TCPC BlackRock TCP Capital

Katie McGlynn Director IR
Raj Vig Chairman & CEO
Phil Tseng COO
Erik Cuellar CFO
Kevin Fultz JMP Securities
Ryan Lynch KBW
Robert Dodd Raymond James
Christopher Nolan Ladenburg Thalmann
Call transcript
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Ladies and gentlemen, good afternoon. Welcome everyone to the BlackRock TCP Capital Corporation's Third Quarter 2021 Earnings Conference Call. Today's conference call is being recorded for replay purposes.

During the presentation, all participants will be in a listen-only mode. A question-and-answer session will follow the Company's formal remarks. instructions]. [Operator would of the Corporation’s the team. I Katie over Investor to Director McGlynn, BlackRock like now, call turn to Relations And TCP Capital please Katie, proceed.

Katie McGlynn

Thank Jason. you,

contain that Before I'll management not at such estimates this guarantees forward-looking of of statements time and conference and we assumptions based note call statements begin, the of the on performance. may are future

made those and as projected. subject without risks the involve earnings XX, could results September statements this are actual call today, XXXX. release ended and on of uncertainties are forward-looking and to Any notice. materially we Forward-looking statements Earlier for made from issued quarter differ change third today, our

we click Events will filed and over Raj to which Relations Presentations. website SEC earnings earlier be We also Form These select documents To Vig. should I supplemental XX-Q turn in conjunction on link posted Company's on and and at our a today's with CEO, call, the refer our the will to the Chairman presentation, Investor now please with view presentation the which the was reviewed today. to slide call

Raj Vig

third And Thank today TCP's for you quarter earnings joining thank for calls. us all you, Katie.

team of take to moment we I challenging begin, through Before wanted period. their and this to for thank dedication a work our all hard

Also, excited longtime and to Erik Cuellar our look to CEO the formally for CFO, part IPO new of Tseng As to be many member rewarding I our years XX almost group his ago. my It going of President our team partner, President to of a has delivered a that And COO as Phil forward role. consistently XX my since senior and years. serving and congratulations you as know, have very COO I has for TCPC's have for served a and and welcome TCPC's been I been Chairman I'm reiterate over as forward. investment investors,

update be our highlights will will turn with on quarter. and commentary, continuing as begin our comments quarterly my who liquidity our and greater market our a the will to of on from in our I I Erik detail. activity. and few third and Phil, well part As prepared the as to capital over financial tradition review our all call an then provide results positioning environment, remarks, take will After investment available will be your questions. portfolio we then

remained global reliable to for lending turning market markets market environment. activity and the a Now, spectrum and private Overall have of current pandemic source very as levels well-positioned of direct the businesses. from the emerged in broader broad capital financing robust, middle clearly a

to typically a been looking has less times, at credit even are appears more wider As now systemic array the capital. a primary be of have financing companies avenues other source of to of an but as accessible, case shift as been private

We continue simply to they seek finance businesses growth, to or with work a acquisitions existing as debt. broad refinance of make range

review continue our quarter benefit highlights reliable also In the from source solid of of efforts earnings to now some I'd and discuss TCPC that our investments income. resilient deliver third another delivered from investors our lending direct a We results. believe as like summary, to quarter and these quarter.

exceeded the which in of $X.XX share, quarter $XX.X our million share. per was income per investment net or again $X.XX First, dividend

non-accruals at we value. fair one the portfolio just remain during added company portfolio of the while additional credit X% strong, portfolio low quarter, remained quality our Second, non-accruals to at

and remains continue sectors. more than the cultivating be capital and the will relationship Phil investment million our decades of more from as Direct developing a quarter than to across We attractive opportunities business, continue continues during in and $XXX activity deployed detail, we and robust. more Third, two to strong in target discuss relationships. lending to benefit identify

the we a extensive sheet with million we broader coupon $XXX repayments, the from Fourth, at our of benefit existing level $XXX and notes in liability add-on BlackRock’s that this approximately quarter, platform. portfolio activity resulting conjunction elevated also million also resources next X.XXX%. yield to balance total profile. our which reduced total notes and manage and continue of maturity quarter-over-quarter. third In issued experienced X.XXX%, due we our a size $XXX prepayment XXXX million. bringing In the were outstanding refinancing of to million much August with We In with February an higher deployment that redeemed outpaced slightly August $XXX of we the to continue had to to exits of financing, issuance

enhance seek we have will finally, market to and maintained We overall And sheet balance positioning continue our ways stability. and conditions. to liquidity NAV strong given diversify

XX NAV $X.X of loss declined on August redemption our primarily points the result during Although of is a million quarter, basis prepayment this notes. early the with the associated a XXXX charges

is year-over-year also Excluding XX%. continue exceed this impact It's total NAV the we essentially that noting i[ flat our return was hurdle. of worth quarter-over-quarter to approximately and charge,

Independent -- in October on reminder, shareholders of years and TCPC Board elected outperforming contributions Draut Lead Compensation hurdle continued forward Freddie of outstanding invested months of consistently appointment, a appointed the as Schwab of XX% Since this Governance we back an Fargo serving performance TCPC Peter total Director. and and more total indication losses. as In results we governance, as of strong and generated invaluable been have Eric’s return our XX Wells Board TCPC financial XXXX, members Chair return effective newly X% the BDC and of delivered a realized a last to and Committee. the XX.X% based commitment alone, to look and as look with Board Board his than As has recently on existing gains his the of in XX commitment conjunction on corporate Independent annualized the Audit Committee throughout Directors TCPC's cash also of assets, returns, with Reiss has the annualized a the and to Outside Chair to service ROA. Eric XXth. a Lead based X.X%, serve cumulative a including role on created maintains Director a rate and unrealized index,

Now, Phil and it I positioning. turn portfolio over investment to our activity to will discuss

Phil Tseng

Thanks, Raj.

member more team you I've forward look of getting work than XX announced the a more to of capital you As and of private the for to years, U.S. many TCP benefit had closely. BlackRock getting know to with

billion, on team's of the market. of earlier, to At at our platform industries, As and providing and investments of quarter range are share risk. minimizing Raj a of portfolio market our breadth scale this across noted $X.X wide we're our fair value debt an experience concentration capture are increasing portfolio end and diversity approximately of XX% of a senior capitalizing spread our expanding secured

companies towards in portfolio quarter models industries. Our end established portfolio business at less was made up is companies. The XXX weighted cyclical in of also investments

our left of distributed and presentation on one of income company. from income reliant illustrates, recurring the As across X the broadly our portfolio any Slide side the chart is is not on

of In companies to portfolio than fact, half each X% less contribute our our over recurring income.

our providing eventually investments our of debt debt are of rise. well rate, downside when And us floating protection. XX% rates substantial XX% Additionally, are first for positioning lien investments

view, have our that to Now activity, existed on in pandemic competitive moving prior resurfaced. our of market many the investment to the dynamics

provide of able and complete we remain financing of reputable one However, customized group lenders small the solutions. that to are

transactions. note, team or lender the competitive, is to in act co-lead as the Also in higher of a opportunities we majority lead while such, find average environment to continues spreads transaction. than As attractive the invest our our market

to X been We but actively investing. new up deployments $XXX we review was have third source range them. well of million a investment become opportunities. of opportunities has these a and And small these differentiator. new for management follow more for and XX to we in investments, us, source both loans perspective, to the for investing a X existing deploying portfolio a making activity on companies. an very a from we wide companies over this therefore in while in comfortable in And to continue holdings substantial repayments. percentage We investments end already the of We disciplined important months maintain our Incumbency of robust be it of on accounting XX% in risk than and Follow opportunity primarily investments investments. alone. continue XX know a market, last only we approach understand including quarter and clearly number Investment we very are capital we're regularly existing total invested companies,

we we As emphasize and the new lead continue or as seniority to act capital analyze can portfolio investment in co-lead. structure, where transactions opportunities, diversity, we

our loan protection. presence. a Our leverage quarter brand to a James growing structured loan was profile a largest a a with apparel luxury BlackRock investment strong third a strong as during collateral owned first and fashion e-commerce operating and history long-term and lender Perse, acted sole lien with founder low new was the

investment and company growth value Our has offers a with loan first -- to investment support And customer a customer global connections the with low initiatives. represents blue-chip Infobip strong was protection quarter lien mobile-first XXX a loan representation. direct company's a in Infobip. over telecom diversified loan that omni-channel downside network second new operators. a will sorry, the to base the structured engagement proceeds leverages largest the of The platform a to term

GlobalTranz, our in as These by payoffs equity totaling the Edmentum loans offset of New investment partial million. the investments repayments in third as well Sphera, the sale Apex. included Paula’s and to $XXX were of Choice, quarter dispositions our and

Our in that widely the perceived Sphera's may companies of Software is investment ensure expertise volatility, we not of by in companies, in some Sphera a directly at with concern actually identify great market helps investment situations largest of example impacted industry to which opportunities how global time energy believe our energy environmental understood. Sphera our that did the serving our leverages a Despite regulations. is compliant team they're price not business energy XXXX. was be

just year. well yield of As had our new XXX during X.X%, invest we quarter team’s by the September this XXth. in has exited points yield line yield basis September of strong period, Since our in investment attractive as will result that XX, positions. The yield. identified effective on pressured X.X% XX%, or the declined an X-year LIBOR at opportunity weighted-average overall unique portfolio our a effective our on company valuation Investments expertise, with performed companies has of in software weighted-average which overall ultimately a by XXXX acquired this a portfolio in X.X% and throughout of to was December portfolio

we XX% them operating However, LIBOR when Therefore, our with are loans rate, of of that benefit eventually XX% floors. rise. we floating approximately to believe are well-positioned with rates

by we selectively our current to and business So, on I economic companies in as well-positioned models that with discipline continue established the maintaining are noted, invest focusing environment.

two totals fourth Our $XX primarily approximately a date to with million, investment of approximately combined activity loans the yield quarter in secured in XX%. effective senior

have in the well the range line early still as capital pipeline current quarter, we to is in quarter. turn generally sectors. our source limited I'll a by from While our portfolio. to liquidity pipeline remain in And in and results walk our to-date, on industry financial through as The we it had the it yields continue our prepayment in encouraged opportunities fourth broad with are investments over Erik positioning. to now our and income of

Erik Cuellar

Thanks, Phil.

generated third Turning exceeded investment per We to quarter. $X.XX share, our share. which per of dividend financial income our $X.XX results for of the net

for per the three third by income and $X.XX, at be have amortization PIK to we in share. level quarter committed third IPO the every years. declared net recurring of done $X.XX dividend Notably, a income sustainable of income recurring This quarter covered our that fully $X.XX $X.XX to Today, $X.XX. continue of to we than since investment cash per and lowest Investment PIK as paying income, quarter was discount continues XXXX. dividend is be fee We of in more share. included our a interest

or share from the our previously of deferred per the our from fees. reminder, is the Investment exit investment, income recognizing income included policy million accelerated at of an of all made. over in amortizing and and $X.X it share a generally follows upfront the of recognition quarter time rather $X.XX per As OID that per portion expenses $X.XX than income of third $X.XX conservative of economics included Operating Incentive dividend investment our fees totaled Edmentum, interest Dividend $X.X the dividend for life share. which other income or sold was $X.XX and $X.XX investment expenses from quarter. including our $X.XX the and of included in $XXX,XXX included fees, third equity the quarter, per share. $XXX,XXX million in quarter during debt investment the were of

final per to to catch As up with we $X.XX noted, quarter. period voluntarily deferred previously share XXXX fees quarters, amounting have over been from we of incentive recognized six our quarter, related amounts per the this a income having

$XX.X These which quarter, $X.X quarter unrealized operates Hylan, sources. to previously non-accrual a investment during the million Hylan reflected for loans challenges. primarily a using of $X.XX loss Our the include And oversight, challenges investment $X.X was a of were City. our subject services New every or $X.X by and and our million third due with Edmentum. has in services net of team is but our of working in of against utility associated Hylan realized back-testing $X.X provided our disposition quarter. Hylan our of sponsor per equity gains Realized placed process the increase sector, and York and strong in in in two including or services. partially closely per share, million navigate million realized valued net a independent valuation Group. per to gains in reversal is is notes. rigorous share, $X.XX Edmentum Unrealized and the sale million the independent $X.X in on offset during telecom to quotation engineering gains third operational Razor by $X.X investments or unrealized of in Substantially all investment our losses primarily faced these provides unrealized construction We quarter third-party net the prices that of $X.XX losses of our to included share, company valuations. early million, with every August our gain redemption million million assets electrical, partial and loss on also are an on the XXXX $X.X a unrealized

with September XX cost X.X% value, portfolio As portfolio non-accrual fair X% Raj noted earlier, limited represent our loans overall at that to just of and strong companies credit remains in quality XXth. the at

$XXX $XXX end net liquidity included of pending of settlements our to cash available revolver loan to approximately million, ended of portfolio total of X.X% total $XX the position, of trades amendments of $XX million of equaled commitments. our quarter which million relative we million were leverage at liquidity investments Turning quarter to total with million, of million. $XX Unfunded investments, or $XX This billion. $X.X companies and

our an of of due continue advantage opportunistically the take to $XXX cost the In million additional the environment to debt. XXXX a We yield refinance successfully February to market bond of XXXX $XXX higher favorable we bringing of issued August, issuance maturity notes X.XXX% notes at total to million.

XXXX of regained Additionally, cost we overall reduce we $XXX capital. million outstanding X.XXX% notes continue of August as due our to

now flexible diverse note leverage low two unsecured and note issuances issuance, convertible SBA cost Our two a program. and program includes credit an facilities,

continues and debt both grade investment be by unsecured Moody's Our rated to Fitch.

of any of our Additionally, financing. not of on given size reliant each debt we maturities the issuances, And modest well source single laddered. our are are overly

the those of from latest rate X.XX% March the of issuance, on decreased X.XX% is maturity notes. our outstanding the redeem our positioned refinance nearest to Combined, or bond success liabilities given at are Our to of average beginning weighted year. the we very well And interest XXXX.

the I'll back call turn Raj. to Now, over

Raj Vig

I'll few a Erik. environment. on the now Thanks, conclude comments with market

pleased strong results are and remain deliver in for adjusted with our ability quarter confident shareholders. risk our our We to team's returns strong third

We the also investment on remain cautiously environment. optimistic

and the strong volumes are transaction historically one across the EBITDA middle high hand, remain levels revenue and growth market. trends On at

two are including this trends, are our as and closely our volatility experience we to of chain advantages, risks market and decades supply of energy market over pipeline In disruptions, market broader the of lending leveraging team's cognizant opportunities. analyze remain environment, we companies. However, monitoring competitive investment middle inflation we

XX.X% valuable special experienced a situations protected. loans the downside sponsors, ROE structure in as are our specialization well the partner months and enable unique since that a our to borrowers XX industry to last These a March the pandemic of deliver last us start as to deal Our TCPC advantages and makes over XX% year. of ROE to

notes, XXXX let's XXXX. with of redemption that operator, the the open for excluding And X.X% impact the of up of is Additionally, start early call NAV the the August questions. since please our


[Operator Instructions].

question from JMP from Devin first comes Securities. Ryan Our

Kevin Fultz

on on in so investment can quarter-to-date for Touching the far, Kevin tracking Devin. your us for originations as portfolio activity, the quarter? fourth sense you This as give growth are how well a expectation is

Raj Vig

Phil on just Yes, touch the to just over touch maybe activity then expectations turn for process, on I'll growth. in portfolio to it I'll and originations and the

Phil Tseng

Yes, thanks for the questions.

that show a equity So our past advisors, quite management and robust. tracking substantial And of our originations we're as we've private team. We sponsors, very lenders other activity continues great be with closely. industries mindshare the progress to and be to in year-over-year. in And with -- think in pipeline, we've number made terms continues quarters, with of seen growth

robust, So, our for we to deployment. be origination our bodes well and pipeline QX continues think it

Raj Vig

Yes. right growth in I really numerous times number just the And expect continue looking successfully. on be disciplined terms just But are the will we I credit in I grown a solutions sake. decision mindshare the private to obviously to our and growth, given market have But growth's to for continue secular that Kevin, versus we being will credit use for the for are as mandate. Phil’s -- -- that the dynamics, story. said the compromising that, view expect do think, past, overall credit-focused within we do of we oriented we'll decision just or that that being overall We not dynamic. companies given credit of the grow, just to making and overall phrase,

Kevin Fultz

pressure to recently? downward pricing bit seeing a competitive I obviously conversation past just still appreciate or has begun that quarters. the over deal Are been prominent the then Okay. normalize That's environment, a helpful. And you continued on that color has there.

Raj Vig


lower obviously in just yields the context. highlight flat quarter. same a I quarter. little provide on below We would though exits effective the for that, bit portfolio a around not little take yield me this was it one had Let if slightly and that the the

competitive. at when benefit we've portfolio lets So, look overall changed. the been of the able hasn't That's you And the or us to sheet from also strategic does is the And volume our we right to side where I refinancing. pipeline, earlier, what really But account decisions making is, Phil strategic want of who think, to made without portfolio want is create that that very I on highlight the existing we yield, it be in deals. the think not yield. taking compromising it time, point spend work more into through debt with, and XX% our reiterate a balance to it

do So, imperative roughly while makes have but absolutely with early. relevant a to to the it portfolio do settling deal yields But Overall, has there. one encouraging we things is trend a to no XX% be competitive, as some incumbency and the can your think and ability what activity quarter-to-date still quarter deployments, it's although allows we seem on flexibility say. is the effective been sources us stay with out, with I


from ahead. question Lynch comes next Please KBW. The Ryan from go

Ryan Lynch

just question. last the on I up a had follow

pipeline, I a obviously talked increased believe last a guys about activity, about which lot you You market in were is robust prepayments there quarter. -- and the repayments also third and of talking quarter, which had you

what environment. about there pretty positive caution deploy, to talked and of you are looking in see also opportunity, you seen You an guys kind out some

guys should was that, robust Is pretty said robust into kind with of net squirrel a resulted this I repayments think that expectation kind quarter? your in you flip the to same pipeline environment fourth meaningful thing quarter. that the going last, away, there trying versus quarter this So and what that of

Raj Vig


through got any quarter, equity that one lot and it's which decent try But it's in repayments me to of picked It's from position, one a start quarter. lot of part one-off. exit to a tell. hard up of our good Edmentum a Let part were exit repayment a credits. context. gain Keep the got, because In and being the redeployed mind value, high we've actually you a that said, kind of to a was little of a into add --

low. they're far, So

just we we sort typically level which think And one-off took off. -- the a the that to us. predict hard don't up you we so get fees it really, far, when forward-looking have I pick level nice maybe item, as when as has I and thing reverse and statements predict. want up Edmentum an to which a them, get current do unamortized a we that benefit. they also the anything up would we repayment some shows discount, -- But quarter’s But just on it low did this it's if as our from, quarter pick But is indication, adjust potential benefit the make to the but And then was I for repayments, exit. thus of I to

Ryan Lynch

$X The X.X% question coupon. penalty I That those mean fees. a that's prepayment notes or and the loss calling, was notes was in X% XXXX only other had over acceleration loss notes. very of August from, loss million I total -- the have just high on those

high? And for choose the loss of wasn't that So to months? was sit that your so sheet, incur use it just have number so next repay higher that balance the to early that source those actually much nine why funding did a when as on why cost you

Raj Vig

that execution the Yes. new was our the function it we take term, to of a the indenture environment. really question. to on advantage you I a -- decision was rate rate was current take will within we're that as itself. make And with The very both longer prepayment fee make-whole Ryan. it. Thanks, did saw the of deal happy lock But provision the in

it's a we And trade-off so good on long overall, term a think basis.

Phil Tseng

go, that it given of in of the And million benefit I’d lowest one-time rates up, down. seen it from benefit the up more also like new to financing show quarter. that highlight would does X.X to we've our aside just the predict not we the I the Erik level feels of business. And really in rate that's and incurred, we were timing that think run the inclined highlights, can't able I for go add, they're where lock

we benefit NII. forward go a that just to anticipate on be So basis, do to a

Ryan Lynch

of million interest X.X make-whole? What maturity million? was the would was what indigenously that new to the out of composition $X.X the or paying remaining nature just Was held that have that the

Raj Vig

basically payments yes, -- It's interest the that standard remaining make-whole. Yes. discount


The next question James. from comes Robert from Raymond Dodd

Robert Dodd

second. the capital I your mean, for mean, you converse, I into year. based on a refi next revolvers speak where have you structure which plus your with it convert likely to mean unsecured I the down proportionately in should we mean fixed keep with rate expect to SBA, the revolvers, a rate I basis Would matures the fixed kind liability high into, on to is or expect funding, high bit? most so paid or mean, you increase today, mix March like mix. little Sticking a of stand floating that or just rotate that funding is you that would I and on that for a blended pretty scenario your get it convert, to plus

Erik Cuellar

certainly latest is This and take when the really to due. deals in to position put plenty pay those either we our that did very of that off in they We just Yes. credit one. good Erik. that under liquidity do come room and March have facilities I'll us

However, versus in terms we of unsecured we're comfortable are with where debt. secured

ability and options to have on planning we're the do exploring one. So we either both

Robert Dodd

Thank that. appreciate you. I

think specific to terms of about -- one challenges. On Can operate on are us kind in certainly personnel of chain I you can, think did any those color I which the say challenges fixable let’s -- you lot how You choices -- a questions rectify, if assets, should you supply I Hylan. give I mean, answer challenges how but or say? around you to it can or any I can imagine there are have didn't easier that give related us operational is was flexibility. issues, know we of that to like

Raj Vig

Yes, just of not say to on we that But this will supply -- very them. in with I the services. going really their be discussions nature a is and towards early is what's to stage thank their will work the stage on of -- be sensitive the question, need market, take little is and -- given to the the not chain would obviously, I and for Northeast careful, that and an be trends I a you the it there, business the installing, in to Hylan, little have I'll be implementing essentially, overall, and dollars incident, a E&C is experiencing issue, a good flowing more isolated as it’s a try growth market

in -- of obviously, that prior been. it's of we start. with nature their an done the before, done good the extreme to is it's the a And just for them as good is, meantime, had based is we implementing carrying have could say instance. the we've had in terms challenges So level But believe good operationally example a and of sector it would and impact of I out for that's service effectively, experience, place And depth on a have business run on wasn't this it -- they've in we've well liquidity. as Edmentum

or longer So I process We But have a right exposure. tail going a of we'll a get the of know is outcome. and with. characteristic be issues. think provide we start systemic just to seem would be portfolio I resolvable broader to Obviously, we asset we're anything versus like that the this chain feel supply as including one-off can emphasize just there to good it's updates we quarter-over-quarter. kind which those to doing

case -- a don't is also tangible really that end for we sectors, on Just the or working lot our capital at that industry exposure we end chain supply given focus assets, just traditional of on. our look have market when Hylan. And you


[Operator Instructions].

from Our Christopher next Nolan question from Thalmann. comes Ladenburg

Christopher Nolan

way, they'll change rates share perspective interest in your think terms on congrats guys, Can XXXX? management you will team. as you with How your Raj, by quarter us senior be? first where of in the

Raj Vig

higher. positioned Boy, position if to might effectively, said is of with don't side how positioning the sheet level I we like really quickly is and We the be sheet from. rates. or the be right more rate that I for we from side that it's on predictions do know it on it do rising to I not -- not cost explicit that balance the different being fixed predict I that just can we floating feel think business like like benefit earlier, can't that's protect all it feels think a of that predict portfolio and likely how we much. versus our I are I can I just well-positioned debt than rate the benefit the us, feels balance the trend for could or left floors But it, make assets of can the in role. the even we But, that rate of of between to but something reduce

Christopher Nolan

go Raj, could given -- the tightens your Fed possibility of starting also flow seems would and long the and well? federal impact the curve like discounted investment core far used, value value your the your end go that would so just are that necessarily to evaluation book on the it taper, a that, up and up of rate as done cash your from discount a portfolios

Raj Vig

the There not those comp we flow. when And a they is as moving lot are all I and and market done, -- transaction are right. obviously of incorporated. guess, on of sort it's coverage fair market then only into both how of loan-to-value a value at I triangulate. up have is cash comps. but And those being it's a our think evaluations bit flow basis. discounted look portfolio again, benefited cash have been possible, There And there data multiples discounted

think book day is we frequently, quite shows the unrealized has back-testing of and that I marked then which -- our end well there exits. the always know accurately at So, do and

probably think more make approach value. and it do to sure and So, triangulate take asset business the the try I for answer themselves, around fundamental of a providers, balanced the the nature

So, that as disproportionately to mechanical in anticipate is even if change a us, I you going say, don't is, anyone DCF. there impact

Phil Tseng

for impact floating as most mostly that, with the have portfolio, rate And as of that goes. far rates from evaluation should


for in any conference the closing question-and-answer concludes to This over remarks. more I'd no turn Vig the questions are like queue. back session. to Raj There our

Raj Vig

your our work capital would us. for for today's like for and Thank dedication. your hard and call. support. all like the partners We I This concludes to on our thank continued team confidence thank joining you. and also appreciate participation today's to your continued I would Thanks shareholders call.


concluded. now attending The presentation. today's conference Thanks has for

disconnect. now may You