Q4 2025 Investcorp Credit Management BDC Inc Earnings Call
Speaker #1: The 2025 earnings call. It is now my pleasure to turn the floor over to Andrew Muns. Chief Financial Officer.
Speaker #4: Hello. Good morning. This is the operator. May I have your name, please? Caller, can you hear me? If you can hear me, I'm afraid we can't hear you in return, so I'll go ahead and put you on the call, and we'll try again in a few moments.
Speaker #6: Thanks, Suhail. Let me begin by providing you with highlights of our quarterly performance. For the quarter ended December 31, 2025, the fair value of our portfolio was $172.7 million, compared to $196.1 million on September 30.
Speaker #2: Thank you, operator. Welcome, everyone, to Investcorp Credit Management BDC's earnings call for the quarter-ended December 31st, 2025. I'm joined today by Suhail Shaikh, President and Chief Executive Officer of the company.
Speaker #4: But if you don't respond the third time, we will have to remove you from the call, which we don't want to do. So, hopefully, maybe you're just on mute or you stepped away or something.
Speaker #2: I would like to remind everyone that today's call is being recorded and that this call is the property of Investcorp Credit Management BDC. Any unauthorized broadcast of this call and any form is strictly prohibited.
Speaker #6: Our net assets were $61.3 million, a decrease of $11.4 million from the prior quarter. This quarterly change in net assets consisted of a $9.4 million decrease from operations and a $2 million decrease related to our dividend, which was paid in excess of NII for the quarter.
Speaker #4: I'll try again in a few minutes.
Speaker #2: You will now be placed into the conference. You are muted on this call. This call is being recorded.
Speaker #2: And audio replay of the call will be available on the investor relations page of our website at icmbdc.com. I would also like to call your attention to the Safe Harbor disclosure in our press release regarding forward-looking information and remind everyone that today's call may include forward-looking statements and projections.
Speaker #5: Welcome to Investcorp Credit Management BDC's earnings call for the quarter ended December 31, 2025. I'm joined today by Suhail Shaikh, President and Chief Executive Officer of the company.
Speaker #6: The weighted average yield of our debt portfolio was 10.6%, a small decrease of 31 basis points from the September quarter. As of December 31, our portfolio consisted of 37 borrowers. Approximately 81% of these investments were in first-lien debt, and the remaining 19% was invested in equity warrants and other positions.
Speaker #5: I would like to remind everyone that today's call is being recorded and that this call is the property of Investcorp Credit Management BDC. Any unauthorized broadcast of this call, in any form, is strictly prohibited.
Speaker #2: Actual results may differ materially from these projections. We will not update forward-looking statements unless required by law, obtain copies of our latest SEC filings.
Speaker #5: An audio replay of the call will be available on the investor relations page of our website at icmbdc.com. I would also like to call your attention to the Safe Harbor disclosure in our press release regarding forward-looking information and remind everyone that today's call may include forward-looking statements and projections.
Speaker #2: Please visit the company's registration statement on the SEC's Edgar platform or our investor relations page on our website. The format for today's call is as follows: Suhail will provide an overall business and portfolio summary, and then I will provide an overview of our results, summarizing the financials.
Speaker #6: Ninety-eight percent of our debt portfolio was invested in floating rate instruments, and 2% in fixed rate instruments. The weighted average spread on our floating rate debt investments was 4.5%, which is relatively unchanged from the prior quarter.
Speaker #6: The average investment size per portfolio company on a market value basis was approximately $4.7 million, or 2.7%, and our largest portfolio company investment on a fair market value basis—Bioplan—was $11.4 million.
Speaker #2: This will be followed by Q&A. Please note that today's discussion will focus on our financial results, as stated in our press release. We do not intend to comment further regarding the review unless or until it determines that further disclosure is appropriate or necessary.
Speaker #5: Actual results may differ materially from these projections. We will not update forward-looking statements unless required by law.
Speaker #4: Hello again. It's the operator. I hate to pull you from the call again, but I just wanted to make sure maybe you were unmuted now that the call started, and that I could get your name and your company, please.
Speaker #2: As such, we will not be taking questions on the strategic review process during today's call. Management will be pleased to address questions related to our quarterly financial statements and business operations.
Speaker #6: Our largest industry concentrations by fair market value were professional services at 14.5%, IT services at 9.2%, insurance at 8.9%, diversified consumer services at 8.6%, and commercial services and supplies at 7.9%.
Speaker #4: Caller, I'm afraid after the third time, I do have to remove you from the call. We just need to have everyone labeled as requested by the host.
Speaker #4: But if this is an error, or if you can hear me, I'm just afraid I can't hear you in return. So, just call back in, and we'll try again.
Speaker #2: At this time, I would like to turn the call over to Suhail.
Speaker #4: Thank you so much.
Speaker #3: Good morning, everyone, and thank you, Andrew. And thank you, everyone, for joining our December 31st, 2025 quarter-ended earnings call. As a reminder, ICMB provides flexible capital solutions to middle-market companies primarily through firstly and senior secured debt.
Speaker #6: Overall, our portfolio companies are spread among 18 GICS industries as of quarter end, including our equity and warrant positions. Gross leverage at the end of the quarter was 2.02 times, and net leverage was 1.78 times, compared to 1.75 times gross and 1.59 times net, respectively, for the previous quarter.
Speaker #2: Line dropped. Thank you for calling.
Speaker #3: Our discipline, underwriting approach focuses on downside protection while generating income for shareholders. We will begin with an update on the business, a review of our fourth-quarter results, and portfolio activity, and then Andrew will walk you through our financials in greater detail.
Speaker #6: We paid down approximately $14 million of debt in February. On a simple pro forma basis, had this paydown occurred on December 31, our net leverage would have been closer to 1.8 times, while our reported year-end net leverage remains 1.78 times.
Speaker #3: Before we dive into the details, here are the key takeaways from the quarter. We formed a special committee of independent directors to review strategic alternatives and maximize value for shareholders.
Speaker #6: This paydown improved our asset coverage ratio from 150% to 155%. With respect to liquidity, as of December 31st, we had approximately $15 million in cash, of which approximately $10.4 million was restricted cash.
Speaker #3: We successfully refinanced the $65 million notes due April 1st with new unsecured notes maturing in 2029. NAV per share declined to $4.25, primarily driven by a fair value adjustment and dividend payout in excess of net investment income.
Speaker #6: In addition, we had $41.1 million of unused commitment under a revolving credit facility with Capital One, of which approximately $8.7 million was available under a borrowing base.
Speaker #3: Non-accruals increased to 6.9% of the portfolio at fair value, with easy way added to non-accrual. We remain focused on liquidity, capital preservation, and discipline underwriting in a still uncertain market environment.
Speaker #6: Additional information regarding the composition of our portfolio and quarterly financial results are included in our Form 10-K. And with that, I would like to turn the call back over to Suhail.
Speaker #3: As announced in our earnings press release, the board of the company has formed a special committee of independent directors to review strategic alternatives to maximize value for shareholders and, in parallel, has decided to not declare a quarterly dividend for the current quarter.
Speaker #3: In addition, on March 30th, we successfully refinanced the $65 million 4 and 7/8 notes due April 1st with new $65 million unsecured notes provided by our advisors affiliate.
Speaker #3: The unsecured notes bear a floating rate coupon of SOFR plus 550 basis points and are due on July 1st, 2029. The market environment, macroeconomic, and geopolitical uncertainty continues to shape the operating backdrop.
Speaker #3: Credit markets have remained open, but deal activity in our segment of the market has stayed below historical norms, as sponsor-driven transaction volumes have yet to recover in a meaningful way.
Speaker #3: Our focus on discipline underwriting and active portfolio management has not changed. And we remain in active dialogue with management teams and sponsors of our portfolio companies.
Speaker #3: Turning to our fourth-quarter results, ICMB reported net investment income before taxes of 0.3 million dollars or 2 cents per share, before taxes. A decrease of 2 cents per share from the previous quarter.
Speaker #3: The sequential decline in NII was primarily driven by a reduction in income-producing assets including the placement of easy ways term loan or non-accrual and an increase in professional fees and other expenses that is typically experienced in the December quarter.
Speaker #3: Non-accruals increased to 6.9% of the portfolio at fair value compared to 4.4% last quarter, driven by the addition of easy way as mentioned above.
Speaker #3: Easy way is a manufacturer of customizable outdoor furniture products sold through retail channels. Net assets declined approximately 16% sequentially from the prior quarter. With net asset value per share decreasing to $4.25 from $5.04 the previous quarter.
Speaker #3: This was largely the result of fair value adjustments in the payment of a dividend in excess of NII. These fair value adjustments primarily reflect changes in market valuation levels and updated exit timing assumptions in the current environment, rather than broad-based degradation across the rest of the portfolio.
Speaker #3: The portfolio remains a diversified across 18 industries with no single investment representing more than approximately 3% of fair value. I would also like to note that our software exposure represented less than 3% of fair value at quarter-end.
Speaker #3: Our focus during the quarter was on liquidity management. Hence, our new investment activity remained muted. During the quarter, when in December, we invested $1.5 million in the firstly in term loan of Axiom Global and existing portfolio company to fund a dividend to existing shareholders.
Speaker #3: Axiom is the leading provider of flexible expert legal talent for enterprise customers. We have been invested in Axiom across our platform since February 2021.
Speaker #3: Our yield at cost is approximately 8.8%. In the same period, we fully realized three portfolio company investments, totaling $8.2 million in proceeds with an IRR of approximately 10.6%.
Operator: You will now be placed into the conference. You are muted on this call. This call is being recorded.
Suhail Shaikh: During the quarter ending December, we invested $1.5 million in the first lien term loan of Axiom Global, an existing portfolio company, to fund a dividend to existing shareholders. Axiom Global is the leading provider of flexible expert legal talent for enterprise customers. We have been invested in Axiom Global across our platform since February 2021. Our yield at cost is approximately 8.8%. In the same period, we fully realized 3 portfolio company investments totaling $8.2 million in proceeds with an IRR of approximately 10.6%. This included the full realization of 2 term loan investments in existing portfolio companies, CareerBuilder and Label (L-A-B-E-L), as well as our preferred equity investment in Advanced Solutions International, which was recapitalized during the quarter. I'll now turn the call over to Andrew to review our financial results in more detail.
Speaker #3: This included the full realization of two term loan investments in existing portfolio companies, CareerBuilder and Label, as well as our preferred equity investment in Advanced Solutions International, which was recapitalized during the quarter.
Speaker #3: I'll now turn the call over to Andrew to review our financial results in more detail.
Speaker #2: Thanks, Suhail. Let me begin by providing you with highlights of our quarterly performance. For the quarter ended December 31st, 2025, the fair value of our portfolio was $172.7 million compared to $196.1 million on September 30th.
Speaker #2: Our net assets were $61.3 million, a decrease of 11.4 million from the prior quarter. This quarterly change in net assets consisted of a 9.4 million decrease from operations and a $2 million decrease related to our dividend, which was paid in excess of NII for the quarter.
Andrew Muns: Thanks, Suhail. Let me begin by providing you with highlights of our quarterly performance. For the quarter ended 31 December 2025, the fair value of our portfolio was $172.7 million compared to $196.1 million on 30 September 2025. Our net assets were $61.3 million, a decrease of $11.4 million from the prior quarter. This quarterly change in net assets consisted of a $9.4 million decrease from operations and a $2 million decrease related to our dividend, which was paid in excess of NII for the quarter. The weighted average yield of our debt portfolio was 10.6%, a small decrease of 31 basis points from the September quarter. As of 31 December 2025, our portfolio consisted of 37 borrowers.
Speaker #2: The weighted average yield of our debt portfolio was 10.6%, a small decrease of 31 basis points from the September quarter. As of December 31st, our portfolio consisted of 37 borrowers, approximately 81% of these investments were in firstly in debt, and the remaining 19% was invested in equity warrants and other positions.
Speaker #2: 98% of our debt portfolio was invested in floating rate instruments and 2% in fixed rate instruments. The weighted average spread on our floating rate debt investments was 4.5%, which is relatively unchanged from the prior quarter.
Speaker #2: The average investment size per portfolio company on a market value basis was approximately 4.7 million, or 2.7%, and our largest portfolio company investment on a fair market value basis Bioplan had 11.4 million.
Andrew Muns: Approximately 81% of these investments were in first lien debt, and the remaining 19% was invested in equity, warrants, and other positions. 98% of our debt portfolio was invested in floating rate instruments and 2% in fixed rate instruments. The weighted average spread on our floating rate debt investments was 4.5%, which is relatively unchanged from the prior quarter. The average investment size per portfolio company on a market value basis was approximately $4.7 million, or 2.7%. Our largest portfolio company investment on a fair market value basis, BioPlan, is $11.4 million.
Speaker #2: Our largest industry concentrations by fair market value were professional services at 14.5%, IT services at 9.2%, insurance at 8.9%, diversified consumer services at 8.6%, and commercial services and supplies at 7.9%.
Speaker #2: Overall, our portfolio companies are spread among 18 gigs industries as of quarter-end, including our equity and warrant positions. Gross leverage at the end of the quarter was 2.02 times and net leverage was 1.78 times compared to 1.75 times gross and 1.59 times net, respectively, for the previous quarter.
Andrew Muns: Our largest industry concentrations by fair market value were professional services at 14.5%, IT services at 9.2%, insurance at 8.9%, diversified consumer services at 8.6%, and commercial services and supplies at 7.9%. Overall, our portfolio companies are spread among 18 GICS industries as of quarter end, including our equity and warrant positions. Gross leverage at the end of the quarter was 2.02x, and net leverage was 1.78x, compared to 1.75x gross and 1.59x net, respectively, for the previous quarter. We paid down approximately $14 million of debt in February.
Speaker #2: We paid down approximately $14 million of debt in February. On a simple pro forma basis, had this paydown occurred on December 31st, our net leverage would have been closer to 1.8 times, while our reported year-end net leverage remains 1.78 times.
Speaker #2: This paydown improved our asset coverage ratio from 150% to 155%. With respect to liquidity as of December 31st, we had approximately $15 million in cash, of which approximately $10.4 million was restricted cash.
Speaker #2: In addition, we had $41.1 million of unused commitment under a revolving credit facility with Capital One, of which approximately $8.7 million was available under a borrowing base.
Andrew Muns: On a simple pro forma basis, had this paydown occurred on December 31, our net leverage would have been closer to 1.8 times while our reported year-end net leverage remains 1.78 times. This paydown improved our asset coverage ratio from 150% to 155%. With respect to liquidity, as of December 31, we had approximately $15 million in cash, of which approximately $10.4 million was restricted cash. In addition, we had $41.1 million of unused commitment under a revolving credit facility with Capital One, of which approximately $8.7 million was available under a borrowing base. Additional information regarding the composition of our portfolio and quarterly financial results are included in our Form 10-K. With that, I would like to turn the call back over to Suhail.
Speaker #2: Additional information regarding the composition of our portfolio and quarterly financial results are included in our Form 10-K. And with that, I would like to turn the call back over to Suhail.
Speaker #1: Thank you, Andrew. As we reflect on the quarter, we're operating in an environment with elevated uncertainty, both across both the macro backdrop and broader market sentiment.
Speaker #1: Our priorities are clear. Preserving capital and maintaining discipline underwriting and actively managing our non-accrual positions. To summarize, we have formed a special committee to pursue strategic alternatives focused on maximizing shareholder value.
Speaker #1: We refinanced our April notes and extended our maturity profile and our portfolio remains predominantly firstly in with broad industry diversification. While we expect market conditions to remain challenging in the near term, we believe our focus on liquidity and risk management positions, ICMB, to navigate this period and pursue opportunities as they arise.
Suhail Shaikh: Thank you, Andrew. As we reflect on the quarter, we are operating in an environment with elevated uncertainty across both the macro backdrop and broader market sentiment. Our priorities are clear. Preserving capital, maintaining disciplined underwriting, and actively managing our non-accrual positions. To summarize, we have formed a special committee to pursue strategic alternatives focused on maximizing shareholder value. We refinanced our April notes and extended our maturity profile, and our portfolio remains predominantly first lien with broad industry diversification. While we expect market conditions to remain challenging in the near term, we believe our focus on liquidity and risk management positions ICMB to navigate this period and pursue opportunities as they arise. We appreciate your continued support and look forward to updating you on our progress next quarter. That concludes our prepared remarks. We will now open it up for questions regarding our quarterly financial performance and business operations.
Thank you, Andrew. As we reflect on the quarter, we are operating in an environment with elevated uncertainty, both across the micro backdrop and broader market sentiment.
Our priorities are clear.
Speaker #1: We appreciate your continued support and look forward to updating you on our progress. Next quarter. That concludes our prepared remarks. We will now open it up for questions regarding our quarterly financial performance and business operations.
Preserving capital, maintaining discipline on the writing, and actively managing honorable positions.
To summarize, we have formed a special committee to pursue strategic alternatives focused on maximizing shareholder value. We refinanced our April notes and extended our maturity profile.
Speaker #1: As noted, earlier, we will not be commenting further on the strategic review. Operator, please open the line up for Q&A.
And our portfolio remains predominantly first lien, and with broad industry diversification.
Speaker #3: Ladies and gentlemen, at this time, we will conduct the question-and-answer session. If you would like to state a question, please press seven pounds on your phone now, and you'll be placed in the queue in the order received.
While we expect market conditions to remain challenging in the near term, we believe our focus on liquidity and risk management positions ICMB to navigate this period and pursue opportunities as they arise.
Speaker #3: Or press seven pounds at any time to remove yourself from the queue. Please listen for your name to be announced and be prepared to ask your question when prompted.
We appreciate your continued support and look forward to updating you on our progress next quarter.
Suhail Shaikh: As noted earlier, we will not be commenting further on the strategic review. Operator, please open the line up for Q&A.
That concludes our prepared remarks. We will now open it up for questions regarding our quarterly, financial performance, and business operations.
Speaker #3: We are now ready to begin.
As noted earlier, we will not be commenting further on this strategic review.
Speaker #4: Again, if you have any questions, please press seven pounds. Our first question comes from Justin Scott. Lonerguer Research.
Operator: Please open the line up for Q&A.
Operator: Ladies and gentlemen, at this time, we will conduct the question and answer session. If you would like to state a question, please press seven pound on your phone now, and you'll be placed in the queue in the order received. Or press seven pound at any time to remove yourself from the queue. Please listen for your name to be announced and be prepared to ask your question when prompted. We are now ready to begin. Again, if you have any questions, please press seven pound. Our first question comes from Justin Scott, Ladenburg Thalmann.
Ladies and gentlemen, at this time, we will conduct the question-and-answer session. If you would like to state a question, please,
Speaker #5: Hello. First of all, I'd like to applaud the forming of the special committee. I know you can't take any questions on it, but I think we can all see that, unfortunately, it's an economic necessity for the fund.
Please press 7 pound on your phone now, and you'll be placed in the queue in the order received, or press 7 pound at any time to remove yourself from the queue.
Please listen for your name to be announced and be prepared to ask your question when prompted.
Speaker #5: Just back of the envelope, fees and expenses of running this fund have now 48 cents a share. The additional interest on the shift from the previous loan notes costing the fund 4.9% to the current ones 9.1% add another 19 cents per share.
We are now ready to begin.
Again, if you have any questions, please press 7 pound. Our first question comes from Justin. Scott, loner guy research.
Justin Scott: Hello. First of all, you know, like to applaud the forming of the special committee. I know you can't take any questions on it, but I think we can all see that unfortunately, it's an economic necessity for the fund, just back of the envelope, fees and expenses of running this fund have now $0.48 a share. The additional interest on the shift from the previous loan notes, costing the fund 4.9% to the current one's 9.1% at another $0.19 per share. $0.67 per share of fees, expenses, and additional interest, which is 15.8% of the net assets or 42% of the share price.
Speaker #5: So 67 cents per share of fees and expenses and additional interest which is 15.8% of the net assets or 42% of the share price obviously no matter how hard your team tries, those are unattainable investment skills to generate a return for the fund.
Uh, hello. Uh, first of all, uh, you know, I'd like to applaud the forming of the special committee. I know you can't take any questions on it, but, um, uh,
I think we can all see that. Unfortunately, it's an economic necessity for the fund—just back of the envelope. Um,
Speaker #5: So fully understand why you had to do it. Obviously, most investors are in here for income, but applaud the decision, and I know you can't comment about the options you're looking into.
Speaker #5: One thing I'd like to ask is whether anything is being done to trying to put this tactfully closer align the interests of the manager with the shareholders.
Justin Scott: Obviously, no matter how hard your team tries, those are unattainable investment skills to generate a return for the fund. Fully understand why you had to do it. Obviously, most investors are in here for income, but applaud the decision. I know you can't comment about the options you're looking into. One thing I'd like to ask is whether anything is being done to try and put this tactfully, closer align the interests of the manager with the shareholders, given that the fees that the manager takes and now with the new loan, the interest that the affiliate of the manager is earning is a very substantial part of the assets of the fund. Whether during the interim period, as you're doing the review, whether the manager will consider reducing their fees somewhat.
Fees and expenses of running this fund have now reached $0.48 a share. The additional interest on the shift from the, uh, previous loan notes, uh, costing the fund 4.9% to the current ones—9.1%—add another $0.19 per share. So, $0.67 per share of, uh, fees and expenses and additional interest, uh, which is 15.8% of the net assets or 42% of the share price. Obviously, no matter how hard your team tries, those are unattainable.
Speaker #5: Given that the fees that the manager takes and now with the new loan, the interest that the affiliated manager is earning is a very substantial part of the assets of the fund, and whether during the interim period, as you're doing the review, whether the manager will consider reducing their fees somewhat.
Uh, investment skills to generate a return for the fund. So, uh,
Fully understand why you had to do it. Um, obviously most of the investors are in here for income, but applaud the decision and I know you can't comment about the options you're looking into.
One thing I'd like to ask is whether
Anything is being done to?
Speaker #6: Justin, thank you for your question. And thank you for your opening remarks as well. Look, I think as you can see from our financials, we have been waiting fees on an ongoing basis even when the fund was performing at a slightly better in a slightly better environment.
Speaker #6: So that tool always exists for us. And if we have to. But I think what I more importantly note is you should think about the manager's sort of alignment with the shareholders if an affiliate of the manager just provided $65 million of capital, to refinance the notes, affiliate of the manager also owns about 25% of the shares.
Suhail Shaikh: Justin, thank you for your question, and thank you for your opening remarks as well. Look, I think as you can see from our financials, we have been waiving fees on an ongoing basis, even when the fund was performing in a slightly better environment. That tool always exists for us and, you know, if we have to. I think what I'd more importantly note is you should think about the manager's sort of alignment with the shareholders. If an affiliate of the manager just provided $65 million of capital to refinance the note, an affiliate of the manager also owns about 25% of the shares.
Uh, Justin, thank you for your question, and thank you for, uh, your opening remarks as well.
Um, look, I think, uh, as you can see from our financials,
We have uh, been waiting.
Fees. Uh,
Speaker #6: So I think we are we consider ourselves fully aligned with shareholders. And we'll use whatever means necessary to keep that alignment going. Hopefully, that answers your question.
on an ongoing basis, even when the fund is performing,
Uh, slightly better in a slightly better environment, so that tool always exists for us.
Speaker #4: Thank you. It's just that you are earning a substantial amount of money during the period when the fund is open. And I just concerned about that affecting the motivation.
And, you know, if we have to. But I think what I more importantly note is you should—
Think about the managers', uh, sort of, uh, alignment with the shareholders.
An affiliate of the manager just provided $65 million of capital.
Speaker #4: Basically, the advisor is going to be earning about $10 million in interest and fees during this period. And I think time is not on your side.
To refinance the notes.
Suhail Shaikh: I think we consider ourselves fully aligned with shareholders, and we'll use whatever means necessary to keep that alignment going. Hopefully, that answers your question.
Speaker #4: I guess I'm saying don't dilly-dally, so to speak.
An affiliate of the manager also owns about 25% of the shares, so I think we consider ourselves fully aligned with shareholders.
And we'll use whatever means necessary.
Speaker #6: Understood.
Uh, to keep that alignment going. Hopefully, that answers your question.
Justin Scott: Thank you. It's just that, you know, you are earning a substantial amount of money during the period when the fund is open, and I just, you know, I'm concerned about that affecting the motivation. You know, basically, the advisor is gonna be earning about $10 million in interest and fees during this period, and I think time is not on your side. I guess I'm saying don't dilly-dally, so to speak.
Speaker #4: All right. Again, if you have any questions, please press seven pounds. I currently don't see anyone with questions. But again, if you have a if you do have one.
Thank you. It's just that.
You know, you are earning a substantial amount of money during the period.
When the fund is open, and I just, you know, am concerned about that.
Speaker #6: If no more questions, Luke? I think we can conclude the call and thank you again for everyone joining in. And we look forward to talking to you again next quarter.
Affecting the motivation. You know, your advisor is basically going to be earning about $10 million in interest and fees during this period. And I think time is not on your side. I guess I'm saying don't dilly dally, so to speak.
Suhail Shaikh: Understood.
Understood.
Operator: All right. Again, if you have any questions, please press seven pound. I currently don't see anyone with questions. Again, if you do have one.
all right, um,
Again, if you have any questions, please press 7 pound.
Speaker #6: And we'll see you then. Thank you, Luke.
I currently don't see anyone with questions.
But again, um, if you have a—if you do have one,
Suhail Shaikh: If no more questions, Luke, I think we can conclude the call. Thank you again for everyone joining in. We look forward to talking to you again next quarter, and we'll see you then. Thank you, Luke.
Then thank you again.
For everyone joining in.
And we look forward to talking to you again next quarter. And, uh,
Uh, we'll see you then.
Thank you, sir.
Suhail Shaikh: Thank you, everyone. This concludes today's conference call. Thank you for attending.
Thank you, everyone, and this concludes today's conference call. Thank you for attending.
