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I agree that those days are long gone, but I call bullshit on them claiming they can't profit at $10 per card. Graders look at them for less than 1 minutes each, and the aggregate time spend per card for receiving, research, QA, and shipping has to be less than 5 minutes in total for bulk subs, and most likely less than 2 or 3 minutes per card average. There's no scenario whatsoever that this doesn't cover their costs.
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Assuming PSA made a profit in 2008 with my very 1st BULK SUB @ $4.25 per
It stands to reason that if you DBL it to $9, 14 years later, they should still make a profit @ $9 per (likely less as SNOWMAN points out).
This $18 per and $22 per means exceptional profits.
One thing that should be analyzed, is PSA far less efficient with their new ownership, leadership, and staff vs. 2008 when Joe O. was in charge?