Ladies and gentlemen, thank you for standing by. My name is Brent, and I will be your conference operator today. At this time, I would like to welcome everyone to the U.S. Xpress Enterprises, Inc. fourth quarter Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker remarks, there will be a question and answer session. If you would like to ask a question at that time, simply press Star followed by the number one on your telephone keypad. If you'd like to withdraw your question, again, press Star one. Thank you. It's my pleasure to turn today's call over to Mr. Matt Garvie, Vice President of Investor Relations. Sir, please go ahead. Thank you, operator. Good afternoon, everyone. Welcome to the U.S. Xpress fourth quarter 2022 earnings call. Eric Fuller, U.S. Xpress's President and CEO, will lead our call today, joined by Eric Peterson, our CFO, who will discuss our financial results. Our discussion today includes forecasts and other information that are considered forward-looking statements. While these statements reflect our current outlook, they are subject to a number of risks and uncertainties that can cause actual results to differ materially. These risk factors are described in U.S. Xpress's most recent Form 10-K filed with the SEC. We undertake no duty or obligation to update our forward-looking statements. During today's call, we will discuss certain Non-GAAP measures which we believe can be useful in evaluating our performance. The presentation of this additional information should not be considered in isolation or as a substitute for results prepared in accordance with U.S. GAAP. A reconciliation of these Non-GAAP measures to the most comparable GAAP measure can be found in our earnings release. As a reminder, a replay of this call will be available on the investor section of our website. We also have posted an updated supplemental presentation to accompany today's discussion on our website at investor.usxpress.com. We will be referencing portions of the supplement as part of today's call. With that, I'd like to turn the call over to Eric Fuller. Thank you, Matt, and good afternoon, everyone. Today, I'd like to discuss high-level results across our business in the fourth quarter. What gives me confidence that we are moving in the right direction and following Eric Peterson's financial commentary on the quarter, I will provide our current outlook for the freight market. 2022 was a year of transition for U.S. Xpress as we executed our realignment plan, transitioned our OTR operations back to a more traditional model focused on ensuring freight is delivered on time and in a cost-effective manner for our customers, and recently transitioned all truckload and brokerage operations under one leader, Justin Harness. The heavy lifting associated with our realignment plan is complete, and we began to see cost savings in the fourth quarter from the actions we have taken since early September. Overall, I was pleased with the progress we made in our OTR division and with our cost takeout initiatives from our realignment plan. Improvement in underlying metrics, including fleet availability, service level, and utilization, give me the confidence that we are moving in the right direction. From a financial results perspective, our spot market exposure more than offset these operational gains and cost savings from our realignment plan. Conversations with our customers continue to evolve. Our back to the basics message and our progress to date continue to resonate well with them and has been instrumental in helping to add some incremental load volume despite the weak freight market. Feedback from our customers indicate that many are still working through some level of inventory destocking. Our pipeline of OTR freight opportunities is extremely robust, and we expect to make meaningful progress reducing our spot market exposure as we navigate through bid season and begin to service new awards. Our customer base is heavily focused on industry-leading companies and defensive segments of the economy, including discount retail, consumer non-durables, and retail grocery, which positions us well in the current market. The value we deliver for our customers is evident from the fact that many of our top customers have partnered with us for over a decade or longer and use more than one of our service offerings. Our business development team continues to proactively add new logos to our customer base, and we're excited to support these new customers and demonstrate the value proposition of partnering with U.S. Xpress every day. Turning to our truckload segment. We generated truckload revenue net of fuel of $397 million, a sequential decrease of approximately $5 million, primarily due to the spot market rates declining sequentially. Consistent with what we said on our third quarter earnings call, we exited the fourth quarter with a fleet that was approximately the same size as that which we exited the third quarter. We will continue to be focused on improving the mix and profitability at our current fleet size. Turning to our OTR division. In the fourth quarter, although peak didn't materialize, we continued to make progress driving accountability through our OTR fleet. Our service levels continued to improve. Our percentage of empty miles decreased, and we continued to improve the overall quality of our OTR professional drivers as sourcing qualified professional drivers continues to ease. Exiting the fourth quarter, the structure and discipline has been implemented into our fleet operations, and we are seeing the benefit of this in our current utilization levels. While we still expect some modest incremental improvement to utilization from these efforts, to immediately improve our utilization, we need to add more freight to our network. As I mentioned earlier, our ability to service the freight we do get from our customers at a high level is critical to adding more contracted freight. Turning to our dedicated division. Our dedicated division exited the year with another strong quarter. This service offering continues to resonate well with customers due to its unique value proposition, which includes exceptionally high service levels. As we said last quarter, we want to work closely with our customers to identify additional opportunities where our dedicated offering is a good fit for them. For 2023, we are targeting approximately 2,800 tractors in this fleet, but could increase that depending on customer needs. Turning to brokerage. Our brokerage segment generated revenue of $78 million, and sequentially, performance was similar in the fourth quarter compared to the third quarter. Adding more freight to our network will not only benefit our assets, but should also benefit the top line in brokerage. Our margin performance has benefited from a lower capacity acquisition cost, with gross margins of 20%+ for the last three quarters. Margins in the fourth quarter benefited from some project capacity that we provided customers which helped contribute to our 92 operating ratio in the quarter. In the first quarter of 2023, we could see some margin pressure as we won't have the benefit of this project work. Looking ahead to 2023, I am confident that we are moving in the right direction as our operational issues were concentrated in our OTR division. We spent much of 2022 putting the building blocks in place to correct these issues. As I said earlier, the heavy lifting has been completed with fleet ops, and we are seeing improvement in our underlying metrics, including service level, driver availability, percentage of empty miles, and utilization. The market remains challenging, but it will turn, and when it does, we expect our financial results will reflect the work we put into the business in 2022. With that, I'd like to turn the call over to Eric Peterson. Thank you, Eric, and good afternoon, everyone. This afternoon, I would like to discuss our financial performance in the fourth quarter, as well as capital allocation priorities and provide some financial guidance before turning the call back to Eric to provide our freight market outlook. Turning to our performance in the fourth quarter. We generated revenue, excluding fuel surcharge, of $475.2 million, a decrease of 0.5% compared to the third quarter of 2022. Consistent with the last few quarters, we are focused on the sequential progress of the business, and therefore, my commentary will focus on comparisons to the third quarter of 2022 unless noted otherwise. Turning to adjusted operating loss. Total adjusted operating loss was $5.7 million, a sequential improvement of $15.8 million compared to the third quarter. Sequentially, our spot market exposure was a headwind that could not be overcome by our significant cost reductions executed this year and our improved results in both dedicated and brokerage. Our spot rates declined another $0.20 per mile sequentially, which contributed to a $0.06 per mile decrease in our overall over-the-road rate per mile. In our rising fuel environment, this business also has an adverse impact on our net fuel expense as most of these spot loads don't have fuel surcharge revenue associated with them. Our net fuel expense increased an additional $0.02 per mile compared to the third quarter. This combination led to an overall $7.7 million headwind to our results. Spot rates continue to be at record discounts compared to the contractual rates. For illustrative purposes, had our spot rates been at par with our contractual rates in the fourth quarter, operating income would have been better by $25.6 million. Keep in mind, we believe the headwind from our current spot market exposure is transient as, one, we add more contracted loads to our network through the current bid season, which is well underway, and two, the spot market rates recover from record discounts as compared to contractual rates. In terms of positive sequential contributions in the fourth quarter, realignment plan-related cost savings totaled $8 million and included reduced office wages of five and a half million dollars and an additional two and a half million dollars in other fixed cost savings. On an annualized basis, this represents $32 million in fixed cost and savings, which compares favorably to our prior expectation of $28 million, which we disclosed on our third quarter call. Incremental brokerage operating income of $2.4 million and the four cent per mile increase in dedicated rates were also positives in the quarter. Turning to capital expenditures. For the full year, net capital expenditures, which primarily relate to tractors and trailers, was $153.1 million compared to $97 million in 2021. The year-over-year increase was due primarily to anticipated equipment deliveries in 2021, which were delivered in 2022, as well as fewer proceeds from the sale of used equipment. In our earnings supplement, we have provided a slide which includes our net CapEx by category. Looking at the other two categories, both general and other, which primarily relates to renovations in our terminal network, and technology, which is primarily capitalized wages from our IT development efforts, decreased year- over- year. Our technology-related CapEx was $24.5 million, a decrease of $7.9 million compared to 2021. Keep in mind that our realignment plan, which included a meaningful reduction in the size of our IT organization, didn't commence until September, and therefore, we expect our 2023 technology-related CapEx to decline on a year-over-year basis. Once again, as our leaner tech org will focus on concentrating their efforts on fewer, higher value projects. For 2023, we are currently expecting net capital expenditures to be less than $75 million. Our equipment is currently in excellent condition, and the average age of our tractors is approximately two years old. Given our equipment is in such good condition and well-maintained primarily through our in-house preventative maintenance program, we believe that we will not require significant capital expenditures during 2023. As we have said in the past, the per mile increase in maintenance costs from aging our fleet in a disciplined manner is significantly less than the incremental per mile cost of new equipment. We intend to take advantage of these to pay down debt and lower our leverage profile in 2023. Turning to net debt. At the end of the fourth quarter, net debt, which we define as long-term debt, including current maturities, less cash balances, was $481.9 million compared to $369.8 million at the end of 2021. Over the next year, we expect to pay down debt and decrease our leverage through our disciplined capital allocation approach. Divestitures of non-core real estate assets and improved earnings as the market turns. After the close of the quarter and not reflected in our fourth quarter results, we sold a terminal which was previously being leased to an unaffiliated company. The sale generated cash proceeds of $6.5 million, which we used to pay down debt. Turning to liquidity. At the end of the fourth quarter, liquidity, which we define as cash plus availability under the company's revolving credit facility, was $106.1 million, and we generated $43.5 million in cash from operations for the full year. Our overall liquidity position exiting the fourth quarter remained strong, providing us with ample liquidity to fund our business and serve our customers. As a reminder, we use cash generated from operations together with our revolver to fund day-to-day operations and use separate loan financing and lease arrangements to fund our equipment obligations. In 2023, we expect cash flow and liquidity to improve as a result of lower net CapEx, improved operating profitability, and cash flows and debt repayment. Turning to guidance. To assist with your models, we expect the following. Flat overall truck count as we focus on improving our mix and profitability at our current fleet size. Moderate sequential improvement in utilization in our over-the-road fleet for at least the first half of the year. Further sequential improvement in the second half is dependent on adding more freight to our network. For the full year, we expect the following. Interest expense between $26 million and $28 million and net capital expenditures of less than $75 million. Looking ahead to 2023, our priorities are clear. One, we must add more freight to our network to take advantage of our significant operational improvements. two, reduce our spot market exposure in our over-the-road business. three, we must continue to manage expenses, deploy capital in a prudent manner, and reduce our overall debt levels. With that, I'd like to return the call back to Eric Fuller for our outlook. Thank you, Eric. Looking out to 2023, we are anticipating a soft market for at least the first half of the year as shippers continue to work through higher than usual inventory levels, and there is too much capacity in the market relative to demand. In terms of capacity, although we haven't seen evidence in the spot rate, we continue to expect smaller carriers to exit the market in the coming quarters as spot loads are less profitable due to lower spot rates and increased delivery-related costs, including higher fuel, equipment, maintenance, and insurance costs. We continue to have an easier time sourcing qualified professional drivers, and we have observed prices continue to soften in the used equipment market, both of which suggest some capacity is leaving the market, albeit slowly. As far as how these dynamics will influence rates in 2023, there is still a lot of uncertainty about the rate environment. From our perspective, we will continue to price business in a manner that reflects the value we deliver for our customers. We are aggressively adding more contracted freight to our network, which should help to alleviate some of the volatility in our OTR rates as we progress through the year. In terms of 2023 priorities, we will continue to focus on what we can control, which includes, one, continuing to execute on the basics. Two, servicing our customers at a high level. Three, reducing our spot market exposure. We expect the benefits from these initiatives, combined with cost savings from our realignment plan, to positively impact our financial results as the market turns. With that, operator, we are ready to take questions. At this time, I would like to remind everyone in order to ask a question, press star followed by the number one on your telephone keypad. If you'd like to withdraw your question, again, press star one. Your first question comes from Ken Hoexter with America. Your line is open. Hey, good afternoon. Hey, it's Ken Hoexter from BofA. Hey, Ken. Eric, you know, I want to talk a bit about this drive from spot. First of all, where do you see spot versus cost of operations now, right? You know, maybe tell us how that is relative to cash costs. Then do we fear that you're converting to contract at the bottom right? Is there a drive to say, "Hey, we want to get all this stuff on contract," and then do you make a push that we're just doing this to get freight on the network and therefore we lock in the wrong rates? You know, maybe walk me through that thought process so we, you know, we see how you progress in 2023. Sure can. If you look at where we started this down cycle, we were in a different mode. We had a different strategy, and unfortunately, we had too much exposure to spot relative to our overall truck count. We have gone through this period with way too much spot exposure. If you look at the gap between spot and contract, at times it's been as much as $1 a mile. As we look at converting over into contract, we can get a big pickup, even if we have to get a little bit lower than we would like from a contract perspective. We're, we're being, you know, we're being selective on what contract business we're taking. We're trying to partner with people that we value from a relationship standpoint and those that we think have value long- term. We do think that switching from spot to contract will have a meaningful impact to our results in this cycle, and then will set us up to better manage our portfolio of freight and our network in the next cycle. Could you clarify how much was spot versus contract in the OTR? Yeah. Eric, I don't know if we have we disclosed that? Yeah. We hadn't talked about it, but what Eric just said is, you know, at times it was, you know, $1 per mile. That's. He wasn't saying that it was $1 per mile lower for the entire quarter, but just saying it reached levels as low as $1 per mile. No, no, I meant the mix. You know, I think in the past you said, what, 30% of the base is spot exposed. Did you talk about what percent is spot versus contract now? Yeah. It's approximately. Yeah, I think we disclosed that in the last quarter. We said approximately 30% of that over-the-road fleet, and it's slightly higher than that in the fourth quarter, but relatively consistent. Okay. Then Eric, you talked about not growing the fleet, I thought you said in your commentary it was flat, but I thought it was up. I'm talking OTR, right? Wasn't it up 200 sequentially in third quarter from second quarter and then another almost 200 in the fourth quarter? It seems like you have been growing it, or is your commentary that we're gonna not grow it going? I'm just trying to understand the difference there between what I'm seeing on the numbers. Yeah. I mean, those are... We have- Go ahead. No, I was gonna say those are averages is what you're seeing. The average fourth quarter is higher than the average third quarter, but the exit rate of the third and the exit rate of the fourth were consistent. That means you added and then removed. What is that, just deliveries and then you get rid of them through the quarter? No. I mean, if you look at how managing a truck count is, I mean, when you're talking, turnover anywhere from, you know, 80 to over 100%. Truck count kind of moves around. It's not something that I can sit here and say, "We're gonna be at this truck count and we're gonna stay flat to that all the way through the quarter." It moves around, and it could move around as much as 150-200 trucks at our size. That's typical in any quarter. And we try to manage that inflow and outflow. If you hit... Say, for example, if you were to have a weather event or something like that, we could not get the drivers in for orientation that week. That could greatly impact our truck count. In some cases, a single week like that could impact your truck count by 40 or 50 trucks. You can have a big impact on that with some small movement. You know, we're always trying to manage it to this level. Last two quarters and going forward, we have no plans to change our truck count or try to grow or shrink. You know, if you look at the average on a quarterly basis, it may look like it's moving around 100 or 150. That's just normal. You know, that's just normal operations. Got it. That's more seated truck count, right? You're just not counting the non-seated. Is that how to look at it? Well, because we're kicking that. The non-seated, we're usually trying. If we don't seat it, we're typically trying to divest of it. Got it. Then one last one for me just to understand the math. Eric Peterson, you were saying we're moving kind of from CapEx, right? Reducing CapEx, but the liquidity available. I'm trying to understand what you were saying there. The CapEx might not be cash CapEx, it might be more leverage, but that doesn't count in your total leverage or did I not catch that in the right way? I'll just recap to be completely clear. What we're disclosing is that we have net CapEx, you know, for 2023 will be less than $75 million. Just to clarify there too, we also still have some non-core real estate assets on the market. To the extent we sell and execute those transactions, we'll give you another update, and it will be, you know, even lower than the $75 million we're anticipating now. You know, liquidity, you know, that's where we're really just talking about the availability in our revolver. Since our CapEx is, you know, so low, we'll generate some, you know, cash, we believe, in 2023, which will increase our overall liquidity. Saying liquidity was, you know, $106 million at the end of the year, I'm saying my liquidity at the end of 2023, we believe that it's gonna be a number higher than that and we won't, you know, burn through our liquidity during the year. You know, overall leverage, you know, we had, you know, a challenging year in 2022, particularly the third quarter, you know, with, you know, over a $20 million operating loss that we believe that, you know, we're not gonna have losses to that extent during 2023. As those quarters roll off, not only will we have lower debt, our earnings would be better, which will improve our overall leverage. I mean, that's really our focus during the year is. You know, it's just try and get as efficient as possible with the capital that's already deployed and not throw new capital out there. I know I asked a few. I appreciate the time. Thanks for the thoughts and good luck through a good season. Thanks, Ken. Thanks. Thanks, Ken. Your next question is from the line of Ravi Shankar with Morgan Stanley. Your line is open. Hey, this is Christyne on for Ravi. Thanks for taking my question. Hey, Christyne. Hey. I also wanted to circle back to the spot contract mix. As you guys think about targeting more of that contract rate, is there a particular mix that you're looking to target either year-end or even longer out that you think is kind of the right balance going forward? You know, as you look to do that this year, any thoughts on the ability to kind of keep the contract rate, you know, either up or limit kind of how much price you have to give away to get that volume into the contract side of the business? Yeah. I mean, you look it from a mix perspective, we would like to be below 20% as a, as a percentage of mix of the over-the-road division or around 10% overall revenue. That's probably going to take us, you know, into that next upcycle before we can accomplish that. That's our focus right now. It's, it's slow, and like I said, we're not just giving rate up just to get contract. We're doing it methodically, and we're doing it very targeted. It really... it's gonna be a slow build through the next couple of quarters until we get a more favorable market, and then that will allow us to ship the portfolio a lot quicker. As it relates to, you know, rate, it really depends. If we're seeing a gap of $1 a mile between spot and contract, which is not something we see every single week, but in many weeks we have, you know, we're willing to give up a decent amount of rate on the contract side. It just depends on the lane, and it's got to be something that's gonna be a direct trade one for one. I wouldn't wanna go and add a contract lane and not be able to reduce a spot lane. If we can make that switch and it still benefits our network and hopefully benefits our network from an efficiency and utility standpoint favorably, then, you know, there's some give that we're willing to give on rates. I can't really say what it would be in certain lanes. I mean, it could be, you know, we could be willing to close the gap by, you know, $0.15, $0.20. In some cases, it may not be as much. It just really depends. Got it. Okay. Really, appreciate the detail on that. Maybe switching gears a little bit on the utilization, if I could ask a follow-up. Just one point of clarification. When you mentioned that the utilization had sort of improved, but if I look through the supplemental deck, it looks like the total number of miles actually declined sequentially. Is that just like a per day comment given, you call it kind of number of holidays or an exit rate comment? Maybe you can just clarify, sort of, you know, what the improved utilization comment was pointing to. Yeah. This is Eric Peterson. Looking at our sequential utilization third to fourth quarter, when I look at a normal working week, we're seeing absolute improvements in our over-the-road fleet. Yeah, we're doing that by managing our drivers better and availability. If you look at the year-over-year comp, say for fourth quarter to fourth quarter, you can see that in the numbers better, where there was the same number of holidays. Yeah. Mm-hmm sequentially, the decline in utility, that was driven by the calendar. Got it. Okay. That's. It. Um- I think it's relative to the exit rate too. As we exited Q4 and going into Q1, we've seen significant improvement in our utility, and that's in what I would argue is potentially even a less favorable freight market. We've gone from Q4- Q1 with a significant weakness in the market, less volumes available to us, but we've actually increased utility, and I think that's a significant. I think that shows that we've made some significant improvement in our model, and we're really set up for when the market really turns to take full advantage of the additional volume. Got it. That's really helpful and maybe actually brings to the second question on the utilization front. I think in the opening remarks you noted that the second half, any sort of further improvement in utilization in the second half would be, you know, contingent on getting some freight back into the network. Is the implication of that the first half sequential improvement is more idiosyncratic, sort of in your control, even in the context of the softer market? Maybe you can just kind of parse that out a little bit more for us. Yeah. I think we can make some small incremental improvements on a, you know, week- by- week basis. How the calendar falls and all that may create some noise in a quarterly basis. For our purposes operationally, I see improvements on a pretty much sequential basis. I see us getting better. We're getting better utility. We're being able to perform with the same, if not worse conditions. That's made us pretty optimistic about where we're going when the market turns. Looking for some big significant increase in utility to the, you know, tune of 10% or something like that, we're gonna have to wait till the market turns before we see something to that magnitude. Got it. Understood. Really appreciate all the time. Thanks very much. Thank you. Again, if you would like to ask a question, press star followed by the number one on your telephone keypad. Your next question is from Brian Ossenbeck with J.P. Morgan. Your line is open. Hey, good afternoon, guys. Thanks for the time. Hey, Brian. Eric Fuller. Just to follow up on that last comment, just to make sure I understood it, sounded like you were saying conditions were actually a bit worse, currently, like maybe coming out of the fourth quarter. Maybe I just didn't catch that right, but, either way, if you can just give us an update on kinda where things stand versus the week peak and, you know, your level of confidence and, you know, that we might have actually seen the worst of this cycle from a demand perspective. Obviously, the recovery is still yet to be determined, but, you know, where do things stand right now in January? Yeah. I think that comment was probably more of a seasonal type comment. At any time you're going from Q4 into that January lull, you typically see a little bit of a dip. We've seen that from a volume perspective. I think if anything, things have bottomed out. I don't see it getting necessarily worse. We see that rates have kinda bottomed. We've seen that volumes and demand seems to have bottomed at this point. We, you know, we believe that there is a market, the market will turn, and a likelihood, given, you know, macro conditions, and I think that that's the big unknown, but given macro conditions that there's a good likelihood that we could have a turn in the second half of this year. You know, demand actually is decently strong, and will get stronger when we get through the inventory correction. I think that we have some of our retailers that had over-inventory, and as they work that inventory off, we'll start to see demand come back. As long as demand stays strong, then, you know, right now we're also then waiting on the other side of the coin, which is supply. The supply in the market is coming out. We are seeing supply come out. We're hearing it from a lot of different vendors. We're hearing from a number of people in the industry. We're hearing it. We're seeing it in our brokerage division, we know capacity is coming out. Unfortunately, right now, it's not coming out quick enough. I think there's a lot of what I'd call zombie trucking companies out there that are kinda, barely staying alive and kinda making it through the day, but they're not, they're not cash flowing, and eventually, they're not gonna be able to continue operating. Those guys have to come out of the market for the market really to turn. I think that will probably happen over the next couple quarters. Okay. Got it. When you roll all this together, maybe some improvement in utilization bottoming out of conditions here, do you think in the cost savings you outlined earlier, do you have visibility to profitability for the truckload business in the first quarter? Would that take a little bit longer? Maybe it's back half of the year. What are you thinking about return to profitability and, you know, the confidence around that or the conditions you need to see to really, to turn back into the green? Yeah. We have too much exposure to spot, and that creates a big headwind from a rate perspective. As we mentioned in our release, had spot rates just been equal to contract, we would have had roughly additional $25 million in income this quarter. That would have, you know, been very impactful, obviously. Really that rate is what's dragging us down. The problem is I can't outrun that rate per se. I think it will continue to be a drag on us and will make profitability tough until we get to a little bit more favorable rate market. We don't need a rate market where spot's running $1 above contract or anything like that. If we can get to a closer to equilibrium where spot starts to come up closer to contract, then we can start making money. We're really well-positioned. We've got our cost in the right place. We feel like our costs are very much in line with our peers, and we're really set up to really take off as soon as this market takes off. We do need a little bit of that rate to come back. One quick follow-up for Eric Peterson. Just on the divestments, you mentioned the one that happened after the quarter. Is there a way to size, you know, what's up for sale in terms of either buildings or other pieces of real estate? I think even in the slides, you mentioned there's maybe some cost reduction opportunities around that as well. Don't know if that's meaningful or not, but some commentary on that would be helpful. Yeah. If, you know, if you look at our corporate headquarters, you know, which is in Chattanooga, Tennessee, we've had, you know, we have our main building, and then we had an auxiliary building across the street, you know, meaningful, and that's what's, that's what's on the market right now. We anticipate, you know, being able to generate some cash to pay down debt during this year. As if there's a transaction and if it comes, you know, once it gets executed, we'll be sure to give everyone an update on that and let everyone know what we did with the funds and what that did to the liquidity and our debt levels. Is there an expense component of that or is it just more cash and liquidity? Yeah. Well, you know, the expense report. I mean, you see where interest rates are right now. To the extent you have, you know, a meaningful property that you're selling and we're a net debt organization, you know, there could be a couple million dollars a year in annualized savings and on the interest line item, you know, then, you know, property and real estate taxes you're no longer paying, you know, utilities you're no longer paying. You know, I'd say in the grand scheme, you know, those are probably a smaller number than the overall interest expense, but, you know, it's still a number. You know, the point is on the cost savings is, you know, that's our focus now. We're not trying to build an infrastructure that can house, you know, double the revenues of where we are now. We're looking at our current footprint and trying to be as efficient as possible. As we do that, the mindset really changes of the organization. We'll be able to, you know, I think, you know, continue to identify waste, and it'll just be a process. Maybe not big numbers from quarter to quarter, but the point is with the mindset, there will be a number from quarter to quarter of cost savings. Okay. Understood. Thank you for the time. Appreciate it. Thanks, Brian. There are no further questions at this time. I would now like to turn the call back to Mr. Eric Fuller. Great. Really appreciate everybody attending the call. You know, we're focused, and we believe we have a plan in place to get this thing turned around. We do admittedly need a little bit of the market to help us. You know, we've got the right strategy, we've got the right team, and we're we've got a plan in place that we are executing, and we see the results. We're really excited to share those over the next couple quarters as we start to see the market turn back positive. We appreciate it, and we'll talk next quarter. Ladies and gentlemen, thank you for participating. This concludes today's conference call. You may now disconnect.