Horizon Technology Finance (HRZN) Q3 2021 Earnings Call Transcript

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Horizon Expertise Finance (NASDAQ:HRZN)
Q3 2021 Earnings Name
Oct 27, 2021, 9:00 a.m. ET


  • Ready Remarks
  • Questions and Solutions
  • Name Individuals
  • Ready Remarks:


    Greetings. Welcome to Horizon Expertise Finance Company third-quarter 2021 earnings name. [Operator instructions] Please word this convention is being recorded. I’ll now flip the convention over to Megan Bacon to start.


    Megan Bacon — Director of Investor Relations and Advertising

    Thanks, and welcome to the Horizon Expertise Finance Company third-quarter 2021 convention name. Representing the corporate at the moment are Rob Pomeroy, chairman and chief govt officer; Jerry Michaud, president; and Dan Trolio, chief monetary officer. I wish to level out that the Q3 earnings press launch and Type 10-Q can be found on the corporate’s web site at horizontechfinance.com. Earlier than we start our formal remarks, I must remind everybody that in this convention name, the corporate will make sure forward-looking statements, together with statements close to the long run efficiency of the corporate.

    Phrases resembling believes, expects, anticipates, intends, or related expressions are used to establish forward-looking statements. These forward-looking statements are topic to the inherent uncertainties in predicting future outcomes and situations. Sure elements may trigger precise outcomes to vary on a cloth foundation from these projected in these forward-looking statements. And a few of these elements are detailed within the threat issue dialogue within the firm’s filings with the Securities and Alternate Fee, together with the corporate’s Type 10-Okay for the yr ended December 31, 2020.

    The corporate undertakes no obligation to replace or revise any forward-looking statements whether or not on account of new data, future occasions, or in any other case. Presently, I wish to flip the decision over to Rob Pomeroy.

    Rob Pomeroy — Chairman and Chief Govt Officer

    Good morning. Thanks for becoming a member of us and to your continued curiosity in Horizon. In the present day, I’ll replace you on our efficiency and our present total working surroundings. Jerry will then focus on our enterprise improvement efforts, our portfolio occasions, and our markets.

    Dan will element our working efficiency and monetary situation. After which we are going to take some questions. Our third quarter was a testomony to the facility of the Horizon model and the lending platform of our advisor, Horizon Expertise Finance Administration, in addition to our persevering with efforts to develop our portfolio. We executed in all features of our operations, and we’re happy with the outcomes.

    Throughout the quarter, our portfolio grew to greater than $450 million, a 12% enhance from the top of the second quarter and up 28% from the top of 2020. These numbers are much more spectacular when you think about that the portfolio skilled $50 million in prepayments throughout the third quarter. We completed the third quarter with a dedicated backlog of $101 million, offering us with momentum to proceed our portfolio development. We generated web funding earnings of $0.40 per share, effectively in extra of our distribution stage for the quarter, because of the continued success of our predictive pricing technique.

    Primarily based on our outlook and our undistributed spillover earnings of $0.44 per share as of September 30, we declared month-to-month distributions by March of 2022, which marks 63 consecutive months at $0.10 per share. As well as, we declared a particular distribution of $0.05 per share payable in December. We achieved a portfolio yield on our debt investments of 16.2% at or close to the highest of the BDC business. We maintained a steady portfolio credit score profile with 97% of our portfolio rated three or greater.

    We’re constantly and actively managing our portfolio of investments to keep up its credit score high quality. We ended the quarter with NAV of $11.63 per share, a $0.43 per share enhance from June 30, ensuing from a mix of outearning our distributions, accretive share issuances, and will increase in honest worth of a few of our investments. Lastly, our stability sheet stays robust with ample capability to fund extra development in our portfolio and transfer nearer to our goal leverage of 1.2 to 1. We achieved a portfolio yield on our debt investments of 16.2% at or close to the highest of the BDC business.

    We maintained a steady portfolio credit score profile with 97% of our portfolio rated three or greater. We’re constantly and actively managing our portfolio of investments to keep up its credit score high quality. We ended the quarter with NAV of $11.63 per share, a $0.43 per share enhance from June 30, ensuing from a mix of outearning our distributions, accretive share issuances, and will increase in honest worth of a few of our investments. Lastly, our stability sheet stays robust with ample capability to fund extra development in our portfolio and transfer nearer to our goal leverage of 1.2 to 1.

    We achieved these wonderful outcomes because of our advisor’s unbelievable crew, centered predictive pricing technique, self-discipline in choosing high quality investments and expanded lending platform. For the quarter, the advisor’s platform funded a file $141 million in new enterprise in what is often a lighter quarter for originations. Our advisor is competing for and successful bigger, high-quality enterprise debt investments, whereas on the identical time, persevering with to diversify our portfolio and additional lowering focus threat. Given the momentum generated within the third quarter, we imagine we stay effectively positioned to proceed rising our portfolio of investments and to proceed producing robust web funding earnings.

    Our perception is supported by the next: our advisor continues to strengthen the Horizon platform with new hires; demand for enterprise debt inside our goal industries stays sturdy; our dedicated backlog and pipeline of investments continues to be robust; our advisors expanded lending platform; and the rising recognition of the Horizon model is enabling us to entry a significantly bigger variety of funding alternatives; and we proceed to keep up ample capability to execute on our backlog of commitments in addition to our advisor’s pipeline of recent alternatives. Whereas we have been excited and optimistic for Horizon’s future, we stay conscious of attainable headwinds from macroeconomic points, together with the provision chain, world inflation, labor points, and the pandemic. Through the years, our advisors’ skilled crew has efficiently managed portfolios by numerous financial cycles. I’m happy with our total crew’s efforts, which resulted on this wonderful quarter for us and our shareholders.

    I’ll now flip the decision over to Jerry and Dan to present you extra particulars and shade on our efficiency. Jerry?

    Jerry Michaud — President

    Thanks, Rob, and good morning to everybody. The third quarter is often the lightest quarter for us by way of originations, which makes our origination efficiency within the third quarter all of the extra spectacular. Our portfolio topped $450 million for the primary time ever on the finish of Q3. With the sturdy demand for enterprise debt, we funded a file 15 transactions totaling $99 million throughout the quarter.

    Our onboarding yield of 11.5% throughout the quarter mirrored our advisors predictive pricing technique and continued self-discipline in pricing transactions that we imagine will produce robust NII. We skilled 4 mortgage prepayments throughout the quarter, totaling $50 million. And the prepayment charges and accelerated earnings from the prepayments contributed to our debt portfolio yield for the quarter of 16.2%, once more, among the many high within the BDC business. As well as, we obtained proceeds of $1.5 million from the train or termination of warrants in addition to proceeds of $1.1 million from success charges associated to 2 debt investments, an extra testomony to our technique of structuring investments to generate extra yield.

    As of September 30, we held warrant and fairness positions in 74 portfolio corporations with a good worth of $21 million. Because the starting of 2020, the corporate has obtained roughly $13 million in proceeds from warrant and fairness investments. As we have constantly famous, structuring investments with warrants and fairness rights is a key side of our enterprise debt technique and an extra worth generator. Within the third quarter, we closed $91 million in new mortgage commitments and approvals and ended the quarter with a dedicated and accepted backlog of $101 million in comparison with $144 million on the finish of the second quarter.

    Our advisor additionally ended the quarter with an extra $48 million in newly awarded transactions. Whereas there isn’t any assure we are going to fund all the transactions within the dedicated or awarded backlogs, the overall helps a constructive funding outlook. As well as, our advisor ended the quarter with a pipeline of recent alternatives totaling $734 million. Subsequent to the top of Q3, we funded a $2.5 million enterprise debt mortgage and obtained $35 million in mortgage prepayments, together with the prepayment in stuffed with our debt funding in Topia, which was two rated on the finish of Q2.

    These early prepayments within the fourth quarter will clearly profit NII in This fall, however may even present a problem to our efforts to develop our portfolio throughout the quarter. Nonetheless, as of at the moment, our dedicated backlog has grown to $146 million and our advisor’s awarded backlog has elevated to $50 million. As well as, our advisor’s pipeline of recent alternatives at the moment is roughly $697 million, offering us with a strong base of alternatives to additional develop our enterprise debt portfolio over the approaching quarters. The numerous development in our portfolio has been achieved whereas sustaining its sturdy credit score high quality because the honest worth of 97% of the corporate’s debt portfolio consisted of three and 4 rated loans as of September 30, a rise from the prior quarter’s finish.

    As additional indication of the credit score high quality of our portfolio, certainly one of our portfolio corporations, CVRx went public throughout the third quarter, two of our portfolio corporations, Bardy Diagnostics and OutboundEngine’s, accomplished M&A transactions, and three of our portfolio corporations have entered into SPAC transactions. Throughout the quarter, one smaller funding migrated right down to the one rated bucket, whereas a bigger two rated credit score was upgraded to a 3 ranking. As at all times, we and our advisor are aggressively managing the remaining one and two rated credit so as to obtain the absolute best consequence. Turning now to the enterprise capital surroundings.

    It virtually, throughout the board, hit new full file highs in solely 9 months. In accordance with PitchBook, roughly $83 billion was invested in VC-backed corporations within the third quarter, a rise over final quarter’s complete. From the start of the yr by the third quarter, roughly $239 billion of enterprise capital has been invested, placing it on tempo to double final yr’s file of $166 billion. By way of VC fundraising, $22 billion was raised within the third quarter and $96 billion has been raised by September 30, already breaking final yr’s full-year file and just about assuring the VC fundraising will clear the $100 billion milestone earlier than the top of the yr.

    Bigger VC funds proceed to drive the majority of elevated fundraising. Relating to VC-backed exit exercise, the IPO and SPAC window stayed open within the third quarter with venture-backed IPOs and SPACs serving to to drive a complete extra worth within the quarter of over $187 billion. For the yr by September 30, exit worth has shadowed the $500 billion mark, though latest underperformance by some SPAC combos is elevating questions as as to if the SPACs are a viable long-term different to IPOs. There are a wealth of choices for venture-backed corporations to generate extra liquidity which supplies us with each a chance and competitors for know-how and life science investments.

    With our advisor robust and energetic lending platform, we imagine we’re effectively positioned to compete and win on this surroundings. Turning now to our lending markets. They proceed to supply many high quality funding alternatives to restock our dedicated backlog and our advisor’s pipeline. Throughout the quarter, we made $63 million in debt investments to eight new portfolio corporations consisting of three new life science investments, one new sustainability funding, and 4 new know-how investments offering additional diversification to our portfolio.

    We additionally funded $36 million to seven of our present portfolio corporations. Provide chain challenges, COVID dangers, and inflation considerations all have the potential to disrupt our markets and influence our portfolio corporations. Accordingly, we’re taking the potential influence of every of those points into consideration as we underwrite new investments, together with clear discussions with our potential portfolio corporations and their traders. That mentioned, demand for enterprise debt stays plentiful within the life science, know-how and sustainability markets.

    Our advisor stays disciplined in its advertising and marketing and underwriting. And we count on to onboard new high quality investments over time, which is able to proceed to develop our portfolio with ample capability. A deep pipeline and a predictive pricing technique, we stay effectively positioned coming into This fall to ship extra long-term shareholder worth. With that, I’ll now flip the decision over to Dan.

    Dan Trolio — Chief Monetary Officer

    Thanks, Jerry, and good morning, everybody. As Rob and Jerry talked about, we had one other wonderful efficiency in Q3, as we considerably grew our portfolio and generated robust NII whereas sustaining a robust total stability sheet. As of September 30, we had $88 million in obtainable liquidity, consisting of $43 million in money and $45 million in funds obtainable to be drawn below our present credit score amenities. As of September 30, there was $38 million excellent below our $125 million KeyBank credit score facility and $66 million excellent on our $100 million New York Life credit score facility, leaving us with ample capability to develop the portfolio.

    Moreover, by our ATM program, we efficiently and accretively offered 395,000 shares opportunistically elevating practically $7 million. Our debt-to-equity ratio stood at 1.1 to 1 as of September 30, which is decrease than our goal leverage of 1.2 to 1. Primarily based on our money place and our borrowing capability on our revolving credit score amenities, our potential new funding capability at September 30 was $165 million. As you go towards our goal leverage, we’d count on that our NII may even enhance.

    For the third quarter, the corporate earned complete funding earnings of $16.4 million, a rise of 33% in comparison with the prior-year interval. Curiosity earnings on investments elevated, primarily on account of greater common incomes debt funding portfolio for the quarter. And payment earnings additionally elevated because of greater prepayment and success charges obtained from two of our debt investments. Our debt funding portfolio on a web price foundation stood at $431 million as of September 30, an 11% enhance from June 30, 2021.

    For the third quarter of ’21, we achieved onboarding yields of 11.5% in comparison with 12.2% achieved within the second quarter. Our mortgage portfolio yield was 16.2% for the third quarter, up 110 foundation factors from 15.1% for final yr’s third quarter. Turning to our bills. For the third quarter, complete bills have been $8.3 million, in comparison with $6.5 million within the third quarter of 2020.

    Our performance-based incentive payment was $2 million, a rise from $1.5 million for final yr’s third quarter based mostly on greater NII generated within the third quarter of ’21. Our curiosity expense elevated to $3.1 million from $2.6 million in final yr’s third quarter because of a rise in common borrowings. Our base administration payment was $2 million, up from $1.6 million in final yr’s third quarter because of a rise within the common measurement of our portfolio. Internet funding earnings for the third quarter was $0.40 per share, in comparison with $0.31 per share within the second quarter of ’21 and $0.34 per share for the third quarter of 2020.

    The corporate’s undistributed spillover earnings as of September 30 was $0.44 per share. To summarize our portfolio actions for the third quarter, new originations totaled $99 million, which have been partially offset by $3 million in scheduled principal funds and $50 million in principal prepayments. We ended the quarter with a complete funding portfolio of $452 million. The portfolio consisted of debt investments in 43 corporations with an mixture honest worth of $430 million and a portfolio of warrant, fairness, and different investments in 76 corporations with an mixture honest worth of $21 million.

    Primarily based on our outlook for NII, our board declared month-to-month distributions of $0.10 per share for January, February, and March 2022. And based mostly upon our liquidity forecast and our spillover earnings ranges, our board additionally declared a particular distribution of $0.05 per share payable in December. We’ve now declared month-to-month distributions of $0.10 per share for 63 consecutive months. We stay dedicated to offering our shareholders with distributions which can be coated by our web funding earnings over time.

    Our NAV as of September 30 was $11.63 per share, in comparison with $11.20 as of June 30, 2021 and $11.17 as of September 30, 2020. The $0.43 enhance in NAV on a quarterly foundation was primarily because of sure portfolio corporations closing funding rounds at greater valuations, which drove greater valuation and warrants our web funding earnings exceeding paid distributions and accretion from the sale of our shares by our ATM program. As we have constantly famous, 99% of our excellent principal quantity of our debt investments bear curiosity at floating charges with coupons are structured to extend as rates of interest rise with rate of interest flooring. As of September 30, 100% of our portfolio is at their particular flooring.

    This concludes our opening remarks. We’ll be glad to take questions you might have at the moment.

    Questions & Solutions:


    Thanks. [Operator instructions] Our first query is from Sarkis Sherbetchyan with B. Riley. Please proceed.

    Sarkis Sherbetchyan — B. Riley Monetary — Analyst

    Hello. Good morning and thanks for taking my query right here. Simply wished to start out off by clearly highlighting the robust origination exercise within the third quarter. Possibly any feedback on going into the fourth quarter, if you happen to count on that stage to proceed simply form of given your dedicated backlog? I do know within the launch and the latest developments, it looks like the prepayments are form of outpacing possibly what was disclosed from an origination standpoint. However simply need to get your ideas round that.

    Rob Pomeroy — Chairman and Chief Govt Officer

    Yeah. An excellent query. I believe we’re undoubtedly experiencing a better stage of prepayment exercise. Our portfolio corporations have a number of choices relative to how they finance their companies going ahead, and we have talked about a lot of them, whether or not it is the IPO market being open or a SPAC, clearly debt being a part of that, and in addition to personal fairness by important enterprise capital investments.

    So the rate at which corporations are elevating cash, utilizing their liquidity to develop their merchandise and get these merchandise to market and fund exits is considerably greater than it has traditionally been. And in order that creates each a chance for us as a result of I believe enterprise debt has an amazing place in that form of menu to principally fill holes in financing methods that know-how, life science corporations have these days. So whereas we do count on greater prepayments and definitely skilled that to this point this yr and even going into the fourth quarter, we have already had a pair. We additionally see a market that has grown considerably relative to the sizing the enterprise debt market, which at the moment, we measurement someplace round $20 billion to $25 billion.

    So once we take into consideration that market measurement, there’s loads of alternative available in the market to interchange these transactions which can be paying off and with new offers. And I believe our portfolio, in all probability, from a historic standpoint, in all probability has relative to how a lot of the portfolio makes up new offers versus older portfolio. I believe we’re on the newer aspect, the place we have been capable of full to repeatedly change transactions. So we see that persevering with.

    We nonetheless see numerous alternative, we imagine, that we will proceed to develop the portfolio with — and count on to have greater prepayments than we had traditionally have. And to this point, definitely throughout the course of this yr, now we have. And I’d simply lastly point out that now we have expanded — our advisor has expanded the platform significantly by way of variety of originators now we have within the area, their expertise, their information of the market. We expect we’re proper on the high of the pack relative to that.

    And I believe that is also mirrored in our origination functionality.

    Sarkis Sherbetchyan — B. Riley Monetary — Analyst

    Thanks for that. And simply form of considering by among the latest releases. I believe in September, you had a launch the place you and Trinity Capital supplied a $40 million enterprise mortgage to a sure firm. I imagine that was for Nexii. If you happen to form of step again and take into consideration potential partnership alternatives or underwriting transactions with potential companions, is that this a part of the technique form of going ahead? Would you dip into this extra usually? Simply need to get your ideas round that.

    Rob Pomeroy — Chairman and Chief Govt Officer

    Yeah. So traditionally, that has been. That is catch. That transaction, you bought the title proper.

    And now we have partnered with a lot of lenders that we predict are — signify good each competitors and companions within the market traditionally. I do not — it isn’t a lot having a particular technique associated to that. However I believe we — our information of the general market, each the forms of corporations we’re going after and the competitors and potential companions available in the market, we glance ahead is the most effective transaction for the shopper as a result of on the finish of the day, we imagine that is going to — that is what is going on to win the day. And so we are going to at all times speak to and look to take part sure sorts of transactions.

    It helps handle our focus dangers in our public firm portfolio. And so I do not assume there’s any shift there in technique. We’ve traditionally performed that if you happen to look again at our historical past. So we count on that to proceed at some stage.

    Sarkis Sherbetchyan — B. Riley Monetary — Analyst

    Nice. Thanks for that. One remaining one for me. I will hop again into queue.

    As you are wanting on the pipeline of alternatives to underwrite debt, clearly you may have a reasonably good historical past with among the present corporations that you have underwritten. However as you have a look at the brand new corporations, any considerations popping up in your thoughts concerning enterprise fashions or form of valuations? Or do you assume that there is loads of alternatives form of given the flush liquidity surroundings?

    Jerry Michaud — President

    Effectively, definitely, the flush liquidity surroundings can, I believe, skew the keenness you may have for the market. However I believe we’re fairly effectively grounded within the sorts of transactions that we’re taking a look at relative to mortgage to worth, we’ll be — primary tenants of underwriting a enterprise debt transaction. I believe we try this in addition to anyone available in the market, and that is one thing that we’ll proceed to do. As I believe Rob talked about and I could have talked about effectively in my opening remarks, we’re conscious clearly of a few of these macro points relative to provide chain, COVID, hiring, all of these points which can be on the market that we hear about every single day available in the market.

    And we’re repeatedly — our portfolio managers are repeatedly involved with our portfolio corporations to see if these explicit forms of points are immediately impacting these corporations. And so we’re definitely making an attempt to remain forward of that. And definitely, once we’re underwriting new offers, all of these elements come into play as we underwrite the transaction. 

    Sarkis Sherbetchyan — B. Riley Monetary — Analyst

    Nice. Thanks. That is all for me. 


    [Operator instructions] Our subsequent query is from Ryan Lynch with KBW. Please proceed.

    Ryan Lynch — Keefe, Bruyette & Woods — Analyst

    Good morning and thanks for taking my questions. First one I had was, you talked about form of file ranges of enterprise capital being raised, which we have seen excessive ranges for fairly a little bit of time at the moment. I am simply questioning how does the aggressive panorama look from that standpoint as a result of one of many huge opponents in your area could be fairness capital from BDC going that route versus the debt route. And on high of that, how has these kind of — these aggressive panorama at the moment, how has that doubtlessly impacted the extent of prepayments that you just guys are experiencing, which clearly are factor since you’re getting a refund and getting very nice returns on these loans? However clearly, it could actually current a headwind for portfolio development.And it’s definitely pretty excessive within the third quarter and appear to be they’re beginning off within the fourth quarter pretty robust as effectively.

    Rob Pomeroy — Chairman and Chief Govt Officer

    Sure. Good query there. So it is a double-edged story. Clearly, there is a substantial quantity of enterprise capital that is gone into our market.

    I imply, actually, since we began, Ryan, has grown tenfold. And that has additionally led to a tenfold development in enterprise debt demand as effectively. So we form of measurement our market at the moment round $20 billion to $25 billion relative to enterprise debt. And in order that’s a a lot larger market than we traditionally have.

    And so sure, there are — there’s extra competitors within the market from enterprise debt lenders by way of new individuals coming into {the marketplace}, nevertheless it’s a a lot larger sized market as effectively. So we’re seeing loads of demand there. Because it pertains to enterprise capital, what we’re discovering is and this has traditionally been true that corporations at the moment like to enhance that enterprise capital that is coming into the corporate with extra debt to principally clearly broaden the runway, but in addition decrease the general price of capital. That is actually vital, particularly to the entrepreneurs who possibly may give up a little bit bit much less fairness within the firm as they’re doing that.

    Enterprise capital, for essentially the most half, I am not saying it by no means occurs. Most half, when enterprise capital is put into an organization, the enterprise capitalist actually don’t desire that cash going to repay debt. More often than not once we’re getting repaid, and if you happen to have a look at the fourth quarter for instance, most of these repayments got here — I believe all of these repayments got here from both M&A exercise if our corporations went public. So there was an IPO and we received — that we doubtlessly may receives a commission out from after which doubtlessly SPACs getting performed and issues like that.

    That would influence. After which the final one can be being refinanced by cheaper price of capital as a few of our four-rated credit have matured and turn out to be extra bankable. So many of the compensation exercise comes from these sources. The enterprise capital goes into these corporations the place the rate of which they’re utilizing their liquidity has additionally grown fairly a bit.

    So that they’re utilizing the cash sooner. They’re growing their merchandise sooner. They’re getting them to market sooner, which suggests they want extra liquidity so as to do all of that. And enterprise debt has a pleasant, we imagine, at the moment.

    And proper now, available in the market, because it sits at the moment, there is a very nice area for enterprise debt. And it is a fairly large area on a comparative foundation to our — what it has been traditionally.

    Ryan Lynch — Keefe, Bruyette & Woods — Analyst

    Gotcha. That is useful backdrop and commentary on that. As we have a look at the fourth quarter, $35 million of prepayments already obtained. In your launch, you talked about finish of time period funds and prepayment charges.

    Might you quantify what these complete simply so now we have a way of what you guys have already obtained from an earnings standpoint that was accelerated within the fourth quarter?

    Dan Trolio — Chief Monetary Officer

    Sure. So each prepayment is in much like every quarter could be very totally different. However on common, you may estimate so far as prepayment charges, about 2% to 2.5% finish of time period funds, and different accelerated charges, form of within the 4%, 5.5%. And from there, you may form of again into the influence of the earnings for the quarter.

    Ryan Lynch — Keefe, Bruyette & Woods — Analyst

    OK. That is useful. After which only a remaining one. Are your guys realized and unrealized beneficial properties that you just guys acknowledged this quarter, are you able to simply describe form of what was the principle driver behind these? Was it one or two corporations? Or was it all kinds of corporations being written out?

    Dan Trolio — Chief Monetary Officer

    Sure. It was each. For realized beneficial properties, we had two to 3 corporations that had occasions the place we realized warrant beneficial properties. After which on the unrealized aspect, there is a handful of corporations which have raised substantial capital at greater valuations that drove our honest worth mark for every one of many warrants that we maintain. 

    Ryan Lynch — Keefe, Bruyette & Woods — Analyst

    That is useful. Understood. I recognize the time at the moment, and very nice quarter, guys. Thanks.

    Dan Trolio — Chief Monetary Officer

    Thanks, Ryan.


    There are not any extra questions at the moment. I wish to flip the decision again over to Robert Pomeroy, chairman and CEO, for closing feedback.

    Rob Pomeroy — Chairman and Chief Govt Officer

    Thanks all for becoming a member of us this morning. We recognize your continued curiosity and help in Horizon. We hope you and your households proceed to stay protected and wholesome. And we sit up for talking with you once more quickly.

    This can finish our name.


    [Operator signoff]

    Length: 34 minutes

    Name contributors:

    Megan Bacon — Director of Investor Relations and Advertising

    Rob Pomeroy — Chairman and Chief Govt Officer

    Jerry Michaud — President

    Dan Trolio — Chief Monetary Officer

    Sarkis Sherbetchyan — B. Riley Monetary — Analyst

    Ryan Lynch — Keefe, Bruyette & Woods — Analyst

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