Horizon Technology Finance Corp (HRZN) 2024 Q2 法說會逐字稿

Ladies and gentlemen, good morning, and welcome to the Horizon Technology Finance Corporation second quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

女士們、先生們，早安，歡迎參加地平線科技金融公司 2024 年第二季財報電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Ms. Meg Bacon, Director, IR and Marketing. Please go ahead.

現在我很高興向您介紹主持人，IR 和行銷總監 Meg Bacon 女士。請繼續。

Thank you, and welcome to Horizon Technology Finance Corporation second quarter 2024 conference call. Representing the company today are Rob Pomeroy, Chairman and Chief Executive Officer; Jerry Michaud, President; Dan Devorsetz, Chief Operating Officer and Chief Investment Officer; and Dan Trolio, Chief Financial Officer.

謝謝，歡迎參加地平線科技金融公司 2024 年第二季電話會議。今天代表公司的是董事長兼執行長 Rob Pomeroy；傑瑞·米肖，總裁； Dan Devorsetz，營運長兼首席投資長；和首席財務官 Dan Trolio。

I would like to point out that the Q2 earnings press release and Form 10-Q are available on the company's website at horizontechfinance.com. Before we begin our formal remarks, I need to remind everyone that during this conference call, the company will make certain forward-looking statements, including statements with regard to the future performance of the company.

我想指出的是，第二季度收益新聞稿和 10-Q 表格可在公司網站 Horizo​​ntechfinance.com 上取得。在我們開始正式發言之前，我需要提醒大家，在本次電話會議中，公司將做出某些前瞻性陳述，包括有關公司未來業績的陳述。

Words such as belief, expect, anticipates, intends or similar expressions are used to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties and predicting future results and conditions.

信念、期望、預期、打算或類似表達等詞語用於識別前瞻性陳述。這些前瞻性陳述受到固有的不確定性以及對未來結果和條件的預測的影響。

Certain factors could cause actual results to differ on a material basis from those projected in these forward-looking statements. And some of these factors are detailed in the risk factor discussion in the company's filings with the Securities and Exchange Commission, including the company's Form 10-K for the year ended December 31, 2023.

某些因素可能導致實際結果與這些前瞻性陳述中預測的結果有重大差異。其中一些因素在該公司向美國證券交易委員會提交的文件（包括該公司截至 2023 年 12 月 31 日的年度 10-K 表格）中的風險因素討論中進行了詳細說明。

The company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

本公司不承擔更新或修改任何前瞻性陳述的義務，無論是由於新資訊、未來事件或其他原因。

At this time, I would like to turn the call over to Rob Pomeroy.

此時，我想將電話轉給 Rob Pomeroy。

Welcome, everyone, and thank you for your interest in Horizon. Today, we will update you on our performance and our current overall operating environment. Dan Devorsetz will take us through recent business and portfolio developments. Jerry will then discuss the current status of the venture lending market, and Dan Trolio will detail our operating performance and financial condition. We will then take some questions.

歡迎大家，感謝您對 Horizo​​n 的興趣。今天，我們將向您介紹我們的業績和當前整體營運環境的最新情況。Dan Devorsetz 將帶領我們了解最近的業務和投資組合發展。然後，Jerry 將討論風險貸款市場的現狀，Dan Trolio 將詳細介紹我們的經營業績和財務狀況。然後我們將回答一些問題。

On our conference call last quarter, I began by speaking about the nature and current status of the venture lending business. Venture debt is driven by the demand for advanced technology and the support of risk-taking venture investors. Is an exciting and rewarding endeavor.

在上個季度的電話會議上，我首先談到了風險貸款業務的性質和現狀。風險債務是由對先進技術的需求和承擔風險的風險投資者的支持所驅動的。這是一項令人興奮且有益的努力。

The Horizon platform has one of the most experienced team of venture lenders, and we are passionate about the venture industry, the role of venture debt in the industry and the prospects of both. We seek investment opportunities that drive technological innovation by companies that are backed by committed investors who have already made significant investments.

Horizo​​n 平台擁有最有經驗的風險貸款人團隊之一，我們對風險投資行業、風險債務在該行業中的作用以及兩者的前景充滿熱情。我們尋求能夠推動技術創新的投資機會，這些公司得到了已經進行了大量投資的堅定投資者的支持。

These development stage companies rely on additional investment to provide the financial resources to operate and further advance their technology and businesses, and venture debt provides a critical source of such additional capital.

這些發展階段的公司依靠額外投資來提供財務資源來運作並進一步推進其技術和業務，而風險債務提供了此類額外資本的關鍵來源。

When we underwrite a venture loan, we base our investment thesis on a number of factors, including the strength of the enterprise's technology or market position, its ability to further develop its market and technology, and its ability to grow its revenue or attract additional institutional capital or strategic interest.

當我們承保風險貸款時，我們的投資論點基於多種因素，包括企業的技術或市場地位的實力、進一步開發市場和技術的能力、以及增加收入或吸引更多機構的能力。

We understand that business plans and markets of these companies are subject to many kinds of detours and the agility of management teams and investors is necessary to navigate ever changing waters. As seasoned venture lenders, we know that plans and the environment are always changing, including jolts to the macro environment like the one we experienced last year with the tech bank crisis.

我們知道，這些公司的商業計劃和市場會走很多彎路，管理團隊和投資者的敏捷性對於駕馭不斷變化的水域至關重要。作為經驗豐富的風險貸款人，我們知道計劃和環境總是在變化，包括宏觀環境的衝擊，就像我們去年經歷的科技銀行危機一樣。

Global unrest, higher interest rates and pandemics can upset business plants and require management, investors, and venture lenders to pivot. We've experienced all of these impacts over the past several quarters, but we believe we are starting to see the beginnings of a recovery in the venture ecosystem.

全球動盪、利率上升和流行病可能會擾亂商業工廠，並需要管理層、投資者和風險貸款機構進行調整。在過去的幾個季度中，我們經歷了所有這些影響，但我們相信，我們開始看到風險生態系統開始復甦。

We recognize these signs because we have seen and worked through negative cycles in the past. Our management team has an average tenure in the venture lending business of over 20 years. We have experienced supporting our companies through these difficult times and in maximizing the value of our stressed investments.

我們認識到這些跡像是因為我們過去已經看到並經歷過負面循環。我們的管理團隊在風險貸款行業的平均任期超過20年。我們在支持我們的公司度過這些困難時期以及最大限度地提高我們的壓力投資的價值方面擁有豐富的經驗。

The macro environment continues to hamper the recovery of certain stressed assets in our portfolio. But we continue to rely upon our expertise and take the appropriate actions to preserve the value of our investments as the markets begin to improve.

宏觀環境持續阻礙我們投資組合中某些壓力資產的復甦。但隨著市場開始好轉，我們將繼續依靠我們的專業知識並採取適當的行動來保護我們的投資價值。

Looking forward, as we always have through up and down cycles, we continue to be optimistic about Horizon's prospects. Our portfolio yield is strong and our earnings have covered our distributions for over six years. Our pipeline is growing with quality, new customer opportunities.

展望未來，正如我們一直經歷的上下週期一樣，我們仍然對 Horizo​​n 的前景持樂觀態度。我們的投資組合收益率很高，我們的收益已經涵蓋了我們六年多的分配。我們的產品線隨著優質的新客戶機會而不斷成長。

We have strengthened our liquidity and balance sheet. And the technology markets are active and in need of the debt investments, we are uniquely able to provide. This is the essence of the venture lending model.

我們加強了流動性和資產負債表。科技市場非常活躍，需要債務投資，而我們能夠提供獨特的服務。這就是風險貸款模式的本質。

I will now turn the call over to Dan, Jerry, and Dan to give you the details of our second quarter results and progress. We appreciate your continued interest and support in the Horizon Technology Finance platform. Dan?

我現在將把電話轉給丹、傑瑞和丹，向你們詳細介紹我們第二季的業績和進展。感謝您對地平線科技金融平台的持續關注與支持。擔？

Thanks, Rob, and good morning to everyone. Our portfolio size reduced in the second quarter to $647 million as modest originations were more than offset by prepayments and normal portfolio amortization as well as fair value adjustments.

謝謝羅布，大家早安。我們的投資組合規模在第二季減少至 6.47 億美元，因為預付款、正常投資組合攤提以及公允價值調整抵消了適度的初始資金投入。

In the second quarter, we funded four debt investments totaling $11 million, one of which was to a new portfolio company and the remainder to existing portfolio companies. As we previously anticipated, the market for quality new venture loans remained soft for much of the first half of the year, resulting in fewer prospective lending opportunities in Q2.

第二季度，我們為四項債務投資提供了總計 1,100 萬美元的資金，其中一項投資於一家新的投資組合公司，其餘投資於現有的投資組合公司。正如我們之前所預期的那樣，優質新創風險貸款市場在上半年的大部分時間裡依然疲軟，導致第二季的潛在貸款機會減少。

As such, our focus in the second quarter was to carefully seek new opportunities and continue to focus on supporting our existing portfolio. More recently, we are seeing increased market activity and we are building our pipeline with companies across our target sectors, which possess disruptive technology in large and important markets and are supported by quality investors who have made recent investments.

因此，我們第二季的重點是仔細尋找新的機會，並繼續專注於支持我們現有的投資組合。最近，我們看到市場活動增加，我們正在與目標行業的公司建立管道，這些公司在大型和重要市場擁有顛覆性技術，並得到最近進行投資的優質投資者的支持。

As a result, while the portfolio reduced in size in Q2, we have made considerable progress and some excellent new opportunities, including several awarded transactions, which we are currently underwriting and documenting.

因此，雖然第二季的投資組合規模有所縮小，但我們取得了相當大的進展，並獲得了一些極好的新機會，包括我們目前正在承銷和記錄的幾項獲獎交易。

We are increasingly confident that we will return to portfolio growth beginning in the third quarter. That said, we will always be disciplined in our approach to originating loans to new companies. We will not chase growth for the sake of growth.

我們越來越有信心從第三季開始恢復投資組合成長。也就是說，我們在向新公司發放貸款時將始終遵守紀律。我們不會為了成長而追求成長。

During the quarter, we experienced one loan prepayment totaling $34 million in prepaid principal. Since the end of the quarter In July, we also received three prepayments totaling $30 million. These recent prepayments are mostly driven by refinancing activities, including several refinancings resulting from positive revenue performance, allowing the borrowers to graduate from venture debt into more traditional and lower cost forms of debt financing.

本季度，我們預付了一筆貸款，預付本金總額為 3,400 萬美元。自7月季末以來，我們還收到了三筆預付款，總計3,000萬美元。最近的這些預付款主要是由再融資活動推動的，包括因積極的收入表現而進行的幾筆再融資，使借款人能夠從風險債務過渡到更傳統和成本更低的債務融資形式。

This is unexpected and positive part of the venture debt cycle. Unfortunately, we are not yet seeing prepayments driven by IPOs and M&A activity, which should be a strong signal that the debt and equity markets are returning to more historical behavior.

這是風險債務週期中意想不到的正面部分。不幸的是，我們尚未看到首次公開發行和併購活動推動的預付款，這應該是債務和股票市場正在回歸歷史行為的強烈訊號。

Our onboarding debt investment yield of 13.7% during the second quarter remained high compared to our historic levels. We expect to continue to generate strong onboarding yields with our current pipeline of opportunities, further demonstrating our capabilities in structuring and pricing transactions to continue to produce strong net investment income.

第二季我們的新創債務投資報酬率為 13.7%，與歷史水準相比仍處於較高水準。我們預計將利用當前的機會繼續產生強勁的入職收益率，進一步展示我們在交易結構和定價方面的能力，以繼續產生強勁的淨投資收入。

Our debt portfolio yield of 15.9% for the quarter was once again one of the highest yielding debt portfolios in the BDC industry. Our ability to generate these industry yield -- leading yields continues to be a testament to the profitability of our venture lending strategy and our execution of that strategy across various market cycles, and interest rate environments.

本季我們的債務投資組合收益率為 15.9%，再次成為 BDC 產業收益率最高的債務投資組合之一。我們產生這些行業收益率的能力——領先的收益率繼續證明了我們風險貸款策略的盈利能力以及我們在不同市場週期和利率環境中執行該策略的能力。

As of June 30, we held warrant and equity positions in 99 portfolio companies with a fair value of $29 million structuring investments with warrants and equity rights is a key component of our venture debt strategy and a potential generator of shareholder value.

截至6月30日，我們持有99家投資組合公司的認股權證和股權頭寸，公允價值為2,900萬美元，帶有認股權證和股權的結構性投資是我們風險債務策略的關鍵組成部分，也是股東價值的潛在創造者。

In the second quarter, we closed $13 million in new loan commitments and approvals and ended the quarter with a committed and approved backlog of $138 million compared to $168 million at the end of the first quarter. We also are currently underwriting a number of new transactions expected to fund during the third quarter.

第二季度，我們完成了 1,300 萬美元的新貸款承諾和批准，本季末承諾和批准的積壓貸款為 1.38 億美元，而第一季末為 1.68 億美元。我們目前也承銷了一些預計將在第三季融資的新交易。

We believe our pipeline, combined with our committed backlog with most of our funding commitments subject to company's achieving certain key milestones provides a solid base to prudently grow our portfolio. As of quarter end, 88% of the fair value of our debt portfolio consisted of 3 and 4 rated debt investments compared to 90% on March 31. 12% of the fair value of our portfolio was rated 2 or 1 up from 10% on March 31.

我們相信，我們的管道，加上我們承諾的積壓訂單以及我們在公司實現某些關鍵里程碑的情況下的大部分融資承諾，為謹慎發展我們的投資組合奠定了堅實的基礎。截至季末，我們債務投資組合公允價值的88% 由評級為3 和4 的債務投資組成，而3 月31 日這一比例為90%。高於3 月31 日的10%。

We are working very closely on our stressed investments in order to maximize additional recoveries. So as it is admittedly a historically difficult environment to do so. We continue to collaborate with all of our management teams, investors, and stakeholders to help navigate this challenging period.

我們正在密切關注壓力投資，以最大限度地提高額外回收率。誠然，這樣做在歷史上是一個困難的環境。我們將繼續與所有管理團隊、投資者和利害關係人合作，幫助渡過這段充滿挑戰的時期。

To summarize, we are optimistic about sourcing and originating new venture loans to grow our portfolio in the coming quarters. The current portfolio continues to benefit from the interest rate environment, and we will continue to work with our borrowers to maximize outcomes.

總而言之，我們對在未來幾季尋找和發放新的風險貸款以擴大我們的投資組合持樂觀態度。目前的投資組合繼續受益於利率環境，我們將繼續與借款人合作，以實現成果最大化。

With that I'll turn it over to Jerry for a look at that overall venture industry and current environment.

接下來，我將把它交給傑瑞，讓他了解整個創投產業和當前的環境。

Thank you very much, Dan. Turning now to the venture capital environment. According to PitchBook, approximately $56 billion was invested in VC-backed companies in the second quarter, the highest total of the past eight quarters. However, the increase was principally due to a couple of outsized deals and the overall pace of VC investment remains well short of 2021 and 2022 loads.

非常感謝你，丹。現在轉向創投環境。根據 PitchBook 的數據，第二季約有 560 億美元投資於創投支持的公司，這是過去八個季度的最高總額。然而，這一成長主要是由於幾筆規模過大的交易，而且創投的整體步伐仍遠低於 2021 年和 2022 年的負荷。

Most challenging issue in the venture ecosystem right now is a significant lack of exit opportunities for VC-backed tech and life science companies. Limited partners and VC funds are not getting capital returned and are very reluctant to invest more in venture capital funds.

目前創投生態系中最具挑戰性的問題是創投支持的科技和生命科學公司嚴重缺乏退出機會。有限合夥人和創投基金沒有獲得資本返還，並且非常不願意對創投基金進行更多投資。

According to PitchBook, VC funds are presently managing or have access to approximately $1.2 trillion of LP capital, while there have been a few outsized exits over the last 12 months, they are not reflective of the overall market and do not move the needle on the enormous backlog the VC-backed companies that would like to find an exit.

根據PitchBook 的數據，創投基金目前正在管理或獲得約1.2 兆美元的有限合夥人資本，雖然在過去12 個月中出現了一些大規模退出，但它們並不能反映整個市場，也不會推動整個市場的發展。

While valuations have declined significantly over the past 24 months, they have not yet created excitement or momentum on the M&A and IPO front. Until the M&A and IPO markets truly open up for VC-backed companies, the rest of the VC ecosystem, including investments in capital raising will be somewhat muted.

儘管估值在過去 24 個月中大幅下降，但尚未在併購和 IPO 方面產生興奮或動力。在併購和首次公開募股市場真正向創投支持的公司開放之前，創投生態系統的其他部分，包括融資投資，將會減弱。

That said, there are recent positive economic indicators leading into Q3, including the rate of inflation decreasing to 3% in July, while the US GDP grew 2.8%, which borrowing or (inaudible) will likely result in a lowering of interest rates in the second half of 2024.

也就是說，最近進入第三季的積極經濟指標包括 7 月通膨率降至 3%，而美國 GDP 成長 2.8%，借貸或（聽不清楚）可能會導緻美國利率下降。

To that end, we believe the combination of lower interest rates and a significant reduction in the valuation of VC-backed tech and life science companies over the last two years may result in a vastly improved M&A market in the second half of 2024 or early 2025.

為此，我們認為過去兩年較低的利率以及創投支持的科技和生命科學公司估值的大幅下降可能會導致 2024 年下半年或 2025 年初併購市場大幅改善。

Generally, when M&A markets improves, the IPO market for tech and life science companies accelerates as IPO investors become more optimistic and seek to participate in high quality tech and life science IPOs. Additionally, VC fundraising benefits from a lower interest rate environment and a more robust M&A market.

一般來說，當併購市場改善時，科技和生命科學公司的 IPO 市場會加速成長，因為 IPO 投資者變得更加樂觀並尋求參與高品質的科技和生命科學 IPO。此外，創投融資受惠於較低的利率環境和更強勁的併購市場。

VC fundraising in Q2 of $28 billion while well, our fundraising levels of 2021 and 2022 did reflect a significant increase over Q1 fundraising levels of approximately $10 billion. Again, should M&A activity improve, it may allow VC funds to begin to return capital to VC limited partners, which could improve the fundraising environment before the end of the year.

第二季的創投募資金額為 280 億美元，而我們 2021 年和 2022 年的募款水準確實比第一季約 100 億美元的募款水準顯著增加。同樣，如果併購活動有所改善，創投基金可能會開始向創投有限合夥人返還資金，這可能會在年底前改善融資環境。

While VC investment activity was slow in Q2, these VC firms did continue to invest in new AI tech companies as well as health care service companies that are using enhanced technology capabilities to provide improved and lower cost healthcare services to the healthcare market.

儘管第二季創投活動緩慢，但這些創投公司確實繼續投資新的人工智慧技術公司以及醫療保健服務公司，這些公司正在利用增強的技術能力為醫療保健市場提供改進且成本更低的醫療保健服務。

In terms of market conditions for new venture loan investments, we are optimistic about high quality venture debt opportunities that we have screened or vetted, which provide us with potential new investments in the weeks and months ahead.

就新風險貸款投資的市場狀況而言，我們對我們已經篩選或審查的高品質風險債務機會感到樂觀，這些機會為我們在未來幾週和幾個月提供了潛在的新投資。

Our pipeline remains robust at $1.7 billion as of today, a testament to our reputation, brand and sourcing capabilities. We are increasingly confident that we will return to portfolio growth in the back half of this year.

截至目前，我們的管道仍然強勁，達到 17 億美元，證明了我們的聲譽、品牌和採購能力。我們越來越有信心在今年下半年恢復投資組合成長。

To sum up, while we will continue to navigate through the ever changing VC environment, we remain focused on credit quality and providing our portfolio companies with support to ensure optimal outcomes.

總而言之，雖然我們將繼續應對不斷變化的風險投資環境，但我們仍然專注於信貸質量，並為我們的投資組合公司提供支持，以確保最佳結果。

But just as importantly, we are committed to sourcing high quality investment opportunities to grow our portfolio in the second half of 2024 in order to ensure we generate solid NII for our shareholders and build additional long term value.

但同樣重要的是，我們致力於在 2024 年下半年尋找高品質的投資機會來擴大我們的投資組合，以確保我們為股東創造堅實的 NII 並創造額外的長期價值。

With that, I will now turn the call over to Dan Trolio.

現在，我將把電話轉給 Dan Trolio。

Thanks, Jerry, and good morning, everyone. I'll start with a review of our efforts to strengthen our balance sheet and capital structure in the quarter, and then I'll provide a review of our second quarter results. We took significant steps to enhance our capital resources in the quarter.

謝謝傑瑞，大家早安。我將首先回顧我們在本季加強資產負債表和資本結構的努力，然後我將回顧我們第二季的表現。本季我們採取了重大措施來增強我們的資本資源。

First, we completed amendments to our key banks in New York Life credit facilities, reducing our cost of capital, increasing our credit availability, and extending our investment periods. In addition, we added a new $100 million credit facility, which increases our overall capacity.

首先，我們完成了紐約人壽信貸設施主要銀行的修改，降低了我們的資本成本，增加了我們的信貸可用性，並延長了我們的投資期限。此外，我們還新增了 1 億美元的信貸額度，從而提高了我們的整體產能。

To be able to match new debt capacity with equity, we continued to opportunistically access our ATM program as we successfully and accretively sold over 1.5 million shares in the quarter, raising $17 million. We believe these action will allow us to grow the portfolio in the coming quarters.

為了能夠將新的債務能力與股本相匹配，我們繼續機會主義地利用我們的 ATM 計劃，本季度我們成功並累計出售了超過 150 萬股股票，籌集了 1700 萬美元。我們相信這些行動將使我們能夠在未來幾季擴大投資組合。

As of June 30, we had $150 million of available liquidity, consisting of $117 million in cash and $33 million in funds available to be drawn under our existing credit facilities. We currently have no borrowings outstanding under our $150 million key bank credit facility, with $181 million outstanding on our $250 million New York Life credit facility and $50 million outstanding on our new $100 million (inaudible) credit facility, leaving us with ample capacity to grow the portfolio.

截至 6 月 30 日，我們擁有 1.5 億美元的可用流動資金，其中包括 1.17 億美元現金和 3,300 萬美元可根據現有信貸安排提取的資金。目前，我們1.5 億美元的主要銀行信貸安排中沒有未償還借款，紐約人壽2.5 億美元的信貸安排中有1.81 億美元未償還，我們新的1 億美元（聽不清楚）信貸安排中的5,000 萬美元未償還，這使我們有足夠的成長能力投資組合。

Our debt to equity ratio stood at 1.36 to 1 as of June 30, and netting out cash on our balance sheet, our net leverage was 1 to 1, which is well within our target leverage. Based on our cash position and our borrowing capacity on our credit facilities, our potential new investment capacity as of June 30 was $386 million.

截至 6 月 30 日，我們的負債股本比率為 1.36 比 1，扣除資產負債表上的現金後，我們的淨槓桿率為 1 比 1，完全在我們的目標槓桿範圍內。根據我們的現金狀況和信貸額度的借貸能力，截至 6 月 30 日，我們的潛在新投資能力為 3.86 億美元。

Turning to our operating results, we had another solid quarter from an NII standpoint, once again generating NII that more than covered our distributions. For the second quarter, we earned investment income of $26 million compared to $28 million in the prior year period, primarily due to lower interest income on our debt investment portfolio.

談到我們的營運業績，從 NII 的角度來看，我們又經歷了一個穩健的季度，再次產生的 NII 超出了我們的分配範圍。第二季度，我們獲得了 2,600 萬美元的投資收入，而去年同期為 2,800 萬美元，這主要是由於我們的債務投資組合的利息收入減少。

Our net investment portfolio on a net cost basis stood at $675 million as of June 30 compared to $720 million as of March 31, 2024. For the second quarter of '24, we achieved onboarding yields of 13.7% compared to 13.4% achieved in the first quarter.

截至 6 月 30 日，我們以淨成本計算的淨投資組合為 6.75 億美元，截至 2024 年 3 月 31 日為 7.2 億美元。2024 年第二季度，我們的入職收益率為 13.7%，而第一季為 13.4%。

Our loan portfolio yield was 15.9% for the second quarter compared to 16.3% for last year second quarter. Total expenses for the quarter were $12.4 million compared to $11.9 million in the second quarter of '23. Our interest expense increased to $7.9 million from $7.2 million in last year's second quarter due to higher interest rates on our borrowings.

第二季我們的貸款組合收益率為 15.9%，而去年第二季為 16.3%。該季度的總支出為 1,240 萬美元，而 2023 年第二季的總支出為 1,190 萬美元。由於借款利率上升，我們的利息支出從去年第二季的 720 萬美元增加到 790 萬美元。

Our base management fee was $3 million, down from $3.2 million in the prior period. We had no performance-based incentive fee in the second quarter as we continued to experience a deferral of incentive fees otherwise earned by our adviser in the quarter under our incentive fee cap and deferral mechanism. The deferral was driven by net unrealized losses on our portfolio. We expect deferrals to end in the back half of '24.

我們的基本管理費為 300 萬美元，低於上期的 320 萬美元。我們在第二季度沒有基於績效的獎勵費，因為我們繼續經歷根據我們的獎勵費上限和遞延機制，我們的顧問在本季度賺取的獎勵費的遞延。延遲是由於我們投資組合的未實現淨損失所致。我們預計延期將在 24 年下半年結束。

Investment income for the second quarter of '24 was $0.36 per share compared to $0.38 per share in the first quarter of '24 and $0.54 per share for the second quarter of 2023. The company's undistributed spillover income as of June 30 with $1.28 per share.

2024 年第二季的投資收益為每股 0.36 美元，而 2024 年第一季的投資收益為每股 0.38 美元，2023 年第二季的投資收益為每股 0.54 美元。截至 6 月 30 日，該公司未分配的溢出收入為每股 1.28 美元。

We anticipate that the size of our portfolio, along with the portfolio's elevated interest rates and our predictive pricing strategy will enable us to continue generating NII that covers our distribution over time. Given the current macro environment and although we did have a solid July in terms of prepayments, we expect prepayment activity will remain modest in the near term.

我們預計，我們投資組合的規模、投資組合利率的增加以及我們的預測定價策略將使我們能夠繼續產生涵蓋我們長期分配的NII。考慮到當前的宏觀環境，儘管我們在 7 月的預付款方面確實表現強勁，但我們預計短期內預付款活動將保持溫和。

To summarize our portfolio activities for the second quarter, new originations totaled $11 million, which were offset by $12 million in scheduled principal payments and $45 million in principal prepayments and partial paydowns.

總結第二季我們的投資組合活動，新發放總額為 1,100 萬美元，被預定本金支付 1,200 萬美元以及本金預付款和部分還款 4,500 萬美元所抵銷。

We ended the quarter with a total investment portfolio of $647 million. We expect to return to growing the portfolio in the second half of the year. At June 30, the portfolio consisted of debt investments in 54 companies with an aggregate fair value of $609 million and a portfolio of warrant equity and other investments in 103 companies with an aggregate fair value of $38 million.

本季結束時，我們的投資組合總額為 6.47 億美元。我們預計下半年將恢復成長投資組合。截至 6 月 30 日，該投資組合包括 54 家公司的債務投資，公允價值總額為 6.09 億美元，以及 103 家公司的認股權證股權和其他投資組合，公允價值總額為 3,800 萬美元。

Based upon our outlook, our Board declared monthly distributions of $0.11 per share for October, November and December 2024. We remain committed to providing our shareholders with distributions that are covered by our net investment income over time.

根據我們的展望，我們的董事會宣布 2024 年 10 月、11 月和 12 月的每月股息為每股 0.11 美元。我們仍然致力於為股東提供分配，隨著時間的推移，這些分配將由我們的淨投資收入覆蓋。

Our NAV as of June 30 was $9.12 per share compared to $9.64 as of March 31, 2024, and $11.7 as of June 30, 2023. The $0.52 reduction in NAV on a quarterly basis was primarily due to our paid distributions and adjustments to fair value, partially offset by net investment income, an accretive sale of equity.

截至 6 月 30 日，我們的資產淨值為每股 9.12 美元，截至 2024 年 3 月 31 日為 9.64 美元，截至 2023 年 6 月 30 日為 11.7 美元。資產淨值按季度減少 0.52 美元，主要是由於我們支付的分配和公允價值調整，部分被淨投資收入和股權增值銷售所抵消。

As we've consistently noted, nearly 100% of outstanding principal amount of our debt investments bear interest at floating rates with coupons on our structure to increase if interest rates rise with interest rate floors.

正如我們一貫指出的，我們債務投資的未償還本金近 100% 以浮動利率計息，如果利率隨著利率下限的上升而上升，我們的結構上的票息就會增加。

This concludes our opening remarks, we'll be happy to take questions you may have at this time.

我們的開場白到此結束，我們很樂意回答您此時可能提出的問題。

(Operator Instructions) Douglas Harter, UBS.

（操作員說明）Douglas Harter，UBS。

Hi, this is actually Cory Johnson on for Doug. So this quarter 2 rated loans went from 1 to 4 loans -- 1 rated loans went from 4 to 5. Can you talk a little bit about the reasons for some of those downgrades?

嗨，這實際上是道格的科里·約翰遜。因此，本季有 2 筆評級貸款從 1 筆變為 4 筆，1 筆評級貸款從 4 筆變為 5 筆。您能談談其中一些降級的原因嗎？

Sure, Cory. This is Dan Devorsetz. Nice to speak with you. So in our portfolio and in the market right now, it's challenging sometimes to get rounds completed. Some of our deals are and some of the names on that list are in the process of raising money or getting acquired.

當然，科里。我是丹·德沃塞茨。很高興與你交談。因此，在我們的投資組合和目前的市場中，有時完成幾輪融資是具有挑戰性的。我們的一些交易已經完成，名單上的一些公司正在籌集資金或被收購。

They have disruptive products and technology in large markets. And they're definitely innovating. But there's in cases where there's some delays or in commercialization or some delays in R&D where in a more normalized or robust markets, investors might fund through that and on get to the other side.

他們在大市場上擁有顛覆性的產品和技術。他們肯定在創新。但在某些情況下，商業化或研發方面存在一些延遲，在更正常化或強勁的市場中，投資者可能會透過這種方式提供資金，然後轉向另一邊。

In today's market, those rounds are a bit more challenging to come by. That's particularly true in cases where there are multiple investors in the syndicate and they might have some different priorities and different challenges that they're seeking.

在當今的市場上，獲得這些輪次更具挑戰性。當財團中有多個投資者並且他們可能有一些不同的優先事項和他們正在尋求的不同挑戰的情況下尤其如此。

So even if there's some investors that are supportive and willing to invest, if there's one or two in the syndicate that are having challenges, pulling those rounds together can be a bit of a challenge. So we're seeing that and we're working with these companies to get them properly capitalized so that they can execute on their plans. So that's kind of the overarching primary reason -- most of them are a function of the macro funding environment.

因此，即使有一些投資者支持並願意投資，如果財團中有一兩個人遇到挑戰，那麼將這些輪次整合在一起可能會有點挑戰。所以我們看到了這一點，我們正在與這些公司合作，讓他們獲得適當的資本，以便他們可以執行他們的計劃。這就是最重要的原因——其中大多數是宏觀融資環境的函數。

Thank you. And then just one more question. And you had also mentioned earlier that you guys are seeing more activity in NAV in markets. Are there any particular sectors in which you're starting to see more and more activity?

謝謝。然後還有一個問題。您之前也提到過，你們看到市場上資產淨值的活動越來越多。您是否在某些特定領域開始看到越來越多的活動？

To us, really the pipeline is, as we said in the remarks, it's really quite across our sectors of technology, life science, healthcare services, sustainability. It's quite -- it's really across those sectors. We are seeing a lot of use of AI in a number of those sectors.

對我們來說，正如我們在評論中所說，這條管道確實橫跨我們的技術、生命科學、醫療保健服務、永續發展等領域。這確實是跨這些領域的。我們看到人工智慧在其中許多領域中得到了大量使用。

You have to be careful to make sure that they're actually using that for business reasons and not just using it as a buzzword. But we're seeing a lot of AI enabled technology and sustainability in healthcare, certainly in life science. So it's really a cross-section of our markets.

您必須小心確保他們實際上是出於商業原因使用它，而不僅僅是將其用作流行語。但我們在醫療保健領域（尤其是生命科學領域）看到了許多人工智慧支援的技術和永續性。所以這實際上是我們市場的一個橫斷面。

Thanks for taking my question.

感謝您提出我的問題。

(Operator Instructions) Paul Johnson, KBW.

（操作員說明）Paul Johnson，KBW。

Yeah, good morning. Thank you for taking my questions. In terms of the challenged companies in the portfolio, I mean in your opinion, is the deterioration that you have seen is that -- what has driven that for the most part?

是的，早安。感謝您回答我的問題。就投資組合中面臨挑戰的公司而言，我的意思是，您所看到的惡化是——在很大程度上是什麼推動了這種情況？

Is it just kind of been this lack of exit opportunities for lack of kind of available financing or as you were mentioning earlier, has it really been this LP kind of disruption holding up potential refinancing rounds, et cetera. What has kind of been the biggest, I guess, challenge with some of these new (inaudible) .

是否只是因為缺乏可用融資而缺乏退出機會，或者正如您之前提到的，是否真的是有限合夥人的這種幹擾阻礙了潛在的再融資輪次，等等。我想，對於這些新產品來說，最大的挑戰是什麼？（聽不清楚）。

So I think you hit the nail on the head again there. It's the lack of exit markets, lack of IPOs, although they're starting to happen, but we need a bunch more. And the reduction in strategic M&A bleeds into the willingness and capability of the VCs to continue to fund across their portfolio.

所以我認為你再次擊中要害。缺乏退出市場，缺乏首次公開募股，儘管它們已經開始發生，但我們還需要更多。策略併購的減少也影響了創投公司繼續為其投資組合提供資金的意願和能力。

So it's really the exit markets drive a lot of behavior across the ecosystem in terms of funding, in terms of LPs, in terms of companies that are in need of cash being able to access it. So the exit markets are the macro and then that leads into deal by deal specifics.

因此，退出市場確實推動了整個生態系統的許多行為，包括融資、有限合夥人以及需要現金的公司。因此，退出市場是宏觀的，然後是逐筆交易的具體細節。

Thanks for that. And I mean, in terms of all that. I mean, how would you I guess, describe the difference in performance here or perhaps the state of its current recovery in terms kind of later stage versus earlier stage companies. Is there a big difference there, or is that all kind of under the same challenges?

謝謝你。我的意思是，就這一切而言。我的意思是，我猜你會如何描述這裡的業績差異，或者可能是後期公司與早期公司的當前復甦狀態。是否有很大的差異，或者都是在同樣的挑戰下？

So that's a really interesting question. I'd say in general earlier stage companies that have yet to prove their business model on a unit economic basis, but have strong products which would traditionally be supported by having a bit more challenges than the later stage companies that are growing and have unit economics, but are still burning capital, those tend to be a bit more successful in the capital raise or exits, but that's not universal by any means.

這是一個非常有趣的問題。我想說的是，一般來說，早期階段的公司尚未在單位經濟基礎上證明其商業模式，但擁有強大的產品，傳統上，這些產品比正在成長並具有單位經濟的後期公司面臨更多的挑戰。

Got it. I appreciate that. And then I guess moving over kind of to the quarter and to the results. I mean, how should investors, I guess, be thinking about earnings given we were at $0.36 this quarter without the incentive fee if we add that back in, that could potentially put NII below the dividend, although that may not come into play maybe until next year depending on how the total return hurdle works out.

知道了。我很欣賞這一點。然後我想轉向季度和結果。我的意思是，我想投資者應該如何考慮收益，因為本季度我們的收益為 0.36 美元，沒有激勵費，如果我們將其重新添加進去，這可能會使 NII 低於股息，儘管這可能要等到明年取決於總回報障礙的計算結果。

But how should investors kind of be thinking about earnings as we move forward and if we kind of what you're talking about recovery in M&A, potentially less pressure on downward valuations. Should we expect earnings to pick up from here or how should we think about that?

但隨著我們的前進，投資人應該如何考慮獲利，如果我們像你所說的併購復甦，那麼估值下行的壓力可能會較小。我們是否應該預期收益會從現在開始回升，或者我們應該如何看待這一點？

See, I would look at that based on our portfolio size and what we've been -- we've talked about year over year is the venture debt model assumes prepayments every quarter and prepayments have been picking up from the last couple of quarters then it compared to the prior year. So this run rate is kind of where you could expect it, but it's definitely determined based on prepayments. So it could fluctuate quarter over quarter.

看，我會根據我們的投資組合規模和我們一直以來的情況來看待這一點 - 我們年復一年地討論的是風險債務模型假設每個季度預付款，並且預付款從過去幾個季度開始增加與上一年相比。因此，這個運行率是您可以預期的，但它絕對是根據預付款確定的。因此，它可能會逐季度波動。

Hi, Paul, this is the operator.

嗨，保羅，這是接線員。

Sorry about that. I was on mute there. Last one I would ask there just kind of in general, I lost my place in my notes here. But let's just end it there. That's all from me. Thank you.

對此感到抱歉。我在那裡靜音。最後一個問題我通常都會問，我在這裡的筆記中失去了自己的位置。但我們就到此為止。這就是我的全部。謝謝。

Bryce Rowe, B. Riley Securities.

布萊斯‧羅 (Bryce Rowe)，B. 萊利證券 (Riley Securities)。

Thank you. Appreciate the time here. Maybe wanted to ask about some of the prepared remarks you made in terms of second half pickup and trying to maybe size up what that could look like. I mean, obviously you've had some prepayment activity here in the third quarter, to wanted to -- wanted to get a feel for how that second half pickup could look? Is it kind of -- is it dependent on rate cuts or a strengthening of the economy? And then wanted to ask a couple of other questions after you answer that. Thanks.

謝謝。珍惜在這裡的時光。也許想問一下你在下半場比賽中所做的一些準備好的評論，並試著估計一下會是什麼樣子。我的意思是，顯然您在第三季進行了一些預付款活動，想要了解下半年的回升情況如何？是否取決於降息或經濟走強？在你回答完這個問題後，我還想問其他幾個問題。謝謝。

Hi Brye, this is Jerry Michaud. I'm going to partially answer it now and let Dan jump in with some actual numbers here. So we have been signaling in the first and second quarter that we wanted to basically hold our fire and make sure markets where we're actually starting to make a significant turn relative to the venture capital ecosystem, and that's what we've done. And so that's what you have seen so far.

嗨，布賴，我是傑瑞‧米肖。我現在將部分回答這個問題，並讓丹在這裡提供一些實際數字。因此，我們在第一季和第二季一直在發出信號，我們希望基本上保持火力，並確保我們實際上開始相對於風險投資生態系統發生重大轉變的市場，這就是我們所做的。這就是您到目前為止所看到的。

However, [John], as we indicated in our remarks, we believe the second half is going to be a significantly better environment overall for venture lending. And in that regard, and again, I'll let Dan give you some numbers here, but you know I think we noted we had -- we've already had about $30 million of prepayments already in July, but we've also had fundings that have exceeded that in July.

然而，[約翰]，正如我們在評論中指出的那樣，我們相信下半年風險貸款的整體環境將明顯改善。在這方面，我會讓 Dan 在這裡給你一些數字，但你知道我認為我們注意到我們已經 - 我們已經在 7 月份預付款了大約 3000 萬美元，但我們也有融資金額已超過7月份。

So we have a very good pipeline. So both in awards, transactions that being underwritten, additional commitments with the portfolio. So we do expect a much stronger second half relative to just to our own environment.

所以我們有一個非常好的管道。因此，無論是獎勵、承銷的交易或是投資組合的額外承諾。因此，我們確實預計下半年相對於我們自己的環境而言會更加強勁。

What we're doing here at Horizon, we're seeing quality investments. And again, I'll let Dan talk a little bit more about that. But so in addition to prepayment activity, which does generate additional fee income as Dan Trolio mentioned, we're also expecting a fairly reasonable growth in the portfolio of the second half.

我們在 Horizo​​​​n 所做的事情，我們看到了優質的投資。再次，我會讓 Dan 多談談這一點。但是，除了預付款活動（正如 Dan Trolio 提到的那樣確實會產生額外的費用收入）之外，我們還預計下半年投資組合將出現相當合理的成長。

So yeah, we're much more bullish here as we start the second half of the year. I mean, I think it goes almost without saying, but I'll say it anyway, with interest rates to go lower in the second half of the year, I think that that's going to really open up the overall VC ecosystem and we're going to start seeing better exits and we know we have a lot of late stage companies in our own portfolio that are looking for exits.

所以，是的，隨著下半年的開始，我們更加樂觀。我的意思是，我認為這幾乎是不言而喻的，但無論如何我都會說，隨著下半年利率下降，我認為這將真正開放整個風險投資生態系統，我們正在我們將開始看到更好的退出，我們知道我們自己的投資組合中有很多處於後期階段的公司正在尋求退出。

So we're pretty optimistic about that. But I'm going to let Dan give you a little more info on that.

所以我們對此非常樂觀。但我會讓 Dan 向您提供更多相關資訊。

Sure, Jerry. Bryce, so just to specifically so over the last kind of month or two since the middle of June to really yesterday, we've received 7 awards for a total of over $160 million, $170 million of total commitments. A good portion of that $100 million , $125 million or so would fund -- could fund in Q3 if they make it all the way through our process.

當然，傑瑞。布萊斯，具體來說，從 6 月中旬到昨天的過去一兩個月裡，我們收到了 7 個獎項，總金額超過 1.6 億美元，總承諾額為 1.7 億美元。如果他們完全通過我們的流程，那麼這 1 億美元、1.25 億美元左右的很大一部分將在第三季提供資金。

Those deals as I said earlier, across our sectors, it's a combination of some the portfolio opportunities for deals that are doing well, either current or previous portfolio companies as well as new deals. So we -- and we have a pipeline of near term proposals out there that we think will add to that number over the coming weeks.

正如我之前所說，在我們的各個行業中，這些交易是一些表現良好的交易投資組合機會的組合，無論是當前或以前的投資組合公司還是新交易。因此，我們有一系列近期提案，我們認為這些提案將在未來幾週內增加這個數字。

So we funded one yesterday. There's a few more that are scheduled to fund in the coming weeks. So that's just some additional detail that put some specifics around where we are from a pipeline basis.

所以我們昨天資助了一項。未來幾週內還將有更多項目獲得資助。這只是一些額外的細節，說明了我們在管道基礎上的具體情況。

Excellent. That's helpful. And so when we kind of think about I mean, you all have been pretty proactive from a capital structure perspective. You're sitting on a bunch of cash, but I don't know if this is a record level of cash in terms of percentage of assets.

出色的。這很有幫助。因此，當我們思考時，我的意思是，從資本結構的角度來看，你們都非常主動。你坐擁大量現金，但我不知道這是否是現金佔資產百分比的創紀錄水平。

But I would imagine it's pretty close, still raising equity on the ATM. You've got the new credit facility. So just curious with that -- with those potential fundings, how should we think about the balance sheet, how would you use the cash to push it down, will you continue to raise equity on the ATM?

但我想這已經非常接近了，仍然在 ATM 上籌集資金。您已獲得新的信貸額度。所以只是好奇 - 有了這些潛在的資金，我們應該如何考慮資產負債表，你將如何使用現金來壓低資產負債表，你會繼續在 ATM 上籌集股本嗎？

And then and or would you draw some on the credit facilities to fund? Just trying to think about all those dynamics.

然後或者您會利用信貸額度來提供資金嗎？只是想思考所有這些動態。

Yeah, sure. Bryce, I would probably I would say, all of the above. First for us -- first part of that process would be to use the cash on the balance sheet. And then when we think about our debt capital and our equity capital what we have available, we look to what we have lined up for funding in the quarter and what we need. And so we'll continue to pull each one of those levers as needed.

是的，當然。布萊斯，我可能會說，以上所有。首先對我們來說——這個過程的第一部分是使用資產負債表上的現金。然後，當我們考慮我們現有的債務資本和股本資本時，我們會考慮本季已準備好的資金以及我們需要的資金。因此，我們將繼續根據需要拉動每一個槓桿。

Okay. And then maybe last one for Dan. There's a subsequent event in the queue with look to be a restructuring or a transfer of the Nexii investment. Can you talk about what that's going to look like in terms of debt versus equity? Did you swap some there to get equity or are the debt obligations still out there?

好的。然後也許是丹的最後一個。隊列中還有一個後續事件，可能是 Nexii 投資的重組或轉讓。您能談談債務與股本的情況嗎？您是否在那裡交換了一些以獲得股權，或者債務義務仍然存在嗎？

Yeah. Thanks, Bryce. So again, Dan Devorsetz. So yeah, Nexii was acquired out of the Canadian court process by investor group, that is a really experienced buyer and operator of construction technology companies. Our loan is -- we have got a small amount of cash and some senior debt, but the going forward, we had primarily both preferred and common equity positions and we are supporting the buyer as they execute their plans.

是的。謝謝，布萊斯。再說一遍，丹‧德沃塞茨。所以，是的，Nexii 是由投資者集團透過加拿大法院程序收購的，該集團是一個真正經驗豐富的建築技術公司買家和營運商。我們的貸款是——我們有少量現金和一些優先債務，但展望未來，我們主要擁有優先股和普通股頭寸，我們支持買方執行他們的計劃。

Okay. All right. I think that's it for me, appreciate the time.

好的。好的。我想這對我來說就是這樣，珍惜時間。

Thank you.

謝謝。

(Operator Instructions) Christopher Nolan, Ladenburg Thalmann.

（操作員說明）克里斯多福諾蘭、拉登堡塔爾曼。

Hey guys. On Byce's question on leverage, what flexibility do you have to use cash to pay down the New York Life facility or this new (inaudible) facility.

嘿夥計們。關於比斯關於槓桿的問題，您可以靈活地使用現金來償還紐約人壽貸款或這個新的（聽不清楚）貸款。

These are structured financing. There's more flexibility in the New York Life facility than there is in (inaudible) facility, but we do have the ability to pay down and draw that -- draw up again.

這些都是結構性融資。紐約人壽貸款比（聽不清楚）貸款有更大的靈活性，但我們確實有能力支付並提取——再次提取。

Okay. And then given have some of all that cash and I know are moving pieces, but any opportunity to buy your 2026 or 2027 notes from the market?

好的。然後，鑑於擁有一些現金，我知道這些現金正在移動，但有機會從市場上購買 2026 年或 2027 年的紙幣嗎？

Yeah, we -- I mean we do have the opportunity to do though -- to do that. However, those are priced fairly nicely, the [4%] and [7%], [8%], and [6.25%]. So it makes more sense to leave it out today based on what we're putting our debt investments on in the spread, we're getting between those.

是的，我們——我的意思是我們確實有機會這樣做——這樣做。然而，這些的價格相當不錯，[4%]、[7%]、[8%] 和[6.25%]。因此，今天根據我們在利差中投入的債務投資，將其排除在外更有意義，我們在這些利差之間進行了投資。

Okay. And did you guys mention what the spillover was in the quarter?

好的。你們有沒有提到本季的溢出效應是什麼？

Yeah, it's a $1.28.

是的，1.28 美元。

Okay. That's it from me. Thank you.

好的。這就是我說的。謝謝。

Thank you.

謝謝。

Paul Johnson, KBW.

保羅·約翰遜，KBW。

And just one more. Can you just tell me what percent of your companies in your portfolio (technical difficulty) in that company versus (technical difficulty)

還有一個。您能告訴我您的投資組合中的公司（技術難度）與其他公司的比例是多少嗎？（技術難度）

You broke up there a little, Paul, can you repeat that I'm sorry, I couldn't -- I didn't hear the question.

你在那裡中斷了一點，保羅，你能再說一遍嗎？

I was just asking what percent of your portfolio companies are you the sole or kind of lead lender in that company as opposed to being partnered with another lender.

我只是想問，在您的投資組合公司中，您是該公司唯一或主要貸款人的比例是多少，而不是與其他貸款人合作。

So there are -- there's a portion of our portfolio where we are partnered or sub to bank lendings, primarily revolvers. But in terms of our particular position, we are almost always the sole lender, where about 75% or approximately 75% of our deals are senior in the cap table with no bank partner.

因此，我們的投資組合中有一部分是我們合作或附屬於銀行貸款的，主要是左輪手槍。但就我們的特殊地位而言，我們幾乎總是唯一的貸款人，我們大約 75% 或大約 75% 的交易在資本表中屬於優先交易，沒有銀行合作夥伴。

Got it. Thank you very much. That's all for me.

知道了。非常感謝。這就是我的全部。

Thank you. Ladies and gentlemen, there are no further questions, I would now hand the conference over to Robert Pomeroy, Chairman and CEO. Please go ahead, sir.

謝謝。女士們、先生們，沒有其他問題了，我現在將會議交給董事長兼執行長 Robert Pomeroy。請繼續，先生。

Thank you all for joining us this morning. We appreciate your continued interest and support in Horizon. We look forward to speaking with you again soon. This will conclude our call.

感謝大家今天早上加入我們。我們感謝您對 Horizo​​​​n 的持續關注和支持。我們期待很快再次與您交談。我們的通話到此結束。

Thank you. The conference of Horizon Technology Finance Corporation has now concluded. Thank you for your participation. You may now disconnect your lines.

謝謝。地平線科技金融公司會議至此結束。感謝您的參與。現在您可以斷開線路。