Amgen Inc. (NASDAQ:AMGN) BofA Securities 2023 Health Care Conference May 9, 2023 11:00 AM ET Company Participants Peter Griffith - CFO Dave Reese - EVP, R&D Conference Call Participants Dan Lundquist - Ban of America Dan Lundquist Hello. Good morning, everybody. Thank you for coming out to Las Vegas for the 2023 Healthcare Conference. You are at the first session with Amgen. I'm very pleased today to be joined by Peter Griffith, the CFO; and Dave Reese, Executive VP of R&D, here on stage today. We do have a ...

Key Points Company and Industry * **Company**: Iris Energy Limited (NASDAQ:IREN) * **Industry**: Bitcoin mining and data center operations Core Views and Arguments * **5.5 Exahash Fully Operational**: Iris Energy has successfully completed the construction of its 5.5 exahash mining facility, which is now fully operational and generating around $7 million to $8 million in monthly mining profit. * **Expansion Plans**: The company plans to add 20% capacity to its current 5.5 exahash, aiming to reach 6.5 exahash. This expansion will involve optimizing existing infrastructure and adding an additional 100 petahash to 0.1 exahash, as well as building out an additional 20 megawatts at Childress. * **BITMAIN S-19 XP Miners**: Iris Energy plans to prioritize the procurement of BITMAIN S-19 XP miners for its expansion, aiming to further reduce production costs and lower its cost curve. * **Liquidity and Funding**: The company has $55 million in cash and no debt, providing strong liquidity and flexibility for future growth. It is also fully funded for its expansion plans. * **Childress Site**: The Childress site in Texas represents a transformational growth opportunity for Iris Energy. The company owns 600 megawatts of power and has 580 megawatts of power ready to go, with 20 megawatts currently operating. It plans to expand the site over time as market conditions allow. * **Trading Power**: Iris Energy has developed a proprietary system that allows it to trade power live time in the ERCOT market, providing flexibility and downside protection. The company can choose to either use the power for mining or sell it back to the market, depending on market conditions. * **Financial Performance**: Iris Energy expects its annualized mining profits to increase from approximately $90 million to $110 million per annum with the expansion to 6.5 exahash. The company also expects its overheads to remain relatively stable as it scales up its operations. Other Important Content * **Management Team**: Iris Energy's management team remains highly aligned and committed to the future of the business, with the founders, board, and management team holding over 20% of the register. * **Geographically Diversified Platform**: Iris Energy has built a geographically diversified real asset platform across North America, with sites in British Columbia and Texas. * **In-House R&D and Engineering**: Iris Energy has an in-house R&D and engineering team that provides support to all of its sites, ensuring optimal efficiency and performance.

ITOCHU Corporation (OTCPK:ITOCF) FYE 2023 Earnings Conference Call May 11, 2023 ET Company Participants Keita Ishii - President and Chief Operating Officer Keita Ishii Hello, everyone. I am Keita Ishii, President, and COO of ITOCHU Corporation. Thank you very much for joining us today. Let me explain FYE 2023 Financial Results and FYE 2024 Management Plan. Please refer to the FYE ’23 business results materials, which were announced on May 9. Page two shows the summary of financial results for FYE ’23. Con ...

Company and Industry Overview * **Company**: AbbVie Inc. (ABBV) * **Industry**: Biopharmaceuticals, Healthcare Key Points Financial Performance and Outlook * **First Quarter Performance**: AbbVie exceeded expectations in the first quarter, beating both top and bottom line guidance. * **Full Year Outlook**: The company raised its full year outlook following the strong first quarter performance. * **HUMIRA Erosion**: AbbVie expects HUMIRA erosion to be in the mid-40s for the second half of the year, with a full year erosion of 37%. * **Aesthetics**: AbbVie expects the U.S. aesthetics market to remain stable in the near term, with potential for recovery in 2024. Product Portfolio * **Immunology**: AbbVie's immunology portfolio performed well, with IMBRUVICA, VENCLEXTA, and VRAYLAR all exceeding expectations. * **Aesthetics**: AbbVie's aesthetics portfolio, including SKYRIZI, RINVOQ, and VRAYLAR, is performing exceptionally well. * **Neuroscience**: AbbVie's migraine portfolio, including Botox, QULIPTA, and UBRELVY, is growing rapidly. * **Neurodegeneration**: AbbVie is focused on developing novel therapies for neurodegenerative diseases, including Alzheimer's and ALS. * **Hem/Onc**: AbbVie is focused on driving growth for VENCLEXTA and launching epcoritamab and navitoclax. Pipeline and Pipeline Development * **INI Portfolio**: AbbVie is developing RINVOQ in additional indications, including atopic dermatitis, Giant Cell Arteritis, and lupus. * **Neuroscience Pipeline**: AbbVie is developing Botox for episodic migraine and exploring combinations with anti-CGRPs and other oral CGRPs. * **Hem/Onc Pipeline**: AbbVie is developing venetoclax in multiple indications, including multiple myeloma, MDS, and AML. Mergers and Acquisitions * **Strategic Focus**: AbbVie's M&A efforts are focused on the five key therapeutic areas that will drive long-term growth. * **Financial Capacity**: AbbVie has a net leverage target of 2x and a flexible approach to M&A. Aesthetics * **Market Growth**: AbbVie expects significant market growth in the aesthetics industry, driven by long-acting toxins, regenerative fillers, and cellulite treatments. Policy and Regulatory * **IRA**: AbbVie expects to deliver high single-digit growth even with the IRA, although it continues to evaluate the potential impact of policy changes.

First Horizon (NYSE:FHN) Investor Call May 4, 2023 7:30 AM ET Company Participants Beth Ardoin - Chief Communications Officer Bryan Jordan - Chairman and CEO Hope Dmuchowski - CFO Conference Call Participants Jared Shaw - Wells Fargo Securities Ebrahim Poonawala - Bank of America Merrill Lynch Jon Arfstrom - RBC Capital Markets Brian Foran - Autonomous Research Brady Gailey - KBW Robert Smalley - UBS Casey Haire - Jefferies Operator Good morning, and welcome to the First Horizon Investor Call. All participa ...

Elbit Systems 2022 Annual Report Conference Call Summary Company Overview - **Company**: Elbit Systems (NASDAQ: ESLT) - **Date of Call**: May 1, 2023 - **Participants**: - Rami Myerson - Investor Relations - Butzi Machlis - President, CEO - Kobi Kagan - CFO - Yossi Gaspar - Senior EVP, Business Management Key Points Industry and Company Context - Elbit Systems operates in the defense and aerospace industry, focusing on advanced technology solutions for military and commercial applications [6][7]. Financial Performance - **Consolidated Revenues**: Increased by 4% to $5.5 billion in 2022 from $5.3 billion in 2021 [11]. - **GAAP Operating Income**: Decreased to $368 million in 2022 from $419 million in 2021 [11]. - **Non-GAAP Operating Income**: $357 million (6.5% of revenues) in 2022 compared to $451 million (8.5% of revenues) in 2021 [11]. - **Stock Price Linked Compensation Expenses**: Approximately $62 million impacted both GAAP and non-GAAP operating income [11]. Segment Performance - **Aerospace**: - Revenues increased by 9% to $1.73 billion in 2022 [12]. - Operating income decreased to $106.8 million (6.2% of revenues) from $129.2 million (8.2% of revenues) in 2021 [12]. - **C4I and Cyber**: - Revenues increased by 8% to $678 million [13]. - Operating income increased to $49 million (7.2% of revenues) from $44.4 million (7.1% of revenues) in 2021 [13]. - **ISTAR and EW**: - Revenues increased by 2% to $1.05 billion [14]. - Operating income decreased to $49.1 million (4.7% of revenues) from $66 million (6.4% of revenues) in 2021 [14]. - **Land**: - Revenues increased by 5% to $1.17 billion [14]. - Operating income decreased to $28.6 million (2.4% of revenues) from $35.6 million (3.2% of revenues) in 2021 [14]. - **Elbit Systems of America (ESA)**: - Revenues decreased by 2% to $1.46 billion [14]. - Operating income decreased to $75 million (5.1% of revenues) from $124.3 million (8.3% of revenues) in 2021 [14]. Strategic Initiatives - **Transformation Goals**: Aiming for annual revenues of $6 billion to $7 billion with improved profitability and cash generation [6][18]. - **Segment Reporting Structure**: New segment reporting structure adopted to enhance transparency and align with operational management [5][7]. - **Investment in Facilities**: Hundreds of millions of dollars invested in new facilities across Israel, the U.S., Germany, and the U.K. to support transformation and backlog conversion [27][31]. Market Outlook - **Supply Chain and Cost Pressures**: Supply chain disruptions and increased electronic component prices affected all segments in 2022, but expected to be less relevant in 2023 [31]. - **Margin Improvement**: Management targets a long-term operating margin of around 10% across all segments [26][27]. Miscellaneous - **Incentive Compensation**: Defined goals for executives include cash generation, profitability, and revenue growth, measured quarterly [21]. - **No IPO Plans for ESA**: Elbit Systems of America will remain integrated within the company, with no plans for an IPO [39]. Conclusion - Elbit Systems is focused on enhancing operational efficiency, improving profitability, and capitalizing on growth opportunities in the defense and aerospace sectors while navigating challenges related to supply chain and cost pressures [6][31].

Key Points Industry/Company Involved * **JPMorgan Chase & Co. (NYSE:JPM)**: The focus of the call is on JPMorgan Chase's acquisition of assets and liabilities of First Republic Bank. [1] Core Views and Arguments * **Acquisition Details**: JPMorgan Chase acquired substantially all of First Republic Bank's assets and assumed certain liabilities from the FDIC. This includes approximately $173 billion of loans, $30 billion of securities, $92 billion of deposits, and $28 billion of FHLB advances. The deal also includes a $2.6 billion payment to the FDIC and a $50 billion 5-year fixed rate funding facility from the FDIC. [4] * **Financial Impact**: The transaction is expected to generate a one-time gain of $2.6 billion post-tax at closing. However, it also includes approximately $2 billion in restructuring costs over 2023 and 2024. The deal is modestly accretive to EPS and tangible book value per share, with an IRR of over 20%. [7][8] * **Transaction Rationale**: The acquisition was part of a competitive bid process initiated by the FDIC. JPMorgan Chase views the deal as an opportunity to enhance its market position and accelerate growth in wealth management. [9] * **Integration Plan**: JPMorgan Chase has received all necessary regulatory approvals and expects the transaction to close. First Republic branches and offices will open today and operate normally. The company is committed to treating First Republic employees with respect and providing career redeployment opportunities. [5][6][10] Other Important Points * **Loss Share Agreement**: The FDIC has provided an 80% loss share agreement for the majority of acquired loans, reducing the risk weighting on the covered loans to an average of about 25%. [4][7] * **Market Position**: The acquisition strengthens JPMorgan Chase's market position and accelerates growth in wealth management, particularly in affluent markets. [9][10] * **Industry Stability**: Jamie Dimon expressed confidence in the stability of the banking system and believes the acute liquidity issues that affected the industry in March have been resolved. [24][38][40] Conclusion The JPMorgan Chase conference call provided detailed information on the acquisition of First Republic Bank. The deal is expected to be financially beneficial for JPMorgan Chase and enhance its market position in wealth management. The company is committed to integrating First Republic Bank's operations smoothly and treating employees with respect.

The Charles Schwab Corporation (NYSE:SCHW) 2023 Winter Business Update Call January 27, 2023 9:00 AM ET Company Participants Jeff Edwards - Managing Director, Head of Investor Relations Richard Wurster - President Walter Bettinger - Co-Chairman of the Board and Chief Executive Officer Joseph Martinetto - Managing Director, Chief Operating Officer Jonathan Craig - Managing Director, Head of Investor Services and Marketing Stacy Hammond - Managing Director, Investor Acquisition and Marketing Bernard Clark - M ...

CrowdStrike Holdings, Inc. (NASDAQ:CRWD) Investor Briefing April 4, 2023 4:00 PM ET Company Participants Maria Riley - VP, IR George Kurtz - President, CEO and Co-Founder Michael Sentonas - President Cristian Rodriguez - Chief Technology Officer, Americas Tim Parisi - Senior Director of Professional Services Burt Podbere - CFO Daniel Bernard - Chief Business Officer Conference Call Participants Saket Kalia - Barclays Sterling Auty - MoffettNathanson Joel Fishbein - Truist John DiFucci - Guggenheim Alex Hend ...

Ford Motor Company (NYSE:F) Bank of America 2023 Global Auto Summit April 5, 2023 12:10 PM ET Company Participants Jim Baumbick - VP of Product Development, Operations and Quality Conference Call Participants John Murphy - Bank of America John Murphy Thank you for joining us, if everybody could get settled down. Next up, we're very happy to have Ford. Today, we have Jim Baumbick, the company's Vice President of Product Development, Operations and Quality, who's always a wealth of knowledge when we talk ab ...