Danaher Corporation (NYSE:DHR) TD Cowen 44th Annual Health Care Conference March 5, 2024 11:10 AM ET Company Participants Rainer Blair - President, CEO Conference Call Participants Dan Brennan - TD Cowen Dan Brennan Thank you. Dan Brennan from TD Cowen Life Science Tools Diagnostics. And we're here at 44th Annual Global Healthcare Conference. Really pleased to be joined here on the stage Rainer Blair, President and CEO of Danaher Corporation. So Rainer, thank you very much for being here. Rainer Blair Thank ...

Visa Inc. (NYSE:V) RBC Capital Markets Global Financial Institutions Conference March 5, 2024 12:15 PM ET Company Participants Ryan McInerney - President, CEO & Director Conference Call Participants Dave McKay - RBC Capital Markets Unidentified Company Representative Good afternoon. Please welcome to the stage Ryan McInerney, Chief Executive Officer at Visa, and Dave McKay, President and Chief Executive Officer, Royal Bank of Canada. Dave McKay Well, good afternoon, everybody. And it's great to be back agai ...

Simon Property Group, Inc. (NYSE:SPG) Citi's 2024 Global Property CEO Conference March 5, 2024 9:35 AM ET Company Participants David Simon – Chief Executive Officer Conference Call Participants Nick Joseph – Citigroup Craig Mailman – Citigroup Nick Joseph Welcome to Citi's 2024 Global Property CEO Conference. I'm Nick Joseph joined by Craig Mailman with Citi Research, and we are pleased to have with us Simon Property Group and CEO, David Simon. The session is for Citi clients only. If media or other individ ...

AbbVie Inc. (NYSE:ABBV) TD Cowen 44th Annual Health Care Conference Call March 5, 2024 9:10 AM ET Company Participants Rob Michael - President, Chief Operating Officer and Incoming CEO Jeff Stewart - Executive Vice President and Chief Commercial Officer Roopal Thakkar - Senior Vice President Chief Medical Officer, Global Therapeutics Scott Reents - Executive Vice President and Chief Financial Officer Conference Call Participants Steve Scala - TD Cowen Steve Scala Okay. So, thank you and good morning. Thanks ...

CVS Health Corporation (NYSE:CVS) 45th Annual Raymond James Institutional Investors Conference Transcript March 5, 2024 9:50 AM ET Executives Tom Cowhey - Executive Vice President and CFO Analysts Unidentified Analyst So I’ve been doing these 25 years and they have to tell me where the on button is for the mic, so equity professional. So, good morning, everybody. We’re very happy to have CVS back after a lengthy absence. I don’t think Larry Merlo felt the greatness last time he was here, so they boycotted u ...

Amgen Inc. (NASDAQ:AMGN) TD Cowen 44th Annual Health Care Conference March 5, 2024 9:10 AM ET Company Participants Peter Griffith - Chief Financial Officer Paul Burton - Chief Medical Officer Conference Call Participants Yaron Werber - TD Cowen Yaron Werber All right. Well, welcome once again to the 44th Annual TD Cowen Healthcare Conference. I'm Yaron Werber from the Biotech team, and it's a great pleasure to moderate the fireside chat next with Amgen, first fireside chat for the day, so have very high ex ...

Kinder Morgan, Inc. (NYSE: KMI) Annual Conference Summary Company Overview - Kinder Morgan is a large energy infrastructure company, primarily focused on natural gas, with nearly two-thirds of its business in natural gas infrastructure [2][3] - The company operates the largest natural gas transmission network and is the largest independent transporter of refined products in the U.S. [3][4] - 64% of cash flows are derived from the natural gas business, moving 40% of all U.S. natural gas molecules daily [4][8] Financial Performance - The company has maintained a strong balance sheet with a debt-to-EBITDA ratio around 4x, expected to decrease to 3.9x by the end of 2024 [7][15] - In 2023, Kinder Morgan returned approximately 8% of its equity value to shareholders through dividends and share repurchases [8][39] - EPS has grown at an annual rate of 8% since 2016, with a 26% reduction in leverage over the same period [10][11] Growth Opportunities - Kinder Morgan has a backlog of $3 billion in committed projects, with expected incremental EBITDA of over $400 million from projects placed in service in 2024 [12][15] - The company is optimistic about the liquefied natural gas (LNG) build-out, which is seen as a significant growth opportunity for midstream companies [14][30] - The existing natural gas network is fully utilized, necessitating new pipeline and storage infrastructure to meet future demand [16][18] Market Dynamics - U.S. natural gas demand has increased by 30 billion cubic feet per day from 2015 to 2023, with an expected additional growth of 20 billion cubic feet per day by the end of the decade [16][18] - The company is well-positioned to capitalize on supply growth from key areas such as Haynesville, Permian, and Marcellus [19][20][22] - LNG exports are projected to grow from 12-13 Bcf per day to 28-29 Bcf per day, with most projects already under construction [30][31] Environmental Initiatives - Kinder Morgan has reduced methane emissions by 30% since 2020, demonstrating a commitment to environmental stewardship [38][37] - The company is exploring opportunities in carbon capture and sequestration through its CO2 segment, which is focused on enhanced oil recovery [36][37] Conclusion - Kinder Morgan is optimistic about its future growth prospects, driven by a strong asset base, committed projects, and favorable market dynamics in the natural gas sector [39] - The company offers a competitive dividend yield of over 6.5% combined with growth prospects of 8% in 2024, presenting an attractive total return opportunity for investors [39]

Royal Bank of Canada (NYSE:RY) RBC Capital Markets Global Financial Institutions Conference March 5, 2024 8:00 AM ET Company Participants Venkat Badinehal - Head, US Financial Institutions Group Derek Neldner - Chief Executive Officer & Group Head, RBC Capital Markets Dave McKay - President & Chief Executive Officer Conference Call Participants Venkat Badinehal Good morning, everyone. On behalf of RBC, I wanted to thank everyone for being here. We always -- last meeting I had last year at the conference the ...

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 ...

Ares Capital Corporation Conference Call Summary Company Overview - Ares Capital Corporation (NASDAQ:ARCC) is a leading business development company focused on direct lending to middle-market companies in the United States, primarily sourced through private equity channels, accounting for approximately 85%-90% of loans [2][3] - The company has a 20-year public track record since its IPO in 2004 and has grown to become the largest publicly traded business development company by assets globally, with a portfolio of $22 billion [3][4] Key Financial Metrics - Ares Capital has invested over $91 billion since inception, achieving a realized asset-level gross internal rate of return (IRR) of 13% annually over 20 years [3] - The company has a net realized gain in excess of loss ratio of 1%, indicating effective management of loan losses [4] - Ares Capital has outperformed the S&P 500 by 75% in stock-based performance since its IPO [4] Business Model and Strategy - The company is managed by Ares Management, a major alternative asset manager with approximately $420 billion in assets under management (AUM), which enhances its sourcing and execution capabilities [5][6] - Ares Capital employs a unique investment team structure where all 180 investment professionals are involved in origination, underwriting, and portfolio management, fostering accountability and better investment decisions [8][9] - The firm sees about 1,500 deals annually, representing approximately $0.5 trillion in deal flow, but only closes about 4% of these opportunities, allowing for selective investment [12][11] Portfolio Composition - The asset mix includes approximately 60% senior secured debt, with 45% in first lien and 15% in second lien, alongside preferred equity and common equity [21] - The portfolio is diversified across over 500 companies and 34 different industries, with a focus on defensive sectors such as software and healthcare [23][22] Risk Management and Loss Rates - Ares Capital has maintained low loss rates, with first lien investments showing less than 10 basis points of realized loss performance and second lien investments at less than 20 basis points [24][25] - The company emphasizes diversification in its portfolio to mitigate risks associated with economic downturns [20] Capital Structure and Financing - Ares Capital has strategically diversified its debt financing sources, accessing seven distinct types of debt financing and establishing strong relationships with over 240 investors [31][30] - The company has achieved investment-grade ratings from multiple agencies, enhancing its access to capital markets [32][31] Market Dynamics and Competitive Position - Ares Capital competes with banks in the direct lending space but has maintained a strong market presence by providing reliable capital during volatile periods when banks have retreated [40][41] - The company anticipates a gradual recovery in M&A volume and overall market activity, positioning itself to capitalize on emerging opportunities [43] Conclusion - Ares Capital Corporation's robust business model, diversified portfolio, and strategic capital management position it well for continued growth and resilience in the face of market fluctuations [35][34]