Golub Capital BDC, Inc. · NASDAQ:GBDC
Golub Capital BDC — Q1 FY2018 Earnings Presentation
17 slides from Golub Capital BDC's earnings presentation, February 2018
Slide 1: Investor Presentation Quarter Ended December 31, 2017
GOLUB CAPITAL BDC, INC. INVESTOR PRESENTATION QUARTER ENDED DECEMBER 31, 2017
Slide 2: Disclaimer
Disclaimer Some of the statements in this presentation constitute forward-looking statements, Such forward-looking statements may include statements preceded which relate to future events or our future performance or financial condition. The by, followed by or that otherwise include the words “may,”
Slide 3: Summary of Quarterly Results
Summary of Quarterly Results First Fiscal Quarter 2018 Highlights − Net increase in net assets resulting from operations (i.e. net income) for the quarter ended December 31, 2017 was $21.3 million, or $0.36 per share, as compared to $22.5 million, or $0.38 per share, for the quarter ended September
Slide 4: Financial Highlights
Financial Highlights Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Earnings per share $ 0.34 $ 0.38 $ 0.35 $ 0.38 $ 0.36 Net investment income per share 0.31 0.30 0.31 0.31 0.31 Accrual for capital gain incentive fee per share 0.01 0.02 0.01 0.01 0.01 Net investment income before accrual for capital gain
Slide 5: Portfolio Highlights – New Originations
Portfolio Highlights – New Originations Originations and Net Funds Growth − New investment commitments totaled $142.2 million for the quarter ended December 31, 2017. − Total investments at fair value increased by 2.3%, or $38.4 million, as of December 31, 2017 from September 30, 2017. During the qu
Slide 6: Portfolio Highlights – Portfolio Diversity as of December 31, 2017
Portfolio Highlights – Portfolio Diversity as of December 31, 2017 Investment Portfolio $1,632mm1 // 190 Investments1 – Average Size $8.6mm Historical Investment Portfolio ($mm) $2,000 $1,802 $1,800 $1,734 $1,723 $1,696 6% $1,685 7% 3% 5% 6% 6% $1,600 4% 3% 4% 1% 3% 1% 1% 1% 1% Inv. in SLF $1,400 Eq
Slide 7: Portfolio Highlights – Portfolio Diversity as of December 31, 2017
Portfolio Highlights – Portfolio Diversity as of December 31, 2017 Diversity by Investment Size Industry Diversity of Investments SLF Top 10 5% Investments Healthcare, Education and Childcare 20% 19% Diversified/Conglomerate Service 19% Retail Stores 8% Beverage, Food and Tobacco 6% Top 25 Investmen
Slide 8: Portfolio Highlights – Spread Analysis
Portfolio Highlights – Spread Analysis 10.0% Portfolio Rotation – Q1 Q2 Q3 Q4 Q1 Debt Investments 2017 2017 2017 2017 2018 9.0% 8.7% 8.5% 8.5% 8.1% 8.2% Weighted average interest rate 8.0% 6.9% 6.4% 7.3% 7.3% 7.5% of new investments 1,2 7.9% 7.8% 7.9% 7.7% 7.7% 7.0% Weighted average interest rate on
Slide 9: Portfolio Highlights – Credit Quality
Portfolio Highlights – Credit Quality Credit Quality – Investment Portfolio − Fundamental credit quality as of December 31, 2017 remained strong with non-accrual investments as a percentage of total investments at cost and fair value of 0.3% and 0.1%, respectively. − During the quarter ended Decembe
Slide 10: Portfolio Highlights – Portfolio Ratings
Portfolio Highlights – Portfolio Ratings Portfolio Risk Ratings June 30, 2017 September 30, 2017 December 31, 2017 Investments at % of Investments at % of Investments at % of Internal Fair Value Total Fair Value Total Fair Value Total Performance Rating (000s) Portfolio (000s) Portfolio (000s) Portf
Slide 11: Quarterly Statements of Financial Condition
Quarterly Statements of Financial Condition As of (Dollar amounts in 000s, December 31, 2016 March 31, 2017 June 30, 2017 September 30, 2017 December 31, 2017 except per share data) (unaudited) (unaudited) (unaudited) (audited) (unaudited) Assets Investments, at fair value $ 1,696,302 $ 1,734,005 $
Slide 12: Quarterly Operating Results
Quarterly Operating Results For the three months ended (Dollar amounts in 000s, December 31, 2016 March 31, 2017 June 30, 2017 September 30, 2017 December 31, 2017 except share and per share data) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Investment Income Interest income $ 32,697
Slide 13: Financial Performance Highlights
Financial Performance Highlights Quarterly Distributions Annualized Return on Average Equity1 $0.60 $0.57 12% $0.50 $0.25 $0.40 $0.40 $0.32 $0.32 $0.32 $0.08 9.6% 10% 9.3% $0.30 8.8% 8.8% 5 qtr. 8.6% wtd. avg.: $0.20 9.0% $0.32 $0.32 8% $0.10 $0.00 Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 6% Q1'17 Q2'17 Q3'17
Slide 14: Portfolio Highlights – Senior Loan Fund LLC
Portfolio Highlights – Senior Loan Fund LLC − The annualized quarterly return was 11.4% for the quarter ended December 31, 2017 as compared to 10.2% for the quarter ended September 30, 2017. − Total investments at fair value for the quarter ended December 31, 2017 were $279.3 million, a decrease of
Slide 15: Liquidity and Investment Capacity
Liquidity and Investment Capacity Cash and Cash Equivalents − Unrestricted cash and cash equivalents totaled $5.8 million as of December 31, 2017. − Restricted cash and cash equivalents totaled $71.4 million as of December 31, 2017. Restricted cash is held in our securitization vehicles, SBIC subsid
Slide 16: Debt Facilities
Debt Facilities 2010 Debt Securitization Par Amount Tranche Rating (M/S) ($mm) Interest Rate Stated Maturity Reinvestment Period Class A-Refi Notes Aaa/AAA $205.0 3-Month LIBOR + 1.90% July 20, 2023 July 20, 2018 1 Total Notes Issued $205.0 2014 Debt Securitization Par Amount Tranche Rating (M/S) ($
Slide 17: Common Stock and Distribution Information
Common Stock and Distribution Information Common Stock Data Fiscal Year Ended September 30, 2017 High Low End of Period First Quarter $18.76 $17.55 $18.39 Second Quarter $19.88 $18.38 $19.88 Third Quarter $20.44 $19.10 $19.12 Fourth Quarter $19.71 $18.24 $18.82 Fiscal Year Ending September 30, 2018