Tara Hemmer: I think what’s important to note is this is a market – even in the transportation market that has been evolving pretty quickly as more renewable natural gas is coming online, and as EPA is raising the RVO, and also the fact that they set a three-year RVO, which had never happened before. So this is something that historically there hadn’t been a robust market where you could trade forward, and that’s certainly evolved and something that we’re seeing activity in.
Stephanie Yee: Okay. That’s helpful. Thank you.
Operator: Thank you. One moment for our last question. And our last question from the line of Toni Kaplan from Morgan Stanley. Your line is open.
Toni Kaplan: Thanks very much. Earlier in the call, you talked about commercial being encouraging. I was hoping you could add any additional color to that. And I know that you don’t want to go too much into 2024, but maybe just give some color on, whether – where you’re most optimistic, whether it’s commercial, resi, industrial, like recovery in any of roll-off. Anything that you’re thinking could be better in 2024 versus 2023? Thanks.
Jim Fish: Are you anyway just referring specifically to volume there?
Toni Kaplan: Yes. Yes.
Jim Fish: Okay. Yes. So I guess specific to commercial and that may be the line of business that we have the most – the highest level of optimism. And it’s because our national accounts business, where we really feel like we have a differentiated offering there, whether it’s through data and analytics reporting or service itself that business has been growing, and it’s been growing fairly significantly over the last three years. So as I look at commercial volume, as we said last quarter, a piece of the commercial volume has been a bit of a swap. So we’ve traded some of that national account, and we have seen a fairly muted small and medium business performance. And the net of the two on the volume line has been slightly positive.
So if you ask me to kind of place a bet on a line of business for maybe where we’re the most optimistic in 2024. I’d probably put it on commercial or maybe on the landfill line of business itself. I think you’re going to continue to see residential be negative, because we continue to kind of pare down some of that unprofitable work. And we just went through our quarterly reviews with our Vice Presidents last week, and there still is some unprofitable work out there that’s going to when the contract comes up, we’re either going to bid it up or we’re going to lose it intentionally. So I wouldn’t expect to see volume in resi get back to flat or positive probably for at least a year and roll off is so dependent on the economy, and we just don’t have a great view of what the economy is going to look like.
We’ll know more in three months. But I’d probably put it on commercial as the one where we’re most optimistic.
Toni Kaplan: Thanks very much.
Jim Fish: You bet.
Operator: Thank you. And with that, I would now like to turn the conference back over to Jim Fish, President and CEO for closing remarks.
Jim Fish: Okay. Thank you very much. Well, thanks very much for all your questions this morning, really good questions. We appreciate them. We do look forward to talking to you in the interim period and between now and when we report our fourth quarter. And in that period, we have some holidays. So please enjoy your holidays. Thanks so much.
Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect. Everyone, have a great day.
