Ed Ryan: Yes. We were trying to describe what was going on in the market for us. You’re right. We’re probably a little more agnostic to it. We do business with all of them. We like all of them, have good relationships with all of them. We’re not trying to help pick winners in this. We just help service each of them. And there are times when some do better than others. There are sometimes when some move more freight to us than others. But in general, it works out, tends to balance out across all the larger carriers you mentioned.
Scott Group: Okay. And then just lastly, when I think about the step up in organic growth now versus pre-COVID, how much is price helping now? Even if it’s not like real price, just nominal price to just keep pace with more inflation. Is that a meaningful contributor now to organic that maybe you didn’t have in the past?
Ed Ryan: I’ll let Allan comment a little bit on this, but I wouldn’t call it meaningful, but it’s there. Certainly we raised prices last year because of the high inflation. But Allan can comment on it.
Allan Brett: Yes. We’re raising prices across the business, across our product lines. Despite that, the overwhelming majority of our growth is still going to be volume related. That’s going to be consistent. So we’re using price to offset the cost pressures we have. We should be doing that as a business. But for the most part, our growth is going to be heavily focused on volume doing more with new and existing customers.
Scott Group: Thank you, guys.
Ed Ryan: Thanks, Scott.
Operator: Your next question comes from the line of Robert Young from Canaccord Genuity. Your line is now open.
Robert Young: Hi. Just wanted to add to the very first question around transaction revenue not being as simple as just tied to shipping volumes. I think there’s some transaction minimums on some of the contracts. Just maybe you can refresh that and how much protection that provides on weaker volumes?
Ed Ryan: Most of our contracts in the transaction space are done at a minimum of 85% to 90% of the normal volume that a customer has. That plays a role from time to time with individual customers. I think more importantly, we watch the transportation volumes. Our business continues to grow. And in tougher economic times we tend to have more companies hit our direction because they tend to shy away from the smaller guys when they get worried about people in this space struggling. So we’ve tended to pick up more volume then. When customers start hurting, they start asking everyone for discounts because we provide 10 or 15 different services to them. We have a lot to negotiate with and the potential to pick up more business from our smaller competitors that are not in a stronger position as us.
So as it happened in ’08 and in the pandemic and a couple other times when we’ve had weaker economic times, and again I don’t know that that’s what we’re looking at right now, we’re probably looking at more of a muddled economic scenario right now. But in weaker economic times, we’ve tended to pick up volume in the face of our customers having less volume, and we come out of that stronger than ever and we tend to not have the same lows that maybe some of our competitors would have in transaction volumes, which is why when these things happen, you look at our numbers and say, why didn’t they go down? And it’s that plus the combination of other strengths in the subscription part of our business that continued to do well to this day.
Robert Young: All right. And then second one for me, you’re talking about the impact of union agreements and a lot of change there. Does that have an impact on your customers’ willingness to invest in technology to improve the visibility or having the price of the delivery itself goes up, then you would assume that technology becomes a better way to seek efficiency? Is that something you’re seeing or does it just pressure volumes?