Fidus Investment Corporation (NASDAQ:FDUS) Q3 2019 Earnings Conference Call - Final Transcript

Nov 01, 2019 • 09:00 am ET


Fidus Investment Corporation (NASDAQ:FDUS) Q3 2019 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by, and welcome to the Fidus Third Quarter 2019 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session.

[Operator Instructions]

I would now like to hand the conference over to your speaker today, Jody Burfening. Please go ahead ma'am.

Jody Burfening

Thank you, Josh. And good morning everyone, and thank you for joining us for Fidus Investment Corporation's Third Quarter 2019 Earnings Conference Call.

With me this morning are Ed Ross, Fidus Investment Corporation's Chairman and Chief Executive Officer, and Shelby Sherard, Chief Financial Officer.

Fidus Investment Corporation issued a press release yesterday afternoon with details of the company's quarterly financial results. A copy of the press release is available on the Investor Relations page of the company's website at

I'd like to remind everyone today that this call is being recorded. A replay of today's call can be available by using the telephone numbers and conference ID provided in the earnings press release. In addition, an archived webcast replay will be available on the Investor Relations page of the company's website following the conclusion of this conference call.

And also like to call your attention to the customary safe harbor disclosure regarding forward-looking information included on today's call. The conference call today will contain forward-looking statements, including statements regarding the goals, strategies, beliefs, future potential, operating results and cash flows of Fidus Investment Corporation. Although management believes these statements are reasonable, based on estimates, assumptions and projections as of today November 1, 2019, these statements are not guarantees of future performance. Time-sensitive information may no longer be accurate at the time of any telephonic or webcast replay. Actual results may differ materially as a result of risks, uncertainties and other factors, including but not limited to, the factors set forth in the company's filings with the Securities and Exchange Commission.

Fidus undertakes no obligation to update or revise any of these forward-looking statements. With that, I'd like to now turn the call over to Ed. Good morning, Ed.

Edward H. Ross

Good morning, Jody, and good morning everyone. Welcome to our third quarter 2019 earnings conference call. I'll open today's call with a high level commentary on our quarterly results and then I'll cover our investment portfolio performance and conclude with comments regarding our view of the market and activity levels as we move into the final quarter of 2019. Shelby will go into more detail about the third quarter financial results and our liquidity position. Once we have completed our prepared remarks, we'll be happy to take your questions.

From my perspective during the third quarter, we executed well on our strategy of building a well-diversified portfolio of debt and equity investments in lower-middle market businesses that we believe will perform well over the long term, generate high levels of current and recurring investment income, and offer us the opportunity to boost returns through the monetization of equity investments.

In addition, we