Golub Capital Bdc, Inc. · NASDAQ:GBDC
Golub Capital Bdc — Q2 FY2012 Earnings Presentation
17 slides from Golub Capital Bdc's earnings presentation, May 2, 2012
Slide 1: Golub Capital BDC, Inc. Investor Presentation, Quarter Ended March 31, 2012
Golub Capital BDC, Inc. Investor Presentation Quarter Ended March 31 , 2012
Slide 2: Forward-looking statements
Some of the statements in this presentation constitute forward - looking statements, which relate to future events or our future performance or financial condition. The forward - looking statements contained in this presentation involve risks and uncertainties, including statements as to: our future
Slide 3: Summary of Quarterly Results
Golub Capital BDC, Inc. Investor Presentation Quarter Ended March 2012 Summary of Quarterly Results Second Fiscal Quarter 2 01 2 Highlights ▪ Net investment income for the quarter ended March 31 , 2 01 2 was $7 . 1 million, or $0.29 per share, as compared to $6.3 million, or $0.29 per share, for the
Slide 4: Financial Highlights
Golub Capital BDC, Inc. Investor Presentation Quarter Ended March 2012 Q2 20 12 Q1 20 12 Q4 20 1 1 Q3 20 1 1 Q2 20 1 1 Net investment income per share $ 0.29 $ 0.29 $ 0.30 $ 0.28 $ 0.29 Net spread payments from the TRS 1 0.04 0.03 N/A N/A N/A Net investment income per share + TRS 1 0.33 0.32 N/A N/A
Slide 5: Summary of Portfolio Highlights
Golub Capital BDC, Inc. Investor Presentation Quarter Ended March 2012 Summary of Portfolio Highlights Originations and Net Funds Growth ▪ New originations totaled $98.4 million for the quarter ended March 31 , 2 01 2, which bring total originations for FY2 01 2 to $262.5 million. ▪ Net growth in in
Slide 6: Select Portfolio Funds Roll Data
Golub Capital BDC, Inc. Investor Presentation Quarter Ended March 2012 Select Portfolio Funds Roll Data (in millions) Q2 20 1 2 Q1 20 1 2 Q4 20 1 1 Q3 20 1 1 Q2 20 1 1 New Investment Commitments $ 98.4 $ 164.1 $ 59.8 $ 135.8 $ 54.6 Exits (includes full & partial payoffs) of Investments 43.6 42.9 28.
Slide 7: Quarterly Statements of Financial Condition
Golub Capital BDC, Inc. Investor Presentation Quarter Ended March 2012 Quarterly Statements of Financial Condition As of (Dollar amounts in thousands , except per share data) March 31, 2012 (unaudited ) December 31, 2011 (audited ) September 3 0 , 20 1 1 (unaudited) June 3 0 , 20 1 1 (unaudited) Mar
Slide 8: Quarterly Operating Results
Golub Capital BDC, Inc. Investor Presentation Quarter Ended March 2012 Quarterly Operating Results For the three months ended (Dollar amounts in thousands, except share and per share data) March 31, 2012 (unaudited) December 31, 2011 (unaudited) September 3 0 , 20 1 1 (unaudited) June 3 0 , 20 1 1 (
Slide 9: Portfolio Highlights – Asset Mix
Golub Capital BDC, Inc. Investor Presentation Quarter Ended March 2012 Portfolio Highlights – Asset Mix New Investment Commitments End of Period Investments 67% 48% 30% 30% 39% 32% 35% 68% 38% 36% 13% 12% 16% 16% 9% - 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 180,000 Q2 2011 Q3 201
Slide 10: Portfolio Highlights – Debt Investment Spread Analysis
Golub Capital BDC, Inc. Investor Presentation Quarter Ended March 2012 Portfolio Highlights – Debt Investment Spread Analysis 1. Total yield on investments is calculated as (a) the actual amount earned on such investments, including interest income and a mor tization of fees and discounts, divided b
Slide 11: Portfolio Highlights – Selected Information
Golub Capital BDC, Inc. Investor Presentation Quarter Ended March 2012 Portfolio Highlights – Selected Information Portfolio Rotation – Debt Investments Q2 20 12 Q1 20 12 Q4 20 1 1 Q3 20 1 1 Q2 20 1 1 Weighted average rate of new investments 1 8.9% 9.7% 8.0% 7.8% 7.2% Weighted average rate on invest
Slide 12: Credit Quality
Golub Capital BDC, Inc. Investor Presentation Quarter Ended March 2012 Credit Quality Credit Quality – Investment Portfolio ▪ Fundamental credit quality remains strong with non - earning assets as a percentage of total investments decreasing from 1 .0% at December 31 , 2 01 1 to 0.5% at March 31 , 2
Slide 13: Portfolio Highlights – Portfolio Ratings
Golub Capital BDC, Inc. Investor Presentation Quarter Ended March 2012 Portfolio Highlights – Portfolio Ratings Risk Ratings Definition Rating Definition 5 Borrower is performing above expectations 4 Borrower is generally performing as expected and the risk factors are neutral to favorable 3 Borrowe
Slide 14: Common Stock and Distribution Information
Golub Capital BDC, Inc. Investor Presentation Quarter Ended March 2012 Common Stock and Distribution Information Common Stock Data Distribution Data Date Declared Record Date Payment Date Amount Per Share Total Amount (In thousands) February 8, 20 1 1 March 18, 20 1 1 March 30, 20 1 1 $0.32 $5,676 M
Slide 15: Liquidity and Investment Capacity
Golub Capital BDC, Inc. Investor Presentation Quarter Ended March 2012 Liquidity and Investment Capacity Cash and Cash Equivalents ▪ Unrestricted cash totaled $30 . 1 million as of March 31 , 2 01 2 . ▪ Restricted cash totaled $42.5 million as of March 31 , 2 01 2. Restricted cash as of March 31 , 2
Slide 16: Liquidity and Investment Capacity: TRS Termination
Golub Capital BDC, Inc. Investor Presentation Quarter Ended March 2012 Liquidity and Investment Capacity TRS Termination ▪ On April 1 1 , 2 01 2, a GBDC wholly owned subsidiary terminated the TRS that it had entered into with Citibank, N.A. (“Citibank”). Upon termination of the TRS, we recorded a re
Slide 17: Summary of Debt Facilities
Golub Capital BDC, Inc. Investor Presentation Quarter Ended March 2012 Summary of Debt Facilities Debt Securitization ▪ Size: $1 7 4.0 million in Aaa/AAA Class A Notes ▪ Cost: LIBOR + 2.40% ▪ Reinvestment period: Expires July 1 6, 2 01 3; 2 - year extension if specific conditions are met ▪ Maturity