James Carreker: And then I guess just also thinking about the higher than average rate increase planned here in July, however, it’s allocated between competitive and index markets. Assuming maybe another high number in ’24, is there a point at which you start becoming concerned about over earning risk as it relates to — I know the Page 700 has pros and cons, but over earning on that, if we get a couple of years of these mid to high single digit growth rates on the tariffs?
Aaron Milford: I wouldn’t say that we worry about it, but it is something that we’re aware of. I mean we certainly are aware of the calculations in the Page 700 and we try and be sensitive to them. At the end of the day, we’ll make our rate decisions considering what that says. But if we run a really good price, take really good care of our customers and you look at what our rates are as a percentage of the overall, the mix of things, it’s not that material in the grand scheme of things. So as long as we’re thoughtful — and I’m not worried about over-earning, but it’s something that we have to be aware of, obviously.
James Carreker: And maybe if I could fit one more. And you talked about how some of your markets are still below 2019 levels, and this maybe the new normal. But I guess any kind of sensitivity with respect to if certain markets did kind of get back to 2019, what upside could that be to volumes, whether it happens in ’23, ’24, 2030, whatever it is? How material would that be to your existing system volumes?
Aaron Milford: I really — first of all, I don’t think it’s going to be material one way or the other. So if you’re using that 1% sensitivity that we gave you, it’s probably within that bound with the rate and/or the volume, it’s probably within those bounds. But I don’t have that specific sensitivity right in front of me.
Jeff Holman: It’s just going to depend on the different components. Is it multiple metro areas, do they come all the way back, a part of the way back and there’s infinite kind of varieties there. So it’s
Aaron Milford: And the thing I would highlight is I don’t want to sort of sound overly pessimistic on those metropolitan areas. It’s not like they’re drastically different from where they were in 2019. They’re just down a little bit. But the reality is we would have expected them to come back and they just haven’t. and we’re trying to make everyone aware of that, but it’s not drastically different.
Operator: That was our final question. I’ll turn the call back over to you Mr. Milford for any closing remarks.
Aaron Milford: Well, thank you for your time today. We’re pleased with the solid results generated by Magellan in 2022 and look forward to an even stronger financial performance in the year ahead. We remain committed to running our business responsibly, while maintaining our proven financial discipline and balanced capital allocation strategy to maximize long term value for our investors. On behalf of our company, we appreciate your continued support and hope you have a nice day. Thank you.
Operator: This does conclude the conference call for today. We thank you for your participation and ask that you please disconnect your lines. Thank you, and have a good day.
