Thank you very much. Welcome back from lunch. We had a great session with Senator Manchin, appreciate everybody joining that. I thought it was super informative and interesting to kind of dig through the political dynamic. We have a return to the transportation track this afternoon, specifically on the trucking side, and we are very pleased to be joined by the gentleman from Schneider National. We have Darrell Campbell all the way down, EVP and Chief Financial Officer, and Jim Filter, EVP, Group President of Transportation and Logistics. Gentlemen, thanks so much for joining. Appreciate it. Thank you. I think the way we've started most of these is to kind of just do a bit of an overview of what you guys are seeing so far in the market. The second quarter's been pretty dynamic. Seems like maybe we're beginning to add a little bit more demand to the market, certainly capacity is getting tighter. Maybe I'll turn it over to you for a couple of comments there. Sure. We'll start to dig into the business. I'd say demand, while there's some pockets of strength, certainly, especially in what we're seeing with production picking up a little bit. Yep. Generally, it's been stable, is the way I would characterize it, demand. What we've seen the most activity is capacity exiting the market. If you think about it, one thing that we keep talking to customers about, we've been discussing this for a long time, that over the last decade, truck accidents are up almost 20%. Despite the fact that large trucking companies like Schneider have been making a lot of investments, are actually improving crash frequency, the overall market has been growing. Overall number of crashes has been growing. Certainly, part of that is a more distracted public, but we knew that something else was going on here. We do applaud the administration saying, "Look, that's enough. We've got to address this." There are so many different facets that they're addressing here, whether it's, I'm taking a group of drivers from another part of the world that don't understand what it's like to drive here. I'm going to skip the normal type of certification, the normal type of training. I'm not following ELDs. There's so many different steps that they've been avoiding, is really what's resulted in crashes increasing at this rate. That has certainly come out, and it's exiting very quickly. We'd still say there's probably half that capacity is still out there in the marketplace. That's still ahead of us. As much as we've seen so far, I believe that there's still more room to run there. What about the second quarter has been so dynamic for the spot rates? Is it more just the demand side, the capacity side where we are starting to see those exits? I think it was notable, the May FMCSA carrier authorization numbers did take a more meaningful step down than we had seen the previous couple of months. I know obviously we had Roadcheck. Maybe there's some of those factors. Yeah. kind of playing in. Maybe talk a little bit about what the sort of maybe specific catalysts of the spring have been. Yeah. Every year, the last three years, we've seen this with Roadcheck. Yep. Followed by Memorial Day. That is also a good indicator that the people that are not operating legally were looking for a place to hide and were coming out every single year. Yeah. Not surprising there that we're seeing those type of factors. This year was no different in terms of seeing that type of impact, as well as when we're talking about the capacity that is exiting, it's the most irrational capacity. They're not playing by the same rules as everybody else that have been governed. That's really why I believe that this down cycle has lasted so long, is the capacity that was added right after the pandemic. They weren't playing by the same rules. It took them a long time to come out, and we're just starting to see the front end of that. Yeah. Okay. No, that makes sense. Let's touch a bit on the demand side. I think you said stable. If we could kind of think about it, whether it's the, obviously housing has been sort of the piece that's been largely absent from any of the discussion. The consumer's probably been fairly resilient over the last couple of years. I think there's optimism that maybe industrial's getting better. We've seen ISM improve, but maybe that's not really flowing through yet. How would you sort of think about those big buckets of demand? Yeah. Seeing ISM is favorable. We're seeing those buckets are starting to flow through. What we haven't seen is with interest rates. We came into the year expecting that we could see a couple of interest rate cuts. At this point, we're probably just as likely to see an interest rate increase as a cut. Yep. Those parts of our portfolio, home building, everything that goes into a new home being created, as well as automotive, perhaps not as strong as what it could be, had we seen a rate decrease. Okay. All right. That's helpful. I think as we're sitting here, we're getting to the tail end of what is the traditional bid season with a lot of implementation of these contracts coming in and then flowing into the second half of the year. I guess maybe if you could give us a lay of the land of how you think it's been progressing so far. Yeah. As we talked about on our call, what we had seen was mid to high single digits, but there were shippers that took much larger decreases over the last year or so. Those shippers were seeing double-digit increases. The same time, allocation events aren't the only way that prices start to move for this industry. That's one factor. Those shippers that aren't making as much movement as it relates to those allocation events, as a shipper, they don't have to guarantee that they're going to have the freight for us. As a carrier, we don't have to promise that we're going to have a driver available. There's an opportunity here of what freight we're actually accepting. Are there additional opportunities out there in the market that we're able to move? Of course, there's also opportunity within the spot market to be able to capture price. I guess as you think about that, we've begun to hear a little bit more discussion of double-digit rates. I think you noted that some of the shippers that maybe had gotten lower ones are beginning to get that. I guess, how would the mechanics work in the back half of the year if the rate environment continues to draft higher? Obviously, we think traditionally about a lot of the work being done in the first half of the year, but there is going to be some flow-through if things continue to percolate. Is it mini bid activity kind of picks up, and we'll see sort of that flow in? Obviously, you guys have some spot exposure, not obviously an enormous amount relative to the size of the business, but let's talk about how that could play through. Yeah. Certainly, we saw that back in 2022. There were allocation events. Yeah. Shippers completed one of those. They started falling apart, do a mini bid, another mini bid, and some of those things were just coming so quickly because at the same time, if shippers are trying to get more capacity, we're going to have to be more aggressive in terms of bringing capacity into our business, and we're going to need to be able to get that rate. In general, we're looking for something that's more durable, sustainable. This is probably going to take a couple of allocation events to get back to recovering the price that has been lost over the last couple of years. Yeah. Then, I guess, maybe thinking about it from the actual truckload business versus dedicated, then I do want to talk about intermodal and logistics. You have a lot of different pieces of the business that you have exposure to in the cycle here. I guess we're probably talking more in the context of the one-way truckload business. I guess, how do things kind of play on the dedicated side of your network? Dedicated, absolutely more stable. Multi-year contracts. The same time, within dedicated, there are opportunities as we're looking for backhaul. There's more backhaul opportunities that you're able to identify. There's also spot price freight that you're able to pull into that dedicated fleet as a backhaul. It's not completely distinct. Yeah. Okay. Yeah, I would just add, in dedicated, we've been very focused on productivity, right? Yep. We've said that revenue per truck per week is the metric that we'd use to kind of measure how successful we've been during the down cycle. We're not necessarily adding trucks or looking at truck count as a metric. It's not just price, but productivity as well. How do you think about utilization across the truck business? I guess that's one of the things that we're trying to understand a little bit more is the opportunity, particularly for the big fleets. If we do see this consolidation event here, will there be opportunity? Like you said, maybe not necessarily in just fleet count itself, but more productivity. Is that something you can get on both sides, network as well as the dedicated side? Yeah. In Q1, we saw our revenue per truck per week in network go up by 7%. Yep. Most of that was utilization. Yeah. Most of that was productivity. We're continuing to lean into that. That's really just a matter of, hey, there's more opportunities out there. Do you get the right mix of freight? Part of it isn't always do you get the highest paying freight, but what works best for your network to better utilize the drivers? The real reason for that is that's an opportunity also to pay your drivers more because they're receiving all of that themselves in terms of the productivity benefit. I guess, the guide for the year, I guess it's probably helpful to talk about that, right? Maybe we can think about the bookends. The $0.70, the $1.00. Can we talk a little bit about what you need to see? Hopefully, the $0.70 is largely off the table. I don't know. If we're thinking about what the optionality could be, what would drive upside to the guide? Yep. Just to level set, we are one quarter in, at least in terms of what we've announced publicly. There's still three quarters to go. Sure. we're one of the few that's actually guided for a full year, right? We give you credit for that. Yeah. Not a lot of your peers are doing the same. What we saw in the first quarter was very encouraging, right? We did see capacity exiting probably more rapidly than we initially anticipated, which is a good thing. Yep. We saw the benefits of our cost and our productivity actions come through as well. We had weather disruption. We had higher fuel prices that impacted us in the first half of the quarter, and we were able to rebound, largely because of all the actions that we took in terms of productivity and cost. At the same time, I think as Jim said, there's a balance to that in terms of demand. Demand has been stable, and what we've said is to get to the higher end of our guidance, we need demand to inflect. Yep. Right. Whether that's, initially, there was some expectation of rate cuts, as Jim said. There was expectation of inflation normalizing. There's some recognition, at least from an energy/fuel standpoint, there is risk of higher inflation. We're balancing what we've seen in terms of supply trading and our cost and productivity actions with the fact that to get to the high end, you need more demand to inflect. Depending on what happens on the balance of the year, the cadence of the improvement and the amplitude of the improvement will be largely driven by demand. Okay. One thing that's come up a couple of times so far over the course of the day has been the early discussions around peak season. I think it's probably being driven to some extent. We're beginning to see ocean rates move up. Some of it's fuel, but there's also demand and relatively lower capacity. Have you started to have any of those conversations? It sort of strikes us as last fall, really after Thanksgiving, we saw spot rates really inflect meaningfully higher, and that was partly driven by the fact that capacity was coming out, and there was a bit of a peak season. Is this something that's kind of coming into customer conversations yet? Yeah. We always, especially in our intermodal business where this is most prevalent, we're always having that discussion as we go through an allocation event because we want to make sure from both sides there's a clear understanding of what are you getting at this price point. How much demand increase are you expecting that we're going to be able to cover? With a large retail shipper, we would always have that discussion, and this year is really no different for us. Perhaps, you know, there's more potential demand out there. I don't know, but it's clear that it's top of mind for shippers as well. Are shippers generally sort of receptive to the idea they've gotten away from that the first part of the year was driven by weather and nothing else, really? Are they starting to get more receptive to the idea that something might be shifting a bit more structurally in the capacity environment of trucking? I think the other thing that is on the mind of shippers, they've seen that, first of all, over the last few years, they've known that something was irrational. Yeah. That there was pricing that really didn't exist. There were shippers that came to us and said, "Hey, you should be able to make this transit in one day." We said, "Well, that's more than 11 hours." They said, "Well, somebody else is driving it." "Well, that's illegal. Yeah. They've talked to us about, "Why do illegal cabotage?" "That's not legal." They've known that some of the things that they've been doing really weren't safe and needed to be adjusted. They understand that there's a big difference there. I think the big change here is the Montgomery case. Yeah. In the last couple of weeks. In the past, if you said, "Well, they're doing that, but I don't really care," well, now they have to care, because now they're owning that liability. I think that's the big change here in the marketplace, that today, if it's a small carrier, they have $750,000 of insurance level. They might be doing this by a broker that only has a $75,000 bond. It's just this thought, well, all of that liability rests with them. Now they're saying, "Wait a minute, I own that. I want to make sure that I need to be asking these questions about safety. What is your rating with the FMCSA, as well as how much insurance are you carrying? Because I'm carrying all of the excess above that level." It's starting to matter to shippers. I guess let's talk a little bit about Montgomery, because obviously the potential, it seems to be pretty meaningful, I guess maybe thinking about it straight from a capacity standpoint. I don't know if you have a sense of how much capacity you think probably is less employable in the world of Montgomery. I guess I also wonder how brokers are going to approach this. Whether they're just going to be willing to take on more liability risk themselves, or actually make some changes by carrying more insurance. Maybe let's start with the carrier piece. What do you think- Yeah. sort of gets impacted here? Clearly we don't have safety scores on the vast majority- of the market today. Don't have safety scores, you have other information available. For us, back in 2022, we would publicize that we had 60,000 carriers that we worked with in our brokerage business. It's now less than 14,000. Specifically, what we were targeting, or the reason we were targeting, was because of cargo security. We are starting to understand, wait a minute, there's a lot of chameleon carriers out there, individual people that had multiple motor carrier authorities, and what they were doing was switching Using that to be able to steal. Likely, if they were willing to do that, they were willing to skirt some other laws in this country. Yeah. When we look at the Venn diagram of all the different regulation that's out there, the people that are violating are often violating multiple rules. The reason why we've went through is to be able to get down to that group of carriers that we said, "Hey, look, we vetted these. We're comfortable with them." I would tell you, based on our experience, there aren't 50,000 carriers in this country that you could vet and say that they're safe. When there's a broker or someone saying, "I use more than that," I know they're using carriers that are unsafe. I think there's a lot of this industry that is going to have to go through a different vetting process to get down that level. I think we've heard this from other people in your position as a larger, more credible player in the market, that I think some of your bigger changes around carrier vetting occurred in the past. Have you done anything incremental since the Montgomery ruling came out? We haven't changed anything since the Montgomery. The other changes we've already made have put us in a position to be able to understand, here's the carriers we want to operate with. I do believe that there's going to be additional data sources that we're going to be able to use and perhaps get a little bit further than just the ratings system. Perhaps using some of the basics going forward, just as people start building additional tools. Yeah. We think that brokers are going to get more selective in terms of the qualification criteria that they use, not only initially, but on an ongoing basis in terms of monitoring. We also believe that insurance carriers are going to get more selective in terms of the risk that they underwrite. I think the combination of those two things could have a significant impact. We've seen the pool of brokers continue to get smaller over the last couple of years. I think it peaked in the immediate aftermath of COVID, it's been sort of steadily moving down here. Is your expectation then that you'd expect as we go through the rest of 2026 to continue to see the same sort of pace, does it get a little bit faster? I guess we're trying to get a sense of how much of a consolidation opportunity there really is in brokerage, and does it take some time to play out because you need insurance cycles to reset or something like that? Yeah. I think there's a couple factors here. Number one is exactly what we're talking about in terms of the reliability, credibility of the brokers, that you'd expect that there's some consolidation. Because remember, at the same time, the number of brokers exploded up to 25,000. Yeah. Just through normal competitive dynamics, you would expect a little bit of consolidation here. The other side is in terms of the use of AI, and we've been using AI for a number of years. What I'd tell you is there's some companies that have gone out there really focused on the efficiency I can get with AI. I can tell you that's probably the fastest way to go bankrupt in this industry. Yeah. You have to work on becoming effective, and the long history we've had in this industry, the fact that we operate an asset-based business, we're able to understand how rates move, to be able to make sure that we're not just efficient, but we're really effective at the same time. I think that's the other thing that starts to draw a little bit of consolidation in this industry. Yeah. I guess maybe as we think about gross margin dynamics, do you think that there's risk to gross margins over time? One of the brokers that we talked about noted that 50% of their volume was flowing into sort of the bottom 20% cohort of the carrier market, which would suggest maybe easier or better buy rates for them down there. Is that something that structurally changes going forward, do you think? Yeah, I think we talked about we felt really good about our performance in the first quarter. Yeah. In our logistics business. Felt it was a differentiator because there were a lot of companies in the space that were getting compressed. What we're really focused on in that business is differentiation. How do we lock onto a vertical where we have really good understanding of that business, and then be able to provide additional value-added services? Sometimes that's within our logistics business, sometimes it reaches back into our asset-based business. So all of our owner-operators have visibility to all of our brokerage freight, have an opportunity to move it. We have an opportunity to move it with our intermodal business, our truckload business, just gives us a little bit different competitive dynamic with those customers as well. Okay, that's helpful. Then maybe wrapping up this conversation as we think about it, a lot of, obviously, what's happening here, the most obvious sort of potential impact could be rising driver pay. How do you think about your ability to source drivers in the market today? Yeah. A few different things. Number one, the best way we want to be able to take care of our drivers was with productivity. Get your drivers more miles, they're happy, the business is very happy as well. We also have to be able to restore the margin for our organization. Eventually, price has to be able to flow back into increasing driver wages as well. Those have to take place. We feel really good about our position to be able to attract and retain drivers. We have a hire to retire mentality. We bring a lot of drivers into this industry. Often, they start in our network business where you get a feel for it, spend weeks at a time out on the road, really be able to have that freedom. As their life starts to change, start wanting to get home a little bit more frequently, we have jobs like intermodal and dedicated, where you're getting home every day or at least every week or every few days. It changes their lifestyle. There's a point where they start saying, "Hey, I'm really comfortable with this. I want another challenge." We have more complex jobs like bulk. Now I need to understand how pumps work and different types of chemicals. There's a point where drivers say, "You know, I'd like to own my own truck." We have a leasing arm that helps drivers go out there and buy their own truck and continue to be part of the Schneider organization. Okay. Let's talk a little bit about intermodal. I think intermodal is an interesting dynamic as it stands right now because we're having all of the capacity tightness, obviously, rising fuel prices, all of which would seem to be pushing volume your way from an intermodal perspective. Can you give us an update on how you're thinking about that? Sort of the volume environment there. Is demand a little bit better than it would be seen on sort of the truck side? How do you think about it? Yeah. It's the right environment for intermodal when you think about its truck pricing, its fuel, and really just good service from every one of the railroads right now that would inspire a shipper to start to convert. At the same time, we're going to be disciplined on the way that we do this. That we're going to find opportunities that are accretive to our business, understanding that if you're just going and grabbing volume, sometimes you can find yourself using third-party dray capacity, and that incremental load is not generating incremental earnings for the organization. We're going to do that in a disciplined manner and think there'll be more opportunities ahead of us. I guess, how would you think about the relationship on the pricing side or the contractual bid season from intermodal relative to truckload? Typically, there's a lag here. Do you expect it to be the normal, the quote-unquote normal lag- Yeah. Where we'll see maybe a little bit more pricing later this year and obviously a lot more in 2027? How do you think about that? Yeah. Kind of two pieces to think about. First of all, truckload rates dropped a lot faster than intermodal rates. Intermodal rates were more durable through the cycle, so can't expect the same amplitude of a change as the market starts to increase as well. What we haven't necessarily gotten to a spot of where we're going to need third-party capacity to be able to execute orders. That's usually what really trips this market. It's not necessarily utilizing all the trailing capacity, but it's when do intermodal carriers start to get to that spot that you have to use third-party capacity. Now, there's a great deal of the intermodal market that is non-asset based IMCs. They're already in that spot where they have to go and use third-party dray cost. As that starts to push upwards, that's where we would expect to see more volume lift, but also a pricing lift. Okay. Anything from a competitive dynamic perspective? I mean, we have one IMC that's not providing much information into the market right now, and obviously others that are. I don't know if there's anything that you've noted that's different from a competitive landscape standpoint. Yeah. You have one not reporting any information, one that just went through a bankruptcy, one that's losing money. There you go. You have all the non-asset based IMCs. That's the competitive dynamic. We're not interested in joining them in that side of the market. We're not satisfied with where our margin is in that business, relatively speaking, we should feel pretty good. We're focused on us and getting back to our long-term margin. We touched on peak in the previous conversation, obviously you noted intermodal is a big part of that piece. We have heard about peak season surcharges from one of the other big IMCs. Is that something you'll be implementing? Is it already in place? I guess, how would that work? Every single year, even years where we didn't have that impact, we had processes in place. Just because you don't want a shipper that suddenly you weren't receiving volume all year, and here's a whole bunch of orders, and you're going to be taking away from somebody else. We always have those plans in place. Whether shippers will execute on those, you really don't know until you get to that spot. Not being coy, but we're difficult for us to understand how many shipments each shipper is actually going to have. Okay. Presumably, if you start to get out of bounds or to above where the limits are going to be. We have boundaries for every agreement. Yes. That's why we talk about peak programs as we're going through allocation events, because we want to set here's where the guardrail is given the price that we landed at. Okay. I wanted to ask two questions about margins and sort of the pace of recovery, because you're not alone in this industry of having dealt with some meaningful headwinds and obviously some margin compression over the course of the last two years. I think one of the big questions I get a lot is, how quickly can we see what is obviously happening in the spot market? We can all look at our Bloombergs and see how things have ripped to, how does that translate into your numbers? As we think about this, how much comes in 2Q? Is this really more of a 3Q, 4Q dynamic? I'm not specifically looking for numbers, but just trying to think about how it flows through your business mechanically so we know when to expect it. Yeah. I think I would just start with an acknowledgment that what we've seen over the last four years has not been normal, right? Yeah. A lot of the difficulty that people have sometimes is applying normal rationality. Yes. A cycle that has been abnormal. When we think about cycles, we usually think about cycles in terms of 18 months. 18 months up, 18 months down, thereabout. We are beyond three years, going into four years of kind of a down cycle. Now we know a lot of the reasons why that was, irrational capacity being a big part of it. As capacity has begun to leave the market and at a more accelerated pace, we've started to see the benefits of that in terms of spot pricing, as you said. Yep. Ultimately, spot pricing improvements will lead to contract renewal improvements, which we're also expecting. If you're going through multiple years of kind of a irrational market, it's fair to think that you're going to need more than one allocation event to get back to what's normal. We think that we're on a good path in terms of where pricing is, but we're not waiting for pricing, right? One of the reasons that we initiated a $40 million cost savings program that we achieved last year and that we doubled down on, is that we know that there are self-help items that will get us on that path. If you think about our three segments, Truckload, our normal cycle margin targets are 12%-16%. Yep. Dedicated, we can obviously see where that's feasible. Network, we're very optimistic, but for the past four years, we've been operating in a tough cycle just because primarily most of that irrational capacity has been in Network. As that continues to leave, we expect more of a benefit in Network, and we expect Network to inflect the most. Once Network inflects positive, we think we'll be on a clear path back to that segment target of 12%-16%. Intermodal, I think that's a very great story, where we haven't seen price over the last several years, but we've grown our volumes eight consecutive quarters. We've improved earnings without any price. If you think about the lag that Jim talked about, as Intermodal pricing improves, it's not hard to think that once you get some pricing, 10%-14% margin target is achievable. Yep. On the Logistics side, we've been able to weather the storm and actually have positive earnings when a lot of our competitors haven't. If we're hovering around 2% in a down market, with some pricing improvement, with all the productivity and cost initiatives, a lot of AI investments are in Logistics. We think we can easily get to 3%-5% in a normal cycle. That's kind of what we're thinking there. Probably a couple of allocations, and the biggest swing factor is going to be the network business, and that's like you said, it's going to take a couple of allocation seasons to get back there. We think a lot of what benefits network will benefit logistics- Yeah. as well, in terms of price. Mm-hmm. Okay. Can we touch a little bit on the cost side? You noted you had $40 million last year. $40 million this year. What'd you get in 1Q? Where are we in the process towards achieving that 40? Is this the kind of thing with technology we should think is sort of you'll get something on a year-in, year-out basis? I don't know if it's $40 million, but something like that? I would say, I'm never satisfied. We're never satisfied, right? This is not a one-year program. It's a multi-year program that we started several years ago. We've probably been more vocal in terms of the things that we've been doing. A lot of it is non-driver headcount, we're kind of stressing non-driver because the drivers are important, especially in this cycle. We took 7% of our non-driver heads out in 2025. We think that we're on a path to at least equal that, if not exceed it, for 2026. That's just one piece of what we're doing. AI is a big part of being able to take out non-driver headcount, but it's not only removing heads, it's reallocating work to more profitable work, in terms of value-add work for our associates. We're very focused on asset efficiency. Asset efficiency has multiple benefits. It has benefits in terms of revenue per truck per week, it also has benefits in terms of cost. Yep. We're very focused on third-party spend. The things that we're doing, we're very focused on making sure that as the cycle inflects, those costs don't come back. I wanted to come back to intermodal for a minute because I did want to talk about sort of the rail environment. Service, I think generally speaking, has probably been fairly good. Would love to hear your characterization of the intermodal service environment, and then we can talk a little bit more deeply about your rail relationships. Yeah. Overall, like you said, service has been very good. Specifically, I believe it's structural. You look at the changes that the railroads have made over the last five years or so. Really since PSR came back to the U.S. Yeah. Just the way that they're operating looks a lot more like a trucking company in terms of understanding their capital, where they're allocating, where are they making their investments, how do they think about train schedules day in, day out. Believe that even with some growth, they have an opportunity to maintain that level of service. As you think, one of the topics you guys get asked a lot, and I'm going to ask it too, is sort of your thoughts relative to the potential for transcontinental merger in the rail space. Yeah. Obviously, you're not aligned directly with the two carriers merging. I guess, how do you think about how that can play out for you? What are the opportunities you'd be looking at as you're thinking out over a multi-year period and your relationships with the various rails? Yeah, as you know, over the last five years, we've made two major shifts. Yeah. We understand how to go through this evaluation process. We're engaged with all four of the major railroads here in the U.S., just to investigate and understand their capabilities, both today and the future. The ones I'm talking about obviously, switch from the BNSF to the Union Pacific. Yep. Right on the heels of that, we switched our Mexico business to the CPKC. What we saw, the benefits from the CPKC having a single line railroad, and we spent a lot of time understanding how they were going to operate that train. We had a lot of confidence in their ability to execute that, we made that choice, even before their launch, to switch over to that as we saw it was the best opportunity for us. We'll continue to investigate this. I think we're going to be looking at this for at least another year, maybe two years even, as they go through this process. If there is a better opportunity, we are willing to listen and consider other opportunities. Okay. That's good characterization. I guess maybe the last question I have is just how you're thinking about capital allocation. I think we're hopefully going to be on a path to margin repair in the industry broadly. I do think it begs the question over time, how you think about the opportunities and what you think you can do with the business. You've done some M&A. Yeah. I think Cowan was probably the last one. Yeah. How do you think about the opportunities going forward? Yeah, well, I'll start and head in. Yeah, sure. Number one is organic growth, opportunities with each one of our business units, as long as we're within our long-term margin bands to continue to grow. We think some of those opportunities are out there ahead of us. You mentioned acquisitions. We're absolutely interested in acquisitions going forward. We're going to be disciplined. We're not looking at doing fixer uppers. We've had three large ones in the last few years that we'd say all of them were successful. I don't think there's too many carriers that can say that each one of their acquisitions has grown since the point that they made the acquisition. I think it's actually been the opposite, that quite often they shrink. We look at returning money back to the shareholder, too. Yep. I think we've done a really good job of controlling our leverage, right? Even when we've done acquisitions, we've delevered pretty quickly. We acquired Cowan in December 2024. Our leverage was 0.7, 0.8 times. As of today, we're back down to 0.3 times. That means we don't need to choose necessarily between organic and inorganic growth. We can do everything that we want to do. Focused on where we have differentiation organically, as Jim said, M&A, but also a robust dividend program that we continue to fund, we re-upped our share authorization in January for another $150 million. We have the luxury of being able to do everything that we believe has a commensurate return. Do you think there'll be more opportunity, more potential targets, particularly on the fleet side if we see Montgomery and some of these driver restrictions, regulatory changes, pressure those folks a bit more than average? Is that going to be something where you'd see mid-size fleets potentially coming up more often? Well, we're not interested in a fixer upper or somebody. Sure. That's running illegally, and then that's where we're going to step in. I don't think that's necessarily going to change. We are still eager to flex our muscles there because we think we've created a really good process for acquiring companies. That sounds great. We are out of time, but I appreciate both you guys spending some time with us chatting today. Thank you very much. All right. Thank you. Yeah. All right.