Thank you for standing by. This is the conference operator. Welcome to the RediShred Capital Corp Second Quarter 2024 Financial Results and Business Update conference call. As a reminder, all participants are in listen-only mode, and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star, then one on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star, then zero. I would now like to turn the conference over to Jeffrey Hasham, Chief Executive Officer. Please go ahead. Thank you very much, Drew. Good morning, everyone. Thank you for joining us today, and welcome to RediShred's second quarter of twenty twenty-four investor call. I wanna thank everyone who's joined us this morning. With me here this morning, to co-present is Harjit Brar, who is our CFO, and, together, we will be reviewing the second quarter of twenty twenty-four results. And as per usual, we'll have a session for Q&A. I do wanna let everyone know that the financial statements for the second quarter, the MD&A, and press release were disseminated yesterday evening and are available on SEDAR. So, I guess to cut to the chase, second quarter of the year -- just pardon me while I take off my noise-making device here. We had a good second quarter of the year. The key for us and what we're pleased about is we continue to grow our service revenue. Our shredding revenue was up CAD 2.1 million or 17% compared to the second quarter of 2023, of which CAD 1.3 million of that was organic. So good organic growth, as a company that continues to do M&A in the shred space, another CAD 1 million of top line added through acquired revenue. Paper prices continued to remain slightly under the ten-year average in the second quarter of 2024, and of course, well off the elevated highs we saw in Q1 and Q2 of 2023 as comparisons. Obviously, this impacted our recycling revenue, which was CAD 2 million in the second quarter of 2024, and that would be down from CAD 2.6 million in the second quarter of 2023. The good news in all of this, and I think it is something we should be stressing, is our dependency on paper revenue, the commodity, if you will, has continued to diminish. And we've really been focusing on the core business. How do we drive more service revenue? How do we drive more route density? And of course, all of that, on the shredding side, drives a bottom-line profitability. EBITDA overall increased by CAD 0.1 million to CAD 4.5 million in the second quarter of 2024 versus second quarter of 2023. And obviously, with that paper variance, you know, we've essentially made up the loss in paper revenue with gains in service revenue, and of course, gains in service revenue are much more sustainable, much more durable, and much more reliable. And so, you know, we're very pleased to see that movement. When we look at organic growth, and again, Harjit will get much more into the details of the numbers in a moment. You know, when we look at our organic growth, lots of levers, new client acquisition, of course, is a lever. Price increases have also been a lever. As noted on our last call, we were in the starting phases of pushing through our annual price increases, and those price increases have been implemented. So, starting now in the summertime and certainly into Q3 and Q4, we will start to see some of the positive impact of those price increases. I think one thing to make note of in the quarter is we're now a SOC 2 Type 1 certified company. I mentioned this in prior quarters. Our IT infrastructure generally has been upgraded over the last year, and one of those key areas of upgrade has been on the security and defense front. And to obtain that SOC 2 Type 1 certification, number one, tells the world that we are a secure company. Our branding is one of that, so we should be. And this is going to help us market, particularly in the scanning business. Obviously, lots of clients will look for this. If you're in healthcare space, you'll probably look for this, but certainly in the scanning business, this is going to be very helpful. Many, many large institutions are looking for their service provider to their digital imaging service provider to have this certification. Our operations team, our technology team, our risk team, they put a ton of work into this and obviously lots of details behind that. Wanna thank them, of course, for their efforts, and this is a good news situation for us. Acquisition side, we've been busy this last couple months. We finished the quarter with a small tuck-in in Florida, SelectShred, on-site paper, hard drive destruction, product shredding business. Nice business, nice tuck-in for that market. And then shortly after the second quarter ended, about a month into the third quarter, we completed Confidential Shredding, another tuck-in in the New York, New Jersey market. Our operations team and finance teams have been very busy integrating that one as well. So really two deals have been integrating. Confidential, a bit bigger than SelectShred. Again, both of these will have great impact on the route densities and, of course, enhance our margins on those routes and enhance our margins overall. So, good news there. On that note, let me pass it over to Harjit, who will dig into the numbers. Thank you, Jeff, and thank you again everyone for joining us on this call this morning. So in terms of our financial results, if you kind of look at our top line consolidated revenue for the second quarter, we grew that to CAD 18 million. That compares to CAD 16.8 million in Q2 of 2023. That growth was really driven by our service line. Shredding revenues up 17% or CAD 2.1 million. That was offset by, of course, recycling revenue, as Jeff alluded to, with prices still normalizing, but still slightly below the ten-year average. So in terms of the top line results, they resulted in sort of a bottom line impact of CAD 4.5 million in EBITDA for the quarter. That is up CAD 0.1 million compared to Q2 2023. Organic same-store basis, if we take a look at that for the quarter, you know, we alluded to the shredding revenue growth. CAD 1.3 million of that is organic shredding revenue growth or 10%. And if you strip out the paper, focusing on the sort of the operational side, EBITDA excluding the impact of paper was actually up 16% or CAD 0.6 million for the quarter. From a cash flow perspective, free cash flow was at CAD 3.5 million or CAD 0.19 per share. That was driven by CAD 4.1 million in cash generated from operations, offset of course by CapEx, which came in at CAD 0.5 million for the second quarter. On a year-to-date basis, through the first six months of the year, total revenue grew to CAD 35.1 million. That compares to CAD 33.7 million for the first six months of 2023, with EBITDA finishing at CAD 8.6 million. So overall, a good first half of the year, both from a financial, and operational perspective and then, definitely the, from an acquisition front as well. As Jeff alluded to, we're obviously executed on integrating, a few, you know, good acquisitions that we've completed in the first half of the year. With that said, I will turn it over to Jeff for some closing comments, before we open it up to Q&A. Thanks, Harjit. Yeah, look, as always, management continues to do everything they can to execute on the plan, in particular, drive revenue growth, service revenue growth, whether in all our businesses, drive operational excellence. So we're operating it in the best way possible, in a safe way, in a profitable way. All those things, the team is doing. They do it every day. And when obviously for those that are in the field, it's every day that they're dealing with something, and we appreciate that attention to detail, because that's what it takes, is attention to detail. You know, we look forward to the rest of the year to grow and scale this business. That's the exciting part for the management team and of course why many of you have joined us in this journey as shareholders and partners. So, with that all being said, Drew, would you be so kind as to open up the Q&A? Yes, sir. We will now begin the Q&A session. To join the question queue, you may press star then one on your telephone keypad. You will hear a tone acknowledging your request. If you are using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star then two. We will pause for a moment as callers join the queue. The first question comes from Nick Corcoran with Cormark Securities. Please go ahead. Good morning, Jeff and Harjit. A couple questions for me. The first is, margins improved sequentially. How much room do you think there is for margins to improve in kind of, the short to medium term? I think there's still, you know, some room to improve. There's always room to improve. Obviously, this is one of our very best operational quarters. But I think there's still some room to obviously obtain more route density, because those two acquisitions we just did are early stages of integration. So there's gonna be some opportunity there, both on a same store basis and on a total store basis. Obviously, our businesses in the e-waste and ProScan businesses are also in their infancy, and we're putting more emphasis on the sales side there. And that emphasis on the sales side should generate more revenue and hopefully again help drive margins, the store level margins. And of course, that'll help on the consolidated margin. So look, there's still some room there to continue to do better. Probably really the biggest thing not in our control would be fuel prices, that that's the one thing that on the operational side, you know, if that goes up, that could erode margins. Knock on wood, luckily, the trend of paper prices going up and down and generally fuel prices going up and down, that correlation has held so far, and we're in a steady state on the fuel prices as well. So far, so good there, Nick. I think, one thing just to add there, Nick, as well, is I think, we talked about one of the organic levers in terms of increasing prices. So as we look at our Q2 results, they don't really fully bake in, the price increase impact. So we did start implementing price increases in the summer. We are gonna start seeing the full benefit of that in Q3. So in addition to, what Jeff pointed out, obviously, the opportunity to scale and grow, there's also, that lever as well. And, so you should see some improvements from that as well, in the third quarter. That's helpful. And then, you mentioned that you did receive the SOC 2 certification. How long do you think it'll take to see business wins as a result of that? Yeah, that's a good question. We're starting to have meetings with the folks in the past that have said, "Hey, get your SOC 2, and we'll, you know, we'll talk to you again." And so we're having those meetings now, which is good. And so I think like anything in the summer, it gets a little bit tough to get those folks, but in, we're starting to have those meetings. I think in the fall we'll, you know, we'll be, we'll be getting there for sure. And then it depends on the timing of when they have the paper that they want to digitize. But the good news is, we've reengaged those folks. We are actively marketing the certification that we have it to all our existing clients, to prospects, to new clients, on our website. All of those things are happening now. So, I think we need to give it a little bit of time to... Like you, Nick, I want it today, but, I think we have to give it a little bit of time, to, germinate. But there's been some discussions now, with some clients that we know, value that certification, in fact, wouldn't do business with us unless we had it. Helpful. And then, maybe last question for me, just in terms of CapEx, what are you expecting for the full year, and when should we think about the timing of truck deliveries? Harjit, you want that one? Sure. So in terms of the sort of the CapEx spend, it is something that obviously we do very closely monitor, look at optimizing and making sure we're you know we're buying in the right markets at the right time. If you look at sort of the year-to-date trend, obviously we were a little bit heavier on the Q1 side, a little bit lighter on Q2, and that just had to do with timing of purchases. As we sort of look at the second half of the year, I would say from a CapEx perspective, we're gonna be at a sort of a similar clip, if you kind of look at that in aggregate. But one thing to point out is it's probably gonna be a little bit more steady in terms of the trucks that come in. We have been working very closely with our suppliers to make sure the logistics and timing of those deliveries coincides with our requirements, and so for that reason, you're gonna see a little bit less volatility, but we're probably expecting, I would say, in the range of about three trucks, three to four trucks per quarter in the coming two quarters. Thanks. That's all for me. I'll pass along. Yep. Thanks, Nick. The next question comes from Devin Shilling with Ventum Capital, excuse me, Ventum Financial. Please go ahead. Hi, Jeff and Harjit. Good morning and good quarter. Good morning, Devin. Thank you. Hey, Jeff, maybe could you just please comment on the Waste Management acquisition of Stericycle and Shred-it here, and how you see this impacting the competitive landscape going forward? Also, I guess, is there any private equity activity in the space? Yeah, good, good question. So look, whenever somebody that big buys somebody that big, Shred-it gets a little more lost in the shuffle, I think. And again, Shred-it's not small, right? But certainly, my take is Waste Management bought that for Stericycle. There's going to be some benefit to Shred-it, I think, in on the paper side, that you know, there's more paper buying power there, given that they're in the waste business. So you know, that's sort of broad stroke there. You know, our, we tend to steal a lot of business from Shred-it. You know, they tended to focus on larger clients, and you know, we tend to focus on small to midsize enterprise. So, you know, and that that does show itself in their offerings. So look, I think it's too soon to really know, other than, you know, the messaging that I put out there is, "Look, everyone, just keep your ears open. Keep your eyes open. Let's, you know, let's jump on opportunities there, because there will be opportunities there. If there's service issues, let's be the first to respond. Let's be the first in, on the advertising from a Google perspective." Like, let's give those clients an opportunity to come to us first. You know, let's start mining our Shred-it related database. Let's start tracking those clients. And, you know, Salesforce is so new to us, so that's a powerful instrument. And, a very powerful instrument because now we can do things with that and track things with that. So, so look, we're gonna continue to do what we do, but, we're going to be, eyes wide open on what might happen there. On your second question on the PE activity, look, there's PE that owns some of the larger competitors out there, like a Vital Records Control, is owned by private equity. You know, I really haven't seen any other PE firms, buying independents at the moment. And I shouldn't say I haven't seen it, doesn't mean it's not happening. Like, I can't tell you with certainty that that's not happening. Just, I haven't seen any of that. And, so it could be out there, but I just don't know. Okay. Yeah, no, that's very helpful. I guess just secondly here, maybe if you could just touch on capital allocation for the remainder of the year here. Obviously, we saw pretty strong free cash flow this quarter and expecting more for the balance of the year. Should we be anticipating further acquisitions or possibly some debt reduction? Again, I guess just how are you doing capital allocation? Thank you. Yeah. I guess a couple things. So, you know, M&A is, we've got a good pipeline. You know, I think we have the opportunity to be cherry-picking our deals. So, you know, a good deal for us. Obviously, let's put franchisees aside, because we know them, they're always good deals. When they wanna retire, leave, you know, that's an opportunity for us. But those tuck-ins, you know, if you look at the last two tuck-ins we did, that's very strategic and very much cherry-picking. In market, they've got trucks, they've got clients, but we have the infrastructure, and that's magic from a cash generation, and really, this is about cash generation, right? That's. So those are really good acquisitions. So I'm not gonna go buy anything right now in Idaho or any of those places. I think the best bang for our dollar right now is those types of tuck-ins in the markets that we're in. And you know, a lot of people go, "Oh, one or two trucks, you bought a one or two truck or three truck operator." No, no, these things are heavily... They are great cash flow generators once integrated. And the nice thing about those smaller ones is you can integrate them, you can integrate them easier. So you know, from a cash generation perspective, those types of M&A opportunities are good M&A opportunities. And you know, for any other type of M&A opportunity, it's gonna have to be really good, right? And something that might transform us, right? Then, you know, that's a different story and a different equation. But, for the time being, given our resources, that's where we're really focused it on. From debt reduction perspective, look, you know, as we start to generate cash, it does give us opportunity, right? We have opportunity to do cherry-pick M&A, we have opportunity maybe to pay down some debt, especially the more expensive debt. You know, it depends on how that pipeline looks, and it depends on the equation, right? Which is going to give us the better return, right? That's really what it's gonna come down to between paying off debt or doing an M&A deal, right? And, we'll make the right decision, for sure. I guess the good news is that interest rates are starting to come down. Harjit had the foresight on a couple of these M&A loans that we took to buy some of these folks to go a little shorter on them in terms of term. And for example, we have one of the loans renewing later this year. If interest rates continue to come down, we'll be able to renew that at a lower interest rate. Well, that's excellent, right? So that's how we're gonna look at that capital allocation equation, Devin. I hope that helps give you a little insight. Did you have any follow-ups on that or did I get Yeah, no, I think that, I think that's a good, a good overview and a, and a good recap on that, and, I'll jump back in the queue. Thank you. You bet. The next question comes from David Ocampo with Cormark Securities. Please go ahead. Thanks. Good morning, Jeff and Harjit. Good morning. Good morning! Yeah, I just wanted to circle back on some of the previous lines of questions, but maybe approach it a little bit differently. So you guys do have price increases that are gonna be fully reflected in the back half of the year, but Q2 is typically your strongest margin quarter. And I guess when you guys are modeling it out, do you expect the back half of the year to be stronger than the first half? And I guess that's sort of implied if you guys are gonna hit your CAD 17.7 million EBITDA target. Just curious how you guys are thinking about that. Yeah, look, Q3, you're right. Q2 tends to be the strongest quarter, just a heavy demand quarter. Q3, we think will be a good quarter. Q4 is always the soft quarter, right? That's typically the softer quarter, and you know, we're planning now, and I think if you look at last year's Q4, it was our softest quarter. However, the good news from last year's Q4 was that we actually performed much better than any prior Q4. You know, other than put COVID stuff to the side, so the idea there is, look, what do we have going in our favor for Q4? We know what's coming, lower number of business days. We tend to run strong sales and incentive programs in Q4. The M&A that we've just conducted should help in that regard to help bolster Q4, and of course, the price increases should also help to bolster Q4, so I'm not gonna tell you Q4 is not the toughest quarter, it is, but we certainly are gearing up for that now. We're not gearing up for that, you know, on October first, so we're certainly gearing up for that, and the third quarter, yeah, you know, it tends to lag a little bit at the second quarter, but again, we've been pushing pretty hard here in the second quarter as well, so third quarter as well. You know, look, you know, are we gonna hit our numbers? We still think we have a very good shot at hitting our numbers. A good shot, let's say, because again, we've done some acquisitions. We continue to improve our cost structure, and we continue to increase our revenues, so we feel we have a good shot at this. That's my take, Harjit. Do you have any comments on that as well? Yeah, sure, David. I think as Jeff sort of pointed out, you know, obviously there is a little bit of flux or volatility intra year in terms of different quarters. Again, there's a few different things, obviously, with price increases going into effect. We have completed a few acquisitions that should help as well. And then obviously, I think as we sort of look at Q1, Q2, obviously there's opportunities, right? And so, some of those opportunities we're obviously hoping to capitalize on in the back half of the year, right? And, you know, so all in all, again, those targets are very attainable and we do expect a stronger quarter in Q4 relative to some of the past quarters. I think again, Q4 2023 was again also stronger historically than some of the other quarters as well. So all in all, like I would definitely say we're still aiming for that target, and we think we have a good shot. Yeah, that's helpful and some pretty good color there. And look, Jeff, most of the M&A discussion that we always have is always around your shredding business. And I understand the scanning business does have some pretty good green shoots in terms of growing organically, especially with that SOC 2. But just on the inorganic side, we haven't seen you guys pull the trigger yet there. How is your pipeline building for scanning M&A, and how do the metrics look like for scanning transactions? Are they similar to what you guys are seeing out there for shredding, or Yeah. If it's a tuck-in type acquisition, two to four times EBITDA? Yeah, good question. So we do have a bit of a scanning M&A now. We've been building that for, I'd say, about the last year or so. There is fragmentation out there. And, you know, you've got some, you've got the large guys like Access and Iron Mountain, you've got some larger regional folks, and then you've got lots of independents as well. Probably the difference between this and the shredding business, a lot of the independents, like, you can still do a tuck-in. Like if there's an independent in Massachusetts, I can do a tuck-in there, right? Which is good. And, you know, the metrics that, you know, we're seeing in terms of multiples, you know, the, the way to value these businesses is a little bit different, as you can imagine, right? Because it's going to be on contract history and contract extrapolation, right? Because this is really what it comes down to, right? I mean, the assets are minor in the equation, right? So it's really, has that customer been with that company a long time? Are those contracts long-term in nature? Are they renewable? Are they assignable? So those are the kinds of things that we're looking for in that equation. And of course, historical repeat of EBITDA performance, and EBITDA is much closer to cash flow in that business, is going to drive multiple. And again, you know, that multiple range is, it's similar, you know, sort of four to five is sort of where we're sort of honing in on in that business. That business doesn't tend to have as much recurring revenue. There's some scanning companies, especially mid-size, and larger regional folks, that do have some recurring revenue, which is good, and that helps their equation. But that's sort of what we're looking at now. And the due diligence is certainly very different because we're looking for different things. 'Cause as you can imagine, we wanna buy something that's going to be as durable as possible, and so, you know, we're looking for historical track record with those businesses and those contracts. Okay, that's perfect. I'll hop back in, Jeff. Thanks, Jeff. Thank you. The next question comes from David Marsh with Singular Research. Please go ahead. Hey, guys. Good morning, and congrats on the quarter. Good morning. Good morning, David. Thanks. Good to hear from you. So just first for me, last year, you know, SG&A ticked up a bit in the back half, and I wanna say that I feel like that might have been related to Salesforce, and just wanted to get a sense of, you know, is it expectation that you might be a little bit lower year-over-year on the SG&A side in the back half of this year? Yeah. Last year, Azure, we did a large Azure implementation. We need to do that Azure to get to SOC 2. Yes, last year, in the back half of the year, we had a lot of technology projects that were in initiation. Azure was getting done at that time, getting the implementation done. Yeah, there was quite a bit of IT cost associated with that. You know, the IT costs are now tapering into more maintenance mode. There's still a little bit of Salesforce cost that's coming, not as much as the prior years, but there's some that's coming because we're literally in the middle of integrating Salesforce into our workflow software. Now, that's huge benefit to us because now we're not doing double data entry. Right now, we do data entry into Salesforce, and we do data entry into our workflow software. Now it's not even data entry sometimes into Salesforce. A lot of our leads are just flowing into Salesforce. Our teams are dealing with it, updating the data, and then that's gonna flow into workflow. So there's gonna be a long-term benefit to us by having this integration. You know, double data entry, as you can imagine, is not good use of people's time. It's not how we're going to scale this business. So yes, that was the long answer. The short answer is, you know, we're expecting to see IT costs taper off, not even like just, you know, this year is still a heavy IT year, but we're gonna start to see that taper off as we go forward. Okay. Thank you for that. And then, just lastly from me, just on the acquisition front, can you just talk about acquisition multiples, you know, what you're able to realize, and then kind of what your expectation is once integration is complete? Yeah. Well, yeah, so look, and again, let's deal with the shredding. On the shredding side, we've done deals at asset value, three multiples. Our typical range has been sort of four to six. That's historical. We haven't done anything close to six in some time, for obvious reasons, you know, interest rate environment's different. When you're cherry-picking deals, you can be picky, you can be more aggressive on the pricing of those deals. You know, the last couple deals that we've done, you know, you can see those weren't five multiples of EBITDA even. So that's good. You know, and then that's on the pre-synergy multiple. And then when you synergize these things, you know, you can knock out a half turn to a turn more out of that. That's the expectation that we have, that we're going to extract. I'll give you an example, like Confidential, we're just in the guts of it, and, you know, the team is integrating billing. They're integrating the routes. They're integrating the drivers, and we're determining all those, you know, how do we integrate all those routes to enhance the route profitability? Confidential is a great example. We're in the middle of that now. The team's in the middle of it. You know, they, you know, and like all integrations, you have a few bumps here and there, but that team is actually quite experienced in doing these in New York and New Jersey. Same in Florida. You know, that SelectShred, they're a little more advanced. There's been more integration that's already happened. So yeah, the expectation is we're gonna knock out some costs and enhance our route profitability. That sounds great. Thanks, guys. Good luck for the back half of the year. Thanks, David. Appreciate it. Again, if you have a question, please press star then one. The next question comes from Inigo Alonso, a private investor. Please go ahead. Hello, guys. Congratulations on the impressive cash generation this quarter. Thank you. Thank you. I had a couple of housekeeping questions. The first one around the contingent consideration in the MD&A. There you say there's been a remeasuring loss this quarter. I was wondering if any of the latest acquisitions are underperforming, and maybe we could expect an impairment going forward, or it's not related to it? Sure, I think that one is quite small. Yeah. Yeah. So I think with the remeasurement loss, again. So, as a part of the accounting standards, we are required to remeasure the earn-out consideration that we typically have as a part of the acquisition. So in this case, actually, since there is a, it's a remeasurement loss, that means some of the acquisitions are actually doing a little bit better than we had originally anticipated. So it's actually good from that perspective, that the acquisition is actually doing a little bit better. Wonderful. The other housekeeping question is around the SOC 2 certification. You got the Type 1. You were going to try to get the Type 2, the next level certification. What is the updated timeline to get that one? Yeah, great question. So Type 1 is a, you know, the first audit. It's a moment in time audit. And so obviously we were able to obtain that. Now, the second and the higher standard is Type 2. And Type 2 is, are you doing this regularly through a year? So you know, we just recently this past June received our SOC 2 Type 1. So now we have to demonstrate for the next year that we're following the processes, procedures, doing the testing, all of those types of things, following the procedures and the policies. And so then a year from there, the auditors will come back in and they'll test the year, right? So they're gonna then take samples through the year... to ensure that, you know, we're following the protocols. And so, you know, we're under a year away now, and you know, I will-- the good news is our teams have been following the SOC 2 protocols, and you know, we're doing the appropriate testings. And again, moving to Azure, which I mentioned earlier, is a big part of that, because within Azure, you're already doing the right things, right? You already got multifactor authentication, you've already got things built into that. You already have endpoint security. So many things are built into Azure that that help you. And for those who might have, I've actually had a couple of questions on this. We were lucky we didn't use CrowdStrike. That wasn't the vendor we chose to help us with our cyber items, so that's you know I guess good news in hindsight. Look, anything can happen to anybody at any time, and the key here in being a SOC 2 company is we've done everything we can on our end to protect ourselves and to respond. Knock on wood, you know, we're in good shape there, and you know we look forward to in nine months' time passing and getting the second degree on that certification. Good. Thank you for that color. Regarding the credit facility or the loan that is coming due next May, when are you planning to refinance that one? That, Go ahead, RJ. Go ahead. Sure. Just to kind of get clarity on that, when you mean credit facility, which line are you specifically looking at? Because, are you talking about the truck loans, specifically? I'm looking at page 24 in the MD&A, this is the one for CAD 6 million at 3.5%. I think it's related to an acquisition, if I remember correctly. Oh, that one. Okay. So that, that's actually a specific loan, as opposed to the facility itself that's coming for renewal. So with that one, typically, that what ends up happening is, once that one comes up, for... So that one's actually the most recent one that we did. So basically, that-- you're looking at May twenty twenty-four, right? The month of advance, the 560 you're looking at? Month in advance, I'm looking May 19, 2019. May nineteen. Okay, so that one. Okay, so with that one, what ends up happening with that one, that did have a, so basically with that one, that's a specific draw against our acquisition facility. So our acquisition facility is actually not expiring, it's just that that loan is gonna come due, right? So if you look at that, yeah, that loan specifically is gonna come due, it's gonna be generally paid off. If there's any residual balance, there's always the opportunity to reterm it and extend it out. But that one's just, again, it's just a specific draw against the facility. Okay. And the last one around the strategy going forward on the East Coast. So you have a crazy density in New York and New Jersey at this point with your business. Are you planning on integrating or acquiring a scanning business over there, or opening a new scanning center there, or maybe even scaling the e-waste business through a development on that side of the country? Yeah, I can speak to those. So we have a hub, a scanning hub in Massachusetts. It does service the Northeast quite well, and you know, shipping costs to and from there are relatively low. So that's good. You know, the nice thing about the scanning business is, first of all, we have the facilities and space in the New Jersey market, in particular, in both New Jersey and Philadelphia, to expand scanning. The good news is. It's not like shredding, where you need a truck and the truck is empty to start, and then you go fill it up. In this case, you can land a large contract, and we can spin up essentially a scanning operation in any of those locations within six to eight weeks. And appropriately spun up, like SOC 2 compliant, all the security, everything. So we can do that. And so, you know, for us, it's so we're marketing in all of our corporate locations the scanning solution. And, you know, it and the good news is because we have hubs, we have a hub in the Midwest, a hub in the Northeast, and a hub in the Southeast, we can essentially cover the East Coast through those hubs. But if, you know, someone needed something done locally, and it was large enough, then yeah, we can spin one up. So that's on the scanning side. On the e-waste side, all of our locations do hard drive destruction, product destruction, take some level of e-waste, and then we work with a partner locally. And, the only location where we have a dedicated e-waste company is, or a facility in operation, is in Kansas. Nice thing in Kansas is we can service the Midwest from there. We, you know, we've put in some new software in there to manage inventory and the like, which is great. Really, you know, what we'd like to do in that business is finish the playbook and the IT and enhance the sales in that location in the Midwest. And then look again if there's opportunity coming to us in the Northeast, either organically or by M&A, we would look at that. The ITAD business, there are companies that are looking to sell. We know that. You know, we're just starting to build a bit of a pipeline there, so I think there'll be some opportunity there. Right now, first step, you know, we wanna be very good at what we do on ITAD, and we're gonna finish the job in Kansas in terms of being good and growing that business, similar to what we've done with ProScan. ProScan, we've had the good fortune year-over-year, typically of growing that business. Perfect. Congratulations again, and thank you. Thank you for questions. This concludes our Q&A session. I would like to turn the conference back over to Jeffrey Hasham for any closing remarks. Yes. First of all, lovely to see so many people on the call. So many of our investors, so many of our board members, employees, partners. We never do these things alone, and wanna thank everyone for all their contributions to what has made our company successful. And, so, we need to say that because we don't do it alone, number one. Number two, as always, the team is gonna go right back to work right after this call and finish up Q3, and we look to do our very best to finish up Q3 strong, and we also look to win Q4 and finish the year strong. So, that's our job, and we're gonna go right back at it. So thank you, everyone. Have a great Labor Day long weekend. Bye-bye. This brings to a close today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.