Raphi Savitz: Got it. And just one last one if I can. Happy to see that you’ve been buying back stock this year. How do you think about your kind of capital allocation at this point?
John Saunders: Yes. As I mentioned many times we are constantly looking for any type of M&A opportunity. That does bode well with what we’re doing. And the Smart Catch program was one of those opportunities so investing quite a bit there. In lieu of those opportunities, we’re going to continue to look at our stock very, very aggressively and to continue to buy back in lieu of having other opportunities. But we still are looking at those Raphi so don’t think that we’ve moved on from that. It’s just allocating the resources when we can and getting the best bang for our buck.
Raphi Savitz: Perfect. Thanks, John. Good luck.
John Saunders: Thank you.
Operator: Thank you. Our next questions come from the line of Chris Brown with Oake Financial. Please proceed with your questions.
Chris Brown: Thanks, Raphi actually took a couple of my questions, but one follow-up was on the ADT program. I know it’s kind of taking a while and you — from the beginning you said it was going to take a while for the changes to go through. Do you still see it as a kind of potential tailwind? Has anything changed materially in what they’re considering that you know of?
John Saunders: Yes. We continue to work with industry groups including NCBA and CattleTrace, specifically, the two groups that are involved with traceability and related to ADT. In fact next month, I’ll be traveling to an industry meeting in Kansas that’s going to be focused on that. And then most of the conferences that we do are early in the year and the focus specifically of the National Cattlemen’s Association is traceability and we’re going to be sponsoring an event there. So we’re looking forward to having probably several hundred producers there in attendance. A lot of them are decision makers not only for their operations, but also potentially in the states and the regions that they live. So again, we’ve always been really focused on making sure that there’s a value opportunity and a return on investment for producers to engage.
So that continues to be the case. So we’re pleased to continue to see momentum, but we also want to make sure that as producers are engaging that there’s a way for the sustainability of their operation to continue as a result of that which unfortunately over time can be fairly unique patients. And that’s what we’re doing.
Chris Brown: Thanks for your time. Appreciate it.
John Saunders: Thank you.
Operator: We have reached the end of our question-and-answer session. I would now like to turn the floor back over to John Saunders for any closing remarks.
John Saunders: Once again, thank you for the time and great questions. And we look talk — look forward to talking to you after the first of the year. Take care.
Operator: Thank you. This does conclude today’s teleconference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day.
