Microsoft Corporation (NASDAQ:MSFT) Morgan Stanley Technology, Media & Telecom Conference March 7, 2023 5:05 PM ET Company Participants Scott Guthrie - Executive Vice President, Cloud + AI Conference Call Participants Keith Weiss - Morgan Stanley Keith Weiss Excellent. Thank you everyone for joining us. My name is Keith Weiss. I run the US Software Research effort here at Morgan Stanley. And I'm really pleased to have with us from Microsoft Scott Guthrie, Executive Vice President of Cloud + AI. I think ther ...

Dell Technologies Inc. Conference Call Summary Company Overview - **Company**: Dell Technologies Inc. (NYSE: DELL) - **Event**: Morgan Stanley Technology, Media & Telecom Conference - **Date**: March 7, 2023 Key Points Financial Performance - **Fiscal Year 2023 Performance**: - Total revenue: $102.3 billion, up 1% year-over-year [4] - Record operating income: $8.6 billion, up 11% [4] - Record EPS: $7.61, up 22% [4] - **Segment Performance**: - Infrastructure Solutions Group (ISG) revenue: $38.4 billion, up 12% [4] - Record performance in server and networking revenue [4] - Storage business grew 10% in Q4 [5] Market Dynamics - **Demand Environment**: - First half of FY23 saw a 12% increase, while the second half experienced a 9% decline due to deteriorating demand [4] - Caution in spending observed across customer segments, with IT budgets holding up but requiring more approvals [9] - **Geographic Performance**: - North America performed better, while China showed weakness [9] - Strength noted in financial services and construction sectors [9] PC Market Insights - **Current Market Conditions**: - Price competition intensified, especially in the consumer segment [14] - Total addressable market (TAM) projected at just under 206 million units, focusing on lucrative profit pools in commercial and premium consumer segments [16] - **Long-term Outlook**: - Anticipation of a market refresh as companies delay projects but remain committed to technology spending [11][17] ISG Business Outlook - **Growth Trends**: - ISG had a record year with $38.4 billion in revenue [22] - Caution persists in the server business, with storage showing strength [22] - **Guidance**: - Mid-20% decline expected in ISG for Q1, with overall company guidance down mid-teens for the year [24] Cost Management and Margins - **Gross Margin Expectations**: - Anticipated improvement of about 100 basis points due to a shift towards storage and deflationary cost trends [34] - **Operating Expenses**: - Expected to be a tailwind, but descaling may pressure operating margins [34] Capital Allocation Strategy - **Shareholder Returns**: - Commitment to return 40% to 60% of adjusted free cash flow to shareholders [39] - Dividend increased by 12% [39] - **M&A Focus**: - Targeting talent and technology acquisitions that align with growth strategies [39] AI and Cloud Strategy - **AI Integration**: - AI embedded in solutions to enhance performance and efficiency [43] - Focus on private data sets for AI applications, aligning with core business strengths [45] - **APEX Initiative**: - Continued growth with a doubling of customers and crossing $1 billion in ARR [47] Long-term Vision - **Market Positioning**: - Leadership in x86 servers, storage categories, and commercial PC business [50] - Structural share gainer with significant market share headroom [32] - **Execution and Growth**: - Historical revenue growth of 6% and EPS growth of 18% over the last three years [52] - Strong free cash flow generation of $18.5 billion over four years [52] Conclusion - **Investor Outlook**: - Encouragement for long-term investors to reassess Dell's competitive advantages and market positioning amidst macroeconomic challenges [52] This summary encapsulates the key insights and data points from the conference call, providing a comprehensive overview of Dell Technologies Inc.'s current performance, market dynamics, and strategic outlook.

The Toronto-Dominion Bank (NYSE:TD) RBC Capital Markets Global Financial Institutions Conference Call March 7, 2023 11:20 AM ET Company Participants Kelvin Tran - Chief Financial Officer Conference Call Participants Darko Mihelic - RBC Capital Markets Darko Mihelic Good morning, everybody. My name is Darko Mihelic. For those of you who haven't met me, I'm the research analyst in Toronto. I cover the Canadian banks and the Canadian life insurers. And welcome to the session. We're excited to have Kelvin Tran, ...

American Tower Corporation (NYSE:AMT) Citi's 2023 Global Property CEO Conference March 7, 2023 3:00 PM ET Company Participants Tom Bartlett - President and CEO Conference Call Participants Mike Rollins - Citi Mike Rollins Welcome to 3:00 P.M. session at Citi's 2023 Global Property CEO Conference. For those of you I haven't had an opportunity to meet, I'm Mike Rollins with Citi Research, and we're pleased to have with us American Tower and CEO, Tom Bartlett. This session is for Citi clients only. If media or ...

Texas Instruments Incorporated (NASDAQ:TXN) Morgan Stanley Technology, Media & Telecom Conference March 7, 2023 12:50 PM ET Company Participants Joe Moore - Semiconductor Industry Analyst Conference Call Participants Dave Pahl - VP, IR Rafael Lizardi - CFO Joe Moore Great. Welcome back. I'm Joe Moore. I'm very happy to have with us here today the management team of Texas Instruments. Rafael Lizardi, CFO; and Dave Pahl who runs Investor Relations. Just a quick research hedge for important disclosures, please ...

Palo Alto Networks, Inc. (NASDAQ:PANW) Morgan Stanley Technology, Media & Telecom Conference March 7, 2023 3:55 PM ET Company Participants Nikesh Arora - Chairman & CEO Conference Call Participants Hamza Fodderwala - Morgan Stanley Hamza Fodderwala All right. Well, good afternoon, everybody. My name is Hamza Fodderwala, U.S. Cybersecurity Analyst here at Morgan Stanley. And we're really pleased to have the CEO of Palo Alto Networks, Nikesh Arora with us. Before I begin, just for some important disclosures, ...

Shopify Inc. (NYSE:SHOP) Raymond James 44th Annual Institutional Investors Conference March 7, 2023 1:40 PM ET CorporateParticipants Ana Raman - Senior Manager of Investor Relations ConferenceCall Participants Brian Peterson - Raymond James Brian Peterson All right, everyone. We're going to go ahead and get started. My name is Brian Peterson. I'm the Application Software analyst here at Raymond James, very happy to have a Shopify, Ana. Thank you for coming. We'll make this kind of interactive. So if you guy ...

Okta, Inc. (NASDAQ:OKTA) Morgan Stanley Technology, Media & Telecom Conference March 7, 2023 11:30 AM ET Company Participants Todd McKinnon - Founder and CEO Conference Call Participants Hamza Fodderwala - Morgan Stanley Hamza Fodderwala Good morning, everybody. Hopefully this mic is on. Good morning for Day 2 of our Morgan Stanley TMT Conference. My name is Hamza Fodderwala, I'm the U.S. cybersecurity analyst here at Morgan Stanley. With me today, I have the pleasure of having the Founder and CEO of Okta, ...

NXP Semiconductors N.V. (NASDAQ:NXPI) Morgan Stanley Technology, Media & Telecom Conference March 7, 2023 11:00 AM ET Company Participants Jeff Palmer - SVP, IR Conference Call Participants Joseph Moore - Morgan Stanley Joseph Moore I'll finish the story later, I guess, but hi, everybody. I'm Joe Moore from Morgan Stanley. Happy to have with us today Jeff Palmer from NXP. He's going to explain why Bill Betz is not here. But just quick research disclosures. For important disclosures, please see the Morgan St ...

Palo Alto Networks, Inc. (NASDAQ:PANW) JMP Securities Technology Conference March 7, 2023 1:00 PM ET Company Participants Nikesh Arora - Chairman & Chief Executive Officer Conference Call Participants Trevor Walsh - JMP Securities Trevor Walsh Good morning, everyone. Really happy to be hosting our keynote presentation for the day today on day two of our conference. And really happy to welcome Nikesh Arora, CEO and Chairman of Palo Alto Networks to the stage to have a conversation with us. Welcome. Nikesh Ar ...