Earnings call transcript Q3 2022

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Runway Growth Finance Third Quarter 2022 Earnings Conference Call. Please be advised that today's conference is being recorded.

I would now like to hand the conference over to Mary Friel, Assistant Vice President, Business Development and Investor Relations. Please go ahead.

Mary Friel

Thank you, operator. welcome quarter Growth ended and for Conference everyone, third the September evening, to Finance Runway Call Good XX, XXXX.

the Chairman, Chief on are Financial Officer and us call Operating Runway Chief from Joining Officer. Chief Growth Tom David Raterman, Spreng, Officer Chief Investment Officer, and Executive and Founder; today Finance

and quarter Relations from accessed Runway Finance's Investor third XXXX released Finance's be results Growth were after can just at investors.runwaygrowth.com. website Runway financial today's market close Growth

Runway our We web of playback Growth have at Finance's call for arranged page. the

that During economic I cause may to from The you time identified make other and are without not from that to are differ factors remind forward-looking with the this in are forward-looking the other guarantee surrounding conditions in to expectations. statements historical changing are a uncertainty on and this subject SEC. time current results forward-looking could of want to COVID-XX statements, call, forward-looking materially performance the that statements. actual not purely uncertainties statements pandemic, we and limitation, including based our statements These expressed filings those call we and on factors the future

incorrect. any these prove a Although the that assumptions are on forward-looking statements assumptions to the result, assumptions those statements we be are those based which reasonable, can be inaccurate, believe as of can forward-looking and on based

our To on this Growth made obtain events. obligation filings, undue not Runway place forward-looking update no statements are reliance on statements these visit call SEC-related should of to or contained The of You hereof, assumes please statements. the forward-looking as copies website. Finance and date subsequent the forward-looking

over turn the to that, David. With will call I

David Spreng

overview this discuss thank market the results. for of update. brief joining third evening an quarter, start to you, Mary, quarter you by highlights operational a all providing Thank and to and I'd like our us

third fueled against strategic results record by and net Growth our Runway initiatives. quarter execution disciplined generated originations investment income

which built has operating process, with upside navigate of our provides platform debt the for downside credit-driven equity. the Our been investment all potential to weather-proof success underscores of Growth's protection environments. Runway

a Growth over marks call little year This public. went since a Runway

our for build expansion as believe we with to for we that believe would the we the to opportunity peers. in to lending among ROE and portfolio stable venture while be As a we growth, public this life market. We partnering the late-stage what do growth, had portfolio we prepared quality company, significant deploying prudent knew most highest by portfolio accelerate leverage venture companies

This for of losses; $X.XX $X.XX share. million, last and zero to balance net ample our year share run Over realized diversified nearly room the consecutive for fundings $XXX increased company credit has to X.X XX% quarters XXX from points sources; capital resulting per with for been and historic sheet basis believe balance to portfolio leverage gross growth; in we and expanded our quadrupled year, into a strengthened delivered of dividend XXXX ROE times; four XXXX. XX.X%, our Runway per has is Growth the our ratio recorded to there

some for partnering highest opportunity compelling market. in for that from are a represents investors Growth looking of the returns Runway with generated growth companies stable quality the

the dive into Now quarter. deeper let's third

and our deliver debt high-quality to secured and pleased senior ability with originate We are portfolio structure investments significant growth.

tailwind continues differential remains to a the increase. for we platform. year, our cost And the that at equity between the As and debt predicted of start capital

market the environment. built amidst seen, the the strongest has financing current team which demand investment Our demonstrates our for we've growing solutions pipeline

ownership positions quickly in seeking equity. raise that We're financing choose but can preserve Companies in to that rescue our seeking expand the companies nondilutive up are of weeded next the take capital companies and development pipeline their without giving not are to step lending their equity, are out. Many in to businesses. order to significant

our million new $XXX including in This new and quarter delivered portfolio $XXX represents commitments, existing third growth We companies. investments loans. portfolio in nine of completing million historically, strongest in funded

In funding quarter to addition, transactions $XX we subsequent totaling end. million two in closed

increased core in ratio quarter. to our the X.X X.X times from third leverage We

the demonstrate XX% our in from strengthened investment prior facility, year period. we our the of $XXX million Net Additionally, on We momentarily. and additional XX% million million This assets from the solutions. income in These third will $XX creative position respectively, liquidity end quarter. our is for of the investment year period. provide by demand Tom results, delivered KeyBank $XX upsizing credit details particularly up total financing the and prior $XXX up of which growth, income net XX%, million at were the quarter, and the

strength the result is pleased consistent are with and a our of This credit processes. underwriting of monitoring quality. our We disciplined direct

consistent mitigation We companies risk through the work Our risk throughout ensures a our process quality. competitive method stable view we We see with loan-to-value that We credit edge marketing key portfolio of monitoring these our that loans. Growth process achieving believe and continues preserving investments can life our and yield. mitigating accurately Runway a as while to are comps.

grouping we For loan-to-value consistent were held at in XX% the loans loans, loan an value to in for the XX% QX our end QX. portfolio quarter. dollar-weighted comparing third this the that In to apples-to-apples calculated and of of ratio the consistent at comparison,

to be we an valuation. takes may to metric this value, conservative extremely it diligence, our credit more because due accurate conduct said, loan team to approach is call this our we've whenever As

from our enterprise last fundraising. We're frothy value underwriting proprietary companies' Growth used not Runway of basing a round to has always solely on portfolio evaluations. rigor the processes insulate

tailwinds than the PitchBook well decline. previous continuing value, industry by slowed was constricted to were increments Late-stage U.S. believe deal late-stage to other during QX, which smaller in capital XXXX deals years. continued contribute of According but lack equity but from late-stage it's company to liquidity. above words, The companies we levels. down still further however, Data, momentum. XXXX, environment In start-up two median Growth's are raise venture and to rate Runway activities ahead, a Year-to-date, will rising Looking interest

companies terms for In which onerous continues surpassing means debt U.S. being at billion year was We billion. grow scaling believe value value on reach execute additional as value third deal they're valuations. quarter, smaller late-stage late-stage and to to deals a focusing profitability, dilutive venture exceeded $XXX XXXX, year-to-date, total deciding $XX embrace the as offered venture was to full deal billion lower growth, more because $XXX avoid and Similarly, are back capital companies milestones and the equity financing. debt

we to attractive. bodes well untapped is only and for capital, Growth's This debt more trend points nondilutive venture which believe becoming potential Runway

positioning VC debt of venture alternative to are utilized positioned support increasingly debt for growth. is to We an new as as are needs equity of the to take being complement More future declining companies entrepreneurs. valuation at runway equity, or advantage looking

Given a market, the the have forward public we full we to look year as momentum our company. closing in out calendar first

it Tom. over turn now will to I

Thomas Raterman

evening, everyone. to Growth in second and $XXX investments in good third loans. new companies David, the in million representing portfolio X.X which Thanks, in $XXX portfolio Runway new quarter. nine funded included million and from existing the commitments, Runway's completed increased rating X.X average quarter in weighted

have credit five one rating five, on rating. where risk our to to on only rated reminder, a non-accrual favorable represents portfolio we one of continue a most the At one based company scale quarter and end, is system As status.

lender. risk monitoring to it of underwriting with form due for diligence with back This we along our to nonaccrual management portfolio We one optimizes operation on that attribute our deal conduct terms order If bring the subsequent work companies. our and analysis extensive with we can us we We and to informs this partnerships meaningfully our while goes protecting of programs. loan, status, a borrowers. companies best evaluate as ways interests performing the

for term positioning to payment. sheet to is companies passionate from mission best-in-class, support late-stage success that Our lead entrepreneurs final by them

quarter, $XXX.X sequential increase the investment treasury At third excluding the bills, value quarter million, had at and million increase XX%. XX% million of compared end second portfolio, year-over-year approximately period. our of fair a approximately represents end and the U.S. the $XXX.X to comparable prior of a of for of $XXX.X year This a total

from at third $XXX.X compared $XX.XX XXXX, the million second NAV end million, XX, decreasing pleased was quarter. the September slightly NAV, levels the at quarterly our reflects our the basis the of net a had quarter of assets quarter. Runway by to share material per at our party, Growth with $XX.XX of of $XXX.X position of in end As marks. on the stable industry-leading scrutiny. in which of third we confidence feel Every We're ensuring portfolio a second is reviewed end

attributable From see stable encouraging to our we continue an proven growth-stage terms late- environment focus more spreads are favorable business models. to on companies spread slightly are becoming lenders. Credit and with and a other credit perspective, to

believe we have portfolio impact XXX% Near want the respect to environment With yield investment rate floating of rate rising portfolio interest is income. comprised a remind loan and assets. term, to we our current net positive on rates, will everyone,

repayments, in the In $XX.X XXXX. third principal million in a of million the second we quarter decrease quarter, received $XX from

We become making could prepayments. targets difficult remain since future activity opportunistic is any acquisition so we companies that expensive That and it predict to markets expect challenged. refinancing equity attractive prepayment have slow late-stage in environment, said, to

to income In and $XX.X compared an income of our the driven third net size $XX.X million of investment million by $XX.X the portfolio. increase third million investment the and quarter in quarter, we in of XXXX, million of total $XX.X generated

XXXX. as the yield XX.X% Our weighted compared average debt the of for quarter third portfolio annualized quarter generated a dollar for third to XX.X%

expenses. Moving to our

quarter, company. incentive related an from XXXX, For by as the expense $XX.X increasing the a expenses expenses driven total in operating third management $X.X increase fees, public interest million third quarter million, well as were being of to for fees,

$X.X compared for third for performance-based XXXX. million Our was $X.X the quarter the fee quarter million incentive third to

fee in of from was portfolio. XXXX quarter up to million $X.X due third the size average in management base increase Our million, our the the of $X.X

a which $X.X depreciation third for a We of the the quarter, the gain XXXX. public realized PivotX $X.X recorded unrealized largely of decline quarter net fair of million third loan $X.X net million had and the gain net in quarter, our million compares FiscalNote. equity in to in of of for realized to third value due Runway holdings to

the expense the during of end interest the second from Weighted average at XXXX. increasing quarter was X.X% quarter, third X.X%

End-of-period part non-dilutive strategy respectively, funded the quarter of to the third asset XXX% quarter in as portfolio XXXX. as investments were coverage generate XX% leverage was XX% to compared All second leverage XXX%, was the our of growth. with at and and end

XX, capacity our Turning subject all liquidity. million, including unrestricted under XX, XXXX, of $XXX.X cash terms credit respectively, $XXX cash existing to total equivalents, and and million, This million $XXX liquidity available compares XXXX. and our to and September June our $XXX.X At on was to million facility, borrowing conditions.

our to fund million third $XXX with million position our we debt During from liquidity KeyBank the portfolio by quarter, credit capital. upsizing strengthened to growth $XXX facility cost-effective

issued million we $XXX.X during notes addition, the unsecured In in quarter.

in deploying while maintaining judicious be quality. to credit capital at Runway favorable continues Growth terms, market-leading

credit cycle quality our a across including is of entire rigor sourcing, negotiating, the underwriting monitoring. reflection Our life loan, a of and

our An example of is pipeline this development.

where targeted want the with we're are we industries respect very We in to to and go.

more crypto Web X.X no than are in time. with why the current to we exposure We the at is which concerned being early returns adopters long-term space, have and spaces this

We every will prioritize credit continue at stage. quality to

lowest backdrop. current macroeconomic Runway the leverage among With BDC positioned we is the believe industry, the balance strategically sheet for

We for to first powder to by the disciplines it use the X.X core target portfolio, credit leverage quarter times We and have is which on achieve our between judiciously. X.X XXXX. remain dry and of track

builds, our earnings leverage unlock will full the potential of it we power. believe As

without earnings the turn, have to our equity. portfolio ability We raising in grow and,

we have account taking equity targets by million to our $XXX the our approximately core Before leverage markets. returning prepayments, exceeding ability to or portfolio the without grow into

We return allow flexibility to for also target in great leverage upper of believe us exceed any would to our strong periods portfolio time, the market. quality equity providing timing us our

Board XXXX. this XX, to on program a Growth's common purchasing million Runway used quarter expires stock stock. of of shares. year, $XX Earlier The management active up our the Growth Directors was program repurchase during approved the program to Runway in acquire senior and February

per fourth per of fourth from Finally, X% consecutive share quarter on $X.XX and of October increase. dividend third dividend share, $X.XX increase XX, quarter XXXX, for the distribution a our XXXX our our a dividend board declared quarterly of

the as companies as flow by deal the preferred encouraged in venture-backed momentum for to lender minimally Runway I'm turn dilutive Growth, latest-stage capital.

our expect long-term intentional to As ROE enhance value. and high-quality we we leverage loans, of deployment shareholder originate

concludes We'll the now questions. This open Operator? for prepared our line remarks.

Operator

from question Instructions] Schleien Mickey [Operator first you. will Thank from line of come the Ladenburg. Our

Your line is open.

Mickey Schleien

evening. of good couple a questions. David, Yeah,

intact be SOFR to or remains environment. interest You capital the talked will understand which of we thesis investment is that of demand sort environment, in under rising you sector at the fact about how for the your this the attractiveness looking as funding the we're to the type of And further particular, I in understand market? it terms in in volatility whether rate impacting LIBOR opposed just provide. suppressed the the your of refinancings, organic want

David Spreng

Yeah.

we The they expensive So equity. with But with out, remains major debt were, bit more equity coming is question. debt great And tailwind as than dramatically half cheaper you highlighted, and rising with today's is little is, market, where getting more rates. expensive onerous in interest of terms. as pointed now, that valuations a

particularly dilution. the debt expensive companies, ones raise they to as solution less venture-backed -- want if at from So ones, are and Certainly, better less deciding that a equity expensive best to, a the could solution. are not looking

is it's in loan average interest you really up factor portion double with the going what if not point value However, of on the is have consider investment. additional their money of the these cost they cost consideration. the of of from just of a the equity a far expense interest. their they sub-XX%. any in double meaningful and to interest is the their are of for business, exceeds terms the value the but and of And view, do without return giving any line And The it's budget big their to companies. to top not higher, that's process, the can what's And

and have or fortunate a just for people rate amount rates. really that. So not we're really we do have don't of mean I zero had fixed fixed loans, looking to pushback huge we

the course, really return we still investment. of but market it's than good still like we from and and is, our don't equity the rates, feedback -- rising get So cheaper a on

Mickey Schleien

you even pipeline. the of your the the of today So, you would David, gave importantly, characterize with just perhaps those more in And how comments pipeline size a year us versus mind, quality ago?

David Spreng

Yeah, I'm glad added that. you

and never never this quantity but quality, subjective, bigger been is So the has higher. and the been has

folks hedge the most exited example, pre-exit the us. SoftBank. latest of are the companies of the call quality -- also reasons So associated the stage to some the the active it, money equity, higher highest funds, course, of that I that with fact providing, is, of would one for have coming that's say, expense the but were even let's in possible market, And

that's capital employees gives you press Some funds feel all the not raise competitor because very seeing $X it billion, that really And to honestly not that of kind were could at a good dilutive. nice today. equity release us, if the of and it of then you we're makes a that stuff, but that

from of equity. So as a competition never the we're there's result, been higher. less companies And the quality has seeing

Mickey Schleien

My trajectories such performance input down. BDC at we've I relative appreciate the coming to Or margins -- we're In high but or this that with companies seeing your how at question, by of space? and generally I inflation, not -- growth been less more mean, I'm companies affected the yet final these look revenue sort BDC. the environment, the portfolio in economic typical sure of in true portfolios growth that line that. they Is economy producing in that to cost we're increases slowdown your are also seen? venture haven't the

David Spreng

it's Well, generalize. difficult to

growth a very the across in portfolio diversified and broad tech, is have much three very life We still consumer. whole, On mode. segments: portfolio sciences

and by most companies, large, having or XX four I I five their XXXX. out changed it, reduced part, of mean, roughly for five for companies forecast think But have plans. some you're -- their seeing the call

the and the year, I'd we most more And that put we're still tech the that are verticals. sciences this early end in are the impact together companies they last seeing life consumer say plans of than in achieving at So revenue year.

Mickey Schleien

asking to based more you to see companies? started And being sorry David, And questions. these before? just commented, I'm for projections have But you what on keep conservative to they were where XXXX relative they are

David Spreng

official, to let's of XXXX plan course, we, see So Board-approved company, for the every really a started haven't we have but call yet. it, plan

I So feedback. really you give can't

I taking say, talking to companies, cautionary in view. they're Just a would

being grow but probably course, and little thoughtful going want and continue B. Of on they it, invest bit a growth, they're still to to plan to a in there's still they're more

expenses to is paced, say of of we slower really I relates as that otherwise. the I'd companies, might especially Like need all but say. hiring, being biggest And when maybe it for bit one it's our only almost and it little we'll because would than we hire, a have

yet. we not XXXX see So official have bottom plans to line, no, is, your to my question answer started

Mickey Schleien

That's evening. Okay. this your for very you I me time. appreciate it Thank much.

David Spreng

you. Thank

Operator

you. Thank

Compass line will from Our Alexander the Casey next question from come Point. of

Your line is open.

Casey Alexander

I delaying with at call o'clock. but And evening. in o'clock stressful o'clock. X less diving it's for till X you your good it's at Hi, actually pain else know everybody X thank

So appreciate I that.

David Spreng

you appreciate we too. Well

Casey Alexander

had from, your reasonably came compared actually across environment what originate, especially your they give is of of this what robust paybacks You the seen ability size. and Because important venture your much are? as is us we've as the you where to debt almost to and repayments of universe, encouraging. recycle investments color some sales to seeing to relative to ability as quite circumstances some actually in Could

David Spreng

to have one works, know Yeah. overall by the to public prepayments get Certainly, provide did some -- We actually Tom We make transaction very get comment, that's in that. Well, and been if we'll looking that that. details. we'll M&A there's me go SPAC. plan if But or know let just an difficult then project. about company are an about company a public, is did can

it's warning, to we plan. -- get we're So a of bit hard little but

IPOs fewer of an I going SPACs. probably of less inevitable to and see business. certainly we're -- think activity, And And is it any less our so M&A part fewer

And the mergers, to more think where together. the So will companies a year, next merge down we're for we probably two it get out. good that see decide because to but refinanced can usually volatility be slow if private-to-private to venture the I want or I bit over we gives want a expect to us us to situation in if going stay option

know, some want specifics? color I Tom, add So to do on you don't

Thomas Raterman

loan. were that I thing SPAC -- allowed there would still little And syndication. a us to the company refinances, for just of that right participated of of was was This diversify we broader which sources, two bit. in some exposure company say the to one reduce funding the is but a both in, its it because to the do for our stay which

of late-stage companies some always terms predictability, that are process and very in in flow that could are opportunities there attractive think of evaluating I through.

So But recycle, we level that predict, do XXXX, robust We'll expect less it the and period it as amortizing. opportunity meaningful. from are -- will end won't but probably start will expect be be more of loans M&A into refinance. now some do the There we but again, converting interest-only be to are of as hard to recycle. the from still and some reasonably

Casey Alexander

Okay.

Secondly, that pass a even lower terms than where of a cadence your back, of million dropped quarter and occurred kind And first In came was just over the level I'm oddity about jumped it I quarter. that the in income? the right an this that a PIK And And actually how $X.X just is quarter, this one it Or to just in that about? was noticed. you quarter, quarter. income it gave then second how up company? in second PIK curious

Thomas Raterman

on been collection had the Mojix. that had been the That of was that the -- PIKed PIKed income interest

was that Mojix were it and sold in to with a to we to deferred long-time And you long-term quarter, see through second it non-accrual a all PIK was five previously category therefore, loan. sale. recognize company We work and able and If remember, that plan income. had

the was it quarter second -- not it's aberration. So

Casey Alexander

right, you you. All it. All right. questions. explains my Thank thank for Great. taking That

David Spreng

we And course. of should Yeah, clarify.

loans of As business, cash normal course are paid. a our

So situation five that that after got workout where just we all was it years.

So we can the right, go to call, all next please.

Operator

you. Thank

come will Bryce Rowe of from from B. next Our question the line Riley.

open. is line Your

Bryce Rowe

the Tom, taking asset sensitive than bit were of end you. It looks more very the at I end my ask wanted question. to, evening, you for June. of almost here like Thanks Good you're much. thanks at a September

asset last you a to point jump, in basis quarter I on a think will move I impact that not versus quarter, mean presentation what's look if $X.XX quarter. last this in but driving of from $X.XX just have sensitivity. XXX the curious increased huge positive LIBOR the NII

Thomas Raterman

Well, notes. is quarter, the we've third second the fixed $XXX now during portfolio rate during million but floating rate, added still in the --

So goes to rate revolving SOFR not were we're against if as up, the matched SOFR financed interest it fully the as facility. credit

the in benefit rate of new structure. get capital our So fixed two we'll those tranches

Bryce Rowe

Okay. And favor is you a then, I other here, good think That's which remarks, of stable prepared David, spreads the being to helpful. might your sign, mentioned terms but lenders. in shifting in be Thanks.

that to wanted see possibly just comment. on I if could expand you So

David Spreng

Yeah, of course.

either So thing successful able care tighter our And terms view and stable, covenants just in The which covenants, package spreads warrant sense potential marginally is get the to importantly, where beneficial pretty the been able warrant in parties. are get improving covenant and convincing we and makes we just which properly we've borrower. better as And and covenants a we're them that coverage, for pretty to is good. borrowers that the structured that position. the to to about, communicating we both see or most at more lender both

Bryce Rowe

maybe more one Thanks. Great. That's then for Tom. me, And helpful.

for existing upping is adding their commitments? to lenders increased the revolver, that the level highlighted if commitment You that? just you're curious lenders Or

Thomas Raterman

No.

And are lenders at sources always lender QX. we well frankly, with of the to of (inaudible) $XXX and continue as there's end facility, that looking on million that, to our, -- we're We the adding million debt. of $XXX the diversify and we'll do at all base, were

Bryce Rowe

thanks much. That's for Great, me. so it

Thomas Raterman

you. Thank

David Spreng

Thanks, Bryce.

Operator

JPMorgan. from Thank question from Melissa Instructions] you. next [Operator line will of come Wedel the Our

open. Your line is

Melissa Wedel

my Thanks for evening. Good question. taking

is more comments. I prepared make first right of sure in clarification. want you heard I a actually to your The

quarter there that that to of closed Is funding. transactions said were $XX for you million think end, were X I right? subsequent

Thomas Raterman

I think it's $XX million of funding.

David Spreng

$XX think, million, yeah. I

Melissa Wedel

okay. million, $XX

Thomas Raterman

the to end But quarter. yes, the of subsequent close

Melissa Wedel

Got it.

not we were in really there timing and when anything And should the active those of about the Okay. in thinking get kind then we they terms aware thinking Appreciate third be the fundings added contribute I quarter, think on of the kind quarter of is about and things skewed to portfolio? back towards sometimes of maybe anything is a that. we that? fully P&L. the -- of see Was anything be can should to half of there

Thomas Raterman

out of deals say, close the well, our case at with quarter deals to deals always would to end box we that quarter, As in great the the origination the I third tend But the and of just true pipeline this quarter the it remain the fourth now balance quarter. in was think at the up closing and end and closing typically, the and expect that of fourth team was as will really month. for the two that quarter a testament for I first end that the the of we're

Melissa Wedel

if could I question. in Yeah. one Understood. sneak And last

given consumer-related You consumer the the sort tech of [Technical to mentioned consumer. there, terms that consumer, in Difficulty] exposures out weakening is at uncertainties your thinking concerns of and of or your 'XX, And looking with anything prospective differently you're consumer companies industries macro sciences in investments? specific into about there and life

David Spreng

we're Well, capital of get take lot we're there how we they ensuring business needs the be that much downturn or on analysis the model going that. the to of last needs going money very to an it's to scenario benefits resilient going any of profitable is get one often, that the really exit to risk. the adequate be company before that is that can to financing do And being, to point. economic of not time going living more that a And downstream company it's we're spend to storm. Obviously, weather expectation that take to excessive to and through

historically we've And an consumer element is cautious been consistently thoughtful and not fad whims and that stuff. or kind anything that of subject doing so -- about to of

continuing just focus management. world-class recession-resistant really models and business stuff, capital-efficient on to So

Melissa Wedel

Thank you.

Operator

seeing any David turn further questions actually closing Thank like call in to remarks. you. any for back the over I'm the to I'd queue. not

David Spreng

we're building operator. focused shareholder you, stable Runway on that a Growth, and portfolio Thank high-quality value. attractive generate At will long-term

and execute We you on deliver have today in us to Thank support. for team and all to the years come. strategy joining place for our your for

healthy, safe and fourth in on results you everyone hope year full and look stays and quarter we We to March. forward updating

Operator

concludes participating. today's conference for you And Thank this call.

may You disconnect. Everyone, now great have a day.

Runway Growth Finance (RWAY) 3 Nov 222022 Q3 Earnings call transcript