So, when you think about the $8.1 million that we’ve spent in the buyback, we’ve received $3.5 million back in exercise warrants. Really, this reduced our cost of the buybacks significantly. And I think that it was absolute kind of win for us that we didn’t plan for initially. We were just looking at our company and felt that our stock was undervalued. And then when you looked at the warrants starting to exercise, it’s effectively converting people into long-term shareholders and believers in our stock. So, we couldn’t be more proud or happy about how that process has worked. In addition to that, creating a really positive narrative. Now, how many more outstanding warrants are there? There’s about a little north of 17 million outstanding warrants.
And we think that, as we continue to deliver results like those warrant holders will continue to see the opportunity to exercise and become common stockholders. So, any warrant holders out there, we are as aggressively as we can sharing that with them this story. And thankfully, we’re seeing them turn into long-term stockholders because of it. So, super excited about it.
Matthew Howlett: You’re not far from, what is it, 18, where you can call them and force conversion, is that sort of the number?
Jay Jackson: That’s right. So, per the warrant agreement, what happens is that if the common stock reaches 18 for 20 days or 30 days, then we can call all the warrants to exercise of 1150, which would effectively create somewhere around $190 million to $200 million of cash to our balance sheet if that were to occur, we’ll see. I think that’s a little further down the road if that were to happen great. We would love to have those warrant holders convert to stockholders. But if it doesn’t, that’s okay too. But as the stock continues to rise based upon the performance of the company it is a viable possibility that that could happen. And I would love to have all those warrant holders convert over to common stockholders. Plus, if you think about what that $200 million would add, the impact that would have to our balance sheet, it would be substantial.
Matthew Howlett: Acquisitions, you just have sort so much more capital to grow and low-cost capital. So really — I got to commend you on capital management, really.
Jay Jackson: And you think about that capital and the EBITDA that it runs at, that would have a dramatic impact, I think, or significant impact to forward 12-month EBITDA. But we’ll see. We will obviously keep a really close eye on it, but it’s definitely one of the strategies along with debt, along with equity that we would take a good hard look at in 2024.
Matthew Howlett: Put you in a virtuous circle for sure. I really appreciate it, guys.
Operator: There are no further questions in the queue. I’d like to hand it back to you, Jay Jackson for closing remarks.
Jay Jackson: Great. Thank you again to everyone for joining our Q4 2023 conference call and earnings call. We couldn’t be more excited about the prospects of 2024, and we also want to express our gratitude to each and every one of our shareholders for our research analysts and everyone who attended this call today. We look forward to working with you more in the future. And as always, as more questions arise after this call, you would like to schedule some time with Bill and I feel free to reach out. Have a great afternoon. Thank you.
Operator: Ladies and gentlemen, this does include today’s teleconference. Thank you for your participation. You may disconnect your lines at this time, and have a wonderful day.