Greg Roberts: Yes. I mean, that’s a great synergy because as, we every week, we have plenty of SilverTowne product on the shelf and we have both wholesale and retail customers buying out of that inventory. It doesn’t cost us anymore to introduce LPM customers to that inventory. Now we will have to — we’ve already started on the process of logistics and we will have to stage product a little bit more in Hong Kong and we’ve been already doing that with Brink’s in Hong Kong. As well as I think it’s important to note that we entered into a supplier agreement with AMS about, around two months ago and as part of the negotiations and part of the test, we’ve had a supplier agreement with AMS and LPM, specifically, and we have already started out of our Vegas facility, we’ve started to ship product for LPM to their customers as well as we’ve started to finance some of their inventory in Hong Kong.
So, we’ve been operational with them for the last two months, so we’ve have been able to get a really good idea of what it takes and where we can improve LPM’s profitability. So, we have actually been working on that.
Sy Jacobs: And then last question on the transaction and in general. You’re paying almost all cash for this. Is the cost of capital missing out on 5% money market on $40 million or are there sort of like add, you said you’re not borrowing any money to do it, are there any other sort of costs that you need to subtract from the 2% or more margin and also vis a vis the buyback and how it relates to this? Can you spent something less than 50% of your cash flow this quarter and buying back stock does making this acquisition $40 million, make it any harder to return capital at that pace going forward?
Greg Roberts: Well, I think there’s a little bit of unknown in that question. I am super enthusiastic about this acquisition. I didn’t do this to not make 5% on money market. I think this business has the opportunity to really change and to really add to what A-Mark is doing in a market that we’re currently getting a very tiny fraction of the market share. So I know what this business has made historically, I know what it made in good times, I know what that revenue and that profitability is worth to us. And I think that if LPM was owned by A-Mark in 2021 or 2022 or even 2023, they would have made significantly more money than they did on their own. So I am looking at this as a home run. I am not looking at it as a bunt single.
Sy Jacobs: And then the buyback part of the question. Does it impinge your ability to buyback at this pace?
Greg Roberts: No. I think that management and the A-Mark Board, we spent quite a bit of time making sure this was the right size deal that would afford us the opportunity to continue to balance all of these things, whether it be dividend or whether it be stock buyback or whether it be other acquisitions in the future. I think this deal at this moment was sized very well, and it wasn’t that long ago that we made $50 million EBITDA in a quarter. As it relates to other opportunities, I think we’re very well positioned to keep doing everything when the opportunity presents itself and if we feel that the price of the stock is attractive for a buyback, we’re going to continue to buyback the stock. Obviously, we’ve announced here that we bought back 400,000 shares in the quarter. That’s a pretty big buyback against a 23 million share outstanding. So I think I’m pretty excited about continuing to do everything well.
Operator: And this does conclude our question-and-answer session. I’d now like to turn the call back over to Mr. Roberts for his closing remarks.
Greg Roberts: Thank you, Paul. Once again, thanks to all of our shareholders who joined the call today as well as the shareholders that aren’t on the call that will listen to it later recorded. I want to thank our employees for the dedication and commitment to our success and look forward to keeping you apprised of A-Mark’s progress in the future. Thank you for joining.
Operator: Before we conclude today’s call, I would like to provide A-Mark’s Safe Harbor statement that includes important cautions regarding forward-looking statements made during this call. During today’s call, there were forward-looking statements made regarding future events. Statements that relate to A-Mark’s future plans, objectives, expectations, performance, events and the like are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934. These include statements regarding expectations with respect to the dividend declarations, the amount or timing of any future dividends, future macroeconomic conditions and demand for precious metals products, and the company’s ability to effectively respond to changing economic conditions, future events, risks, and uncertainties individually or in the aggregate could cause actual results to differ materially from those expressed or implied in these statements.
