Summary of Morgan Stanley Conference Call - June 12, 2023 Company Overview - **Company**: Morgan Stanley (NYSE: MS) - **Participants**: James Gorman (Chairman and CEO) Key Points Leadership Transition - James Gorman announced his upcoming departure as CEO, emphasizing the importance of a structured succession process rather than a spontaneous decision based on age or market conditions [5][9][10] - The Board is aligned and has internal candidates prepared for the transition, with a focus on cultural fit and operational experience [11][12] Business Model Shift - Morgan Stanley has shifted its revenue mix significantly towards Wealth and Investment Management, which now accounts for $30 billion in revenues, up from a lower percentage when Gorman took over [16][17] - The pre-tax profit mix from Wealth and Investment Management has increased from 26% to 52% [16][17] Growth Strategy - The firm aims to generate $1 trillion in net new assets every three years, with a focus on organic growth rather than relying solely on acquisitions [23][24] - Gorman highlighted the importance of capturing market share in wealth management, particularly in the U.S., where there are still significant opportunities [20][21] Market Conditions and Economic Outlook - Gorman expressed confidence that the Federal Reserve is nearing the end of its rate hikes, predicting potential cuts in the following year [41][42] - He noted that the current economic environment is complicated but believes that the institutional business will recover and grow faster than GDP in the long term [19][20] Technology Integration - Morgan Stanley is leveraging technology to enhance its wealth management services, including the integration of E*TRADE and the use of AI to improve client service [36][38] - The firm is focused on using technology to increase productivity rather than reducing headcount [37][38] Investment Management and Asset Growth - Gorman discussed the potential for further growth in investment management, particularly through acquisitions and expanding into new markets [44][46] - He emphasized the importance of having a diversified asset management strategy to capture global opportunities [46] Institutional Securities - Gorman noted that M&A and underwriting activities have been under pressure but expects a recovery as market conditions stabilize [48][49] - He indicated that there are signs of increased activity and confidence among CEOs regarding future transactions [49][50] Regulatory Environment - The upcoming Basel 3 regulations are expected to increase capital requirements, but Gorman believes that the industry is well-capitalized and can adapt to these changes [62][63] - He anticipates a lengthy transition period for these regulations, with potential investment opportunities arising from market reactions [66][67] Future Outlook - Gorman expressed optimism about Morgan Stanley's future, highlighting the strength of its institutional business and the growth potential in wealth management and asset management [71][72][73] - He believes that the firm is well-positioned to navigate upcoming challenges and capitalize on opportunities in the financial sector [71][72] Additional Insights - Gorman's leadership has focused on building a resilient and adaptable organization, preparing for both challenges and opportunities in the evolving financial landscape [70][73] - The emphasis on a strong internal culture and leadership continuity is seen as critical for Morgan Stanley's long-term success [11][12][70]

Editas Medicine, Inc. (NASDAQ:EDIT) EDIT-301 Clinical Update Conference Call June 12, 2023 8:00 AM ET Company Participants Cristi Barnett - Corporate Communications & Investor Relations Gilmore O’Neill - Chief Executive Officer Baisong Mei - Chief Medical Officer Erick Lucera - Chief Financial Officer Conference Call Participants Joon Lee - Truist Securities Phil Nadeau - Cowen & Company Jacques Villefranc - Stifel Lisa Walter - RBC Capital Markets Jay Olson - Oppenheimer Yanan Zhu - Wells Fargo Madhu Kumar ...

Affirm Holdings, Inc. (NASDAQ:AFRM) CFO Fireside Chat Transcript June 12, 2023 10:30 AM ET Company Participants Michael Linford - Chief Financial Officer Conference Call Participants Matthew O'Neill - Co-Director of Research and Managing Director, FT Partners Craig Maurer - Co-Director of Research and Managing Director, FT Partners Michael Linford Good morning, everyone. And thank you for dialing into our quarterly conversation. I want to thank Craig and Matt from FT Partners for being our hosts today. For ...

Coinbase Global, Inc. (NASDAQ:COIN) Morgan Stanley US Financials, Payments and CRE Conference June 12, 2023 10:15 AM ET Company Participants Paul Grewal - Chief Legal Officer Conference Call Participants Michael Cyprys - Morgan Stanley Michael Cyprys [Starts Abruptly] research disclosure website www.morganstanley.com/researchdisclosures. The taking of photographs and the use of recording devices is not allowed. If you have any questions, please reach out to Morgan Stanley sales representative. I've also bee ...

PayPal Holdings, Inc. Conference Call Summary Company Overview - **Company**: PayPal Holdings, Inc. (NASDAQ: PYPL) - **Date of Call**: June 8, 2023 - **Participants**: - Dan Schulman - President and CEO - Peggy Alford - EVP, Global Sales and Merchant Services - John Kim - EVP, Chief Product Officer - Gabrielle Rabinovitch - SVP, Acting Chief Financial Officer Key Points Company Performance and Growth - PayPal has grown from over $8 billion in revenue nine years ago to approximately $30 billion in 2023, tripling its size during this period [6] - Profits have also tripled, with free cash flow increasing from $1.5 billion to over $5 billion [6] - Customer count and transactions per active account have more than tripled [6] - Less than 2% of profits now come from eBay, down from 40% at the time of the spin-off [6] Strategic Focus and Innovation - PayPal is focusing on three core business areas: 1. Payment Service Provider (PSP) 2. Wallet and Commerce 3. Network Business [10] - The company aims to enhance margins by targeting small and medium-sized businesses (SMBs), expanding internationally, and offering value-added services [10][21] - Emphasis on creating a frictionless and secure checkout experience through innovations like path keys and device credentials [15] Product Development and Consumer Engagement - PayPal is enhancing its product offerings, including subscriptions and Buy Now, Pay Later (BNPL) services, which have seen significant adoption [17][41] - The BNPL product has gained 32.2 million users across seven countries, leading to a 12% lift in sales for merchants [41] - PayPal's app is evolving into a hub for consumer experiences, integrating features like package tracking and smart receipts to drive engagement [18][40] Market Position and Competitive Landscape - PayPal holds over 25% of the e-commerce market share as measured by Total Payment Volume (TPV) [56] - The company has doubled its market share in the PSP sector over the last three years, competing effectively against major players [19] - PayPal's Braintree platform is positioned for large, complex merchants, while PayPal Complete Payments targets SMBs with simpler integration [23][24] Future Outlook and Challenges - The company is preparing for potential credit tightening in the market, with a focus on managing its Buy Now, Pay Later portfolio effectively [59] - PayPal plans to leverage its data assets to enhance consumer experiences and drive growth, with a goal of transforming the industry through innovation [33][54] - The company is committed to continuous experimentation and innovation, having conducted 83 experiments in Q1 2023 alone [46] Additional Insights - PayPal's focus on trust and brand strength is highlighted as a cornerstone of its business model [9] - The company is actively working on integrating value-added services to enhance its PSP offerings and drive higher margins [27] - The introduction of AI and advanced data analytics is expected to revolutionize the checkout experience and improve conversion rates significantly [34][38] Conclusion PayPal is positioned as a market leader in the payments industry, with a strong focus on innovation, consumer engagement, and strategic growth. The company aims to enhance its product offerings and expand its market share while navigating potential challenges in the credit landscape.

Affirm Holdings, Inc. (NASDAQ:AFRM) Bank of America 2023 Global Technology Conference June 8, 2023 1:40 PM ET Company Participants Michael Linford - Chief Financial Officer Conference Call Participants Jason Kupferberg - Bank of America Jason Kupferberg Hi everyone. I'm Jason Kupferberg, the payments, processors and IT services analyst here at Bank of America. We're very excited again. As was the case last year we have Michael Linford, CFO of Affirm with us. Lots of grounds to cover. We've got 30 minutes. T ...

Cisco Systems, Inc. (NASDAQ:CSCO) Bank of America 2023 Global Technology Conference June 8, 2023 1:00 PM ET Company Participants Greg Dorai - Senior Vice President, and General Manager of Campus Connectivity Business Unidentified Analyst Thank you very much joining us for third day of the conference. I did notice that outside there is a banner with barcodes of our report. So, if you want to have our primers, we publish plenty of primers on various topics. If you want to have our primer, primers are there. T ...

Fastly, Inc. (NYSE:FSLY) BofA Securities 2023 Global Technology Conference June 8, 2023 2:20 PM ET Company Participants Vernon Essi - Investor Relations Ron Kisling - Chief Financial Officer Unidentified Company Representative So there are only a few people in the room. But there are more people on the webcast. And I can say very, very few times in my career, I was happy to upgrade the stock and have such a tremendous impact immediately after. Normally I upgrade the stock, and then I explain why it's too ea ...

CrowdStrike Holdings, Inc. (NASDAQ:CRWD) Annual William Blair Growth Stock Conference Call June 8, 2023 12:20 PM ET Company Participants Michael Sentonas - President Conference Call Participants Jonathan Ho - William Blair Jonathan Ho Hello, everyone, and thank you for joining us for our Growth Stock Conference and today's session with CrowdStrike. My name is Jonathan Ho, and I'm the cybersecurity analyst for William Blair & Company that covers CrowdStrike. With us today is Mike Sentonas, the President of C ...

Summary of Waters Corporation Conference Call Company Overview - **Company**: Waters Corporation (NYSE: WAT) - **Event**: Jefferies 2023 Global Healthcare Conference - **Date**: June 8, 2023 - **Participants**: Udit Batra (CEO), Brandon Couillard (Jefferies) Key Points Industry and Market Demand - Instrument growth rate for Waters is expected to be around **5%** over the long term, driven by prescription volume and Phase III starts in the pharmaceutical sector [3][4][11] - The company emphasizes the importance of looking at long-term trends rather than short-term fluctuations, which can be misleading [3][11] - Historical fluctuations in instrument growth have been correlated with macroeconomic events, with notable declines observed during 2008-09, 2011-12, and 2019-20 [7][8][10] Factors Influencing Growth - Key drivers for growth include: 1. Increasing prescription rates and Phase III starts, particularly for novel modalities and large molecules [14] 2. Execution in instrument replacement and innovation [5][6] 3. Pricing strategies [5] - Current indicators suggest that these factors are more favorable than in the past [6][11] Regional Insights - China is projected to experience flat to low single-digit growth, with specific segments like CDMOs under pressure and pre-commercial biotech halted [49][51][52] - The academic and government sectors in China saw significant growth in Q1 but are expected to slow down in subsequent quarters [50] Recent Acquisition - Waters recently acquired Wyatt Technology, which focuses on large molecules and bioanalytical characterization [21][22] - The acquisition aims to enhance Waters' capabilities in faster-growing markets, particularly in the characterization of large molecules [22][27] Product Innovations - Waters has introduced several new products, including: - **Alliance iS**: A new platform aimed at reducing human errors in data submission by **40%** [39][42] - **Xevo TQ Absolute**: The most sensitive instrument for detecting PFAS at part per quadrillion levels [43][44] - The company is focused on expanding its portfolio in bioanalytical characterization, particularly for large molecules [32][33] Future Outlook and M&A Strategy - Waters is prioritizing organic growth and successful integration of Wyatt before pursuing additional M&A opportunities [30][31] - The company remains committed to capital allocation focused on growth, innovation, and potential future share buybacks [31][33] Use of Technology - Waters is leveraging generative AI tools to enhance internal data analysis and improve customer service through predictive analytics [55][56] Conclusion - Waters Corporation is positioned for steady long-term growth driven by strong demand in the pharmaceutical sector, successful integration of recent acquisitions, and ongoing product innovation. The company is cautious about short-term fluctuations and is focused on maintaining operational excellence and strategic growth initiatives.