Bain Capital Specialty Finance Q2 2026 Earnings Report

Bain Capital Specialty Finance EPS Results

• Actual EPS: $0.44
• Consensus EPS: $0.42
• Beat/Miss: Beat by +$0.02
• One Year Ago EPS: N/A

Bain Capital Specialty Finance Revenue Results

• Actual Revenue: $47.80 million
• Expected Revenue: $64.44 million
• Beat/Miss: Missed by -$16.64 million
• YoY Revenue Growth: N/A

Bain Capital Specialty Finance Announcement Details

• Quarter: Q2 2026
• Date: 8/10/2026
• Time: After Market Closes
• Conference Call Date: Tuesday, August 11, 2026
• Conference Call Time: 8:30AM ET

Bain Capital Specialty Finance (NYSE:BCSF) (NYSE: BCSF) is a closed-end interval fund organized as a specialty finance company. Since commencing operations in March 2017, the company has focused on originating and acquiring debt and equity investments in middle-market companies. It is structured to offer investors access to private credit and special situations strategies that are typically unavailable through traditional public debt markets.

The firm’s core business activities include direct lending to U.S. companies, mezzanine financing, senior secured loans, high-yield corporate notes and selective equity investments. By partnering with management teams across a range of industries, Bain Capital Specialty Finance seeks to provide flexible capital solutions that support growth initiatives, acquisitions, refinancings and turnaround situations.

Bain Capital Specialty Finance is managed by Bain Capital Credit, LP, the credit affiliate of global alternative investment firm Bain Capital. The fund leverages the firm’s research-driven underwriting process and deep sector expertise, drawing on a team of investment professionals dedicated to middle-market credit analysis, portfolio monitoring and risk management.

Through quarterly repurchase offers, Bain Capital Specialty Finance aims to deliver attractive income and the potential for long-term capital appreciation. By maintaining a diversified portfolio across industries and capital structures, the company seeks to manage risk while providing investors with reliable access to private credit opportunities.

Bain Capital Specialty Finance Q2 2026 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Net investment income was $0.44 per share, covering the $0.42 base dividend by 105%, while the board declared the same $0.42 dividend for the third quarter.
• Positive Sentiment: New investment activity increased, with $182 million funded during the quarter; new first-lien originations carried an attractive average spread of approximately 570 basis points and 4.5x average net leverage.
• Neutral Sentiment: Portfolio fundamentals remained generally resilient, with median borrower leverage of 4.7x and interest coverage of 2.1x, although non-accruals rose to 2.2% of investments at fair value from 0.6% in the prior quarter.
• Negative Sentiment: Net asset value declined to $16.65 per share from $16.86, reflecting $0.22 per-share net realized and unrealized losses, while gross debt-to-equity increased to 1.41x from 1.34x.
• Neutral Sentiment: Management plans to reassess the dividend in coming quarters based on interest rates, the October maturity of unsecured debt, debt costs, and expected M&A-related fee income; it provided no commitment to maintain or increase the current payout.

Presentation

[Operator]

Hello and welcome, everyone. Joining today's Bain Capital Specialty Finance Second Quarter Ended June 30, 2026, Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, you will have the opportunity to ask questions during the question-and-answer session. To register to ask a question at any time, please press star one on your telephone keypad. Please note this call is being recorded. We are standing by if you should need any assistance. It is now my pleasure to turn the meeting over to Katherine Schneider, Investor Relations. Please go ahead.

[Katherine Schneider, Managing Director of Investor Relations at Bain Capital Specialty Finance]

Thanks, Nikki. Good morning and welcome everyone to the Bain Capital Specialty Finance second quarter ended June 30, 2026, conference call. Yesterday after market close, we issued our earnings press release and investor presentation of our quarterly results, a copy of which is available on Bain Capital Specialty Finance's Investor Relations website. Following our remarks today, we will hold a question and answer session for analysts and investors. This call is being webcast, and a replay will be available on our website. This call and the webcast are property of Bain Capital Specialty Finance, and any unauthorized broadcast in any form is strictly prohibited. Any forward-looking statements made today do not guarantee future performance, and actual results may differ materially.

[Katherine Schneider, Managing Director of Investor Relations at Bain Capital Specialty Finance]

These statements are based on current management expectations, which include risks and uncertainties, which are identified in the risk factors section of our Form 10-Q that could cause actual results to differ materially from those indicated. Certain information contained in the presentation has been obtained from published and non-published sources and are prepared by third parties, and in certain cases, has not been updated through the date hereof. Such information has not been independently verified by Bain Capital Credit, and Bain Capital Credit does not assume responsibility for the accuracy of such information or updating the presentation based on facts learned following its issuance. Bain Capital Specialty Finance assumes no obligation to update any forward-looking statements at this time unless required to do so by law. Lastly, past performance does not guarantee future results. With that, I'd like to turn the call over to our CEO, Michael Ewald.

[Michael Ewald, CEO at Bain Capital Specialty Finance]

Thanks, Katherine, and good morning, and thanks to all of you for joining us here this morning on our earnings call. I am also joined by Michael Boyle, our president, and our chief financial officer, Amit Joshi. In terms of the agenda for the call, similar to past quarters, I will start with an overview of our second quarter results and then discuss the broader market environment and our positioning. Thereafter, Mike and Amit will discuss our investment portfolio and financial results in greater detail. We will leave some time, as always, for questions at the end. So beginning with our financial results, we reported solid financial results for the second quarter last night. Net investment income per share was $0.44, representing an annualized yield of 10.5% on equity, covering our base dividend of $0.42 per share by 105%.

[Michael Ewald, CEO at Bain Capital Specialty Finance]

Q2 earnings per share were $0.22, representing an annualized return on equity of 5.2%. Importantly, credit quality across our portfolio remained healthy overall during the quarter, despite a modest decline in NAV, and non-accruals continue to remain low across the portfolio, which we view as a continued reflection of the underlying strength and resilience of our underwriting standards and portfolio construction process. Subsequent to quarter end, our board declared a third quarter dividend equal to $0.42 per share and payable to record date holders as of September 15, 2026. This represents a 10.1% annualized rate on ending book value as of June 30. During the quarter, we were pleased to see new activity levels pick up meaningfully following a slower start to the quarter, and broader economic indicators have remained sound, providing a constructive backdrop for investing.

[Michael Ewald, CEO at Bain Capital Specialty Finance]

BCSF continues to benefit from Bain Capital's private credit platform, which remains active and we believe is well-positioned in the core middle market, a segment where we have long been established with deep relationships and expertise. This segment of the market has largely remained insulated from the retail outflows that have weighed on the larger end of the private credit market, reinforcing the relative stability of the core middle market as a segment in which to invest. This core middle market also offers a greater liquidity premium, greater debt tranche control, and tighter financial covenants, underwriting tenants that remain critical to us. In the current environment, new deals have benefited from attractive spreads relative to the tighter levels seen at the end of 2025. The weighted average spread on new first lien originations during the second quarter for us was approximately 570 basis points.

[Michael Ewald, CEO at Bain Capital Specialty Finance]

Net leverage of new portfolio company investments came in at 4.5x on average. This compared favorably to average sponsored middle market first lien unitranche loans of approximately 525 basis points in the second quarter in net leverage of 5.4x. We also saw a healthy level of repayments during the quarter, including full repayments from two software companies, despite the volatility that occurred across that sector earlier in the year, a testament to the underlying quality of those credits. On a year-to-date basis, however, repayment activity has remained low overall relative to normalized historical levels. Credit fundamentals across our underlying companies have remained resilient. At quarter end, median net leverage across our borrowers was 4.7x, and median interest coverage remained healthy at 2.1x.

[Michael Ewald, CEO at Bain Capital Specialty Finance]

Non-accrual saw a slight increase quarter-over-quarter, but remained low overall across the portfolio at 2.2% at fair market value as of quarter end. As it relates to software specifically, a topic we discussed at length last quarter, our exposure, including software adjacent companies, represents approximately 12% of our total portfolio. We've remained relatively underweight this sector versus the broader private credit market, as we've taken a selective underwriting approach, which is largely focused on system of record and highly specialized vertical software. Overall, fundamental performance across our software companies continues to demonstrate solid operating performance. Key performance indicators such as retention rates and revenue growth have not decelerated, and we are generally seeing many companies show continued improvement in profitability and EBITDA margins. A further testament to the underlying quality of the companies in which we've chosen to invest.

[Michael Ewald, CEO at Bain Capital Specialty Finance]

As a reminder, we maintain a comprehensive risk assessment framework to evaluate the potential substitution risks that emerging AI technologies may pose across our portfolio companies. Based on this ongoing analysis, the vast majority of our software and related investments carry a relatively low risk of AI-driven disruption, reflecting both the differentiated and resilient nature of these businesses and the discipline embedded in our investment approach from the time we first evaluated these companies. Only 4% of the total portfolio at fair value falls into our high and moderate risk ratings for AI disruption. For this smaller subset of companies with elevated AI disruption risk, we are actively monitoring new bookings and retention rates. Notably, many of these companies have continued to demonstrate stable performance and modest growth improvement in the current environment. Turning now to our dividend outlook.

[Michael Ewald, CEO at Bain Capital Specialty Finance]

We have been pleased to provide strong earnings for our shareholders in recent years, with net investment income covering and/or exceeding our regular $0.42 per share dividend. We remain focused on providing attractive dividend levels to our shareholders, and we plan to reevaluate that dividend level in the coming quarters, considering factors such as the interest rate environment, upcoming debt maturities of our lower cost unsecured notes, and other income sources as new M&A deal volume is expected to increase. I will now turn the call over to Mike Boyle, our president, to walk through our investment portfolio in greater detail. Mike.

[Michael Boyle, President at Bain Capital Specialty Finance]

Thanks, Michael. Good morning, everyone. I will start with our investment activity for the second quarter and then provide an update and more detail on our investment portfolio. New fundings during the second quarter were $182 million into 99 portfolio companies, including $73 million in eight new companies and $109 million in 91 existing companies. Sales and repayment activity totaled approximately $277 million, resulting in net sales and repayments of approximately $95 million quarter-over-quarter. Our fundings were split between new and existing portfolio companies, with new portcos representing 40% of our total fundings versus 60% to existing companies. We remain focused on investing primarily in first lien senior secured loans with 91% of our new Q2 investment fundings in first lien structures, 1% in subordinated debt, and 8% in preferred and common equity.

[Michael Boyle, President at Bain Capital Specialty Finance]

We continue to favor core middle market size companies given attractive terms and structure, combined with a large market opportunity of high-quality borrowers, consistent deal flow, and more favorable competitive dynamics versus other market segments. The median EBITDA across our new companies during the quarter was $31 million. Turning to our investment portfolio. At the end of the second quarter, the size of our portfolio at fair value was approximately $2.4 billion across a highly diversified set of 214 portfolio companies operating across 30 different industries. The average position size across our single-name portfolio of companies is approximately 40 basis points. Our portfolio primarily consists of investments in first-lien senior secured loans, given our focus on downside management and investing in the top of the capital structure.

[Michael Boyle, President at Bain Capital Specialty Finance]

As of June 30th, 63.4% of the investment portfolio at fair value was invested in first lien debt, 1.3% in second lien debt, 3.7% in subordinated debt, 7.7% in preferred equity, 7.5% in equity and other interests, and 16.4% across our JVs, including 9% in the ISLP and 7% in the SLP. The vast majority of our underlying investments within the JV structures consist of first lien loans. As of June 30th, 2026, the weighted average yield on the investment portfolio at amortized cost and fair value were 10.8% and 10.4% respectively, as compared to 10.8% and 10.9% respectively as of March 31st, 2026. As of June 30th, 2026, 95% of our debt investments bear interest at a floating rate. Moving on to portfolio credit quality trends. As Michael highlighted earlier, credit fundamentals across our portfolio have remained healthy.

[Michael Boyle, President at Bain Capital Specialty Finance]

Median net leverage across our borrowers was 4.7x as of quarter end, compared to 4.6x in the prior quarter. Median EBITDA was $40 million, which was relatively unchanged from the prior quarter at $42 million. Watchlist investments increased slightly quarter-over-quarter, as reflected in our internal risk rating scale. These investments, which include our risk rating three and four categories, comprise 6% of our portfolio at fair value, an increase of 1% from the prior quarter. Investments on non-accrual represented 3.2% and 2.2% of the total investment portfolio at amortized cost and fair value, respectively, as of June 30th, compared to 1.4% and 0.6%, respectively, as of March 31st. During the quarter, two new companies were added to non-accrual, and four companies were removed from non-accrual status.

[Michael Boyle, President at Bain Capital Specialty Finance]

While this resulted in a modest increase quarter-over-quarter, we still believe our non-accruals remain low relative to broader industry averages. Amit will now provide a more detailed financial review.

[Amit Joshi, CFO at Bain Capital Specialty Finance]

Thank you, Mike, and good morning, everyone. I'll start the review of our second quarter results with our income statement. Total investment income was $62.3 million for the three months ended June 30th, 2026, as compared to $66.2 million for the three months ended March 31, 2026. The decrease in investment income was primarily driven by lower interest income recognized on one of our JV investments, along with the impact of two new non-accrual investments. The quality of our investment income continues to be strong as the vast majority of our investment income is driven by contractual cash income across our investments. Interest income and dividend income represented 97% of our total investment income in Q2. PIK interest income represents 12% of our overall investment income in Q2, a modest decrease from the prior quarter.

[Amit Joshi, CFO at Bain Capital Specialty Finance]

Notably, the vast majority of our PIK income is derived from investments that were underwritten with PIK, totaling 81% of total PIK income, with the remainder related to amended or restructured investments. Total expenses before taxes for the second quarter were $33 million, as compared to $37.9 million in the first quarter. The decrease in expenses was driven by lower incentive fee, driven by reduced pre-incentive fee net investment income, and the lookback provision, partially offset by higher interest and debt fee expenses. Net investment income for the quarter was $28.6 million, or $0.44 per share, as compared to $27.4 million or $0.42 per share for the prior quarter. During the three months ended June 30, 2026, the company had net realized and unrealized losses of $14.6 million or $0.22 per share.

[Amit Joshi, CFO at Bain Capital Specialty Finance]

Our net realized loss during the quarter was driven by one of our restructured investments and an exit of a portfolio company. Net income for the three months ended June 30, 2026, was $14.1 million or $0.22 per share. Moving over to our balance sheet. As of June 30, our investment portfolio at fair value totaled $2.4 billion, with total assets of $2.6 billion. Total net assets were $1.1 billion as of June 30, 2026. NAV per share was $16.65, a decrease of $0.21 per share from $16.86 at the end of first quarter, driven by net losses of $0.22 per share. As of June 30, approximately 80% of our outstanding debt was in floating-rate debt and 20% was in fixed-rate debt. Our liability management efforts remain disciplined.

[Amit Joshi, CFO at Bain Capital Specialty Finance]

By conducting an unsecured issuance this year and entering into an amendment of our existing credit facility subsequent to quarter end, which extended its maturity to 2031, we have pre-funded and mitigated upcoming maturities in 2026 while simultaneously extending debt maturities and preserving the financial flexibility. For the three months ended June 30, 2026, the weighted average interest rate on our debt outstanding was 5.0% as compared to 4.6% as of the prior quarter end. The weighted average maturity across our total debt commitment was approximately 3.9 years at June 30, 2026. At the end of Q2, our debt-to-equity ratio was 1.41x as compared to 1.34x from the end of Q1. Our net leverage ratio, which represent principal debt outstanding, less cash and unsettled trade, was 1.22x at the end of Q2 as compared to 1.28x at the end of Q1.

[Amit Joshi, CFO at Bain Capital Specialty Finance]

Subsequent to quarter end, our gross leverage declined to 1.34x and was at 1.22x on net basis as of July 31, 2026. Liquidity at quarter end was strong, totaling $806 million, including $606 million of undrawn capacity on our revolver credit facility, $130.6 million of cash and cash equivalent, including $18.5 million of restricted cash, and $69.4 million of unsettled trades net of receivables and payables of investments. With that, I'll turn the call back over to Mike Ewald for closing remarks.

[Michael Ewald, CEO at Bain Capital Specialty Finance]

Thanks, Amit, and thanks, Mike, as well. In closing, we are pleased to deliver another quarter of attractive net investment income and healthy credit fundamentals across our portfolio of middle-market borrowers. Looking ahead, we believe the company is well positioned to continue driving attractive earnings for our shareholders, supported by our platform's positioning and investment discipline in the core middle market. We remain committed to delivering value for our shareholders by providing attractive returns on equity and prudently managing our shareholders' capital. Nikki, please open the line for questions at this point. Thanks.

[Operator]

Thank you. If you would like to ask a question, please press star one on your keypad. To leave the queue at any time, press star two. Once again, that is star and one to ask a question. We will pause for a moment to allow everyone a chance to join the queue. We will take our first question with Finian O'Shea with Wells Fargo. Please go ahead. Your line is open.

[Finian O'Shea, Analyst at Wells Fargo]

Hey, everyone. Thanks. Good morning. Michael, a couple on the dividend. As you mentioned, I know there is a couple variables, but any guide on sort of target ROE, target payout on NAV framework? Then, sort of second part, a target, I guess, spillover as well, sort of where you are there and will that be sort of an input to your 2027 plan? Thanks.

[Michael Ewald, CEO at Bain Capital Specialty Finance]

Yeah, thanks, I will let Amit talk about the spillover income, but as you point out, and as I said, there is a number of different variables here. So, it has been an ongoing topic with our board as we try to project out earnings. Obviously, looks like base rates may well stay higher here for a while. That is a positive. We have got that unsecured that we have got to pay back coming up in October, so that is a negative.

[Michael Ewald, CEO at Bain Capital Specialty Finance]

So there is a lot of puts and takes there. We have certainly observed what has gone on in the market in general too, with some pressure on other folks' earnings. So it is not so much that we have a target as a percent of NAV. It is more that we want to be ensuring that we are amply covering our dividend in a consistent and sustainable manner.

[Michael Ewald, CEO at Bain Capital Specialty Finance]

So, as we get some more clarity in the back half of the year around base rates, around new deal volume, which generates fee income, and our cost of debt going forward as well, that is when we will end up reevaluating and see if we stick with the same or change our dividend. Amit, I do not know if you want to talk about the spillover income, too. That is certainly a source of cash, obviously, as well.

[Amit Joshi, CFO at Bain Capital Specialty Finance]

Yeah. Just to add on to what Mike highlighted, we continue to look at our spillover income, though I would say we want to ensure we are earning NII to meet our dividend set in 2027. So that will be our primary focus. Along with that, again, as you have seen it in the past, we will evaluate our special dividend distribution as required to manage our spillover income as well.

[Finian O'Shea, Analyst at Wells Fargo]

Okay. Appreciate it. Did you guys give the spillover this quarter?

[Amit Joshi, CFO at Bain Capital Specialty Finance]

We might have, but if not, yeah, it is around $1.26, $0.27.

[Finian O'Shea, Analyst at Wells Fargo]

Okay. Thanks. A follow-up on the unsecured. Is that something that might come down with the post-quarter expansion of the facility?

[Amit Joshi, CFO at Bain Capital Specialty Finance]

Yeah. Unsecured, as you know, in October, we have a maturity as well, which is due, will be paid down. Of course, we have done the extension of the facility as well. That all will play a role to bring down the unsecured percentage.

[Finian O'Shea, Analyst at Wells Fargo]

Okay. That's all for me. I'll hop back in. Thanks, everyone.

[Michael Ewald, CEO at Bain Capital Specialty Finance]

Thanks, Finian.

[Operator]

Thank you. Our next question comes from Derek Hewett with Bank of America. Please go ahead. Your line is open.

[Derek Hewett, Analyst at Bank of America]

Good morning, everyone. Revenue from the JVs, and specifically I am talking about the ISLP, was down materially. Could you provide additional color on what happened there, and then should we expect that yield to remain under pressure in the near term?

[Michael Ewald, CEO at Bain Capital Specialty Finance]

Sure. Thanks for the question, Derek. We did end up retaining some earnings in the ISLP rather than paying out in full interest and dividend from that structure. That was a one-time event in that joint venture, as we are particularly focused on continuing to build diversification and expand that structure alongside our joint venture partner. That is not an indication of broader pressure on earnings in that structure but more of a one-time event for the quarter.

[Michael Ewald, CEO at Bain Capital Specialty Finance]

As a reminder, the ISLP, International Senior Loan Program, is about one-to-one levered. It is an off-balance-sheet structure, but very comparable leverage level to what is on balance sheet and has been delivering kind of high single-digit IRRs since inception. It has been performing in line with expectation. As I said, it is more of a one-off event as we are looking about at what the exact future will be for the ISLP.

[Derek Hewett, Analyst at Bank of America]

Okay. Thank you for that. My follow-up is, was there any change in the terms of the revolving credit facility that was recently extended other than the elimination, it looks like, of the credit adjustment spread?

[Amit Joshi, CFO at Bain Capital Specialty Finance]

In reference to revolver, yes. We did replace the credit adjustment spread. We were able to remove that through our amendment and extended.

[Derek Hewett, Analyst at Bank of America]

Okay. But nothing else in terms of margin requirements or collateral type?

[Amit Joshi, CFO at Bain Capital Specialty Finance]

No. No other major changes.

[Derek Hewett, Analyst at Bank of America]

Okay.

[Amit Joshi, CFO at Bain Capital Specialty Finance]

That was the big one.

[Derek Hewett, Analyst at Bank of America]

Okay. Understood. All right. Thank you so much.

[Operator]

Thank you. Once again, if you would like to ask a question, please press star one on your keypad now. We will move next with Paul Johnson with KBW. Please go ahead. Your line is open.

[Paul Johnson, Analyst at KBW]

Hey, good morning. Thanks for taking my questions. I guess with leverage 1.2x, 1.3x or so, how should we think about just, I guess, balancing the new activity with just new leverage and also the opportunity, I guess, to drop down some investments into the JVs. How should we think about that, I guess, balanced with what you are seeing in the market right now in terms of new deployment here over the near term? Yeah.

[Michael Ewald, CEO at Bain Capital Specialty Finance]

[crosstalk] You go, Mike.

[Michael Boyle, President at Bain Capital Specialty Finance]

Okay. Thanks for the question, Paul. I would say we have been operating at the higher end of our leverage range, as you know. Part of that has been because there has been pretty limited paydowns and repayments across our portfolio but also across the broader market in recent history. We do have some ability to drop loans down into our JVs, which does allow us some room to continue to originate in today's market. But I will say, we are largely focused on being one in, one out, so as loans are paying down, really adding new loans behind them to keep the structure fully invested. But we also have an eye towards moderating back down towards the middle of our net leverage range. As a reminder, between 1x and 1.25x is our leverage range for the fund.

[Michael Boyle, President at Bain Capital Specialty Finance]

I do think in future quarters, we're looking to pull that back down below that 1.25x that we've been recently operating at, while at the same time using some of the other levers we have, like JVs to facilitate some new investment opportunities for the fund over that time.

[Paul Johnson, Analyst at KBW]

Got it. Is that more just because, more from a capital management side, that's where you want to operate in this environment? Or would you say this is more because the environment is maybe just not as attractive as you'd like?

[Michael Boyle, President at Bain Capital Specialty Finance]

It's more the former. We have been largely originating first lien loans. As I noted, over 80% of our originations in the quarter were into first lien structures. As we look at the risk of the investments we're making, we're also thinking about capital planning related to that. Given the first lien skew of the portfolio today, we have been comfortable operating at the higher end of our targeted leverage range. I will say, as we noted in our remarks, new investment opportunities continue to be attractive. We've still been originating at spreads in the mid-500s for new first lien securities. We are still excited about finding new investment opportunities out there, in addition to operating within that midpoint of our targeted leverage range.

[Paul Johnson, Analyst at KBW]

Got it. Thank you for that. My final question, this may be a little bit more of a technical one, but, the 12% PIK income for this quarter, if I actually just try to calculate that from the cash flow statement, it looks like something that's quite a bit higher, something a little bit closer to 19% or so through the six months through this year, running at around 19% for this quarter. I guess, can you help me explain what's the difference between those two numbers, if there's some sort of one-time accrual item or something that's flowing through this quarter in terms of the PIK income?

[Amit Joshi, CFO at Bain Capital Specialty Finance]

We can look into this more detail and come back to you. But overall, again, our 12% number is more for this current quarter, while cash flow is six months. As you said, in Q1, maybe the PIK income was higher, and then some of it might be driven by a preferred dividend, which at times could also be driving it, but we can look at it and come back to you.

[Paul Johnson, Analyst at KBW]

Got it. Okay. All right. Thank you very much for that. That is all for me.

[Operator]

Thank you. At this time, there are no further questions in queue. I will now turn the meeting back to Michael Ewald for closing comments.

[Michael Ewald, CEO at Bain Capital Specialty Finance]

Thanks, Nikki, and thanks again for all of your time and attention today. We look forward to speaking with you all again soon. Thanks very much. Cheers.

[Operator]

Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.

Participants

Executives

• Katherine Schneider, Managing Director of Investor Relations
• Michael Ewald, CEO
• Michael Boyle, President
• Amit Joshi, CFO

Analysts

• Finian O'Shea, Analyst at Wells Fargo
• Derek Hewett, Analyst at Bank of America
• Paul Johnson, Analyst at KBW