Pennantpark Investment Corp (PNNT) 2023 Q3 法說會逐字稿

Good afternoon, and welcome to the PennantPark Investment Corporation's Third Fiscal Quarter 2023 Earnings Conference Call. Today's conference is being recorded. (Operator Instructions) It is now my pleasure to turn the call over to Mr. Art Penn, Chairman and Chief Executive Officer of PennantPark Investment Corporation. Mr. Penn, you may begin your conference.

下午好，歡迎參加 PennantPark Investment Corporation 2023 第三財季財報電話會議。今天的會議正在錄製中。 （操作員說明） 現在我很高興將電話轉給 PennantPark Investment Corporation 董事長兼執行長 Art Penn 先生。佩恩先生，您可以開始會議了。

Good afternoon, everyone. I'd like to welcome you to PennantPark Investment Corporation's Third Fiscal Quarter 2023 Earnings Conference Call. I'm joined today by Rick Allorto, our Chief Financial Officer. Rick, please start off by disclosing some general conference call information and include a discussion about forward-looking statements.

大家下午好。歡迎您參加 PennantPark Investment Corporation 2023 年第三財季收益電話會議。今天我們的財務長 Rick Allorto 也加入了我的行列。里克（Rick），首先請披露一些股東大會電話會議信息，並包括有關前瞻性陳述的討論。

Thank you, Art. I'd like to remind everyone that today's call is being recorded. Please note that this call is the property of PennantPark Investment Corporation and that any unauthorized broadcast of this call in any form is strictly prohibited. An audio replay of the call will be available on our website. I'd also like to call your attention to the customary safe harbor disclosure in our press release regarding forward-looking information.

謝謝你，藝術。我想提醒大家，今天的通話正在進行錄音。請注意，本次電話會議屬於 PennantPark Investment Corporation 的財產，嚴禁以任何形式未經授權廣播本次電話會議。我們的網站上將提供通話的音訊重播。我還想提請您注意我們新聞稿中有關前瞻性資訊的慣例安全港披露。

Today's conference call may also include forward-looking statements and projections, and we ask that you refer to our most recent filings with the SEC for important factors that could cause actual results to differ materially from these projections.

今天的電話會議還可能包括前瞻性陳述和預測，我們要求您參考我們向 SEC 提交的最新文件，以了解可能導致實際結果與這些預測有重大差異的重要因素。

We do not undertake to update our forward-looking statements unless required by law. To obtain copies of our latest SEC filings, please visit our website at pennantpark.com or call us at 212-905-1000. At this time, I'd like to turn the call back to our Chairman and Chief Executive Officer, Art Penn.

除非法律要求，我們不承諾更新我們的前瞻性陳述。如需我們最新的 SEC 文件副本，請造訪我們的網站 pennantpark.com 或致電 212-905-1000。現在，我想將電話轉回給我們的董事長兼執行長 Art Penn。

Thanks, Rick. We're going to spend a few minutes and comment on the current market environment for private credit, provide a summary of how we fared in the quarter ended June 30, how the portfolio is positioned for the upcoming quarters, a detailed review of the financials then open it up for Q&A.

謝謝，瑞克。我們將花幾分鐘時間評論當前私人信貸的市場環境，總結我們在截至 6 月 30 日的季度的表現，投資組合在未來幾個季度的定位，對財務狀況的詳細審查然後打開它進行問答。

For the quarter ended June 30, our net investment income was $0.35 per share. Core NII was $0.22 per share and excludes $0.13 of one-time dividend income related to our equity investment in Dominion Voting. GAAP NAV increased 1.6% to $7.72 per share from $7.60 per share. The increase was driven largely by stable portfolio valuations and the dividend from Dominion.

截至 6 月 30 日的季度，我們的淨投資收益為每股 0.35 美元。核心 NII 為每股 0.22 美元，不包括與我們對 Dominion Voting 股權投資相關的一次性股息收入 0.13 美元。 GAAP 資產淨值從每股 7.60 美元上漲 1.6% 至每股 7.72 美元。這一增長主要是由於穩定的投資組合估值和 Dominion 的股息所推動的。

Adjusted NAV increased 3.1% to $7.67 per share from $7.44. The debt portfolio continues to benefit from the increase in base rates. As of June 30, our weighted average yield to maturity was 12.7%, which is up 12.1% last quarter and 9.3% last year. During the quarter, we continue to originate attractive investment opportunities and invested $70 million in new and existing portfolio companies at a weighted average yield of 12.6%.

調整後淨值成長 3.1%，從每股 7.44 美元增至 7.67 美元。債務組合繼續受益於基本利率的上升。截至6月30日，我們的加權平均到期收益率為12.7%，比上季度增長12.1%，比去年增長9.3%。本季度，我們繼續創造有吸引力的投資機會，並向新的和現有的投資組合公司投資了 7,000 萬美元，加權平均收益率為 12.6%。

For the investments in new portfolio companies, the weighted average debt to EBITDA was 4.1x. The weighted average interest coverage was 2.1x and the weighted average loan to value was 36%. We continue to believe that the current vintage of middle market directly originated loans is excellent. Leverage is lower, spreads and upfront fees are higher and covenants are tighter.

對於新投資組合公司的投資，EBITDA 的加權平均債務為 4.1 倍。加權平均利息覆蓋率為2.1倍，加權平均貸款價值率為36%。我們仍然認為，目前中間市場直接發放的貸款的狀況非常好。槓桿率更低，點差和預付費用更高，契約更嚴格。

We are seeing an increase in deal flow compared to the first half of 2023 and have a growing pipeline of interesting and attractive investment opportunities. Additional capital we are raising across the PennantPark platform will allow PNNT and the JV to capitalize on the attractive lending environment.

與 2023 年上半年相比，我們看到交易流量增加，有趣且有吸引力的投資機會也不斷增加。我們透過 PennantPark 平台籌集的額外資金將使 PNNT 和合資企業能夠利用有吸引力的貸款環境。

At June 30, the JV portfolio equaled $794 million. And during the quarter, the JV invested $64 million, including $62 million of purchases from PNNT. After quarter end, the JV closed a $300 million securitization. This new financing, together with the existing committed junior capital from PNNT and Pantheon, will allow the JV portfolio to grow to over $1 billion of assets.

截至 6 月 30 日，合資企業投資組合總額達 7.94 億美元。本季度，合資公司投資了 6,400 萬美元，其中包括從 PNNT 購買的 6,200 萬美元。季度末後，合資公司完成了 3 億美元的證券化。這項新融資，加上 PNNT 和 Pantheon 現有的承諾初級資本，將使合資企業投資組合的資產成長到超過 10 億美元。

Over the last 12 months, PNNT earned a 17% return on invested capital in the JV. We expect that with the continued growth in the JV portfolio, the JV investment will enhance PNNT's earnings momentum in future quarters. Credit quality of the portfolio continues to perform well. As of June 30, we had one non-accrual out of 129 different names at PNNT.

在過去 12 個月中，PNNT 在合資企業中獲得了 17% 的投資報酬率。我們預計，隨著合資公司投資組合的持續成長，合資公司投資將增強 PNNT 未來幾季的獲利動力。投資組合的信用品質持續表現良好。截至 6 月 30 日，PNNT 的 129 個不同名稱中有一個是非應計名稱。

This represents 1.1% of the portfolio at cost and 0% at market value.

以成本計算，這佔投資組合的 1.1%，以市場價值計算，佔投資組合的 0%。

As a result of a stable debt portfolio and the growing net investment income, the Board of Directors has approved another increase in the quarterly dividend to $0.21 per share. This increase is the seventh consecutive increase to the quarterly dividend and represents a 5% increase from the prior quarter and a cumulative increase of 75% from January 2022.

由於穩定的債務組合和不斷增長的淨投資收入，董事會批准再次將季度股息提高至每股 0.21 美元。此次增加是季度股利連續第七次增加，較上一季增加 5%，較 2022 年 1 月累計增加 75%。

The dividend will be paid on October 2 to shareholders of record as of September 18. We are confident that with rising or stable base rates and continued strong credit performance, the increased dividend will be fully covered by core net investment income. We believe that a portion of the investment community values a monthly dividend. As a result, the Board has also decided to change the frequency of the dividend from quarterly to monthly. This change will be implemented in October.

股息將於 10 月 2 日向截至 9 月 18 日登記在冊的股東支付。我們有信心，隨著基本利率的上升或穩定以及持續強勁的信貸表現，增加的股息將完全由核心淨投資收入覆蓋。我們相信有一部分投資界重視每月股利。因此，董事會也決定將股利頻率從季度改為每月。此變更將於 10 月實施。

Now let me turn to the current market environment. From an overall perspective, in this market environment of inflation, rising interest rates, geopolitical risk and a potentially weakening economy, we are well positioned as a lender focused on capital preservation in the United States where floating interest rates on our loans can protect against rising interest rates and inflation.

現在讓我談談當前的市場環境。從整體角度來看，在通膨、利率上升、地緣政治風險和經濟潛在疲軟的市場環境下，我們作為一家專注於美國資本保值的貸款機構處於有利地位，我們的貸款浮動利率可以防範不斷上升的風險。利率和通貨膨脹。

We continue to believe that our focus on the core middle market provides to the company with attractive investment opportunities where we are important strategic capital to our borrowers. We have a long-term track record of generating value by successfully financing high-growth middle market companies in 5 key sectors. These are sectors where we have substantial domain expertise, know the right questions to ask and have an excellent track record.

我們仍然相信，我們對核心中間市場的關注為公司提供了一個有吸引力的投資機會，我們對借款人來說是重要的策略資本。我們擁有透過成功為 5 個關鍵領域的高成長中間市場公司提供融資來創造價值的長期記錄。在這些領域，我們擁有豐富的領域專業知識，知道要提出的正確問題，並擁有出色的業績記錄。

They are: Business services, consumer, government services and defense, Healthcare and software and technology. These sectors have also been recession resilient and tend to generate strong free cash flow. In our software vertical, we don't have any exposure to ARR loans. In many cases, we are typically part of the first institutional capital into a company and the loans that we provide are important strategic capital that fuel the growth and help that $10 million to $20 million EBITDA company grow to $30 million, $40 million, $50 million of EBITDA or more.

它們是：商業服務、消費者、政府服務和國防、醫療保健以及軟體和技術。這些行業也具有抵禦衰退的能力，並且往往會產生強勁的自由現金流。在我們的軟體垂直領域，我們沒有任何 ARR 貸款。在許多情況下，我們通常是進入公司的第一筆機構資本的一部分，我們提供的貸款是重要的戰略資本，可以推動增長並幫助1000 萬至2000 萬美元EBITDA 公司增長到3000 萬美元、4000 萬美元、5000 萬美元EBITDA 或更多。

We typically participate in the upside by making an equity co-investment. Our returns on these equity co-investments have been excellent over time. Overall for our platform from inception through June 30, we have invested over $403 million in equity co-invests and have generated an IRR of 26% and a multiple on invested capital of 2.2x. Because we are an important strategic lending partner, the process and package of returns we receive is attractive.

我們通常透過股權共同投資來參與上漲。隨著時間的推移，我們這些股權共同投資的回報一直非常出色。總體而言，從我們的平台成立到 6 月 30 日，我們已在股權聯合投資中投資了超過 4.03 億美元，並產生了 26% 的 IRR 和 2.2 倍的投資資本倍數。因為我們是重要的策略貸款合作夥伴，所以我們收到的流程和回報方案很有吸引力。

We have many weeks to do our diligence with care. We thoughtfully structured transactions with sensible credit statistics meaningful covenants, substantial equity cushion to protect our capital, attractive upfront fees and spreads and equity co-investment. Additionally, from a monitoring perspective, we receive monthly financial statements to help us stay on top of the companies.

我們有好幾個星期的時間來認真地盡職盡責。我們精心設計了交易結構，包括合理的信用統計、有意義的契約、保護我們資本的大量股權緩衝、有吸引力的預付費用和利差以及股權共同投資。此外，從監控的角度來看，我們每月都會收到財務報表，以幫助我們保持對公司的領先地位。

With regard to covenants, virtually, all of our originated first lien loans had meaningful covenants, which help protect our capital. This is one reason why our default rate and performance during COVID was so strong and why we believe we are well positioned in this environment. This sector of the market, companies with $10 million to $50 million of EBITDA is the core middle market. The core middle market is below the threshold and does not compete with a broadly syndicated loan or high-yield markets.

關於契約，實際上，我們所有發起的第一留置權貸款都有有意義的契約，這有助於保護我們的資本。這就是我們在新冠疫情期間的違約率和業績如此強勁的原因之一，也是我們相信我們在這種環境中處於有利地位的原因之一。在該市場領域，EBITDA 為 1,000 萬至 5,000 萬美元的公司是核心中間市場。核心中間市場低於門檻，不與廣泛的銀團貸款或高收益市場競爭。

Many of our peers who focus on the upper middle market state that those bigger companies are less risky, that is a perception. It may make some intuitive sense, but the reality is different. According to S&P, loans to companies with less than $50 million of EBITDA had a lower default rate and a higher recovery rate than loans to companies with higher EBITDA.

我們許多專注於中高端市場的同業表示，那些規模較大的公司風險較小，這是一種看法。這可能具有一定的直覺意義，但現實卻有所不同。根據標準普爾的數據，與 EBITDA 較高的公司相比，向 EBITDA 低於 5,000 萬美元的公司提供的貸款違約率較低，回收率較高。

We believe that the meaningful covenant protections of the core middle market where there's more careful diligence and tighter monitoring have been an important part of this differentiated performance. Since inception, PNNT has invested $7.5 billion at an average yield of 11.2% and has experienced a loss ratio of approximately 20 basis points annually.

我們認為，對核心中間市場的有意義的契約保護是這種差異化表現的重要組成部分，那裡有更仔細的盡職調查和更嚴格的監控。自成立以來，PNNT 已投資 75 億美元，平均收益率為 11.2%，每年損失率約 20 個基點。

This strong track record includes our energy investments, primarily subordinated debt investments made prior to the financial crisis and recently the pandemic. With regard to the outlook, our loans -- new loans in our target market are attractive, and this vintage should be particularly attractive. Our experienced and talented team and our wide origination funnel is producing active deal flow. Our continued focus remains on capital preservation and being patient investors.

這一良好的記錄包括我們的能源投資，主要是金融危機之前和最近的大流行之前進行的次級債務投資。就前景而言，我們的貸款—我們目標市場的新貸款很有吸引力，這一年應該特別有吸引力。我們經驗豐富、才華橫溢的團隊和廣泛的發起管道正在產生活躍的交易流。我們繼續關注資本保值和成為耐心的投資者。

We want to reiterate our goal to generate attractive risk-adjusted returns through income, coupled with long-term preservation of capital. We seek to find investment opportunities in growing middle market companies that have high free cash flow conversion. We capture that free cash flow primarily through debt instruments, and we pay out those contractual cash flows in the form of dividends to our shareholders. Let me now turn the call over to Rick, our CFO, to take us through the financial results.

我們想重申我們的目標，透過收入產生有吸引力的風險調整回報，並長期保存資本。我們尋求在自由現金流轉換率較高的成長型中型市場公司中尋找投資機會。我們主要透過債務工具取得自由現金流，並以股利的形式向股東支付這些合約現金流。現在讓我將電話轉給我們的財務長 Rick，讓我們了解財務表現。

Thank you, Art. For the quarter ended June 30, net investment income was $0.35 per share and core net investment income was $0.22 per share. Core net investment income excludes $0.13 per share of one-time dividend income received from our equity investment in Dominion Voting, net of an increase in accrued excise taxes and incentive fees.

謝謝你，藝術。截至 6 月 30 日的季度，每股淨投資收益為 0.35 美元，核心淨投資收益為每股 0.22 美元。核心淨投資收入不包括從 Dominion Voting 股權投資中獲得的每股 0.13 美元的一次性股息收入，扣除應計消費稅和激勵費用的增加。

Operating expenses for the quarter were as follows: Interest and credit facility expenses were $10.1 million; base management and incentive fees were $8.9 million; general and administrative expenses were $1.9 million; and provision for excise taxes was $1.2 million. For the quarter ended June 30, net realized and unrealized change on investments and debt, including provision for taxes, was a loss of $2 million or $0.03 per share.

本季的營運支出如下： 利息和信貸額度支出為 1,010 萬美元；基本管理費和獎勵費為 890 萬美元；一般及行政費用為 190 萬美元；消費稅準備金為 120 萬美元。截至 6 月 30 日的季度，已實現和未實現的投資和債務淨變化（包括稅務撥備）為虧損 200 萬美元，即每股虧損 0.03 美元。

As of June 30, our GAAP NAV was $7.72 per share, which is up 1.6% from $7.60 per share in the prior quarter. Our adjusted NAV per share was $7.67, which is up 3.1% from the prior quarter. As of June 30, our debt-to-equity was 1.26x, and our capital structure is diversified across multiple funding sources, including both secured and unsecured debt.

截至 6 月 30 日，我們的 GAAP 淨值為每股 7.72 美元，比上一季的每股 7.60 美元成長 1.6%。調整後每股資產淨值為 7.67 美元，較上一季成長 3.1%。截至 6 月 30 日，我們的債務股本率為 1.26 倍，我們的資本結構多元化，涵蓋多種融資來源，包括有擔保和無擔保債務。

As of June 30, our key portfolio statistics were as follows: Our portfolio remains highly diversified with 129 companies across 27 different industries. The weighted average yield on debt investments was 12.7%. The portfolio was invested in 55% first lien secured debt, 9% in second lien secured debt, 10% in subordinated notes to PSLF, 4% in other subordinated debt, 5% in PSLF equity and 17% in other preferred and common equity. 96% of the portfolio is floating rate.

截至 6 月 30 日，我們的主要投資組合統計數據如下： 我們的投資組合仍然高度多元化，擁有 27 個不同行業的 129 家公司。債權投資加權平均收益率為12.7%。該投資組合投資於55% 的第一留置權擔保債務、9% 的第二留置權擔保債務、10% 的PSLF 次級票據、4% 的其他次級債務、5% 的PSLF 股權以及17% 的其他優先股和普通股。 96%的投資組合為浮動利率。

Debt to EBITDA on the portfolio is 4.8x, and the LTM interest coverage is 2.4x. The portfolio as a whole has a meaningful cushion with regard to interest coverage on a sensitivity basis for overall interest coverage to decrease to 1.0x, base rates would need to go up 200 basis points and EBITDA would need to decrease by 25%. This analysis is based upon the current run rate interest coverage, assuming a 5.5% base rate. Now let me turn the call back to Art.

該投資組合的 EBITDA 債務為 4.8 倍，LTM 利息覆蓋率為 2.4 倍。整個投資組合在利息覆蓋率方面有一個有意義的緩衝，以敏感度為基礎，整體利息覆蓋率下降至 1.0 倍，基本利率需要上升 200 個基點，EBITDA 需要下降 25%。此分析基於目前運行利率利息覆蓋率，假設基本利率為 5.5%。現在讓我把電話轉回藝術。

Thanks, Rick. In closing, I'd like to thank our dedicated and talented team of professionals for their continued commitment to PNNT and its shareholders. Thank you all for your time today and for your continued investment and confidence in us. That concludes our remarks. At this time, I would like to open up the call to questions.

謝謝，瑞克。最後，我要感謝我們敬業且才華橫溢的專業團隊對 PNNT 及其股東的持續承諾。感謝大家今天抽出寶貴的時間，感謝大家對我們的持續投資與信任。我們的發言到此結束。此時，我想開放提問。

(Operator Instructions) We'll take your first caller in the queue, that will come from Robert Dodd from Raymond James.

（操作員說明）我們將接聽隊列中的第一個呼叫者，該呼叫者將來自雷蒙德·詹姆斯 (Raymond James) 的羅伯特·多德 (Robert Dodd)。

Congrats on the quarter. Going to your prepared remarks, the ramp in the pipeline question coming up on a lot of earnings -- could you give us any more color on kind of -- the kind of drivers there? Is it just a [going] out of the market, though the lower middle market has been more active than the upper in anyway? Or the types of refinancing add-ons? Any color like that? And then last, what's your confidence that those things are actually going to manifest?

恭喜本季。回到你準備好的講話，管道問題的增加涉及到很多收入——你能給我們更多關於那裡的司機的信息嗎？儘管中低端市場無論如何都比中高端市場更活躍，但這只是退出市場嗎？或再融資附加項目的類型？有這樣的顏色嗎？最後，您對這些事情真正會顯現的信心有多大？

Thanks, Robert. The disclaimer, of course, is M&A can be lumpy. So lots of things that can go. Middle market M&A is a key driver of what drives deal flow. So a little bit, it's kind of like being an economist or predicting the weather. We are busy, we are busy, we are looking at a lot of deals. What's going to land and what's going to land on this side of [9/30], what's going to land on the other side of 9/30 . It's hard to say.

謝謝，羅伯特。當然，免責聲明是併購可能會很不穩定。所以很多事情都可以去。中間市場併購是推動交易流的關鍵驅動力。有點像是成為經濟學家或預測天氣。我們很忙，我們很忙，我們正在尋找很多交易。什麼將降落，什麼將降落在 [9/30] 的這一側，什麼將降落在 9/30 的另一側。很難說。

There's a lot of deal flow in the market. It's kind of though, like a tale of two cities where you have some very high-quality companies that had very good growth characteristics. Those types of companies are still attracting very fancy multiples in terms of enterprise value as well as even leverage. And that's one city. And the other city is companies that are -- do not quite have that kind of robust growth parameters or they may be viewed as a little bit more economically sensitive, those deals on the other hand, are hard to predict. There's still, in some cases, could be significant gaps between buyers and sellers. They could come together.

市場上有大量的交易流。不過，這有點像兩個城市的故事，那裡有一些非常高品質的公司，它們具有非常好的成長特徵。這些類型的公司在企業價值甚至槓桿方面仍然吸引著非常高的倍數。那是一座城市。另一個城市是那些不太具備那種強勁成長參數的公司，或者它們可能被視為對經濟更加敏感，但另一方面，這些交易很難預測。在某些情況下，買家和賣家之間仍然可能存在巨大差距。他們可以走到一起。

So we've got pipeline in both of those categories. And we're fairly certain we're going to close a bunch of deals between now and year-end. But is it a very, very, very robust pipeline or a nice moderate pipeline? Who knows at this point. We're working hard, our deal teams are working hard. We get a lot of inquiry. And it's nice to have lease capital around our platform to execute that here at PNNT, the JV has, as we said, JV has some nice capital availability and JV has been doing very, very well, and we're hopeful that we can continue to do well and then ramp that JV.

所以我們在這兩個類別中都有管道。我們相當確定從現在到年底我們將完成大量交易。但這是一個非常非常強大的管道還是一個不錯的中等管道？此時誰知道呢。我們正在努力工作，我們的交易團隊也在努力工作。我們收到很多詢問。很高興在我們的平台周圍擁有租賃資本來在 PNNT 執行這一任務，正如我們所說，合資企業擁有一些不錯的可用資本，並且合資企業一直做得非常非常好，我們希望我們能夠繼續做得好，然後擴大合資企業的規模。

Got it. I appreciate it. The second one, on portfolio companies that might be struggling a little bit more in this environment. How would you characterize this sponsor reaction to that? I mean, are they doing what you'd expect that they're stepping up and providing support or -- at the margin, do you think that the decision is getting -- are they telling you that this is getting harder for them? Or any color on that side?

知道了。我很感激。第二個是關於在這種環境下可能會陷入更多困境的投資組合公司。您如何評價贊助商對此的反應？我的意思是，他們是否正在做你所期望的事情，即他們正在加緊努力並提供支持，或者——在邊際上，你認為決定正在做出——他們是否告訴你這對他們來說變得越來越困難？或是那一面有什麼顏色嗎？

Yes. So in terms of sponsor reaction, I think it's thankfully as expected. The environment like -- let's go back to the pandemic. That was a lot of turmoil there that was a shock to the system. And there, you might have seen sponsor behavior where people would just kind of write off and wash their hands from the bad deals and be willing to invest in the good deals, thankfully, in our scenario, they basically invested in and supported the company.

是的。因此，就贊助商的反應而言，我認為值得慶幸的是，這符合預期。環境就像——讓我們回到大流行。那裡發生了很多騷亂，對系統造成了衝擊。在那裡，你可能會看到贊助商的行為，人們會註銷並放棄糟糕的交易，並願意投資於好的交易，值得慶幸的是，在我們的場景中，他們基本上投資並支持了公司。

This environment is less of a shock. It's more of a kind of slow grinding, the companies and sponsors absorbing what higher interest rates mean. So there's less volatile movement of their cash flow and because there's less volatile movement of their cash flow, they're not forced as much to make quick decisions about which companies they're going to support and which companies they're not going to support.

這種環境不那麼令人震驚。這更像是一種緩慢的磨礪，公司和贊助商吸收了更高利率的含義。因此，他們的現金流波動較小，而且由於現金流波動較小，他們不必被迫快速決定要支持哪些公司以及不支持哪些公司。

So these decisions are being made in a slower fashion, they're generally being made in a thoughtful fashion. And by and large, we've continued to see sponsors really support their companies with additional capital. So obviously, when they're putting in additional capital makes it easier for us, makes it easier for us to give them some concessions when they're putting some money in junior to us. On the occasions that they might not putting capital junior to us, then those conversations are a little bit more challenging, and we have to, obviously be great to use shares and protect the interest of our investors and be a little harder around that. So nothing dramatic at this point. It's still kind of a slow moving -- slow moving scenario. And by and large, we're seeing sponsors put more money in.

因此，這些決定的製定速度較慢，通常是經過深思熟慮後做出的。總的來說，我們繼續看到贊助商確實透過額外資金支持他們的公司。顯然，當他們投入額外的資金時，我們會更容易，當他們向我們投入一些資金時，我們更容易給他們一些讓步。有時他們可能不會向我們提供初級資本，那麼這些對話就會更具挑戰性，我們必須，顯然要善於利用股票並保護我們投資者的利益，並在這方面更加努力。所以目前沒有什麼戲劇性的事情。這仍然是一個緩慢發展的場景。總的來說，我們看到贊助商投入了更多資金。

(Operator Instructions) We'll move to your next question, Casey Alexander from Compass Point Research.

（操作員說明）我們將轉向您的下一個問題，來自 Compass Point Research 的 Casey Alexander。

I just have one question, Art. Your deployments in the quarter, $70 million that you invested were 3 new and 43 existing portfolio companies, which is 1/3 of the portfolio. When 43 companies all do something at the same time, there must be something in common. What kind of trends are you seeing from those existing portfolio companies?

我只有一個問題，藝術。您在本季的部署，您投資的 7000 萬美元是 3 家新投資組合公司和 43 家現有投資組合公司，佔投資組合的 1/3。當43家公司同時做某件事時，一定有一些共同點。您從現有的投資組合公司中看到了哪些趨勢？

Yes. So good question, Casey. That's a combination of -- and this is where most of our activity -- at least in a slower M&A environment, most of your activity is with your existing companies. Many of them have these delayed draws, DDTLs, where they're doing add-on acquisitions. So that's a portion of it. And then also, as you know, we have revolver commitments. So the revolvers that we do have, and we try to limit them, revolvers we do have are usually priced at the same spread in some cases, higher spread than the term loan. So delayed draws, revolvers were kind of the key to the existing companies.

是的。問得好，凱西。這是我們的大部分活動的組合，至少在較慢的併購環境中，您的大部分活動都與現有公司有關。他們中的許多人都有延遲抽籤（DDTL），他們正在進行附加收購。這就是其中的一部分。然後，如您所知，我們也有左輪手槍承諾。因此，我們擁有的左輪手槍，我們試圖限制它們，我們擁有的左輪手槍在某些情況下通常定價相同的利差，比定期貸款的利差更高。因此延遲抽獎，左輪手槍是現有公司的關鍵。

We'll hear next from Paul Johnson from KBW.

接下來我們將聽到來自 KBW 的 Paul Johnson 的演講。

In the JV, how much capacity, I guess, do you kind of envision for growth there, both -- I mean, I guess, is it -- could you grow it any more than it is today? Or is it pretty much as what you like to be in terms of percentage of your portfolio?

在合資企業中，我想，你對那裡的成長有多少產能的設想，兩者——我的意思是，我猜是——你能比現在成長得更多嗎？或者它在你的投資組合中所佔的百分比與你想要的差不多嗎？

Yes. So today, the JV is about $800 million in total assets with the junior capital coming from us and Pantheon as well as the CLO. We can get to a little bit over $1 billion. It's a big contributor to our NII. So we really like it. It is in our 30% bucket. So it is part of the 30% bucket. So kind of if it -- if it ain't broke, don't fix it. So speaking for PNNT, we'd like to continue to grow it, assuming we have room in our 30% bucket. I can't speak for Pantheon. We could use the 30% bucket. These JVs have been very good for our BDCs. We have one in PFLT, as you know, with Kemper. We have one in PNNT with Pantheon. These have been very good for the NII of the BDCs.

是的。所以今天，合資企業的總資產約為 8 億美元，初級資本來自我們和 Pantheon 以及 CLO。我們可以達到 10 億美元以上一點。它對我們的 NII 做出了巨大貢獻。所以我們真的很喜歡它。它在我們的 30% 桶中。所以它是 30% 桶的一部分。所以，如果它沒有壞，就不要修理它。因此，對於 PNNT 來說，假設我們的 30% 桶中有空間，我們希望繼續成長它。我不能代表萬神殿發言。我們可以使用 30% 的桶子。這些合資企業對我們的 BDC 非常有利。如您所知，我們在 PFLT 中有一位與 Kemper 合作的人員。我們在 PNNT 和萬神殿有一個。這些對於 BDC 的國家資訊基礎設施非常有利。

And obviously, there's no additional management fee other than, obviously, on the junior capital. So it's very efficient from the standpoint of our shareholders. So look, we're going to look to continue to potentially grow them. The structures can be very robust. Obviously, it's all kind of very secure, lower risk, first lien senior secured debt, which you can finance safely in a number of different ways, including securitization CLO technology and that's long-term locked-in financing, generally low cost at which really helps kind of create that return on capital that's been very attractive. So, We'll continue to grow this JV. We'll continue to talk to Pantheon and we may even do other JVs down the road.

顯然，除了初級資本之外，沒有額外的管理費。因此，從我們股東的角度來看，這是非常有效的。所以看，我們將尋求繼續增長它們的潛力。這些結構可以非常堅固。顯然，這是一種非常安全、風險較低、第一留置權的優先擔保債務，您可以透過多種不同的方式安全地融資，包括證券化CLO 技術，這是長期鎖定融資，通常成本較低，真正有助於創造非常有吸引力的資本回報。因此，我們將繼續發展這個合資企業。我們將繼續與 Pantheon 對話，甚至可能在未來建立其他合資企業。

Okay. That's helpful. And those have been, obviously, very, very successful for you guys. And then just kind of turning to the market. I mean how do you kind of, I guess, observe today? I mean, it seems like activity has been picking up over the summer, are lenders holding the line in terms of just discipline on terms that we've kind of seen in the first half of this year? Or is that starting to soften up in any way?

好的。這很有幫助。顯然，這些對你們來說非常非常成功。然後就轉向市場。我的意思是，我猜你今天的觀察怎麼樣？我的意思是，整個夏天的活動似乎有所增加，貸款機構是否按照我們今年上半年看到的那樣嚴格遵守紀律？或者這種情況開始有所軟化？

That's a good question. As you know, the upper end of the direct lending market takes it -- where we are not, takes it's cue from the broadly syndicated loan space. The broadly syndicated loan space is starting to fall and that will create deal flow, which will create -- in the upper end, there's going to be -- the broadly syndicated loan market is competing with those folks. So on the upper end of our market, kind of the $40 million, $50 million EBITDA companies, we're starting to see some of the upper market guys kind of come into that zone and put a bit of pressure on that $40 million, $50 million EBITDA company kind of where we play, which is we say it's $10 million to $50 million, our mean, median is about $20 million to $30 million.

這是個好問題。如您所知，直接貸款市場的高端接受了這一點——而我們則沒有，從廣泛的銀團貸款空間中獲得了線索。廣泛的銀團貸款空間開始下降，這將創造交易流，這將創造——在高端，將會有——廣泛的銀團貸款市場正在與這些人競爭。因此，在我們的高端市場，即 4000 萬美元、5000 萬美元 EBITDA 的公司，我們開始看到一些高端市場的公司進入了這個區域，並對 4000 萬美元、50 美元的公司施加了一些壓力。我們所說的EBITDA 為1,000 萬至5,000 萬美元的公司，我們的平均中位數約為2,000 萬至3,000 萬美元。

We're not seeing any pressure yet, but we're vigilant. We're vigilant. Most important thing we can do is pick solid credits and create balance sheet capacity to take advantage of solid credits. So we still think the vintage -- ['23, '24] is going to be good vintage, but we got to be -- we got to watch the space, and we got to be careful if things get out of hand as we always are. So nothing to report in our kind of core middle-market space yet, but we're watching.

我們還沒有看到任何壓力，但我們保持警惕。我們保持警惕。我們能做的最重要的事情是選擇可靠的信貸並創造資產負債表能力以利用可靠的信貸。所以我們仍然認為年份 - ['23, '24] 將是很好的年份，但我們必須 - 我們必須觀察空間，如果事情在我們的過程中失控，我們必須小心總是如此。因此，在我們的核心中間市場領域還沒有什麼可報告的，但我們正在觀察。

We'll move next to Mark Hughes from Truist.

我們將接聽來自 Truist 的 Mark Hughes。

Any line of sight on repayments in the September quarter. How is that trending so far?

關於九月季度還款的任何視線。到目前為止，趨勢如何？

Nothing materially different, Mark, on repayments. We have them, we're happy to get when we underwrite loans, we are -- we say thank you when they pay us off, and it happens even in down markets. Even during the pandemic, certain people were paying us off. So that means kind of solid underwriting, but nothing materially different than what we've seen. We're seeing a drip of repayments. We're seeing new deals and, of course, the continued growth in the JV where we sell assets from PNNT the JV. So more of the same, but nothing meaningfully different.

馬克，在還款方面沒有什麼本質上的不同。我們有它們，當我們承保貸款時，我們很高興得到它們，當他們還清我們的錢時，我們會說謝謝，即使在低迷的市場中也會發生這種情況。即使在大流行期間，某些人也在向我們付錢。因此，這意味著某種可靠的承保，但與我們所看到的沒有什麼實質上的不同。我們看到還款有所減少。我們看到了新的交易，當然還有合資企業的持續成長，我們出售 PNNT 合資企業的資產。所以更多的是相同的，但沒有什麼有意義的不同。

When you think about the equity co-invest, the terms of those evolved overtime when you get into a challenging market or terms and conditions have been favorable for you like they have been in the last few quarters. Does that also manifest in the better terms on the equity co-invest? Or is that tend to be stable?

當您考慮股權共同投資時，當您進入充滿挑戰的市場時，這些條款會隨著時間的推移而演變，或者條款和條件對您有利，就像過去幾個季度一樣。這是否也反映在股權共同投資的更好條款上？或者說趨於穩定？

Well, that's a nuanced question because it's kind of like we invest side-by-side with the sponsor. So there's no real difference in the investment we are making with the sponsor. So there's not a lot of negotiation over the "terms". You can debate if the multiple makes sense? Is it really -- is it a company that's going to grow quickly or not so quickly? Or what's the downside? So I can say we've been pickier with equity co-invests over the last few quarters just because it's been a more challenging environment to evaluate the economy.

嗯，這是一個微妙的問題，因為這有點像我們與贊助商並肩投資。因此，我們與贊助商的投資沒有真正的區別。因此，關於「條款」的談判並不多。您可以爭論倍數是否有意義？它真的是一家會快速成長還是不會那麼快成長的公司嗎？或者有什麼缺點？因此，我可以說，過去幾季我們對股權聯合投資更加挑剔，只是因為評估經濟的環境更具挑戰性。

And it might be one thing to say, gee we feel safe, making a loan of 4x cash flow and the sponsor is paying 10x for the company, so they're 6x beneath us as equity cushion. That's one type of question. The second question, which is -- should be a totally separate question for us, it is, do you co-invest in the equity at 10x. So of course, it's a higher bar for us to invest in the equity. Of course, we have to have greater conviction to do it. And so I think I would say we've just been a little bit more selective on that equity co-invest.

說出來可能是一回事，哎呀，我們發放了 4 倍現金流量的貸款，而贊助商為公司支付了 10 倍的費用，我們感到很安全，所以作為股權緩衝，他們比我們低 6 倍。這是一種類型的問題。第二個問題對我們來說應該是一個完全獨立的問題，你們是否以 10 倍的價格共同投資股權。所以當然，我們投資股權的門檻就更高了。當然，我們要有更大的信念去做。所以我想我會說我們只是對股權聯合投資更具選擇性。

(Operator Instructions) We'll hear next from Kyle Joseph from Jefferies.

（操作員說明）接下來我們將聽到 Jefferies 的凱爾約瑟夫 (Kyle Joseph) 的演講。

I just kind of want to given your portfolio size and industry exposure kind of want to get your sense for how the economy is doing? Anything you can provide us in terms of revenue and EBITDA growth trends and how that's changed and frankly, if companies at this point are starting to see a little reprieve from inflation really starting to abate?

我只是想了解您的投資組合規模和產業曝光度，想了解您對經濟狀況的了解？您可以向我們提供有關收入和 EBITDA 成長趨勢的任何資訊嗎？坦白說，如果企業此時開始看到通貨膨脹確實開始減弱，那麼情況會發生怎樣的變化？

Yes Thanks, Kyle. Look, based on the numbers we're getting, it would support the soft landing, it would support the soft landing scenario. There are certain areas that are soft. Certain areas are very strong. But when you look at our platform over 170 companies across the economy, it would support the soft landing. We're not seeing any areas of great stress. So kind of revenues are generally up across the platform. EBITDA is generally up.

是的，謝謝，凱爾。看，根據我們得到的數字，它將支援軟著陸，它將支援軟著陸方案。某些區域是軟的。某些領域非常強大。但當你看看我們的平台上超過 170 家經濟領域的公司時，你會發現它會支援軟著陸。我們沒有看到任何壓力很大的領域。因此，整個平台的收入普遍上升。 EBITDA 普遍上升。

There are certain areas of weakness such as there's areas of consumer. We've talked about Walker Edison in the past, Walker Edison is a furniture company, did very well during COVID. It's reverted to the mean post-COVID and that's been a non-accrual. But by and large, it supports the soft landing theory. We say theory because as credit underwriters, as lenders, when we underwrite credit, we have to assume a recession. In a normal environment, we would say sometime during our 5-year loan, we have to model in a recession.

存在某些薄弱領域，例如消費者領域。我們過去談到沃克愛迪生，沃克愛迪生是一家家具公司，在新冠疫情期間做得很好。它已恢復到新冠疫情後的平均水平，而且是非應計費用。但總的來說，它支持軟著陸理論。我們說理論是因為身為信貸承銷商、貸款人，當我們承銷信貸時，我們必須假設經濟衰退。在正常環境下，我們會說在五年期貸款期間的某個時候，我們必須在經濟衰退中進行建模。

The reality is today, we model in a recession kind of in year 1 because that's how we should be underwriting credit. We should be feeling comfortable about our loans even in recessionary environments. And even if there's a recession next year. So that's how we think about it. But we're not seeing -- and then to the earlier point about amendments -- the amendments that seem to be coming up or really just do by and large to the much higher interest cost that these companies need to bear now that the base rates went up so substantially. When you're paying 12% on the first lien debt, 12-plus percent of your first lien debt, and if you have a lot of leverage or if you have second lien or mezzanine debt, it's sucking up all the cash flow. So that's where the amendments would typically come in.

今天的現實是，我們在第一年模擬經濟衰退，因為這就是我們承保信貸的方式。即使在經濟衰退的環境下，我們也應該對我們的貸款感到放心。即使明年出現經濟衰退。這就是我們的想法。但我們並沒有看到——然後是前面關於修正案的一點——似乎即將出現的修正案，或者實際上只是大體上導致這些公司現在需要承擔的利息成本要高得多。上漲如此之大。當你支付第一留置權債務的12% 時，第一留置權債務的12% 以上，如果你有很大的槓桿作用，或者如果你有第二留置權或夾層債務，它就會吸收所有的現金流。這就是修正案通常會出現的地方。

Yes. Got it. Helpful. And then, I mean, you talked about your area of focus is kind of the smaller companies, but with all the headlines on banks and potential capital requirement increases there. How would that kind of funnel in your market and is that a big opportunity for you guys?

是的。知道了。有幫助。然後，我的意思是，您談到您的重點領域是小型公司，但銀行的頭條新聞和潛在的資本要求增加了。這種管道在你們的市場中會如何發展？這對你們來說是一個巨大的機會嗎？

I'm sorry, Kyle, the question again?

抱歉，凱爾，再問一次問題嗎？

Sure with everything going on with regional banks. I know you guys focus on kind of...

當然，地區銀行的一切都在發生。我知道你們專注於某種...

Regional bank.

地區銀行。

Yes, yes, yes, lower middle and smaller companies, but would there be any sort of reverberations -- and is that -- are you thinking about that as an opportunity for you guys?

是的，是的，是的，中低端和小型公司，但會不會有任何影響——是的——你們認為這對你們來說是一個機會嗎？

Yes. I mean it should be. It's hard to say what exactly is meant at this point. I think it's too early to tell. Certainly, we did see prior to the Silicon Valley Bank turmoil many of the companies that we would finance at 4 or 5x once they got down to under 3x, regional banks who would refinance those capital structures at much lower spread to [suffer] than someone such as ourselves or any other direct lenders. So the regional banks would be a source of exit for us.

是的。我的意思是應該是如此。目前很難說清楚這到底是什麼意思。我認為現在說還為時過早。當然，在矽谷銀行動盪之前，我們確實看到許多公司一旦降到3 倍以下，我們就會以4 倍或5 倍的利率為其提供融資，而區域性銀行則會以比某些公司低得多的利差為這些資本結構進行再融資，從而[遭受損失]。例如我們自己或任何其他直接貸款人。因此，地區銀行將成為我們的退出來源。

I think it's too early to tell, but perhaps the good news and the bad news, perhaps we can hold on to some of those credits a little bit longer. When you're down -- we do have some of these where you're under 3x debt-to-EBITDA, and we're clipping 600 to 650 and the regional bank isn't there. We're happy with that loan. We're very happy with that loan. So that may be something that's more kind of direct for us.

我認為現在下結論還為時過早，但也許好消息和壞消息，也許我們可以將其中一些積分保留得更久一些。當你陷入困境時，我們確實有一些債務與 EBITDA 低於 3 倍的情況，我們將 600 削減到 650，而地區銀行不在那裡。我們對這筆貸款很滿意。我們對這筆貸款非常滿意。所以這對我們來說可能更直接。

We'll move next from Melissa Wedel from JPMorgan.

接下來我們請摩根大通的梅麗莎·韋德爾 (Melissa Wedel) 發言。

I wanted to touch on something that you mentioned earlier in the call about the pipeline where it's sort of bifurcated, it sounds like between some higher quality companies with loftier valuations and then also more economically sensitive companies. And I think you mentioned that you've got sort of pipeline in both segments there. When you think about sort of portfolio management or portfolio construction for the BDC, do you think about the optimal split between those? Or is it just sort of see what lands and they're all suitable for the BDC?

我想談談您之前在電話會議中提到的有關管道的問題，管道有點分叉，聽起來像是一些估值較高的高品質公司和對經濟更敏感的公司之間的事情。我想你提到這兩個部分都有某種管道。當您考慮 BDC 的投資組合管理或投資組合建構時，您是否考慮過它們之間的最佳劃分？或只是看看哪些土地適合 BDC？

That's a great question. I mean I think that ends up coming out in the wash. Obviously, the higher quality, higher growing companies, we and maybe others are willing to put a little bit more leverage on because of the confidence level in that company's growth or the confidence level in that company's ability to weather a choppier economic environment. On the other hand, if you're less confident about the growth or you're less confident about the company's ability to handle an economic environment, you either say no, which is what we say the vast majority of the time or you say, let's structure a deal that is safe, where the leverage is low, where the covenants are sensible and really protect us or there's substantial equity cushion beneath us so that we feel comfortable that if there were a bump in the road, more times than not, sponsor would put more equity in.

這是一個很好的問題。我的意思是，我認為這最終會被淘汰。顯然，對於品質更高、成長速度更快的公司，我們以及其他人可能願意施加更多的槓桿作用，因為我們對該公司的成長充滿信心，或者對該公司抵禦更動蕩的經濟環境的能力充滿信心。另一方面，如果你對成長缺乏信心，或者對公司應對經濟環境的能力缺乏信心，你要么說“不”，這就是我們絕大多數時候所說的，要么你說，讓我們構建一個安全的交易，槓桿率低，契約合理並且真正保護我們，或者我們有大量的股權緩衝，這樣我們就可以放心，如果道路上有坎坷，很多時候，贊助商將投入更多股本。

So that's kind of individual deal-by-deal credit underwriting. And we've learned, of course, high-quality companies usually take care of themselves. There's a whole world of credit that's made to companies that are not so lofty in quality that you can do well in. You just need to be really, really comfortable and need to look at your downside cases, need to keep leverage reasonable and covenants tight. So in the former, maybe you're a little bit more assertive about getting that equity co-invest. And in the latter, maybe you graciously decline the co-invest, you don't even ask for the co-invest.

這就是一種逐筆交易的信用承銷。當然，我們了解到，高品質的公司通常會照顧好自己。整個世界都向那些品質不那麼高的公司提供信用，你可以在其中做得很好。你只需要非常非常舒服，需要考慮你的不利情況，需要保持合理的槓桿和嚴格的契約。因此，在前者中，也許您對於獲得股權共同投資更加自信一些。而在後者中，或許你會慷慨地拒絕共同投資，甚至不要求共同投資。

So again, you're talking about from a portfolio construction, is there a percentage or whatever. We've tended to have the vast majority of the portfolio in super high-quality companies. And that's generally how we underwrite and where we play.

再說一次，你談論的是投資組合的構建，是否有百分比或其他什麼。我們傾向於將絕大多數投資組合集中在超高品質的公司。這通常就是我們承保和參與的方式。

Okay. Second question, I wanted to go to the dividend policy. Obviously, you mentioned having 7 straight dividend increases. I know there's been a lot of onetime income in this quarter and also the previous quarter. But when we look at sort of a run rate core NII and with base rate sort of we think peaking or looking to peak in the second half of this year. Should we start to think about the dividend policy maybe starting to stabilize a bit just to ride out any change in that base rate environment going forward?

好的。第二個問題，我想談股利政策。顯然，您提到連續 7 次增加股息。我知道本季和上一季都有很多一次性收入。但當我們考慮核心 NII 的運行率和基本率時，我們認為會在今年下半年達到高峰或預期會達到高峰。我們是否應該開始考慮股利政策可能開始穩定一點，以應對未來基本利率環境的任何變化？

It's a great question. And every quarter, it's a healthy discussion with our Board of Directors. And yes, it's hard for me to pound the table and say there's going to be another 7 increases in the dividend. I can't do that. I shouldn't do that and who really knows. It will take its cue from the quality of the portfolio. We'll take it's cue from base rates. It will take its cue from the earnings generated from the JV.

這是一個很好的問題。每個季度，我們都會與董事會進行健康的討論。是的，我很難拍桌子說股利會再增加 7 倍。我不能那樣做。我不應該這樣做，誰知道呢。它將從投資組合的品質中得到啟示。我們將從基本費率中獲取線索。它將從合資企業產生的收益中得到啟發。

We are tweaking the frequency to monthly starting in October really because we believe there's no hard numbers on it, but we're seeing -- we've seen in our other BDC PFLT. We believe there's a portion of the investment community that does value the monthly. So if it's a way to welcome other investors into our company, we're certainly would like to do that. We do have substantial spillover, so, we're going to take it quarter-by-quarter.

我們從 10 月開始將頻率調整為每月一次，實際上是因為我們相信沒有確切的數字，但我們看到 - 我們已經在其他 BDC PFLT 中看到了。我們相信投資界有一部分確實重視月度投資。因此，如果這是歡迎其他投資者加入我們公司的一種方式，我們當然願意這樣做。我們確實有大量的溢出效應，因此，我們將逐季度進行分析。

We still believe there's more upside in NII through continued growth of the JV with continued rotation of the equity. We didn't spend much time today talking about equity rotation, but there's still something like 17% of the portfolio in preferred and common equity that hopefully will be rotated at some point. So we feel comfortable at 21. We feel like we've got substantial runway above and beyond that. But it's hard for me really to comment really firmly at this point. Hopefully, you can appreciate that.

我們仍然相信，透過合資企業的持續成長和股權的持續輪換，NII 會有更大的上升空間。今天我們沒有花太多時間討論股權輪換，但投資組合中仍有約 17% 的優先股和普通股預計在某個時候進行輪換。因此，我們對 21 歲感到滿意。我們覺得我們在這個基礎上還有很大的發展空間。但我現在很難真正堅定地發表評論。希望您能欣賞這一點。

And that does conclude the Q&A portion of our call today. I'd like to turn the conference back over to our host for any additional or closing comments.

我們今天電話會議的問答部分就到此結束。我想將會議轉回給我們的東道主以徵求任何補充意見或結束意見。

Thanks, everybody. On behalf of Rick Allorto and myself want to thank you all for participating today, we are -- our next quarter is the 10-K. So we're -- we'll be out with earning's a little bit later than normal, kind of mid-November. So I look forward to talking to you all then and wishing everybody a healthy and happy rest of the summer. Thank you.

謝謝大家。我謹代表 Rick Allorto 和我自己感謝大家今天的參與，我們的下一個季度是 10-K。所以，我們的獲利報告會比正常情況晚一點，大約在 11 月中旬。因此，我期待與大家交談，並祝福大家有個健康快樂的暑假。謝謝。

That does conclude today's teleconference. We thank you all for your participation. You may now disconnect.

今天的電話會議到此結束。我們感謝大家的參與。您現在可以斷開連線。