Steve Tusa: And then just Frontline, revenues roughly $95 million this quarter. Is that about right?
Jason Conley: No. They were somewhere in the ’80s. We had a few days knocked off at the beginning of the quarter because we closed on the 4th.
Steve Tusa: Okay. By the way, I really appreciate all the discussion on the businesses and looking forward to the Investor Day, learning more on this portfolio. So very helpful detail on the moving parts of all the different businesses.
Operator: And our next question today comes from Allison Poliniak with Wells Fargo. Please go ahead.
Allison Poliniak: Good morning. Just want to circle back on DAT. I know you talked about it growing historically through cycles, but it’s certainly been an unusual one. A lot of new entrants here. Is there any risk to the retention rate should that spot rate not hold in terms of stabilization in some of those new entrants, I guess, can’t survive? And then I guess along with that, that premium offering, in this type of uncertainty, does that drive maybe more increase or interest in that premium offering versus just to gain some visibility here in an uncertain market? Just any thoughts there?
Neil Hunn: Yes. So in terms of the number of — when you say new entrants, I assume you’re referring to the number of new carriers that are in the network as opposed to a competitive entry or the sort because there really are no new competitive entrants. Relative to the carriers, yes, I mean, it was — it’s been just a tremendous last couple of years, driven by the things we’ve talked about for a couple of years, which is the fluidity and the liquidity in the spot market, which is a secular tailwind and then obviously, a huge boom on the cyclical piece. We — historically, when you look at like peak carriers to trough carriers through cycle, it sort of goes carriers declines by plus or minus 10%. We’ve assumed that it will decline by more than that in our guidance model because the buildup was unprecedented.
But — so that’s sort of — we think we have this conservatively planned in our outlook, but it’s unprecedented ramp up leading up to this. We do take some early confidence in the carrier count in the first couple of weeks of January. So the fact that we’re flattish versus continuing to see some declines is certainly encouraging, but it’s only a handful of data points we want to see take together. In terms of the premium offering, I mean, DAT has just done a tremendous job creating product and package designs that have more value for all the network participants. It’s helped drive some ARPU increases because there’s more value that the participants are getting.
Jason Conley: So different packages, different features and functionality that they’ve upsold.
Neil Hunn: That’s right.
Allison Poliniak: Great. No, that’s helpful. And then just in terms of the M&A pipeline, are you still under the new portfolio, PE primarily your source of opportunities here? Have you expanded it? And if I guess if you have, are you looking — I know CRI is your metric that is your foundation. But are you providing any other controls with maybe some new opportunities out there? Just any thoughts there?
