Earnings call transcript: Laird Superfood beats Q1 2025 EPS forecast, stock rises

Laird Superfood Inc. (LSF) reported its financial results for the first quarter of 2025, exceeding earnings expectations with an EPS of -$0.02 against a forecast of -$0.04. Despite a revenue shortfall, the company’s stock saw a 4.17% rise in aftermarket trading, closing at $7. This growth is attributed to improved operational performance and strategic product expansions. According to InvestingPro data, LSF has demonstrated remarkable momentum with a 170.97% return over the past year, though the stock remains slightly overvalued at current levels.

Key Takeaways

• Laird Superfood’s EPS beat expectations, narrowing losses more than anticipated.
• Revenue increased by 18% year-over-year, reaching $11.7 million.
• The company’s stock rose by 4.17% in aftermarket trading.
• Positive adjusted EBITDA of $400,000 marks a significant improvement.
• Strong performance in the company’s new product lines and marketplace expansion.

Company Performance

Laird Superfood demonstrated robust growth in Q1 2025, with net sales rising by 18% year-over-year. The company also improved its gross margin to 41.9%, a 1.9% increase from the previous year. These results reflect the company’s strategic focus on expanding its product lines and enhancing its direct-to-consumer (DTC) platform. InvestingPro analysis reveals the company maintains strong financial health with a current ratio of 3.03, indicating solid liquidity. Get access to 8 more exclusive ProTips and comprehensive analysis with an InvestingPro subscription.

Financial Highlights

• Revenue: $11.7 million, up 18% year-over-year.
• Earnings per share: -$0.02, beating the forecast of -$0.04.
• Gross margin: 41.9%, a 1.9% increase from the prior year.
• Net loss narrowed to $200,000 from $1 million in Q1 2024.
• Adjusted EBITDA: $400,000, compared to -$800,000 in the previous year.

Earnings vs. Forecast

Laird Superfood exceeded earnings expectations with an EPS of -$0.02, surpassing the forecast of -$0.04. However, revenue was slightly below the forecast of $12.2 million, coming in at $11.7 million. This earnings beat highlights the company’s operational improvements and strategic initiatives.

Market Reaction

Following the earnings announcement, Laird Superfood’s stock rose by 4.17% in aftermarket trading, closing at $7. This increase reflects investor optimism, driven by the company’s better-than-expected EPS and positive adjusted EBITDA. The stock’s performance aligns with broader trends in the health and wellness sector. With a beta of 2.24, LSF shows higher volatility than the market, presenting both opportunities and risks for investors. Discover detailed valuation metrics and expert analysis in the comprehensive Pro Research Report, available exclusively on InvestingPro.

Outlook & Guidance

The company reaffirmed its full-year net sales projection of $52-54 million, anticipating 20-25% growth. Laird Superfood expects gross margins to remain in the upper 30s and aims for breakeven adjusted EBITDA. The company plans to continue investing in inventory to support growth.

Executive Commentary

"Our 18% sales growth in Q1 outpaces many of our peers and speaks to the demand for our healthy functional foods," stated Jason Beef, CEO. Anya Hamel, CFO, reaffirmed the company’s full-year guidance, highlighting confidence in strategic initiatives. "We’re seeing some of the best acceleration against that strategic lever for us," Beef added, referring to wholesale growth.

Risks and Challenges

• Potential supply chain disruptions could impact product availability.
• Inflationary pressures may affect raw material costs.
• Continued net losses pose a challenge to achieving profitability.
• Market saturation in the health and wellness sector could limit growth.

Q&A

During the earnings call, analysts inquired about the potential impacts of tariffs on the business and challenges related to the liquid creamer product launch. Executives addressed these concerns, emphasizing strategic measures to mitigate risks and capitalize on growth opportunities.

Full transcript - Laird Superfood Inc (LSF) Q1 2025:

Operator: Good afternoon. Thank you for attending the Laird Superfood First Quarter twenty twenty five Financial Results Call. My name is Matt, and I’ll be the operator for today’s call. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. I’ll now have to pass the conference over to our host, Trevor Rousseau, Head of Investor Relations.

Trevor, please go ahead.

Trevor Rousseau, Head of Investor Relations, Laird Superfood: Thank you, and good afternoon. Welcome to Laird’s Superfood’s First Quarter twenty twenty five Earnings Conference Call and Webcast. On today’s call are Jason Beef, Laird Superfoods’ President and Chief Executive Officer and Anya Hamel, our Chief Financial Officer. By now, everyone should have access to the company’s earnings release, which was filed today after market closed. It is available on the Investor Relations section of Related Superfood’s website at www.relatedsuperfood.com.

Before we begin, please note that during this call, management may make forward looking statements within the context of federal securities laws. These statements are based on management’s current expectations and involve risks and uncertainties that could cause actual results to differ materially from those described. Please refer to today’s press release and other filings with the SEC for a detailed discussion of these risks and uncertainties. And with that, I’ll turn the call over to Jason.

Jason Beef, President and Chief Executive Officer, Laird Superfood: Thank you, Trevor, and hello, everyone. I’m delighted to share with you the results of Laird’s Superfood’s first quarter of twenty twenty five, which marked another strong period as a high growth premium brand, robust margins and significant market potential. During Q1 twenty twenty five, we achieved an 18% year over year increase in net sales to $11,700,000 up from $9,900,000 in the same period last year. This marks our fifth consecutive quarter of double digit sales growth, which is even more impressive in what has recently become an inflationary and uncertain economic environment. Our profitability metrics remain a highlight.

In Q1 of twenty twenty five, we delivered 41.9% gross margin, a 1.9 improvement versus Q1 of last year. This margin strength, despite significant commodity price pressures in ingredients such as coffee and coconut milk powder, positions us well above the industry average for food companies. And our ability to sustain margins in the high 30 to low 40% while driving nearly 20% sales growth underscores the resilience and exceptional execution of our omnichannel business model, driven by strategic sourcing, a variable cost manufacturing approach and disciplined trade spend management. Our Q1 results also demonstrate the progress that we are making in our two primary strategic commercial initiatives to drive robust growth on Amazon and to significantly expand our wholesale distribution. Our e commerce channel grew by 6% during Q1, led by our performance on Amazon, which delivered strong performance driven by improved inventory management and targeted marketing execution that drove platform demand for our layered super food products.

In our direct to consumer business, more than 75% of q one DTC sales came from repeat customers and subscribers, a testament to our ability to foster long term relationships and a demonstration of the trust and loyalty that our consumers have in the brand. Similarly, we continue to make exceptional progress on the wholesale front, with net sales increasing 35% year over year and now contributing nearly half of our total LSF revenue. This growth was driven by distribution gains in grocery and club stores, including key partners across both natural and conventional grocery, coupled with improved dollar sales velocity at existing accounts. Our efficient promotional strategies and strong consumer demand for our products fueled this momentum. As we noted on our previous calls, we expected our Q1 sales growth would be tempered by out of stock issues with our creamer and instant latte products stemming from unexpectedly high demand during Q4 twenty twenty four.

Indeed, we did feel that impact, yet I am pleased to be able to report that we have resolved these constraints by qualifying additional raw material suppliers and enhancing our supply chain flexibility and that we are now in a stronger inventory position on our coconut milk product, which we expect will allow us to drive accelerated growth on these products in the second half of twenty twenty five. Focusing on our supply chain, Q1 was another testament to the agility that we have built in this function. Despite persistent commodity inflation in coffee, cacao and coconut milk powder, we were largely able to mitigate these cost impacts through strong supplier relationships and operational efficiencies and by beginning to make moves that will mitigate the impact of tariffs on our business. Our 41.9 percent gross margin in Q1 includes a 3.3 benefit from a timing change in capitalization of inbound freight. But even without this, our margin resilience is notable.

We remain committed to our goal of sustaining annual gross margins in at least the upper 30s, and we’re cautiously optimistic about potential commodity price corrections in 2025 that could further enhance our profitability. As we have previously discussed, our strategy remains to maintain sharp pricing to prioritize volume growth, positioning us to build a larger, more profitable business from commodity costs normalized. Speaking of tariffs, let’s address the elephant in the room. As you’d expect, much of our raw materials, such as our coconut products and our coffee, are imported from farms overseas. While we continue to watch this situation very carefully, we feel that we are in position to manage the impact of the tariffs that have thus far been levied within the guidance that we have previously provided.

Should significant additional tariffs be levied on our ingredients, we would likely need to take price to accommodate that impact. Before I hand over to Anya, I want to highlight our continued progress on profitability. In Q1 twenty twenty five, we narrowed our net loss to $200,000 compared to a $1,000,000 loss in Q1 twenty twenty four. We also achieved a positive adjusted EBITDA of $400,000 compared to a negative $800,000 in the prior year. This result demonstrates the operating leverage we’re unlocking as we scale our business, reinforcing our path towards sustainable profitability.

And our balance sheet remains strong with no debt and ample cash to operate our business as we continue to grow our revenues and push beyond breakeven profitability. Now let me turn it over to Anya to dive into the financial details for the quarter.

Anya Hamel, Chief Financial Officer, Laird Superfood: Thank you, Jason, and good afternoon, everyone. I will now provide you with some additional details on the first quarter of twenty twenty five financial results and our outlook for the full year. Coming off a record performance in 2024, we delivered equally strong results in the first quarter of twenty twenty five despite some out of stock challenges that we experienced during the quarter. Net sales grew 18% to $11,700,000 compared to $9,900,000 in the prior year period. This is the second quarter in a row where our wholesale channel led the company’s growth, increasing by 35% year over year and accounting for 47% of our total net sales.

This growth was driven by distribution expansion in grocery and velocity acceleration at shelf in both retail and club. E commerce sales increased by 6% year over year and contributed 53% of total net sales with continued significant improvements in media efficiency in this channel. The growth was driven by strong sales on Amazon, building on our sales momentum over the previous four quarters and driven by outstanding commercial execution. Gross margin for the fourth quarter came in at 41.9% compared to 40% in the corresponding prior year period. A timing change in capitalization of inbound freight accounted for 3.3 points of gross margin in Q1 twenty twenty five.

As Jason mentioned, even excluding that change, Q1 gross margin was 38.6%, which was flat sequentially to Q4 twenty twenty four, showing resiliency in our margin despite inflationary increases in key commodity costs such as coffee and coconut milk powder. Our supply chain team continues to drive efficiencies by directly partnering with key raw material suppliers and co packing partners to find cost savings to offset rising commodities costs. Operating expenses were nearly flat in the first quarter compared to the same quarter last year as higher selling fees due to volume growth, people related costs such as stock based compensation, which is a non cash expense, were nearly offset by lower general and administrative expenses and lower marketing spend as we continue finding ways to improve media efficiencies and cut non working spend. Net loss for the quarter was $200,000 compared to $1,000,000 loss in the prior year period and adjusted EBITDA was positive $400,000 compared to $800,000 loss in the same quarter prior year. This 1,200,000 improvement in adjusted EBITDA was driven by top line growth and margin expansion.

Now turning to our balance sheet. We ended the quarter with $7,200,000 in cash and no debt. This quarter we invested in building our inventory safety stock in order to minimize other stocks and capture future growth opportunities. This initiative resulted in $1,300,000 cash usage in the quarter compared to $400,000 of cash used in operating activities in the same period last year. We believe that now our inventory is appropriately sized to allow supply chain flexibility required to meet expectations of increased demand during the balance of the year.

We continue to project that we have sufficient cash to fund our operations as we grow our business and make operating improvements that drive us towards breakeven and profitability. We also have an asset backed line of credit available for our use should we need it. We exited q one with a strong momentum in our core categories, healthy inventory levels, exciting innovation and confidence in our team and our brand. We are excited about our ability to continue to deliver strong performance. Therefore, we are reaffirming our full year guidance.

We expect net sales to be between 52,000,000 and $54,000,000 which represents 20% to 25% growth versus prior year and we still expect gross margins to hold in upper 30s despite rising commodities costs and tariff pressures. As previously shared, we will target to manage our adjusted EBITDA to breakeven on a full year basis and will reinvest in the surplus to fuel our top line growth. We expect full year operating cash flow to be in the range of 1,000,000 to $2,000,000 negative driven by an incremental investment in inventory to support top line growth and minimize out of stocks. And with that, I will turn the discussion back over to Jason for any closing remarks.

Jason Beef, President and Chief Executive Officer, Laird Superfood: Thank you, Anya, and thank you to everyone for joining us today. Laird’s Superfood continues to carve out a unique position in the food and beverage markets with our portfolio of minimally processed products and clean ingredients. Our 18% sales growth in Q1 outpaces many of our peers and speaks to the demand for our healthy functional foods. And our dual channel success thriving in both retail and e commerce gives us the versatility that sets us apart in today’s retail environment. The past few years have been transformative for Larry’s Superfood, and yet we still believe that we’re just getting started.

I’m incredibly proud of our team’s execution and excited about our continued growth as we build on this momentum. Despite current headwinds in our industry, as Anja indicated, we remain confident in our 2025 outlook and our ability to deliver long term value for our shareholders. Operator, this concludes our prepared remarks, and we are now ready to open the call to questions.

Operator: First question is from the line of JP Wollam with Roth Capital Partners. Your line is now open.

JP Wollam, Analyst, Roth Capital Partners: Hi, Anya. Hi, Jason. I appreciate you guys taking my questions tonight. So I know you touched on it a little bit, but just to kinda keep beating the dead horse with tariffs, if we could just maybe dive in a little bit deeper. The statement that you made, Jason, I just wanna clarify.

Is that based on sort of the paused kind of, call it, 10% rates? Or is that, regarding, you know, the original Liberation Day rates? And just to follow-up would be, as you think about managing tariffs and wherever they may shake out, I guess, how much is it potentially inhibiting your ability to increase trade spend as you sort of think about managing to that high 30% gross margin?

Jason Beef, President and Chief Executive Officer, Laird Superfood: Hey, JP. Thanks, for the question. I think it’s, on everybody’s mind, so I appreciate you getting this one out there. Yeah. And, really, what we’re saying is this.

The 10%, tariff that that is, that’s on there right now is I don’t wanna say it’s de minimis, but we’re we’re able to handle that without a problem. The you know, that the bigger tariff after the ninety day pause that we’re going to affect will have more impact, but we still feel we can manage that within our p and l. You know, there’ll be a bit of a gross margin impact, but we have other levers, other spend levers that we can execute in order to accommodate that and still, be within the guidance that we’ve given you guys. Obviously, there’s little bit of a you know, it’s a little bit broad when we say upper thirties. We’re still very confident that we can land the year in the upper thirties.

Obviously, tariffs would take a a bit more of an impact, but we can manage it through the rest of the p and l such that we can still, be at that adjusted, gross margin, breakeven point that we we had called out previously. So, you know, the reality is these tariffs, you know, no one knows really where they are. We we are absolutely watching them, strategically planning around them, but we also put our blinders on and just keep operating and executing the best that we can Going forward, inventory purchases, while they’re less expensive, I think a lot of this frankly, think a lot of this is going to go away. It’s just not a win. So we’re trying to be as long on inventory as we reasonably can be to get through that period.

And at the end of the day, if if, we can hit with really big tariffs as were originally announced and and the entire industry is impacted, there’ll be nothing left to do but take price, and we’ll take price. But we’re trying to hold the line on that. You know, I mentioned previously that we felt we can manage it, and and we think that, by by keeping our price sharp, we can take volume, we can take share, and we’re seeing some of that playing out in the market already. We’re seeing opportunities open up, that, some of which have been executed, some of which are, we’re working on right now that we think can can be really beneficial to our business as, some of the commodity prices come back down and some of the tariffs ultimately are reduced or go away. So, we’re optimistic that we’re gonna land in a better place.

I think we have a team that is very, very adept at managing strategic opportunities and issues that, you know, you know, you have a a team here that largely worked together for a number of years back in the big wave days and went through a lot of this type of scenario planning then. So we’re we’re actually embracing some of the change and and feeling like we can be winners as it all plays out.

JP Wollam, Analyst, Roth Capital Partners: Perfect. That is that’s very helpful color. I appreciate that. If we could kinda switch over just to the wholesale strength, I was just hoping maybe you could provide a little bit more detail about, specifically kind of the the increasing velocities. You know, were there a couple of things that were really driving that, a couple of SKUs where you really noticed those improved velocities?

And I think in the press release, there was a comment maybe about revenue being offset by promotional spend. Just if you could touch was there some kind of large promotion that really helped that wholesale business this quarter or was it kind of just some small tweaks maybe pricing, maybe trials, anything that you can kinda share on on the wholesale strength?

Jason Beef, President and Chief Executive Officer, Laird Superfood: Yeah. For sure. And and I really appreciate that question too because this is an area I I really wanted to spend a little bit more time on. So wholesale has been really, as you know, a growth driver for us in the last couple of years. We’re seeing some of the best acceleration against that strategic lever for us.

That that is you know, when we think about our growth for the future, it’s really Amazon and wholesale. And we intended to be right around the fifty fifty split of wholesale and ecom, you know, sometime in 2025. And so we’re right on on pace for that. I think we’re just a few points off of it right now, and we believe that wholesale is likely to outpace online as we go forward because we’ve had some really great distribution gains that have been achieved over the last, over the last year, and we’re reaping the benefits of that. And then, you know, specifically to your question, we’re also having really great, velocity improvement.

Even where we’re gaining distribution on products, what we’re seeing is velocity improvements on those products and other stores. And that that’s very rare that that happens, and I think it really speaks to the trends, that are filling, our sales right now. So, you know, around around, just around overall health movements. So, so what we’re seeing specifically, JP, at wholesale is really strong growth in coffee, in our powder coffee creamers. Our instant latte products have done really well.

And so that coffee solutions that, in particular, has has been the driver. We’re also seeing nice growth on our mushrooms. We’ve had really strong growth recently on the bars again. So it’s it’s really that the whole portfolio is working, but I’d I’d call out more than anything. I’d call out the strength of those of that coffee solution set that I mentioned.

It did cause us some problems in q four of last year, as you know. We you know, the strength the growth was so strong that it ran us out of supply. And as I mentioned, we’re through that. Kind pleased to say that I don’t believe we have any out of stocks on the token of milk products across any of the channels right now. We’re back in stock with our distributors in wholesale.

Amazon looks great, and our DTC products are back. So I feel like we’re in a really great position for the balance of the year there. Better supplier arrangements in our and we are confident in our ability to deliver against that this year. And then specifically to your question about trade spend, you know, really, that comment was really around we we had some prior period, expenses that were submitted that just exceeded what we expected. So last year, in particular, in that q three, q ’4 period where we were growing, what we found is some of our promotions worked even better than we had realized, probably helped to drive some of those out of stocks.

But in doing that, we put a lot more product in the consumer hands and really drove additional trial. And so I think net net, while it’s always a little bit painful to overspend your trade budget a bit, you know, matching that back up to the strong growth we had last year, we feel really good that that was still very efficient spend and, frankly, is is continuing to drive the momentum that we have in retail right now.

JP Wollam, Analyst, Roth Capital Partners: Perfect. Really appreciate all that color. And if I could just slide one last one in. Just since launching the large liquid creamer on shelf, any color you can provide on on how velocities are doing there or any kind of customer feedback? Thanks.

Jason Beef, President and Chief Executive Officer, Laird Superfood: Yeah. Cut yeah. Great question. Customer feedback, I think, generally You know, it it was a bit more choppy than we anticipated in part because the reset windows didn’t line up.

You know, the biggest accounts that we have, as I’m sure you know, are Sprouts and Whole Foods on that liquid creamer, and then we have a a handful of other really nice accounts with Wegmans and Target, etcetera Target, etcetera. They’re all in different timing, and so we had to have two sets of inventory in both Katie and UNFI to be able to fill that. So I tell you, they’re great learnings team’s had out of that that’ll help us in in the future, but but it was more challenging and took longer than we anticipated. And in fact, we’re still going through some of those executions. I think Natural Grocers is just now coming back online after a little bit of about a you know, a little bit of staying out of stock through that transition where codes got mixed up.

And and couple of other smaller retailers are in the same position. So I think what we’re seeing is largely velocities coming in where we had planned. You know, we expected not to get a full one to one pickup out of

Trevor Rousseau, Head of Investor Relations, Laird Superfood: the gates because you’re not you

Jason Beef, President and Chief Executive Officer, Laird Superfood: know, you’re upsizing by 50%, so there should be some volume or some unit attrition to the volume, and and we’re we’re coming in right about where we expected, which I think we modeled around a point eight conversion. So it’s still you know, I I keep saying it’s early days. It is still early days for a couple of those retailers. Those that have transitioned like Sprouts, the transition earlier, I think, are looking quite good. And so we have a lot of confidence that probably next quarter when we’re fully through everything, we can come back and give you guys a good report that that says that Liquid is something good.

JP Wollam, Analyst, Roth Capital Partners: Awesome. I really appreciate all the color. Thanks for the time.

Jason Beef, President and Chief Executive Officer, Laird Superfood: You bet, Jamie. Thank you.

Operator: Question is from the line of Aiden Morgenstern with Greenlane Capital. Your line is now open.

Aiden Morgenstern, Analyst, Greenlane Capital: Hi. Thank you so much for taking my call. I just had a question about the marketplace and how it fits into your overall strategy. Is it drop ship based? What kind of margin and costs are involved?

And how do you make sure it doesn’t distract from core product innovation?

Jason Beef, President and Chief Executive Officer, Laird Superfood: Hey, Aiden. How are doing? I’m gonna have to ask you to clarify that. I’m not sure I’m following your question exactly. Can you give me a little more color?

Aiden Morgenstern, Analyst, Greenlane Capital: Yeah. That you announced in March this new marketplace where you’re having promotions with, other smaller

Jason Beef, President and Chief Executive Officer, Laird Superfood: I see.

Aiden Morgenstern, Analyst, Greenlane Capital: Health, companies. I see. Yeah. And so how does are you buying that inventory and selling it out, or is it just drop shipping through, through your platform? What those costs are associated with this new thing?

Jason Beef, President and Chief Executive Officer, Laird Superfood: I got you, Aiden. Yeah. Aiden, thanks. So the marketplace is something right. It’s something I didn’t I didn’t catch up with when you asked it.

The marketplace is a a component of our DTC platform that was announced a couple of months ago. Another another, I would say, another platform or another another topic that’s early days. Just realized the intent of that is not this is a nonstrategic launch that we did to bring in partner, kind of partner and affiliated lifestyle products that would allow the consumers to come to our DTC site to have a more robust shopping and living experience. You know, part of what we do with DTC is we bring content from Laird and Gabby and other influencers to our site in exclusive manner to allow our consumers give our consumers a reason to shop at that site. So where other DTC operators are finding, especially in the last couple of years, a lot of attrition out of their site and a hard time to bring consumers in, what we’re finding is with unique content and now this supporting marketplace that we give consumers a reason to come in and spend time and ultimately to shop and purchase on our site.

So I think the way to think about that is just as another supportive marketing component. We’re not looking to make a lot of money out of that. We’re not looking to sell a lot of goods. We don’t drop ship any of it. It is nothing but a pass through to you know, if you if you buy, for instance, a red light therapy machine, we just pass through a clinic.

We pass you over to one of our partners to make that purchase. So it’s just what we found is that our consumer is living a life style that is very health and wellness oriented and sometimes just health and wellness seeking. And so providing various products that are related to that lifestyle on our marketplace is highly engaging and and really is helping to drive our DTC traffic and retention as well. Mhmm. Got that.

I really appreciate it. Thank you. And then just another question. The

Aiden Morgenstern, Analyst, Greenlane Capital: Palisade the Palisade fires, there hasn’t been any mention, but I know a lot of a lot of the the market is in the LA, California area, and I know you did, there was some donations. Is there any impact in q one that arise from that?

Jason Beef, President and Chief Executive Officer, Laird Superfood: Yeah. Good question. There’s obviously a lot of displacement, and we view over index in the Southern consume Southern California consumer market. But we we can’t say that we can point to anything, Aiden, that that was that we were negatively negatively impacted by. We did, as you say, we did provide support to first responders and subsequently followed up with with products back to various firehouses and really did it, you know, not not seeking any attention.

So this is probably the first most you’ve heard about it, but we we saw it as great opportunity to say thanks to that the those pillars of the community. And, so hopefully, that built some goodwill, but we we’ve not seen a slide in sales, that’s been noticeable enough for it to make it to my desk.

Aiden Morgenstern, Analyst, Greenlane Capital: Got it. Well, I really appreciate you taking the time to clarify, and

Jason Beef, President and Chief Executive Officer, Laird Superfood: I’m excited to see what happens next. Mhmm. Thanks, Dave. We appreciate it.

Operator: Thank you for your question. There are currently no further questions registered. So as a reminder, it is star one on your telephone keypad. There are no additional questions waiting at this time, so I’ll pass the call back to the management team for any closing remarks.

Jason Beef, President and Chief Executive Officer, Laird Superfood: Alright. Well, thank you for that. You know, once again, we’ll just, we’ll share a big thank you to all of you for joining us. We always appreciate the opportunity, to get out and talk a little bit about our results. You know, in this case, we are pleased and proud of our fifth straight quarter of double digit growth.

I think especially in an environment like this with the uncertainty, I think speaks volumes to what the team has been able to put together and execute. So we’re excited for the rest of this year and look forward to talking to you all in another quarter.

Operator: That concludes the conference call. Thank you for your participation. You may now disconnect your lines.

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