Michael Vermut: Hi, guys. How are you doing?
Tripp Grant: Hi, Mike.
Paul Bunn: Hi, Mike.
Michael Vermut: An amazing turn at the Company to be putting up these kind of numbers at a trough environment. Two quick things. When, when you’re looking on the acquisition front and if there are — what your pipeline looks like now? Are there more potential sellers coming to the market and the verticals that you’re focusing on?
Paul Bunn: Yes, a couple of things. We continue to look in the market, Mike, for niche, you know, above-average return acquisitions that we think we can grow. That’s the answer to the first question. As far as there are some of those in the market right now, and so we just continue to look and see what might be a fit. And that kind of answers the second part of your question. You know, we really look for something we can integrate within one of the verticals of the Company, you know, be it Expedited or Dedicated or Managed Trans or Warehousing. And so we’re just going to — Tripp said it early on, we’re going to continue down that path of capital deployment that if investing in growth CapEx is the best return, that’s what we’re going to do.
If it’s buying shares back, that’s what we’ll do. If the right acquisition with the right profile comes along, that’s what we’ll do. And so I think Tripp laid it out really good earlier. We’re just going to kind of keep working down that path because that — it has really turned around the way we operate the business and the results, and you can see those evident from where we were to where we’re at. So we’re probably just keep doing more of the same.
Michael Vermut: Yes.
Tripp Grant: And I think, Mike, the key to that is being really disciplined with our approach. I mean, we get a lot of, you know, [SIMDEX] come our way and open them and then turn them down within, you know, five minutes of opening them. And then of those, maybe 2% of them, we look at them for a day and talk about them and then turn them down. And, you know, we’ve been real fortunate lately, I guess, with the last three that have just come up. And I think that, you know, we’ve talked about it internally when folks publicly know what we’re after and what we’re looking for and what we’re interested in, we’re getting to see more volumes of those. And so we’re going to continue to be disciplined in our allocation approach, capital allocation approach as it comes to M&A. But it seems like the uptick has been really helpful or has really picked up, a lot of which is because we’ve been public about, you know, what we’re trying to do.
Michael Vermut: Got it. Next question. I guess maybe this is for David or I don’t know. Yes. We’ve done such a phenomenal job changing this Company and reducing the volatility. And our valuation is pretty much where it was five years ago, right? We’re trading under 10 times, nine times, the group trades closer to 20. So, you know, there’s nothing really comparable to us. No one has performed like we have through this cycle. Is there a point where you think about taking the Company private or doing something, you know, internally if the market is not going to reward us?
David Parker: Hi, Mike. This is David. Hi, number one, I got your same sentiments.
