Earnings call transcript: Sumatrix sees record 2025, Q4 2024 revenue falls

Sumatrix reported its financial results for Q4 2024, showcasing a significant decline in revenue from the previous year. Despite a challenging year, the company remains optimistic about 2025, forecasting record revenue and EBITDA. CEO Randy Boomhower emphasized the company’s focus on growth and customer satisfaction as key drivers for future performance. According to InvestingPro data, the company’s financial health score stands at "GOOD," with particularly strong metrics in profit and price momentum categories. InvestingPro’s Fair Value analysis suggests the stock is currently undervalued.

Key Takeaways

• Q4 2024 revenue decreased to $10.4 million, down from $19.6 million in Q4 2023.
• Sumatrix forecasts 2025 as a record year for revenue and EBITDA.
• The company reported a gross margin increase to 29% in Q4 2024.
• Cash flow from operations was $4.9 million, with $10.3 million cash on hand.
• CEO believes the company’s share price is significantly undervalued.

Company Performance

Sumatrix’s overall performance in 2024 showed a decrease in revenue to $35.4 million from $53.3 million in 2023. Despite this downturn, the company has maintained a positive outlook for 2025, driven by its innovative product offerings and strategic market positioning. The annual growth rate since 2019 remains approximately 9%, indicating resilience in a competitive market. Analysts tracked by InvestingPro maintain a positive outlook, with consensus recommendations leaning toward "Buy." For deeper insights into Sumatrix’s valuation and growth prospects, subscribers can access the comprehensive Pro Research Report, which provides detailed analysis of the company’s financial health and market position.

Financial Highlights

• Revenue: $35.4 million in 2024, down from $53.3 million in 2023.
• Q4 Revenue: $10.4 million, compared to $19.6 million in Q4 2023.
• Adjusted EBITDA: $3.3 million.
• Cash Flow from Operations: $4.9 million.
• Gross Margin: 29% in Q4 2024, up 2% from 2023.
• Cash on Hand: $10.3 million.
• Long-term Debt: $1.1 million.

Outlook & Guidance

Sumatrix is forecasting 2025 to be a record year, with expectations of increased revenue and EBITDA. The company plans to focus on executing its current backlog and exploring potential expansions into Southern and West Coast states to mitigate seasonality. However, slight margin compression is anticipated due to the scale of large projects. InvestingPro analysis reveals multiple growth indicators and financial strength metrics that support the company’s optimistic outlook. Subscribers can access over 30 additional ProTips and detailed financial metrics to better understand Sumatrix’s growth trajectory and market position.

Executive Commentary

CEO Randy Boomhower expressed confidence in the company’s valuation, stating, "We truly do believe the share price is not just a little bit undervalued, but significantly undervalued." He also emphasized the importance of focusing on customer satisfaction and revenue growth, saying, "The best thing for the share price is to run a company that focuses on customers, focuses on growing revenue, and focuses on making money."

Risks and Challenges

• Potential margin compression due to large projects.
• Seasonal revenue distribution could impact financial stability.
• Market competition and infrastructure demands may pose challenges.
• Economic fluctuations in the US and Canada could affect growth.
• Limited appetite for acquisitions until share price recovers.

Q&A

During the earnings call, analysts inquired about upcoming projects, including a North Carolina project expected to start in Q2 and a tunnel grouting project mobilizing in mid-to-late April. The company also addressed minimal impact from tariffs and reaffirmed its commitment to maintaining a similar backlog to the previous year.

Full transcript - Chevron Corp (CVX) Q4 2024:

Jeff Walker, Vice President, The Howard Group: It looks like everyone’s coming in. So first, thank you everybody for joining us today. I’m Jeff Walker, Vice President at The Howard Group. We’re speaking with Randy Boomhower, CEO and President, and then Jay Kent, who is CFO of Simatrix. We’ll go through the presentation discussing last year’s numbers, 2024 as well as Q4, and there’ll be an opportunity at the end of the presentation to ask questions.

And there’s a little box at the bottom of your screen in order to do so. So on that, I will turn it over to the team.

Randy Boomhower, CEO and President, Sumatrix: Well, thank you, Jeff. Appreciate that introduction and welcome everybody to our q four twenty twenty four earnings call. We’re, we’re excited to share the results with you guys and share a little bit about the company. My sense is most of the people on the call are familiar with Sumatrix, but nonetheless, we’ll do a quick corporate overview overview here to help you guys get acquainted with the company, and then we’ll get into some of the numbers. And then as Jeff said, we’ll we’ll go into a q and a.

So key investor highlights for the company. Sumatrix is an innovative cellular concrete solutions company. We’re a leading provider of lightweight, cost effective, durable cellular concrete for infrastructure projects. We have a strong competitive advantage. We work primarily as a subcontractor for major North American general contractors.

We have a very strong financial strength position and we have an overall growth trend. 2024 revenue was $35,400,000 adjusted EBITDA was $3,300,000 cash flow from operations was $4,900,000 We have $10,300,000 in cash and only $1,100,000 in long term debt at the end of the year and we’re forecasting a record year in 2025. We’ve got a significant market opportunity in front of us. We’re an industry leader. The size of the global cellular concrete market is very large with estimates ranging from $4,000,000,000 to $27,000,000,000 and pretty much all of those estimates, forecasting steady growth.

And we’ve got lots of tailwinds providing further benefits to us, mostly around increased infrastructure and spending in Canada and The US. So the the management team is myself and MJ, Jordan Wolf, who’s the president of mix on-site for us, which is our largest US operation. We we have about 150,000,000 shares outstanding, fully diluted 165,000,000. Insider ownership is about 15,000,000 shares or roughly 10% of those largest insiders. The two are biggest are Jordan at 12,000,000 shares and myself at 1,400,000.0 shares.

Cellular concrete is made by mixing cement, water, and a foaming agent together. The foaming agent creates bubbles in the mixture, resulting in the cellular structure that when it sets, when the concrete sets. Really what differentiates or makes cellular concrete useful are the key properties. Those are that’s cost effective, has low density, is lightweight, has a high bearing capacity, it’s extremely pumpable, highly flowable and self leveling. It’s also self compacting because of the bubble structure there’s some thermal insulating properties and it’s durable and excavatable.

Lots of applications, the primary ones that we service in the market are lightweight engineered fill, MSE retaining wall fills, insulating road sub bases, flowable self compacting fill, pipe and culvert abandonments, tunnel and annular grout, and shallow utility and foundation insulation. As we stated earlier, kind of our customers and competitive advantages, our key customers are always, we’re always a subcontractor to a general contractor. Occasionally, we will contract directly with an owner, usually on smaller scopes of work. We’ve worked with many, if not all of the largest general contractors in North America, and there’s a snapshot of some of them down below to the left. Competitive Vantage is really our reputation.

We’ve been successfully delivering cellular concrete solutions on time and on budget for over twenty five years. We have a fantastic team with lots of expertise, over two hundred years of in the field experience. Our equipment, we have the largest fleet of mobile technically technologically advanced equipment for producing cellular concrete with lots of capacity in that equipment fleet to grow. Our size and scale, we have got multiple locations from coast to coast in Canada and The US and we’re generally more environmentally friendly than the legacy products that we replace. So, the market size and customers and opportunity, the third party data on the size of the market estimates range from as low as $4,000,000,000 from the market research future to as high as $27,000,000,000 from Allied Market Research.

All agree that the market for cellular concrete is growing. And the market for lightweight fills, which is which includes competitive products is a multiple of size larger infrastructure spending in the is increasing, it’s aging in Canada and The US. It needs to be repaired and replaced. Populations continue to grow requiring new infrastructure and placing additional loads on existing infrastructure. As I said, spending is expected to increase in the future and that’s a significant tailwind for cellular concrete and lightweight products for many years to come.

So I’ll hand it over here to MJ to kind of go over our key financials.

MJ, CFO, Sumatrix: Thanks, Randy. So our top line growth trend is going even if we had a step back in 2024, our overall of portraying that. If you look at 2021, for instance, revenue was 22.6% and in last year in 2024, it was at 35.6%. And we are forecasting 2025 to be a record year. Our positive our bottom line is positive.

And we are generating cash. We had positive adjusted EBITDA of $3,300,000 in 2024 and positive cash flow from operation, as Randy said, of $4,900,000 in 2024. We do have a healthy balance sheet with low leverage. At the end of the year, last year, we had $10,300,000 in cash and $1,100,000 in long term debt again at the end of the year. So some concept to understand our business.

Revenue growth will be lumpy. It will not be a perfect staircase. Financial results will be variable based on the timing of when large projects start and stop. As a reminder, construction is a seasonal business with higher revenues in warmer months and the opposite in colder months. And on average, over the last five years, we produce in Q1 about 18% of our revenue, Q2 similar, Q3 around 36% and Q4 ’20 ’8 percent.

We are a specialty construction contractor. Margins tend to be higher than general contractors, but we have more idle time and more fixed cost. Project size impacts margins. Larger projects have more competition and as a result, lower margins. We have excess capacity, which enables us to do significantly more revenue with existing equipment and existing staffing levels.

So to reiterate, it was our second best year in the history of the company in 2024. And During the quarter, we had revenue of $10,400,000 compared to $19,600,000 in 2023. That was a record year. For the year, we had $35,400,000 versus $53,300,000 in 2023. When you look at gross margin percent as a percent of revenue, we did 29% in Q4 compared to 27% in 2023.

So that’s a 2% gross margin increase. And for the year, 2722% in 2023, that’s a 5% gross margin increase. We had operating income of $600,000 in Q4 versus $2,400,000 in 2023 and $500,000 for the year versus $2,700,000 in 2023. Adjusted EBITDA was positive for both the quarter and the year, dollars 1,400,000.0 in Q4 versus 2,900,000.0 in 2023, dollars ’3 point ’3 million in 2024 versus 4,900,000.0 in 2023. Positive cash flow from operations for both the quarter and the year as well, dollars 2,600,000.0 during the quarter versus $2,800,000 last year and $4,900,000 in 2024 versus $500,000 in 2023.

Cash on hand, as Randy mentioned, was 10,300,000 It’s $7,000,000 higher than what we had on hand in 2023 at $3,300,000 Looking at revenue, you can see our trend line is growing. If I had to add 2025, the trend line will continue to grow. And then if you were to look at our annual growth rate since 2019, it’s about 9%. And you can also see it is a bit lumpy as we discussed. Looking at gross margin is improving.

We have good momentum over the last few years. You see a dip there that’s due to COVID and some supply chain issues that we had and some cement shortages. And looking down at the bottom, the picture is worth a thousand words. You look at debt in 2020. We had roughly 20 above $20,000,000 and then our finance costs were higher than $1,200,000 And we came a long way since 2019.

When you look at today, $1,000,000 in long term debt on the balance sheet and less than $200,000 in finance costs. And when you look at the right hand corner, this is our share structure. So at the end of the quarter last year, 2024, we had 150,000,000 of shares and three instruments outstanding. We had 6,200,000.0 units of options, 2.1 RSUs and 8,200,000 units of warrants. If you’d like to have more information, you’re more than welcome to navigate on our website, and our documents are there and also on SEDAR Plus.

So I’ll turn it back to Randy.

Randy Boomhower, CEO and President, Sumatrix: Thanks, Sungjae. So I’ll just kind of wrap up, you know, why invest in Simetrix? We’re an industry leader. We’re well positioned to capitalize on the large opportunity in the growing infrastructure segment. We are a growth company.

We give the most conservative calculation of our growth rate there, but if you were to go back to 2017 and calculate the growth rate, our growth rate is over 20% on an annual basis. We have positive EBITDA, positive cash flow from operations and a very strong balance sheet. We believe that we’re currently undervalued based on traditional valuation metrics. If you take a forward multiple of revenue or forward multiple of EBITDA, you come up with a much higher share price or valuation. We don’t need to raise any more capital to fund a burn rate.

Only new capital should be in support of an accretive acquisition, and we also have existing capital to deploy. So we’re looking for opportunities to deploy that whether it be the acquisition or other organic uses of that capital. So we’ve got two investor relations contact contacts, the Howard Group and Bristol Capital. Their contact information here. And we have one analyst covering the company, which is Beacon Securities and the analyst’s contact information is there as well.

So, thank you for joining us. We appreciate the opportunity to share with you the results and we’ll open it up to question and answers.

Jeff Walker, Vice President, The Howard Group: Thank you both. I’ve got some questions, from Russell Stanley, who is the analyst on file for Beacon Securities. Somebody had asked what Beacon’s target is for Sumitrix now. The last update I’ve seen, they’re calling for $0.55 a share as a buy for some agents. So to Russell’s questions, there’s a few and I’ll just read them in pieces and they’ll let you answer accordingly.

Can you provide an update on the major projects, specifically the North Carolina job and the tunnel guarding project in the Midwest?

Randy Boomhower, CEO and President, Sumatrix: Yeah. So the the North Carolina job is expected to start this year. We’re hopeful that that will start in q two. The general contractor is on-site currently working on that project, so we know our scope of work is coming up quickly. The communication with that general contractor hasn’t been ideal, but we continue to kind of work through that issue with them and we expect to be able to press release when we start our scope of work there in the second quarter.

With respect to the tunnel grouting project, that project is proceeding along very well And the latest estimate has us mobilizing to site there in mid to late April. So we’re very confident that that one’s going to start very soon.

Jeff Walker, Vice President, The Howard Group: And you brought up the impact of tariffs and the potential of that. What are customers, whether it’s contracts or project owners saying about how they intend to respond to tariffs?

Randy Boomhower, CEO and President, Sumatrix: Yeah. That’s interesting. I’m not sure we’ve had a lot of conversation with customers per se about the impact of tariffs. I can say the impact of tariffs for us, personally, should be very limited. There’s very little that we do that crosses the border.

We procure cement and ready mix locally in the jurisdictions that we work, and we manufacture our product on the sites that, that our customers are working on. So very little of what we do crosses the border. There’s some concern about the overall macroeconomic impact of tariffs and what that’s gonna mean for Canada and The U. S. Economies, in both cases kind of predicting central recessions.

The good news is the markets we tend to focus on, being infrastructure markets tend to be a bit recession proof. And in fact, often in times of recession, governments will spend more monies in those areas. So, we’re pretty confident overall that the impact of tariffs will be pretty minimal on some matrix. But as I said, we’re worried about the greater macroeconomic impacts that we really can’t forecast or say what they will be at this time.

Jeff Walker, Vice President, The Howard Group: Can you talk about the appetite for acquisitions, given where the stock is?

Randy Boomhower, CEO and President, Sumatrix: So as I stated in the presentation, we really feel like the share price is undervalued, given the year that we have in front of us and the balance sheet that we have. So and we want to do when we do an acquisition, we want to have a portion of that acquisition that’s based on equity. And so, right now, I’d say our appetite is pretty low. Our focus really is on executing the backlog and the work that we have in front of us and hope that the market starts to recognize the results and the progress and the overall growth trend and once that happens and the share price recovers then I think we’ll be a little bit more active on the acquisition side. So I’d say any acquisition would be very late this year, early next year and we won’t do an acquisition just to do an acquisition.

It has to make sense and it has to be accretive.

Jeff Walker, Vice President, The Howard Group: Regarding gross margins, understanding the larger projects are typically more competitive and are lower margin, how do you expect your revenue mix between fiscal twenty five and fiscal twenty four? I guess, large and smaller?

Randy Boomhower, CEO and President, Sumatrix: Yeah. So so in order for us to do a record year, that means there has to be some significant revenue from large projects. So 2025 is gonna have some significant revenue from large projects, which mean and then on larger projects, those margins are always lower because there’s more competition chasing that work. So I would expect you might see some slight margin compression in 2025, but still still very strong.

Jeff Walker, Vice President, The Howard Group: And then do you care to comment on what you think the normal top line growth rate will be for some matrix past 2025?

Randy Boomhower, CEO and President, Sumatrix: Yeah. I I I I I don’t I don’t wanna comment on that. I I truly don’t know what it is. All I can tell you is the overall growth trend is one of growth and positive, and we’re doing everything we can to build a profitable growing business.

Jeff Walker, Vice President, The Howard Group: You expect 2025 to be a record year? Do you expect that to be both on the top and bottom line? And what is the basis of that expectation?

Randy Boomhower, CEO and President, Sumatrix: So, yes, we do so, yes, we do we do expect it to be a record year both in terms of revenue and EBITDA. And the the basis of that expectation is really just looking at backlog and when when our current schedule of backlog is is scheduled to go into the ground for our customers based on conditions on the ground. So it’s, it’s not it’s not an optimistic forecast. It’s based we think it’s a very realistic forecast based on conditions on the sites.

Jeff Walker, Vice President, The Howard Group: The cash you have on hand and the stock price being where it is, would you consider a stock buyback?

Randy Boomhower, CEO and President, Sumatrix: Yeah. That’s a that’s a tricky it’s a tricky question. It is definitely something that we’re we’re evaluating internally. Because we truly do believe the share price is is not just a little bit undervalued, but significantly undervalued. But there’s also the flip side is if we have cash to deploy, we should be looking at opportunities to deploy that into the business.

So it’s something we’re evaluating and hope to be able to provide a more concrete answer in the future.

Jeff Walker, Vice President, The Howard Group: If you want to comment on the backlog, where it was a year ago versus today, and what’s the pipeline of opportunity a year ago versus then or versus now?

Randy Boomhower, CEO and President, Sumatrix: Yeah. So so we’ve changed, how we report and disclose backlog. We used to disclose that number as part of each new contract announcement, which I which created challenges because we had investors or shareholders trying to reverse engineer or do some fancy math to figure out what our revenue is. And we found that it was just counterproductive because they’d often get it wrong. When we look at backlog this year versus last year, I think the numbers are fairly similar.

It might be down a little bit. We do expect backlog might drop in 2025 because we’re going to have a record year and put a lot of the projects that are in backlog into revenue. So, we’re working really hard to refill that backlog and win new work that’s going to basically sustain the company for 2026 and the years going forward.

Jeff Walker, Vice President, The Howard Group: And someone’s asked about the Ontario Stone, Sand and Gravel Association and the Toronto and Area Road Builders Association. They’ve partnered to push recycled aggregate and road construction. Will this development be a headwind for competitors on winning contracts in Ontario?

Randy Boomhower, CEO and President, Sumatrix: Yeah. So I’m not I’m not aware of that push per se. I I will say where where cellular concrete makes sense for road bases is over weaker, unstable soils. And so using a recycled aggregate doesn’t change our competitive position in those situations. So I don’t expect that to really have a material impact on our business.

Jeff Walker, Vice President, The Howard Group: Alright. Different one here. Your plan is to be debt free by the end of twenty twenty five. Is that correct?

Randy Boomhower, CEO and President, Sumatrix: At the end of twenty twenty five, we will have repaid all of the long term debt associated with the BDC. That’s from the two acquisitions we did in 2018 and 2019. We will still technically have some debt in the terms of equipment financing, but we won’t have any long term debt that’s not associated with specific piece of equipment.

Jeff Walker, Vice President, The Howard Group: And there’s several questions just about guidance for 2025 earnings per share, EBITDA. Do you want to comment any further on any of that?

Randy Boomhower, CEO and President, Sumatrix: Yeah. I’ll just I’ll just say we don’t provide formal guidance, right? The only guidance that we’ve provided is that 2025 is gonna be a record year. So any questions asking for more specificity around that, we we just can’t answer.

Jeff Walker, Vice President, The Howard Group: Are you competing on any $20,000,000 plus projects?

Randy Boomhower, CEO and President, Sumatrix: I’m not aware of any $20,000,000 plus projects in our pipeline. I I will say there’s lots of larger projects, but none of that size.

Jeff Walker, Vice President, The Howard Group: What changes have been made, would you say, day to day with management of the company since the retirement of former CEO?

Randy Boomhower, CEO and President, Sumatrix: Not many changes have been made. I mean, before the retirement of Jeff, I was already the chief operating officer of the company responsible for the all of the operations. So we haven’t really made a lot of changes. There’s been some changes around communication and style. The overall strategy of the company remains the same.

Jeff and I were highly aligned on how the company ran before his departure. And that hasn’t really changed since his departure.

Jeff Walker, Vice President, The Howard Group: Someone’s asking more just a bit more detail on are you observing challenges due to the change in the US government with its matrix being mostly a Canadian company?

Randy Boomhower, CEO and President, Sumatrix: Well, yeah. There’s definitely, there’s definitely been a lot of challenges and interesting developments, you know, as just as a citizen of the world. But from a if I just put my Symmetrix hat on, we we really are a Canadian company operating in Canada and we have a US subsidiary with US employees and US equipment operating in The US. So we we don’t as I say, we don’t really expect a lot of challenges or adversity associated with tariffs or the change in government. There’s you might even be able to argue that, despite some of the noise around Trump, A lot of his policies are actually pro business.

And if you get past this kind of period of instability, it might actually be very good for the economies in both cases and spur further investments both in The US and in Canada.

Jeff Walker, Vice President, The Howard Group: Thank you. How are you able to improve profitability in 2024 despite the reduced revenue?

Randy Boomhower, CEO and President, Sumatrix: So it’s two things. It’s one, a concerted effort to to to basically do better on our margins. So either do better in the bidding and estimating process, to to basically correctly price it based on competitive factors. And then the second is to do better in terms of execution. So there are sometimes opportunities to do better than your bid margins and execution.

So we’ve done a good job of both of those things in 2024. And then the second thing is just a mix. So in 2024, we had less less revenue from larger projects, more revenue from small to mid sized projects as a sort of percentage of the overall total, and that contributes to increasing the margin. When we have more revenue from larger projects, just the mix results in a lower margin.

Jeff Walker, Vice President, The Howard Group: Thank you. Someone’s asked about your investment in Glavil and what your expectations are there going forward?

Randy Boomhower, CEO and President, Sumatrix: Yeah. So, Glavo has a really good product that has a very large niche market opportunity in the construction industry. So, we are big believers in foam glass aggregate. Glavo has been working on getting their capital structure right sized and getting their own balance sheet cleaned up. So we’re very optimistic about Glavo.

I think initially our plan was to have a path where we could end up being the majority owner of Glavil incorporating into our financial results. But Glavil’s capital requirements basically outstripped our ability to finance them. So I think the path to full ownership of Glavil has probably just disappeared at least for now. So we’re really just trying to support that business and get it to a point where there’s some exit in the future where we can recognize value on our investment.

Jeff Walker, Vice President, The Howard Group: Thank you. The question regarding the seasonality of the business, could you discuss what actions are being undertaken or explored to reduce it?

Randy Boomhower, CEO and President, Sumatrix: Yes. So there’s some there’s a bit of a notion that seasonality is kind of inherently bad, and I don’t really view it that way. So if if we have an opportunity to do more revenue in the third or fourth quarter that’s profitable and it makes seasonality kind of look worse, we’re gonna take that opportunity to make that to make that revenue and to make that money. In terms of things that we could do to reduce seasonality, it’s things like expand our presence in some of the Southern states where there’s less impact from winter. In some cases, you might even get reverse seasonality because of how hot it gets in the summer where you don’t really want to be working in July and August.

Usually on the West Coast, there’s less impacts from winter just because of the moderation of the ocean. So we’re looking to grow our business on the West Coast. And then there’s some scopes of work that are almost weather independent. So if you’re growing a tunnel underground, the weather above often doesn’t matter. So there’s a bunch of different things, but I don’t want to leave investors or shareholders with the impression that seasonality is inherently bad.

If we find opportunities to grow our revenue in the third quarter, we will do it.

Jeff Walker, Vice President, The Howard Group: Thank you. And someone’s asked about a lot of the projects that were pushed last year into this year and into Q1 potentially. Did you lose any of that business or do you still expect everything that was pushed to go forward in 2025?

Randy Boomhower, CEO and President, Sumatrix: Yeah. I mean, again, I think there’s sometimes a sense that if it if it didn’t happen in Q4, then it’s got to happen in Q1 and that’s just not the nature of construction. So, sometimes projects get delayed and they get delayed from Q3 all the way to Q2. It’s just the nature of construction. And often once you get into the winter season, and we’ve been talking about this seasonality a little bit, it’s often beneficial to delay the start until the spring.

So we haven’t lost any work, that we had scheduled for 2024 that got delayed. It’s just some projects that we had hoped would start in Q1, optimistically did not. Those projects for the most part looked to start in Q2 but could also start in Q3.

Jeff Walker, Vice President, The Howard Group: Thank you. That covered the questions. There was quite a few that you had answered along the way that we didn’t answer again specifically because they had been looked after. But that concludes the Q and A at this point. Is anything you want to say to wrap it up?

Randy Boomhower, CEO and President, Sumatrix: No, just we just want to thank all of our shareholders and investors for being invested in company. I know that the last six months have been kind of rough on the share price. I personally really believe the best thing for the share price is to run a company that focuses on customers, focuses on growing revenue, and focuses on making money. If we do those things correctly, I know the share price will cover and shareholders will get the value and see the value that we see.

Jeff Walker, Vice President, The Howard Group: Excellent. This will be available. We’re recording it. It’ll be distributed again on Monday for anybody that missed it. In the meantime, I’m always available for questions.

Easy to reach at the Howard Group. Other than that, thank you both, Randy and MJ, and everybody for attending today.

Randy Boomhower, CEO and President, Sumatrix: Thanks, Jeff.

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