Ares Capital Corporation (NASDAQ:ARCC) Q1 2019 Earnings Conference Call Transcript

Apr 30, 2019 • 12:00 pm ET


Ares Capital Corporation (NASDAQ:ARCC) Q1 2019 Earnings Conference Call Transcript


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Good morning. Welcome to Ares Capital Corporation's First Quarter Ended March 31, 2019 Earnings Conference Call. At this time, all participants are in listen-only mode. As a reminder, this conference is being recorded on Tuesday, April 30, 2019.

I will now turn the conference over to Mr. John Stilmar of Investor Relations.

John Stilmar

Thank you, Jake and good afternoon, everybody. Let me start with some important reminders. Comments made during the course of this conference call and webcast, and the accompanying documents contain forward-looking statements and are subject to risks and uncertainties. Many of these forward-looking statements can be identified by the use of words such as anticipates, believes, expects, intends, will, should, may and similar such expressions. The Company's actual results could differ materially from those expressed in such forward-looking statements for any reason, including those listed in it's SEC filings. Ares Capital Corporation assumes no obligation to update any such forward-looking statements. Please also note that past performance or market information is not a guarantee of future results.

During this conference call, the Company may discuss certain non-GAAP measures as defined by the SEC Regulation G, such as core earnings per share or core EPS. The Company believes that core EPS provides useful information to investors regarding financial performance because; it's one method the Company uses to measure it's financial condition and results of operation. A reconciliation of core EPS to net per share increase or decrease in stockholders' equity resulting from operations, the most directly comparable GAAP financial measure can be found in the accompanying slide presentation for this call. In addition, reconciliation of these measures may also be found in our earnings release filed this morning with the SEC on Form 8-K.

Certain information discussed in this presentation, including information relating to portfolio companies was derived from third-party sources and has not been independently verified, and accordingly the Company makes no representation or warranties in respect of this information. The Company's first quarter ended March 31, 2019 earnings presentation can be found on the Company's website at by clicking on the Q1 '19 earnings presentation link on the homepage of the Investor Resources section of the website. Ares Capital Corporation's earnings release and 10-Q are also available on the Company's website.

I will now turn the call over to Kipp DeVeer, Ares Capital Corporation's Chief Executive Officer.

Kipp DeVeer

Thanks, John. Hello to everyone and thanks for joining us. I am here with several members of the management team, including our Co-President, Michael Smith; our Chief Financial Officer, Penny Roll; and other folks in the Finance, Investment and Investor Relations teams. Penny and Michael will walk through our first quarter financial results, our investment activity, and our portfolio statistics in detail later in the call. Let me start by discussing our first quarter results, and I can put them in context with recent market conditions. I will also briefly update you on our recent balance sheet initiatives before turning the call over to Penny and Michael.

This morning we