Hercules Capital, Inc. (NYSE:HTGC) Q3 2019 Earnings Conference Call - Final Transcript

Oct 30, 2019 • 05:00 pm ET


Hercules Capital, Inc. (NYSE:HTGC) Q3 2019 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by and welcome to the Hercules Capital, the Q3 of 2019 Earnings Conference Call. At this time all participants are in a listen-only mode. [Operator Instructions]

I would now like to hand the conference over to your speaker today, Mr. Michael Hara, Managing Director of Investor Relations. Thank you, please go ahead, sir.

Michael Hara

Thank you, Paul. Good afternoon, everyone and welcome to Hercules conference call for the third quarter of 2019. With us on the call today from Hercules are Scott Bluestein, Chief Executive Officer and Chief Investment Officer; and Seth Meyer, our Chief Financial Officer. Hercules third quarter 2019 financial results were released just after today's market closed and can be accessed from the Hercules Investor Relations section at www.htgc.com. We've arranged for a replay of the call at Hercules webpage or by using the telephone number and passcode provided in today's earnings release.

During this call we may make forward-looking statements based on current expectations. Actual financial results filed with the Securities and Exchange Commission may differ from those contained herein, due to timing delays between the date of this release and in the confirmation of the final audit results. In addition, the statements contained in this release that are not purely historical are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to uncertainties and other factors that could cause actual results to differ materially from those expressed in the forward-looking statements, including and without limitation the risk and uncertainties, including the uncertainties surrounding the current market turbulence and other factors we may have identified from time-to-time in our filings with the SEC.

Although we believe that the assumptions on which these forward-looking statements are reasonable, any of those assumptions can prove to be inaccurate and as a result, the forward-looking statements based on those assumptions also can be incorrect. You should not place undue reliance upon these forward-looking statements. The forward-looking statements contained in this release are made as of the date hereof and Hercules assumes no obligation to update the forward-looking statements or subsequent events. To obtain copies of related SEC filings, again you can visit our website.

With that, I will turn the call over to Scott.

Scott Bluestein

Thank you, Michael and good afternoon everyone and thank you all for joining us today. Q3 was another strong quarter for Hercules Capital, where we delivered record Q3 total fundings of $177 million, while continuing to deliver strong and consistent credit performance and operating results. Even though Q3 is typically our slowest originations quarter, our team was once again able to deliver a record quarter, which highlights the scale and depth of our investment platform.

Our overall performance in Q3 has put us in a strong position to deliver yet another record year in 2019 and more importantly, we believe positions us well at this particular juncture of the credit and economic cycle. Our year-to-date performance was highlighted by multiple interim records, including new commitments, total