Crescent Capital Bdc, Inc. · NASDAQ:CCAP
Crescent Capital Bdc — Q1 2020 Earnings Presentation
17 slides from Crescent Capital Bdc's earnings presentation, May 13, 2020
Slide 1: Quarterly Earnings Presentation
CRESCENT Crescent Capital BDC, Inc. Quarterly Earnings Presentation For the quarter ended March 31, 2020
Slide 2: Disclaimer and Forward-Looking Statement
Disclaimer and Forward-Looking Statement This presentation (the “Presentation”) has been prepared by Crescent Capital BDC, Inc. (together with its consolidated subsidiaries, “CCAP” or the “Company”) and may be used for informational purposes only. This Presentation contains summaries of certain fina
Slide 3: First Quarter Results
First Quarter Results 2 | CRESCENT
Slide 4: Summary of Quarterly Results
Summary of Quarterly Results = Net investment income for the quarter ended March 31, 2020 was $11.6 million, or $0.44 per share, as compared to $8.3 million, or $0.41 per share, for the quarter ended December 31, 2019. = Net realized and unrealized losses on investments for the quarter ended March 3
Slide 5: Financial Highlights
Financial Highlights $ in millions, except per share data Qi 2020! Q4 2019 Q3 2019 Q2 2019 Ql 2019 Net investment income per share $0.44 $0.41 $0.49 $0.47 $0.47 Net realized gains (losses) per share (0.00) ($0.33) - (0.01) ($0.02) Net unrealized gains (losses) per share? ($3.14) $0.37 ($0.34) $0.08
Slide 6: Financial Information
Financial Information $ in millions, except per share data 12/31/19 9/30/19 6/30/19 3/31/19 Investments, at fair value $883 $727 $692 $625 $520 Number of portfolio companies 127 98 96 91 86 Median portfolio company EBITDA $28 $29 $29 $28 $27 Asset Mix of Investment Portfolio: Senior Secured First Li
Slide 7: Financial Information (Cont’d)
Financial Information (Cont’d) $ in millions Q1 2020! Q4 2019 Q3 2019 Q2 2019 Q1 2019 Beginning Investments, at fair value $726.5 $692.3 $624.9 $520.3 $493.3 Gross Deployment, at cost 117.4 80.8 112.3 121.8 63.4 Exits, Sales & Repayments, at cost (73.7) (48.7) (38.5) (18.7) (39.9) Change in unrealiz
Slide 8: Quarterly Operating Results
Quarterly Operating Results For the Three Months Ended (G in thousands, except per share data) 3/31/2020 12/31/2019 9/30/2019 6/30/2019 3/31/2019 Interest & Dividend income Other income Total Investment Income Expenses Interest and other debt financing costs Management fees, net of waiver Income inc
Slide 9: Quarterly Statements of Assets and Liabilities
Quarterly Statements of Assets and Liabilities As of ($ in thousands, except per share data) 3/31/2020 12/31/2019 9/30/2019 6/30/2019 3/31/2019 Assets Investments, at fair value $883,216 $726,531 $692,283 $624,905 $520,254 Cash and cash equivalents 1,528 13,427 18,083 9,040 1,994 Receivable for inve
Slide 10: Net Asset Value Per Share Bridge - Q1 2020
Net Asset Value Per Share Bridge - Q1 2020 $0.44 04D $19.50 ($3.14) $0.13 December 31,2019 NAV/share —_Net Investment Income Dividend Distributions Net Unrealized Losses, net of Other March 31, 2020 NAV/share taxes Note: Net asset value per shareis based on the shares outstanding at the respective q
Slide 11: Portfolio Highlights
Portfolio Highlights 10 | CRESCENT
Slide 12: Portfolio Highlights
Portfolio Highlights CCAP Portfol $883mm $28mm 0.6x 5.2x 99% Investments Median portfolio company Weighted avg. portfolio Weighted avg. portfolio Sponsored debt at fair value? EBITDA® company attachment company leverage)34s) positions POINtK@@«ays) Asset Type Portfolio Companies with Covenant® Non-C
Slide 13: Portfolio Highlights (Cont’d)
Portfolio Highlights (Cont’d) Diversification Characteristics 127 Portfolio Companies $7mm / 0.8% Average Position High FCF & Non-Cyclical Industry Focus Industry 15 Other Industries Commercial & Professional 23% Services 21% Automobiles & 4% Diversified Financials Software & 7% Services Health Care
Slide 14: Portfolio Net Interest Margin
Portfolio Net Interest Margin —=Weighted Average Yield of Income Producing Debt Securities at Amortized Cost —<Weighted Average Spread Over LIBOR of Floating Rate Debt Investments —<Average Stated Interest Rate on Debt Outstanding ——3 Month London Interbank Offered Rate ("LIBOR") 10.0% 8.6% 9.0% : 7
Slide 15: Investment Portfolio Performance Ratings
Investment Portfolio Performance Ratings $ in millions Q1 2020 Q4 2019 3 2019 2019 Ql 2019 Fn nn 1 $10.3 1.2% $19.1 2.6% $8.5 1.2% $8.5 1.4% $4.4 0.9% 2 691.8 78.3% 653.1 89.9% 624.3 90.2% 564.0 90.3% 461.6 88.6% 3 165.6 18.7% 47.8 6.6% 51.0 74% 45.9 7.3% 47.7 9.2% 4 15.5 1.8% 6.5 0.9% 6.6 0.9% 6.5
Slide 16: Capital Structure
Capital Structure 15 | CRESCENT
Slide 17: Liquidity Management
Liquidity Management = Short term flexibility of $156.5 million of undrawn debt capacity = In March, upsized SPV Asset Facility by $100 million to $350 million and extended maturity to 2025 Debt Summary Debt Maturities ($ in millions) ($ in millions) Total Principal . Committed Amount Interest Matur