Bohn Crain: Yes. Yes. We know. No, I think we are in a good relative position. Everybody’s got their own set of constraints and their own strategies to address those issues, and we’re going to do all we can to take advantage of the opportunity sets that come our way. And I can’t, I don’t know what some of those, I don’t know what financial flexibility some of those folks have to go recapitalize their balance sheets or whether it’s going to cause some other types of, or create some other types of opportunities, I don’t know. And if I did, I wouldn’t be in a position to say so anyway. But your observations aren’t, we’re kind of, candidly, we’re kind of curious as well to see kind of what’s going to happen out there because we’re certainly not having a lot of fun in this market. But we’re kind of top of class in my mind around the situation. So I don’t envy…
Mike Vermut: on that topic though, are you seeing more deals come to market? Not necessarily ones that we would want, but are there more distressed companies shopping themselves around that may, may not be an interesting that? Are you seeing more?
Bohn Crain: Absolutely, and candidly, particularly on the truck brokerage side, right? There’s a, that’s been a really tough place for folks. And we’ve certainly, without any specifics, we certainly hear, heard and continue to hear, there’s quite a few folks out there that are just go and kind of payroll to payroll, trying to live to fight another day. So they’re, we’ve seen it underway, and I think we’re not done with the constructive destruction that’s got to take place over on the trucking side of things, in particular, return some more rational pricing to the marketplace.
Mike Vermut: Excellent. And then one last one for you. I know over the past couple of years, we, and I’d say we had peak earnings, I don’t remember what we did, $70 million, $80 million of EBITDA. Now we’re down here. And you had always said forget about the ups and downs, they are normalized. It’s somewhere between, let’s say, $50 million and $60 million, I think you said, maybe, if I remember correctly, somewhere in that area. Is that still a good bookmark? In normal times, we should be in that range, and, hopefully, everything that we’re doing during the downturn, bringing in some of the agent, maybe some acquisition, maybe that creeps up over time. But has anything changed in your mind, that normalized-type EBITDA run rate for the company?
Bohn Crain: No. I mean I think the only thing that’s changed is just this, is the elongated nature of this slowdown. So the time that it is taking us all collectively to get back to that normal is being extended kind of beyond what people were expecting. But in terms of how we think about the business, the opportunity set, the strategies, the, our areas of focus, none of that has changed. But probably what has, not directly responsive to your question, but we were, in some respects, fortunate we didn’t go, do a lot of, take all of our cash and go do a lot of M&A and pay higher multiples for businesses or go to a tender offer for a bunch of our stock at $6 and $7 a share or whatever it was at the time when we would get those questions from time to time.
I’m really glad we didn’t do those things. Because we were as cautious as we were, it just put us in a better situation or we’re better positioned. Some people are kind of burning the furniture, and we’re not at all doing that, right? We’re continuing to invest in the business and continue to grow and focus on organic growth and salespeople and supporting our, making good on our brand promise and supporting our agent stations and those conversions. So we are largely business as normal, notwithstanding the fact that this is a really tough mark.
Mike Vermut: All right. Excellent. Well, we’re happy with the balance sheet, happy with the continuation of positive cash generation. So it’ll get better and you’re doing a great job.
Bohn Crain: Thanks.
Todd Macomber: Thank you.
Operator: Thank you. That is our last question. I’d now like to turn it back to management for any closing remarks.
Bohn Crain: Thank you. Let me close by saying that we remain optimistic about our prospects and opportunities to continue to leverage our best-in-class technology, robust North American footprint and extensive global network of service partners to continue to build on the great platform we’ve created here at Radiant. At the same time, we intend to thoughtfully relever our balance sheet and through a combination of agent station conversions, synergistic tuck-in acquisitions and stock buybacks. Through our multipronged approach of organic growth, acquisitions and buybacks, we believe we will continue to create meaningful value for our shareholders, operating partners and the end customers that we serve. Thanks for listening and your support of Radiant Logistics.
Operator: Thank you. This does conclude today’s conference. We thank you for your participation. You may disconnect your lines at this time, and have a wonderful day.
