Operator: Thank you. Our next question comes from the line of Oliver Davies with Redburn Atlantic. Please proceed with your question.
Oliver Davies: Yes. Good morning, guys. Just a couple of questions for me. You mentioned on the Q2 call that organic growth is running at about 10% in July, which sort of implies that the rest of the quarter is about 7.5% so can you just talk through the sequential movement you sort of witnessed through the months and into quarter end? And then just another one on gross before margin. Are you able to give a split of organic growth between kind of new customers and cross-selling into the existing customer base?
Ken Krause: So, on the second point with respect to the margin profile of customers, we unfortunately do not track that and have that — enjoy that level of detail in the business. But what I can tell you is, cross-sell is certainly always a big part of our strategy. When you look at the strategy, it’s important to sell multiple services to one customer for a multitude of reasons. And so, it’s certainly continuing to be a focus for us. And we’re continuing to see good momentum in that part of our business.
Jerry Gahlhoff: Yes. When you look sequentially between July, August, September from a growth rate, you’re right, July was a pretty big month, where we saw higher levels of organic. But then as we move through the quarter, it remained strong too. It was more in line with our historical averages. It was strong organic growth to close out the quarter as well.
Ken Krause: Yes. The only thing that you would add on that is — and I don’t want to start to split hairs, but when you look at Q2, we talked at the end of Q2 about a weak June. And so, it’s not out of the question to think or out of the realm of reason to think that some of that business in Q2 may have pulled into Q3 in July and push that number up a bit. And so — but there’s — I don’t — looking at Jerry, there’s nothing other than that that was really out of the ordinary with respect to growth. It was healthy throughout.
Ollie Davies: Thanks. Sorry, I mean just can you give a split of organic growth between new customers and cross-selling.
Ken Krause: No. We don’t — I mean there’s — we don’t — unfortunately, we don’t track that level of detail to a point where I could provide that to you right now. But I can tell you that the growth is healthy. I mean the growth is healthy across both of those areas. It’s been healthy for us.
Ollie Davies: Okay. Thanks. And then just on adjusted EBITDA last year. I think it was negatively impacted by 140 basis points on the casualty reserve increase. So I guess if you add that back to last year’s margin, you sort of get 24.7% versus the 24.8% delivered this quarter. So can you just talk about the moving parts? And is that still a pretty big drag on margin?
Ken Krause: Yes. The big point you’re missing with that is the fact that the insurance markets have been really challenging. And so, claims are one thing, but insurance is continuing to tie on us. And so when you look at last year, you did have that negative impact on the claims that came through. But unfortunately — and those have come down this year in Q3, but the insurance costs have not come down. And so, you’re seeing really good improvement in the underlying business. It’s not 150 basis points and that’s why we were transparent in saying that in the quarter, when you set the improvement on the casualty reserve side, you set the Fox improvement aside, we saw 50 basis points of improvement in the underlying margins in the quarter alone. So — but we feel pretty good about our ability to continue to improve margins as we go forward.
Ollie Davies: Okay. Thanks, very much.
Ken Krause: Thank you.
Operator: Thank you. Ladies and gentlemen, that concludes our question-and-answer session. I’ll turn the floor back to management for any final comments.
Jerry Gahlhoff: Thank you everyone for joining us today. We appreciate your interest in our company and we look forward to updating you on our fourth quarter earnings call early next year. Thanks again.
Operator: Thank you. This concludes today’s conference call. You may disconnect your lines at this time. Thank you for your participation.
