Golub Capital BDC, Inc. · NASDAQ:GBDC
Golub Capital BDC — Q2 FY2017 Earnings Presentation
17 slides from Golub Capital BDC's earnings presentation, Mar 31, 2017
Slide 1: Golub Capital BDC Investor Presentation, Quarter Ended March 31, 2017
GOLUB CAPITAL BDC, INC. INVESTOR PRESENTATION QUARTER ENDED MARCH 31, 2017
Slide 2: Disclaimer
Disclaimer Some of the statements in this presentation constitute forward-looking statements, which relate to future events or our future performance or financial condition. The Such forward-looking statements may include statements preceded forward-looking statements contained in this presentation
Slide 3: Summary of Quarterly Results
Summary of Quarterly Results Second Fiscal Quarter 2017 Highlights − Net increase in net assets resulting from operations (i.e. net income) for the quarter ended March 31, 2017 was $20.7 million, or $0.38 per share, as compared to $19.0 million, or $0.34 per share, for the quarter ended December 31,
Slide 4: Financial Highlights
Financial Highlights Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Earnings per share $ 0.28 $ 0.35 $ 0.30 $ 0.34 $ 0.38 Net investment income per share 0.33 0.31 0.32 0.31 0.30 Accrual / (Reversal) for capital gain incentive fee per share (0.01) 0.01 0.00 0.01 0.02 Net investment income before accrual fo
Slide 5: Portfolio Highlights – New Originations
Portfolio Highlights – New Originations Originations and Net Funds Growth − New investment commitments totaled $106.0 million for the quarter ended March 31, 2017. − Total investments at fair value increased by 2.2%, or $37.7 million, for the quarter ended March 31, 2017 from December 31, 2016. Duri
Slide 6: Portfolio Highlights – Portfolio Diversity as of March 31, 2017
Portfolio Highlights – Portfolio Diversity as of March 31, 2017 Investment Portfolio $1,618mm1 // 185 Investments1 – Average Size $8.7mm Historical Investment Portfolio ($mm) $2,000 $1,800 $1,734 $1,696 $1,629 $1,661 7% $1,612 6% 6% $1,600 4% 7% 7% 4% 4% 1% 4% 1% 4% 2% Inv. in SLF $1,400 3% 2% Equit
Slide 7: Portfolio Highlights – Portfolio Diversity as of March 31, 2017
Portfolio Highlights – Portfolio Diversity as of March 31, 2017 Diversity by Investment Size Industry Diversity of Investments SLF Top 10 7% Investments Healthcare, Education and Childcare 20% 19% Diversified/Conglomerate Service 17% Retail Stores 8% Beverage, Food and Tobacco 8% Top 25 Investments
Slide 8: Portfolio Highlights – Spread Analysis
Portfolio Highlights – Spread Analysis 10.0% Portfolio Rotation – Q2 Q3 Q4 Q1 Q2 Debt Investments 2016 2016 2016 2017 2017 9.0% 8.5% 8.2% 8.1% 8.2% 8.0% Weighted average interest rate 8.0% 7.2% 7.2% 7.6% 6.9% 6.4% of new investments 1,2 7.8% 7.7% 7.7% 7.0% 7.6% 7.6% Weighted average interest rate on
Slide 9: Portfolio Highlights – Credit Quality
Portfolio Highlights – Credit Quality Credit Quality – Investment Portfolio − Fundamental credit quality at March 31, 2017 remains strong with non-accrual investments as a percentage of total investments at cost and fair value of 0.3% and 0.1%, respectively. − Over 85.0% of the investments in our po
Slide 10: Portfolio Highlights – Portfolio Ratings
Portfolio Highlights – Portfolio Ratings Portfolio Risk Ratings September 30, 2016 December 31, 2016 March 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) Port
Slide 11: Quarterly Statements of Financial Condition
Quarterly Statements of Financial Condition As of (Dollar amounts in 000s, March 31, 2016 June 30, 2016 September 30, 2016 December 31, 2016 March 31, 2017 except per share data) (unaudited) (unaudited) (audited) (unaudited) (unaudited) Assets Investments, at fair value $ 1,611,702 $ 1,628,509 $ 1,6
Slide 12: Quarterly Operating Results
Quarterly Operating Results For the three months ended (Dollar amounts in 000s, March 31, 2016 June 30, 2016 September 30, 2016 December 31, 2016 March 31, 2017 except share and per share data) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Investment Income Interest income $ 29,110 $ 3
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 $0.32 9.6% $0.32 $0.32 $0.32 10% $0.30 9.0% 5 qtr. $0.32 8.6% wtd. avg.: $0.20 8.4% 8% 7.5% $0.10 7.0% $0.00 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 6% Q2'16 Q3'16 Q4'16 Q1'17 Q2'17
Slide 14: Portfolio Highlights – Senior Loan Fund LLC
Portfolio Highlights – Senior Loan Fund LLC − The annualized quarterly return for the quarter ended March 31, 2017 was 10.8%, up from 7.1% for the quarter ended December 31, 2016. The annualized quarterly return improved for the quarter ended March 31, 2017 as there was a net gain on mark-to-market
Slide 15: Liquidity and Investment Capacity
Liquidity and Investment Capacity Cash and Cash Equivalents − Unrestricted cash and cash equivalents totaled $4.6 million as of March 31, 2017. − Restricted cash and cash equivalents totaled $39.3 million as of March 31, 2017. Restricted cash is held in our securitization vehicles, SBIC subsidiaries
Slide 16: Debt Facilities
Debt Facilities 2010 Debt Securitization Par Amount Tranche Rating (M/S) ($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, 2016 High Low End of Period First Quarter $17.47 $16.12 $16.63 Second Quarter $17.38 $15.23 $17.31 Third Quarter $18.08 $16.84 $18.07 Fourth Quarter $19.75 $18.18 $18.57 Fiscal Year Ended September 30, 2017 F