Hercules Capital Reports Second Quarter 2024 Financial Results
Hercules Capital (NYSE: HTGC) reported strong financial results for Q2 2024. The company achieved record total investment income of $125.0 million, up 7.5% year-over-year, and net investment income (NII) of $82.4 million, or $0.51 per share, an 8.8% increase year-over-year. Q2 saw total gross debt and equity commitments of $686.5 million and record gross fundings of $461.5 million, up 28.7% year-over-year. Hercules maintained a conservative balance sheet with net GAAP leverage of 93.3% and net regulatory leverage of 83.9%. The company's assets under management grew to approximately $4.6 billion, a 14.7% increase year-over-year. Hercules also reported an undistributed earnings spillover of $145.0 million, or $0.89 per ending shares outstanding.
Hercules Capital (NYSE: HTGC) ha riportato risultati finanziari solidi per il secondo trimestre del 2024. L'azienda ha raggiunto un reddito totale da investimenti record di 125,0 milioni di dollari, in aumento del 7,5% rispetto all'anno precedente, e un reddito netto da investimenti (NII) di 82,4 milioni di dollari, ovvero 0,51 dollari per azione, con un incremento dell'8,8% rispetto all'anno passato. Nel secondo trimestre sono stati registrati impegni complessivi di debito e capitale di 686,5 milioni di dollari e finanziamenti lordi record di 461,5 milioni di dollari, in aumento del 28,7% rispetto all'anno precedente. Hercules ha mantenuto un bilancio conservativo con un leverage GAAP netto del 93,3% e un leverage normativo netto dell'83,9%. Gli asset sotto gestione sono cresciuti a circa 4,6 miliardi di dollari, con un incremento del 14,7% rispetto all'anno precedente. Hercules ha anche riportato un surplus di utili non distribuiti di 145,0 milioni di dollari, ovvero 0,89 dollari per azione ordinaria in circolazione.
Hercules Capital (NYSE: HTGC) informó resultados financieros sólidos para el segundo trimestre de 2024. La compañía logró un ingreso total por inversiones récord de 125,0 millones de dólares, un aumento del 7,5% interanual, y un ingreso neto por inversiones (NII) de 82,4 millones de dólares, o 0,51 dólares por acción, lo que representa un incremento del 8,8% interanual. En el segundo trimestre, se registraron compromisos totales de deuda y capital de 686,5 millones de dólares y financiamientos brutos récord de 461,5 millones de dólares, un aumento del 28,7% interanual. Hercules mantuvo un balance conservador con un apalancamiento GAAP neto del 93,3% y un apalancamiento regulatorio neto del 83,9%. Los activos bajo gestión crecieron a aproximadamente 4,6 mil millones de dólares, un incremento del 14,7% interanual. Hercules también reportó un exceso de ganancias no distribuidas de 145,0 millones de dólares, o 0,89 dólares por acción en circulación.
헐큘리스 캐피탈 (NYSE: HTGC)은 2024년 2분기에 강력한 재무 결과를 보고했습니다. 회사는 기록적인 총 투자 수익 1억 2,500만 달러를 달성했으며, 이는 지난해 대비 7.5% 증가한 수치입니다. 순 투자 수익(NII)은 8,240만 달러로, 주당 0.51달러에 해당하며, 지난해 대비 8.8% 증가했습니다. 2분기에는 총 부채 및 주식 약정 6억 8,650만 달러와 기록적인 총 자금 4억 6,150만 달러가 이루어져, 지난해 대비 28.7% 증가했습니다. 헐큘리스는 순 GAAP 레버리지 93.3%와 순 규제 레버리지 83.9%를 유지하며 보수적인 재무 구조를 유지했습니다. 회사의 운용 자산은 약 46억 달러로 증가했으며, 이는 지난해 대비 14.7% 증가한 수치입니다. 헐큘리스는 또한 미배당 이익 잉여금 1억 4,500만 달러, 즉 기존 주식 대비 0.89달러를 보고했습니다.
Hercules Capital (NYSE: HTGC) a annoncé de solides résultats financiers pour le deuxième trimestre 2024. L'entreprise a atteint un revenu total d'investissement record de 125,0 millions de dollars, en hausse de 7,5 % par rapport à l'année précédente, et un revenu net d'investissement (NII) de 82,4 millions de dollars, soit 0,51 dollar par action, soit une augmentation de 8,8 % par rapport à l'année précédente. Au deuxième trimestre, les engagements totaux de dette et d'équité se sont chiffrés à 686,5 millions de dollars et les financements bruts records ont atteint 461,5 millions de dollars, en hausse de 28,7 % par rapport à l'année précédente. Hercules a maintenu un bilan conservateur avec un levier GAAP net de 93,3 % et un levier réglementaire net de 83,9 %. Les actifs sous gestion ont augmenté pour atteindre environ 4,6 milliards de dollars, soit une augmentation de 14,7 % par rapport à l'année précédente. Hercules a également signalé un excédent de bénéfices non répartis de 145,0 millions de dollars, soit 0,89 dollar par action en circulation.
Hercules Capital (NYSE: HTGC) hat für das zweite Quartal 2024 starke Finanzzahlen berichtet. Das Unternehmen erzielte ein Rekordinvestitionseinkommen von 125,0 Millionen Dollar, was einem Anstieg von 7,5% im Vergleich zum Vorjahr entspricht, und ein netto Investitionseinkommen (NII) von 82,4 Millionen Dollar, oder 0,51 Dollar pro Aktie, was einer Steigerung von 8,8% im Vergleich zum Vorjahr entspricht. Im zweiten Quartal wurden gesamtverbindliche Schulden und Eigenkapitalzusagen von 686,5 Millionen Dollar und Rekordfinanzierungen von 461,5 Millionen Dollar verzeichnet, ein Anstieg von 28,7% im Vergleich zum Vorjahr. Hercules hielt eine konservative Bilanz mit einem Netto-GAAP-Leverage von 93,3% und einem Netto-Regulierungs-Leverage von 83,9%. Das Vermögen unter Verwaltung wuchs auf etwa 4,6 Milliarden Dollar, ein Anstieg von 14,7% im Vergleich zum Vorjahr. Hercules berichtete außerdem über eine nicht ausgeschüttete Gewinnüberschreitung von 145,0 Millionen Dollar, oder 0,89 Dollar je ausstehender Aktie.
- Record Q2 2024 total investment income of $125.0 million, up 7.5% year-over-year
- Net investment income increased 8.8% year-over-year to $82.4 million, or $0.51 per share
- Record Q2 2024 total gross fundings of $461.5 million, up 28.7% year-over-year
- Assets under management grew 14.7% year-over-year to approximately $4.6 billion
- NII provides 128% coverage of the base cash distribution
- Undistributed earnings spillover of $145.0 million, or $0.89 per ending shares outstanding
- None.
Insights
Hercules Capital's Q2 2024 results demonstrate robust growth and financial strength in the specialty financing sector. The 28.7% year-over-year increase in gross fundings to
The company's profitability remains solid, with net investment income (NII) growing
Hercules' balance sheet appears well-managed, with net GAAP leverage at
The
Overall, Hercules Capital's Q2 2024 results paint a picture of a company experiencing strong growth while maintaining financial prudence. The increasing demand for their financing solutions, coupled with their conservative balance sheet management, positions them well in the specialty financing market.
Hercules Capital's Q2 2024 results offer valuable insights into the venture capital and growth-stage company financing landscape. The substantial increase in gross debt and equity commitments to
The
The company's focus on "innovative venture, growth and established stage companies backed by leading venture capital and select private equity firms" appears to be a successful strategy. This approach likely provides Hercules with a pipeline of high-quality investment opportunities and helps mitigate risk through the implicit validation of top-tier VC and PE backers.
The growth in assets under management to
Looking ahead, investors should monitor how Hercules navigates potential challenges such as rising interest rates, valuation pressures in the tech sector and any slowdown in venture capital activity. However, the current results suggest that Hercules is well-positioned to capitalize on the ongoing demand for flexible financing solutions in the innovation economy.
Q2 2024 Total Gross Debt and Equity Commitments of
Record Q2 2024 Total Gross Fundings of
Record Q2 2024 Total Investment Income of
Q2 2024 Net Investment Income “NII” of
Q2 2024 NII Provides
Conservative Balance Sheet Management with Net GAAP Leverage of
Undistributed Earnings Spillover of
Approximately
| Footnotes: | ||
| (1) |
|
|
| (2) | Assets under management includes assets managed by Hercules Capital and the Adviser Subsidiary |
|
Conference Call
Hercules has scheduled its second quarter 2024 financial results conference call for August 1, 2024 at 2:00 p.m. PT (5:00 p.m. ET). To participate via telephone, please register here. Upon registration, all telephone participants will receive the dial-in number along with a unique PIN number that can be used to access the call. While not required, it is recommended you join 10 minutes prior to the event start. A live webcast of the second quarter 2024 financial results conference call will also be available on the investor relations section of the Company’s website at investor.htgc.com. An archived webcast replay will be available on the Company's website for at least 30 days following the conference call.
About Hercules Capital, Inc.
Hercules Capital, Inc. (NYSE: HTGC) is the leading and largest specialty finance company focused on providing senior secured venture growth loans to high-growth, innovative venture capital-backed companies in a broad variety of technology and life sciences industries. Since inception (December 2003), Hercules has committed more than
Hercules, through its wholly owned subsidiary business, Hercules Adviser LLC (the “Adviser Subsidiary”), also maintains an asset management business through which it manages investments for external parties (“Adviser Funds”). The Adviser Subsidiary is registered as an investment adviser under the Investment Advisers Act of 1940.
Hercules’ common stock trades on the New York Stock Exchange (NYSE) under the ticker symbol “HTGC.” In addition, Hercules has one retail bond issuance of
Forward-Looking Statements
This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. We may use words such as “anticipates,” “believes,” “expects,” “intends,” “will,” “should,” “may” and similar expressions to identify forward-looking statements. Forward-looking statements are not guarantees of future performance and should not be relied upon in making any investment decision. Such statements are based on currently available operating, financial and competitive information and are subject to various risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations. While we cannot identify all such risks and uncertainties, we urge you to read the risks discussed in our Annual Report on Form 10-K and other materials that we publicly file with the Securities and Exchange Commission. Any forward-looking statements made in this press release are made only as of the date hereof. Hercules assumes no obligation to update any such statements in the future.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240801383325/en/
Michael Hara
Investor Relations and Corporate Communications
Hercules Capital, Inc.
650-433-5578
mhara@htgc.com
Source: Hercules Capital, Inc.
FAQ
What was Hercules Capital's (HTGC) total investment income for Q2 2024?
How much did Hercules Capital's (HTGC) net investment income grow in Q2 2024?
What was the total gross funding amount for Hercules Capital (HTGC) in Q2 2024?
How much did Hercules Capital's (HTGC) assets under management grow in Q2 2024?
