ICMB - Earnings call transcript Q4 2019 | Investcorp Credit Management BDC, Inc.

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Operator

Welcome to Investcorp Credit Management BDC, Inc Fourth Quarter Earnings Conference Call.

Your speakers for today's call are Mike Mauer, Chris Jansen and Rocco DelGuercio. [Operator Instructions] A question-and-answer session will follow the presentation.

I'll now turn the call over to your speakers. Gentlemen, you may begin.

Michael Mauer

operator. you, Thank for all this afternoon. Thank dialing you in Co-Chief joined Rocco and Chris my by Jansen, Investment DelGuercio, Officer; I'm our CFO.

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

Rocco DelGuercio

by Audio to will call Thanks Mike. being our and website is in visiting Any Investcorp any this that unauthorized everyone be of prohibited. today's is property Management www.icmbdc.com. call form recorded, at the page remind replay call Credit Relations I call on is that broadcast available of like the would BDC. Investor of strictly this our

your I may to and would also differ projections. materially include forward-looking like to press may forward-looking call Safe call our disclosure from information these release statements today's regarding attention in and results Harbor actual that everyone remind the projections,

statements not our please filings, unless by latest law. of on visit will copies update our required To our obtain We website. SEC page Investor Relations forward-looking

would Michael this like CEO, and to I call our Chairman the turn Mauer. At time, back to

Michael Mauer

Thanks, few months an us. been Rocco. The for past exciting time have

of that on As last purchase be provided week. press the was in end comprehensive be Investcorp More to is detail our release a agreement interest definitive ownership found associated majority the On which website, XX, we steps with the August completed. elaborated XX, advisor. our the June our of released XX-K the be entered the at into can in on further will and announced which purchase in will

done; Management along ticker changed roles the and Inc. team continue on and entire with of and XX, Chris, of board our somewhat Rocco call quarter. have excited Finance, follow our summarize, Rocco (ICMV). specific name Cyrus's review platform. (CMFN) opportunities September additional and The the positions fund commentary what format We BDC this from I'll BDC. portfolio customarily in composition The ahead then activity in join Chris handful a the will our to of have quarter before enormous we truly the will conclude and investment will we comment financial results of Investcorp are will to our will Investcorp interest outlook. and portfolio Investcorp the Credit CM I see and during with take our on To Q&A. acquired the after Stifel advisor. we for on and detail change the

to companies. our continue of portfolio new investments and diversify reposition and with in industries new to We portfolio

loans, portfolio have approximately We been in focusing XX% first on is and our lien today. conservative first

of portfolio in on focus work club new challenges the have the reposition us done existing relationships. team and direct managing proud continuing I'm some We opportunities experienced a has but through originating the and to investments,

view, borrower to seen we deal when elements tighter, terms, and opportunities more are especially ideal payments other New non-economic which economics name-specific in from than and is risk have maintenance lenders sponsor but perspective. leverage think considering a levels, add we our restricted friendly find confidence,

and less invest a in As club better structured evaluate source us for but space direct loans to of certain, in. moving, lending be slower always, the ultimately to tends loan

for marks, will particularly for the a investments, most the during bonds, This in will quarter few walk year. Rocco and to relationships DIP the leveraged loan, and all our conclude then outlook quarter I'll Potpourri. loans largest commentary of in deals in some calendar with we of then find results. our financial and our and talk club investment topical secondary some about after and detail, through made make over number and activity about Limbach discuss I'll We our balance our club and quarter a investments of purchases deals. market loans of loans, a the this and Chris syndicated attractive

As Q&A. we'll end always, with

Chris. to over it turn I'll that, With

Christopher Jansen

including companies, We Mike. $XX.X active loans. first Thanks had debt in this portfolio and all portfolio another companies. in which investing million lien of We invested was three six quarter, new quarter

the full quarter. two realizations had also We during

our First, industrial cover on and revolver. I'd We funded like $XXX,XXX services approximately to revolving positions. fundings delayed on XXXX draw

We currently. draw commitments outstanding delayed have no

on in of the investment electrical call, for As and last lien we A made plumbing, our Holdings. focused a disclosed Limbach mechanical HVAC, construction. we commercial new loan on services contractor first

as yield power, first of manufacturer for a cost Limbach for industrial on first Our We new and valves loans control, participated the energy at and the a was in XX.X%. pumps markets, lien flow reserved sponsor.

cost X%. is approximately at yield Our

middle XX on large clothing, part targeting products. lien first of Group, and is goods accessories, club lien direct-to-consumer women Potpourri for the also most multi-channel over, a aged home and and transaction Potpourri We're sponsor. is income marketer capital focused the is specialty

joined is [ph] at it's bankruptcy the meaningful cost as reorganization a is We is last the first XX.X%. provided with for was provide yield into approximately set bankruptcy four which existing not June. funding of loans to lenders to a a as on began lien number we in particularly approximately date. depending super about facility months yield loan XX% other but need the filed specific senior Fusion enrolled liquidity first company These DIP as process. The to calculated Fusion XX% Our

the which in We XXXX strategic company acquisition. our good of progress on supports making the basis been since loan the incremental crisis. a has investment for turnaround company broader the services small made also a a provided first This oil industrial loan as lien small

this Our at is new loan yield on cost X.X%.

in and lien loan. price excel small in quarter active in and position small the additional positive quarter. at XX% in position the the sold very when the first notes added par tightened, back we out a positions the May, we a a first during our above purchased position In in Earlier yields our and managing was lien sentiment bonds. We're

cost, yield's cost. the average approximately a Our approximately by as We yield seller million, as lowering net net was our XX.X% on reduced exposure position position incremental the loan X% at at bond new well $X our cost. and to

quarter. June the during realizations small two had We

our and the decided more Plastics price is attractive due was size sold market fully elevated realized holding to position more I period. small position short selling. in which was the we under ability Revaluated XX% to meaningful our build conducive First, and secured IRR a bond. Nexeo to

saw Holdings. we the position those Secondly, Zinc Acquisition co-invest in

Our pleased loan realizations. with repaid When full considered on two-year we a we IRR IRR equity on investment. our had very already and together, three XX.X% Since Zinc. we debt XX.X% made our been have investments new realized investment had equity were in long and our two and quarter-end,

First, auto United we company in U.S. in Services, an the Road [indiscernible]. leading first to United transportation lien invested loan by Road is sponsored service the incremental

approximately is cost at yield X.X%. Our

is manufactured products in very first industrial materials; made for participated out It loan also technology. hard carbide by and hyperion carved from club the Sandvik lien We KKR. Hyperion synthetic hard of diamonds. materials and and an was

Our cost is yield approximately X.X%. at

a by in loan environmental facility J.F. club Group management Finally, first lien markets. and we're NorthStar to focused Lehman. on company is services Services, deconstruction also NorthStar and owned the participants remediation

approximately is yielded cost Our X.X%.

We as well. realizations had three-fold after quarter-end

First, at delayed final an to PR last have zero previously commitment Today do we perspective, value. We Wireless, drug only which we no sold Open although from holding to fully NAV sold debt our funded continue as one Open a to exposure [indiscernible] carry also known Mobile Mobile. quarter. exposure we

was loans Our approximately fully Open Mobile's IRR on XX.X%. realized

quality third We of is also pride [ph]; but view non-core investment sold our and in this the our first ultimately iteration position fleet a it we candidly, position. lien high as

more investments fleet a sold was ability X.X% [ph] XX%. approximately first is realized build approximately Our it our meaningful in and a across this in in to IRR position pride IRR to lien never was Sears, our small the position; fully position we this all We had size.

fully Our IRR approximately on realized small position was the XX.X%.

our at largest services services XX.X%, media Using supplies professional the at and and energy commercial XX, GICS services equipment industry engineering and at June and at construction concentration X.X%. of followed X.X%, standard by XX.X% X.X%, as was at

in Our are XX industries portfolio versus last XX year. companies industries GICS

XX count at As XX companies XX our count company year this of March June XX XX, was at XX versus a stands today. ago, portfolio and

I'd to results. to turn over call our now to Rocco financial like discuss the

Rocco DelGuercio

Chris. Thanks,

or $XXX.X value For March million was $X investment was The our per at portfolio $XXX.X XX, our share. XX. million net income the quarter ended $X.XX to compared June million XXXX, of fair

unrealized investment activity $X.X in $X.X for net accounted of Our portfolio, realized increase losses. our including and million million

yield our of were decrease XX.X%. this basis on average an LIBOR from XX portfolio had major a increase X points drivers investments yield an Our than basis new debt and slightly of portfolio weighted was during new average, which The the XX.X%, our average XX. decline in yield of an point higher investments the March quarter our a which had negative of impact. The for accounted

-- quarter. investments, XX, our portfolio from first were our XX As last by driven first lien lien a continued slight of investments consisted XX.X% focus on portfolio this companies. quarter, June increase continuing in of

in in is rate our As portfolio positions. our of warrants second X% XX.X% in are in unitranche our and rate other lien floating and X.X% of investments of fixed XX.X% equity portfolio debt is investments, June in positions. was invested X.X% or of investments, loans XX,

Our as levered levered XX of investment average and of company X.XX June investment $XX.X X.XX times portfolio PGI approximately as XX. portfolio company million, was our largest We $X.X million. was were versus times at March

million our had cash, million respect with cash, UBS. facility credit of in to Finally, of under liquidity, $XX we and restricted with capacity $XX.X revolving as our million in XX, $X.X June

XX. of Additional XX-K included be filed information Form will our composition which will the in September our Friday, portfolio be regarding on

Mike. call I'd that, the back With to like to over turn

Michael Mauer

Thank Rocco. you,

returns. focused quality and yield maturities, target of across in and and know, loans, investment markets. As returning peers even We risk flows bonds, We is space with We mitigate syndicated BDC loan borrowers. portfolio probably materially the in the trade-off risk the principle. grade our try to on than documentation, diversification between returns we sectors, and cash geographies there higher the that of all a or high

the the and of reasons structure in in e-yield environment. to now have to managed the reach current do portfolio the capital XX% less we lien down down second XX% than XXXX generate today to We from in not portion investments see

our market have to especially out Fusion due bankruptcy the cost the failure to and time to and with transactions and in We discussions is the any X can which deep active with lenders, of with distress of issues. valuable team interest defaulted performance has Fusion integrate of been bankruptcy in in [indiscernible] ability ensure investment strategically extent on participate out expects borrowers principal we when a liquidity October. exit advisors possible to that payments resource an manage in combination a company. since also Fusion to and other June have and council, acquisitions. it's we advantageous Connect our for to ran economically investment background currently factors, lenders, on and April greatest due

work to advisors Management's hired company committee, advisors. lost the meaningfully XL Lenders both major of previously working May, being and reorganization capital towards now a transitioning structure with uncertainty as the largely counsel the announced we're that are guidance and discussions and ownership an ongoing. CLO-based major in deal customers. have developed it's There is is the of of plans situation have unexpectedly the a loan group. adhoc business. still great During are segments was from Business lowered formed announced

the manage through and yield would down market EBITDA level reduce the loans nature that bonds in As which under levels charges restructuring pressure. apparent trades, trading in high appears run is Technologies company if position these liquidity current at Chris actually sentiment sympathy. operational quarter. are negative XL explained, actively the the Since XL's our it The permanent put rate trading our most with markets in the of be we to to the charges consensus true

by The continue is of the loans lien liquidity to fundamental that $X.X expect view has markdown manage current sentiment coming first Trends the quarter. our and be over the multiple in second We overly shift pessimistic. an position quarters. premier the Our in in we is challenging. levers market and services results aggregate company this million global to to PGI's

is manner sponsor, continues confidence sponsors, with execute behave we continue lenders longer be it's us in the upside management's reasonably see turnaround over and model in open and new with industry to professionals. dialogue the real the a PGI's to we ability transition maintain That said, to and business our with the to fellow line supportive potential an Sears term, gives company's and in in Capital, a that the We're optimistic plans. business

Basin supported DJ are made is Permian it's concentrated. and We currently or We've been as an this as grow this poised diversifying as exclusive the capital multiple since incremental quarter provided We revenues outside highly term company to historic to restructuring an of loan a out-of-court XXXX and AR well a XXXX for focus through debt. on help and acquisition term the purposes working trenches into XXXX. support remained has constant still focus Wyoming. an for cautious acquisition. us provide revolver the

conjunction in we the CFO. new acquisition, a process and in are hiring hired with a the of have We CEO new

to has our U.S. difficulties with continues it's structure an Deluxe lenders in Deluxe the results independent company, entered segments. That other coming capital Canada and within the to parent to perform RSA into targeting and said, is are well expectations. it's well it's business in reorganize Entertainment Services weeks due their

We parent, Canada. advisors with with to most are and and to to in club dialogue fellow especially, the Deluxe our active U.S. lenders lenders counsel,

expect We business may for underwritten RSA well this our class. that with there the some but our was associated be impairment disruption contemplates and no loan

deals are portfolio count fund creditor gradually reposition the negative this sales to borrowers several opportunistic from purchase with of for the events number in and used our mid-XX's the of to progress increasing club We've quarter, portfolio our the to Despite We've make the and continue mid-XX's company our of portfolio loans. help we the the new today portfolio. repositioning. increased

are pipeline to in a in have we X.XXX quarter Last the leverage of I We committed June XX context. several moving addition, In guided our we range. target X.XX XX investments to new towards in that as target would either the at were quarter in expect be fund that our that or the near-term.

of our waived leverage. As not I in our XX with We fees management of X% management the XX quarter for management portion excess leverage over the fee. next advisor cover We did will -- did quarterly base wave and previously associated the over our with fees XX. base not of June above excess stated, dividend NII earn on incentive fees

do to quarter. fee September our incentive earn expect the We cover and dividend in the

of of payable on Our XX, per distribution XXXX Board of XX. $X.XX the for as Directors September declared ended record XX, a October to share shareholders quarter XXXX September of

negotiation secured as our to period shares. blackout investments that any or our XXXX maintained generate been since by changing extended Investment from dividend level are CM is lending to our without have ability focus we Partners our between quality opportunities. confident this the the have of to reducing an purchase unable transaction the March and Investcorp, NII of $X.XX We at Due we're supported in additional and of and such

extension As of XXXX. program a the reminder, the board million this X, through $X approved May

I two would on update ICMB. components of commitment purchase their commitment. There also are Investcorp's to to like you shares of

purchase next XXBX NAV. purchases that the days. execute at commencing And us is expect Investcorp program. make has there open to First, commitment told to they market XX both under purchases a to secondly, shares components under within the

two Lastly, further I while the want quarters to we've emphasizing progress. and to ago we finish make begun to portfolio by started only it, reposition that diversify

As we as credit billion a additional has being of run part repositioning. $XX $XX of Investcorp, over opportunities over sourcing with the enhanced of amount, execute platform larger that this which firm rate have AUM, leverage to billion a resources and we

line the open please Q&A. Operator, for

Operator

[Operator from question. Instructions] Please Our your first question state Christopher comes Nolan.

Christopher Nolan

dividend. the Hi,

first loans, the the anticipate forward? recovering to dividend going your of how lien migration Given leverage due you ratios high do

Michael Mauer

and currently dividends. will a in target as between X.XX, we quarter cover look and we it's at the the our constructed As portfolio XX

Christopher Nolan

then, on yield skewed by basically loan? the the DIP this investments And was new higher quarter

Michael Mauer

No, it was not.

does you look not investment; concentration. loan additions XX they between at very, X% If well it things. about is small yield; no XX% probably dispersed so the were DIP high very so additions, or affect at a and to The was principally disproportionately

Christopher Nolan

comments above Great. one-to-one is And on fees me. It final waiving Mike, all base clear fees to waiving would that debt-to-equity, wasn't one-to-one? be; above your question the management management

Michael Mauer

waived asked. I'm to answering above management will of want make XXX% question of leverage. management X%, above just base one is X% a above was Any not be the base that fee turn fee the I sure

Christopher Nolan

you. Got

you. me. that's it for so Okay, Thank

Michael Mauer

Thank you.

Operator

Please next from Our state Johnson. your question. comes question Paul

Paul Johnson

my Good afternoon, thanks taking for questions.

value? market know So I'm I'd so, those you presence we're managed if enable billion assets? little take to not, middle the in brings going of any $XX in credit I to Are they of U.S. start, a in terms not or I middle And Investcorp's aware And mentioned bit think assets. or of market. Investcorp to that if what -- so

Michael Mauer

is, since those becoming XX equity. middle rationale definition, credit, middle the none that the years part things. us market, Investcorp, So, was platform. been in XXXX and it market couple One strategic of of for around by approximately is was Investcorp's of it in private are

very billion they middle platform overall, U.S. It prevalent has of the than the the bring of who side. little and very, the U.S. in banks. equity syndicated It across side $XX to lot trying in of $XX are the dialogued half it's brings So billion in and to the has regional market broadly the market got brings the were less is market in table large it equity to a a that prevalent also middle with parent credit lenders that underwrite street to and which dialogue. middle private a table

really over times several middle people it some who for looking who well not lending, very not. and who very calls as out been of have dialogue reached know they in has has but others Investcorp, are did did So market which are the last up where have month, dialogue active before gotten we a that that from with there the I've and we well want ramped dialogue to

Paul Johnson

the as then, so far believe I so XX. on And -- October transaction as Thanks. closed

[ph]? see or will do yield away? already So improve you flow mean has to that are time more ingredients you it to think guys take starting right I changed the

Michael Mauer

the on, come starting, which the already is weeks interesting and is have into. we're the think not to answer is interesting in two we've which us I digging two is the word that of that other EMLA passed was yes. Well, There last just one [ph] in, having deals

ramped I as think a near is relationship. the nowhere it what up a result say is So, stage had of but would it I started

think take will at other from to capital looking I to or ways platform do more those broaden will ramping private are alongside funds up AUM ways are discussions. having and importantly, several those that or the whether more And we months, also not facilitate that.

Paul Johnson

X% NAV, as that. then, as BDC. far for at based to you basically of And plan equity Thank the into Fusion equity their inject the

days clear, take the years? you that next that the execute over be that to within that expect is say XX will next two something they place Just did to or

Michael Mauer

XX discussions Paul, will about We the next are expect. happen is days Both have [indiscernible] it they they begin the it them market. with will in the open what within told in how us but

Paul Johnson

And it. any investments, the may; more, investment was [ph] stressed mark your or last just from then, could two in going larger Got to hoping provide was one color PGI I if since you I that on global systems update short your quarter?

Michael Mauer

largest you hard managing continues as operate there. be Cereus positive it's of so is it, it's know, their about that much investments very we to say the very to and one [ph], would investment. they Listen, that continue feel to on the I equity under way sponsor, say we NDA What focused active, are

Paul Johnson

question; for earn quarter. to earning those as next outlook Thanks your for outlook the you your full announced will sort be incentive any as fee credit my include I with you of then dividend into expect you that your losses assumptions? that. baked -- along know far said an last And fee, incentive Does

Michael Mauer

but the that we out next and in happy we is details. question incentive that dividend, and we'll X how if what is We here moved it we any objective it have at cover very is into over we're management the or we incentive and earn the to to continue look to over repositioning the going will our portfolio, earns how continue of think we the the the that much the dividend, there. term we've out that, without fee covering dividend portfolio more then as run done base the But models But towards probably fee the be figure months. what we earned the diverse we'll portfolio So, of against fee. -- medium near the

Paul Johnson

for thanks all Okay, this taking questions my morning. of

Michael Mauer

Paul. very much, you Thank

Operator

from comes Please Robert question. question next Our your Dodd. state

Robert Dodd

is there I'm excuse office, guys, the noise. me, if airport, of at so background out Hi I'm

this the On at we if down portfolio look dividend -- here obviously at going I income up the NII stable, principle and obviously didn't to question, Dividend investment total back closest materially, cover sequentially. mean, yet sequentially -- quarter. on the and different were was unforced accruing was

next So with give there about more why your you and portfolio could why that through was trend of expect color you growing quarter level a kind that to and dramatic some quarter? -- exclusive us decline the levers than stable, confidence the

Michael Mauer

I'd we I we're Robert me. to pieces it prior are thank I because one Number of requires was bit X.XX, have have the believe at it in and from increased under right two front explanation. a question a our you bit little for so is, -- it little say of there that don't quarter; leverage

some of quarter end a ratio. we're or a bad necessarily in the range thing X.XX which that we I be that something into leverage but of repayments get is the quarter think which will not targeting to unexpected As be that the XX would affect barring to like

balances had unsettled quarter-end start poised interest, is The investments, piece those. were thirdly, we should going fully was into we cash into as of should the that it settling that the quarter we on they we going then it where and made as look had December so the we delayed deployed far quarter, trades cover be going September the to And the when second earning deployed. into better shape we we during at the in

Robert Dodd

started coming rotating with been since the portfolio three in NAV ago. -- Got the in fairly it, mentioned steady portfolio Obviously, trend the then prepared mark has thank you. through. your a you remarks, reposition as downward about And you quarters there

to that out? NAV see until repositioning. to continue those we repositioning, of of So washed of continue get and Are going as the finalize some assets portfolio is of to slow this there attrition to read kind anything legacy into portfolio NAV the you attrition

Michael Mauer

as value of Well, the felt fair marked the was I we quarter-end. it mean, it down, we if down would have

talked should talked do and the both they of where we So about over or XX Fusion; we lot we out. I and I will those about and we don't won't, XL days have some clarity the next coming that on a more think positions restructuring have know are

indicated I if has delay are publicly they they said year, the do we a on they in see from the going they to XL present is work the end through their think where had restructuring do, to through which that timetable what that but obviously it right now. charges also expected are upside they it of

So answer a there is still don't offset for unfortunately succinct I… is uncertainty so very there, Robert. and Hopefully, you, I have

Robert Dodd

That is helpful, and that's kind of -- where the question comes from.

You from XL not I still in maybe while commented now. the trading ownership a there? be so I is put pressure group not permanently, just might like right, oriented on values mean, distress it's that of near-term, tends that rotating something mean, the kind the to on CLO-eligible? risk fair that CLO-type values maybe more activity or to doesn't

Michael Mauer

values wanted Absolutely. you would fundamental; not say on group actually that's large correct, and that transitioning, When because that observation taken pressure I who those your have technical, is people to further. are have one any that's hold. sell step the you not

the side, because or it the never purchase they at and funds people buy. if distress, buying On are be significantly not the are are were they tend seeing are buying, value hedged value buying if tend be they who price people seeing to who above value where they see seeing to other they they and whether

Robert Dodd

big what is to understood. obviously that Got is while used now point I with guys this today update there? we been don't think in it I be anything because past those a for share one I it more, the but I've one on this other monitoring if it [indiscernible] hasn't on it, a know know portfolio, but any than going number one And you big the don't discussed position. was at yes, obviously, position how your but guys? have

Michael Mauer

that a we from last the and a revised to volatility is down over bit Yes, it X went X the -- public dataset months.

what say. two months expected out some months would last long-term, I'd we've it's way the have it seen too it we positive be would to the playing and news, Over

The XX thing at they you and when revenue Commission they months very, ago. on State other go weak look week; York can the is, of opened very publicly New numbers by were Gaming

the open the spring, this and things. of it not some still they golf course do was or -- but all of opened As nearby waterpark I they and think definitely other the some opened it's have things, village the had other

can you say their want in weeks, can that they are but off little -- to the top have weeks Top revenue could you of been last see one basketball of only weeks So far XX that I XX of be a there will as help those go neither sport around drive a and [indiscernible] [ph], it hopefully, there as think ramp it as NFL weeks at continues it piece as don't in our and today business. became of the drivers football look September that overall biggest X, identified two has that there to probably will and NFL help incremental it standalone will in that traffic book too. significant is and on football, legal as NCAA be but to some the The it. revenue up. is college college be it tends separately And four of view but and I

Robert Dodd

And that… top on of

Christopher Jansen

the parent -- continued it's parent as but their public The be to a It's case there fund continue to to funds public from in Chris. in documents has is the needed. filer owner; just fund are supportive to continue a and commitment

Robert Dodd

I appreciate thank it. Got guys, the you. color

Michael Mauer

Okay, are others? there

Operator

Yes.

from question another Please Nolan. have go We ahead. Christopher

Christopher Nolan

change just XX a look calendar Is look with a the that's that and way that back. quarter from management the correct quarter new at a there is back back. I Hi, it? look see of looking

Christopher Jansen

current reset. quarters XX thing it quarter. Chris, same -- just It's including the it's No, the just was it's

Michael Mauer

it's -- XX, back. XX doesn't not it rolling always a calendar, it's So a it's

Christopher Nolan

Right.

you. that's Okay, me. it Thank for

Operator

At we no Instructions] time, this questions. [Operator have

Michael Mauer

Thank several forward operator. everyone. Thank you, you to in We very speaking look weeks. much,

Operator

attending. today's conference concludes for Thank This call. you

Investcorp Credit Management BDC (ICMB) 11 Sep 192019 Q4 Earnings call transcript