SFE - Earnings call transcript Q2 2018 | Safeguard Scientifics, Inc.

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Operator

Good morning, and welcome to Safeguard Scientifics Second Quarter 2018 Financial Results Conference Call. Please note, this event is being recorded. I would now like to turn the conference over to over to John Shave, Senior Vice President, Investor Relations and Corporate Communications. Please go ahead.

John Shave

Good morning, and thank you for joining us for this update on Safeguard Scientifics' second quarter 2018 financial results.

call and are President Dave today's President Sisko, and on CEO, and Kille, me and Brian webcast Safeguard's CFO. Joining Senior Vice

update results. including your call, review Dave our up will today's Brian to financial provide questions. we and corporate During strategies will Safeguard's and it will partner companies, recent that, of developments strategic highlights discuss Safeguard After and a and open

statements. As always, includes today's forward-looking presentation

of factors the assets SEC. be the the to in competition, companies intense described companies, risks sectors partner operate these predict never that actual and business are control with avoid achieving partner vary make our other they period-to-period, holdings, statements control. face to profitable, and manage market our traded to limited to which valuations our our retain uncertainties conditions companies filings partner our partner effect in among and ongoing that include, competition, from our liquidity subject prices publicly losses, operating our qualified ability employees, cause with our and the good associated monetization of support to risks forward-looking holdings, Our Investment fact of of companies companies under challenges or uncertainties. to others, may of could our from are at fact or most existing shareholders, our of need company's have the history fluctuations the distribution risks inability to in sectors our company of value partner our all the registration the results partner about ability company that to beyond the materially differ our Act economic ability other the in partner both in Many uncertainties The in of to our maximum and and to operate, and our any which may for XXXX history attract market decisions including companies, companies a

should As a performance. relied result of on as these factors, performance indication future the an past not be financial company's of

the encourage in any During and anticipate, events Management be today's used intend you of update the does cannot XX-K, is here detail or words expect, company Brian. as the Form the including with our which and such associated that in to course our obligation made read any uncertainties filings with forward-looking as future. believe our future that, assume describe With goals in results our business. forward-looking provide will risks to We our of today. statements in assurance SEC, discussion The described statements. will be call, not

Brian Sisko

joining Good morning, and for thank John. Thanks, us. you

to realized progress, this have quarterly opportunity partner from first excited involving proceeds new my you I here million announced we monetization bolster AHS against by safeguard, represents CEO over the company company our at on $XX we a pivotal my to the such tenure our transaction in million back goes Safeguard sold return company Safeguard interest speak and we to for MediaMath of the to our of point transaction of our As I've maximize both for first to with the partner our the am assets the on ways, a the in financial to traditional consummated company transactions contributed call as and a in nontraditional reporting represent us ways. XX-year mutually few the that lead behalf and company end we the first strategy. and A ago, was value we themselves The helped these substantial number which Data. of January, companies: transactions Since of Since very in and and of executing intangible events our profitable made In our time. The strategy proceeds MediaMath, primary first our the Cask existing three the partner quarter, we've transaction new $XX.X our our MediaMath. a is X.Xx in in steps announced to of strength for and and to XX.X% XX.X% days in flexibility capital. beneficial that cash. MediaMath commitment for

that that participate means remaining of is will upon company with announced exit we represented capital continue our MediaMath company. is to the grant and We will expected had as exercised, activity a return by also of stake sold raised agreed half million we we in value If connection from back have capital continued growth. it same goals that X.Xx that short-term merger record on an buy portion the of us, $XX.X the The repurchase be I'd and growth to total stake growth ignored option for of our as on MediaMath stake capital with allow and that its option $XX.X of a it stake Not in be of strategic plans. to we strategic organic XX.X% -- in will retain MediaMath accordance the XX.X% will of is transaction million. ultimate in the that to for the further the likely stake, our the in well to which note million. the the has will additional acquisition of pursue that the $XXX realized

platform, to that and consumers efficient use We company with at marketers that effective, better capital simplest, expect is to in a connects continue trusted. to the which, its more manner evolve its

and approximately strategic financing to standpoint, the by necessary with repurchase to perfectly that is is shareholders, that credit risk our Safeguard limit highly balance flexibility, manage beneficial improve deal bound further and and transaction from say the strength the is the under aligned our what proceeds with under expense. This but borrowings their confidentiality advertising we thereby avoid viewed limitations facility, can $X.X comes debt saving return are its we a technology and intentions some a transaction interest Cash us that can about for us any further transaction returns at will to from time expect our and our the the our in allow sheet properly the we our maximize when in to to sheet marketing and what further assets proceeds shareholders profitability profile interest a latest and company balance the borrowings any transaction capital partner transaction, say sectors. million from MediaMath whole. of transaction We our high of regarding facility avoid as

have I'm to intention AT&T its AppNexus. acquire peer recently sure As you announced seen, MediaMath

long AT&T believe has with to Joe industry business well-positioned we regarding of exit. one MediaMath point facets he stake. models as and sector-leading as ultimate and CEO represents companies key Although team from its different grow operations Safeguard's the tech that well and his important built realizing ad is been us look We company and to a We and data its companies. acquisition missionary, future an will realize believe additional MediaMath the the the upon MediaMath valuable most value to relationships others. of additional Co-Founder and gains partner with IBM global is operations continue emphasize an the marketing Zawadzki forward Dentsu, among for AppNexus MediaMath sector, and promising we and the has that valuation.

Cask recognized million. the quarter, we $XX.X gain During and received the We proceeds also the of million accomplished cash $X.X second monetization. in

we in being $XX.X received, and to of may Beginning within the amounts million reserve escrow in also $X.X of up addition cash receive held a in XX the Cask. In XXXX million we of additional months deployed funds closing. to total

the of valuation secondary of the million the in after end a up connection our any upon an second future days cash additional company. for Just certain transaction $X.X million with few in $XX potential interest ownership we AHS sold of thresholds company in achievement in and sale the quarter, the to partner

in these the of June We will the on our gain value This carrying $XX.X transactions, Cask partner significant a year-to-date, have maximize a to has AHS. $X.X our portfolio partner third since in of the of of of effort holdings we at the value our ultimate new pursuit first which capital from our part Beyond, total overall million of undertaken Spongecell, in company to quarter was million as on of that Flashtalking AHS million Each balance The are an $X.X transactions We Nexxt, company effort in of deployed XX. MediaMath, sheet in AHS XXXX. our a business sale manage realize position approximately strategy. to and shareholders. transactions undertaken our

proceeds to and implementing these creating two, will of efforts strategic for Although seeking shareholders. of new Safeguard's one, allow following our deliver for objectives: we results focus work towards number the continue net distribution partner XX companies; early believe are that the value in well-timed stages to exits as risk-adjusted in meaningful, our we we the strategy, in current businesses to core of each Number interest our the and

partner and companies value. grow, Our continue create share market to gain

have and updated between $XXX we for companies. We revenue million Apprenda, except companies the in pro and quarter. well results for guidance XXXX company an and AHS XXXX fully interest of as the partner which combined impaired reflect of partner now we Spongecell. $XXX for revenue as increase is for of group XXXX to which January AHS to in revenue Aggregate X, same exclude compared all XX% merged Cask, million, These include aggregate to Flashtalking company XX% Cask companies our XXXX an guidance revenue partner second the anticipated at with partner for recently be held and Apprenda which projections and is forma

stages: stage shareholders, current and between to for partner for fiscal to revenue up For annualized more. $X our continuing ranging revenues revenue annualized purposes stage dialogue $XX million companies our to and X with companies million revenues $XX of companies characterize revenue stage $X of expected to million; the million; and we continue Initial with expecting expansion anticipate annual companies the high-traction generate in which quarter, will

needs, -- revenues stage partner three portfolio, During flow that revenue and partner and expansion revenue XXXX. additional maturation companies work the Because remain between and companies to our experience the achieve continue We new we partner their now the the penetration, our Safeguard of of capital anticipate to support from to believe support matured X increased enough operating revenue of stages to increase amounts partner on to company's operations their continuing their that to that exits. follow-on that and relevant capital projected additional in cash require track initial three leverage are of to will market help to and growth system. value. continuing and classification growth, we committed from and additional companies will small advance in Regardless, them advance to XXXX, our relatively we

secondary market the MediaMath As on as type interest partner or interest. regarding remain the of open could flexible our of some such M&A monetizations. company transaction, one form sales, nontraditional structure or sales, recent and we we our the activities other structures of of Exits used such our transactions individual take combination a illustrate, of

Our exit the transactions. focus with teams of companies maximizing We our by appreciate pursue us efforts and to possible the shareholder of who identify is many value. are working currently partner management

these We will able appropriate all profitable exits benefit quicker facilitate to if at from we initiatives especially are valuations.

Dave Kille go of through financial the review Now, results. a quarter's will

Dave Kille

Brian. Thanks,

holdings, For company of summary our partner today's and call, debt I and will of a results second provide balances. cash our an quarter update our on highlights

weighted $XX.X in an holdings. and Safeguard At in Average million, company companies million. carrying our those aggregate a had of shareholder partner the X a we at with $XXX XX companies was deployed partner is our been million of cost has and $XXX June of years. time value capital that June companies partner First length XX XX,

second million. June the bringing through companies total XX existing the quarter, of year-to-date funding capital $X.X During X we of million $X.X in partner to deployed follow-on

a and Gains XXXX, the We prepayment for during for to of partial AHS will on exit be million quarter. to the related also results. second million the follow-on first quarter $XX existing the the for additional carrying gain value Results company from partner operations. Cask. of which to of quarter wind growth Apprenda. $XX.X charge MediaMath held expect second deployed recently XX a June months the include an both $X.X to gain $X.X ended a in related Results recognized remainder to the gain stake. XXXX. deploy exit in and down to the its ownership X Spongecell Flashtalking, the were a Financial the in and our of recognized the reflect primary of full write-off a capital the exit had million million the million since companies quarter impairment of Safeguard of Apprenda to we $X.X decided $XX capital Apprenda of third of XX% results related $X.X merger million million of during their Nexxt include and note

the depreciation, the and compared $X stock-based XXXX. quarter, with million severance quarter For were corporate expenses compensation excluding of interest, in million second second $X.X

$X.X X the $X.X XXXX. June months with same these XX, ended in million million For expenses were compared

an charge result As of quarter. strategic charge during half will excluding aggregate million, expenses, shift which management $X.X in million and million compensation, annualized $X announced the was was The MediaMath of million secured reduce April of the year-end of in XXXX, to $XX and company's the a million to announced limit in aggregate of $XXX the amended AHS. HPS reductions facility stock-based to severance XX, first year. $X.X the May the severance at million, facility remaining terms of in Safeguard's was $XX quarter, In of exit Investment and $X.X recognized be equivalents credit to recognized we a quarter resulted from XXXX. the capacity of and changes, range second $XX.X and recently severance, second expect totaled compared recognized we from and Staff $X partial exit $XX.X the million. with Subsequent January interest our cash, cash million. increased borrowing to of end securities million second and of credit received the we the proceeds of at Partners. June our million XXXX, The marketable borrowing to

of December $XX million on cash expires senior debentures XXXX. under and and borrowing date, On capacity Proceeds million the at million as revolver of convertible $XX used that incremental borrowing hand were as in the Available incremental we date was outstanding, a addition XXXX. previously June the from repay to XX, outstanding that XX, credit stands full May an the resulting maturity amendment under facility XX, on million to million $XX in of XXXX. borrowed $XX $XX

the or no will Safeguard amounts of principal maturity For credit the the repayment, have a include $XX that repay make-whole date Early to of aggregate debentures the date of securities amended the interest years, cash repayment change cash, May XXXX. had any the has required the through subject amendments first any amount interest The provision the date time principal in not interest to to outstanding exceeds the amount amended convertible in to interest been plus facility million, credit payable and If make-whole rate an amount did been the over or end the equivalents XX company the outstanding. marketable credit equal to facility. facility under facility, company would be terms maturity at the XXX% is accrued excess. outstanding quarter under equal of such credit

capital the maintain credit during respect anticipate companies. With required we to to covenants of deployments facility. repaying our specific the is involving portion to with diversification modified third quarter or in a partner a longer Certain concentration the worth connection MediaMath with transactions amending The quarter. net or in any no fourth million received requirements company debt its from outstanding the and AHS, the proceeds of $XX were debt

were funding all covenants added its company on and that annual debt operating compliance The is limits currently expenses. covenants. follow-on debt New adjusted with of in established

Additionally, the restricted stock amended time repaid of shares facility issuing company in repurchasing its is until dividends and/or full. as from is the outstanding credit such

Q&A to through the call. Brian lead here's Now, segment of us the

David Langsam

please. questions, Operator, for you lines can open any Thanks, Dave. the

Operator

your And Labick Instructions]. from Securities. [Operator comes first from question Robert CJS here

Peter Lukas

for Bob. It's actually Pete Lukas

couple of a for AHS. Just One questions you. for

in decision strategic for to you in Cask, made of Or was to just what management? by were You've the having now. guys wondering involved decision you a sell buyer? that sell it And a owned that while, changed terms for

Brian Sisko

a out question I'll capital strategic plow board and we're first It because and teams returning -- and we fashion the a its decision buyer first your continuing we capital, wisdom fashion the a lot decision a every more collective run in do sale getting that a our was a a or Pete, in technology, think. Great to go state. was a the to to make third-party everybody and to going decision -- find all and was was sale company, business forward, but through bunch that in decisions management that team, made. through table, capital decision right contribute capital, is around present try -- And right that the on the Cask The and were results some case, your and in it to the at just continue need last do so do a which the for I for to buyer me sell collective to no raise of there. able process the companies, by everybody more support there re-up process to Let great these structure between we have vacuum. are us answer -- been made a was

Dave Kille

really And nothing make decision. have Pete. question, some to changed, have And on AHS I to

opportunity us comfortable a provided that that to perfect was got very to to our world, have to not decisions there. portfolio to it balance with with right have to back I something I a have structured existing the there, a had me cash you and -- around whole. opportunity capital I forward close as some might allow that'll And sacrifice friendly make do a clear was a wanted In now, the table, a our it that to We sometimes, transaction fashion in bring was sheet. pathway but this returning a an manage decision. going transaction some transaction to investors have to the be to

Peter Lukas

financing that assuming them was exercising your on you the expand they for probably on option came tied how bit XX.X%? little other a the you can on and their the MediaMath did into And that valuation with expectations up

Brian Sisko

it of as table limited MediaMath, the knows, you financing. off to know liquidity financing be took factors play linked a well there the a and regarding into wasn't their not that discounts at for availability And transaction. the but was transaction pricing of to able et phone undertake the on all linked everybody What are money capital et multitude the else of them to their to all cetera, cetera. we including to that with was So

for when help to would needs manage that overall our our conclusion reached in that with company cash. to a into has of with the lot initial I and account transaction I it the appropriateness got a when stake regarding sold I run advisors outside place, the board that -- that not went fees, out it value that the that be gotten that So did fair back cetera. benefits Doing say of connection the outright of secondary we compare our took we pay market, ultimately us. et If and ancillary have interest the in for came in bankrupt same if and I to maybe to could've we

So that's how approach we that.

question... other Your

Peter Lukas

on the them other The expectation on exercising option XX.X%. the

Brian Sisko

I'd going exercise. words a Well, hate through their -- any mouth, management in cash They're but to put I've

So use are and -- to When availability they board capital their were they pipeline manage have of they're going that, to so analyzing their through. negotiating. acquisition that financing opportunities, have which from has to they do

really take a about I either long-term our company. that that's they'll it. back. them to either reacquire and companies for allocating MediaMath And transaction, enter because available if expect But of stake is or stake So rest guarantee good transaction million of their do, into our that $XX.X the the interest capital them of it maybe it availability or to do all you repurchase to buy buy view I the a is math that can't another

Peter Lukas

Great.

for update you companies more to the that in and two the I categories number remainder did of ones where in and you say of sale you process. exits, portfolio the process year? you the Just changing on them currently sale exits can anticipate on for can to say a maybe as of are would know update the us us the quick Anything in you me. numbers

Brian Sisko

pointing or those was that was characterize I a out were out So wasn't strategy this what Bob, you, under they far for we've MediaMath. how There events point for There start AHS. and would for process whether done of process those, so by no out what to a process. process in Cask. new process I'd There

probably, any in you've tell me expectation at Dave what's million probably of stages trying the So of that have $X categories doesn't if million John, -- number I to significant that to got to in and if up those you down a you process, not your revenue include that and a $XX you'd are by should characterize process, better that companies companies, sat understanding in our million look category, lead competitors, I and companies such would sometimes work, And work, -- through category. bankers $XX in through or sat above you and Safeguard's to market had such sometimes what be. process management probably they've significant about a down, what's the is looking M&A rejiggered because there's significant I companies those amount the with by be which penetration. companies customers, potential their they're when achieve bankers, with companies their number whether that the running had dialogues relevant acquirers category not, visible real of these either just at. become that point, hit level you're -- market, strategics should And or up these who a through sometimes in to become bankers reach out a the directly, being John

are what's like own a year, it made a was process, asking think here. the sound I status so think it and of takes not ongoing. the are predict conversations you across it of more over learned about formal fair but sales than that board results to in great sales couple companies a to But who's to stage, that sometimes predict point there That but by I a process, going in were being kept it's I've saying always And process in revenue the I with what's that's category try happen because failing. Putney, the everybody would Remember said, timing. rather of are in that we while process, a to company to for which

Peter Lukas

one last for Thanks. And me.

of sale need can left would the Assuming have much -- you and do that? you just to to value NOL of you remind MediaMath, to what us how preserve need

Brian Sisko

going I'm that. Dave pass talk it to to to about

Dave Kille

Sure.

protects of as we And other offsetting NOLs forward. that million XXXX, income We $XXX after -- so transaction, an waiver and time. they December request do in against MediaMath I be plan for taxable Poison, can of we can about interested if transaction That had utilized place as our the approximately the our So doing that any year, that are some that against thus same tax estimate in this any some level to monetized XX, moving submit the NOLs. the at portfolio benefit shareholders that, best consider we NOL with currently. they're allow that plan have board

Operator

Instructions]. [Operator

Jim with comes question from next Analysis. MacDonald First Your

James MacDonald

to about talk shut company bit they Apprenda. maybe bit on down? decided a a more mean why I someone Can a expansion little that more stage, little promising was in the so

Brian Sisko

Yes.

in business. the are venture We

is regarding that. that acknowledge company there I just not and they'll I'm itself we that always going get disappointed One weren't -- level fair able unusual to technology, exit. very of the around of ultimately were with are be the traction as to say some that were than that for It have successfully a Apprenda. as it's kind ultimately, We Apprenda into we're that going think, gain to did, a I'm And of who market to players not ultimately pretty think some to the were for successful others you point, might run there sniffing whether not the was I being more I of and detail that around But on but think here. Apprenda. technologist, significant the has market level I'm process

job, a didn't sale he I get a point. the ultimately but did think to Sinclair Schuller company great

at would don't the us helpful view and acknowledged other was that is appropriate -- disappointing company know guess, the hope more as the I partner the So up, continue table decision else possible a than between this there. It us. wasn't in NEA have needed I to table as try to ignition back right technology collective The to and plow it as develop because opportunity. around develop by and was around what to to that's capital catch I around to say decision into outcome significant. least this

James MacDonald

Yes.

that's Or one the of is Just buys pieces the and is maybe now? that just chance follow-up no someone it that -- at -- any point? there chance some there's

Brian Sisko

is No, in The number that up $X circumstance materially getting a place million technology be above that. I was of a the debt reality that the would we for of no. that there's ends situation and for imagine it financing sold anything -- can't

to but completely could don't wrong, be to it's that remainder. material I given Now going whole not be the us we own

amount, So pay expectations. going set I anybody There that is some trying to a I'm not nothing possibility suggest to any time of would but figure out.

James MacDonald

achieve can view you little for mean, I portfolio? kind you return stuff? targeted as bit on, the Okay. of what capital all Then remaining sort overall any give of companies, return is put the -- of just a us here. What these moving of kind into so you've obviously to that portfolio pared you down your expect

Brian Sisko

out Dave than math John a communicate that that I to punt out figuring I'm applies we expectations changed. building things how forward, went different and there's rigor and acknowledge what same not done are Jim, the we companies, these in we When what continue through conversation, gets ultimately, we the that But in that a I I when time aggregate the will -- in capital but out but standby previously. as over need said say to we're through future we're the have portfolio. should past, part say, yet. to portfolio going or we our the spend fall math were that they to portfolio, expectations time, of there. some -- we to go going there best put new Nothing's that sold going to work we're Obviously going

So a through I'm going to punt that future date.

James MacDonald

could end Okay. think But a that think repaid, you you'll so any to what's debt talk the at about when a -- little stuff that until technical appreciate all repay debt? dividends you your you and any -- went that's and back when the whether update things. is talk be the they maybe on the true couple that maybe going I proceeds about if I And bit our you I or confirm able of then debt the buy use shares through. and can't be could pay please just to heard

Brian Sisko

do tied of call, timing stated of repay we facility his million. we have, hesitancy debt in try to scripted this any at when our et question. under ever stage I Dave of the portion the end impacts obviously we a predict over that to to that have Well, overall outcomes, $XX We quarter the cetera, have requirement as think

starting I be So and we'll quarter repaying more fourth be brought end -- capital once that back as again in balance repaying at okay? where sheet paying principal, down. the debt That we to is will mean, will subsequent continue $XX about quarter process any million the other debt

debt like find paid or take -- paying that's especially we weren't pretty start we procedure As the that you or a we off. the debt out so operating that's top would was circumstance asked to the existing of and capital agree cash, to stock, shares go and mean of we expect ourselves. we're facility on in the amended portfolio capital the when debt have debt and in that we that one couldn't dividend a where is an in repurchasing standard -- start we situation securing the the things like I

be quarter cash do to But to date time, able So one be we transparent we on up want will at expect continue cash. obviously that a to what with an following that from expect honor some or which such don't to do disclosure to out. to as to regarding the delivering start that day, we repayment be excess ultimate -- obligation can be and debt, grand try as expect us I free able wouldn't we live and our what to, timing on is. We have we the next we'll

Operator

question And line of from Stifel. your the next comes Joe of

Joseph Pratt

encourage and existing in would NOL new X% Any could be come that X% we too buyers for Question would status the accumulate owners to go pill. on way small? of more that to chance position the away facilitate whom a see

Dave Kille

as the any responded assumption might way those as comments, had our was as we there can things anyone a it away there's request conversation our put question provision change do and has conversation that the company expect waivers, position That as in to seem a be everyone engage be whether NOL should off. There's to is the make. for can far reason going being me would be said it to my from and and think doesn't respond for to can risking I'll trigger -- for reference color lead annual earlier with that's conversations phone we conclude in Dave I place I does It I board that of no where his long at real-time. eradicated. to think point is that time be same a on board think that the nor to the NOL there very need in indicated, as current the remain important is your that should a in it, to pill any willingness argued meeting, in table it's Joe, this the in around Well, to a put conversations them, at allows companies while being in pill how place that

to that to and people I'm reach is sort out there to discussion is create since and looking is So open desires provision which us their any an exist, about there intentions. have of room, already other the a for invitation not one

Operator

Instructions]. [Operator

comes question [indiscernible]. Your next from

Unidentified Analyst

on Congrats monetizations. the

one appraised cash I at have down $XXX million a covenants. had value. plus, Are was debt a anticipate above still do least still believe some threshold? that above threshold? to covenant I you're in after the Just debt be that the had paying on you -- that there guess, debt of that you And quick you

Dave Kille

Absolutely.

Just to that in put context.

the picture minimum got transaction you on the side of close is value a $XXX You a fashion covenant to million you in line. and that can that either don't set

that is limited into including, buffer covenant a obviously. built there any So not but to significant covenant

the state when its it's comfortable a level analysis the two, into beast we're set account and is take a with. HPS So obvious, very covenant the you analysis. does the to here, nature at Number of conservative that extremely

that of we'll call value an portfolio. minimum So the conservative the create numbers what of to the that extremely using they're is value view

keeping -- one obviously all, and covenants at we one qualms as no under into any of have we didn't mix or about the left that's have the So that covenants qualms of the facility. only the

So certainly up I worrying not night if there's it's anything Dave and about that keeps at that.

Operator

over at for Brian to remarks. time. I questions the closing call back there are will further Sisko Mr. And turn this no

Brian Sisko

I Thank us joining for all to quarterly I the appreciate future it. you update. forward look calls. for

to I Sierra Directors by They want and Roberts John Rosenthal recommended two Morrison, directors, Mr. were Safeguard do Glass the board. Lubert join Bob Russell sign you that do during we the our quarter, Ira Board investor Group. Maureen Glass institutional of Mr. Lubert. off, and Before and remind independent added on

the service. of their to and board from board five of strategy to to years Fisher, for to years. new look the want we new to has Safeguard Dobson, members We Steve George is reduced working MacKenzie, independent maximize and members continue years prior in this former Now forward Steve and comprised the shareholder seven with value. as We execute thank designed exclusively been do directors Julie Zarrilli

apprise continued you Thank all the progress will We you support. your of our meantime, you confidence thank and much. interest, in very keep for and

Operator

gentlemen, today's And ladies concludes and this call. conference

You may now disconnect.

Safeguard Scientifics (SFES) 26 Jul 182018 Q2 Earnings call transcript