All right. Hi, everyone. Welcome to Deutsche Bank's Industrials Conference. We are in the afternoon session here. I think we are in the final inning. So very pleased to be joined by John Diez at the current moment, President and CEO of Ryder. John, thank you for being here and supporting us at this conference. Thank you. Great to be here. Maybe we can start with a few opening remarks by you, just giving us some insight on the current lay of the land as you see it, what the market looks like, how Ryder fits in, and we will take it from there. Sure. I will give you a little bit of background and an introduction to Ryder. We are a $13 billion business. We are organized around three segments. We are in the outsourced transportation logistics business. All of our business is B2B, and 90% of it is contractual in nature, and it is organized around the three segments: Fleet Management, which is our truck leasing and rental business. That accounts for about 40% of the portfolio. Then you have got our Supply Chain business, which is end-to-end supply chain logistics capabilities. Warehousing is the predominant service that we provide there, but we also provide transportation and integrated transportation and warehousing solutions to our customers. Our Dedicated business is the smallest of the three, just over 20% of the business, and that is where you elect to outsource your transportation. We do the delivery for our customers to their customers, or if it's a middle mile solution to their distribution site. All three businesses operate in North America, and we don't operate outside of North America. I think the big thing for Ryder to take stock of is we've gone through a transformation that began in 2019, 2020. The transformation was aimed at doing three things. One was to de-risk our lease portfolio. Second was to increase and enhance the margin for the business. Third, really diversify the business portfolio and accelerate the growth of our Supply Chain Dedicated business. Fast-forward from 2019 to 2020, I think by and large, we're fairly complete with our transformation. If you look at our lease portfolio, we reduced the residual values. What that translated into was increased price to our customers. We had to reprice the lease portfolio. That's been very successful over that period of time. If you look at our Supply Chain Dedicated business, that used to be 44% of our overall revenue base. Now it's 60% of our revenue base, so a highly diversified business. Most important for us is cash flow from operations has improved 60%. Profitability has more than doubled over that period of time. If you look at kind of the earnings power of the business is substantially greater. You can look at our return on equity metric, which we're looking at guiding 18% return on equity today and kind of just coming off the bottom of the cycle. In 2018, at the peak of the cycle, we were doing 13% return on equity. So that's a quick overview. As far as market conditions, I touched on it a little bit. We are seeing a freight recovery. It's a supply-driven freight recovery, which benefits parts of our business. What we haven't seen is kind of an acceleration in demand. We are seeing that conditions are improving across the business. We see it in our sales activity and FMS, DTS, and our Supply Chain business. We are seeing used vehicle pricing. We started seeing in first quarter and second quarter, they're starting to go up and lifting from where they were a year ago. So that's a quick summary on Ryder and what we're seeing early in 2026. Okay. Great overview. Maybe we can dig a bit more into the used equipment market in particular. I think you, more than most I've spoken to today, should be very well equipped to weigh in on that, just given, again, the truck leasing business that you have, 40% of your operation. Just how it might be influenced by the capacity and driver constraints in the industry, this is the used truck market. Yep. How do you think it evolves? What does that mean for Ryder? What are you exactly seeing? You said the last two quarters you've seen a nice little uptick. Talk to us about that. Yeah. So we started seeing improving conditions at the beginning of the year. Capacity has been taken out of the market, both from a regulation, enforcement of that regulation, as well as kind of non-domiciled driver activity. What you saw is the spot rate market started recovering late last year, and obviously that is also a function of capacity being taken out. UVS pricing, we saw sequential improvements from Q4 into the beginning of the year. Q1 was better than the prior year, slightly better, and Q2 was currently sequentially better than what we saw in Q1. Our expectations and what we've seen thus far this year is a 5% improvement on year-over-year pricing. We expect that to continue moving up, and we would expect as market conditions continue to get tighter, next year we'll be in that double digit range for year-over-year market improvement. Okay. It's a little bit of a unique situation, right? Because if there's drivers that are being pushed out of the industry, effectively there's maybe a glut of capacity that's trucks that aren't being used by drivers. Am I thinking through that correctly, or what is it? I think you have. I think we started seeing that last year, and a lot of that capacity has washed out. Now you're seeing the fact that the spot rate market has moved up. There's probably more attractive freight to move for over-the-road carriers, those that want to come back into the market, which have been sitting on the sidelines, and that's giving us a little bit of a lift in that used vehicle pricing environment. So even though some of the capacity have been taken out, that helped lift spot rates, and with the spot rates moving up, you're seeing a little bit more demand come into the marketplace. And talk about the value proposition right now, used versus new. Oh. Like what we are seeing in the new market, order trends. Maybe new emission standards, all of that. Sure. I will take it one at a time. Yeah. Clearly, we are anticipating used vehicle pricing to keep moving up, in part because the new vehicle pricing environment is moving up as well. We are expecting EPA regulations to take effect next year. That is going to move pricing up. We do expect that to be meaningful. It could be high single digits to low double-digit increases based on the latest information. What we have seen at the beginning of the year is Class 8 orders and activity has been moving up. First quarter was weak, I would say. Q2 did not move up meaningfully. I think that is a reflection of people looking to start taking advantage of what they are seeing in the freight environment and also anticipating some of that price increase going into next year. We do see momentum across the board in both new sales activity as well as used vehicle activity. Mm-hmm. Do you think some of the new sales activity is a reflection of pre-buy or anything like that? What do you think replacement versus growth? Yeah. I think what we are seeing right now is predominantly replacement activity that had been deferred. Okay. Where you had seen fleets, and even ourselves, if you look at our fleet age profile, that had been aging out even further over the last 12 to 18 months. I think a lot of fleets had delayed making replacement decisions until they saw market activity starting to firm up a little bit. I think that's what you're seeing. If you look at the full year Class 8 numbers, I think we're still below replacement levels. We're catching up on that replacement level number. Then next year, I would anticipate that you are going to see overall fleet growth in this environment. I think that maybe answers your earlier question. We're still at below replacement levels with the new activity, even though it's moving up. The overall market is still taking capacity out of the market in 2026. But as you get into 2027, you may get to a more neutral or even in a growth mode, depending on the strength of the orders. Can you put some numbers around that? What do you think is replacement, or normal replacement demand? What do you think, if I see a number above X, it signifies maybe more growth? Yeah. It's hard for me to quote because everyone does these a little bit different. Right. I would tell you, I think right now, the last set of numbers I saw were about 5%-10% below replacement levels. If you see them move up 5%-10% above that, you get back to replacement levels. From there, you should be at replacement levels, whether you're talking Class 8, whether you're talking Class 3 through eight. There's all different figures out there that I don't want to misquote. But that's kind of the order of magnitude, 5%-10% below replacement levels for 2026. Obviously, if the order volume continues to move up, which it has been trending upward, I would expect that to crest at that neutral point into 2027. Yeah. It's interesting, right? It seems like kind of a sanguine sort of outlook on potentially getting back to growth mode. But you and I were just talking on the side about some of the challenges that the industry's facing, right? From a cost perspective. Things are getting much more expensive, inflation, and then you have the regulatory landscape that's been changing. Talk about, I guess, feedback from some of the smaller carriers that work with you, and their ability to grow. On one hand, we do see the spot market Signaling lots of good opportunities to capitalize on these strong rates. But on the other hand, again, all these cost increases are probably not easy to stomach. Yeah. I think the big companies and the big customers we deal with are able to digest that better. I think the smaller players are looking for clarity in the marketplace, and they're looking for some level of certainty around market conditions and the business environment. They're dealing with higher insurance costs. They're dealing with higher equipment costs. They're dealing with the uncertainty in the overall economic space. For them to make a commitment on signing up for a long-term lease makes it that much more difficult. I think everyone's still looking for a little bit of clarity. The big players that have been delaying to replace their fleets, I think those are the ones that we're seeing are making decisions around replacing their fleet or growing their fleet as they see business conditions start to improve. Given that clarity is tough to come by, a lot of unknowns out there around what's going to happen, do you think that increases the value proposition of leasing? I certainly think so. With regards to our value prop, not only I think the biggest thing for us is the costs keep going and rising for our customers. If you're looking to operate your own transportation network and you're dealing with rising equipment costs, trying to find diesel mechanics to work on your trucks-Y you've got insurance costs moving up, certainly our Dedicated offering provides a great opportunity for us to grow. Even in our leasing business, we continue to see opportunities there, where you take some of that risk off the table. You're not putting forth capital- Right. To invest in your own fleet. Okay. All right. Very good. Moving to the Supply Chain Solutions, you have done a good job of increasing your exposure to maybe more asset light. The supply chain side. At the same time, this year, we also saw a lot of Amazon headlines wanting to get big in asset light supply chain. Yeah. Is that something that competes with your business? You said warehousing is a big part of that. Are you worried about Amazon being more of a formidable threat? Well, we're aware of the Amazon announcements. What's exciting for us on Supply Chain is that is a business that most of that business is highly customized, engineered solutions that are tailored to that one customer. We're dealing with large Fortune 50 type companies that are looking to really us execute their supply chain on their behalf. When you look at that business, we've been growing that business organically over the last five years, double digits. It's a scalable business now. We just came out with the results. Our sales for the last 18 months are at record levels. We haven't seen a slowdown in the opportunities and the value we create in the marketplace. We do have, as a part of our Supply Chain business, we do have an e-commerce fulfillment business- Which that's where we would think an Amazon would come in and be an alternative to our customers. That's a much smaller piece of Supply Chain business. A customer could elect to do the fulfillment through us, or put that business through the Amazon network and have Amazon be the supply chain arm for them. Most of the customers we serve there have elected thus far to do business with us as opposed to Amazon, but it's a very small portion of our Supply Chain portfolio overall. We haven't seen Amazon really show up in our space as of yet, but clearly that's something that we'll keep an eye on. How small of a piece do you think is Amazon? It is about a $400 million business. Supply Chain overall now is closer to $5.5 billion-$6 billion. That gives you an idea. It is just under 10% of the overall Supply Chain business. Okay. That is helpful. All right, let's consider maybe the broader dynamics in the spot market. I am going to zoom out a little. I understand that a significant portion of your business, I think you said 90%, is contractual, right? Yeah. I am curious how quickly you can capitalize on the improving rate environment and substantial gains we have been hearing about. We have been hearing some estimates, double digit increases. Like pricing ever have that significant of an impact at Ryder? Or a stable business, so less volatile, but you will eventually see good, solid increases. Just help us think through that. Yeah, look, over time, there is always a trade-off between lower price and service. As low as on the flip side now, as we are seeing is higher price relative to service. As the spot rate market continues to move up, contract rates move up as well, and Dedicated benefits from that. These are three-year contracts, so it does take time for some of that pricing to funnel into our Dedicated contracts over time. We should benefit from that, and we are seeing our sales so far this year have been tremendous on the Dedicated side. A lot of folks are trading price for service now, that they could get a much better service at a competitive price relative to the spot market. We are going to continue to see growth in our business there. The pricing impact will not be as dramatic as what you see in the spot rate market, right? It is a gradual increase, as you highlighted, and it does take some time. Where we do see the impact of that is tangentially in our used vehicle sales activity. You are seeing kind of the early innings of a recovery of used vehicle sales. With that spot rate market moving up, we will have a lot more people buying into used equipment and getting started. To participate in that market. We should see continued healthy, strong uplift in tractor used vehicle pricing. Rental benefits a little bit too, from that. As people look to start a trucking operation, they may start first with a rental piece of equipment from us, get into the market, expand their business, and then they'll look to sign up for a longer-term lease. I see. Can you just explain that bifurcation a little bit more, the rental versus the lease? Yep. How, what portion of your business caters to either? Yeah. So we operate and manage about 230,000 vehicles. 30,000 of those vehicles are in our commercial rental fleet. Many of our customers first begin with no long-term commitment. They decide to just rent trucks on a short-term basis. As you see kind of these volatile conditions, typically people will begin first with a rental truck to execute loads and execute freight against that. Then as the market strengthens over time and they get a lot more confident with their business and the volumes longer term, they will sign up for a five-year lease commitment with Ryder. That is typically the pattern we see in our customer profile. They will start with rental, no commitment. Then they will go on to lease, and then they will go from lease into our Dedicated solution. It is more like a gateway opportunity. Yes. The rental business. Given that there is not as much of a commitment aspect, I am sure the pricing is more favorable than Yeah, the pricing in rental usually comes at a premium over lease. For that reason, it provides an adequate entry point, as you said, for fleet operators to begin operating. Okay. You made this point about how you are seeing tremendous sales Yeah. In your leasing division. I guess, just talk about what is driving that. What is the feedback from your customers around that? What is the thing that is like, is it just a, is there more of a private fleet aspect of that? Just give us a flavor for it. I think there's two components. Typically, the freight recovery happens through demand, and we usually see it come through our commercial rental business. Then there's a six-month lag which takes effect, and we see our fleet sales start moving up. This one is unique. I think it is a supply-side recovery where you've seen capacity kind of taken out of the marketplace. What we are seeing is a lot of deferred replacement activity, and customers and private fleets have been holding to replace their fleet, and now they're coming in and saying, "Okay, I need to replace my fleet." That's one. Two, I do think private fleets are looking to, in this spot rate environment, looking to grow their fleet, and if they can put more freight through their vehicles as opposed to using the for-hire carrier market for some of that excess freight capacity, I think they're bringing it in-house, and that's creating a little bit of opportunity for us as well. Okay. You said that you're working through and striking contracts, albeit you're not going to see the same dramatic increase that we typically see. How far along are you in this process of touching some of the contracts to reflect kind of current conditions, albeit yours is going to be more muted, but you are still going to see, I bet, nice increases. How much of the book have you repriced? Yeah. So about a third or just under 1/3 of the book gets repriced each year. Each time, we're looking at reflective market conditions, what's happening in the driver market. The driver market is starting to see signs of tightening capacity. Where sign-on bonuses, we're paying more sign-on bonus than we were maybe six months ago. You are going to see follow-on effects. The knock-off effects is wage inflation in the driver's side. We haven't seen that yet. But we do anticipate that to come. So all that gets factored into the economics as we reprice business. You will see that continue to progress as that book of business comes up for replacement. What do you think of the prospect for wage increases? We've heard from some of your peers that, yes, they will come, eventually it will happen, but it maybe won't be as significant as what we saw during the COVID. Yeah, I think COVID, I've seen two of these. In 2018, we had a pretty tight driver market. In 2022, obviously, and 2021, we saw kind of the lid pop off the business. I don't think it'll be as dramatic as what we saw in COVID. Just because the demand environment won't be as that kind of accelerated environment. But I think you will continue to see as drivers keep being taken out of the marketplace, you are going to see tighter capacity, and wages will need to move up to attract people to come back and then become drivers in this country. So I have found that that kind of works itself out over time. But do I think it'll be as dramatic as what we saw post-COVID? I don't think so, but you will see something similar to what we saw in 2018, without a doubt. Okay. Do you share some of your peers' views that we are still in the early innings of the supply correction? Oh, yes. We're kind of feeling the effects right now of this supply-driven recovery, where it would be interesting to see what happens when demand comes back and at how significant an acceleration that is. If it does come back with strength, then we may be caught with a capacity crunch, right? That's really. I don't anticipate that. If you think about market conditions, the industrial side, on the demand side, seems to be going strong. The consumer is kind of a mixed bag. Housing, which is the third leg here, housing's been pretty weak for some time. The only way I would see that happening is if housing comes back strong, then you'll see kind of that demand acceleration. I do think demand will continue to move up from here. It'll just be, I think, a little bit more gradual than what we've seen in other cycles. Yeah. You anticipated my next question. Can you color that maybe with some feedback you're getting from your customers? You're pretty well diversified. Yep. Big in food and bev. What are your customers saying, and how are they feeling about the current backdrop? Right. We're very diversified. We serve over 35,000 businesses in our rental business. We have 14,000 lease customers. If you look across our end markets, I would say just over 1/3 or almost 40% is tied to the consumer, So food and beverage, retail. Just under a third is the industrial space, and then the other, I would say, 25% is all kinds of services. Housing is in there, technology, and healthcare. I would tell you, the consumer food and beverage has been down, especially the beverage side. If you look at all the beverage companies, they're seeing lower volumes, and that may be a function of GLP-1s and younger people not drinking as much. But we are seeing the impact there. Food and beverage being down. Retail is a little bit of a mixed bag. As I mentioned, there are some retailers that are doing quite well. There are pockets in retail that continue to be strong. Industrial started moving up late last year. We saw manufacturing continue to be strong most of this year. I do anticipate that will continue. Then the housing sector, which is a smaller part of our business, has been down, and it has been down double digits when we compare demand on the rental side to last year. I think that will continue, and we are hopeful that maybe the demand on the consumer side starts picking up. Obviously, we are dealing with an energy inflationary environment right now. If that kind of subsides, and we get back to normalized gas prices, I think you may see the consumer come back in and spend more money. Mm-hmm. On the industrial side, if you could break that up a little bit, like data center exposure, do you have any of that or kind of what in the industrial, like we all see the ISM kind of improving. Still nascent, it feels like. But yeah, what type of customers are seeing improvement? If you look at our industrial segment of three big, broad brushes for us, supporting auto manufacturing in the U.S. Our Supply Chain business, a big portion of that is auto manufacturing, over 20%. We support that manufacturing activity. A lot of what we do, even in Dedicated and some of the support on the Fleet Management side is steel companies, and they're benefiting from the data center build-out. They provide steel products that go out into those builds. There is some exposure there. You have the commercial builders, bricks guys, masonry guys that are participating in that. Those are kind of the big elements that we support. Then you've got HVAC systems, those folks are also benefiting from the data center elements. I would say, by and large, most of the industrials we serve is businesses that have been around for some time. I would say probably a little bit of the growth we're seeing from them is coming from the data center build-out because the HVAC folks are benefiting from that, the steel folks are benefiting from that, and some of the brick folks are also benefiting from the build-outs that we continue to see out there. It's a nice little undercurrent. Yep. Okay, cool. Let's get back to some Ryder-specific stuff. I think your transformation, you made a concerted effort to get your business to 60% asset-light, this Supply Chain-driven stuff. Maybe focus on the trends facing that side of the business in particular. What differentiates you? Maybe give us some examples, right? You said like in automotive, a lot of that business you do service through a Supply Chain. What exactly are you doing? Yeah. In automotive, we provide end-to-end. All the parts that are going into a manufacturing assembly plant in the U.S., we coordinate the transportation, and we execute some of those transportation moves all the way from Mexico into the U.S. manufacturing facilities. We stage that product in one of our warehouses, and then we feed the assembly line every day. We do that for some great brands in the U.S. That is a big part of what we do in the automotive, and that Mexico cross-border activity is a key component of what we do. We do a significant number of border crossings from Mexico into the U.S., and we continue to execute that very well. That's an exciting piece of the business. We have seen significant growth in the retail space. We continue to win with big retailers, big box retailers that are coming to us to award us with their Supply Chain network. We execute for all the big brands there that you could imagine. What we do is we're behind the scenes. All the product that ends up in the stores, we pick it, ship it, and coordinate it to make sure that it arrives at the stores on time. Got it. Yes. It's a great question. The question was: Can Supply Chain grow without margin erosion? We've been very proud, and in fact, I said it earlier today, we've grown that business 11% organically and 17% with the acquisitions, and we've actually maintained or improved the margin profile of the business. So that business is operating at our target level of high single digits, EBT as a percentage of revenue, and we've done that fairly consistent here over the last five years. That's a great question. We continue to see pricing discipline and execution against the design to be very effective. So we design a solution, we price it out, and then we go out and execute it, and we've been very successful at executing to the design over time. Yeah. Who are your competitors? Is this basically an outsource? Is the customer itself kind of a competitor of yours if they feel like they can do it themselves? No. The customers are typically large shippers, right? So you're looking at large shippers like a Conagra is one of our customers. General Motors is a customer on the automotive side that would look to outsource to us. Okay. Who do we compete with? The big competitors for us is you look at folks like DHL, GXO, and then in particular verticals in certain industries, you may see some other competitors come into the place space. Penske is also a competitor in that space, so we compete with those folks. We manage over 100 million sq ft today. So we manage the second-largest footprint as an outsourced logistics provider of warehouse space in the country. So continue to scale that business up, and now with our end-to-end solutions of port-to-door, where we could deliver, help them with bringing in the product across the border or from Asia and deliver it all the way to the customer's home through either our e-commerce business or our final mile delivery business. We have the end-to-end solutions to help our customers. I guess what I meant by that is a customer competitor, there's this dynamic of trying to convince them to outsource that operation to you. Do you feel like that's- Yeah. We actually feel our biggest competitor is always private. We call it private fleet, but in this case, it could be a private operator because they want control. Right. They don't want to relinquish control. It's our job to convince them that we could do it better and in a more cost-effective way than they can. One of the competitive advantages and the value prop that we serve is we're making investments in technology that serve the needs of our customers, and we make big investments in technology that they take advantage of. Where it becomes very costly if you individually are having to make those kind of investments in Supply Chain technology each and every time. We come to our customers now with sophisticated technology solutions that they can take advantage of, that we've made that investment for. Where are you in that journey in terms of automation and p hysical AI implementation in the warehouse? Yeah. I think we've come a long way. The last five years has been crazy. We've seen an acceleration there. I think five years ago, less than 20% of our warehouse space had some level of automation. Now, closer to 60% of our warehouse space have some form of automation. We've seen that evolve. We've seen the economics also improve on the robotics and automation solutions that are available. What we do for our customers is we test all kinds of solutions that we execute against, and if they don't work or if they don't create value for our customers, we're not going to offer up to them. But we could advise them on what works for this application or for a separate application. It all depends on order flow, whether it's high velocity, low velocity, if it's individual cartons or if it's pallet in, pallet out. We see all the solutions that customers need, and we could tailor a solution that is going to create value for them. Okay. Anyone else have any questions? Should I continue? All right. Yeah. The question is, what is Ryder's mid-cycle earnings power? Look, right now, as I opened up, our return on equity profile is sitting at 18%. Yeah. Over the cycle, we think the business can perform in the low 20s. At the peak of the cycle, we think the business can perform in the mid-20s, or even a little bit closer to the high 20s. Clearly, the earnings profile of the business has been tremendous and has been elevated significantly. At this same point in 2018, at the height of that freight cycle, we would execute at 13%. A lot of improvement. Yeah. Where are you think, in this transformation journey? Are you done? You still think that there is more stuff to go? Look, there's always more to be done. Yeah. I would say that. But we're clearly in the late innings. We did a few things. The $100 million multi-year maintenance productivity initiative is behind us. We've outperformed that $100 million. That means $100 million of cost savings each year are benefiting the shareholder. The lease portfolio repricing, we think this year will be close to the end, if not going into next year, we'll be done. That also contributed over $125 million of benefits to the bottom line. As you think about what we've done with the business and the diversification in Supply Chain and Dedicated, I think we're well on our way. We're going to continue to grow those businesses at scale. But there's always more to be done with productivity. If we could get more in the future from maintenance initiatives and some rationalization initiatives in Supply Chain, we'll do that, and we'll continue to push for that. Yeah. The question is, our leverage is in a good place. Why not do more buybacks? Our leverage, we do try to manage it between 250 and 300. We do have a buyback that the board has approved out there, and we're executing against it. We are expecting higher level of CapEx over the next 12- 18 months as we invest in growing back our rental fleet. Our rental fleet is down 20% from the peak. With the freight market conditions continuing to improve, we would add fleet there. Lease sales and Dedicated sales continue to be strong. I am going to be needing to spend capital to load those businesses, which obviously are more the capital-intensive businesses. Nevertheless, even with that profile, the balance sheet that we have still de-levers even at negative free cash flow levels. We'll continue to de-lever over time, which gives us opportunities to either invest in good acquisitions, which is our second priority behind organic growth, or if not, continue to do buybacks. Yeah. I think to put numbers around that, you gave fleet growth target of 2,000- 4,000, is that right? Yeah. Yeah, talk about potential. What's it going to take? Is that all organic, first of all? Yeah. That's all organic. Yep. What is it going to take for you to execute that? Yeah. 2,000-4,000 is kind of our target of what we have for the lease fleet to grow over time. I think if you see an acceleration in demand, we may get above the 4,000. I would think next year we are going to be in that range band. If things continue to improve, maybe the year after we get above the range band. We will see. I hope that is the case. We have no limiters. That is just kind of what we think the market and what we could execute. That is all on the premise that we are going to continue our pricing discipline of underwriting lease activity. So, with that discipline, we think we could get to a 2,000-4,000 level over time. Okay. Then you talked about technology within the, maybe the Supply Chain Solutions more, but what about more broadly speaking? It seems like you are a very technology-focused company. Tell us what you are incorporating. Yeah. Into the business. Where are you on that journey? Yeah. So, a few key highlights there. We have our own proprietary technology that we continue to invest in, and then we have a RyderVentures fund, which we really utilize to figure out whether it's robotics and physical AI or other technology solutions that are coming into the market that we think we could leverage to create long-term value for our customers. We'll make small seed investments in startup activities that are executing in that space. On our proprietary technology, we've invested heavily in some of our solutions, like RyderShare. RyderShare provides our customers visibility and control of their transportation, and full visibility. We are adding AI capabilities there so that our customers get more real-time information, and they could execute against that quicker and better than before. Our Fleet Management customers have their own Fleet Management system, if you will, where they have full visibility to their fleet, status on their fleet, effectiveness of their fleet, and which ones are being utilized, which assets are not being utilized, and they could take action just the same. We continue to introduce AI into our proprietary solutions. On the warehouse side, we partner with a number of software providers and tailor those solutions to the needs of our customers just the same. We are seeing continued evolution of that. I think on the robotics side and the physical AI side, we continue to see an acceleration. I touched on that before. We will continue to look at opportunities to make investments from a RyderVentures point of view in that space over time. Okay. Excellent. I guess we're coming up on time, but any sort of closing thoughts as you speak to investors today, what differentiates you? Going from, you said improving your ROE by what, 500 basis points. 500 basis. Cycle- over- cycle. Seems like a pretty good value proposition. A sneak at what could happen as you go from last mid cycle to next mid cycle. But yeah, what else? Yeah, look, we're excited because the best hasn't been shown yet for our company and what the transformation looks like. With our port-to-door scale capabilities, we think we could serve the needs of the customers in North America, whatever they need from a Supply Chain point of view. For our shareholders, we would expect that the earnings power of the business, and with some help from the marketplace, we're going to get to that low 20s ROE target, which, not only is it ambitious, but I think it's unparalleled in our industry. Mm-hmm. Excellent. Thank you so much for your time. Yeah. Thank you. We appreciate it. Thank you. Good questions. Thank you.