Peter Sakon: Can you tell us a little bit more about Presort’s profitability improvement is great along with EBITDA improvement, driven by the higher price that the Pulse service is charging because obviously, you’re in the 20% or you save the government 20%. If you could just walk me through a little bit better context, I’d appreciate it.
Jason Dies: Yes. Let me start with that. I mean, first and foremost, I would say that the Presort team has done a terrific job around productivity. You’re really starting to see them execute very well on what they do best, which is driving productivity across their sites and across the business, so some of the benefit is clearly coming from that. They’ve also done a very good job of bringing additional volumes into their network to replace the natural decline of the Mailing business. So that’s been supportive of that benefit as well. And then third, to your point, there was certainly a USPS cost change for us that benefited us. But at the end of the day, I want to emphasize that the reason that the USPS is giving the benefit of that work share discount is because they see the value that the Presort business brings to the table.
It’s not something that they’re doing just out of their heart, right? Our teams really do drive value for the USPS, and you see that in the reflected changes in the work share discounts.
Peter Sakon: Great. Lastly, can you disclose the covenant EBITDA and leverage?
Ana Maria Chadwick: We have not done that in the past. We may be follow-up with the IR team after the call and take you through some more specifics later.
Peter Sakon: Okay. Can you give us and on to the market in the non-deal road show, so the vast majority of the enterprise value of the company is debt. So I think it would be helpful for credit investors who review the company and you can see the — we estimate significant covenant flexibility. So I think it will be helpful to the company.
Ana Maria Chadwick: As I mentioned, we’ll take it off-line and follow up with more specifics. We absolutely welcome the feedback and if there’s more disclosures, we should be doing, we’ll take that into consideration going forward.
Peter Sakon: Thank you.
Operator: [Operator Instructions] Next, we’ll go to Matt Swope with Baird. Please go ahead.
Matthew Swope: Good morning Jason and Ana. On global e-commerce, Jason, and I know maybe it’s not a fair question given your recent change in status, but is there any plan or thought to do something a little more drastic here rather than talking about ways things to be a little more profitable, but either shutting the business, selling the business, doing — taking a more drastic step?
Jason Dies: Look, I mean, to be fair, Matt, I’m not going to comment on any specific portfolio actions. What I will say is we continue to believe that there is an extremely valuable foundation in that business, especially on the domestic parcel side. We are clearly not satisfied with the financial performance that we’ve been delivering on that. And as I said, we are very focused on taking short-term actions to try to improve the profitability in the near term. We have a number of efforts underway as well to look at long-term opportunity to change the trajectory of that business, everything from looking again, as I said before, at opportunity to take pricing in the market potentially to thinking about how we drive our network differently.
But at the end of the day, I keep coming back to our goal is to maximize the value of that business going forward. And I think that we are doing everything that we should be doing at the moment to ensure that, that is the outcome that we’re going to drive.
Matthew Swope: Okay. No, that’s fair. I just wonder if strategic alternatives should be more of a part of that conversation as well, at least the way you presented to us. But again, maybe that’s going on behind the scenes. Can I ask a more specific question on GEC. Just around the holiday season, there have been some issues in the past on fixed versus variable labor. How are you thinking about that going into this holiday season?
