It was a lot of hard work and we’re very thankful and very appreciative of our partners in the bank group. As we look at the stock buyback in particular, to me, it’s just — it’s like any other trade we do. Where is our capital best allocated to return the best result for our shareholders and that’s something that I focus on all the time. As we look at opportunities whether it be capital expenditures, whether it be holding inventory, whether it be acquisitions or whether it be stock buybacks, I view this and the Board to this — the Board and I are very well aligned on this, that we’re looking for whatever the best return is for the shareholders. And, I believe that, at the moment, the stock offers to me a better opportunity, than maybe it did, a few months ago.
So, I think certainly the market cap of the company as it relates to our tangible net worth and our book value as well as, inventory or M&A opportunities, they’re all factors. And obviously as buying back stock in my assessment — if I believe buying back the stock, a few years from now is going to be the best investment and the best way to deploy our capital, we will do that. If we believe an M&A opportunity is going to return a better ROI, we’re going to look at the M&A opportunity. And if we need to expand our mints or we need to expand our storage or we need to inventory more product, we’re going to do that. So, to me, it’s something I do every day. I don’t believe that there’s a playbook for it that every opportunity and every decision is easily defined.
It’s a little bit of experience and gut and that’s what I do. So, I hope that answered your question.
Lucas Pipes: It was very helpful. And I appreciate that approach and thank you for that detail and best of luck.
Operator: Thank you very much. Your next question is coming from Tom Forte of D.A. Davidson. Tom, your line is live.
Tom Forte: Great. Thank you, Greg. So, I have two questions. I’ll ask them both at the same time. Can you talk about — would it be too strong of statement to say that $0.70 a quarter in GAAP earnings is a current low for the business as configured? The second part for that one is, what is it about the way that you’ve put together the business right now that enables you to generate such tremendous profitability in a soft quarter? I feel like if I looked back in time when there was soft quarter, you often actually lost money and didn’t make money. And then second, maybe just at a high level, can you compare how the core customer is responding to the Israel-Hamas conflict or the government shutdown, news that came out at the end of September And maybe how that compares with the debt ceiling or the Silicon Valley Bank or the Rus-Ukraine, just high level comments there, I’d really appreciate it.
Greg Roberts: Sure. Let’s start with the first one. I am thrilled and very optimistic that with the environment we encountered, we encountered in the first quarter, we made $30 million EBITDA, which we’ve just announced. I think that is a tremendous performance. When you view the — what we dealt with and what was going on as it relates to the supply and demand and the sentiment of our shareholder base and I believe that we have, as you pointed out, sometimes it’s easy to lose perspective on performance and being a public company, I realize that that our investors are looking at a year-over-year, quarter-over-quarter. But as you’ve pointed out and you’ve been here for quite some time, $30 million, if that is near or around our low baseline of what we can do and $75 million to $80 million is our upside, I’m very proud of our employees and our management and our and thankful to our customers for everything they do to cause these results.
So, — and I am — I know when $5 million was a great quarter for us. So, I agree with what you’re saying. And I believe that this business is built for the long-term and this business is built to take advantage when the opportunities are there to have outsized returns that you just don’t see very often in any companies. And I love it and we’re very good at what we do. And when we have a slow quarter, as I have said before, and we’ve illustrated before, there’s a lot that goes on to building the business and keeping the business running and prepared to take advantage and take market share when the market gives us an opportunity. So, for all we accomplished in Q1 and to make $30 million EBITDA, we’re very pleased with the performance. I think that we are in a situation to kind of move towards your second question.
I think we are facing some very uncertain times as it relates to what’s going on in the world. And I don’t think that any CEO can get on the phone like this and talk about that they have any certainty as to how certain things that are going on in the world today are going to affect their business. The crystal ball does become a little foggier when you have events going on, that are really unprecedented. And as I said a little bit earlier, in all the years I have done this, there are a lot of factors affecting the world economies right now that have really never come together at the same time. To kind of dissect your questions related to individual events, I think that in hindsight, it’s very easy for me to understand and explain how certain events affected our business, either positively or negatively.
