Great Elm Capital Group, Inc.
Investor Presentation - Quarter Ended September 30, 2020
November 16, 2020
© 2021 Great Elm Capital Group, Inc.
Disclaimer
Statements in this press release that are "forward-looking" statements, including statements regarding expected growth, profitability and outlook involve risks and uncertainties that may individually or collectively impact the matters described herein. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made and represent Great Elm's assumptions and expectations in light of currently available information. These statements involve risks, variables and uncertainties, and Great Elm's actual performance results may differ from those projected, and any such differences may be material. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking statements are risks associated with the economic impact of the COVID-19 pandemic on Great Elm's businesses, including DME as well as GECC and its portfolio investments. For information on certain factors that could cause actual events or results to differ materially from Great Elm's expectations, please see Great Elm's filings with the SEC, including its most recent annual report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. Additional information relating to Great Elm's financial position and results of operations is also contained in Great Elm's annual and quarterly reports filed with the SEC and available for download at its website
www.greatelmcap.comor at the SEC website www.sec.gov.
Non-GAAP Financial Measures
The SEC has adopted rules to regulate the use in filings with the SEC, and in public disclosures, of financial measures that are not in accordance with US GAAP, such as adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") and free cash flow. See the Appendix for important information regarding the use of non-GAAP financial measures and reconciliations of non-GAAP measures to their most directly comparable GAAP measures.
This presentation does not constitute an offer of any securities for sale.
© 2021 Great Elm Capital Group, Inc. | 2 |
Table of Contents
Slide | Section |
4 | A Note to Shareholders |
5 | Performance Overview |
7 | Organizational Overview |
10 | Operating Companies: Great Elm DME |
13 | Investment Management |
17 | Real Estate |
21 | General Corporate |
23 | Financial Review |
26 | Summary |
28 | Q&A |
29 | Appendix |
© 2021 Great Elm Capital Group, Inc. | 3 |
A Note to Shareholders
- We have good momentum in our key business segments: DME and Investment Management
- DME: fiscal Q1 revenue grew 10.4% year-over-year and 5.0% sequentially highlighting the business' ability to grow despite the negative impact from COVID-19 on new equipment rental set-ups
- DME: fiscal Q1 net loss of $0.5 million improved from a net loss of $0.8 million year-over-year while adjusted EBITDA of $2.8 million decreased from $3.0 million primarily reflecting the incremental costs of operating during the pandemic
- DME: after a period of significant investment in the platform to enhance its scalability, DME has resumed its search for attractive, add-on acquisitions
- Investment Management: this segment is poised for growth in AUM, revenue and earnings following the successful completion of the $31.7 million GECC rights offering
- Investment Management: GECC's investment in Prestige Capital Finance, LLC, has exceeded internal estimates. Building upon this success, GECC has an attractive pipeline of potential investments in the specialty finance sector
© 2021 Great Elm Capital Group, Inc. | 4 |
Performance Overview
© 2021 Great Elm Capital Group, Inc. | 5 |
Performance Overview: Quarter Ended June 30, 20201
Revenue by Segment | ||
Segment | 1Q21 | 1Q20 |
DME | $14.6 | $13.2 |
Investment Management | $0.8 | $0.9 |
Real Estate | $1.3 | $1.3 |
General Corporate | $0.1 | $0.0 |
Eliminations | ($0.1) | $0.0 |
Consolidated | $16.7 | $15.4 |
Net Income (Loss) by Segment | Adjusted EBITDA | 3 | by Segment | ||||
Segment | 1Q21 | 1Q20 | Segment | 1Q21 | 1Q20 | ||
DME | ($0.5) | ($0.8) | DME | $2.8 | $3.0 | ||
Investment Management | ($0.1) | ($0.1) | Investment Management | 2 | $0.2 | $0.4 | |
Real Estate | $0.1 | $0.1 | Real Estate | $1.1 | $1.1 | ||
General Corporate | ($3.4) | ($2.5) | General Corporate | ($1.1) | ($1.7) | ||
Consolidated | ($3.9) | ($3.3) | Consolidated | $3.0 | $2.8 |
- Numbers in millions.
- Prior year non-GAAP adjustments have been updated to conform to current year presentation by removing adjustments associated with the adoption of ASC 606 Contracts with Customers.
- Please refer to the disclaimers on slide 2 and the Adjusted EBITDA reconciliation tables in the Appendix.
© 2021 Great Elm Capital Group, Inc. | 6 |
Organizational Overview
© 2021 Great Elm Capital Group, Inc. | 7 |
Organizational Overview: Drivers of Shareholder Value
Operating Companies
Investment
Management
Real Estate
- Target undercapitalized small and mid-sized companies where we can partner with management to accelerate earnings and cash flow growth
- Focus on companies that offer a platform for follow-on acquisitions and investment, particularly with respect to DME and adjacent industries
- Grow Great Elm Capital Corp. ("GECC") through capital raises and potential
BDC acquisitions - Increase assets under management ("AUM") via new fund launches, SMAs and co-investments
- Manage the Fort Myers investment to monetize significant net operating loss carryforwards ("NOLs")
© 2021 Great Elm Capital Group, Inc. | 8 |
Organizational Overview: Alignment of Interest
Employee
Share
Ownership
Director
Share
Ownership
Significant
Alignment of
Interest
- Employees of GEC/Great Elm Capital Management, Inc. ("GECM") collectively own approximately 1.9 million shares of GEC, representing approximately 7% of GEC's outstanding shares1
- The directors of GEC collectively own approximately 5.2 million shares of GEC, representing approximately 20% of GEC's outstanding shares1
- When combined, insider ownership totals approximately 27% of the outstanding shares
- We believe this level of insider ownership results in a significant and long- term alignment of interest between the shareholders and the insiders of GEC
(1) This includes restricted shares that are subject to both performance and service vesting and is based on the share count pro forma for the vesting of said restricted shares.
© 2021 Great Elm Capital Group, Inc. | 9 |
Operating Companies:
Great Elm DME
© 2021 Great Elm Capital Group, Inc. | 10 |
Operating Companies: Growth at DME Amid Uncertainty
-
In fiscal 1Q21, Great Elm DME, Inc. ("DME") generated $14.6 million of revenue, $0.5 million of net loss and $2.8 million of adjusted
EBITDA1 - Meaningful revenue growth in PAP supplies category, moderate decline in PAP rental
- Having invested heavily in the platform, management is focused on driving organic growth, improving margins, and making add-on acquisitions
- COVID-19disrupted physician referrals and new PAP patient setups during the quarter
- New PAP patient setups declined 24.7% year over year, driven by reduced physician referrals during the quarter
- Physician referrals and new PAP patient setups improved throughout the quarter, but have not yet achieved pre COVID-19 levels
- Lowering our Cost of Capital
- Given our low level of leverage, we are focused on lowering our cost of capital
- In addition, we are seeking incremental debt capital to fund our pipeline of attractive add-on acquisitions
- Acquisitions
- After investing significant time and money into making its platform more scalable, DME has resumed its efforts to make attractive, add-on acquisitions
- In the near term, DME is focused upon acquiring businesses with complementary products in existing or adjacent geographic markets.
(1) Please refer to the disclaimers on slide 2 and the Adjusted EBITDA reconciliation tables in the Appendix
© 2021 Great Elm Capital Group, Inc. | 11 |
Operating Companies: DME Segment Financial Detail
DME Segment Financials - Quarter Ended 9/30/20
Total revenues | $ | 14,610 |
(Total expenses) | (15,068) | |
GAAP net loss | (458) | |
Adj. EBITDA: | ||
Net loss | (458) | |
Interest expense | 709 | |
Depreciation and amortization | 2,211 | |
Transaction and integration related costs | 139 | |
Location closure | 54 | |
Management and monitoring fees | 116 | |
Other income / (expense) | 3 | |
Adj. EBITDA1 | $ | 2,774 |
(Maintenance capex) | (41) | |
(Growth capex) | (1,484) | |
Unleveraged free cash flow | $ | 1,249 |
Interest expense paid | (677) | |
Scheduled debt amortization | (354) | |
Payments on equipment financing | (1,058) | |
Leveraged free cash flow | $ | (840) |
(1) Please refer to the disclaimers on slide 2 and the Adjusted EBITDA reconciliation tables in the Appendix
© 2021 Great Elm Capital Group, Inc. | 12 |
Investment Management
© 2021 Great Elm Capital Group, Inc. | 13 |
Investment Management: A Focus on Opportunity
- In fiscal 1Q21, Investment Management generated $0.8 million of revenue, $0.1 million of net loss and $0.2 million of adjusted EBITDA1
- Revenue and profitability were stable
- Net assets at GECC grew to approximately $60.5 million as of September 30, 2020, as compared to $53.2 million at June 30, 2020 and $50.8 million at March 31, 2020
- We are seeking to capitalize upon our successful investments in the specialty finance sector
- GECC's investment in Prestige Capital has exceeded internal expectations
- GECC has an attractive pipeline of potential investments in the specialty finance sector
- On October 1, 2020, GECC closed a successful non-transferable rights offering in order to capitalize upon this attractive pipeline, raising $31.7 million in gross proceeds
- This was an important step in our plan to increase AUM at GECM
- Increasing GECM's AUM should increase our revenue, earnings and cash flow
(1) Please refer to the disclaimers on slide 2 and the Adjusted EBITDA reconciliation tables in the Appendix
© 2021 Great Elm Capital Group, Inc. | 14 |
Investment Management: A Scalable, High Margin Business
AUM GROWTH
Grow GECC's AUM through the issuance of
additional debt and equity, supplemented by accretive acquisitions of other BDCs, resulting in an increase in fee revenue
Grow the Investment Management business by leveraging the existing team to launch additional vehicles
SCALABLE MODEL
Investment team and infrastructure in place to support growth in AUM and new investment vehicles
AUM Growth
High Margins
Scalable Model
Free Cash Flow
HIGH MARGINS
Given the largely fixed cost nature of the
Investment Management business, we expect adjusted EBITDA margins to increase as our AUM increases and the business scales
FREE CASH FLOW
Growth in AUM in the Investment
Management business coupled with its high margins and scalable business model could result in operating leverage and, thus, the potential for growth in adjusted EBITDA and free cash flow
© 2021 Great Elm Capital Group, Inc. | 15 |
Investment Management: Segment Financial Detail
Near-Term Drivers of Incremental
Free Cash Flow:
- We believe GECC will continue to grow its investment portfolio, including via incremental capital raises, which will drive incremental management fee revenue
- The Full Circle consulting agreement terminated on November 3, 2019. The FY19 expense associated with this agreement was $763 thousand
IM Segment Financials - Quarter Ended 9/30/20 | |||
Total revenues | $ | 773 | |
(Total expenses) | (880) | ||
GAAP net loss | (107) | ||
Adj. EBITDA: | |||
Stock based compensation | 195 | ||
Interest expense, net | 26 | ||
Depreciation and amortization expense | 128 | ||
Adj. EBITDA | 1 | $ | 242 |
Capital expenditures | - | ||
Unleveraged free cash flow | $ | 242 | |
Interest expense paid | - | ||
Scheduled debt amorization | - | ||
Unlevered free cash flow | $ | 242 |
(1) Please refer to the disclaimers on slide 2 and the Adjusted EBITDA reconciliation tables in the Appendix
© 2021 Great Elm Capital Group, Inc. | 16 |
Real Estate
© 2021 Great Elm Capital Group, Inc. | 17 |
Real Estate: Overview
Our current Real Estate investment is attractive for the following reasons:
Limited Equity | High Level of | Monetization |
Capital | Non-Recourse | of Significant |
Deployed | Leverage | NOLs |
© 2021 Great Elm Capital Group, Inc. | 18 |
Real Estate: Fort Myers - Organic Equity Growth | ||||||||||
$65.00 | 8.0x | |||||||||
▪ | Assuming a constant | 7.1x | 7.0x | |||||||
$60.00 | 7.0x | |||||||||
property value of $61.2 | ||||||||||
6.5x | ||||||||||
million, the chart at the | 6.0x | |||||||||
$55.00 | 5.9x | |||||||||
right depicts the | Millions)in($Values | |||||||||
3.2x | 5.3x | 3.0x | CapitalInvested | |||||||
growth in GEC's | ||||||||||
5.0x | ||||||||||
$50.00 | 4.7x | |||||||||
equity value as cash | ||||||||||
4.2x | 4.0x | |||||||||
flows from the rental | ||||||||||
$45.00 | 3.7x | |||||||||
stream are utilized to | ||||||||||
amortize debt over the | EquityandDebt | 2.7x | Multipleof | |||||||
lease term | $40.00 | |||||||||
2.2x | 2.0x | |||||||||
▪ As you can see, GEC | 1.8x | |||||||||
$35.00 | 1.3x | 1.0x | ||||||||
builds significant | 1.0x | |||||||||
equity value1 over time | $30.00 | 0.0x | ||||||||
without any additional | ||||||||||
capital deployment |
Total Debt | GEC Equity Value | Multiple of Invested Capital | |
(1) Equity value is equal to the property value at acquisition minus the face value of the debt on a given date.
© 2021 Great Elm Capital Group, Inc. | 19 |
Real Estate: Segment Financial Detail
RE Segment Financials - Quarter Ended 9/30/20
Total revenues | $ | 1,272 |
(Total expenses) | (1,205) | |
GAAP Net Income | 67 | |
Adj. EBITDA: | ||
Interest expense, net | 650 | |
Depreciation and amortization expense | 430 | |
Adj. EBITDA1 | $ | 1,147 |
Non-cash rental income | (147) | |
Capital expenditures | - | |
Unleveraged free cash flow | $ | 1,000 |
Interest expense paid | (435) | |
Scheduled debt amorization | (565) | |
Unlevered free cash flow | $ | - |
(1) Please refer to the disclaimers on slide 2 and the Adjusted EBITDA reconciliation tables in the Appendix
© 2021 Great Elm Capital Group, Inc. | 20 |
General Corporate
© 2021 Great Elm Capital Group, Inc. | 21 |
General Corporate: Segment Financial Detail
General Corporate Financials - Quarter Ended 9/30/20 | |
Revenue: | |
Total revenue | 91 |
Operating costs and expenses: | |
Public company costs | (614) |
Stock-based compensation | (235) |
Other general and administrative | (564) |
Operating loss | (1,413) |
Other income (expense): | |
Dividend and interest income | 529 |
Unrealized gain on GECC investment | (1,902) |
Interest expense, net | (571) |
Income tax | (99) |
Total other income (expense) | (2,043) |
GAAP net loss | (3,365) |
EBITDA and Free Cash Flow - Quarter Ended 9/30/20 | |
Adj. EBITDA: | |
GAAP net loss | (3,365) |
Management fee | (91) |
Stock based compensation | 235 |
Transaction costs and integration | 32 |
GECC dividend income | (524) |
Unrealized gain, interest, taxes, and | |
depreciation | 2,572 |
Adj. EBITDA | (1,141) |
Capital expenditures | - |
Transaction costs and integration costs paid | (32) |
Unleveraged free cash flow | (1,173) |
GECC dividends paid | 78 |
Capital expenditures | - |
Levered free cash flow | (1,095) |
- As of September 30, 2020, GEC's consolidated cash balance was $22.5 million
- GEC is actively looking for new investment opportunities
(1) Please refer to the disclaimers on slide 2 and the Adjusted EBITDA reconciliation tables in the Appendix
© 2021 Great Elm Capital Group, Inc. | 22 |
Financial Review
© 2021 Great Elm Capital Group, Inc. | 23 |
Financial Review: 1Q21 Consolidating Balance Sheets (Unaudited)
$ in thousands | Durable Medical | Investment | Real Estate | General Corporate | Eliminations | Consolidated | ||||||
Equipment | Management | |||||||||||
ASSETS | ||||||||||||
Cash and cash equivalents, including restricted cash | $ | 1,988 | $ | 272 | $ | 909 | $ | 20,185 | $ | - | $ | 23,354 |
Accounts receivable, net | 7,771 | 945 | - | 179 | - | 8,895 | ||||||
Investments at fair value | - | - | - | 7,241 | - | 7,241 | ||||||
Receivable for securities purchased | - | - | - | 13,560 | - | 13,560 | ||||||
Inventory | 1,127 | - | - | - | - | 1,127 | ||||||
Property and equipment, net | 8,306 | 29 | 52,882 | 4 | - | 61,221 | ||||||
Identifiable intanglible assets, net | 7,672 | 2,160 | 4,746 | - | - | 14,578 | ||||||
Goodwill | 50,010 | - | - | - | - | 50,010 | ||||||
Right of use asset | 3,912 | 1,081 | - | - | - | 4,993 | ||||||
Other assets | 421 | 244 | 1,370 | 790 | (136) | 2,689 | ||||||
Total Assets | $ | 81,207 | $ | 4,731 | $ | 59,907 | $ | 41,959 | $ | (136) | $ | 187,668 |
LIABILITIES | ||||||||||||
Accounts payable & accrued liabilities | $ | 7,058 | $ | 242 | $ | 463 | $ | 1,410 | $ | (136) | $ | 9,037 |
Deferred revenue | 5,278 | - | - | - | - | 5,278 | ||||||
Lease and other liabilities | 4,373 | 1,238 | 478 | (65) | - | 6,024 | ||||||
Long term debt | 500 | - | 54,758 | - | - | 55,258 | ||||||
Related party notes payable | 24,498 | 3,072 | - | - | - | 27,570 | ||||||
Convertible notes | - | - | - | 17,635 | - | 17,635 | ||||||
Equipment financing | 1,730 | - | - | - | - | 1,730 | ||||||
Intercompany, net 1 | 31,510 | 7,680 | 2,976 | (42,166) | - | - | ||||||
Total Liabilities | 74,947 | 12,232 | 58,675 | (23,186) | (136) | 122,532 | ||||||
EQUITY | 6,260 | (7,501) | 1,232 | 65,145 | - | 65,136 | ||||||
Total Liabilities and Equity | $ | 81,207 | $ | 4,731 | $ | 59,907 | $ | 41,959 | $ | (136) | $ | 187,668 |
(1) Intercompany balances, including intercompany borrowings and GEC investments in subsidiaries. All intercompany balances eliminate in consolidation.
© 2021 Great Elm Capital Group, Inc. | 24 |
Financial Review: 1Q21 Consolidating Income Statement (Unaudited)
For the three months ended September 30, 2020 | |||||
Durable Medical | Investment | Real Estate | General | Consolidated | |
$ in thousands | Equipment | Management | Corporate | ||
Total Revenues | $ | 14,610 | $ | |
Cost of revenue | (6,122) | |||
Depreciation and amortization expense | (463) | |||
Selling, general and administration | (7,771) | |||
Total operating costs and expenses | (14,356) | |||
Operating income (loss) | 254 | |||
Dividends and interest income | - | |||
Unrealized gain (loss) on investments | - | |||
Interest expense, net | (709) | |||
Other income (expense), net | (3) | |||
Income (loss) before taxes | (458) | |||
Income tax expense | - | |||
Net income (loss), net of tax | (458) | |||
Adjusted EBITDA | 1 | $ | 2,774 | $ |
773 | $ |
- | |
(128) | |
(726) | |
(854) | |
(81) | |
- | |
- | |
(26) | |
- | |
(107) | |
- | |
(107) | |
241 | $ |
1,272 | $ |
- | |
(430) | |
(125) | |
(555) | |
717 | |
- | |
- | |
(650) | |
- | |
67 | |
- | |
67 | |
1,147 | $ |
91 | $ | 16,746 |
- | (6,122) | |
- | (1,021) | |
(1,413) | (10,035) | |
(1,413) | (17,178) | |
(1,322) | (432) | |
529 | 529 | |
(1,902) | (1,902) |
- (1,957)
1 | (2) |
(3,266) | (3,764) |
(99) | (99) |
(3,365) | (3,863) |
(1,140) | 3,022 |
(1) Please refer to the disclaimers on slide 2 and the Adjusted EBITDA reconciliation tables in the Appendix
© 2021 Great Elm Capital Group, Inc. | 25 |
Summary
© 2021 Great Elm Capital Group, Inc. | 26 |
Summary: Drivers of Shareholder Value
Operating Companies
Investment
Management
Real Estate
- Focus on growing Great Elm DME, Inc. both organically and via an expansion strategy that targets existing and adjacent markets
- Continue to strengthen Great Elm DME, Inc.'s scalable infrastructure, investing in people, processes and technology to support multiple acquisitions per year
- Focus on driving asset growth in GECC and raising capital for other investment vehicles
- Leverage the existing team and infrastructure to generate incremental free cash flow
- Seek to enhance the value of our existing property through property improvement and lease modification
© 2021 Great Elm Capital Group, Inc. | 27 |
Q&A
© 2021 Great Elm Capital Group, Inc. | 28 |
Appendix
© 2021 Great Elm Capital Group, Inc. | 29 |
Appendix: Non-GAAP Reconciliation
For the three months ended September 30, 2020 | ||||||||||||||
Durable Medical | Investment | Real Estate | General | Consolidated | ||||||||||
$ in thousands | Equipment | Management | Corporate | |||||||||||
EBITDA: | ||||||||||||||
Net income (loss) - GAAP | $ | (458) | $ | (107) | $ | 67 | $ | (3,365) | $ | (3,863) | ||||
Interest expense | 709 | 26 | 650 | 572 | 1,957 | |||||||||
Depreciation & Amortization | 2,211 | 128 | 430 | - | 2,769 | |||||||||
Tax expense | - | - | - | 99 | 99 | |||||||||
EBITDA | $ | 2,462 | $ | 47 | $ | 1,147 | $ | (2,694) | $ | 962 | ||||
Adjusted EBITDA: | ||||||||||||||
Stock based compensation | - | 194 | - | 235 | 429 | |||||||||
GECC dividend income | - | - | - | (524) | (524) | |||||||||
GECC Unrealized (gains) / losses | - | - | - | 1,902 | 1,902 | |||||||||
Other (income) expense | 3 | - | - | (1) | 2 | |||||||||
Transaction and integration costs 2 | 112 | - | - | 33 | 145 | |||||||||
Severance | 27 | - | - | - | 27 | |||||||||
Location start up expense | 54 | - | - | - | 54 | |||||||||
DME management and monitoring fees | 116 | - | - | (91) | 25 | |||||||||
Adjusted EBITDA | $ | 2,774 | $ | 241 | $ | 1,147 | $ | (1,140) | $ | 3,022 |
- Prior year non-GAAP adjustments have been updated to conform to current year presentation by removing adjustments associated with the adoption of ASC 606 Contracts with Customers.
- Transaction and integration related costs include costs to acquire and integrate acquired businesses. This also represents change in contingent consideration liability since the initial valuation at the acquisition date.
© 2021 Great Elm Capital Group, Inc. | 30 |
Appendix: Non-GAAP Reconciliation (Continued)
For the three months ended September 30, 2019 | |||||||||||||
Durable Medical | Investment | Real Estate | General | Consolidated | |||||||||
1 | |||||||||||||
$ in thousands | Equipment | Management | Corporate | ||||||||||
EBITDA: | |||||||||||||
Net income (loss) - GAAP | $ | (819) | $ | (45) | $ | 60 | $ | (2,474) | $ | (3,278) | |||
Interest expense | 996 | 42 | 658 | - | 1,696 | ||||||||
Depreciation & Amortization | 2,508 | 179 | 431 | - | 3,118 | ||||||||
Tax expense | - | - | - | 242 | 242 | ||||||||
EBITDA | $ | 2,685 | $ | 176 | $ | 1,149 | $ | (2,232) | $ | 1,778 | |||
Adjusted EBITDA: | |||||||||||||
Stock based compensation | - | 175 | - | 118 | 293 | ||||||||
Change in contingent consideration | 2 | - | - | - | (195) | (195) | |||||||
GECC Unrealized (gains) / losses | - | - | - | 983 | 983 | ||||||||
Dividend income from GECC | - | - | - | (490) | (490) | ||||||||
Other (income) expense | (3) | - | - | - | (3) | ||||||||
Transaction and integration costs | 2 | 148 | - | - | 120 | 268 | |||||||
Severance | 2 | - | - | - | 2 | ||||||||
Location start up expense | 135 | - | - | - | 135 | ||||||||
DME management and monitoring fees | 48 | - | - | (23) | 25 | ||||||||
Adjusted EBITDA | $ | 3,015 | $ | 351 | $ | 1,149 | $ | (1,720) | $ | 2,796 |
- Prior year non-GAAP adjustments have been updated to conform to current year presentation by removing adjustments associated with the adoption of ASC 606 Contracts with Customers.
- Transaction and integration related costs include costs to acquire and integrate acquired businesses. This also represents change in contingent consideration liability since the initial valuation at the acquisition date.
© 2021 Great Elm Capital Group, Inc. | 31 |
Appendix: Contact Information
Investor Relations
800 South Street, Suite 230 Waltham, MA 02453
Phone: +1 (617) 375-3006
investorrelations@greatelmcap.com
© 2021 Great Elm Capital Group, Inc. | 32 |
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Great Elm Capital Group Inc. published this content on 16 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 November 2020 18:30:05 UTC