All right, well, last one of the day. Gold star to all of you for attending. The only thing keeping us between cocktail hour is our man here, Derek Leathers. Unfortunately, he's a. Me and the germ. Pretty big dude, so you got a lot to get through. But really, really happy to welcome Werner to the stage. Of course, we've got Derek Leathers, CEO, joining us. We also have Chris Wikoff, CFO, and Chris Neil. I guess just to kind of kick things off, we've been talking a lot at this conference. You talked a lot on your call about just the broader market dynamics, how the cycle is going, and how capacity is affecting you all. So if we could just get your broad take on what's going on with the market and why you've pinned H2 as kind of the recovery or inflection point. Yeah, sure. First off, thanks for having us. I echo the thoughts of you guys are good soldiers showing up this late in the day to listen, so appreciate it. We're actually trying to stay away from the idea of trying to pinpoint when we think this turn happens. I think it's difficult to predict. If you look back, what I prefer to do is talk about trends or things we're seeing that I think give us confidence that better times are ahead. I'll start with what's happened with inventories. I think that's really the way this story is going to play out more than almost any other single indicator. We've been through now 2 years of inventory glut, inventory drawdown, not just too much inventory, but the wrong inventory in the wrong place as people adapted to kind of post-COVID consumer. I think the good retailers, the people that really have their act together, the ones that you see out there winning in their space, have largely gotten through that, if not completely gotten through that now at this point. So their inventory levels are where they want them. That's encouraging because same-store sales are holding up, the consumer's holding up, people are still out there buying, and so replenishment starts to take place. As replenishment takes place, I think there's this overhang right now that's early but still concerning, I think, for some relative to the geopolitical unrest, what's going on in the Suez Canal, the problems we're seeing in the Panama Canal, etc., which set itself up for something that's a replacement level, or maybe it's replacement level plus 10% from a replenishment perspective. If anything like that happens, I think that is a very big difference from what we've been experiencing in 2023. If you take that down a notch and say, "Okay, what's that mean in the real world?" Well, in the real world, Q4, our peak volumes were up 20% year-over-year. Now, the price per shipment was still down a significant amount, and so the financials looked underwhelming. But when you start to see those peak volumes picking back up and getting back to kind of a normalized level, I think that's a leading indicator. I think the attrition that we're still seeing take place from a deactivation perspective, the number of truckers that are kind of hanging it up and turning it in, which I don't wish that on anybody, but it's happening and it's real, and it's 72 straight weeks now, I believe it is, of net deactivations. That's happening. But what's happening along with that at the same time is BLS data since September till present is also shrinking. So these aren't hanging it up, becoming a trucker for somebody else, or becoming a company driver. These are net real attrition. And so I think all of that, you put all of that together and as you look forward, yeah, sometime this year, I think it turns. I think it's certainly tighter today than it was just a few months ago, and I think it'll continue to go from here. The exact timing, I don't know. So what we're going to do in the meantime is focus on the controllables, focus on what we can make a difference on, continuing to do things like we did in the Q4, which is like on the one-way side, increasing production by 9% year-over-year. That's hard work. That's difficult work, but it's stuff we're proud of. Continuing that dedicated migration that's been going on for several years at Werner. Continuing to put up top end and both volume and revenue growth in logistics while committing to getting back to our long-term range, our margin range in logistics, which is kind of that mid-single digits. And on TTS, back to that 12%-17% range by the end of the year, although we do believe that'll be very back-end weighted. Great stuff, and there's a lot there. I just want to maybe back it up to your comments around inventories. I agree with you. I think for the most part, we've worn down inventories to about as low as they should go given our current level of demand. You talk to a lot of shippers, a lot of your customers. Are you able to kind of parse out how they're feeling about that restocking process? Because as you pointed out, there's a lot of uncertainty on the horizon. Maybe there's some trepidation in terms of how fast they bring those volumes and those inventories back up to speed. Any thoughts there? Yeah, I mean, I think you nailed it. I mean, so I think there's this really, really unique. I've been doing this for 35+ years now, but there's this, or about 35 years, there's this unique tug of war going on with shippers that we speak to or that I speak to. On one hand, in the very recent rearview mirror, they know what having too much inventory looks like. So they're very cautious and they're very concerned about getting back into that situation again. On the other hand, they also know that now that they've got a more normalized understanding of what today's post-COVID consumer wants, they got to have on the shelf to sell it. They've got to have it on the shelf in a time where unrest is real and supply chain disruptions, which may pale by comparison to COVID, but still be bigger than what we've been dealing with, cause them to have to think about it. So I think they're each going to make their own play, just like carriers are going to make their own strategic decisions. And I don't think it's fair to paint them with a broad brush. But I think those folks that are winning in their space, that are the high-quality names that we do business with, are going to figure it out. They're going to do a good job, and we're going to be there for them when they do. Great. And then you gave us a lot of really good color as well on the capacity side of the equation with net deactivations and the length of that process unfolding. I think it was back on your Q3 call in August that you talked about a study with retained earnings for carriers post-pandemic and how that was keeping people afloat. Have you done any updates on that study? And do you have any additional insights into how much reserves people have left? Do you want to take that, one of you guys, or? Yeah, I can jump in on that. So the study reflected the surplus that folks had, based on some assumptions, the surplus that folks had accumulated during the COVID time. And based on normal operating costs and where spot rates were, how long the projection would be that it would take them to get to a point where those had, they'd run through those. And that indicated that it was around that September, November, late Q3, maybe early Q4 kind of time. And there's not been any substantial update in that. I think we'd probably expressed the same view at this point. But nonetheless, at the end of the day, it has been slower than what many would have indicated. And so our focus continues to be on the things that we can control. That's not one we can control, but we can control our cost focus and disciplined pricing and those kind of things. So that's kind of where our focus is right now. The only thing I would add to that is the one thing we've given more thought to. There's no study behind this or survey behind it, but the work was all done based on, as Chris indicated, operational profit based on where rate pricing was during that COVID era. It didn't take into account the amount of cash that many of these carriers were able to accumulate through COVID-related benefit programs. We're printing money like crazy throughout that period, and all this COVID relief is coming out into the market. Most of these, especially small to midsize carriers, they're going to qualify across the board for numerous of these different programs, whereas some of your larger well-capitalized carriers like Werner didn't take any COVID money of any kind in any of the categories. It's a different dynamic that probably wasn't fully accounted for, but maybe a little more cash than even we thought based on that study. That aside, I mean, you're running a fleet right now. You're seeing a lot of cost escalation, whether it's labor, equipment, repairs and maintenance, and then certainly insurance. I guess first, maybe if you could talk about what the biggest pain points or pinch points are for you? Then when you think about that small fleet, the mom-and-pop, the single truck owner-operator, where do you think the biggest pain point is for them? Sure. I mean, you've heard me talk at other conferences, but I mean, if you think about a trucking P&L, you can parse it all a thousand ways, but it really comes down to trucks, trailers, fuel, drivers, not in this order, by the way, but trucks, trailers, fuel, drivers, and tires. So you can hold on one hand the big items that really carry the water. Those items are the items that we're starting to show considerable progress on. So Q4, as an example, our driver wages were actually down year-over-year. Now, we didn't cut anybody's pay. It's just the way the mix works and what happens over time as drivers settle into some of the longer-tenured kind of roles and turnover goes down. And so you save the money from that without having turnover. Our turnover has been consistently coming down all year long. We're really happy with that. Trucks and trailers, the edge has been taken off of that a little bit. So some of that inflation that we saw pre-COVID till now is certainly quite a bit less. And I think opportunity is on the trailing equipment side to really come down even further as people are cautious about how they're thinking about orders. Fuels are a little different with surcharges, etc. But we're managing and really trying to work and focus on those controllables. Now, insurance is a different item for us than many of the other bigs. It's still up. I think there's a step-level change. We used to talk about insurance being a normalized run rate being about $25 million a quarter, which sounded like a tremendously large number to me at the time. I think the new normal is more like $35 million a quarter of insurance costs. That's despite the fact we have a 19-year low in our DOT reportable accident rate. We have an all-time low in 2023. We had an all-time low in work comp injury rate. So we're focused, laser, laser focused on trying to be safer every day, trying to put our drivers in the best possible position to stay healthy and injury-free. And despite all of that, overall, insurance costs are still up. I think that's even more true when you're one of these smaller guys. Now, they get it in premiums. We get it in these sort of nuclear verdicts. And so how it comes through the P&L is different. But it's a very difficult time to be a trucker out there when you can be hit with multi, multi-million dollar verdicts on being hit head-on in your own lane of travel. And that is unfortunately the reality that we're in. Well, that was going to be my next question because you have had a much better insurance experience than a lot of your peers, especially this quarter. We've seen several earnings get blown up by insurance. Maybe part of that is due to the fact that you were one of the earliest companies to get afflicted by some of these nuclear verdicts. And as a former attorney, I apologize for the direction that that business is going. But the benefit of that is that you've made earlier inroads into addressing some of these issues. You have one of the newest fleets out there. If you could maybe walk us through what some of the proactive steps that you've taken have been to address the insurance issue as much as possible. Yeah, without getting too detailed because we want to. There's certain things we think that are working. We generally will benchmark any safety item with any fleet because we want to make sure we do everything collectively to keep America's roads safe. But we've torn everything apart and started over. We've completely revamped the way we bring drivers into the fleet. We've expanded and doubled down on the length of time before you go out, even with a leader. Once you're with that leader, we've revamped what that program looks like and time that that leader has to spend in the jump seat all the time before he's in observation mode only. We've added, obviously, collision mitigation, lane departure, about every safety technology, forward-facing cameras, etc., that we could put on our trucks. But I'll tell you, I think a big part of it, frankly, is technology that's going in the cars. I mean, you can look back over the last 15 years and see an ever-increasing percentage of the core cause of accidents being the 4-wheeler, not the truck. And as those cars get more and more of this technology, this adaptive cruise, collision mitigation, active braking, lane departure, that's a really good thing for trucking because they have never found a cheeseburger they don't want to eat while they're driving. They're distracted as hell, texting, watching movies, and everything else. So I think that also plays a role. But I don't want it to sound like we got there without doing anything on our side because our team has worked their tails off on this issue and will continue to do so. That's a good point because I think a lot of people bemoan the lack of progress or some of the issues with car ADAS. But if you just drive down 95 and see the number of people talking on cell phones, that technology probably can't come fast enough. Just maybe sticking with the safety issue, we had one of the panelists on an earlier session talking about hair follicle testing and the fact that there was actually a surprising amount of resistance to adoption there. Can you just give us your take on hair follicle, how that plays into your hiring process? And if you think about capacity over the next few quarters, maybe next couple of years, how do you see hair follicle adoption progressing? Sure. I mean, first off, if you look at the values of Werner Enterprises, at the very, very top of the entire value stream is safety and service in that order. Safety being paramount above all else. And so we have this expression I use a lot internally, which is, "Nothing we do is worth getting hurt and hurting others or hurting others." If you believe that, then I think we never wanted to wait for the government to allow us to do hair follicle. If there's a testing system out there that's 10 times more likely to detect somebody using drugs or being under the influence, then we're going to employ it. We've been using hair follicle for many, many years, probably about a decade now. I'd have to look back at what year we implemented it. I think it's probably at least 10 years. In the early days, the failure rate was 10 times greater than that of urine. Now, I say the early days because it isn't like there's less drug use. It's just it's a known fact. If you come to Werner, you're going to get hair follicle tested. And so as a result, you just don't get those folks necessarily applying as much. That's okay by me. I'm not trying to take a stance on legalization or not legalization. I'm just saying if you've got 80,000 pounds and you're in charge of it going down the road, then under no circumstances should I condone you being under the influence of anything. And so we think it's the right thing to do. I think it's absurd that we have to do urine tests, urinalysis in addition to hair follicle, that we have to spend roughly $500,000 a year double testing people when we know irrefutably the hair follicle test is the higher standard, more broad-based, and picks up many, many things that urinalysis will never, ever pick up. If we think about a more broad-based mandate for hair follicle testing, what do you think that could do in terms of reducing overall industry capacity, just based on the tests that come through your company? Well, I mean, I think you've got a rising tide every day of more and more states passing legalized marijuana use. I think there's more people out there that are probably using drugs than there were last year and more than the year prior. I think if you go to hair follicle, that 10 times higher failure rate that we saw in the early days, those folks are still out there. They're just driving for folks not using it. Once they start using it, it's going to be a problem. And so yes, I think it could have an impact on capacity. I assure you that is not why we're in favor of it. I think we have to simply do everything we can. It's kind of like the environment, right? We got to do everything we can to be good environmental stewards except drive off a cliff because somebody thinks it's an ideological good idea. So we're not going to do that. Other than that, we're going to do everything we can to lower our carbon footprint and be committed to alternative fuels and alternative power, but not put something out before it's ready for prime time. The same on the drug side. Yes, it could have negative consequences in the short term, but it's the right thing to do. The American truck driver is a hero out there, and they were treated that way for a brief moment in time during COVID, and then everybody moved on and forgot about it. These are the men and women doing real work that's hard. It's difficult, and it makes a difference in this country every day. Those folks ought to be revered. But if we have a bunch of folks in their midst that don't fit that criteria, then maybe they shouldn't be in their midst. Fair enough. Just switching gears a little bit, one of the things that you've been focused on is Stifel, the company's strengthening. I was like, "Where are we going with this? Strengthening the company's earnings stream, adding stability. One of the ways you've done that, obviously, is by increasing the focus on dedicated. Importantly, Jeff Silver said that that was the right strategy. That was a good thing to be doing. I tend to agree over the cycle. I think one of the concerns from investors has been that looking into a potential recovery, that might limit your upside benefit as things inflect. Do you agree with that statement? If so, or even if not, how do you plan to benefit from that upcycle? Yeah. Look, I think the investor community has never met a grassy knoll they didn't like. So there's always another shooter around the corner. And that's just something that we've got to continue to battle against every day. But here's the reality. Last time there was a big upcycle, Werner didn't get dragged down at all by dedicated. Dedicated was over 60% of our fleet at that time. And we were able to keep pace with the best of anybody out there in terms of what their earnings stream looked like. So I'll start with that as kind of Exhibit A. But if you dig into the weeds and ask, "Okay, how do you do that? How does dedicated not become an anchor?" It's always kind of baffling to me that people think because it's dedicated, you don't benefit from any kind of upside. Well, dedicated is defined by our ability to fill back all lanes, to revenue share with our customer, to show them alternative ways to lower their total cost of delivery, but do so in ways that are also beneficial to us. And so in really good times, in robust times, when you have more opportunity because the market is tighter, guess what? We have a heck of a lot more backhaul lanes that are now filled with freight. Not only are they filled with freight, but they're filled with freight at a higher level. So that's one way. The other way is across America, dedicated fleets that were 50 trucks, 60 trucks, 40 trucks, maybe pre-COVID, they all got reduced by 3, 4, 5 trucks, fleet after fleet after fleet to reflect this sort of new normal. As soon as this tightens, you add back 3, 4, 5, 6 trucks in every one of those existing dedicated fleets. There's no sales cycle. There's no long tail. There's no implementation cost. It's just the ability to get back to where the fleet should have been all along. Those margins are incrementally positive on those additional 3-5 trucks. So that's a lift. And then on the one-way side, obviously, we're going to be able to be nimble. One of the beauties of all of the pain that we've been through is a lot of bids, a lot of pricing was taken out of cycle over the last couple of years by customers. Well, as the market changes, there is evidently not a 12-month cycle. There's a convenient cycle instead. We're going to treat those that didn't do that like they deserve to be treated. We're going to stand tall by their side. But many others, and that's most of them, took different actions. So we owe it to our shareholders. That's some conversations I've had with customers recently. We've got shareholders. We owe it to them to do what's right. We'll do it professionally. We'll do it appropriately. But yeah, they'll be rerating on the one-way side. And on dedicated, there's a magnitude of ways by which you can still benefit from a tightening marketplace. A lot of those fleets are indexed to various trucking metrics. And those trucking metrics will lift up as well as this thing tightens. So we'll be fair. We'll be the same Werner we've always been. We want to be safety first, but service is right there with it. And so if you do that and you provide a superior product to your customer, over time, you'd like to think that that's reciprocated. And it often is with some of these best-in-class players with a true kind of longer-term view of the market than just quarter to quarter. I think one other thing to add, if I might interject real quick, is the size of our logistics business now is considerably bigger and with more scale and capability than it would have been back in 2018 during the last upcycle. So with our recent acquisition of ReedTMS, our logistics now is over $900 million, approaching $1 billion, hopefully, this year. And so much more scale and capability there. And so when that improving market occurs, we'll be able to capitalize on those opportunities, provide solutions to our customers. Well, that's a great point. I was actually just about to ask, you've seen some changes in your portfolio, a lot of diversification. When you think about the Werner of the future, is there a right mix of business lines in terms of one-way, dedicated logistics, and maybe some of the units within logistics? What do those kind of percentages look like between them? Yeah, I'm not here today. I'm not going to roll out an exact percentage roadmap. But what I can tell you is logistics has had outsized growth for several years. We anticipate that to continue for several years into the future. The migration from one-way to dedicated has been a multi-year process. And we expect that to continue as we look forward for several more years into the future. The one-way business is going to continue to specialize further and further into cross-border Mexico as we see nearshoring and sort of reshoring as a very real thing. And it's happening. And we're going to be there for our customers that look for and need that service. And then the rest of one-way, we're going to work to continue to engineer it. It's an unfortunate reality that what was traditionally the bread and butter of a trucking company, which was that long-haul A to B one-way business, has been commoditized to levels that, frankly, seem to have no end to the devaluing of it. And so we're going to make that as small as it can possibly be, as nimble as it can be, and focused on niches within that market where we can have a reinvestable return because I can't do it for free. We can't do it at levels where we can't reinvest in the fleet. This is a capital-intensive business we're in. And so you've got to be able to make enough return to turn around and pump that capital back into business. And if you can't, then you shouldn't be doing it. And so that's just a discipline we're going to take as we go forward. So that's great. You mentioned growth. You also mentioned Mexico nearshoring. I don't think it would shock anybody to say that Werner is one of the leaders in rolling out that cross-border footprint and being an early mover in the space. You were just on the nearshoring panel. I don't know if many of you know this, but Derek is fluent in Spanish. So there's a lot there. But I think it's been hard for us in the investment community to understand what the numbers are behind the opportunity and how much of it is real. So maybe you can share with us what the revenues for cross-border look like today, where they've come from, and what sort of growth rates in the future we can expect. Yeah. Well, first of all, I think it's very real. This nearshoring thing will take about 10 years to play out in its entirety, in my view. I mean, there's 3 phases to it. phase I is expansion of throughput of existing plant and equipment. So people are doing that right now aggressively as they bring more opportunities back from overseas. And they already have operations in Mexico. They're gaining efficiency adding a second shift or a third shift or whatever the case may be. The next phase is the relocation of key suppliers closer to the marketplace. And we're seeing that happening. But the big phase, the one that's reflected in all of this foreign direct investment over the last 2 years, is the construction of new plant and equipment, new major investments in the country. That takes 18-24 months, at least, to even come out of the ground, probably another 12 to really show kind of any real scalable production, and then another quarter or 2 to start showing through in the trade results and everything that you see reported. So that's going to be kind of playing out over time. We've been there 25 years. I've been there personally 25 years. I worked in Mexico and lived in Mexico for many years. I ran a Mexican trucking company for several years. And so it's something near and dear to my heart. I think our franchise in Mexico competes with anyone. We believe, from just a volume perspective, we're the largest cross-border truckload player in the marketplace today. We know we have the largest facility on the entire southern border in Laredo with our own in-house refrigerated and dry cross-dock with multiple shifts per day. So there's lots of things we can do, not just on the asset side, but across the portfolio. So to your question, on the asset side, within one-way, we're approaching 30% of our whole network is to and from Mexico, either touches or goes into or out of Mexico. But then in addition to that, we're operating asset-light. So it could be Mexico equipment to the border translated into Werner equipment. It could be Mexico equipment to the border translated into a pure brokerage play or any combination therein. That allows us to deal with the imbalances that exist in Mexico between import and export every day and really create and tailor solutions for what our customers are looking for, not to mention intermodal as well. We play in that space, and we'll continue to as we start to gain a little more scale. Mexico is not going anywhere, in my view, only going to grow and be a larger part of our footprint. What's a very exciting place to take a pause and maybe pull the audience for any questions for Derek and the team? Satish? Very few. I think last mile might come soon. If I understood, you said you had a 20% shipments, but pricing wasn't up. Did I have the 20% right of what the shipment count? No, our final mile. So if you're talking about our last mile, the white glove, big and bulky, you had some stats on that earlier. You want to take some of that? Yeah. Revenue in Q4 as well as full year was up. For the full year, it was up double digits. There's been some mixed changes in the freight that has spurred some growth. Also takes a bit time to get that new business settled. It's been a softer market for big and bulky. But this is still a growing part of the logistics business. It's about 12% of our total logistics segment and something that we'll continue to lean into to build a nationwide branded final mile, dedicated final mile offering that has some good connectedness with our dedicated portfolio on more of the asset side where it's similar brands, similar customers, but with the final mile, we're able to solve an additional part of their supply chain. Given that that is 40% of the last mile, so this is still done by private fleets of companies where 40%. Are you gaining conversion of those with the better service, better technology, or the growth you're seeing is more of share shift between you and RXO and J.B. Hunt and? No, no. Yeah. So I think it's a mix of all of the above. But frankly, right now, we had a lot of pent-up demand for this service. So we had customers that wanted this service, that needed this service, that hadn't found a solution that worked for them. And we had some capability in the space as we grew out our own organic final mile business. But it was really with the acquisition of NEHDS, so Northeast Home Delivery Services. And when we brought them into the fold and their expertise, that allowed us to go out and start to see our first wins with really big-box retailers, high service-level demands, high-volume demands that you really have to have some know-how to be able to accomplish what they're looking for. That got us into the appliance game, which we were not in previously. And so that then opens up a variety of doors because if you can do appliances, a sofa seems pretty easy by comparison. And so the upside here is that we've still got a very robust pipeline in that space, but we can only grow it so quickly. I mean, one of the little-known things out there was you think Class 8 trucks were hard to get during COVID, try getting a box truck. It was infinitely more difficult to be able to get your hands on new equipment. So it's a mix right now between owner-operators and employee drivers. But long term, we view this as dedicated final mile. And that's critically important. We're not trying to run a you-call-we-call national network of a variety of freights. We're doing dedicated building for somebody controlling a region and being responsible for all deliveries in that region into the home. That's where our success is going to come. You've got companies that are all $100-$100 million in the last mile. You've got Ryder. You've got J.B. Hunt. Do you see the industry for that consolidating where you had $2 billion or $3 billion in revenue, or do you think it's going to stick like that with lots of companies? Look, I think the truth is final mile is still in its infancy. It's still crawling before it really walks and then runs. I think we can compete with anybody in that space today. But I think any of us who say that that is at a mature state is less than forthright. I think customers are still trying to figure out what they want in that space. We're trying to skate to the puck and meet them where they want to be. But everybody's learning together. And so I like our chances. I like our ability to invest. I like our technology and our ability to invest there. And I think that as this thing does likely consolidate, but over a longer-term horizon than next year or the year after, there's going to be a few winners in this space that do very, very well at it. I like our starting point. Oh, I guess I'm not supposed to call on it. Sorry. Yeah, it's okay. All good. Always happy to take a question from Brent. Derek, you mentioned that one-way long-haul business has been commoditized. When you consider the scale of that marketplace, that's kind of a little frightening. How has the logistics rise in the last decade or so, how much is that contributing to it? And where do you see it going? I think it's the majority of it. I mean, I think what's contributed to one-way being further commoditized is kind of transparency, information, all of the brokerage, the explosion of brokerage. And look, we're a player in that space too. But I'm a big believer. I can sit back and have and express my chagrin about where I think how I think this could be a negative impact. But if that's where the market's moving, my job is to make sure we're able to move with the market and be a leader in the space and be able to serve our customers. And so we're a legitimate, well-sized, very reputable, and very relevant player now in truckload logistics. Some of it makes sense too, to be frank. If it's less difficult freight, if it's A to B freight, there's not a lot of optimization or other work involved in it, as much as I don't like it because it's my roots and history coming up through this industry, it probably makes sense. It's not dissimilar from other industries unless there's some value add that's going to take place. And so what we've been doing for many, many years is working to the more defensible, harder to do, more difficult ends of the spectrum. But I do think, to your point, everybody will wake up at some point and realize that if you over-commoditize that space and nobody invests in it, it's a problem. I'd like to believe one of the reasons customers have really embraced the idea of asset-backed brokers is because, at a minimum, if for no other reason, those earnings that that asset-backed broker makes find their way back into actual trucks and actual trailers, which you still need to haul freight. Nothing's going to move in any of your models. There's no freight that's going to move digitally. You need trucks and trailers to actually move freight. And so there's an advantage when you're spending your money as a customer with an asset-backed broker. And then the last piece is power-only, what we call our PowerLink solution. I think that really is something special, right? So customers are automating their warehouses more and more. They're de-emphasizing labor because of how tight labor is inside those warehouses. So there's never been a worse time for them to try to load a rainbow fleet out in the yard every day and do it on a live-load basis. So if we can go in and put large-scale trailer pools in place, we're already good at operating a network. We can do it with both someone else's power and our power and deliver to that customer ultimately what they want, which is high service level at the lowest possible cost, then everybody wins. And so that's really the endeavor that we're embarking on and finding great success with as of late. Awesome. Well, that's all she wrote for day 1. Thank you to all of you for sticking it out. Thank you to Derek, Chris, and Chris for being here. Thank you.