T-Mobile US, Inc. (NASDAQ:TMUS) Morgan Stanley Technology, Media & Telecom Conference March 5, 2024 3:35 PM ET Company Participants Michael Katz - President, Marketing, Strategy and Products Peter Osvaldik - Executive Vice President and Chief Financial Officer Conference Call Participants Simon Flannery - Morgan Stanley Simon Flannery Good afternoon, everybody. It's my great pleasure to welcome Peter and Mike from T-Mobile. Thanks for joining us again. I think you have a safe harbor. Peter Osvaldik Yes, ju ...

International Business Machines Corporation (NYSE:IBM) Morgan Stanley Technology, Media and Telecom Conference Call March 5, 2024 11:00 AM ET Company Participants Jim Kavanaugh - CFO Conference Call Participants Erik Woodring - Morgan Stanley Erik Woodring Welcome, everyone, to Day two of the Flagship Morgan Stanley TMT Conference. My name is Erik Woodring. I'm the lead hardware analyst here based out of New York. I'm very delighted to welcome Jim Kavanaugh, CFO of IBM, with us today. Been in IBM for almost ...

Summary of The Walt Disney Company Conference Call Company Overview - **Company**: The Walt Disney Company (NYSE: DIS) - **Date**: March 5, 2024 - **Participants**: Bob Iger (CEO), Ben Swinburne (Morgan Stanley Analyst) Key Points Company Health and Strategy - The company has significantly improved over the past 15 months since Bob Iger's return as CEO, addressing various operational issues and focusing on profitability [6][9] - The streaming business is on a path to profitability, with expectations to achieve this by the fourth fiscal quarter of 2024 [9] - The studio has faced challenges but remains a leader in the global box office, with a strong upcoming film slate [7][10] Streaming Business - A new management structure for streaming has been implemented, focusing on cost reduction and technology improvements to enhance customer acquisition and retention [15][16] - Disney+ aims to integrate Hulu into its platform, which has shown to reduce churn rates significantly when bundled [18][27] - The company has removed $7.5 billion in costs, with expectations to exceed this amount, positively impacting the bottom line [15] ESPN and Sports Strategy - ESPN is transitioning to a digital platform, with plans to launch an app-based service available on an à la carte basis [28][32] - The company is focusing on attracting younger audiences who have moved away from traditional cable bundles [31] - ESPN's programming remains strong, with growing ratings for both live sports and related content [30] Studio Performance - The studio is focusing on quality over quantity, with management changes and a commitment to improving the film slate [40][42] - Disney has reduced the output of Marvel films to enhance quality and avoid audience fatigue [43] - Upcoming films include major titles like "Deadpool," "Moana," and "Mufasa," with a strong pipeline through 2026 [45] Parks and Resorts - The company is investing $60 billion over the next 10 years in Parks and Resorts, with 70% allocated to expanding capacity [49] - The Parks segment is experiencing low to mid-teens growth in operating income, indicating strong performance [12][53] - New attractions based on popular IPs like "Avatar" and "Frozen" are being developed to enhance visitor experiences [51][52] Investment in Gaming - Disney's $1.5 billion investment in Epic Games aims to create a Disney universe for engaging with IP through gaming [54][56] - The strategy reflects a long-term vision to leverage Disney's IP in the gaming sector, appealing to younger demographics [55] Joint Ventures and Market Position - Disney is forming a joint venture in India with Reliance to strengthen its market presence while mitigating risks [60] - The company is navigating a contested proxy season with activist investors, emphasizing the complexity of managing its diverse business segments [61][62] Future Outlook - Bob Iger expresses optimism about Disney's future, citing a strong executive team and a robust balance sheet to support growth initiatives [67][68] - The company aims to embrace disruption and continue innovating in the entertainment space [69] Additional Insights - The importance of creativity and accountability in the production process has been highlighted as crucial for future success [7][41] - The integration of technology and content strategy is seen as vital for enhancing profitability in the streaming sector [15][19]

NXP Semiconductors N.V. (NASDAQ:NXPI) Morgan Stanley Technology, Media & Telecom Conference March 5, 2024 11:45 AM ET Company Participants Jeff Palmer - Director, IR Conference Call Participants Joseph Moore - Morgan Stanley Joseph Moore Good. All right. Thank you, everybody. Welcome back. I'm Joe Moore, Morgan Stanley Semiconductor Research. Very happy to have with us today, Jeff Palmer, our Director of Investor Relations for NXP. So Jeff, I think maybe if you could just start off with a little bit of an o ...

Federal Realty Investment Trust (NYSE:FRT) Citi's 2024 Global Property CEO Conference Transcript March 5, 2024 2:10 PM ET Executives Don Wood - Chief Executive Officer Dan Guglielmone - Chief Financial Officer, Jeff Berkes - President and COO Analysts Craig Mailman - Citi Nick Joseph - Citi Craig Mailman Good afternoon, everyone. Welcome to Citi's 2024 Global Property CEO Conference. I'm Craig Mailman joined with Nick Joseph from Citi Research and we're pleased to have with us Federal Realty and CEO, Don Wo ...

Okta, Inc. (NASDAQ:OKTA) Morgan Stanley Technology, Media & Telecom Conference Call March 5, 2024 11:00 AM ET Company Participants Brett Tighe - Chief Financial Officer Conference Call Participants Hamza Fodderwala - Morgan Stanley Hamza Fodderwala Good morning, everybody. Welcome to Day 2 of the Morgan Stanley TMT Conference. I'm Hamza, the cybersecurity analyst here at Morgan Stanley. With me, I have the pleasure of having the CFO of Okta, Brett Tighe. Brett, thank you so much for joining. Brett Tighe Tha ...

Corning Incorporated (NYSE:GLW) Morgan Stanley Technology, Media & Telecom Conference Call March 5, 2024 11:00 AM ET Company Participants Edward Schlesinger - Executive Vice President and Chief Financial Officer Conference Call Participants Meta Marshall - Morgan Stanley Meta Marshall All right. Welcome, everybody. I'm Meta Marshall. I cover the networking space here at Morgan Stanley. We're delighted to have Corning here today, Edward Schlesinger, CFO. For important disclosures, please see the Morgan Stanl ...

Company and Industry Overview * **Company**: Merck & Co., Inc. (NYSE:MRK) * **Industry**: Healthcare, Pharmaceuticals, Biotechnology Key Points GARDASIL * **Revenue Target**: Merck aims to achieve $11 billion in GARDASIL revenue by 2030, driven by international markets. * **International Expansion**: Merck focuses on increasing vaccine coverage rates, expanding coverage in NIPs, and targeting the private market and low middle-income segments. * **Manufacturing Capacity**: Merck has invested in manufacturing capacity to meet growing demand for GARDASIL, particularly in low middle-income markets. KEYTRUDA * **Growth Outlook**: KEYTRUDA is expected to see growth in 2024, driven by expansion into new tumor types and earlier treatment settings. * **Early-Stage Settings**: Early-stage KEYTRUDA is expected to be the primary driver of growth in 2024, with significant potential in triple-negative breast cancer and other tumor types. * **Subcutaneous Formulation**: Merck is exploring the subcutaneous formulation of KEYTRUDA for O-U.S. markets, aiming to improve patient convenience and access. Sotatercept * **PAH Approval**: Merck is confident in the approval of sotatercept for PAH in the EU and Japan, with a potential launch in the second half of 2024. * **Market Opportunity**: Sotatercept has the potential to become a significant revenue driver for Merck, with a target cardiovascular business of $15 billion by the mid-2030s. Vaccines * **Prevnar**: Merck is focused on expanding the Prevnar franchise, including the launch of VAXNEUVANCE for the pediatric segment and V116 for the adult segment. * **Dengue**: Merck is developing a dengue vaccine with potential for significant impact in the Southern Hemisphere and other regions. * **VAXELIS**: Merck is making steady progress with VAXELIS, a hexavalent vaccine covering multiple diseases. HIV * **Islatravir-Doravirine Combination**: Merck is developing an islatravir-doravirine combination for HIV, aiming to differentiate from existing treatments and address unmet needs. China * **Market Growth**: Merck has seen significant growth in China, driven by the launch of GARDASIL and other innovative products. * **Government Support**: The Chinese government's focus on improving healthcare standards and access has been beneficial for Merck. * **Partnerships**: Merck has formed partnerships with local companies to leverage the growing scientific ecosystem in China. Future Outlook * **Competitive Advantage**: Merck's competitive advantage lies in its pipeline of innovative products and its focus on patient care. * **Long-Term Growth**: Merck is focused on long-term growth, with a focus on expanding its pipeline and addressing unmet medical needs.

Verizon Communications Inc. (NYSE:VZ) Morgan Stanley Technology, Media & Telecom Conference March 5, 2024 11:45 AM ET Company Participants Tony Skiadas - Executive Vice President & CFO Conference Call Participants Simon Flannery - Morgan Stanley Simon Flannery All right. Good morning, everybody. Great pleasure to welcome Tony Skiadas from Verizon. Welcome, Tony. I think you have a safe harbor for us. Tony Skiadas Thanks, Simon, and good to be here. So before we get started, I need to draw your attention to ...

Summary of EPR Properties Conference Call Company Overview - **Company**: EPR Properties (NYSE:EPR) - **Industry**: Real Estate Investment Trust (REIT) focused on experiential properties - **Key Participants**: - Greg Silvers - CEO - Mark Peterson - CFO - Greg Zimmerman - CIO - Brian Moriarty - SVP of Corporate Communications Core Points and Arguments - **Unique Positioning**: EPR is described as the only truly diversified experiential REIT, focusing on properties that provide experiences rather than products, such as theaters, ski resorts, and museums [3][4] - **Valuation**: The company is trading at a highly discounted multiple compared to historical levels, with rent coverage above pre-COVID levels [3][4] - **Growth Guidance**: EPR expects growth of 3% to 4% for the year, alongside an 8% dividend yield, indicating a strong total shareholder return (TSR) potential [4] - **Deferred Rent Collections**: EPR successfully collected $150 million in deferred rents post-COVID, which contributed to a cleaner financial story moving into 2024 [7][9] - **Theater Portfolio**: The theater coverage ratio is back to 1.7 times, aligning with pre-COVID levels, despite lower box office revenues [14][24] - **Strategic Reduction in Theater Exposure**: EPR aims to reduce theater exposure to below 15% of overall earnings, currently at approximately 37% [22][24] - **Diversification Strategy**: The company is focusing on expanding into areas such as Fitness & Wellness, Attractions, and Eat & Play, while reducing reliance on theaters [26][27] - **Investment Plans**: EPR plans to invest $250 million in 2024, with a significant portion coming from existing relationships and ongoing projects [43][46] - **Cap Rate Insights**: Recent sales of experiential properties, such as Titanic exhibits, were completed at a 6% cap rate, indicating strong market demand for experiential assets [60][61] Important but Overlooked Content - **AMC Lease Restructuring**: EPR has restructured its lease with AMC, which is viewed as stronger than Regal's lease, providing confidence in future performance [18][20] - **Education Assets**: EPR plans to exit its education platform, which currently consists of 70 properties, as it does not align with its experiential focus [50][51] - **Market Dynamics**: The company does not see significant competition from larger players in the net lease space, focusing instead on smaller, less marketed deals [41][42] - **Future Opportunities**: EPR is exploring opportunities in the gaming industry as part of its diversification strategy, although current market conditions limit its involvement [68][69] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting EPR Properties' unique market position and future growth plans.