annual TD Cowen Healthcare Conference. My name is Matt Ramsay. I actually run the semiconductor practice and research, so I'm a bit of a fish out of water here. So, I, guarantee you ...

Warner Bros. Discovery Inc (NASDAQ:WBD) Morgan Stanley 2024 Technology, Media and Telecom Conference March 4, 2024 6:40 PM ET Company Participants Jean-Briac Perrette - President and CEO of Global Streaming & Games Conference Call Participants Benjamin Swinburne - Morgan Stanley Benjamin Swinburne Good afternoon. We're going to get started. A quick disclosure statement. Please note that important disclosures, including my personal holdings disclosures and Morgan Stanley disclosures all appear as a handout a ...

Ares Capital Corporation (NASDAQ:ARCC) Raymond James 45th Annual Institutional Investors Conference March 5, 2024 8:05 AM ET Company Participants Kort Schnabel - Co-President Scott Lem - CFO Conference Call Participants Robert Dodd - Raymond James & Associates, Inc. Robert Dodd Next up we have Ares Capital, Kort Schnabel, and Scott Lem. So, guys, if you want to walk us through the story. Kort Schnabel Good morning, everybody. I'm Kort Schnabel, co-President of Ares Capital Corporation. I've been with Ares ...

Open Text Corporation (NASDAQ:OTEX) Morgan Stanley Technology, Media & Telecom Conference March 4, 2024 5:55 PM ET Company Participants Madhu Ranganathan - Executive VP & CFO Conference Call Participants Brett Klein - Morgan Stanley Brett Klein Thank you. Thanks, everyone, for joining us today. I'm Brett Klein from the Morgan Stanley Technology Banking team. Thrilled to have OpenText with me here today hosting the EVP and CFO, Madhu Ranganathan on stage. Madhu, thank you very much for being here today. Madh ...

Agilent Technologies, Inc. (NYSE:A) 44th Annual TD Cowen Health Care Conference March 4, 2024 2:50 PM ET Company Participants Robert McMahon - SVP and CFO Conference Call Participants Daniel Brennan - TD Cowen Daniel Brennan Great. Here to kick off the Agilent session. I'm Dan Brennan, I cover Tools Diagnostics here. Really pleased to be hosting Bob McMahon, Chief Financial Officer of Agilent here at the 44th Annual TD Cowen Healthcare Conference. So, first off, Bob and Parmeet, welcome. Robert McMahon Than ...

Company and Industry Overview * **Company**: KLA Corporation (NASDAQ: KLAC) * **Industry**: Semiconductor Equipment and Materials * **Event**: Morgan Stanley Technology, Media & Telecom Conference Call, March 4, 2024 Key Points Corporate Priorities and Financial Targets * **2026 Financial Targets**: Revenue of $38 billion and earnings per share of $38. * **Revenue Growth**: Semiconductor revenue growth expected to be 2x GDP, aligning with McKinsey's projection of $1 trillion in semiconductor revenue by 2030. * **Capital Intensity**: Capital intensity has been climbing since 2013-2014, with recent elevated levels due to investments in China. * **Market Mix**: Memory expected to grow at GDP plus rates, with logic foundry growing faster, resulting in a mix of approximately 60-70% logic foundry. * **Process Control**: Process control intensity is higher in logic and foundry than in memory, benefiting KLA's strong position in process control. * **Service Business**: Growing 12-14% in 2024, driven by high complexity, low redundancy, and long-term contracts. * **EPC Business**: Expected to grow about 10%, with Specialty Semiconductor being the strongest part of the business. * **Gross Margins and Operating Margins**: Gross margins in the low 60s, with a target of 63%. Operating margin target of 40-50% incremental. * **Capital Structure**: Actions to drive EPS level about 1.5x revenue growth rate, with 85% of cash flow returned to shareholders. Process Control Intensity and Growth Drivers * **Process Control Intensity**: Increased from low 6% in 2021 to high 7s in 2023, driven by adoption of leading-edge design rules and HBM. * **Growth Drivers**: Incremental scaling, changes in architecture, power distribution, and competitive dynamics in leading-edge technology. * **Optical Inspection**: Grew at about 1.7x the rate of WFE from 2019 to 2022, driven by adoption of EUV and scaling of devices. Semiconductor Equipment Market * **2023 WFE**: Estimated at $87-88 billion. * **2024 WFE**: Expected to be flattish to slightly up in the high 80s. * **Leading Edge**: Expected to improve, driven by 3-nanometer activity. * **Memory**: Expected to grow modestly, mostly in DRAM, with HBM and advanced DRAM as drivers. * **China**: Expected to be flattish, with some inefficiency in investment and over time, some rationalization. Advanced Packaging * **Growth Drivers**: Rising complexity, pitch shrinking, and increased metrology requirements. * **Revenue**: Expected to grow at least 2x WFE growth rates, potentially reaching $1 billion by the back half of this decade. Memory * **DRAM**: Utilization has improved slightly, with core DRAM CapEx expected to remain healthy. * **NAND**: Spending has been low, with capacity investment expected to follow a similar path into next year. Services * **Growth**: Expected to grow 12-14% in 2024, driven by utilization improvement and tools coming off warranty. * **Visibility**: Good visibility into future revenue due to long-term contracts and high attach rates on services. Other Key Points * **Supply Chain**: Managed well through 2022, with strong partnerships with suppliers and investments in capacity. * **Geopolitics**: Not speculating on government actions, but acknowledging the desire for self-sufficiency in China and potential inefficiencies in investment. * **High NA**: Expected to drive scaling and adoption of EUV, benefiting KLA's high-end inspection capabilities. * **Competitive Dynamics**: Strong competitive dynamics in leading-edge technology, with multiple markets driving adoption of leading-edge nodes.

Pfizer Inc. (NYSE:PFE) TD Cowen 44th Annual Health Care Conference March 4, 2024 11:10 AM ET Company Participants David Denton - Chief Financial Officer and Executive Vice President Conference Call Participants Steve Scala - TD Cowen Steve Scala Well, good morning once again. We're delighted to have Pfizer here at Cowen's 44th Annual Healthcare Conference. Representing the company, Dave Denton, who is Chief Financial Officer as well as Executive Vice President, will start out. Dave is going to give a few th ...

Applied Materials, Inc. (NASDAQ:AMAT) Morgan Stanley Technology, Media & Telecom Conference March 4, 2024 11:00 AM ET Company Participants Brice Hill - CFO Conference Call Participants Joseph Moore - Morgan Stanley Joseph Moore Great, good morning everybody. Usually when I have done the first session, they give me a script of things I am supposed to say and I don't have that script. So, welcome to the Morgan Stanley TMT Conference. And I'm sure we'll have something smarter to say there. So just quickly on t ...

Netflix, Inc. (NASDAQ:NFLX) Morgan Stanley Technology, Media & Telecom Conference March 4, 2024 4:25 PM ET Company Participants Spencer Neumann - CFO Conference Call Participants Benjamin Swinburne - Morgan Stanley Benjamin Swinburne Good afternoon, everybody. Quick disclosure, please note that important disclosures, including my personal holdings disclosures and Morgan Stanley disclosures, all appear as a handout available in the registration area and on the Morgan Stanley public website. Really excited t ...

Airbnb, Inc. (NASDAQ:ABNB) Morgan Stanley Technology, Media & Telecom Conference March 4, 2024 5:10 PM ET Company Participants Ellie Mertz - CFO Conference Call Participants Brian Nowak - Morgan Stanley Brian Nowak All right. Good afternoon, everyone. Welcome to our next fireside discussion with Ellie Mertz, the CFO of Airbnb. We are very thrilled to have Ellie here. This is her first interview in this setting as the CFO. So, Ellie, thank you so much for joining us. Great to see you. Ellie Mertz Great to se ...