September 6, 2022 – On today’s show we welcome special guests, Alliance Entertainment’s Chairman Bruce Ogilvie and CEO Jeff Walker. Alliance Entertainment is a distributor and wholesaler of the world’s largest in stock selection of music, movies, video games, electronics, arcades, and collectibles.
On the show, Bruce and Jeff discuss:
- Insights, challenges and opportunities in the distribution business
- The company’s roll-up strategy
- How Alliance competes and grows in an era of streaming
- Their thoughts on the current macro environment
- And more
Welcome investors to The Absolute Return Podcast. Your source for stock market analysis, global macro musings and hedge fund investment strategies, your hosts, Julian Klymochko, and Michael Kesslering aim to bring you the knowledge and analysis you need to become a more intelligent and wealthier investor. This episode is brought to you by Accelerate Financial Technologies. Accelerate because performance matters. Find out more at accelerateshares.com.
Julian Klymochko: Welcoming Bruce and Jeff to the show today, all the way from Washington and Miami. How are you guys doing today?
Bruce Ogilvie: Good.
Julian Klymochko: All right. Awesome. Thanks for coming on the show. Now I did want to touch on your background.
Jeff Walker: Right.
Julian Klymochko: Before we get into the business of Alliance Entertainment. Specifically, you both have been in the distribution business for multiple decades. Could you give us a quick overview of your background in the industry, and we’ll start with you, Bruce.
Bruce Ogilvie: Well, I started selling music down at the swap meet in 1978 and from the swap meet I gravitated becoming my distributor, wanting to compete with my current supplier and that’s when I started a small distribution company called Abby Road in 1980. And then I grew that business to like 95 million a year revenue had a liquidity event in 1994. Entered into a five-year covenant with the buyer. Got involved with a couple of support up. So got bankruptcy. When my covenant not compete ran out then I rekindle my relationship with Jeff [Inaudible 00:1:17] David had started a company called CD Listening Bar, which I knew from 1991, they one of our retail customers. And then I joined CD Listening Bar in 2001 with Jeff and David. David left us after a few years. And then Jeff and I just kind of went on a chair of, you know, from taking it from 18 million a year in revenue to 1.4 billion in revenue today.
Julian Klymochko: And Jeff, where did you come from? Where was your background? And if you don’t mind when you’re not speaking, if you could put it on mute, that’d be great.
Jeff Walker: Yeah, hello. My background. I was at UC Irvine. Graduated with an economics degree there and my friend David and I decided to write a business plan while we were at UC Irvine for a music store. And after we graduated, we opened a store called CD Listening Bar that was in Southern California in orange county. 18 months later, we were able to open a second store. And at that time, we were buying from Bruce at Abby Road and got to know him pretty well. And as it went along, Bruce, as he said, sold the business. And when he sold it, we kind of said hmm, well, maybe we should get into wholesaling business cause our friends out of it now. So, we started selling to other music stores from the back room of our Irvine retail location and continue to grow the business from there. As Bruce said, he joined us in 2001 and over the last 20 years now, Bruce and I have really been focused together to build the business as to where we are today.
Julian Klymochko: Now, obviously this business has changed dramatically since our humble beginnings and early successes and the eighties and nineties. Now, how have you adapted to that as you know, the music business and video games and streaming has come into play. How has the business evolved, not only evolved, but also thrived over the past, you know, 35 years
Bruce Ogilvie: I’ll take that. So definitely a whole learning process as we went from traditionally, a pure physical package media provider of music, and certainly we had a front row seat on the transition from physical and digital even starting at early days of Napster. I mean, I thought that was a pretty cool product there for what it did there. Of course, it didn’t do much for the artist, the record companies for the rights of the time there. And I even applied for a job at Napster to try and get in there in the early stages there. I never got a call back, but I tried.
Julian Klymochko: [Laugh].
Bruce Ogilvie: It’s a good idea there. I felt I could really help them, you know, put out all the fires they had started with the digital distribution, ripping all the music off and all that there. And if I could educate them and make them smarter, and maybe they could have been bigger than Apple was today. If they listened. You know, we had a little time with me. Because I understood the record [Inaudible 00:4:34] and the time there that did so much business the moment years there. But through all that though, Jeff and I really learned early on there and we’re just saying, you know, if we don’t diversify, we’re going to die. And so, with all our, you know, energy, you know, devoted to physical media and music, and also, we were very heavy into video. You know, the handwriting was on the wall, streaming was going to go first. It started with downloads and the download went streaming there and pay for what you want, you know, a song to $10 a month for all, you could eat buffet type deal there.
You could just see what’s going on. But the one thing that we saw through all this was happening is, music is something that, you know, you got to provide promotion and streaming and all you can eat is really no different than the days when music first started, they put out the 45. 45 was a promotional tool. It was a marketing tool. The problem with 45, is that you have to take back the returns. They always lost money on it. That was a very heavy promotional expense there. And they cut it out really fast. Streaming is so economical efficient for the record companies that consumers have access to more music than they’ve ever had in their entire life. But the cheapest prize is ever there. And that’s a great way to get people exposed. And that gets them interested in wanting to go to the concert.
If they want to go to the concert, they will engage with the artist, they’ll have that connection with the artist. They want to brag to their friends, and they went to the concert. They want to take pictures at the concert, you know, [Inaudible 00:6:09], all that there and they got to buy physical need. And the LP is really just a natural choice for that, for that ownership. You know, you’re now making a commitment to that artist there and in long term, we see it’s really going to come down to streaming and LPs on the music side of things there, of course. Now we’re also heavy in video. We’re also heavy in games and I’ll just stop there. [Inaudible 00:6:35] whole music side there from that standpoint there.
Michael Kesslering: Yeah, and actually, if you don’t mind, would you be able to go into the different segments and give us a little bit better idea of where you sit in between the consumer and retailers?
Bruce Ogilvie: Well, we’re primarily a distributor. That’s how it is. We buy from the large record companies, movie studios and game publishers. And we turn around and we sell that to people who own brick and mortar stores. Could be a chain retailer, an online retailer, an independent retailer, as well as we’ll do export for areas we’re allowed to market to and sell to. We also have a very small part of our business is, we do our own retailing with our retail brands that we own and control. It’s going to be catalogs, websites, and we sell on, you know, Amazon marketplace, eBay marketplace, Walmart marketplace, Target Plus, anywhere we can. And we mail out close to 500,000 catalogs a month, pushing music and video. And that’s for people just like to film through catalog and creates and post buy there. That’s how our whole business operates is, distribution, retail you know, very strong partnering with Walmart and a lot of chain retailers who really rely on us for, you know, a large percentage of their music or all their music as well as movies to distributed in games.
Julian Klymochko: Now, in terms of segmenting your business for the sales that you generate, how do those segments fall out of that in terms of percent of revenue from music, movies and games?
Bruce Ogilvie: Yeah, I was just scrambling, get my notes out there. Gimme a second here.
Julian Klymochko: Could be just rough numbers. Estimates.
Bruce Ogilvie: Yeah, well. Video games that are very top number there is over 40% of our total revenue there.
Julian Klymochko: Okay.
Bruce Ogilvie: Okay and start on the music side there. Guess right around 35% range LP and [Inaudible 00:8:51]. You’re going to say something, Jeff?
Jeff Walker: No, we have video at another 25% or so.
Bruce Ogilvie Correct. And then we have collectibles, you know, funk of toys and things like that, which we distribute all that because those are items that were draft off of 10 pole new releases, whether it’s a new movie, or tv series or half hand, anything that will, you know, make that consumer own something that’s not, you can’t download the physical element, show it off to your friends. We distribute those products also.
Julian Klymochko: Now, as I understand one key component of your growth strategy is this consolidation or rollups that of competitors that you’re doing. Could you describe that and how you expected to generate returns for shareholders?
Bruce Ogilvie: Yeah, Jeff, you want to take that?
Jeff Walker: Yeah, I’ll run with that one. You know I remember when we did our first acquisition in 2003, you know, and it was kind of learned by fire. You know, we went through it, we did it and we’ve done over a dozen significant acquisitions since that first one in 2003. And we’re looking for different components. One, strategy. That works well for us is, somebody in one of the categories that we’re already in and it’s a pure consolidation, saves a lot of warehousing costs, IT costs, and duplication there. Those are always good acquisitions for us. We’ve also stepped out into acquisitions that got us into new categories. So, we were able to acquire Mecca Electronics in 2018 that got us into the gaming business. And, you know, when you move into a new category like that, we were able to get ourselves open accounts with Microsoft, Sony, and Nintendo, we could not get those just calling them direct and opening new distributor, so that’s a strategy that has worked for us as well. Today going forward. We’ve been able to do all these acquisitions just from our asset-based finance thing, as well as reinvesting our profits in the business. So, we have not had to bring in any outside capital to do those. And that’s part of the reason why we’re excited about the SPAC process going into becoming a public company. It gives us a whole another opportunity to have some outside capital supporters and acquisitions going forward.
Julian Klymochko: Yeah, that makes a lot of sense. I’m pursuing this going public transaction, the ability to utilize shares and addition to cash to just supercharge this roll up strategy. Now, where are you currently seeing the best growth opportunities for this rollup strategy?
Jeff Walker: Well, there’s definitely a lot have happening at diversified business. It’s a lot more interesting opportunities because we are diversified. So, we look at companies that have products that are similar to ours, whether it could be toys or collectibles or still gaming and those types of products bringing those in, we’ve also looked at companies that have products that aren’t ones that are currently stocking, but they’re selling into a major retailer like a Walmart or Best Buy or a Target that we do significant business with already. So that just gives us a whole another channel of business with these large retailers. So that can be a good opportunity as well. So, it’s a pretty wide range right now. There are definitely good opportunities out there.
One last thing I want to say about it is, typically in the past because Bruce and I did not want to have a small partner, you know, an 8 or 10% partner. Most of the acquisitions we did were entrepreneurs that were retiring or exiting the business. By having being on the public side, we can have a growing business with a strong entrepreneur, decide they want to team up with us and you know, maybe save some cash off the table, maybe not, but also become a shareholder and their combined Alliance business and continue to run something that is growing and has, you know, long runway ahead of us. So, we’re excited about that part. And that really does open us up to some new opportunities you know, of some growth companies that we could actually [Inaudible 00:13:52].
Julian Klymochko: It certainly Alliance Entertainment is a different opportunity than what we’ve seen in SPACs lately, specifically, you know, sentiment on, you know, music, movie distribution isn’t great because people look and they’re like, oh, well, streaming’s becoming more and more popular. What would be the future for this company? Now, where do you see the risks? What keeps you up at night and how would you address skepticism from investors with respect to the growth potential?
Jeff Walker: Yeah. So, I’ll pick that one, I think, before getting to the risks. One of the things we’re really trying to develop is Alliance Entertainment has the place to go for all your entertainment products. And it means, you know, in package media, it could be [Inaudible 00:14:44], it could be a lava lamp. It could be a toy or collectible, anything that’s within the trend and the franchises around all of this media, whether it’s music, movies, games, and so forth, that is a big, big space when you put together the entertainment space of gaming, video, music and all of that together. And so if you look at us as a company, that’s trying to become the go to place in the entertainment side, I kind of then look at what Ingram micro is on the computer side and what Grainger is in their space and so forth there, that’s what we’re trying to put together where every one of the content providers, whether it’s media content or collectible content or toys, or whatever, want to be working at some point with Alliance, as well as we’re working with all the retailers in some department or fashion there.
So that’s where we’re trying to develop where we’re going. As far as the risk, we definitely end some categories. For instance, CDs use, that have declined significantly from where they were before, but now our business is about 10% on CD. And you know, there’s another component here where it is a risk to be in the media category, although in gaming and DVDs, we’re still less than 10% market share of all the games and DVDs that are sold. And there’s a risk that is shrinking, but there’s also a thought that at some point in time, the music labels, the studios, the publishers are all going to really try to move away from physical because of their digital strength. And they’re going to license off their physical rights to somebody like ourselves to be the one to manufacture it, sell it and distribute it. And they get out of it in the sense that then they just get a royalty similar when they do a toy or collectible or something like that. It will just be another component of the merchandise. So, there are risk in there, but there’s also upside and those risks move around.
Julian Klymochko: Yeah. It’s funny because as tech for millennials, everyone thinks, oh, you know, streaming is here to stay. No one does physical DVDs anymore, but you’d be surprised. I think like Netflix still runs that you know, DVD in the mail. And believe they have like millions of subscribers. So, there’s people out there who still like the physical CDs, physical DVDs. And I don’t think that’s necessarily going away tomorrow.
Jeff Walker: Well, if you live in the mountains, bandwidth, that is really a problem. [Inaudible 00:17:46] used satellite to get there. And that’s kind of downward, their latency were pretty bad, so that’s no good there. Streaming purposes there or game here, things like that. And not everybody has, you know, cellular service where they’re at. So, in the road. So, look, we’re not saying it’s going to be the glory days of what it was, but package media. Physical media is just not going to go away. There’s just still people want to own stuff and have stuff and prioritize stuff there. You know, when you stream, you’re just renting. You’re not really just not, you’re not committed. You can drop it tomorrow and it’s done with, and then the other things, you lose your collection, which you turn it off. If you stop paying the $10 a month [Inaudible 00:18:30]. If you’re a collector and there are collectors out there and all that, but you know, the book industry was doomed for years when Kendall came out there and it actually finally hit bottom and it’s been training up and it just comes down that people want to have that book put on their coffee table to brag with their friends. This is what I read, how smart I am, this is when I’m into. So, it’s, it’s all about me. Showoffs me.
Julian Klymochko: Yeah. It’s a good point with respect to the technological issues of say those living in rural places.
Jeff Walker: It’s all over time. There’s no doubt about it. Figure out how to do better. There’ll be plenty of satellites up there with tons of bandwidth to deal with all that then. They have that now, it’s just kind of expensive. You got to buy that. Was it $1,500 to buy that item to receive service.
Bruce Ogilvie: I’m at my condo last night, my Netflix was not working on my Wi-Fi. What is that? You know, so it’s not a perfect science on the Wi-Fi for sure.
Jeff Walker: But it’s very convenient. Can’t beat it. But if you’re a serious collector, you really into artist or you want to collect things, you need that physical [Inaudible 00:19:50] to get there.
Julian Klymochko: That makes a lot of sense. Now, with respect to this recently announced SPAC merger with Adara Acquisition. I was wondering what has been the investor feedback thus far?
Jeff Walker: Well, we’ve had about 75 calls with portfolio managers. That started when we tried to raise a pipe. Pipe market’s pretty dead. We learned that fast there. So, we stopped that. And so, then that led to some other calls. I think at first, everybody is a little, wait a minute, you know, that’s muggy whip industry, you know, melting ice cube, you know?
Julian Klymochko: Yep.
Jeff Walker: But when they heard what we did and what we’re doing and how our sales have grown and what we’ve accomplished and how we’re continuing to invest in years and in our business to make us more, we can pretty much distribute anything that fits in our size, our package size. So, it comes down to fulfillment and who can get the orders out and get the job done there. And that’s what we do really, really well. That’s our secret weapon, having our fulfillment centers that we have in place there just like Amazon. Look at how Amazon does it. So, we have to keep investing in that, you know, not crazy investment, just minimal investment to keep the system going and all that. But we’re willing to do that there. And that’s been working really well for us, and there’s no complaints there for our customers, we’ll continue to grow.
But if we have to pivot into something different to distribute there, because there’s always people knocking on our doors wanting to distribute something there. We just want to make sure it fits into our, you know, our ecosystem, Amazon has three different size warehouses, small, medium than large. You would put us in the small category type of products. We can’t run Vizio tv and refrigerators to our warehouse. It’s not designed for that, laid out that way, but there’s a lot of electronics. There’s a lot of other things that we can distribute that would work really well in our environment. What we kind of show people is that we’re nimble, we’ll diversify, we’ll adjust, we’ll pivot. You know, we don’t want to go out of business. We, have to diversify and we’ll do that. And we’ve been very good at that with all the companies that we’ve acquired, we’ve been able to diversify from purely music company into music and video movies.
And now we’ve gone very heavy into gaming category there in retro arcades, all these collectible items, you know, we’re a very large distributor for Funko right now, probably one of their largest distributors that have in the United States right now. And so, because we were able to pivot into that and we have the customer base and we had all the expertise in selling on the marketplaces, whether it be an FBA with Amazon or whatever it takes to make a sale, that’s how we reach those customers. Who’s got a good website? Can we get all these products listed on their websites and expand their selection? It’s a great deal for people who buy from us and have the website. They really have no risk in the inventory. All they got to do is take a feed from us and just get in front of eyeballs, they’re consumers, and then just sit back and let the register ring, you know, and we have to ship the product. We order the product; we warehouse the product and deal with the effectives on the product and all that stuff. And that’s our job there. So
Bruce Ogilvie: I think also to the question of what the investors were [Inaudible 00:23:13]. Most of them were shocked. You know, you guys actually are making good money [laugh] that was the number one comment. We see so many other companies coming through the SPAC process that are not that much different than traditional IPOs in the day of some type of startup business that is burning cash and needs cash to continue to try to make it to the, you know, to the profit land on the other side. And I think that was a big thing that we’re getting, and you’re hearing that a little bit in the industry conversation about where people are moving towards. They are moving more towards established businesses that, you know, produce profits and have steady income and so forth there. And we fit that model going forward right now. And the last thing I want to say about that is, you know, we’re not in the aspect here of going public and having to raise a lot of capital to keep our business going.
Julian Klymochko: Right.
Bruce Ogilvie: You know, we’re profitable, we’re generating profits on a monthly basis. So, our reason for going public is solely to give us some expansion capital to really try to grow the business through some acquisitions. So, it’s a different conversation than, you know, somebody that’s burning cash and the investors are going well, you know, how long are you going to survive? And so, you need your next infusion and we’re just not in that conversation.
Julian Klymochko: Yeah, certainly the free cash flow and EBITDA is something that we haven’t seen often in the SPAC market. In addition, I think the valuation on the SPAC merger is roughly, you know, six to seven times EBITDA, which I’m sure catches some investors’ attention. And then the other discussion topic being that of, you know, so called melting ice cube for mature or sunset industries. And I have seen in other industries where as long as, you know, you can make acquisitions at multiples that are accretive, and you have that free cash flow. And you can just keep that machine going. I have seen, you know, roll up strategies, work very well in other sunset industries. Not saying it’s going to be successful every time or that it’s easy, but it seems like there is a blueprint that you can look at there.
Jeff Walker: Absolutely.
Bruce Ogilvie: And I think to add to that. One of the things we’ve been talking about with investors is, it’s not our first time trying to do an acquisition. We’ve seen a lot of business owners that, you know, we’ve acquired in the past. We have been in business 30 years and never done an acquisition, and we’ve been doing significant ones over the last 20 years. And so, into the conversation, we want to have access to capital to expand our acquisition strategy. It’s not like, hey, we’re going to hope to do an acquisition and hopefully get it right. It’s not only Bruce and I, that are, we’re heavily involved in the negotiations and stuff, but we have a significant team behind us now, you know, from the time we do the acquisition to integrate it and get it all working within our business. As a company we’re experienced in acquisition and that role of strategy that you just mentioned.
Michael Kesslering: And so, switching gears a bit here. Many investors are interested interest in turnaround situations and Bruce you’ve been involved in at least one of these with Warehouse Records which I believe that had sold to Serbia Capital a number of years ago. In your mind, what makes a successful turnaround investment?
Jeff Walker: Oh, so what do we look for? I mean, I don’t think we.
Bruce Ogilvie: Well, we’re not a turnaround [laugh].
Michael Kesslering: Oh, no, this is just backing up into your previous experience. Now this itself isn’t, but for some of our listeners who are more generalists that like looking at turnaround situations in other areas.
Julian Klymochko: Or perhaps, do you guys look for acquisitions that you can improve and turn those businesses around?
Jeff Walker: Yeah, I was just saying, our favorite acquisition is a company that, let’s say they’re profit is break even, or making very little money but they have the same type of overhead that we have. Done overhead there, and we can take that. Basically, we don’t have to pay a lot more, because as a standalone, it’s only worth what it’s generating. It’s EBIDA best there. Let’s say you only need a hundred thousand dollars. You know, it’s a 10 million business there. And the seller says, well, I want three X, multiple, okay that’s $300,000, but he has million dollars’ worth of redundant overhead. We would keep all those synergies. We did learn that, you know, through private equity firing, they said, you know, you don’t reward seller for the synergies, the synergies go to the buyer. And so, when we have a seller, that’s got their hand out, oh, look at all the synergies, you can say, yeah, there’s no guarantee we’re going to get that. We have to put that, but you’re getting your three X multiple. So that generally makes the conversation on how that’s our favorite type of acquisition.
Bruce Ogilvie: To them expand on that. One of the things that we see that happens, an example like [Inaudible 00:29:10] said, is that somebody might have significant amounts of capital, working capital tied up in the business. So, they might not be making money like that, but they might have, you know their assets exceeding the liabilities of $10 million. And they’re like, well, I got 10 million just to book value tied up in here. And we’ve had one in the past where they, you know, they just wanted to get their book value out of, you know, their cash. That’s tied up in that business, out of the business. And, you know, you could see that is part of, you know, kind of their profits over all the years is stuck in that business. And then, and we can come along and get them out of that, you know. So, now you’re really buying something almost at a zero good will. You were able to cash them out. You just bought it for [Inaudible 00:29:57] value, but if they continue running and operating the business, the business needs, you know, that capital in there to, you know, to continue. And maybe they weren’t running the capital as efficient as they possibly could of. So, we tried to figure out how we turn inventory quicker. And we reduced that, you know, that 10 million of working capital they had in there down to 2 or 3 million in working capital end up with a good acquisition that way.
Jeff Walker: One thing to add to that, just for the listeners benefit there about the turnaround situation is where our company we going to buy is, how much working capital is the business require to operate there. And so, one thing we kind of learned to do our rule is we do like a 12 month, rolling 12-month average of what the networking capital requirement is just taking really something very basic is AR plus inventory, less AP. Assuming bank debt will be out the question. If we’re not assuming that the bank debt there and say, okay, how does that look per month? What’s the role in 12 months? And then we call that peg, we set the peg, and then we say, okay, the purchase price is now X. The peg is Y. And if the peg goes, the closing value, using the same calculation, there is higher or lower that would adjust the agree on purchase price there.
Protects the buyer, protect the seller. That keeps the seller from trying to, you know, slow pay all the vendors. And the AP starts running up there. Now the netbook value gets smaller, because they take all the cash. So, at the time of close, then that forces the seller to put cash back in or buyer to pay more money because the netbook value was greater. So, we’ve had cases where the netbook value was less than the pay. We’ve had cases where the netbook value was higher than the pay, we had to pay higher purchase price there. But the end of the day, we’re getting assets that have the proper reserves for inventory, for AR, so that we’re not buying, you know, what can those assets turn into cash in the ordinary course of business there?
Julian Klymochko: Yeah, that’s really good advice for those looking to make acquisitions, to keep close tabs on the working capital and make sure the seller doesn’t play any games with respect, to not investing or kind of draining the working capital product, closing the deal. So that’s really appreciated. Now prior to letting you guys go, Bruce and Jeff, I was wondering what time do you wake up every day? And what’s your favorite productivity hack? We can start with you, Jeff.
Jeff Walker: So, it’s funny because their chance is going to be the opposite. The two of us,
Bruce Ogilvie: [Inaudible 00:32:30].
Jeff Walker: I’m typically up till two to three and I’m probably up at eight in the morning. So that’s on my timeframe there.
Bruce Ogilvie: I’m the early riser of the two. It’s kind of worked out well that way because a lot of our people we deal with are on the east coast. So, you know, I go to bed at, you know, around 10 and I try to get to bed. One last quick, look at the emails. I want to make sure there’s nothing sitting in there that I have to deal with before I go to bed. And then when I get up and I probably got a hundred emails that come in, you know, from the night there, I don’t read a hundred emails, which is a lot of reports and things like that in there and I can quickly rifle through them and identify, okay, what are these things I need to take care of the next 30 minutes just to keep the, I like to get off the clock. So, the other person that they’re waiting for an answer from me, I want to make sure I respond quickly and get it to them and then move on to the rest of the day and try and keep up with the pace.
Jeff Walker: One quick, funny story. Back when we acquired Alliance in 2013, George was the CFO.
Bruce Ogilvie: Right.
Jeff Walker: We were both in California at the time, but you know, we were diligently working on stuff after we did the acquisition and I be email out until 2-2:30 in the morning. And then Bruce would, you know, wake up at five and he’s started to email at five. And he was just, he’s like, oh my God, you guys got me like, you know, 22 hours a day or something. It was pretty crazy.
Julian Klymochko: That sounds like a good tag team there.
Jeff Walker: Funny, story.
Julian Klymochko: All right. Thanks. Well, it was great having you on the show. It was good to get some insights into Alliance Entertainment, where you think it’s going, the growth opportunities and some good insights for investors here. So, wishing you the best of luck with your growing public transaction, merging with SPAC Adara Acquisition, and we’ll be monitoring the story closely. So, thank you and wish you the best of luck.
Bruce Ogilvie: Thank you guys.
Jeff Walker: Thank you very much.
Julian Klymochko: Alright, bye Jeff. Bye Bruce. Take care.
Bruce Ogilvie: Bye guys. Thank you. See you later. Bye-Bye
Michael Kesslering: Thank you very much for that.
Bruce Ogilvie: You’re welcome. Thank you.
Thanks for tuning in to the Absolute Return Podcast. This episode was brought to you by Accelerate Financial Technologies. Accelerate, because performance matters. Find out more at www.AccelerateShares.com. The views expressed in this podcast to the personal views of the participants and do not reflect the views of Accelerate. No aspect of this podcast constitutes investment legal or tax advice. Opinions expressed in this podcast should not be viewed as a recommendation or solicitation of an offer to buy or sell any securities or investment strategies. The information and opinions in this podcast are based on current market conditions and may fluctuate and change in the future. No representation or warranty expressed or implied is made on behalf of Accelerate as to the accuracy or completeness of the information contained in this podcast. Accelerate does not accept any liability for any direct indirect or consequential loss or damage suffered by any person as a result relying on all or any part of this podcast and any liability is expressly disclaimed.
