Mike Vermut: Hi, guys. How are you doing? Nice to get finished with all this. Hopefully, nothing else stuff is laying ahead of us and it’s all easier from here. So kind of building on what everybody else said, so it’s incredible. We got the net cash position. We’re coming off huge EBITDA. Even when we normalize, there’s nothing really that trade like we do with the balance sheet that we have, trailing we’re at 3.5x, 4x EBITDA. If you normalize it, maybe we’re at 5x EBITDA. When you look at it, is there a point — yes, I completely understand the normal pace of flow, the buyback, but we’ve come down a lot now and we’re near $5 which is where we were in 2015, right? So we’re — our EBITDA if I am looking at the math, we’re about 3x or 4x EBITDA that we were then or at the same spot, we have a perfect balance sheet.
If you just took let’s say $50 million, you buy back 20% of the company and we’re still way under leverage. Is there a point where you say, this is crazy, we accelerate it and we could take in a huge chunk, because you don’t get many opportunities to change the capital structure like that. And you’ve performed so well, the company is so undervalued that there’s an opportunity out here, if sellers want to give it to the company, you should take advantage of it. So would you accelerate it at some point at these levels?
Bohn Crain: It’s certainly kind of on the table. I think we have to continue to evaluate kind of the M&A pipeline what we see out there. But if there’s — I guess just kind of reinforcing my response to the earlier question, we’re constantly looking to put our capital to work in the highest and best ways. And if there’s not better opportunities, then we can be aggressive and/or more aggressive in the rate at which we do buybacks. It’s unclear to me whether a tender gets us very far, perhaps it would. I think there’s some scenarios or other case studies out there where in some cases it’s helped and in some cases, nothing really gets done other than you pay consultants and advisors millions of dollars to put your tender together, that doesn’t put a share in treasury.
So I’m not saying we wouldn’t. It’s something that we definitely will be evaluating I’m sure as part of our Board discussions. But even if we didn’t, we have demonstrated our ability to make a pretty good dent on a quarterly basis by just leaning into the stock and doing it on a quarterly basis during our trading windows.
Mike Vermut: Look, the one positive this is, at this point in time, you can make a huge dent in the capital structure, right. And if others aren’t willing to pay for this, then the company should. So you guys have done an amazing job, the valuation is absurd for what you’ve done with the company, so congrats on everything.
Bohn Crain: All right. Thanks, Mike.
Operator: We have reached the end of the question-and-answer session, and I will now turn the call over to Bohn Crain for 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 have here at Radiant. At the same time, we expect to continue our balanced approach to capital allocation through a combination of our strategic acquisitions and stock buybacks. Through this multipronged approach of organic growth, acquisitions and stock 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: This concludes today’s conference and you may disconnect your lines at this time. Thank you for your participation.