Golub Capital BDC (GBDC)

David Golub CEO
Ross Teune CFO
Gregory Robbins MD
Jon Simmons MD
Robert Dodd Raymond James
Ryan Lynch KBW
John Kemmerer Zeke Capital
Call transcript
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Welcome to GBDC's September 30th, 2020 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 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 time to time in GBDC's filings with the SEC.

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, www.golubcapitalbdc.com and click on the Events/Presentations link. also section. the is the website release Resources Investor earnings available company's on in GBDC's

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

David Golub

of Thanks like everybody Directors and and an Robbins Jon for us, both Managing earnings and today. Golub joining Thanksgiving. press am from presentation We We're today. I website. earnings XXth fiscal the Greg refer Alicia. too our Yesterday the by for Financial Ross hope much safe rest September quarter and and on that Officer; Golub team Hello at the call Capital. family joined our you’re over the all your Teune, to presentation and, thanks recovering throughout release year that us going our Capital Chief Simmons, you issued posted afternoon, to we we ended eating and are

you of to companies strong, been, strategy and providing who new those are loans market private healthy, by oriented For sponsors. that equity investment resilient first has backed focus on to middle since to senior partnership GBDC, is, secured inception our lien are

preliminary with that me fiscal the continuation a call, that that on the filed the trends and driver GBDC’s in Let QX in were those October of you results we of discuss minute. trends XXth. was The described were by today's estimates results start quarter's first I'll on the we meeting with last earnings primary sharing line for headlines: two headline is strong and

I'll we to an this after with dry that in and detail what expect capitalize is my powder, environment XXXX. GBDC liquidity, in more discuss be as head fiscal your into XXXX questions. flexibility remarks headline ample investment fiscal will we'll second closing on that we in and take attractive is very The well-positioned

for and the turn key and at the a results. the GBDC’s closer four. quarter now results drivers look take of slide fiscal Let's Please for those year to

income was ending NAV per investment $X.XX, net adjusted GBDC’s per QX, adjusted EPS was $X.XX, fiscal share $XX.XX. share was For and

midpoint the All we trends of was just of underwriting do I of talked that the at What key driver said of that? last three believe GBDC’s drove these fiscal we these beyond the mean that previously. good continuation themes results primary I fourth six Slide quarter. were published the quarter. simple that we by outlines strong guidance about

calendar the calendar the rebounded U.S. First, degree QX. strongly in from impact heavy COVID economy in QX, of

was story this these quality reflected themes largely story the credit of right quarter they the perform slide. to the If the support private portfolio our have up in better listed to second especially side like quarter on of sponsors sound generally just generally themes and, third of of are sectors. and are than continuation step trends in companies sub the positive hand companies these expected, continued the portfolio the their to third, Second, of that familiar, prior should; a impacted continued fiscal QX, the COVID equity And companies.

slide, to continued performance closer of improve. each with turn internal Let's that fiscal ratings. take a indicators performance look seven. on slide at the ratings to Please QX, In starting

Let context. start me some with

in categories presentation last category are loans an is the ratings loans. in are in those that a There and decrease highlighted recall or You'll increase at expectations than underwriting. better And we in earnings four there in performance QX. three performing quarter's in fiscal upward internal was five, at migration loans

two significantly in fiscal expectations one QX loans So, performing categories QX. those expected or that between and portfolio declined also performing and are of below that to perform below expectations. are the percentage The are materially fiscal

very X/XX to loans XX.X% X.X% meaningfully from X/XX. still from small to two, impairment increase; significant remains improved Category think QX, important, proportion at loans these COVID XX.X% they X.X%. as to categories The fiscal and decrease; than five rare I continued even XX% the to category of two from it QX. at pre-COVID, that's portfolio but of the portfolio the to in particularly the went is continued stress in one three The of direction. in that's four saw and the of continued portfolio they of positive fiscal the X/XX. rated environment, three because to typically go right XX.X% also quarter-over-quarter continues went higher in In and this trends from that of idiosyncratic. portfolio and And loans All proportion at X/XX portfolio indicates categories declined credit and one we X/XX in it's in

key of quality indicators Slide at improving other eight indicator XX two quality: Non-accruals low solid this come value results. shows declined; in GBDC's gains. realized fair net at they credit back also key from second is improving The went to We'll of unrealized to our losses usual of non-accruals. discussion financial June credit and X.X%. X% net point

GBDC's NAV of a X/XX. $XX.XX of share share X/XX per slide as NAV to as bridge from per this So, shows the $XX.XX

gains and incurred quickly net of and portion gains bridge. through low another These quarter. Net share. were were quarter. line losses consistent reversal the losses the very unrealized per in unrealized the with at $X.XX of the March walk in Adjusted that just with $X.XX our reflect of NII unrealized per of $X.XX share were dividend Let's $X.XX realized the share per was cents prior

the and for matters our to maturity, me or losses. heard COVID be wash tend priority hold to unrealized losses loans lenders their or that to get repaid. whether those been before In GBDC's You've credit gains not permanent, say out; top and minimize run, continues who like us, all is loans since that long has realized, to

Robbins, that another that, Greg to he's losses to offer fiscal credit unrealized reversal enjoyed the QX and COVID-XX. in to hand update call So, strategic going we're let our to of kept losses. GBDC response pleased over an report low meaningful realized With me on

Gregory Robbins

on David. that see XX, execute Thank the goals to GBDC slide its Starting on key can three you COVID-XX you, for navigating continues crisis.

lien first our secured of management portfolio. senior investment diversified proactive highly First,

our of continued Second, capitalizing third, investment new on attractive opportunities. balance and optimization sheet;

Turning recall plans, in described results. phase three portfolio executing game to proactively XX, collaboratively produced and you'll gathering This strategic working now we entailed been have and strategy phase management information, lenders. teams for that developing COVID-XX. junior capital our we implementing plans strategic of our plans. each during managing a those slide has and three That strategy borrower, meaningful strategy affected with for sponsors, We're

spread incremental equity credit terms, documentation amendment improved an infusion. enhancing team executed define amendments. XX credit as or a enhancing We Our more has involving than a one increase,

length We support at the sponsor portfolio about our have strong for talked companies.

at Regulatory the our structure. capital target to and new into Let was this. of the over also Slide times, borrowing GBDC low sponsors capacity $XXX at end flavor which take companies. cash began, We've of GAAP debt how COVID September portfolio is leverage X.XX of of equity end. times. me liquidity shows quarter X.XX was XX optimize XXth. describe GBDC put in in to at range. nearly fortified GBDC GBDC's leverage million Since of its form million has sheet had steps continued $XXX one balance have

primarily GBDC has the even GBDC of September The issuance and from an BDC access handful We proceeds in issuances GBDC's in quarter, million $XXX funding space. rate unencumbered bonds. COVID. received completed secured lowest materially under remain X.XXX%, used with leverage. XXth, GBDC's a the the expanded of investment-grade bonds unsecured consistent significantly debut GBDC Fitch, of which BDCs S&P down the asset revolving of debt attractive cost during its one this And to without flexible, changing facilities, have of interest base market During and one unsecured cost credit on its overall priced low ratings bond terms, pay to fourth CLO. on debut

Jon GBDC GBDC That we a of firepower our will competitive as Simmons more XX, us me September powerful As prior help shareholder slide results hand forward. going on in illustrate through flexibility believe XX to go quarters detail. to With which and discussed firepower. quarter capitalize And that, and financial to GBDC ended the more a Jon? attractive deliver advantages it let initiatives, in premium position for and has over opportunities. returns has result flexibility in on we've great put these

Jon Simmons

Gregory. Thanks

So, to out those refer just that of we'll own appendix better and We further to addition investor the GAAP as write-off the them in And refer as results. We our in where certain presentation. measures please those the consistent measures as think evaluate they're GCIC financial with measures. measures, premium appropriate how the in purchase are merger-related and we performance indicators earnings presentation, note reminder, adjusted describe of to we're non-GAAP we of measures and the our strip amortization. to the non-GAAP a seek adjusted also providing they impact

gain right I'm through So, adjusted unrealized net September detail. income the hand earnings income share, quarter was net XXth discuss adjusted the with was in June page $X.XX. side per XX primarily continued earnings the column per quarter to share the that Adjusted for Adjusted The net quarter. -- This net driven to XXth unrealized and by for the $X.XX. $X.XX $X.XX. gain turn talk adjusted for slide context, and March as was an was XXth the and of credit or per quarter of share we $X.XX. to for the the hand quarter. on to This and from unrealized losses Adjusted share this realized compares it, quarter realized call before the to ended more let's XXth of right per investment gain going June per of the the realized reversal September losses, page compares unrealized share quarter

June of distribution XXXX value of XXth, Board XXth, consistent distributions, $XX.XX XXth, go a detail. a share. $X.XX is Ross? a XXth. on finally, December quarterly September the which to over share as of $X.XX I'll With that, a The per our declared shareholders share hand XXXX. annually. quarterly the September as distribution November of increased in our XXth, record results call $XX.XX, XXXX, distribution cash of up net X% on asset XXXX from And of historical to paid more with On quarterly at we payable approximate December to through to NAV Ross XX Our

Ross Teune

Jon. thanks, Great

XXth $XXX.X our million and the I'm $XXX.X quarter XXth. ended XX, total of sales originations slide June slide this to highlights total -- September of for and Turning of sorry, investments million exits

we to has that on As in or Factoring decreased total continued call, current slightly deal at XX.X activity earnings and the appreciation by see quarter. last activity, noted unrealized into fair X.X% started in value a portfolio we pickup million. and other trend investments quarter’s

undrawn commitments unfunded GBDC's are XXth, These As of relatively million have of sheet commitments of in and liquidity undrawn balance commitments term position. context $XXX.X on we and loans. small draw of million $XX.X revolver September the delayed

of rate on and average on weighted the bottom, spread average new quarter. weighted from increased the on over investments rate X.X% new LIBOR both table investments the in floating the shown As the X.X% of prior

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

slide S&P XX, positioned codes. noting XX% this this in rate the bottom our were with points. investors We XX% the industries. less quarter LIBOR more to and Turn in slide industry rate what floor. and be category think classification portfolio one Turn quarter be any lien loans portfolio summarizes of would spread with net variable by calculated change remained our overall first and previously. largest at type average provides quarter, resilient consistent the transparency we stop contractual XX, believe floating portfolio The spreads XXXX investment underlying that graph classifications top diversified detail XX over The LIBOR, an for yields industry LIBOR, defensively over using loans, that of investment It and shows our investment shows of to continuing of than loans worth investment portfolio the to we by that size updated that the quarter. mix GBDC’s For to the of the this to portfolio investment secured our about slide represent highly exposure using industry our portfolio. using obligor, with impact rate relative has current is remained industry of XX we of remained slide the basis

primarily or The continued yield, the including Focusing the first amortization basis earned weighted decreased by upfront or excluding origination the blue basis amortization our to dark actual subject the debt the by the debt, which and XX and on in average light due investments, on cost to to of the for blue due income LIBOR. of premium. discounts, points X.X% basis Since LIBOR income, variable and a this quarter, amount price are line, The XX investment not yield primarily X.X% during decreased line, floor, decreased purchase facilities blue the but the fees yield, income our the or the line, rate points income to XX also decline points by in LIBOR. line of represents includes interest aqua to fees decline fee X.X%. quarter, the to

As Flipping to the the cost September basis of respectively, or X.X% as and investments next investment investment a average line, decreased low XXth. weighted X.X%. spread, debt, result, slides, increased points and to our a debt the income green remain to total at and of fair by non-accrual yield two value as is percentage the X.X%, investments of cost net the between XX difference which and

accrual one portfolio to status. investment During the of non-accrual restructured number returned decreased investments as quarter, investments, and company was nine the to

in a XX.X% investments value on percentage rating scale portfolio three our September performance as of As internal of his as fair the result portfolio company performance, decreased to commentary, rated the XXth. stronger discussed David at opening of of

Slide returns regular reminder, the at for a independent sheet same statement well As and over graph months XX, our and special years our on of September investments three provide our on the bottom our the as of Slides valuation ended XX quarterly our as five each quarterly graph XX on summarizes distributions, XX. the equity the income and firms top details balance summarizes least timeframe. and on further distributions XX% quarter. the as value past the over

investment our our sheet. XXth, highlights strong of side returns of recent shareholder illustrates long and initiatives and further as summarizes Slide enhance IPO. Turning history XX, graph XX our liquidity since this capacity to of our balance the to slide right September the

used Gregory quarter debt outstanding securitization As SBIC notes XXXX debt we on our were million all outstanding the subsidiaries, issued to SBIC by GC the XX. during issued securitization Proceeds August redeem a in $XXX of through debentures term issued in mentioned, IV. one and notes

existing issued on distribution With recently, deal $XXX used Bank. of Deutsche to December Xnd, on also that, bond summarizes $X.XX it slide the were with for XXth per our credit closing And XX notes some Slide which million our of consistent including the as full facility terms October summarizes long a distributions. of debt share Most prior debt, XX X. in of as down turn Board the declared proceeds our a pay I'll on unsecured stockholders remarks. We of October record of lastly, September of the facilities history the XXth. over turn repayment revolving of to of it payable David December to -- back to XXth, closing

David Golub

Thanks Ross.

elaborate I is want mentioned on the to Company now [later unrealized up, think investment incurred case. think credit sum of I the March losses realized Adjusted were quarter. strong very we opening comments a were that had by reversal changed QX. GBDC to continued and net consistent, the losses So, that remained fiscal reflecting unrealized we the losses GBDC low, to that's in substantial, well-positioned. ‘gains’] in were income my why

is We of defensively positioned, First, think portfolio see unrealized nicely and to more credit. the we're in diversified, quarters. company's coming poised reversals losses it's

and flexible. powder dry Liquidity flexibility. balance that's and low and at leverage target. company's is sheet base is GAAP capital X.XX below The strong our our times is Second, abundant debt-to-equity,

trillion according context, trillion. it's syndicated in the Preqin. to whole has equity COVID-related from of uncertainty, but powder over to is firms ever; that reserves environment. market activity. are because current of the to and in put To investment going of is muted the largest equity now accelerate Third, are private that improve $X deal their Consider think XXXX conditions M&A going loan dry its private data $X.X we that

near continuing to to equity over competitive relationships; form important represents our to the of Zoom. been bonds Fourth, period in finance for private impacted So, judgment, deep tailwind new firms sponsor large is, growth hard a It's hard certainty advantages. strengths. ourselves. this COVID playing and it's ways, a has our form In like

partners So, for to want know. to work a natural tendency with they there's sponsors already lending

a lot been relationships. For because us, have great of already we very that's helpful

told sponsors lender Pre-COVID, a a going story. with. before, needed than been to I've as each decade, the have relationships All core Incumbencies our it's reasons Golub of group doing due I about think Now, are we've done true like or that a in from with XX% company tended originations the year, nearly more switching even XXX zoom. be deals was the multiple sold back Capital. sponsor diligence position the over of versus for another we this group company lenders new capital more accentuate more pole similar a sponsor. of larger Post-COVID, the to existing difficulty these getting established competitive advantages -- noted. just Again, and that creating of one the of it's things proving when

other a Our reputation our market our senior for advantages of small, important, buy of in or these one stops, also you. wide partner range buy stay industry on sponsors expertise, XXXX large for are and to ability cautious capabilities, with our That's very or competitive reliability, our kinds different lean advantages our sound deep hold and one leadership humble stops, for traditional large syndicated. including our and competitive transactions: or open well. Operator, that the is why game going familiar. us and line Thank served please have plan to on fiscal questions. It's hold


first the James. Please is Robert Our Instructions] of line from Raymond with [Operator coming ahead. go you. Thank question Dodd

Robert Dodd

expenses quarter of with the quarter? notes, Hi tied in to one facility Bank termination there you the on did fronts. guys can: the on accelerated multiple any housekeeping after will unsecured Deutsche the acceleration first congratulations A the next and if or be that I

David Golub

you to handle that. going let I'm Ross,

Ross Teune

Yeah, no, material, Robert. nothing

Robert Dodd

have Is David, Then get that $XXX to that that -- directly comments more? you. additional Is XXX in so back fair that get I looked there, -- Thank back? right the of going to versus of at that poised the equity in? expected got, the what at additional that unrealized recovered per appreciation you've it cost portfolio? see that in in share of there, sponsor more think money sponsors tied you're if depreciation the it. you're on of you've still the one million you just equity I to the the mean, willing or got of appreciation some now, end you your -- $X far, given is portfolio the Okay, kind confidence numbers, round value that going put more appreciation confidence drives what private to to contingent future being put you're gives

David Golub


So, let's context. let's it go back and put in

spreads. X/XX, COVID-related we had factors. the that credit, uncertainty. impacts market-wide COVID was from at widening to multiple that second lockdowns expectation result of One and of that write-downs apart degree were an from a resulted spread was were negatively widening, the So, spread quite affect going And

very So, two elements and expected going better than performance. months about But perform. specific we've disentangle is these things how sponsors the timeframe. about that, time other. were that one credit-related. meaningfully variety significant respect a profitable parachuted in be is spreads A be significantly and quarter. to this, saw when about performance? support to we heard again the and you've narrowed we were finding nine the that is and who've A got generative, performance element a reasons. better expected we've up the And cutting later two going the element there from the and the the And executives underwriting. in, them our me companies in second talk generally meaningfully at than and the it's revenue March happened. it advice portfolio, expected and -- September alluded it's their to seen been new we think quarter. form is than recovered cash And And costs, to sit, challenges. talking June to Why have better adept one than of is was talked here have element, sometimes And have from sometimes of in at we seen and markets that operating of companies One we've had from XXth have infusions. in have One two it. the of about COVID equity the and teams pivoting, that management we One counsel, very impact Well, as how was you in XXth to stepped sponsors, what seen form what, were have spread-related third there the we sometimes of is despite form more been good sources, hard information second are of managing key about market lot of

valuations see that Well, try in momentum. of continuing What that? that gains described. We're news, very think better we're different deliver I with see to than to is to see them degree improvement supportive. of the I and do to continuing I just in I expected; challenging management to continuing which stems dissect mean teams by all than significant of better Robert, be it's which unrealized continuing are The a threads we're good way from economy perform sponsors expected. these that's

a it's me factor that So, one It's variety of factors. optimism. not gives

gains. in November, would me, -- I But risk. tell X, today, to portfolio December I a investors have of We've of cured. ability cautiously sit manage to to uncertainty with guarantee. would a about I There here to administered. like our all, that as sources the a as been optimistic a COVID's got actually you to widely different continue variety vaccine keep we're are sources don't guarantee. sustain it today. losses excuse Now, want and continuing many sound some that we that's am make We people, and low realized It's unrealized dealing don't it's of not potential I not as

Robert Dodd

than if you up can, you're mean, question, And -- of you -- like sounded to what what's are quick that. this about month XXXX one think mean, activity fourth comments your Thank clearly, -- we I the started appreciate I go. I December, are are the when into year -- in activity activity? that you when people just talk not Are is in terms muted that of is now being I is things next anything Is things you hurry terms next year worried that. M&A or in less like just changing the mean quarter. or more I on there a optimistic lot just about a you. -- and left to going ramp seeing I year level, to about closings? year? in over taxes there's market this calendar now more versus spilling of one

David Golub

just putting in again, So, context.

very we to discussed some quarter that in little you and be we anywhere, seeing anticipate going of key that calendar the deal XXth. related and within surprise until some to XXXX a higher ended So, COVID. QX. see calendar was reduced that And healthcare. calendar M&A less calendar simple. And it's responding September including calendar relative COVID into you year-over-year start I of think QX see very we uncertainty if XXth June see factor than level The to December than QX, QX, activity. COVID. quarter QX the new that XXXX low the QX we'll reported the there higher that QX muted more including today, saw XXXX words, And to In it's activity, that. In continue calendar And broadly. software a than be that of sectors, I even to impacted other calendar going can in COVID It's impacted. was activity of we in will originations quarter improvement; seeing were software, activity trend. and not going sectors the broader started XXXX. is in ended comeback few compared origination new everybody increases QX be elements particularly niches very But meaningfully activity results to new in in it's see just in a to We'll originations in is XXst ended XXXX, healthcare, calendar we're level in more less

Robert Dodd

Understood. Thank you.


from Lynch coming is Please question Ryan of the go next KBW. ahead. Our line with

Ryan Lynch

Hey, good taking questions. my morning. Thanks for

you touch that First and on, had was one Restaurants just Rubio to quarter company what related I or restructuring, in that to? default the mentioned that wanted was you portfolio one

David Golub

a company can on Rubio's the we the working do well is default bankruptcy as that. good sponsor a a be so to the able restructuring in to bankruptcy, think emerge shape -- currently it's and of and from again. company it -- with company, that And in are I is do it

company debt also other the you're restructuring, company amount is where QX calendar dental a reduced think of practice we the stake. and consensual which The called that to, as I which we equity a Dental, alluding part a company, an did on event, we is Elite of took

Ryan Lynch

most mentioned Okay, COVID-XX plus of then kind but XX touched presentation, impacted on these you sub amendments you this perfect. sectors. And your impacted earlier executed since credit of a -- enhancing and you in COVID with focus some on

in higher are level, that you general, a those the you guardrails every to equity return is company, make spreads, of Are support of what from around at? higher look more credit situation you when and kind get a you walk but I amendment guys you just a through could wanting amendments? in looking looking priorities most private from know Just to your are sponsors covenants, the and fees, to tighter maybe

David Golub

is It you a to I think hard your question your It's question. hard to generalize, right. that answer to is single introduction, give

I our and I've clear to priority minimize priority, key is key very been Our think losses. realized credit about this,

things of us is first help money. us, So, most rank if that important are us were things the the all to important order you losing and to avoid to

to particular circumstances that, assess Beyond create very the us we important and to situation-specific facts much company, and what's what's and in most solution. borrower it's seek most the sponsor and win-win and important a a look at all and to the

Ryan Lynch


one And the notes I just regarding issuance. had one Okay. unsecured last

very was issuance, First that investment-grade off, a rating note that attractive congratulations on and rate. the

balance today, to your sheet looks very sit as be very good Just shape, you leverage. in here low

you be like a Some kind Is going about an you it is good level to XX% to that? notes forward pretty -- guys structure approach want for the forward? more kind of opportunistic like unsecured just diversity, -- Or tap look at attractive that and market in would point, just to liability you run has increase looking Or but opens of guys rates, guys that new up unsecured market very your today. when more? of you when going to to looks this have a will

David Golub

I'd say between three. somewhere two and

time because about be critical to over important yes, the like would notes think of thoughtful going we in the can things we we competitive a it's we opportunistic market when have yes, of a unsecured our one of proportion our we and liabilities most that and are higher So, debt manage. advantage, form to think to go we're

Ryan Lynch

Okay, the I time all me. for that's today. appreciate


next go Kemmerer with Please the is line Capital. John from Our ahead. question Zeke of

John Kemmerer

this is the talking Hi, the phase-out is about Fed question to LIBOR John. yesterday. My in response Yeah.

curious when question, related non-LIBOR summarize with might we first this your loan see on overall maybe the impact Just of you could And operations for just a sort me your benchmark? of then change?

David Golub


particularly the that LIBOR to is the eventful. on systems to of and sure for expectation number So, a as the for have have I everybody LIBOR we making the association operational shift probably we on make We serve committee call new working known Loan to effort transition. special the transition there's Trading transition, that is industry-wide LSTA, floating LSTA's be Association, procedures from the that's to SOFR not appropriate as SOFR. our going rate LIBOR think the knows, groups to underway standard Internally, an Syndication industry this trade loans on and a

well in hand. think I that's

the and like it's I you requires made work of all because big YXK, a think almost -- and work a such it So, is -- deal, not of it preparation bit then happens, it of it when in and a deal. anticipation preparation there's forget this a lot

the right in So, work in we're that's -- phase preparation now.

John Kemmerer

Got it.

there might the when is benchmark? a first So, the timeline you originate loan with new

David Golub

see And that removed. Well, the language within what's loans specified is language, I with think now. -- language that to all starting means going credit fallback what LIBOR called we're have agreements shows are a LIBOR to when that happens a which

John Kemmerer

you. Thank Okay.


time. questions no at There further are this

David Golub

you to forward then to quarter's this Look And if to all questions once Great. I for speaking talk any feel any thank Well, as have to quarter. free want please us. next always, you in everyone before tuning again call. of for to


you today. does for you the and that call for conference your disconnect your participation line. That conclude ask thank please We