GBDC Golub Capital BDC

David Golub CEO
Gregory Robbins Managing Director
Ross Teune CFO
Jon Simmons Managing Director
Christopher Testa National Securities Corporation
Finn O'Shea Wells Fargo Securities
Robert Dodd Raymond James
Call transcript
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Welcome to Golub Capital BDC, Inc.'s March 31, 2019 Quarterly Earnings Conference Call.

Before we begin, I would like to take a moment to remind our listeners that remarks made during this call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than the statements of historical facts made during this call may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from the time [sic] in the Golub Capital BDC, Inc.'s filings with the Securities and Exchange Commission.

For materials the Company intends to refer to on today's earnings conference call, please visit the Investor Resources tab on the homepage of the Company's website,, and click on the Events/Presentations link. earnings the also Investor BDC's Company's on Capital in website Resources Golub release available is the The section.

to turn As being a BDC. conference now Golub recorded is Chief over the for replay Officer reminder, purposes. I Capital this of David Golub, call Executive will

David Golub

fiscal release joined Greg Director. Murdoch. referring end to you, detail, press start Robbins, going to an back results we and the March overview you call our and Simmons, Managing today. I'm Managing afternoon presentation ended second and Teune, Ross at we our come earnings the joining the us GBDC's be thanks through to presentation remarks more Director; three off the of Thank then Ross for is Chief Yesterday XX closing Gregory issued an quarter everyone is posted We're take today. results XXXX. on going with Hello I'm quarter throughout going by in topics. of for to Financial Officer; Jon on to the for going website. that for our and earnings

going or I'm Investment merger Capital with to Corp, the status give Golub on First, update proposed GCIC. a

challenging debt going using our And competitive structure to I'm you environment. think how we're about a we market illustrates today's our speak I'm recent briefly advantages leverage of Second, win strategy. going overview and capital third, an give to deal in that to

results not sheet. finely solid results, a headline balance investment driven talk net start perfect that Let's by for results another results, good tuned that, quarter but we'll good XX. with the quarter, credit credit credit about income, is March and the GBDC had ended The consistent

call GBDC, that With lien private are secured since loans the resilient healthy, of over new by I'll strategy first been–to companies has to strong, are that our those equity is–and For middle senior sponsors. focus to on backed providing Gregory. partnership-oriented who investment you turn inception market our to

Gregory Robbins

David. you, Thank

net the quarter. assets the ended per for or million, XX, the income, compared million, March increase Let's look to income, it, credit $XX.X quarter $X.XX operations, in the $XX.X the details was net per we $XX.X ended for for the million or or quarter share, share or at ended income or as as share, to was share, XX. Net or resulting for December before from $X.XX investment March quarter losses, quarter as call $XX.X Net XX. million, for $X.XX per per $X.XX December ended compared XX XXXX

capital we incentive result income fee from $X.XX Excluding we solid or the quarters, for the or the this was net a this a on unrealized unrealized will provided share, $XXX,XXX on in per NII the gain to as compared further quarter This loss investments Ross credit the $X.XX investments $XXX,XXX the prior ended for loss and foreign the and of quarter, a the investment quality prior million, investment investments loss per have unrealized and is share, realized $X.XX the $X.X ended was on continue for meaningful more for per share fee, income as we $X.X to the portfolio previous adjusted XX realized with gains accrual share, net of or March share, quarter. net and Despite and currency of realized see reversal net bit. XX and losses to $X.XX of discuss million, income or quarter compares million, net Consistent for depreciation. per currency million excluding March net incentive in of $XX.X Net $X.X capital investment accrual the million, measure. think per as and quarter. foreign $XX.X realized unrealized

of XX% for Fund ended and million $XXX.X XX. Loan the fair total $XX.X were X% Approximately approximately March commitments were Senior X.X%, new companies were in the senior value in quarter at equity million, New totaled middle Overall, during X% loans stop market or investments secured commitments increased by quarter and investment securities. the loans, one March XX. investments ended portfolio

can Turning before to from a at investment per XXXX. asset net on per slide the capital net share and our incentive we earned X, the March of $XX.XX perspective, earned table XX, income for you $X.XX a see per share we share $X.XX the income fee, the gains net perspective value from accrual

than additional portfolio will an now portfolio in less who will shown diversified remains the discuss With some portfolio more highlights over turn of with size provide of in companies bottom well the in financial slide, results average investments. the total it detail. to and company As portfolio the and investments X.X% of different I XXX that, Ross,

Ross Teune

as fair Thanks, of on sales most to billion total March remained and of XXXX. our X.X%, slide slide the highlights at Gregory. million $X this level and investments calendar originations of value more million, Starting after quarter of at of of $XXX.X payoffs X, elevated total exits contributing to million, $XX.X remaining Total under for or consecutive a in total just for growth normalized investments XX. second $XX.X

to Turning quarter-over-quarter mix shows year-over-year. that slide overall this by consistent type our and investment has slide X, portfolio remained

investment represent remains investment X, size average the diversified at stop this our Turn $X.X to one well slide portfolio category an XX%. with Our that slide loan of illustrates continued to largest million.

weighted LIBOR remains rates, high previous LIBOR been deals general X.X% in an rate industry to The basis relative over quarter. the to on new increase market weighted weighted by to new larger increase with average larger a in XX move. few on portfolio investments. points slide investments changes in Due invested and was and paid over not classification high floating have the loans. X.X%. investment payoffs of This LIBOR the average year. increase due XX Turn that on due relative X.X% no new was X, past investments was loans predominantly basis from in to weighted the average a spread There with the debt rate Our spread spreads the investments significant on in over average percentages a on the quarter off increased few rate existing this point up an to in

reminder, time contractual weighted rate average a new funding. is the of the rate at on interest on investments As based the

variable yields floor. loans, this the the the investment be side, For graph current the quarter. LIBOR, on spread rate contractual to rate of spreads and would LIBOR LIBOR, the summarizes for right-hand calculated graph portfolio and over any using impact Shifting

due of on origination to periods. yield due X.X% fees. points the March or XX. X.X% investment in the interest in increased This XX investments blue Focusing and increase increased The over represents blue earned the light basis and prior on actual was this fee discounts for line by dark the amount discounts, upfront first income yield, fee well flat at debt new investments we including next but November excluding the benefit slides, the amortization to the in number primarily during line, as investments. that amortization. to the line, the or income LIBOR, yield, debt, fees two the deferred increase includes to in X.X% income cost LIBOR The to which the closed on spreads also the of increase the basis ended quarter three amortization Flipping to and income of by blue as lower average remained securitization lower Despite XXXX, to the in the due quarter of over of LIBOR or XX lower points unused fees weighted our LIBOR. line, back aqua the declined non-accrual the

prior fair XX% Fundamental our portfolio rating cost the non-accrual a investments percentages with of of on partial and XX. XX, of value were having of as quality as primarily at quarter shown the or March XX total portfolio investments company remained write-off XX, percentage March an from to of internal investment. X.X%, in the respectively. restructuring slide one These strong slightly due X credit as investments higher X.X% and March as As and of of over performance decreased

investments quarter. value $XXX.X and slides the $X.X facility. $XXX As Total includes of rate under and balance fair and share independent $XX.X our total firms statement Total billion, million our of just vehicles, million a $XXX.X quarter cash of total total revolving was value with approximately and through $X ended income at floating securitization and assets value debt reminder, each Reviewing million credit which we net restricted investments debt debentures of sheet issued rate billion. of per our just fixed XX, over in million cash in on the of XX billion, valuation asset $X $XX.XX. outstanding debt was XX%

increase of of March slightly growing interest quarter, $XX.X higher ratio debt-to-equity ratio of X.X million was the regulatory primarily the income times, X from was to Flipping income times, for due above operations, our is GAAP the debt-to-equity was million. This total an investment a XX Our ended our from times. while target statement prior quarter $X.X X.X portfolio. to

expenses $X.X an attributable to incentive expense. were million, fee higher and On higher expense increase the $XX.X expense side, of million total interest primarily

to slide, the of Turning and quarters. top a provide five quarterly on average the the equity on over charts return our following summary distributions the past

increases capital have Our time. five net GAAP illustrates quarterly at for $X.XX past annualized a history excluding income share fee. gains in per of of X% our has the bottom remained return which income long with averaged consistent over The regular page the frequent is on when the our investment stable and quarterly the distributions accrual based for share quarters. per steady NAV share, net incentive The

historical purposes, both For we our and comparison special excluding distributions. per share presented including NAV

to remarks. some debentures I'll XX, our ended some XXst. and at capacity The to financial restricted on next quarter value of cash, to portfolio of liquidity Loan improved XX impacted by annualized by SBIC losses few And slide to unrealized Fund. facility, investment as availability XX negatively Senior a in return from David in slide March revolving investments. XX, this but credit the available investments turn summarizes for our X.X% on provides declined our the through slide investment SLF’s and company on $XXX.X for Turning back performance unrestricted quarterly for our continues X.X% the fair subsidiaries. closing and to form be March highlights million The call March December

David Golub

Thanks Ross.

sum to GBDC a of solid up, XXXX. had quarter fiscal So second

the Let in now to me three shift I mentioned opening my topics remarks.

September points your the start briefly like reasons proposed XX, call is new I'd our merger remain Let update just GCIC. excited with compelling that we pending GCIC very discussed XXXX merger seven listeners. the with the with the those on we refresh earnings to for for We merger reiterate with about today on GCIC. To recollection, GBDC. think me

and asset September First $XX XX, NAV would of is assets March NAV the of per the as in net per NAV grow value Based that could share the to described of now immediately X.X%. estimated we March to the XX expected to GCIC the be and of transaction as share. GCIC accretive the level growth GBDC's of due more -- we in as merger accretion between would per GBDC's bit approximately be bit and to GCIC's That's when on a continue net GBDC's anticipate share up a to closes. from where size is accretion increase

because be to point, to the per trade three average the on GBDC's the value continues potential GBDC share, been over years. the second XX% would premium for GBDC's assuming The at last transaction offers transaction to NAV accretive that creation trading NAV additional approximately the

managed, combination that GBDC of scale. advantages publicly has create would externally of the largest Third point, assets, terms traded by and BDC in fourth the GCIC

We seventh, standalone of to analyst the improved like market lot trading have portfolio point, greater power, opportunities provide scale have all GBDC-GCIC other gives some successful access closing of think between market company the incremental to we debt advantages a Sixth, point, than benefits. those number intention GBDC's anticipated combined board to companies, Fifth change. due to or company the intention previously earnings on company quarterly and and GBDC’s. the expect portfolios liquidity, of coverage will the in operational increased be expect to advantages. the elements is synergies company of to combined And which a to that combined the the made if either two own, dividend meaningfully increase the overlap the that and among the capital. from finally, giving revisit GBDC's merger, maintains eliminating One the deliver, cap is research we to board the provided company the right combined $X.XX share optimize the think short, reserves to increased after the the securitization redundant GBDC's fourth it GBDC better conditions we broader its can its expect market of this combined look we expenses. prospects announced per benefits, In other the additional

where The progress. does stand? the process is So answer making merger short we're

process, proxy prior the responding GBDC statement government the December we're the filed SEC, coming in hopeful their XXXX, GCIC with shutdown discussions I'm to just and review SEC shutdown. joint in delayed that that pleased preliminary XX, the with The weeks. recall now on we're report proxy the the but and SEC we You'll to SEC finalize can to we're feedback

February our leverage note Let's coverage strategy. from turn to required limitation and approved mentioned effective reducing XXXX the I X. by which our structure earlier, debt your XXX% the refresh second Act leverage on To the ’XX to proposal a topic under recollection, X, brief on asset February was ratio increase GBDC's XXX% stockholders capital annual meeting, at its to

that is leverage debt-to-equity GBDC's We bigger on we we'll current intention implication X.X about the of last ratio continue cushion was to it near-term a target regulatory the a to have approval this mentioned said quarter's GAAP times. call, limit. As to primary of

page You that. mentioned on that XX comments at a GAAP as can going little than over on earnings XX, that in see X.X. I'd Ross of was two and offer presentation, GBDC's higher leverage today's March

GBDC's a leverage haven't leverage expectations and target bit changed. It remains times. target, leverage X.X GAAP quarter-end although intention our was our strategy First, our about for at over near-term to

proposed for we that merger be GBDC. the GCIC deleveraging Second, currently anticipate will

bit with above now, leverage end the our post-closing. a running combined with target in up line GBDC company with we more So think target will

mandate. how Capital's an talked how opportunities QX, with in operating find to stop in to want advantages lot our managed one reason us calendar provide Roark attractive to about how management is borrower-friendly, this I in operator Texas, been facility to GBDC, a with and cycle other What did brings want to this ability our to we deal this compelling we've consistently I is it's using an Golub experienced Connection, continue in to company’s Fitness good of and win on team. And want it's gym liked in recent and competitive how competitive about Nevada. the of it called to centers why strong has primarily Capital, using about talked hope Finally, I strategy investment we're a the we're it economics, proposition; vehicles company late focus today talked we're a deal, advantages, this environment describe support and a I I've We we've very North before profitable, environment. growth this life. along Carolina a by Well, idea value acquisition invested a got and unit describe

advantages of in the prime this to connection us the position to company's brought lender company has the provide the been Capital XXXX. financing bear So incumbent in Golub put And first competitive we sale. was since with incumbency. to

from sponsor selling of encouraged to Golub In seek fact, part Capital financing sale the the process. buyers as

Capital's with XXXX. top acquiring The XX relationships. since of sponsor We've than Golub more done one deals advantage, Capital, Second sponsor sponsor, Roark Roark is relationships.

expertise. industry advantage, Third

with businesses And advantage relationship longstanding Fitness Connection, Anytime evaluating extensive Capital's experience other to Golub including Fitness others. has and Equinox, products. key and lending fitness the compelling to fourth addition In the is firm

the one facilities heard market unusual about You've which easy with acquisitions. before as stops make in and talk leadership me providing way our ability provide stop to in they up sponsors scale one an and

for financing ingredient one I Roark to think Golub decision this a by in Fitness Capital stop use to provide key a the was Connection.

beat acquisition to really the the Fitness not facilitate competitive buy-and-build short, solution a everyone today provides Our of heard Connection but at they're capacity number with makes only the advantages facility In Golub to win. when and for to With you looking on believe operator, talk sponsors can deal acquisition where acquisitions to and to partnership hard deals the strategy. time make Capital me to want easy the great your time questions? add open that over a we showcased let a that, you've for we thank for line about that me your please and


question Christopher first Our the Testa. go [Operator line Instructions] ahead. comes Please of from

Christopher Testa

on lot down guys. of the securitizations I my as expect an pay which a some it's be off if deleveraging I deleveraging, factors; merger are on well you taking a it'll might And you based paying -- to be? give mentioned had you know deleveraging credit just to for provide expect accretive questions wondering of me, also is facility, idea David, Good Thank be? Could obviously think how you on that well. a guys today. just looking could very us excuse you and afternoon, target the range I'm you you you how it

David Golub


on element debt given We're combined immediate no the planning The be to than there today, to -- the running any structure more at deleveraging So We down opportunities be has do ratio transaction operates currently there connection I the one think will just transaction at X.XX a debt securitizations its you are kind But GCIC the respond first is plan would GBDC to reason merger. facilities it lower any of pay is ratio of company paying facilities. post-merger. look that with continue is scale off improve your existing if to the not in expect been Its question. that of or that in the range. to does. debt-to-equity

come at two GBDC, the combination that be at merger do is time X math were you at a today, it the can the of slightly expected look you looking So, bigger of out, and you them GCIC average given ratios and if to the than debt-to-equity times. bit under those at and

Christopher Testa

the I securitization to been a paid bit. down referring like just was little that's has Okay, just helpful. XXXX

a upon the you do securitization but or kind Is entirely of that sheet completion larger that's off put to to up plan you as some after the going is with didn't merger, could I afford at do that So, would the ability together, to obviously sticking sizable. to guys cleared that you that least balance the take quarters? the merger initially that time And David, be think you're to do that to new know looking the something maybe able if well. that pretty was few before this pay right a be going of

David Golub

reinvestment and goal different risk. diversify I to effort consist balance several but all period post-merger have the different want to an think counterparties, end different of to right-hand dates our securitizations sheet Well, the be of with one, have not the We side in securitizations. to be will

So be the right-hand sheet we're likely sculpt bank and as many exact of on include going to four and we'll time the to facilities those market looking is side two to securitizations conditions. balance the timing one when over perhaps to do going or of as depend

Christopher Testa

the I remainder that stop of Is significant loans so, and Got M&A, amount what's has continued know that originations due the in quarter. your on outlook this you're for if it. And of primarily a a trend year? your were the rebound that and quarter-to-date seeing to this one the

David Golub

I standpoint, QX calendar we that that origination was only -- saw disruption followed XXXX. in an think, okay given not of QX market from it calendar the QX surprising

So over my QX. to expectation is the course XXXX -- improve I actually relative to environment of origination expect the

Christopher Testa

Got it.

David Golub

I’d also that to are payoffs side my which is going too. add is of improvement, expectation one dark increase

stabilization average rebound a we have market after the when in tend to last expectation like payoffs. I quarters a today, So from of we've is situation that you low levels have tantrum. forever. payoffs by mean my They which benefited what last don't several And below

Christopher Testa

Got it.

nervous certainly The sort XQXX sponsors certainly given agree the valuing feel of in of but short-lived that to the skittishness me then queue. hop this certainty they're for and of that they’re still that's lot in the back market that may like if with than even and loan despite and a I last you I'll was very about and I more are -- close in had platforms with that volatility? they volatility -- do rebound yours Now a prior one the

David Golub

an were of market realistically as is due of on because period you just QX syndication get that a a to choosing opposed hot again. and standpoint you're describing. sponsors win in share from you desirous The dynamic is by cases, on wanted QX can't calendar describing. not solutions In to markets week, rebound well sponsor were uncertainty very to that calendar reducing to if the did these that so truth markets of odd the supply. we syndicated nervousness options memories many where buy-and-hold expect the Right sustain deals that and now, and last there's about syndication much are sorts issues going in We

three the of early the I last route, more generally to for sponsors in-between in short-lived, environment but most so go syndicated compared And we're an we're to QX the borrower-friendly environment not prefer lender certainly friendly return market now, that the years there -- seen and we've to seeing who calendar a more where calendar of right of are QX lots QX. think

Christopher Testa

today. that's me. great that's color and for Thank for you Okay, all time your


do ahead. Instructions] you. Fargo Thank go a actually [Operator Please have from a the We Securities. line Wells from O'Shea Fin question on

Fin O'Shea

Thank you, and I the off one was thrown the by four.

good portfolio quality, on loans on about there. language covenants, which on other view, is is question what's a it category slate your slides, here, a compliance category there's maybe Can you of in the first slide covenants. out which or third with outsider's of maybe generally performing the an those maybe and, me, XX%, understanding on color appreciating going seems expand form these pretty for are of but it's is well-marked from given with -- some the color decline my XX So covenants maintenance non-compliant

three color typically on happening what in you any category company? So would add is a

David Golub


So some start with let context. me

First, for scale. the aren't who rating familiar with those so

paying important and is concept becomes positions, and show as to with. relative starting is of perform perspective, of continue it starts have a a we look credit a If credit of this may stay be they as terms of most of likelihood If characteristics each one getting continue and and to down the and ratios at started grows our rank in and a out we difficulties five. they quarter into each of of debt the four to And debt kinds if starts four each them expect to company that begin our that they loans the So loans the end to does three weakness it five. out from the point, starts say better it page on three -- quality it to a downgraded a -- debt so is a It's to the some how credit not do -- to it gets to is core how compliance criteria with the for this its company and covenants measure a three. that's it's metrics most downgrade well credit look. a doing

the have in that companies in that would risk their been has that where closing. since covenants, that loans we Street up we be category those the compliance close. full loan in a covenant believe in a gone there have So, are embedded embedded Oliver we debt are where but is increased a category loan of of An category time there risk the that example that with has has company compliance three like where the in three all issue, of we are since -- companies they're where Dermatology, three believe

Fin O'Shea

thank for color on the that. Sure, you

those flow but stick issuers whatnot were the kind you quantify of add-on's and a you BDCs lot of that transaction which if Connection what's incumbency an general. often BDCs as we generally talk -- Another one it you appears to only a with meaningful about larger in driving -- -- about but deal as you talked in will for a Fitness on to advantage, Can lender? how not and be certainly see sponsor-to-sponsor recaps and perhaps roughly

David Golub

to we're the it's sponsor-to-sponsor Very, for and remain When lose very to us incumbent very want credit, lender transaction. a unusual very, in we in unusual.

Fin O'Shea

peers a and perhaps of middle core syndicated unitranches in flow with side. that market, -- terms the a saying your appreciating on market markets even of and and Chris all, means upon not doubling the that staying is Actually better. of the as think Okay. the market But compete larger better generally skittishness most, more do that if fewer deal more volatility the are percent on them which that down and I lot stable on very of where really this the rising certainly touched as the one you're people contrasts can making on are direct middle

juncture, that, still we say concentrating you can at you would to be this you kind becoming true, of expect market more bracket? So core -- middle on may that are be the

David Golub

going in market backing I bracket. fair We're involved that's think concentrate transactions Yes, on to way core a the the up $XXX continue we'll I'd companies that that from EBITDA be $XX of run that are to to middle that million. all characterization, are are say gamut Fin. the million companies

companies million lender EBITDA backing leverage finding I where terms least not the in we're differently attractive. right in our where most as frequently $XX that and of -- look you combination that's say in in the But the ruling core if situation to you question $XX are attractive participation the offered least anywhere spectrum. leaves not along is is million market the reward where land. be ask the So, and out now, of range attractive see your piece piece at I'd is would are -- that activity which middle you we're if correct, risk it's is the the the a piece I see being pricing

Fin O'Shea

the today. for color David, you, Thank


[Operator Instructions] Robert a have We with from line on James. do ahead. question the Dodd Please Raymond go

Robert Dodd

of A couple questions.

a about First, one merger. the technical somewhat

in You is the effective that you XX SEC -- and the holding get or the minimum Is shareholder and days Can a what's minimum the have is actually us you vote? proxy some an remind hope proxy few effective the mentioned longer between timeframe period there you're weeks. with you wait? working you to

David Golub

the and think required. a XX remember going reasonable be expectation we’d But the XX I be to proxy minimum between vote. that that, To is the that's a of I mailing have honest, don't days it's after

Robert Dodd

then actually unrealized that's XX, XX, did it, quarter, to one some this the the quarters. March, I XX; I want think at slide appreciate the it pay just SLF. a in total the mark though, obviously all that, look -- of return. thanks. But XX, economic a a couple didn't either Got whereas had dividend in actually downs, this dividend two last of on of one but I lower you the March dividend quarters and when highest paid last last a September And quarters the Obviously quarter X.X%, June return But a five return. annualized hasn't pay

you we on that simply a pay to looking metrics be doesn't it's or thoughts in or when it at likely can us should be So to determine some a whether look is should dividend; we give position like business project hurdle. to because a what return

David Golub

that dividend are be dividend the something the we've couple before would impact as -- cumulative incentive of that which increases Bear is it given paid paying in last look being of quarters after profits. increase mean it So incentive fees. the where mind NII would way when fees, been a we should at the there

a cap dividend we dividend, good for of net bad paying higher which manager shareholders the would is have So gains, for a a amount net unrealized and by realized that paying higher. be and and not income means

net So shareholders. that's good actually for

now time payment is dividends, until -- senior earning cumulative page, rush think is as not I'd this a whole on looks also this company. is that which the thing out lot profits. we're such to leverage the in sure entity a we I'm other X.X, SLF on So the earning which of you've restore point is noticed, like which one on -- a basis

be in SLF with that. term tool this it and that we're nice is think At our that sense if it we more to So, makes we shifted to and have think but this that be we environment to I've said did some to different you what on sense toolkit it. to and point find we're up think expand would it highly make shrink, market do it it to and around we strategy market SLF before the We're market attractive. having a in environment conditions clear asked of not doesn't a market in cognizant because expand attractive the her wanted like it's keep so I but to -- continues as what we know sense long makes

Robert Dodd

the in assets and currently speak, million economic a so really essentially fair color. it's follow to I I that the below whole, I it, million right, $X Got your tag think profit. up, point, so appreciate If of kind of on $X can the to on value means that cost,

between it recaptured maybe dividend its kind would of me to total it be a returns, to be So you that income its wouldn't that its for until conclude kind markups, of and pay fair looking that.

David Golub

Yes, just level time. think because can you you right, over the achieved I it made has which and second at point don't of between assets fair is cost value a of the look difference is profitability the

at So want you I be profits. what cumulative think to looking is

Robert Dodd

Thank that. appreciate you. it. Got I


continue further are turn at you. back call this your presentation no Thank closing to time. you. with I'll There Please remarks. the questions or

David Golub

in well Great, before questions always and chat we up Appreciate partnership us meeting, you thanks additional come for if as topics have your reach feel today. your our to quarterly everyone and next attention free joining or out. that please


That does your conclude We And the participation. you your thank for we for please that lines. today. conference ask you disconnect call