You’re trying to pretend like you’re a technology company when in this case you’re a freight broker and you’re saying that the reason that we should invest in your freight brokerage is because you’re going to be more automated than everyone else. And I always think to myself, even if that creates an advantage for you for some period of time, it’s not going to last long, because your competitors are going to buy automation from people like us that provide awesome automation in this industry and that advantage will evaporate in short order and you’ll be back to being a freight broker with no significant advantage over anyone else. I think that’s what happened here and I think in addition to that, because they raised a lot of money, they dumped a lot of money into becoming an automated freight broker, and as a result, they had a big burn that was hard to overcome when things went back to normal, and as a result, they went out of business.
And we didn’t even look, that’s not something we would buy and that’s something maybe one of our competitors, sorry, one of our customers would buy and they didn’t. I think the competitors probably thought, I’ll just steal those customers from them and that’ll be the end of it. I’ll do my guess as to what happened there. But that — for us that business we were just looking at from afar, they were minor customers of ours. We were aware of what was going on, but not particularly interested in any of the assets.
Robert Young: Okay. Second question for me would be about, I think on that call, you’ve been talking about maybe offsetting weaker transaction volumes than you expected with maybe better subscription side and so I was curious, is that consolidation, is there any other — what are — is there any other factor there maybe to call out or customers…
Ed Ryan: No. We — I mean — no. Listen, we have a bunch of areas in our business that are booming. We have transaction volumes that are stuffed in like 30 — a little over 30% of our business that have always and will always fluctuate up and down a little bit. Every once in a while, you seem to fluctuate down a lot like an ‘08 [ph]. But even that a lot is 8%. That was — they were down all the way to 8% and I think, geez, why is that, because most of the stuff that we use still has to ship. And maybe in good times we’re all buying lobster and in bad times we’re all buying chicken. But it’s the same shifting volume. One costs a lot more than the other. Maybe we don’t buy boats and jet skis for a couple years, but most of the stuff that we need to live and run our households still gets shipped and we get that shipping volume.
So even in the worst of times, maybe 8% down for the work that’s ever going to get is not that much. And these variations in our business happen from time to time. Guys like us need to be prepared for it. And fortunately for us, we have a broad enough business where we have a bunch of other things that are really going great. So that when the transportation volumes are a little weak, like they were in the last six months, eight months, while they were recovering, but not as strong as we’d like to see them. Our business continues to perform well through that and I think that’s a great sign of a resilient business that something like volumes go down and our answer to that is nothing to see here. We continue to do well.
Robert Young: All right. Thanks for taking the question.
Ed Ryan: Yeah. Thank you, Rob.
Operator: There are no further questions at this time. Please continue.
Ed Ryan: All right. Great. Thanks everyone for your time. We look forward to seeing you in the coming weeks and months and reporting back to you next quarter with the Q4 results. Have a great day.
Operator: Ladies and gentlemen, this concludes today’s conference call. Thank you for your participation. You may now disconnect.
