Michael Kasbar: It is all generally resolved, three particular locations, three different stories. One of them had a disruption – two of them had some short-term disruptions and one of them had some other issues during the quarter. But I would say that, that is – 95% of that is now behind us, and we don’t expect to get impacted from any of those issues in a material way in the fourth quarter.
Kenneth Hoexter: Okay. What was that something on – at the site that stopped you from – I just have no idea what you’d say. If it wasn’t the port strike stopping vessels, was it something at locations that disabled you from…
Michael Kasbar: It was something at two specific locations in Europe in 1 location in the U.S. that hampered volume during the quarter.
Kenneth Hoexter: Okay. So Ira, we’ve talked a lot over many years. Is this about, right now, as to Pavel’s question about the inflection, is this about winning share with existing customers or is this the competitive market out there? Has it changed at all? Obviously you’ve been aggregating a lot of business over the years, competitors or people providing service at the docs or at airports. Is this a competitive business still that you’re seeing increasing consolidation or is this just, we’ve got to wait for the market and then our customers take more volumes?
Ira Birns: I mean, it’s a little bit of both. Obviously market conditions, the container market as I’m sure you know is not – certainly not at the strongest level right now. So part of it is us having a disciplined approach to returns. So again, we’re not after growing volume for the sake of growing volume, we’re trying to grow profitability and related returns. And again, Marine is highly susceptible to the pricing environment as evidenced by the phenomenal results last year when bunker prices hit record levels. So it’s a little bit of both. Our guys are always after additional business with existing customers, new business with new customers, but they have to hit the hurdle rates that we ascribed to them in order for that to make sense to all of us.
And those hurdle rates have increased in this interest rate environment, right, which again, has resulted in us walking away from some business that maybe we might have entertained 18 months ago. So it’s a combination of both of those factors that you described.
Michael Kasbar: And then just to put a bit more on it, Ken. In my comments I talked about the efficiency of our platforms, and I think we’re feeling more confident in our ability to create efficiencies in our operations to be able to make us more competitive, and that achieves the ability to obtaining the returns as well as gaining market share. And as our network expands, and it has expanded greatly certainly in aviation, and as we open up new locations in marine, that creates greater opportunities. And our land business, I think, has got significant upside as well as sustainability. So those were the comments that I referred to earlier. So when we talk about growth, it’s growth with a return – and that’s where we see the future in terms of grabbing density, sharpening the portfolio, being able to get operating leverage, in those areas and managing the portfolio to achieve those outcomes of growth with a reasonable return.
Kenneth Hoexter: Ira, I want to ask you a financial question, you know thoughts on cash flow. It used to be that when oil prices went up, you were extending credit to your customers. When it was low, you’d actually swim in the cash flow as you didn’t need to extend day sales outstanding and your credit. It sounds like you’re seeing improving cash flows despite what we’ve seen a run-up in fuel. Maybe just talk about the backdrop there for a second, and I’ll blend it in with two questions, right? So the thought on cash flow and then your 30% margin target, what do you need to happen to get there? And maybe talk about… [Multiple Speakers]
