Ira Birns: Well, I was really – I was looking at our annual run rates when I was thinking about that. But we have smoothed that out a bit more, because land now has stronger quarters from Flyers generally in the quarters that were softest for us before. And at the end of the day, that U.K. weather-dependent business – by the way, it’s the beginning of October and everyone’s wearing shorts in the U.K. So starting out to be weaker than you would hope, but the weather may change, but that’s become a much smaller piece of the pie, and we’ve smoothed it out with considerably more volume and profitability in the second and third quarters post Flyers acquisition. So yes, there’s less of that as well.
Kenneth Hoexter: Thanks Ira, thanks Michael. Thanks Elsa.
Michael Kasbar: Thanks Ken.
Operator: Thank you. [Operator Instructions] Our next question comes from the line of Ben Nolan of Stifel.
Ben Nolan: Thanks and let me just start by saying thanks to Ken for sticking to two questions. I appreciate that, so. I do have a few though. The first is – well, first of all, just to clarify on what Ken was asking with respect to working capital. So at least aspirationally if – as we look into the fourth quarter, if fuel prices remain relatively constant, there shouldn’t be any give back with respect to that working capital, correct? It should just effectively be what your cash flow from operations would be, net working capital. Is that fair?
Ira Birns: Yes. I mean, yes, at the end of the day, we’re doing everything we can to generate cash again in the fourth quarter. Obviously, that’s somewhat dependent on what may happen to price in November and December. If hypothetically prices went through the roof, that makes that a little more difficult despite what I just said. But if prices are in this relative ZIP code, they’ve been relatively calm and constant over the last few weeks, if it stays, the water stay calm, we should be able to deliver some additional cash flow in the fourth quarter.
Ben Nolan: Okay. So I wanted to also ask, I mean you have this strategic evolution in trying to focus on and have been building up some of these areas that are a little bit further or adjacent to at least some of the traditional things that you’ve been doing. I’m curious if there – as you look at that portfolio, are there holes in it or are there areas that are going to need capital as you look forward, or do you feel like you can grow in that footprint and accomplish what you want to accomplish with a capital-light effort?
Michael Kasbar: Good question, Ben, and it depends. So it’s a mix, a business mix of a number of different things. So it’s – on power and gas, we’re providing advisory brokerage, some merchant activity, some balancing activity there, some risk management, so that runs the full spectrum. And then on the carbon side and the renewable energy services side, it would be power agreements, it would be environmental certificates, it would be on-site solar advisory. So a number of those are very balance sheet friendly and have eminent scalability. Their intellectual capital activities, it’s a beautiful thing because everyone needs to do something more or less with their sustainability initiatives and a lot of them don’t necessarily have a plan.
It’s rather complicated. So we’re able to help them navigate that, both with the advisory, the knowledge base, give them a plan, do an assessment and also carry out the implementation. So some of those activities certainly are using some balance sheet capabilities. We’re quite adept at understanding how to manage that and work within the borders of our balance sheet, and we’ve done that reasonably well. So it just depends on what part of that sustainability business activity we have. So certainly, the merchant side and gas and power work differently. But our participation model in those is pretty robust, and we’re judicious in terms of how we participate in the merchant side of that. But we certainly understand it and the capability of understanding those molecules and electrons, we’ve got deep domain expertise.
