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BANK OF AMERICA SECURITIES GLOBAL REAL ESTATE CONFERENCE September 10, 2025 DISCLAIMER This presentation includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. All statements, other than statements of historical facts, included in this presentation that address activities, events or developments that we expect, believe or anticipate will ...

Dynatrace Conference Summary Company Overview - **Company**: Dynatrace (NYSE:DT) - **Current Status**: Approaching $2 billion in Annual Recurring Revenue (ARR) from previously being under $1 billion three years ago [8][19] Industry Insights - **Observability Market**: The demand for observability capabilities is increasing due to the complexity of managing data in a cloud-based and AI-driven environment [17][19] - **Customer Base**: Dynatrace serves major global companies, receiving overwhelmingly positive feedback regarding the value delivered [18] Key Milestones and Future Outlook - **Growth Drivers**: - Strong observability market - Exceptional customer base - Robust financial model with 19% subscription revenue growth and 33% pre-tax free cash flow [18][19] - **Future Positioning**: Dynatrace aims to lead in end-to-end observability, AI observability, and business observability, which are seen as key differentiators in the competitive landscape [25][24] Observability Evolution - **End-to-End Observability**: - Integration of various observability tools into a single solution to improve efficiency and reduce costs by 20-30% for large enterprises [22][24] - **AI Observability**: - Focus on using AI to enhance observability and manage AI workloads effectively [24][66] - **Business Observability**: - Organizations are increasingly interested in understanding business operations through observability metrics [25] Log Management Opportunity - **Growth in Log Management**: - Log consumption is growing over 100% year-over-year, with a 36% quarter-over-quarter increase [34] - **Competitive Advantage**: - Dynatrace's Grail platform allows for integrated log management, providing better insights and cost reductions compared to traditional vendors [33][35] Go-to-Market Strategy - **Salesforce Expansion**: - Increased Salesforce personnel to enhance productivity and capitalize on market opportunities [39][40] - **Pipeline Growth**: - Significant growth in pipeline opportunities, particularly in large organizations [46] Dynatrace Platform Subscription (DPS) - **DPS Adoption**: - 45% of customers and 65% of ARR are now on the DPS model, which allows for more flexible access to the platform [52][54] - **Consumption Growth**: - Consumption growth is a leading indicator of future opportunities, with DPS customers showing double the consumption growth compared to non-DPS customers [54][55] AI and Autonomous Observability - **AI Workloads**: - Dynatrace is observing AI workloads and aims to develop an autonomous AI observability platform that can proactively address issues [66][67] - **Trustworthy Insights**: - Emphasis on providing trustworthy insights to enable autonomous actions across various systems [68][69] Conclusion - **Market Position**: Dynatrace is well-positioned to capitalize on the growing demand for observability solutions, driven by its innovative platform and strong customer relationships [19][25] - **Future Growth**: The combination of log management, consumption growth, and the DPS model are expected to drive significant future growth for the company [56][57]

Summary of American Tower Corporation Conference Call Company Overview - **Company**: American Tower Corporation (NYSE: AMT) - **Date of Conference**: September 10, 2025 - **Speaker**: Steven O. Vondran, President and CEO Key Points Industry and Market Dynamics - **Market Changes**: The company has undergone significant changes, including the sale of its India operations and improved domestic market activity. The data center market is evolving, with a focus on organic growth in core segments [3][4] - **Geographic Performance**: - **U.S.**: Improved carrier activity is noted, with healthy growth in Africa and Europe. Latin America remains challenged but presents opportunities [3][4] - **Europe**: Significant investments in build-to-suits are ongoing, particularly in response to demand driven by AI [5][6] - **Africa**: Demand for connectivity is high, with 5G being rolled out in major cities. The company has reduced exposure to smaller carriers to mitigate volatility [32][33] - **Latin America**: Carrier consolidation has led to sluggish leasing activities, with expectations for improvement post-2027 [36][37] Strategic Focus - **Organic Growth**: The primary focus is on organic growth within the existing portfolio, with a strategic shift towards developed markets [4][5] - **Cost Control**: Successful reduction of SG&A expenses, with ongoing efforts to optimize costs through automation and process improvements [8][10] - **Capital Allocation**: The company prioritizes internal CapEx for tower builds and investments in CoreSite, with dividends expected to grow in line with AFFO per share [12][15] Technology and Innovation - **AI Impact**: The demand for data centers, particularly CoreSite, is expected to grow significantly due to AI applications. Companies are increasingly seeking interconnected ecosystems for their AI needs [41][43] - **Future Developments**: The company anticipates that the upcoming spectrum auctions will drive new tower deployments, particularly for 6G development [29][30] Financial Performance and Guidance - **Growth Projections**: The company projects mid-single-digit growth through 2027, supported by carrier CapEx budgets that are higher than those during 4G deployment [21][23] - **Churn Management**: The company has successfully navigated past churn from Sprint, with expectations for stable growth moving forward [49][52] - **Long-term Outlook**: A durable mid to upper single-digit growth rate is anticipated, factoring in potential headwinds from refinancing and foreign exchange volatility [52][53] Additional Insights - **Customer Service**: Maintaining high customer service levels is crucial, as customers are willing to pay more for superior service [11] - **Market Trends**: The company is observing a shift towards densification in network coverage, driven by capacity constraints and regulatory requirements [18][22] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting American Tower's focus on organic growth, cost management, and the impact of technological advancements on its business model.

Summary of Nokia's Conference Call Company Overview - **Company**: Nokia - **CEO**: Justin Hotard - **Industry**: Telecommunications and Networking Key Insights and Arguments 1. **Leadership Transition**: Justin Hotard has been CEO for over 100 days and has made structural changes to improve customer engagement and internal operations, emphasizing the need for a consistent approach to customer relationships [4][5][6] 2. **Technology and Customer Relationships**: Nokia possesses significant technology and strong customer relationships, particularly in communications service providers, which has led to positive feedback from customers [4][5] 3. **Infinera Acquisition**: The acquisition of Infinera has enhanced Nokia's capabilities in optical technology and AI, contributing to 5% of the company's revenue in Q2, primarily driven by optical momentum [6][28] 4. **AI and Cloud Demand**: There is a growing demand for AI infrastructure in data centers, particularly in the U.S., with expectations of this trend spreading to Europe. Nokia is focusing on being competitive in AI and fixed infrastructure [8][10][12] 5. **Geographical Growth Opportunities**: The U.S. is identified as the largest growth market due to AI investments, with opportunities also in Europe and emerging markets. Nokia is participating in AI gigafactory bids in Finland [15][17] 6. **Fiber Build-Outs**: Nokia is a market leader in passive optical networks and sees significant growth opportunities in the U.S. and Europe, driven by upgrade cycles and government incentives [18][19] 7. **Photonics and Optical Connectivity**: The shift towards photonics is expected to increase due to bandwidth demands, with Nokia focusing on intra-data center connectivity and optical solutions [37][39] 8. **IP Routing and Switching**: Nokia aims to strengthen its position in IP routing and switching, with plans to invest €100 million in IP networking to drive product innovation [40][43] 9. **Market Dynamics in India**: India presents long-term growth prospects due to increasing mobile penetration, although short-term dynamics may create cycles. Nokia plans to innovate closely with customers in this market [44][46] Additional Important Points 1. **Supply Chain Challenges**: The company has faced supply chain constraints but is optimistic about future growth and is working to improve its response to data center customer demands [32][35] 2. **AI Integration**: Nokia is leveraging AI to enhance automation and improve service delivery, with ongoing projects to integrate AI into their products and services [22][25] 3. **Open RAN Vision**: Nokia supports the Open RAN initiative, which aims to create more efficient and interoperable networks, allowing for competitive advantages through best-of-breed solutions [26] 4. **Future Applications**: The company anticipates future applications in autonomous vehicles, robotics, and AR/VR, which will drive demand for their services [12][24] This summary encapsulates the key points discussed during the conference call, highlighting Nokia's strategic focus areas, market opportunities, and challenges.

Summary of Zeta Global Conference Call Company Overview - **Company**: Zeta Global (NYSE: ZETA) - **Event**: 2025 Conference on September 10, 2025 - **Key Speakers**: David A. Steinberg, Chris Greiner Industry Insights - **Ecosystem Changes**: The marketing technology and advertising technology sectors are increasingly consolidating, with Zeta Global focusing on integrating these tech stacks for better efficiency and effectiveness [6][10] - **Market Size**: Zeta Global's 567 global enterprise clients are projected to spend $100 billion on marketing in 2025, with Zeta aiming to increase its wallet share from 125 basis points to potentially 500-1,000 basis points by 2028 [9][10] Financial Performance - **Growth Rates**: Zeta Global has experienced a compounded growth rate of over 30% in top-line revenue, over 50% in bottom-line growth, and mid-70s in free cash flow over the last three years [8] - **Client Engagement**: The average number of channels used per client has increased from 1.2 to approximately 3, leading to higher Net Promoter Scores (NPS) and increased spending [9][51] Strategic Initiatives - **One Zeta Strategy**: This initiative aims to encourage clients to utilize multiple use cases, enhancing return on investment (ROI) and overall effectiveness [10] - **AI Integration**: Zeta has been programming in artificial intelligence since 2017, with recent advancements in their AI Agent Studio, which integrates multiple AI agents for improved targeting and attribution [32][33] Market Positioning - **Digital Marketing**: Currently, 50% of client spend is digital, with expectations that this will rise to 75% in the next five to ten years, driven by trends in connected TV and other digital platforms [15][20] - **Competitive Advantage**: Zeta's unique data cloud and first-party tracking capabilities provide a significant competitive edge, allowing for more accurate targeting and better ROI for clients [37][65] Revenue Model - **Revenue Composition**: The revenue model is evenly split between consumption and recurring software revenue, with a focus on providing value-based pricing to clients [40][41] - **Agency Relationships**: Zeta has established strong relationships with major agency Holdcos, providing them with first-party data for free, which enhances their margins and client satisfaction [55][57] Consumer Behavior Insights - **Zeta Economic Index**: The index shows a bifurcation in consumer spending, with the wealthiest 10% spending more while the bottom third spends less. The middle class is experiencing mixed outcomes, with some becoming wealthier due to strong market performance [69][70] - **Consumer Confidence**: The overall consumer environment remains strong, supported by high housing values and market performance, which encourages spending [71] Future Outlook - **Growth Projections**: Zeta Global anticipates a 500 basis point increase in operating margin and a significant rise in free cash flow by 2028, with potential for further growth in agency and digital marketing segments [43][59] Conclusion - Zeta Global is well-positioned in the evolving marketing technology landscape, leveraging its data capabilities and strategic initiatives to drive growth and enhance client ROI. The company is focused on integrating AI and expanding its digital marketing reach, while maintaining strong relationships with agency partners and adapting to changing consumer behaviors.

Summary of Instacart Conference Call Company Overview - **Company**: Instacart - **CEO**: Chris Rogers, who transitioned from Chief Business Officer to CEO in 2023 [5][6] Key Industry Insights - **Market Size**: The online grocery market is valued at $1.2 trillion, with only 13% penetration in the U.S. [19] - **Competitive Position**: Instacart is the category leader, three times larger than the next digital-first competitor [19] Core Strategies and Opportunities 1. **Affordability Initiatives**: - Affordability is identified as the primary driver for online grocery adoption and a key reason for customer churn [11] - Plans to work with retailers on pricing strategies to ensure price parity with in-store prices [11][32] - Recent data shows that price parity retailers have grown 10% faster than marked-up retailers [32] 2. **Enterprise Platform Development**: - Instacart is focusing on building technologies for retailers, enhancing their owned and operated sites [12] - The company launched 40 new retailers in the first half of the year, surpassing the total for all of 2024 [13] - Expansion beyond North America is being explored, with successful operations in Ireland and Australia [14] 3. **Advertising and Data Revenue Growth**: - Instacart is building an ads ecosystem for brand partners, with 240 ad partners currently [15] - The launch of a consumer insights portal to monetize first-party data is underway [15] - The company aims to diversify its advertising partnerships, including collaborations with major platforms like Google and Pinterest [15][49] Competitive Landscape - Instacart's strength lies in large basket sales, which account for 75% of grocery sales and profits [19] - The company emphasizes selection, quality, speed, and affordability as key differentiators [20][22][23][24] - Instacart is closely monitoring competitors like Amazon, with a focus on leveraging its unique strengths in large basket sales [25][27] Consumer Trends - Instacart's consumer base reflects the broader U.S. demographics, with retention rates improving year-over-year [30][31] - The company is committed to enhancing affordability and expanding delivery options to retain and attract consumers [32] Enterprise Business Insights - The enterprise side of Instacart is seen as a critical growth area, with a focus on powering e-commerce for major retailers [35] - The integration of technology and fulfillment services is a strategic advantage, allowing retailers to digitize their operations [36][37] Advertising Business Outlook - Despite macroeconomic uncertainties, Instacart's advertising revenue grew by 12% year-over-year [44] - The company is focused on performance and measurement to ensure advertising effectiveness for brands [45] AI Integration - AI is embedded in Instacart's operations, with 80% of code being AI-assisted, enhancing efficiency and product development [52] - AI-driven personalization tools are being developed to improve consumer experience and engagement [53][54] Financial Strategy and Capital Allocation - The company is committed to long-term profitable growth while maintaining flexibility for reinvestment [56][58] - Capital allocation priorities include reinvesting in the business, strategic M&A opportunities, and share repurchases [58][59] Conclusion - Instacart is positioned to leverage its market leadership and technological advancements to drive growth in the online grocery sector while focusing on affordability, enterprise solutions, and advertising revenue.

Summary of Fox (NasdaqGS:FOX) 2025 Conference Company Overview - **Company**: Fox Corporation - **Event**: Fireside Chat at the Goldman Sachs Communicopia Technology Conference - **Date**: September 10, 2025 Key Points Industry and Business Strategy - **Overall Performance**: Fox's businesses are performing well, with strong momentum in advertising and distribution revenue [5][6] - **Strategic Shift**: The strategy initiated in 2019, following the sale of entertainment assets to The Walt Disney Company, has been successful, resulting in nearly $5 billion increase in revenue since then [7] - **Revenue Breakdown**: Approximately $2 billion of the revenue increase is attributed to advertising, and another $2 billion from distribution [7] - **EBITDA Growth**: EBITDA has increased by nearly $1 billion, with $8.5 billion returned to investors [7] Tubi and Direct-to-Consumer Strategy - **Tubi's Audience**: Tubi targets 60 million cord-cutters in the U.S., which is a significant market opportunity [5] - **Path to Profitability**: Tubi is on track to profitability, with reinvestment of capital into Fox One, the company's direct-to-consumer business [6] - **Fox One Launch**: Launched on August 21, 2025, at $19.99 per month, Fox One has exceeded initial expectations in terms of consumer demand [14] - **Bundling Strategy**: Plans to bundle Fox One with other providers, including an ESPN bundle launching on October 2 at $39.99 per month [15] Advertising Market Insights - **Strong Upfronts**: Fox experienced double-digit volume increases in advertising during the upfronts, indicating strong demand across sports and news [16] - **Sports Rights**: The premium portfolio of sports rights, including NFL and college football, drives advertising demand [17] - **Tubi's Position**: Tubi's free service model allows it to reach over two-thirds of its audience in the cord-cutting market, making it attractive to advertisers [18] Strategic Priorities - **Focus on Traditional Brands**: Fox News remains the number one channel in cable, and the company aims to continue growing its traditional brands [19] - **Digital Growth Investments**: Investments in digital platforms, including Fox One and Tubi, are prioritized for future growth [20] FanDuel Investment - **FanDuel Option**: Fox has an option to acquire 18.6% of FanDuel, valued at $3.1 billion based on current market valuations [11] - **Licensing Process**: Engaging with 26 states for licensing, the resolution of control related to the Murdoch Family Trust simplifies this process [12] Additional Insights - **Market Position**: Fox's CPMs for advertising are significantly lower than broadcast networks, attracting more advertisers [19] - **Audience Engagement**: The combination of news and sports content on Fox One has been effective in driving audience engagement [14]

LivaNova (NasdaqGS:LIVN) FY Conference September 10, 2025 01:05 PM ET Company ParticipantsAlex Shvartsburg - CFOVlad Makatsaria - CEONeha Begwani - Managing DirectorBriana Gotlin - VP of IRNeha BegwaniThank you all for joining today. My name is Neha Begwani, and I'm part of our MedTech Investment Banking coverage team. There's an important disclosure that you can find on our website as well. If you have any questions, please reach out to a Morgan Stanley representative. I'm very pleased to have the LivaNova ...

Adaptive Biotechnologies (NasdaqGS:ADPT) FY Conference September 10, 2025 01:05 PM ET Company ParticipantsKyle Piskel - CFOChad Robins - Co-Founder and CEOConference Call ParticipantsYuko Oku - AnalystYuko OkuHi, my name is Yuko Oku, and I'm on the life science tools and diagnostic team here at Morgan Stanley. For important disclosures, please see Morgan Stanley research disclosure website at www.morganstanley.com/researchdisclosures. If you have any questions, please reach out to your Morgan Stanley sales ...