The Searchers Building a $10m EBITDA Powerhouse

Sure, sure.

One million of EBITDA when you acquired to zero to then five.

A year later. So was that, that, that's, that sure smells like customer concentration. Was there like one or two contracts?

Exactly, exactly. So when I, when I'm talking, I'm talking run rate. So in our industry, just, you know, for clarity's sake, everyone talks in run rate because you win a large contract, it could take you a year to move all of those boxes into your record center and, and everything's recurring multi year. You basically don't lose customers.

There's no churn. So the way people talk about their financials is basically run rate. So we went from 1202-002021-52022, and that 5 was some of it was. Of course, you know, the government realized the disaster that they'd done with COVID They lifted some of that, that kind of boost some of the imaging, BPO type revenue, but it was fundamentally winning four big contracts.

And this is an industry where you've got your biggest customers and they represent an outsized share of the market. So we won the largest pension fund in Peru. We won a very large bank in Bolivia.

That was a greenfield effort. We won the Ministry of Education in Peru and then another large private company in Peru. So we won a bunch of big contracts.

Honestly, it was not something we had thought would happen. You know, we'd hoped to win one or two of them to sort of get back to at least a couple million. And we, we won all of them, which then created another problem.

Because this is a spend money to make money business. You've got to Rack out record centers, hire the guys to move them, get the insurance on the trucks, pay for the gasoline. There's a million things you got to do and you're getting paid per box per month.

But that's kind of a steady eternal, which is nice, but still forward cash flows at Yeah T equals 0 money out the door. And at that time you still didn't have financing. So that kind of brought up.

I'm happy to get into it a bit, but host of other challenges on how you would pay for that growth.