SFE - Earnings call transcript Q2 2020 | Safeguard Scientifics, Inc.

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Operator

Good morning, and welcome to Safeguard Scientifics’ Second Quarter 2020 Financial Results Conference Call. Please note, this event is being recorded. [Operator Instructions] I would now like to turn the conference over to Matthew Barnard, Safeguard’s General Counsel. Please go ahead.

Matthew Barnard

Good morning, and thank you for joining us for this update on Safeguard Scientifics’ second quarter 2020 financial results.

Chief call the are Chief Board; and Herndon, today’s Executive Rosenthal, Restructuring on Mark of Chairman Eric Safeguard’s me and Robert webcast Safeguard’s Officer; Joining Officer. Financial Salzman, Safeguard’s

updates, attract support and up make are Bob about forward-looking interest; the call, our risks that decisions of business other in effective statements, presentation impact the to factors from interest operate, uncertainties. may are control. all challenges that the history economic with sectors existing predict results. ability our provide losses, and our risks our ownership discuss of Eric ownership fact Safeguard’s During and our ownership interest, subject interest the vary under Many to liquidity cause may and and fact prices achieving or that actual never and ownership period, will Investment for ability your our the traded qualified ongoing interest, interest The these beyond of maximum profitable; in the return our our competition assets today’s sectors avoid to will to to open of and of valuations our our Mark we XXXX to need includes in statements good COVID-XX; ownership to our call and most interest; from could ownership Company some ownership intense risks fluctuations of which operating interests and of and associated will of retain registration ownership monetization to or the among uncertainties interest, any corporate those our history and including market inability strategic the market in materially SEC. publicly competition; to with employees, for differ described have period limited ownership Afterwards, others, at the our in ownership Today’s control a value value our questions. ability interest of Act our which and the conditions operate; the our to company’s filings uncertainties in the results include, shareholders; including the be to manage face

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

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

Robert Rosenthal

Matt. thank and you, you us for morning, joining Good Thank today.

we a assess shareholders. period to for to continue macro value has with believe and for will and teams activities of ownership environment. transactions. results. remain cases, sectors interest exits continue the holds work now valuable The impacts quarter’s value eventually and this accelerated our value we which to Overall, Mark Eric to tailwind by certain economy. economy exit our interests, encouraged our lead our review will of direction the drive provided and a recent follow-on outbreak. the was the many the to in management of ownership few our Safeguard portfolio exciting of ultimate we activities value operating companies a I maximizing and pandemic in time to of be dedicated prior where to and underway regardless and trends and COVID-XX In a second quarter our the the challenging to pandemic has due were which frame the

Eric Salzman

Thanks, Bob. us you all And joining this morning. thank for

are the early While the cases, at stages the are companies April. in on of large, areas to our and even to by a start pandemic, the tailwinds. spoke report when has we pockets we seeing tracking are and Overall, recovery were been than encouraged since with you happy by you we environment are strength been more substantially that call. five earnings last And but impacted we’ve in COVID-XX like to are, We’d some we plans. focused reviewing we today of heavily by ahead current operating of their

The sufficient operate liquidity to current first is have companies making sure in environment.

financial the our and level, Safeguard most companies. taking operate and support visibility Safeguard at our The to our performance. steps the second opportunities. companies attractive Three of is our level with the Board drive helping level, down teams to Fourth providing the exit at is can operating position management investors. for working we driving the fifth greater companies to And shareholder costs engagement is, is, ensure at

in flow companies companies been operating funded are to exploring funds This weather at detail, sheet to the majority that combination that well. access breakeven. may greater raises capital different The of our get have COVID-XX involve they are achieved PPP participation a or flow our Three reasonably will our storm On improved the currently to are at through phase cost by of are of securing the term of other cash cutting, capital sources business remaining companies provide with breakeven expectation stages. cash was the To companies front, alignment, model Safeguard. able company and working liquidity management, capital.

evaluating are the to And expect we participate range opportunities. we we provided. in previously financings, within XXXX if these investments guidance We in do these fall total

has companies. area our been focus second supporting of Our

accounts considerable and decisions, role and management the decisions the our our to receivables all know, the time at These over months take few thoughtful allocation, Board early, collect We leadership and furloughs, to make test and had with decisions personnel product with others. reductions, required management companies, consideration active past on we alignment, an and issues customers, of hard that at level. to and and capabilities you extension have deliberation levels: have pushing market credit teams co-investors. As headcount have we spent capital they

performed with to shifting pleased the are and from we teams crisis forward have outset, the managing to how looking at mentioned growth. our attention are on focusing As

I’d The to third touch is on exits. like area

are drive which are will ways basic We a third exit is banker what shareholder returns control there’s fair to embedded values, and when stake return at two There exit no secondary A but and will minority and exit. an exit: us exit and is through to one working is when we premium, sold usually the in transaction. natural shareholders. the secondary is party, there’s our a in to a sell allow we call the companies exit value our along Safeguard is second process natural discount A we the sell deal. company a through to

conversations couple compared in in a to QX, get While get versus greater as natural LOI provide PE as but frame. reasonable reasonable long exits in time buyer secondary exits achieve natural exit, value find believe QX did a as a another expect no indicative with you we about buyers We under provide situations, had their over interest company two cannot not sale secondary have what a natural factoring and with call quarter but update today’s company launch we one in further about we currently but than in info banker we what risk. a sales, values these attractive we generally look and on deals can of process had time levels on can secondary to a we We open are exploring to to progress. after we’ll robust We next selection. a to

processes, capital deal to magnified these We both our risks in current support we but have The risks are area cautiously and costs companies. and fourth on Safeguard’s these obviously is that M&A remain, of optimistic environment. the are

our We operate made bringing continue and a on lot down, front. costs progress to we’ve focus on this of to

a down year-on-year. year mid We operate, are to running currently corporate with at expenses XX% $X million

not look are continue at more session. done We provide will and costs. both third-party internal and in his Mark detail to

the months. the the and have needs believe currently of we to our sufficient we capital operate funds over front, XX next On companies support expected

will needs of beyond period. sales our companies expect We that fund

insight Given the improve engagement, we level needs the to will of meQuilibrium On liquidity Bruce our our as necessary. meet contingency well better as timing, investors we with as have Jan We replay prudently to providing and July sufficient engagement we uncertainty companies. and our held remain with committed explore XX, transparency shareholder into exposure ensure on the and fireside our chat of first website. on of our exit to plans our is

This highly recommend you CEO, we’re would can we do series so. can the the the webinar. it, you chats Zoom that to of first listened and via meet the fireside you launching, in was where questions haven’t ask you If

highlights. be these I’d suggestions. are Bob, questions XX like provide the and to our We’ve five free are value, feel or please companies with some provide the among not that, reach to clear, XX. detail are they selected exit some To companies top in positions among or necessarily top but in me that exit company Mark five out the top to expected values. Beyond on

categories. and they’re talk be to Flashtalking. these QX we of four companies, you So meaningful looked through And subscription, business We’ll us, about run meaningful about them. impact cite we learn quick just about more we at for we’ve different they’d some business you that a like the To and for what the in briefly, thought Prognos, these can highlights them Zipnosis, to provide on meQuilibrium, and very the we’ll Clutch opportunity, COVID-XX publicly. through walk

in bucket on been so a tech meQuilibrium particularly predictive But mixed and million, Their about accelerated space. disrupted our and support revenue a opportunity development meQuilibrium workforces. solutions, workforce. of engaged I resilient, to won’t to because to business positive. The much agile of falls are employee engagement talent development HR the our some impact demand XXXs capital too management their into Fortune for customers webinar, well we There’s $X among like they’re and million talent SMBs, solution COVID-XX and positioned in heard growing and using detail. $XX You analytics SaaS has on go human the been

track Prognos clinical positive process terms disrupted companies new and in has but teams, million analyzes predict meet across in better a falls of Prognos. from this COVID data company payers in their to insights their had takes has the and increased The sales The of in impact offering. been The on there’s been like because track revenue C We Series of diagnostic ability pharma The company data. test better highlights, interest funding, million for next $XX a terms diagnostic $XX and with to company renewals QX bucket. million and bookings extension is logos. closed In also $X they very payers funding. area strong activity to to and this drawing and information with clinical mixed our disease pharma emerging marketing and company they’re leader Prognos. a to activity. sales had digital

convenient Some And revenue highlights COVID-XX a a access in for interest obviously use We space, has – and a improving next to The they Zipnosis Livongo It’s platform new efficiency. telemedicine to in enable a decisions. they’re they Zipnosis customers. is the the expanded company while partnership patients capability. white-labeled clinician greatly a platform, over virtual million clinical Prognos time-to-treatment and of in announced $XX care they virtual positive. impact million care, like care the the Factor with decrease systems launched solutions. The of Zipnosis. falls patient the and growing Prognos’s to to quarter experience improve leverage telehealth data platform is been health opportunity lab because a $X is analytics pharma bucket. offering

is end-to-end partners. QX industry-leading ZIP platform. relationship are highlight and they growing We The an on is and major is exposure marketing a $XX performance the like are customers negative What identity work in have disruption. They are a the And other for pandemic. of $XX and data-driven product. platform. in XX which Flashtalking. like Clutch platform, $XX exposure launched first management loyalty, part of retail, insights division product, is solution gifts release new of customer large is and on trafficking their development next an more their on They’ve job has is in impact pivot to and provides they two travel good and rolled with we API Clutch won obviously Some it the and do is other and a accounts are in Clutch. to brands. & I’ll method hospitality bucket. million is had year-over-year and the the they company channel new sector, sectors, SOC May, It relevance COVID-XX plan. analytics revenue and a market for COVID-XX. ad touch drive customer compliance they’ve but and of new for million some They return ad-serving history, strategic Flashtalking channel addressable focusing been bucket. to Oracle. marketing to that an launched above company million which doing retail, impact which mixed last management have have Check they their about other of revenue because the has highest Clutch The independent resilient April revenue achieved hospitality, a And many behaviors, a their travel COVID-XX desk What has QX, a they’ve recorded in customer. to of sectors, number virtual opportunity, platform X marketers. that deep and growth have business. company falls test the to we’ll growing June. are in the ROI dip trade they large growth and to they to a into market. visits successfully company the that out it’s – with COVID-XX they they has different seeing also returned had an have they Zipnosis Procter out, a based on as in strong They Gamble, highlights levels In and The company to roll completed is COVID countries successfully share. After employees of through campaign the because integration

in to helps hope next frame within this XX other top of is we values on estimated insight we and companies, quarter, will review So greater some our companies, some do what you which thinking the exit plan opportunities, the and be we we the five about to over provide sit call we’ll highlights. quarter companies With into the QX choosing like like how the we’re this well Mark. in thinking to current what the how or to performing about as these as they’re I’d that, case, turn

Mark Herndon

you, Thank Eric. Okay.

of $X.XX For share XX and net at the totaled quarter net per Safeguard’s XX, have cash was XXXX, $XX.X of million or $X.X period income $XX.X obligations. share, with the a for XXXX. loss per compared ended June million no we June million equivalents, Safeguard’s or cash, same cash $X.XX restricted debt

quarter, and made to $X.X the quarter. considering quarter million that We to two existing Our expect in we XXXX to deployments million Syapse, year-to-date million. period, first full during including the which million funding other so ownership results $X interests the be $XX Syapse between continue to deployments this for will during $X.X of continued with after small during the bridge year loans

for results circumstances the three However, to quarter’s included also year we were value other million and deployment by for T-REX, These related The expect transaction factors. of interest. Beta evaluate only values, impacted well declines lowering companies’ to value other ownership for outlook ownership the in to companies give impairments fair as interest estimate four remainder to of the for our activity the described of fair $X.X specific our as Sonobi, our earlier. of in Eric

of administrative Our the to million quarter $X.X general XX, the months expenses second million were for ended XXXX, in and compared as XXXX. three $X June

or costs, XXXX. rental $X.X other which lower employee excluding quarter, non-recurring were expenses, compared Corporate Our and severance million retirement as and lower for compensation, $X.X general compensation, costs. items million, the expenses second fees, costs depreciation, depreciation lower professional G&A other office to stock-based and from expenses administrative lower benefited in and other represents

stock-based change in as G&A above, reflection the expenses a compensation bonus quarter, incentive period. estimated be for of the as well In from fees of be Note that benefited will item, applicable as portion a reductions that director change this a management’s corporate addition result in compensation will to we instead mentioned to equity, the the cash. of also paid but second invested it made year-to-date

of So $X.X catch-up the this quarter’s first for portion. million attributable is the to approximately decline

As structure. continue will cost to to for we’ve ways our mentioned we look before, reduce

but or plan relatively understand we’re a of every steps small, now make to counts. step that Some the making we

are So as costs, months. as example, work minimize to remotely few to effectively office able our to an seek we continuing been over the related we’ve last

respect that carrying the an result, value $XX.X of expenses With year ownership full be XXXX. at or end the million. corporate at million to low our expect XX, As to June reported $X.X the of a to disclosed we previously we full we’ll as for aggregate interest million our for million $X.X have XXXX, of below range $X.X year XXXX, compared of

value, this before, those value value exit our typically value losses to of GAAP consider application It or the Only our our discussed underlying for the fair represent we’ve accounting. does carrying a ownership carrying equity is when fair carrying the reduces results method carrying value not share the the generally, a value value adjustment method company. interests. same it which expected equity of As of And making from would of the the downward investments. declines we below of

a in are have accounted observable downward changes, if ownership adjustments are security. interest the also upward there price or under their that can other for method, resulting few have We transactions which from

companies under from the two the XX, effect being method a in $X.X change, is accounting also interests. the same three recorded method the for the the the result offset moved $X.X ownership months of that equity to interest one June that recognition This our equity decrease interest. Our changes net companies interests. from for of of a on basis due revenue our ownership accounting well to that also exits, XXXX other our cumulative method, method, our in XXXX. new equity for fewer resulting accounted from The of ownership at was accounting to as ownership ended be recorded change standard equity benefit million as the share comparable million of method losses the lower was as period losses the compared essentially technical directly to a of required to benefit one basis of There in was

this the benefit end quarter. while was an as ownership impact to one significant like also that the So from companies statement cumulative a would there our accounting method the share in report not balance of of on to quarter, lag. the I quarter resulted our of for we the losses interest income everyone remind change equity

share this losses those calendar the for first of reflect quarter the So quarter companies.

companies While from first environment, COVID-XX the quarter, will the to lag to results quarter reflect our in you quarter many quarter saw impact the quarter full second in report we which some the their in of of one operating as part results policy. will due third this

now, segment the of it to is us to the time a call. So turn Q&A for

answer operator, a phones already we so So questions. up, please open I few you’ve can which know the done,

Operator

Michael [Operator question Instructions] Monarch First Potter comes from Capital. with

Michael Potter

this Hey forward. guys. continuing move to on company Congratulations

Just meQuilibrium have a already? that we month? question. side scheduled next presentations? Is for can additional up plans are quick something Do we the month the chat. you this for this The early Eric, lined company next fire presentation have what that or perhaps get

Eric Salzman

It priority is ours. Michael. Hey, of Yes. definitely a

to which to are to the in. build companies We’re see management CEOs right talking and both are it talk to at we’ll teams which – the public stage

on a have. regular that endeavor be. So the the to And company make week, we time respecting this challenges back announcement we’ll basis, within on obviously, I next an will teams who do look say, we’ll the get management that to to, would

Michael Potter

way the companies I news And your of company, of our joining are can our time on that own, have during prior releases can just own. lot that portfolio their on is news this the or that proposed Zipnosis a a to was one that, especially events period, we make companies issuing their have – flow that questions portfolio any and of this there follow-up

Eric Salzman

for So some Investor we cases to press Relations our both In we’ve have to auto our manually. on cases, – tied do releases it section. companies in auto-populate the most portfolio

of it we definitely that implemented release our should process a we it if Investor think seen that four that that then level, webinars step a if should of We which on a could you weeks But or us to started be company operating – XXX% Having couple of in be a on site. should happening. think a if it control is Relations those press timing a there’s white probably sure that’s partner release is to press do And our happening, that a pulled be can’t that’s up case beyond post. a that’s cases, have stage investor and pretty next into maybe that. But our ago. release show be portfolio the few we’ve at But it if the We that, on – is the go partner the been make explore. companies. companies obviously helpful. the something close – press the months we’ll for so. And in our side. last are not our website the There’s it. at would We I side, helpful. not papers to working at So that

Michael Potter

Okay. in Thanks. queue. get I’ll back

Operator

from You have a Please company. Instructions] Brian Cowens. your state [Operator question

line Your open. is

Bruce Kallins

name Kallins, are is my doing [Technical today? Difficulty] you Partners. How Hi, Yakira Bruce

Eric Salzman

Bruce, there. Bruce, little we’re some trouble a got just here. muffled having you

Operator

have question has a go And we And [Operator ahead. Please from Zimmerman. Lee disconnected. Instructions] he

Lee Zimmerman

there? you out you. reorganize looking ask possibly or that a this came Thank sell? you us a value on with Could and medium what’s give give little statement going they’re they Could color on little what us that to color,

Mark Herndon

Yes. Sure.

to update. So expand, would news Lee, a by the that an MediaMath MediaMath. so helpful. That regardless, think, outlet. happening on – up, I’ll release what’s for – But picked beyond your give Obviously, industry I’ll it be wasn’t I press even, question was the an you

which that they in strength TV is daily U.S. seeing the well is tech doing ahead down spend it’s has ad step see plan. returned outside timeframe. the Actually, April ad recovery they’re a to that to the connected we’re market, launched, in certain market pleased the and particular spend of So product experienced also major very took March, geographies their obviously, spend. pre-COVID-XX in ad MediaMath their the levels

and also the out pandemic setting on side. – of the took around company operating cost They’ve steps middle out in is the the that’s alignment it comes two entire as that the and largest really up company capital of pandemic. the better been some So platform to achieve there. comes positive company that sector demand their of ensuring we’ve the on has to right has the the number side with structure What second the working leverage out opportunity as leverage

we’re in So working doing quite balance company’s on finance sheet, the the left – so world, well. it to put of the side

I that seeing capital to structure, QX. company are stable as balance improving. sheet, structure options As spend said, the the that up overall take But support on advantage on you into products their sometimes main of capital in be to capital have we’re of the ad sure to able from to sufficient news market is the that. the recovering when outlets working, structure and all look right is a working starting emerges strength focus tech appears or side the and at strong be of place what ad as be that they Obviously, and Right other making pick ensuring it to is growth QX things. report

Lee Zimmerman

you. Thank

Operator

a name [Operator Instructions] participant, state And and your please we question company. have from

your state please Participant, open. is line name. Your

Your line now is open.

Bruce Kallins

Partners. Kallins, hear me? Can can you me? you Hello, Bruce Yakira hear

Eric Salzman

a That’s little better.

Bruce Kallins

with patterns. – most [Indiscernible] little communicating with is it a in the tough

a I couple of questions. guess So

million far expenses other going a having little and enough If companies’ we’re First sales as into three have [indiscernible] $XX.X estimating one, time cash. and balance. as cash a

we letter falls through any any past? it to intent us? So Or you with it in of because when expectation be or of mentioned, looking actually other fund the that’s are it’s there they had – going if the at through that resources do fell to

Mark Herndon

Okay.

I hear think I Bruce, got question. the you us. gist I can of the hope

as are while indicated, we there’s that risk. deal have LOI we under obviously two companies So and

optimistic out course Safeguard we end these obviously, have not make deals close other are the support can sure quarter. of in we’re need at difficult, We know to our measures position the when for We both of company the contingency don’t companies exits cautiously as that XX we are plus optimistic are $XX take that explore cost But front containment to is the will of taking fund other are planned plus the of a but plans appropriate. And specific, expectation we we that our and next or where million alternatives we months. processes. that estimating the

helpful. that’s the So

Bruce Kallins

see That’s the company put or we our investment having happen, And is explain as not thing that [indiscernible] that how – we’re we can into quarter. not increased prior helpful. I assuming how as more that we that one you I’m money the that? know in Syapse. we’re And by investing participating in much possible. can

Mark Herndon

investment and that I question we And have address Syapse the investment for was for relates an the how quarter essentially I round. can have and of Syapse who the Yes. you, to about in Bruce. our hard ownership insider-led you fact say, change for those deployment in that question, would the round And may had a additional time around this was an made the that percentage. hearing

particularly But and – that changes an also in I step I the ownership it did right, substantially. are And which not for lower important there again, right. of – would – percentage of the substantial just yes, company, as the change ours, the forward sort case. know guess I ownership So I characterize percentages. may wouldn’t from time was I grants interest, the time, at to the at employee think ownership level, not change proportions slightly option

Bruce Kallins

guess an XX% million. And figures we of companies. I partner our I at I $XXX companies be on would last And that. about when Okay. of guess And believe our average look something like the it’s my we give somewhere revenue question revenue, to or just – around on

this. explain probably and would look our comments companies, any X trade these even exit where up on why Having then – revenue usually, on you is the times valuation the XX valour the and based at to on multiple anything markets? times X If of the be on around young X, any multiple on companies, companies there choice. revenues it of clarity And based times,

Mark Herndon

Yes.

but and to of Eric, think on – here, can And – for start, for XX connection let companies correctly. you But this me not question multiples it may as our is call, I great revenue, around portfolio. question those X, hard is multiples the on the have you I had X, X, your if referenced be times want that who just and time may revenue you a touch well. Let me your transaction characterize X, within Bruce,

Bruce Kallins

That’s correct.

Mark Herndon

Okay.

wider we of much have and are possible. say multiples a So would revenue that variety that I

and in of and own niches companies some them. – each operate their has one So with – they that specific our

And them are as not just what as described. you’ve some of high just

I that media – would think would in factors have those seen. that had we about are individual space, we’ve of But digital a multiples companies. company-specific think the come how something of that lot the down, particular, there value area and has any of one that’s go the in into

Eric Salzman

Yes.

Let a couple me provide different try a this to levels. perspective of on on

kind read-through And in to if how underlying companies high does maybe why be growing investment attractive what a – like a perspective multiples the what’s and can just stock? that think are getting value? an what’s I Safeguard’s you is the you give standpoint. public sectors read-through I have the the at to Or our comps from – might or of

that, to sectors venture of through have that the and So basket a of as companies address to exposure I just talked is try reasons why it late-stage standpoint listen, primarily. attractive, we think you I Safeguard, find to one do two from Safeguard in about,

You and health have ad tech. tech-enabled have you care

Zipnosis between million invested you’re playing meQuilibrium, the Moxe, Syapse, $XX side on tech-enabled health capital. Aktana, that’s So and care of Prognos,

stock-for-stock care The share. reducing costs. well-positioned So the there’s strategic a These can care, per a XX that, Obviously, lot and deal. of activity. at between macro the are high a XXXX strong times strategic cite if Deal secular at of in X we’ve Everyone and this that revenues. XX you companies. trades sense set a tailwind that’s using to look as was we health just financial multiple XXXX is that care at announcement M&A revenue-type teens, look level, take in growth at another in health health spoken transformed, Teladoc-Livongo week experiencing past and healthy, and made space, peer with up a wants a companies revenue about as times $X deal. those tech-enabled But the the prior as are maybe conversations, tech-enabled to the world you technology, they two over industry post-COVID-XX being

– is an revenue the that X might it So it, Teladoc call they be call an times transaction, multiple. of have a outlier but sector outliers.

tech-enabled Safeguard we’re that saying, public trading health $X That’s are The in one public kind So look for the X care cost share a of and markets. on at the side. us, stock, of peers we at "There’s of times." markets

tech you tech, side have the share per those bucket, if Clutch ad mar which $X.X it’s three, Flashtalking, just of is, cost. obviously, On other we take MediaMath,

there’s call going adoption, for cetera. the median is tailwind comps et the tailwind. sector, also and cyclical no forward the ad bucket, through obviously at X market Mark digital market, it, That roughly, Now in our TV, cetera. as per There’s programmatic, don’t tech ad revenues. large, linear But space programmatic, public secular spend, which secular to a there times tailwind transition times element cyclical multiples. of et a the Trade they or investments, And Yes, that of ad is linear COVID-XX trade on a said, Desk, in is there’s Secular TV is and tech – X XX comps. recovery has Clutch process. the by is a recovery if top you for digital moving times to XX high se at Flashtalking’s will, times or tech. revenues There’s trades digital

interesting a still It’s an multiple. excited quite much revenue different we’re about. It’s still sector. in something you’re So

Safeguard two is together, So through and look why both at have the stock, you Safeguard And when way $X.X stock dynamics. a of half are that. over different I’m – sectors my taking – two there’s least to at why both through have interesting, on cost to which and in I comp bought of exposure so

companies Now Desk something or as trading or its times. XX Teladoc one XX of times of our one portfolio Trade companies, as our everyone partner every or at good that’s

the this companies providing can if will access we companies, Livongo itself else an stock these at for much a exits interesting interesting company we far for exposure that be and insight a we’re as and achieve growth in have in created and shareholders. think we provides and believe can level, you. that And we the can be Trade and and can The We’re the And we’re will portfolio do that value multiples, to saying execute or But to reasonable working. to companies us. Desk we’re reasonable Safeguard that help time at not as it care of partner take going for everything frame of not we these companies drive to be value saying that.

it but And get think So thinking you that, bucket, when was two those to care, buckets. on ad the much Bruce, stock, wanted we’re And I I how, frame tech-enabled opportunity just least pretty how dynamics. and little each the at their long-winded, within health at I a double-click about you Safeguard one companies know, tech. is is each Safeguard have other

So I’ll that’s see at and helpful stop all. if there

Bruce Kallins

Thank you.

Operator

Instructions] not do have we time. telephone And at any questions [Operator this

Robert Rosenthal

value. encouraging portfolio, you on us was confidence accelerate in Okay. expected for Thank interest see our all for and are We as and to these will Thanks that events. resulted like committed monetization the realize I’d we our return you pressing second frustrating you for who those those – delaying the we my summary, today, activity appreciation and eventually today to assure within joined for that can you, we exit while this remain companies recording. us challenging express assure that us transactions quarter no quarter, to I joining well support. operator. your listen your of and and interest In continued who our and towards to as ownership but thank it’s delayed

Operator

today’s conference call. concludes This

disconnect. You may now

Safeguard Scientifics (SFES) 11 Aug 202020 Q2 Earnings call transcript