And it’s not really going to harm us at the moment to have more cash sitting in the bank. It’s actually a good thing. Our company continues to make more money. And as we look forward and say, hey, we think we’re going to like this future acquisition environment, and go, hey, I think, we’d be smart to hang onto it and be ready to act if a bunch of stuff comes up for sale at the same time. Certainly think we have the team to negotiate, purchase and integrate those types of companies when they come in and we want to be ready when that happens. So that’s why you see us holding on to our cash.
Daniel Chan: Yeah. Makes a lot of sense. Thanks for that. Maybe another question on the macro environment. You talked about weaker volumes last quarter. Just wondering whether you saw that extend into the peak holiday shopping season over the last month. We’ve seen headlines that Black Friday, Cyber Monday volumes.
Ed Ryan: Well, listen, we’re not reporting on this month, but I have seen some of the transportation statistics unrelated to our transaction volumes and I’d say they look good. And you can probably see some of that as you read the paper right now. Black Friday was a pretty good Black Friday. The report’s something we’re reading right now. And when I look at — and again, independent of our transaction volumes, when I look at the transportation statistics that we would normally look at over the last month, they look good. Starting to — things are certainly will starting to pick up in anticipation of Black Friday. So that’s good news.
Daniel Chan: That’s helpful. Thanks, Ed.
Ed Ryan: Thank you, Dan.
Operator: Your next question comes from the line of Scott Group from Wolfe Research. Your line is now open.
Scott Group: Hey. Thanks. Afternoon. So, Ed, I just want to follow up on that last point, because I think, we’re seeing a little bit of better import activity, better air freight rates. You’re saying you’re not reporting on that. But is that sort of reflected to the extent that you are seeing that? Is that — would that be reflected in your calibration?
Ed Ryan: The calibration was done at that as — at the first day of the quarter. So technically no. In my comment…
Scott Group: Okay.
Ed Ryan: … about not reporting on it, is just saying, hey, I’m reporting on through the end of the quarter, not the first month of the first quarter. And specifically to your question, our calibration this quarter was done as of the first day of the quarter.
Scott Group: Okay. That makes sense. Okay. I wanted to get your perspective, a year ago, we were talking about just in time is becoming just in case. I’m wondering is, with much higher rates, are we just — is that sort of done, are we back to just in time and how does that — is that a good thing or a bad thing?
Ed Ryan: Well, probably, I’m just a bit of a guess on my part. We’re just getting some comments from customers about this. But I don’t know this perfectly. But we always believe that just in time, now just in case, we always believe it would end up gravitating towards back just in time. People forget about how bad it was three years ago when the ports were all backed up and then they start going, boy, I’m losing a lot of money and inventory carry costs, I’ve had all this extra stuff and now interest rates just went up significantly and so now that’s a lot of money and I should be more careful. And we always believed it was going to drip towards back that. And I’d say, if I’d eventually guess that it would probably somewhere approaching back to just in time in a lot of cases, because high interest rates and the warehouse is only so big and you can only hold so much inventory and you’ve got to make good approximations about what customers are going to buy in stores and companies are always going to try and do that and I think we’re drifting back towards just in time, for sure, in most cases.
Scott Group: Makes sense. And then just lastly, a nice step up in the EBITDA margin. Did we see the full impact of some of the cost actions this quarter or do we see more of that show up in Q4 and so maybe we see another further step up in the margin?
Ed Ryan: Yeah. I will let Allan — Let me — let Allan answer that more specifically.
Allan Brett: Yeah. Sure. So we did initiate our restructuring plan earlier in the quarter. So for the most part, we’ve completed it and the results are in the quarter. There will be a little bit of an impact coming through Q4, given that there’ll be a full quarter impact for all the changes. But for the most part, Q3 had most of it baked in, if that helped.
Scott Group: Yeah. All right. Thank you guys. Appreciate the time.
Ed Ryan: Hey. Thank you, Scott.
Operator: [Operator Instructions] Your next question comes from the line of Robert Young from Canaccord Genuity. Your line is now open.
Robert Young: Hi. Good evening. The first question was asking about the shutdown of a private competitor. Maybe just another question there. Maybe a lot of reports in the news suggested that they really struggled to find a strategic buyer that there was not a lot of activity out there. And so like, is there a big sea change or is there a bigger change in the number of buyers or the interest in the space that puts you in a better leader.
Ed Ryan: I — while I knew who they were talking about when we asked the question a couple of questions ago, I didn’t bother disagreeing with the question. I don’t know that we’re the technically really competitor of the guy that he was talking about going out of business. They’re more of a freight broker. They had a business that was an electronic freight brokerage and that’s not something we would buy. That’s a customer of ours. They were a small customer of ours. And furthermore, when I — this has happened, like, I’ve watched this movie like 30 times in my life where a company comes in that does the same thing as everybody else in the industry and says, I’m going to be the automated guy that does that. And every time I hear that I go, that’s a misnomer.
