Goldman Sachs BDC Inc (GSBD) 2024 Q3 法說會逐字稿

Good morning. This is Austin Neri, a member of the Investor Relations team for Goldman Sachs BDC, Inc., and I would like to welcome everyone to the Goldman Sachs BDC, Inc. third quarter 2024 earnings conference call.

早安.我是高盛 BDC 公司投資者關係團隊成員 Austin Neri，歡迎大家參加高盛 BDC 公司 2024 年第三季財報電話會議。

(Operator Instructions)

（操作員指令）

Before we begin today's call, I would like to remind our listeners that today's remarks may include forward-looking statements. These statements represent the company's belief regarding future events that, by their nature, are uncertain and outside of the company's control.

在我們開始今天的電話會議之前，我想提醒我們的聽眾，今天的演講可能包含前瞻性陳述。這些聲明代表了公司對未來事件的看法，而這些事件本質上是不確定的且不受公司控制。

The company's actual results and financial condition may differ, possibly materially, from what is indicated in those forward-looking statements as a result of a number of factors, including those described from time to time in the company's SEC filings. This audio cast is copyrighted material of Goldman Sachs BDC, Inc. and may not be duplicated, reproduced, or rebroadcast without our consent.

由於多種因素（包括公司不時向美國證券交易委員會提交的文件中所述的因素），公司的實際業績和財務狀況可能與這些前瞻性陳述中所示的情況存在差異，甚至可能存在重大差異。此音訊廣播是 Goldman Sachs BDC, Inc. 的版權資料，未經我們的同意不得複製、影印或重播。

Yesterday, after the market closed, the company issued an earnings press release and posted a supplemental earnings presentation, both of which can be found on the home page of our website at www.goldmansachsbdc.com, under the Investor Resources section and which include reconciliations of non-GAAP measures to the most directly comparable GAAP measures.

昨天，在市場收盤後，該公司發布了一份收益新聞稿並公佈了一份補充收益報告，這兩份報告均可在我們的網站 www.goldmansachsbdc.com 主頁的「投資者資源」部分找到，其中包括非 GAAP 指標與最直接可比的 GAAP 指標的對帳。

These documents should be reviewed in conjunction with the company's quarterly report on Form 10-Q filed yesterday with the SEC. This conference call is being recorded today, Friday, November 8, 2024, for replay purposes.

這些文件應與該公司昨天向美國證券交易委員會提交的 10-Q 表季度報告一起進行審查。本次電話會議將於今天（2024 年 11 月 8 日，星期五）進行錄音，以供重播。

I'll now turn the call over to Alex Chi, Co-Chief Executive Officer of Goldman Sachs BDC, Inc.

現在我將電話轉給高盛 BDC 公司聯席執行長 Alex Chi。

Thank you, Austin. Good morning, everyone, and thank you for joining us for our third-quarter 2024 earnings conference call. I'm here today with David Miller, our Co-Chief Executive Officer; Tucker Greene, our Chief Operating Officer; and Stan Matuszewski, our Chief Financial Officer.

謝謝你，奧斯汀。大家早安，感謝您參加我們的 2024 年第三季財報電話會議。今天我和我們的聯合執行長戴維·米勒一起來到這裡；塔克‧格林（Tucker Greene），我們的營運長；以及我們的財務長 Stan Matuszewski。

I'll begin the call by providing a brief overview of our third-quarter results and then discuss the current market environment in more detail. I'll then turn the call over to David and Tucker to describe our portfolio activity and performance before handing it off to Stan to take us through our financial results. And then finally, we'll open the line for Q&A. With that, let's get to our third quarter results.

我將首先簡要介紹我們第三季的業績，然後更詳細地討論當前的市場環境。然後，我會將電話轉給戴維和塔克，描述我們的投資組合活動和表現，然後再交給史丹，讓他向我們介紹我們的財務結果。最後，我們將開通問答熱線。現在讓我們來看看第三季的業績。

Our net investment income per share for the quarter was $0.58 and net asset value per share was $13.54, a decrease of approximately 1% relative to the second quarter NAV, which was largely due to net realized and unrealized losses in the quarter. As we announced after market close yesterday, our Board declared our fourth quarter dividend of $0.45 per share payable to shareholders of record as of December 31, 2024.

我們本季的每股淨投資收益為 0.58 美元，每股淨資產價值為 13.54 美元，較第二季淨資產價值下降約 1%，這主要是由於本季的淨已實現和未實現損失。正如我們昨天收盤後宣布的那樣，董事會宣布向截至 2024 年 12 月 31 日登記在冊的股東派發第四季度股息，每股 0.45 美元。

This marks the company's 39th consecutive quarter of a $0.45 per share dividend, totaling $17.55 per share since our IPO, excluding the special dividends we paid in 2021, following the merger with MMLC. Now with respect to broader market conditions, M&A continued to recover in the third quarter, with growth of 17.5% year-over-year in sponsor M&A volumes.

這是該公司連續第 39 個季度派發每股 0.45 美元的股息，自首次公開募股以來總計每股 17.55 美元，不包括我們在 2021 年與 MMLC 合併後支付的特別股息。現在就更廣泛的市場狀況而言，第三季併購持續復甦，贊助商併購量年增 17.5%。

We noted earlier in the year that we anticipated a rebound in sponsor M&A driven by the $1.4 trillion of private equity dry powder and the DPI pressure that private equity firms are facing to return capital to LP investors. We saw these factors drive higher activity in the second and third quarter. And although we expect the fourth quarter to be somewhat muted as market participants took a pause given the election, we anticipate that this dynamic will continue to enhance M&A volumes in 2025.

我們在今年稍早指出，我們預計贊助商併購將出現反彈，這得益於 1.4 兆美元的私募股權資金和私募股權公司面臨的向 LP 投資者返還資本的 DPI 壓力。我們看到這些因素推動了第二季和第三季活動的增加。儘管我們預計由於市場參與者因大選而暫停交易，第四季度的交易會有些平淡，但我們預計這種動態將在 2025 年繼續提升併購量。

GSBD has certainly benefited from this overall trend, which was further enhanced by our platform capabilities. Our third quarter gross originations more than doubled year over year and is the second largest deployment quarter since the integration of GSBD into the broader Goldman Sachs private credit platform with the highest being this past second quarter of 2024. We continue to originate new investments with sound credit fundamentals and low LTVs.

GSBD 無疑受益於此總體趨勢，而我們的平台能力則進一步增強了這一趨勢。我們第三季的總發放量年增了一倍以上，是自 GSBD 整合到更廣泛的高盛私人信貸平台以來第二大部署季度，最高的是 2024 年第二季度。我們繼續發起具有良好信用基礎和低 LTV 的新投資。

Finally, our sales and repayment activity increased 45% from the prior quarter, totaling $329 million. We're focused on harvesting older vintage investments and recycling into new originations. To that end, 72% of our payments were 2021 in older vintages. Our recycling efforts are enhanced by our proactive portfolio management and the breadth of our private credit platform to consistently originate new and attractive investment opportunities.

最後，我們的銷售和還款活動較上一季成長了 45%，總額達到 3.29 億美元。我們專注於收穫較舊的復古投資並將其回收為新的投資。為此，我們 72% 的付款都是 2021 年較早的付款。我們積極主動的投資組合管理和廣泛的私人信貸平台增強了我們的回收工作，從而不斷創造新的、有吸引力的投資機會。

With that, let me turn it over to my Co-CEO, David Miller.

現在，讓我把主題交給我的聯合執行長戴維·米勒 (David Miller)。

Thanks, Alex. During the quarter, we originated approximately $376.6 million and 34 new investment commitments, comprised of 15 new and 19 existing portfolio companies. As Alex mentioned, this was indeed the second highest level of quarterly originations for GSBD since the integration of our platform in early 2022.

謝謝，亞歷克斯。本季度，我們發起了約 3.766 億美元和 34 項新的投資承諾，其中包括 15 家新投資組合公司和 19 家現有投資組合公司。正如 Alex 所提到的，這確實是自 2022 年初我們的平台整合以來 GSBD 的第二高季度發起水準。

98.1% of our originations were in first lien loans, which continues to reflect our bias and primarily maintaining exposure to investments that are higher up in the capital structure. Sales and repayment activity totaled $329.1 million, primarily driven by the repayment and refinancing of our investments in 10 portfolio companies.

我們的貸款發放中 98.1% 是第一留置權貸款，這繼續反映了我們的偏好，並且主要保持對資本結構中較高層次投資的風險敞口。銷售和償還活動總額為 3.291 億美元，主要由我們對 10 家投資組合公司的投資償還和再融資推動。

During the quarter, we also selectively sold names in the portfolio with majority at or above their mark. When we received an attractive bid and sought to rotate out of legacy names, all with a focus on recycling the book into new originations. As the portfolio continues to turn over, we will lean into our position within the Goldman Sachs ecosystem for what we believe should be a rebound in M&A activity volume into 2025.

在本季度，我們也選擇性地出售了投資組合中大多數股票，這些股票的價格達到或超過了其目標。當我們收到一個很有吸引力的出價並試圖淘汰遺留名稱時，所有的重點都是將書籍回收為新名稱。隨著投資組合的持續週轉，我們將依靠高盛生態系中的地位，相信到 2025 年，併購活動量將會反彈。

Turning to portfolio composition. As of September 30, 2024, total investments in our portfolio were $3.44 billion at fair value, comprised of 97.6% in senior secured loans, including 91.6% first lien, 4.7% in first lien last-out unitranche, and 1.3% in second lien, debt as well as a negligible amount of unsecured debt and 1.9% in a combination of preferred and common stock.

轉向投資組合構成。截至 2024 年 9 月 30 日，我們投資組合中的總投資以公允價值計算為 34.4 億美元，其中 97.6% 為優先擔保貸款，包括 91.6% 的第一留置權、4.7% 的第一股留置權最後單一部分和 1.3% 的第一留置權、4.7% 的第一股留置權最後單一部分和 1.3% 的第二個留置權和價值 19% 的普通債務組合。

With that, let me turn it over to our Chief Operating Officer, Tucker Greene, to discuss new investments this quarter and our overall credit quality.

接下來，我將把主題轉到我們的營運長 Tucker Greene 身上，討論本季的新投資和我們的整體信用品質。

Thanks, David. As of September 30, 2024, the company held investments in 167 portfolio companies operating across 41 different industries. The weighted average yield of our investment portfolio to amortize cost at the end of the third quarter was 10.9% as compared to 11% from the prior quarter. The weighted average yield of our total debt and income-producing investments at amortized cost at the end of the third quarter was 11.8%, as compared to 12.3% at the end of Q2.

謝謝，大衛。截至 2024 年 9 月 30 日，該公司投資了 41 個不同產業的 167 家投資組合公司。我們投資組合的攤銷成本加權平均收益率在第三季末為 10.9%，而上一季為 11%。我們第三季末的總債務和創收投資的攤銷成本加權平均收益率為 11.8%，而第二季末為 12.3%。

The weighted average net debt-to-EBITDA of the companies in our investment portfolio increased slightly at 6.3 times during the third quarter compared to 6.1 times during the second quarter. Importantly, our portfolio companies have both top line growth and EBITDA growth quarter over quarter and year over year on a weighted average basis.

我們投資組合中的公司的加權平均淨負債與 EBITDA 比率在第三季略有增加，為 6.3 倍，而第二季為 6.1 倍。重要的是，按加權平均計算，我們的投資組合公司的營收和 EBITDA 均實現了環比增長和同比增長。

At the same time, the current weighted average interest coverage of the companies in our investment portfolio at quarter end increased to 1.7 times in the third quarter compared to 1.5 times during the second quarter. And finally, turning to asset quality. During the quarter, there were changes to accrual status for 2 portfolio companies.

同時，我們投資組合中公司的季末加權平均利息覆蓋率從第二季的1.5倍上升至第三季的1.7倍。最後，談談資產品質。本季度，2 家投資組合公司的應計狀況發生了變化。

Pluralsight was restructured and one first lien position remained on nonaccrual status and another first lien position was restored to accrual status. Additionally, we exited Zodiac Intermediate, also known as Zipari , which had previously been on nonaccrual status through a sale of the company.

Pluralsight 進行了重組，一個第一留置權位置仍處於非應計狀態，另一個第一留置權位置恢復為應計狀態。此外，我們退出了 Zodiac Intermediate（也稱為 Zipari），該公司之前透過出售而處於非應計狀態。

As of September 30, 2024, investments on nonaccrual status decreased to 2.2% of the total investment portfolio at fair value from 3.4% as of June 30, 2024, and to 4.5% of the total investment portfolio to amortize costs from 7.6% as of June 30, 2024.

截至 2024 年 9 月 30 日，非應計狀態的投資以公允價值計算佔總投資組合的比例從 2024 年 6 月 30 日的 3.4% 下降至 2.2%，以攤銷成本計算佔總投資組合的比例從 2024 年 6 月 30 日的 7.6% 下降。

I will now turn the call over to Stan Matuszewski to walk through our financial results.

現在我將把電話轉給 Stan Matuszewski，讓他介紹我們的財務表現。

Thank you, Tucker. We ended the third quarter of 2024 with total portfolio investments at fair value of $3.4 billion, outstanding debt of $1.9 billion, and net assets of $1.6 billion. Our ending net debt to equity ratio as of the end of the third quarter was 1.16 times, which continues to be below our target leverage of 1.25 times.

謝謝你，塔克。截至 2024 年第三季度，我們的投資組合公允價值為 34 億美元，未償還債務為 19 億美元，淨資產為 16 億美元。截至第三季末，我們的期末淨負債與權益比率為 1.16 倍，仍低於我們的目標槓桿率 1.25 倍。

At quarter end, approximately 66.7% of the company's total principal amount of debt outstanding was in unsecured debt, and we had $1.1 billion of capacity available under our secured revolving credit facility. Before continuing to the income statement, as a reminder, in addition to GAAP financial measures, we will also reference certain non-GAAP or adjusted measures.

截至季末，本公司未償還債務本金總額中約有 66.7% 為無擔保債務，且我們在擔保循環信貸安排下擁有 11 億美元的可用容量。在繼續介紹損益表之前，需要提醒的是，除了 GAAP 財務指標外，我們還將參考某些非 GAAP 或調整後的指標。

This is intended to make our financial results easier to compare to results prior to our October 2020 merger with Goldman Sachs Middle Market Lending Corp., or MMLC. These non-GAAP measures remove the purchase discount amortization impact from our financial results.

這是為了使我們的財務表現更容易與 2020 年 10 月與 Goldman Sachs Middle Market Lending Corp. (MMLC) 合併之前的結果進行比較。這些非公認會計準則指標消除了我們財務結果中的購買折扣攤銷影響。

For the third quarter, GAAP and adjusted after-tax net investment income were $68.2 million and $67.2 million, respectively, as compared to $67 million and $65.2 million respectively, in the prior quarter.

第三季度，GAAP 和調整後稅後淨投資收益分別為 6,820 萬美元和 6,720 萬美元，而上一季分別為 6,700 萬美元和 6,520 萬美元。

On a per share basis, GAAP net investment income was $0.58, excluding the impact of asset acquisition accounting in connection with the merger with MMLC, adjusted net investment income for the quarter was $0.57 per share equating to an annualized net investment income yield on book value of 16.8%. Total investment income for the three months ended September 30, 2024, and June 30, 2024, was $110.4 million and $108.6 million, respectively. The increase in total investment income was primarily due to the incremental deployment during Q2 and Q3.

以每股計算，GAAP 淨投資收益為 0.58 美元，不包括與 MMLC 合併相關的資產收購會計的影響，本季調整後的淨投資收益為每股 0.57 美元，相當於帳面價值的年化淨投資收益收益率為 16.8%。截至 2024 年 9 月 30 日和 2024 年 6 月 30 日的三個月的總投資收益分別為 1.104 億美元和 1.086 億美元。總投資收益的增加主要由於第二季和第三季的增量部署。

We would also note that we saw PIK as a percent of total recurring investment income decreased to 9% for the third quarter ended September 30, 2024, from 11% in the second quarter of 2024. Distributions during the quarter remained consistent at $0.45 per share. Our spillover taxable income is approximately $158.8 million or $1.36 on a per share basis.

我們也注意到，我們發現 PIK 佔總經常性投資收入的百分比從 2024 年第二季的 11% 下降至截至 2024 年 9 月 30 日的第三季的 9%。本季的分配額仍維持在每股 0.45 美元。我們的溢出應稅收入約為 1.588 億美元，或每股 1.36 美元。

With that, I'll turn it back to Alex for closing remarks.

最後，我會把話題轉回給亞歷克斯，請他作最後發言。

Thanks Stan, and thanks, everyone, for joining our earnings call. We're excited by our pipeline prospects and remain focused on turning over the portfolio into new attractive opportunities using the full breadth of the Goldman Sachs platform.

謝謝斯坦，也謝謝大家參加我們的財報電話會議。我們對我們的前景感到興奮，並將繼續專注於利用高盛平台的全部力量將投資組合轉變為新的有吸引力的機會。

With that, let's open the line for Q&A.

現在，讓我們開始問答環節。

(Operator Instructions) Mark Hughes, Truist.

（操作員指示）馬克·休斯，Truist。

Alex, you had spoken about your recycling effort. How much more opportunity do you have there to recycle, improve the portfolio?

亞歷克斯，你剛才談到了你的回收工作。您還有多少機會進行回收並改善投資組合？

Yeah. We -- so we had a very strong quarter of sales and repayments. As you heard, it's the largest quarter we've had in over a year. So we were able to have full exits in at least four portfolio companies, all of which were originated in 2021 or earlier. So we feel good about the pace of repayments and recycling.

是的。因此，我們本季的銷售和還款表現非常強勁。正如您所聽到的，這是我們一年多以來業績最大的一個季度。因此，我們能夠完全退出至少四家投資組合公司，這些公司都在 2021 年或更早成立。因此，我們對償還和回收的速度感到滿意。

And just given also the very strong quarter of originations we had just the outlook we also have for M&A that's coming, we feel good about just the shift in the portfolio, and we also added a net 12 new names as you saw as well, which further diversified the portfolio.

鑑於本季度的強勁發展勢頭，我們對即將到來的併購前景也抱有樂觀態度，我們對投資組合的轉變感到滿意，而且正如您所見，我們還淨增了 12 個新名稱，這進一步實現了投資組合的多樣化。

Understood. How about the repricing activity? How much have you seen in the portfolio? How much more can we expect, perhaps?

明白了。重新定價活動怎麼樣？您在投資組合中看到了多少？我們或許還能期待多少呢？

Well, we saw a pretty decent wave just across the industry as we saw spreads compress. But in the quarter, we saw spreads stabilize. And so just the level of repricing activity also came down versus the flurry that we saw earlier in the year. And so there may still be some room to go. But having said that, we would expect the pace of repricing to slow down.

嗯，我們看到整個行業出現了相當不錯的波動，因為我們看到利差在壓縮。但在本季度，我們看到利差趨於穩定。因此，與今年早些時候我們看到的狂熱相比，重新定價活動的水平也有所下降。因此可能還有一些發展空間。但話雖如此，我們預計重新定價的速度將會放緩。

Yeah. And then anything in your view, the vibe immediately following the election last couple of days as it pertains to potential deal activity, do you feel like there's more energy in the air last -- just curious your subjective impressions?

是的。那麼，在您看來，過去幾天大選後的氛圍與潛在的交易活動有關，您是否覺得最後空氣中瀰漫著更多的活力——只是好奇您的主觀印象？

Look, the market obviously has been pretty exciting, post-election. We've all been circling up and talking to our bankers within Goldman Sachs and just other participants in the industry. And again, people feel quite energetic and optimistic about the level of M&A, particularly from the sponsor community that's going to come in 2025. So I think just broadly speaking, there just continues to be optimism.

你看，選舉後的市場顯然相當活躍。我們一直在與高盛內部的銀行家以及業內的其他參與者進行交流。人們對於併購水準感到非常樂觀，尤其是來自 2025 年的贊助商社群。因此我認為，從總體上來說，人們仍然保持樂觀。

Derek Hewett, Bank of America.

美國銀行的德里克休伊特 (Derek Hewett)。

I have a question on credit, specifically on looking at slide 7. And it shows that risk rated 3 and 4 totals increased that despite what we saw with the meaningful reduction in non-accruals. So could you provide some additional color on where you were seeing that negative credit migration and then were there any specific sectors where you saw that decline?

我有一個關於信用的問題，特別是關於第 7 張幻燈片。並且它表明，儘管我們看到未計提金額顯著減少，但風險等級為 3 和 4 的總額卻增加了。那麼您能否進一步說明您在哪些領域看到了負面信貸遷移，以及在哪些特定領域看到了這種下降趨勢？

Really, if you look at the aggregate of our rating 3 and 4 buckets, it ticked up around 1% period over period. And it's really due to one name that had some underperformance that continued throughout the quarter that we thought prudent to reassign to a risk rating 3.

實際上，如果您看一下我們的 3 和 4 評級的總體情況，您會發現它的漲幅比上一時期上漲了約 1%。事實上，這是由於某個公司在整個季度中表現不佳，因此我們認為重新分配風險評級為 3 是明智之舉。

(multiple speakers) And could you provide the sector of that was in?

（多位發言者）您能否提供該區域所在的部門？

It was in the business services sector.

它屬於商業服務領域。

So it was not related to ARR or health care.

所以它與 ARR 或醫療保健無關。

Robert Dodd, Raymond James.

羅伯特多德、雷蒙詹姆斯。

First, on the pipeline. I mean, you point to being optimistic about that 2025 now and Q4 being muted. Should we expect the '25 to be unusual? I mean is it going to be a relatively strong Q1, i.e., an early '25 because it's deals that maybe we're waiting for the election and going to happen early in '25 -- instead of -- or is it going to be normal like but still the first half is going to be soft and seasonally soft?

首先，關於管道。我的意思是，你現在對 2025 年持樂觀態度，而第四季則表現平淡。我們是否應該期待'25 會有所不同？我的意思是，第一季的表現是否會相對強勁，也就是在 25 年初，因為交易可能正在等待選舉，而這些交易將在 25 年初發生——而不是——或者情況會很正常，但上半年仍然會比較疲軟，而且是季節性疲軟？

It's a really good question, Robert. Thanks for the question, and thanks for joining again. And so look, we're absolutely optimistic about overall M&A volumes in 2025. Having said that, private credit, as you know, deployment is highly correlated to sponsor M&A activity. And if you look at the cycle of how these processes play out, we would expect that they're going to be many opportunities that pop up in the first quarter.

這是一個非常好的問題，羅伯特。感謝您的提問，也感謝您再次加入。所以，我們對 2025 年的整體併購量絕對樂觀。話雖如此，如您所知，私人信貸的部署與發起人的併購活動高度相關。如果你觀察這些過程的週期，我們就會預期第一季會出現很多機會。

But having said that, it takes a little bit of time for these companies to actually transact to get to a deal and then to fund. So if we had to guess, we would expect our team to be very busy assessing new opportunities in the first quarter. But in terms of actual deployment, it's likely going to be the second quarter or later when you start to see a real pickup in activity.

但話雖如此，這些公司實際上需要一點時間才能達成交易並獲得融資。因此，如果我們必須猜測的話，我們預計我們的團隊將在第一季非常忙於評估新的機會。但就實際部署而言，可能要到第二季或更晚的時候，你才會開始看到活動的真正回升。

Got it. Thank you And then on the recycling you're recycling 21 and older. So the question is really adverse selection, right? Should I know how, when I look at your portfolio by vintage, be more concerned about the remaining older assets because those haven't been as hard as we get rid of a more tricky asset than it is a good asset.

知道了。謝謝，然後在回收方面，您要回收 21 歲及以上的人。所以問題其實是逆向選擇，對嗎？我是否應該知道，當我按年份查看您的投資組合時，是否應該更加關注剩餘的舊資產，因為這些資產並不像我們擺脫棘手資產那麼困難，而不是好資產。

So is there -- how are you dealing with the adverse selection risk in the recycling and the concentration of risk in the older vintages on some of those assets, if that's going to occur?

那麼，如果發生這種情況，您如何應對回收過程中的逆向選擇風險，以及某些資產中較舊年份的風險集中？

Yeah. No. I mean, look, in the last couple of quarters, we saw a very healthy activity of that. I think we'll continue to see that play out over the next 12 months from now. I'm not too concerned with the adverse selection issue as we continue to address it.

是的。不。我的意思是，看看過去幾個季度，我們看到了非常健康的活動。我認為從現在起的 12 個月內我們將繼續看到這種情況。我不太擔心逆向選擇問題，因為我們會繼續解決這個問題。

Look, as you know, some of these private equity firms paid pretty high multiples of these way back when we're continuing to see nice top line as well as EBITDA growth in the portfolio. They'll earn their way into those valuations and then you should see some M&A activity to either those companies will sell or get refinanced as they earn in some of those higher valuations.

如你所知，當我們繼續看到投資組合的營收和 EBITDA 實現良好成長時，其中一些私募股權公司支付了相當高的倍數。他們將透過自己的努力獲得這些估值，然後你應該會看到一些併購活動，這些公司要么會出售，要么會因為獲得一些更高的估值而獲得再融資。

We do not have any further questions. I would like to turn the call back to Alex Chi for closing remarks.

我們沒有其他問題了。我想請 Alex Chi 作最後發言。

Thanks, everyone, for joining our call, and we look forward to speaking with you at the end of the next quarter.

感謝大家參加我們的電話會議，我們期待在下個季度末與您交談。