ICMB - Earnings call transcript Q4 2018 | Investcorp Credit Management BDC, Inc.

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Michael Mauer

Before we get started I'd just like to highlight to people that we recently in the last half hour posted to our website under Investor Relations a schedule that we will walk thorough it at the end of this call that is titled Discussion of U.S. Well Services and Bird Electric as of June 30, to add some clarity around the NII as well as the taxes and gains. And with that I'll turn it back to the operator.

Operator

Welcome to the CM Finance Fourth quarter earnings release conference call.

Your speakers for today's call are Mike Mauer, Chris Jansen, and Rocco DelGuercio. session the question-and-answer a Instructions] will presentation. follow [Operator over speakers. now turn your call the I'll to begin. Please

Michael Mauer

you, Thank thank and operator today. dialing in you all for

Rocco Chris Investment Joining my DelGuercio, and are our me CFO. Jansen, Officer; Co-Chief

forward-looking Rocco begin, customary information give Before statements. we will Rocco? disclaimer our regarding and

Rocco DelGuercio

today's recorded Audio of this Thanks being prohibited. CM at is of Any broadcast like of Finance in will would actual by projections. We recent call would call any in be strictly this also I release I www.cmfn-inc.com. that and Relations visiting XX-K remind refer everyone regarding Inc. that that Mike. attention today's the to to call that forward-looking our may is factors call form cause website that page your information replay to you is differ and the most property from our available may and our statements on to the unauthorized call Safe ask Investor to include projections. press filing call Harbor our these forward-looking important materially disclosure everyone results for like remind

our I will Relations website. the forward-looking statements unless visit copies of to CEO, on required page We call would time, our our like latest over not to At Mauer. filings, back please law. this To our SEC and Michael by update obtain Investor turn Chairman

Michael Mauer

unrealized of XX. from an reported than A results reversal had of the this portion and for June more per income we ended fiscal previously net the share our financial doubly Yesterday our quarter Rocco. came dividend. of strong We $X.XX quarter investment large gains. Thanks, year covering exceptionally with fourth

core both finance we to be have situations our to attractive within middle in competitive syndicated markets leverage market market focus. our broader redeploy the found While continued within opportunities and challenging, conditions capital,

lender ranger be Our team markets. and theme. a common opportunities deals and identified in lending to primary for competition A the secondary has continues

in and of to deals, as moved a get begun of we tightening in in inclusion transactions covenant lender friendly the stall although see Pricing revised structures particular has even and launched way. light. seen favorably, we However, which covenants have also have

a As management quality our and call origination focusing Since secured disciplined last be and in identifying companies lending, structures, has try we and teams. mix May, investment. as always, conference on to as a been conservative our better several and observe the where secondary performance can sourced to making directly of an for loans syndicated well transactions, we short-dated years period borrowers’ opportunities of prior

we first investments in Our quarter end, lien first several made all quarter the new investments. additional and have were since lien;

continues directly secondary Our a contain of pipeline to mix sourced and opportunities. opportunities

we tenure a investments where provisions, We analysis. Generally comfortable have assets investment structure, shorter focuses and recently weighted speaking, made purchased position repayment average several on team life loan loan maturity. to for and our have secondary value where we holding covenants, are

to have weak We to remain second typically now as over I'd lately, our and like avoided protections. extremely primary have lender activity. call structures covenant deals these discuss long and lien often especially light turn Chris transactions portfolio to in the dated

Christopher Jansen

same during investments company. to new the five made quarter We companies, four two including new Mike. Thanks the to portfolio portfolio

We also two realizations quarter. the significant had partial realizations three during complete and

businesses, dedicated lien startups, made the outstanding call, -sized small Hostway deal, discussed services we cloud, enterprises. As loan provides hosting club developers, an and server managed, and and quarter's in Hostway last large medium investment on first Corporation. an to to

business publicly traded, cost the Exela global is at yield is process loan Exela purchased first-lien first-lien We Our of firm. a outsourcing approximately bonds and Technologies. X.X%.

films focuses and the Canadian on Entertainment. other management, subsidiary and at and is Canadian and films, for post Our Deluxe the production deal in yield is effects, there services Deluxe production produced approximately Canada both aggregate club visual a media X.X%. cost TV. Deluxe Canada of U.S. for processed

cost at approximately X.X%. is yield Our

We customers. also was equity corporate HGGC. of first management solution in company connection of the patent acquisition RPX to lien risk sponsor by loan which the the in Corporation, invested placed with private provides new RPX the subscription-based,

cost paydown XX.X%. $X.X significant at We at CareerBuilder a of approximately approximately from is yield par received million. Our

position As $XX of June million. XX, we maintained of the approximately

We also shares XX, at these US during sold approximately and of were million. approximately quarter. Well our shares all we of $X.XX A Services of $X.X Class Class sold proceeds million the at shares for These March B marked and

Services. Well continue term and We of the to revolver hold loan US

Our during Corp. approximately restructuring, IRR the inclusive of at XX.X% on the tax position the leakage the loss we term position, and is the booked unrealized Blocker entire loan

realization partial Wireless. a PR had also position our in of We

in We position continue entire loan which small we loan million. $XX.X was , have but warrants hold and a our term term approximately funded position to the draw delayed sold

to was loss. we on investment at exited our realized position IRR entire Our XX.X%. and the investment we the gains Dayton our below Dayton's and a performance significantly of losses is realized Superior. made We expected when unrealized date we investment inclusive in fully what

negative was IRR realized fully X.X%. Our

also leakage Electric. U.S. major on Puerto the positive we Finally, We the Rico. hurricanes had restructured We this a investment an in witnessed Blocker. basis significant of of on the in and X.X% investment turnaround including pretax IRR negative in and XXXX, IRR position at and in tax XXXX our Bird made a the a operations XXXX and realized XXXX, in company after

a investing realizations. and a quite We is actively cover. primary This Fusion a operates company the secondary a bit of in Connect. with telcom number of internet Fusion first as which provider. and and bear been Please markets services as with there invested in have investments to quarter loan we is new lien me end two public the

cost XX.X%. of approximately is yield Our

QualTek construction, in and first of by company provider of invested Capital. power is which QualTek engineering, telcom of to a program the backed the BrightStar [ph] solutions sectors. lien loan the turnkey including also management We the acquisition and

sampling and loan It maturing leading a XXXX. for approximately yield is Bioplant is industry. purchased of solutions secondary short X.X%. lien personal [ph] Our of dated first provider Arcade care the in [ph] the We Arcade is loan to cost the in market. a beauty

to Our yield is cost XX.X%.

leader also loan purchased providing remarketing in investment Fodel our a Like technology lien [ph] environmental loan this with focused XXXX. in a of and assets. We intelligent in dated August. short the first lien is businesses is of remanufacturing term first in on Arcade, global Fodel Technologies recovery, term maturing a solutions [ph]

Our first which and structure refinanced yield new to capital end. Madison investment cost is Dearborn company Intermedia controlled approximately X%. structure. new both after The by a its a into or lien a was realization quarter is

was of approximately cost a realized X.X%. invested We of in Our first with new second lien position with yield at IRR repaid a lien XX.X%. the

portion quarter. demand, In light position we tariffs global raw of concerns was last a was of pricing of our had the realization to our and other might the Our elected International X.X%. sell our and this Recall Wire. The we IRR market remainder on that position. fully materials end have sold about realized effect

company followed back at increased of now results. at XX%, financial as last services our and by we Media largest new Restaurants, at like Supply concentration XX, has Commercial of quarter Energy XX, to June XX.X%. & the industry XX and since stands GICS investments account portfolio was and Equipment the XX quarter to standard Services I'd XX.X%, XX% at call with XX.X% turn and June to today at Services Rocco at Leisure to discuss our as our Hotels, adopted Our end. Using professional

Rocco DelGuercio

Chris. Thanks

per was million quarter $X.X For of share. net or investment net waivers income our the $X.XX

value the XX, March of June compared XX. of portfolio was $XXX.X As to our million million fair $XXX.X at

investment losses million Our $X.X from activity decrease We million investment portfolio. for realized and $X unrealized depreciation $X.X of our quarter. had in accounts in million of the

XX.XX% As XX.XX% XX, of versus weighted was our at yield amortization March XX. of June portfolio the including average debt

investments realized X.XX% investments. new versus average had yield average Our debt X.XX% yield an of an on

in also preferred indirectly We which equity to were Well helped corporations. on and had US services common Electric of realization Blocker investment our Bird due

are Both, Our debt X.X% three-month comprised on was the in fixed and floors loans. investments. applicable rate rate all floating excess our of of and one portfolio LIBOR XX.X%

portfolio company Caelus $XX.X was second million. was average million, portfolio and our largest million, PGi $XX.X Our $XX.X portfolio company was our largest investment

first XX, and positions. the and in portfolio in investments, June XX.X% XX.X% loans, was portfolio lien was in of equity the XX.X% remaining second quarter, of unit of investments debt unsecured compared in As the X.X% last to X.X% warrant in the tranche lien XX.X%

included portfolio regarding yesterday. our information composition our Additional was Form filed which in XX-K is of the

million X.XX liquidity in in with as our will times compared providing June turn the X.XX for With post $XX.X to $X.X also as closed we $X.X of back of XXXX. of I'd note our with public UBS. a that, that our additional to million credit proceeds substantially restricted XX, June allotment to to X% million call facility like Mike. XX, levered as on over notes revolving an to million of overall million respect X% notes We June the the company $XX.X had and we I'd like and cash, aggregate times Including have issued we levered year-end $XX.X under capacity of XX. XX, With March liquidity. us to of in cash offering to

Michael Mauer

Thank you, Rocco.

during of we quarter. lien after first investments As and Chris noted, a made the number new

in dated loans has focus capital and conservatively in originations. short new reinvesting Our been on including selectively

We have energy also the to been actively sector. managing our exposure

positions and partial So in which sold June From proposed announced quotes Well Liberty, our part term realized our repayment fair Madeline and unrealized gas, anticipate oil year and company. repayment was energy January in acquisition through XX merger received US we Paterson from loan and services calendar B approximately $X.X was far in with year, reduced the our X we of equipment later A Well, of as this depreciation $XXX,XXX a including value of by this million. the US shares

debt with lien lean, related no second which KLAS lien the energy are our revolver. exception under of [ph] first has borrowings its All is of positions first but the

$X.X by million. aggregate increased quarter an this march of Our

Our KLAS We benefit, record largest benefit have track prices continues of an multiyear value in the to Holdings value additional it excellent generating Montreal. the operator. the quarter. and [ph] KLAS changes mark short April oil as revenue. to both were a investment pride the XX better dated was reserves the price this increasing double rising a Oil loan fair in [ph] maturing from of as very XX and has in increase is FTC quarter. in from known fleet Holdings, March an XXXX. company's The assets FTC become

March noticeably quarter. XX the result improve. a Pre-price continued as to Pre-score to part mark investment quarter. from this Our of only results improved is in the prior to

Pre-price from of quarter. Our to this improve profitability. and mark growing improved with continued to revenue XX results part

with growth turnaround We been management have are years several for and has management executing. lenders the been now that improved

the in this company's in a World year few projections below quarter. in was the and months position of The opened the Casino revenue Monterey was Resorts in has construction expectations. ahead but our of our early, schedule marked Upstate away. funded, of still very Finally, and February It construction casino the down [ph] This York. completed New loan is been

Our contributor belief summer winter and difficult that additional should major the the traffic the season property. to is the was that bring

course opening the Over June the next part out golf water we additional XXX,XXX in drive two We incentive mark fully the but approximately to of years from related down and to We park position fee all entertainment village gaming waived US the XX. expect quarter, earned visits. of the Well.

distribution for quarter X. XXXX ended per was was XX, Our share June $X.XX July the on paid

directors dividend our has of $X.XX as of holders of of to Board X, be Our on to September quarterly paid next XX. record October declared

dividend June dividend to NII. over the quarter, $X.XX is significantly we While consistent earned generate ability with our we to believe the in our continue level

focus investment earn issuance a do expect quality X% notes this dividend shareholders committed to our of secured September our reducing X% are lending quarter. in our fee the associated from sustainable fully opportunities. with costs not to to We our the to paying or Due and incentive we changing our the quarter, without

coverage of current XXX% times of of the repurchased of leverage representing increase we notes Last quarter account quarter XX. we from price borrowing The in average a our our was target authorized $X.XX buyback quarter is XX,XXX Our to next discount grow the X.X. program. our at asset our our shares historical share new The in X.XX as In X.XX well average in buybacks NAV. from on an stock leverage ended or increase June plus of decrease anticipation XX.X% year XXX% as is X.XX. a to light approximately the our this from our minus expect increased $X.XX. to as XX, of In our we board times March capacity and NAV of ration target

under With repurchases continue million this reminder, As Q&A. a to to for our capacity on $X total and expect open is that, repurchases please the execute the going program operator, for line we forward.

Operator

Instructions] [Operator

Michael Mauer

Operator?

Operator

Yes sir?

Michael Mauer

or one second a because hold walk other do two that. to for want If I questions we just things can through we before

Operator

Sure.

Michael Mauer

the baby September one issuance the where dividend would additional the costs we expect quarter to the cover are would So also, we that everyone, quarter cover excluding one point. we more today quarter. to baby around before for September clarify And just the the December the to on while due the comment given the in don’t cover September dividend effects expect expect bond just we bond of to to

a for liability. tried issues there, I've and issues [ph] sure around where a Electric is you security chance a and getting non-debt we up and against just pull referenced up that and would I've exposure. because the The is to if a and schedule equity take an conversion shield like not have beginning, second discount, because Well I have to minority legal had was preferred got we lot I'm the rate, either blockers to included US RIC a Well accounting intact to fee. Electric business of you equity because things and Bird is and thing probably at or of complicated through so liability position. Bird Bird simplify US both from couple of like makeover set legal owned minutes Bird walk have and lieu there equity that, of over a people took I'd were the The in

Bird. So coming through is income that ordinary that was not on

did been You'll why of we or A that not NII proceeds schedule the to character been in it see that the putting and as $X.X the under for treat had treated B have in it we have change million column our that block incentive everything and blocker if continue gain the would income. it the that's that not that blocker. income We we on and did the said would outside between US the character the in fees put else. of ordinary change blocker by Well, the

feel character the result have the and our out if of our on a we under a change it taken a thing As wrong is what management fee could the would we spirit been doing. dividend even contract we contract in says spirit it should and of that became of have it be

within waiver letter a so statement is our for in quarter that capital see the blockers, to what had agreed that You'll of related in we current income $XXX,XXX the the are in gain the we upon.

taxes. impact is that The came over first total column of NII dividend net the

For that for Well and was was $X.X Bird it US million. million $X.XX

the Well coming reversal and was $X XXX positions. of covering you If Down XX% below $X.XX took shy gains of fees like at This like it based things realized debt as XX.X. that which what the about we one million, the and $XX.X but just reversals quarter is some the the which incentive looks extremely their these $X.XX proceeds restructured for that million it look and million tried amount million. the sure unrealized total to what we of you dividend. take give related a change is two tranches, out could in US these is decrease of the equity NII total the tried and to have $X.X date received these amount and all the wish couple that unrealized and are is that is on show on approximately fourth because you of lives public And we know gains We investor to debt to performing kind gains, about to we to that's $XX.X were well or your in $X.XX. different of the both longer, well. was US After invested still out at do million in the laid in if unrealized from announcements aggregate we $X.X we Bird is $X of of aggregate make XXX over hold

number $XX.X hold us Bird and the a that piece and for XX% pretax million tax hard over it and We It troubled tax just We million. preferred investment. the a at this. this was one much marked years as fee structure Those for post a overall today ago most $X.X a conversion of million and Electric, recover Pre $XX have pretax year or we our be and positions we know able We were work a of to was million. IRRs post an following of been that to XX% on about of after on including think to IRR pretax, recover so tax. was to about possible X.XX very a who we about half instrument. of have able you tax and $X.XX. did We year as the true post invested $XX.X that it blocker.

get back acceleration. of fee first of a we so lien [ph] us the like total please. the $XX.XX million to conversion had had again $X.XX, accrued on give original questions, We that's to proceeds down open that, on to wanted after added paid we it. par fee debt that's Now that saw reconcile acceleration our was an you typical any to With dividends Operator in OID of pure I'd that you just restructuring. Bird the million. We of below piece the components had $XX.XX and the as at cost basis the proceeds There

Operator

Please Robert [Operator from Our from state Raymond question. Instructions] your comes James. Dodd first question

Robert Dodd

OHAT everybody was be equity. quarter, what did. You BDC questions sure obviously at did I'm something still end position position was those realize and [ph] but that equity a Hi, from because to dividend a structurally others that in Well that obviously I'll the versus that to only guys. US you who not hop on company I'm in that more, else on the the guys an a US the income like and that some into the else and All than so the of it waiting, Few quarter has rather was election? so and you the to position Well were that then what everybody going transform decision have different calendar back election have in it sitting in in has by seems second the seems the

Michael Mauer

chance I Virgin talking made i.e. we the six junior had risk, until exit years around in largest the being and a piece is we have can’t and return investment others it. We listen this similar junior had going good months speak to to manage can or structure and investment was equity, sell about and net after discussion we think exact the a in felt of good XX% had speak company restructured a MatlinPatterson one equity to and debt very non-interest we why is by they was making there a overall the were could we final I hold we very decided the BlackRock to to piece the debt evidenced that of being equity, Yes, it holder market. that It the same have ago, was on most to we why in I a held energy decided for how that we we bid who decided the it, decided Cyris accreted everything. very sale. of as couple of Capital earning the realize to that and were a and capital it and avenues a of

very there is our don’t for we to but we’re to make equity return sake. equity may is it equity the investors return, a going so than people's fair want not there. right believe be is may thing, Our view, other and job hold to do different That investments, maximize be to and equity and to out we great it be the

Robert Dodd

Got it.

tax a be Next I if in the Well and helpful, moving just corporate the one XX% US US if lot depending schedule me of at out I mean to got those Obviously, the to are the complex. that about within something tax can Electric, works on than rates, -- I on the dividend When front within all the why for is rate taxes you current Bird look so and around related tax blockers Bird will assume of certainly expenses have parts, the income, the relative tax I XX%. is dividends? to which so size the higher explain the Well that Blocker high seems

Michael Mauer

that? me you do want can Rocco, to take I to. want Yes, you if

Rocco DelGuercio

what the blended XX.X. our rate so Yes, because is the it before the it rate end paid was no on the The is rate actual what year has rate problem. up a is The versus June, action the comes whatever Trump at both them. blocker XX.X tax actually of now copper it it. of year-end Tax of It's to is plan, tax was

Robert Dodd

to Then can, quarter. Okay, the the one in bonds to just is to you intent on XXX,XXX new not them the and expenses it’s got that of the to expense bonds your you the it mentioned are second. – going it Is it. - that I One I Mike offering going over next life is another impact the presume related housekeeping amortize if outstanding? the just expenses, quarter

Michael Mauer

have actually, it's I not think on almost everything fee we we been funding whether consistent do expenses. or or on this income No, we

costs, drag quarter is cost when thing debt. But over through capital, the life, week amortizing are the it’s the some close it exogenous the it. literally so of there initial more some are this of but we over with so it's We’re and and in one-time doing the we deploying one-timer also life, there first amortizing

Robert Dodd

on got nature And BDCs Okay, one majority on then a Well, of that cover, as mentioned other is is On US gain you changing I the on for more I the reality if can. the there income it. if or if is most and get position a or as blocker, gets BDC. is for it within transparent structured generally all. at a dividend capital doesn’t a BDCs that It the other to an as treated gain LLC whatever equity notes upstreamed of

there income cetera position clarify, it taxable whether that just [ph] to it’s your a event than for but dividend equity top have the changes, in BDC, if et a investment in a that it be purposes, is that going So cetera, gain? to future is position upstream any realized there, et blocker, whether taxable realization income a to if you gets companies is line for rather

Rocco DelGuercio

whatever, long in will it the as unrealized as are not or net follow to this by if dividend of we the we comes on put position fees our type putting but the is in refilled in it Well, in we a taking we it not protection GAAP, equity up going our character and are loss the and we gain, be realized as whether period there blocker we that of contract, bucket change or a investment income that unless incentive ordinary have that net it until we have was purposes. blocker it for under

Robert Dodd

got probably a will Thank hop minute. I in you. the get in it. I will back Thanks. Okay, queue.

Rocco DelGuercio

you. Thank

Operator

question Landenburg Thalmann. next from state Our Christopher your comes Please from question. Nolan

Christopher Nolan

Electric, a correct? just is not know from US that that you clarification, character I Mike, but changed Bird you do did of Well, the the income

Michael Mauer

That’s correct.

Christopher Nolan

could also that not schedule. Okay. I And find

Michael Mauer

in be should website Relations Presentations. under It on Investor the

Christopher Nolan

looked okay. Yes, I

Michael Mauer

It there. I myself there. went And should it be and we started checked call, was it before the in

having are you sorry I’m So trouble.

Christopher Nolan

if after your correct? operating to then the be right, and comments caught that all number non-recurring that Is And $X.XX, EPS I an seems is Okay. stuff? –

Michael Mauer

the defining so to how we sure going calculated I’m that EPS. operating I’m number not say you’re have not way,

Christopher Nolan

your waiver, haven’t notes myself, I I if just the to dividend the read let’s backup, numbers as expense run management I if from fee So offsetting well comments. tax and income, say then trying from the the non-recurring the I'm as exclude

Michael Mauer

excluded I net I of been you also you $X.XX because everything, Bird US cetera. think they like $X.XX, would were $X.XX been around then have all et where about attributable have if EPS in offsets and repaid some exclusive June do of net-net if have turn Well thought as XX, that these them. earning but to that would if about interest say you But reinvested think and not to you this on to

Christopher Nolan

if is on Okay. of repurchases, know the lack liquidity think that you have authorization, the And the in you the million slowdown case then stock, a why is about $X just really doing the I tender? don’t

Michael Mauer

one so Well if liquidity blackout other of the period, which unable and we actually been are just the out. levels we is, we’ve bigger adjust the the want during blackout to [indiscernible] in of things, ran lack it’s if couple be remember would you one Arcade at extended buyback blackout but to

So three XX we have a be next back we the quarters stock quarter over will will have for shorter days. buying than last we the continue next looking blackout the to and

Christopher Nolan

Okay, so a then in other guess. I things all being step equal see we repurchases should up

Michael Mauer

We depends trades else. and it it will see and everything on where

So leading or misleading I give want don’t to anything there.

Christopher Nolan

can will I the in and then hop a in way I If queue. different ask back

for your are gives up, that leverage base Given inclined your leverage for ratios or repurchases that you to go target little room are for X.X investments? to that you increased up a use

Michael Mauer

I would say all the above depending on the situation.

Christopher Nolan

for Okay. Thanks taking my questions.

Michael Mauer

Okay.

Operator

Company. Please question. Our next question Oppenheimer state comes from from & your Chris Kotowski

Chris Kotowski

afternoon. good Yes,

Michael Mauer

are Hey how you? Chris,

Chris Kotowski

back just you'd closed to is mean that tax the XX%…? rate, if law go the tax the Good, that think transaction the the quarter, wanted is I in I to XX.X% June an accounting, just new

Rocco DelGuercio

yes. it’s Rocco, Yes,

they blended Reg the and look It’s back said X then thought in the no that can’t to the do I they actually when sent you So same it’s it a right rate. really thing it, at do orders tax returns, to you we as there actually me. went

Chris Kotowski

that’s And of representative taxes? your cash

Rocco DelGuercio

that are higher our you was year-end the at the I’m it when the have why use is and of rate That because year-end sorry, blended. to than June say beginning at again we happened.

Michael Mauer

full-year. would lower the had XX/XX/XX for rate That have the you

Rocco DelGuercio

Yes.

Chris Kotowski

accounting or your cash taxes? that just And the is taxes

Rocco DelGuercio

I Chris, the of kind not sorry I'm heard sure I out I'm and sure question. fading not you're I'm mean

Chris Kotowski

taxes Yes, sorry I'm just you actual trying own. and that's the not thing just an that's cash accounting

Rocco DelGuercio

to we have asking, that tax what cash yes. the if pay, that’s That’s you're

Michael Mauer

are here. book same and the Cash

Christopher Jansen

yes. book, and cash sorry I'm Yes,

Chris Kotowski

you. right All Okay. that's from it Thank me.

Michael Mauer

Thank tax one. wish you. the on you We were right

Operator

have We question Dodd. Instructions] ahead [Operator Robert followup go Please sir. a from

Robert Dodd

guess to I the of same? the a your on little - so your the year tax tax, year just when's on acceptable, fiscal - are followup different and tax, rules [ph] is Hi, return tax when yes, Chris so your question due, your big what’s

Michael Mauer

year fiscal asking is yearend that's right end then have on your the here's your No, around is have what is if taxes subchapter thing, so you're XX.XX. which right you excise due June now your right on you and so based which

end, blocker XXX would is XXX follow year months a So file tax it an [indiscernible] so what my after. will the extension be X.X due

Robert Dodd

right. all Okay,

no let’s can US a on. about to okay just quarter US kind in us So occur gave able any Well driving expecting see and we've and bit you is that quarter - discussion me seemed quickly. obviously it seat There especially some some kind Bird on of color last to you going been much little And mean say, of an mean happen I was to color can on Well, the so what's give to us for you occur Bird, how that? realization just I anything if why oddity that you last wasn't obviously of gave for were Bird, wise recall it any I so

Christopher Jansen

its how you? Robert, are Chris

Robert Dodd

Hey, how are you doing?

Christopher Jansen

the of your inordinate on they a I or didn’t had We it we of quarter We so had and now didn't this day. We know and we had time last it level expect. making totally, for at the no versus quarter, had control a The were of were Good. we profits answer quite surprise end was Bird been kind the months, the generated to We the anticipated but of timing. was question. frankly, personally number unsure over pleasant something of really that of that company no a business. off control were was refinancing because increased working by

Rocco DelGuercio

the this March moved saw million, as to where but about million market from would not we but we And know XX better did the it, come. feeling $X.X you $X

Michael Mauer

their didn't generating, how collecting company much just were know Yes, how they excess cash the receivables. we was

Robert Dodd

get that I that on call where this than request in color I noise if half you, well on last say. just your of a that the I go there publicly, would comment without than rather the Thank call, was that's a shareholders more trading, but guys. past like day earlier a the the But understand question complexity trading quarter as if disclosed common. half that than more kind the day letting a and I'll I appreciate is of think would Okay, you've

Michael Mauer

I appreciate that. you, Thank

Operator

no you We your this appreciate all Instructions] we [Operator Michael everyone. time, time. At further questions. Mauer have Thank

Operator

attending. for Concludes today’s you Thank conference call.

Investcorp Credit Management BDC (ICMB) 5 Sep 182018 Q4 Earnings call transcript