Q2 2024 Flow Capital Corp Earnings Call Transcript
Key Points
- Flow Capital Corp (AHFCF) reported another record quarter in terms of recurring revenue, marking the fourth sequential quarter of growth.
- The company achieved a record book value per share of $1.255, up 2.4% from the prior quarter and 37% over the last two years.
- Total assets increased to $65.8 million, up 12% over the prior year.
- Flow Capital Corp (AHFCF) deployed $29 million in new capital over the last 12 months, setting a 12-month record.
- The company has been profitable for over 17 consecutive quarters, demonstrating consistent financial performance.
- The company's total reported revenue under IFRS was $2.1 million for the quarter, which can be distorted due to IFRS accounting standards.
- Despite strong performance, Flow Capital Corp (AHFCF) remains a small player in the venture debt space with $60 million in assets compared to the $30 billion market.
- The company has set ambitious targets to grow its assets to $100 million, $250 million, and $500 million, which may pose significant challenges.
- The reliance on non-IFRS measures like recurring revenue and recurring free cash flow may make it difficult for some investors to track real performance.
- The company did not provide specific forecasts, which may leave investors uncertain about future performance.
Good morning, ladies and gentlemen, and welcome to the Flow Capital earnings call for Q2 2024. (Operator Instructions)
I would like to remind everyone that today's discussion may contain forward-looking statements that reflect current views with respect to future events. Any such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements.
For more information on Flow Capital risks and uncertainties related to these forward-looking statements, please refer to the Q2 2024 company's management discussion and analysis, which is available on CEDAR. This call is being recorded on Tuesday, August 20, 2024.
I would now like to turn the meeting over to Alex Baluta, Chief Executive Officer of Flow Capital.
Thank you, Joel. Good morning, and thank you all for participating in today's call. I'm joined by Michael Denny, our Chief Financial Officer; and Vernon Lobo, our
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