Ares Capital Corporation (NASDAQ:ARCC) Q2 2020 Earnings Conference Call - Final Transcript
Aug 04, 2020 • 11:00 am ET
Good morning. Welcome to Ares Capital Corporation's June 30, 2020 Earnings Conference Call. [Operator Instructions] As a reminder this conference is being recorded on Tuesday, August 4, 2020.
I will now turn the call over to Mr. John Stilmar, Managing Director of Investor Relations.
Thank you very much. Let me start with some important reminders. Comments made during the course of this conference call and webcast as well as the accompanying documents contain forward-looking statements and are subject to risks and uncertainties, including the impact of COVID-19, the related changes in base rates and significant market volatility on our businesses and our portfolio companies. 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 its 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 financial measures as defined by 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 is one method the Company uses to measure its financial condition and results of operations.
A reconciliation of Core EPS to the 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 warranty in respect to this information.
The Company's second quarter ended June 30, 2020, earnings presentation can be found on the Company's website at www.arescapitalcorp.com by clicking on the Q2 '20 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 Kip DeVeer, Ares Capital Corporation's Chief Executive Officer.
Thanks, John. Hello to everyone, and thank you for joining us. I'm joined on the line by our Co-Presidents, Michael Smith and Mitch Goldstein; our Chief Financial Officer, Penni Roll; and several other members of the management team.
I will start by highlighting our second quarter results and then provide some thoughts on the Company's position. This morning, we reported second quarter core earnings of $0.39 per share, which we believe is another strong result in light of the difficult economic conditions during this public health crisis. Our GAAP EPS of $0.65 rebounded this quarter