Doing good. Thanks for having us. Yeah, yeah. Glad to have you. I appreciate you guys being here. It's been a heck of a year. It's been a heck of a couple of years, really. I was wondering if we could maybe just start off with a state of freight. Get your perspective on the current backdrop. This year, in particular, has had a lot of dynamics to navigate, everything from the front-loading of Inventories to Government Shutdown, Regulatory Developments, just a fairly benign Economic Freight Environment in general. How are you guys thinking about the Broader Market? Yeah, I mean, first off, thanks for having us. We appreciate being here. Yeah, it's certainly been a volatile year. I mean, I think coming into 2025, we all kind of thought Normalization was going to be back sooner than it has appeared to arrive. A lot of noise with tariffs, a lot of Inventory Reshuffling, as you talked about. As we get in the latter half of the year, I mean, there are some encouraging signs. This time of year is when we've kind of finalized what peak season looks like with most of our major shippers. A year ago, we talked about the first sort of normal peak that we felt we had seen in the preceding few years. This year's peak is shaping up to be very similar, with an opportunity to the upside over last year. That's encouraging. What's harder to kind of figure out or parse is how much of that is sort of New Demand or Increased Demand versus some of our Core Customers just taking share in the space that they operate. We do a lot with Discount Retail. Discount Retail is doing pretty well right now. Large Big-Box Retail is doing pretty well right now, with an exception or two. Those exceptions happen to be lower exposed in our portfolio. As we go into this sort of end of year, a bright side would be that it looks like it's shaping up to be a normal peak that we would have seen in the years preceding COVID, etc, in terms of the pace of sequential sort of lift that you might get. That's exciting. There's increased Enforcement out there. It's hard to tell how much is on the supply side, just pulling more out sort of more abruptly with some of the Non-Domicile CDL Enforcement, ELP, B-1 Visas, some of those things. The net of it all is that things seem to look a little brighter, a little better as it relates to the supply-demand equation in our network. The last thing I'd say on that is just remind people that as you get close to the, if you're at the trough and maybe even starting to see a glimmer of a turn, it is not at all uncommon that larger, well-capitalized fleets like Werner would start to see the benefit of that earlier as customers start to shelter in search for sort of quality, if you will. These difficult, complex solutions to solve suddenly want to find asset homes versus non-asset homes. They suddenly want to find well-capitalized carriers that they know are going to be here every other Friday versus finding out that their drivers were just stranded over the road without a paycheck. All of that creates noise. The big picture would be that it seems to have hit bottom, stabilized with the potential year over year for some peak upside. Right, right. Maybe to dovetail on some of that into a question about next year and the framing for moving forward, we've argued that part of the reason why freight demand has been weak has been the lack of fiscal or monetary stimulus. We seem to have a more accommodative Fed. We've got a Tax Bill that should deliver some stimulus, both in terms of Rebate Checks, but also the potential for reacceleration in Domestic Manufacturing Activity. We've got some very easy comparisons. It's very clear that capacity is coming out. I think we're all just waiting for demand to show some improvement. Housing's a questionable backdrop. Really need the long end of the curve to come down. The short end of the curve, near-term end of the curve, seems to be positioned to come down. How are you thinking about 2026 at a really high level, given the duration of weakness? I guess this is really the longest downturn I think I've ever experienced in my career. As we look forward, how are you thinking about 2026? Yeah, I mean, I'll start with this. I agree, first off, it is the longest Downturn I've seen. I've been doing this 35 years, and I've never seen one this long or this deep. It's unchartered waters. As I think about 2026, I guess I'll start with what I'm excited about is the Portfolio itself. We could have taken a lot of paths over the last year, in particular in 2025, sort of hunkering down, stopping the investment, stopping the technology journey that we're on in order to kind of play the short game. You can just realize, no matter what you do, it's going to be fairly difficult waters and instead take a long-term view. That's what we did. We took the long-term view. As we come into 2026, our Portfolio is rounded out better than it's ever been going into an upturn, whether that's everything from Final Mile to Intermodal, dedicated, one-way, all the different things we do. Our Truckload brokerage group and power-only group is as strong and robust of a product as we've ever had in our history. I like the setup. On the investment side, I love the fleet setup because it's going to be a constrained OEM Market in 2026, in my view. We're not having to make up for a bunch of lost sleep. Our Truck and Trailer age are in good shape as we go into the year. We're able to be nimble and respond and bring a broad portfolio of solutions to our customers. All of that bodes well as to how the year itself will shape up. Obviously, it's tough to tell. We tend to wake up every day right now with policy changes via social media. I'm not going to try to sit here and predict what the next one might be. It does matter that we don't have any glaring hole in the portfolio, nor any tech debt or other investment oversight that we haven't been making. We're going to be nimble. Out of all the things you mentioned, the one that I think I'm most excited about is this tax rebate. I think the group, the population that will be the ones receiving this outsized refund this year based on no tax on tips and no tax on overtime is the exact consumer base that our customers serve. Those are the customers that we are very pronounced with. The positioning there is outstanding. Clearly, some of the other stuff is a little longer tail, whether housing bounces back, whether CapEx behavior changes meaningfully with some broader economic sort of ambiguity out there. I do not know for sure. All things would point to a much more positive environment in 2026 at the macro level. This rebate thing, I think, is overlooked greatly by many people in terms of what this tax refund could be like in terms of a Stimulus. We are excited about that. Right. You mentioned the regulatory environment. It has been an evolving one, a dynamic one. I think a lot of us are trying to discern exactly what ELP means for the industry over the next year. I think a lot of us are trying to figure out, obviously, what Non-Domicile driver CDL Attrition looks like. We had development, I think, around the close of the market yesterday with a D.C. Court issuing a stay on the DOT's efforts to curtail Non-Domicile CDLs. It seems more of a speed bump than anything else. Could you maybe just talk a little bit around those two in particular? One other comment around that. I think we have all wondered why capacity has been so slow to come out. I think maybe this gives us an idea of why capacity has been slow to rationalize. I think these are pretty meaningful developments, kind of an iterative process over the next 12 months where you would expect capacity to rationalize. We haven't had a supply-driven cycle since 2000. How are you thinking about ELP? How are you thinking about Non-Domicile Driver CDLs? Yeah, I mean, there's a lot there, obviously. I mean, I think I'll just kind of zoom out for a second. I mean, we are very much in favor of Increased Enforcement. We think the industry has shown the need for some Increased Enforcement based on some of the actions of certain players within the industry. At Werner, we're in great position on all of the above. We never stopped our English Language Proficiency as part of our onboarding exam for new drivers. We feel very comfortable with the status of our fleet from an English Language Proficiency. I do believe it's a safety issue. I know there's debates and politics leaks into some of this stuff. At the end of the day, if you have 80,000 lbs and you're going down the road and you can't read a dynamic road sign, that's a problem. I mean, you need to know that that sign that just changed said there's an accident ahead and you need to immediately brake. If you can't read that, then we've seen some of the outcomes that can come out of that. We're in great shape on ELP. We hope that Enforcement continues to spread. So far, it's been targeted at best and very localized in its Enforcement. I think you'll see that spread. Non-Domicile is really the answer to the question that none of us have been able to solve for the last several years because all this experience and all of this tribal knowledge that everybody seemed to have relative to Trucking histories and cycles, and none of us could figure out why this downturn lasted so long. I think we missed something right in front of us, which was we track bankruptcies and new MCs and deactivated Motor Carrier Counts and all kinds of different metrics. To my knowledge, nobody was really tracking the most basic thing of all, which is number of CDLs issued by state. There was a sudden and massive ramp-up in a handful of states where they would go from a baseline of 15,000 a year to 50,000. That's a problem because you didn't suddenly increase the driver school network in that state. You didn't suddenly increase the quality or quantity of people looking to become Truck drivers. Where did they come from? Many of those, not all, but many of those came through this sort of Non-Domicile loophole that was never advocated, contrary to all of the stuff you may read, by the Transportation Sector. It was an immigration thing that was advanced, or the loophole was exploited, if you will. Non-Domicile, originally, the origin of it was we had states that had six-month to nine-month delays to be able to administer a CDL Test. The industry was advocating that you should be able to go to the state next door and go get a CDL Test, hence Non-Domicile CDL. Somebody somewhere figured out that that could be exploited in a different way. I think the administration, if they've shown one consistent thing, is the tenaciousness about Enforcement of things they sink their teeth into. Yes, there was a stay last night. I suspect they will stay all over this issue. They will continue to ramp ELP Enforcement. They will continue to find and fight for the Non-Domicile Enforcement. I think all of that will, in fact, clean some of the issues that the industry has been faced with from overcapacity, but also just some underlying safety realities. This isn't some big data study, but the facts are still the facts. If you look at all of the major 10 Truckload Carriers in America or Trucking Companies in America for that matter, one thing you'll see in common is every one of them has announced repeatedly in the last three years, all-time low in accidents per million miles, all-time low in preventable accidents, or 20-year low or 25-year low. Yet, over this same period, Total Truck-involved accidents in the United States has been creeping up. If it's not happened at any of, if that's not the base case at the major players within the industry, and I would argue it's not the base case at all these family-owned businesses that have been around for 50 years either, why is it increasing? I think the answer over time, when you get a chance to do the full exhaustive study, we're going to find a lot of it linked back to lower standards on CDL Issuance, lower standards on Driver Schools. Enforcement of the Entry-Level Driver Training is a very important part in 2026 that will also be a component that we are strongly in favor of. One thing that I think has been very differentiated this cycle has been Inflation. It's something that was underappreciated, something that's had a profound impact on financial returns across the entire industry. As we think about the path forward, the only way to get back what you lost as an industry is through rate. When you have inflation, rate is the lever you have to pull, not utilization, not productivity. It sets the stage, as things eventually do improve, to potentially have a fairly aggressive recovery in rates. I don't want to put words in your mouth, and I certainly don't want to put the carriage before the horse. That seems fairly self-evident. I'm curious how you're thinking about what the next upturn is likely to look like from a rate standpoint and what your disposition is as things improve. Do you think you'll be more inclined to go after rate, or do you think that this next upcycle will be consistent with the more traditional rate recovery, which would be maybe a little bit more pace-driven and not as aggressive? Sure, Dan. Maybe I'll start out on that one. Certainly, rate matters. We've had, in terms of our one-way business on a rate- per- mile basis, we've had five consecutive quarters of rate increase, but they've been obviously very modest. We're talking tenths of a basis point over many of the last few quarters on a year-over-year basis. That's good, but we need more. Rate definitely matters. Some of the other things you mentioned also matter and contribute: Production, Operational Efficiency, Technology, seeing value out of a long journey there in terms of invested time, energy, and capital into technology and how that's changing our business, as well as Cost Discipline. We're focused on all that. Absolutely, rate does matter. We need more of it. We'll take more of it. We'll pursue more of it. It needs to be something north of low single digits and a lot more to play out in terms of this backdrop of maybe some accelerated capacity attrition that will set up 2026 to be a better year where we can pursue rate more meaningfully. All of it does contribute. Back to your comment on inflation, it's moderated a bit maybe compared to prior years. It's not as up and down the P&L and maybe more in pockets of expense line items, but it's still there for sure. We have to be mindful of that, as you said. Tariffs, there's a lot to be seen with the impact of tariffs on equipment costs and other things to continue to play out and some of the Inflationary concerns there, certainly from an insurance and claims perspective, more so on the cost- per -claim. Insurance Renewals are up, but those are low single digits, so still Inflationary. We are not seeing some of the double-digit rate increases that maybe others are. That is still an Inflationary category. The cost to provide employee benefits, there are Inflationary concerns there. Tackling that with rate, but also controlling what we can, leaning into technology, continuing to be mindful of cost, which we have done over the last couple of years of, call it, $50 million annually of cost takeout, cost savings per year. The reality is that is about 1.5% of Revenue. That is combating Inflation. We need other things, some things that we control, some things that might be more influenced from the macro and how that is changing. All of that is needed and contributes. Yeah, the only thing I would add, I agree with Chris wholeheartedly. In general, the whole rate discussions are always kind of supply-demand-driven. You get into these long debates about where we're at in the market. As we sit here today, these shippers are aware. We know how they respond to it will be a different story. They are aware that the most sustainable solution they can put into their supply chain is the one that can afford to exist next year. If you look at the publicly traded group, which is the best and most capitalized group out there, and you think about them hovering at or around break-even multiple quarters out of the last four or five, that is not a sustainable solution. The time has come. We have to up the volume on this. We have to be more aggressive relative to rate as we go into this upcoming bid season because we're unable to continue to respond, as they've already seen in their own networks, carrier after carrier go under. We get those calls today. We can't continue to respond to those calls without, if we're going to help, we need to ask for help as well. I think there'll be some friction back in the network now that we're close enough to equilibrium. That friction is needed and necessary. It won't be just us out there alone kind of pushing as it relates to the rate relief that's needed to make this industry reinvestable. Thank you for that. Maybe to shift to dedicated, I'd like to talk a little bit about what you're seeing in the dedicated market. I think the financials of the industry have been so pressured and strained that it seems like a lot of irregular route is finding its way into the dedicated market. At the same time, I think you guys have indicated that your fleet size got too small relative to your Fixed Costs. You've been very actively engaged in rebuilding the business pipeline, bringing on incrementally certainly compensatory business and trying to position that vertical for improvement. Could you talk a little bit about what you're seeing in the dedicated market, how you feel about your efforts to grow the pipeline and add Truck Count? Sure, sure. I mean, it starts with you mentioned this. But our heels are on the line in terms of there is no retreat from here on fleet size. We have to hold the line at or around where we're at. I'm not talking about 100 Truck variations up or down, but there can be no meaningful shrinkage of the fleet to try to solve this problem because there's a certain amount of Infrastructure, Fixed Cost, and kind of muscle mass that we need to be able to do this complex work for our customers. So instead, we're going to continue to focus on what we do well, what is more stable to and through any cycle, and that's dedicated. Demand in dedicated is strong. The watch-out there is to keep discipline around not letting irregular route type freight that isn't really dedicated be able to be packaged up and masqueraded as dedicated because that will unbundle as soon as the market was to ever get loose again. We would prefer to pursue, and luckily, the pipeline is plenty robust that we can focus our efforts on true dedicated. While the macro total fleet count may not move much over the next several quarters, the opportunity to move more of the total fleet into dedicated is in front of us. We're going to be able to be very selective out of this robust pipeline because the pipeline is much larger than the amount of Trucks that we feel comfortable moving. We need to leave some Trucks in one way for a couple of reasons. One-way will, in fact, be a place that has opportunities to be very nimble and potentially have a lot of upside as we go through this turn in the cycle. Secondly, we are one of the largest players to and from Mexico, and that is serviced by our one-way network. That is a different market with different characteristics and different ability to take rate as the market tightens. We want to have our exposure there. In dedicated itself, it's also about kind of expanding our verticals. We've talked a lot about the last couple of quarters being burdened with some pretty significant startup costs. That is not some indication of what startup looks like from all of the future dedicated because those were new verticals that we made strategic decisions back to playing the long game. If you have the opportunity to expand your exposure into brand new verticals with a quality name that has tons of upside, you sometimes got to spend what you got to spend to make sure you nail the first one. That is what we did in Q2. That is what we did in Q3. That tail is now tapering off in Q4 and will represent much less of a headwind than it did in those two quarters. Future wins in that vertical will not come necessarily with that same headwind as we have learned and developed the kind of expertise and sort of muscle memory that we needed. That is not to say there are not headwinds with every dedicated startup, but these were very much outsized compared to the norm. Not to mention that as markets do, in fact, if it does tighten as you get deeper into 2026, we have history with getting implementation costs offset at times by our customers or at least supported. The market in 2025 just was not going to be supportive of that. Our desire to expand beyond such a heavy discount retail food and beverage type structure within dedicated made that a strategic investment in my mind. Right, right. Appreciate that context. Used equipment market, regulatory influences around it. We've seen a pretty meaningful change in the used equipment market post-COVID Highs. Kind of, I guess I would say, really used equipment has always been an important consideration for investors when you think about Werner and your exposure to that market, your expertise in that market. I think there's certainly an expectation that if regulatory efforts wind up effectively reducing the number of Non-Domicile CDLs, English Language Proficiency always also has an impact. We could see an incremental increase in used units in the marketplace. At the same time, if you go back and look, there was certainly a 2021, 2022, 2023 period where you couldn't build a Truck, couldn't get a Truck. There's a structural deficiency in the market that I think also could act to support used equipment values. Could you talk a little bit or frame how you're thinking about the used equipment market today and what that means for your business? Yeah, I'll maybe start on that, Dan. Where you started this topic, yeah, gains are important. They've been an important part of our P&L in any environment. Up down, we think we're maximizing value just with our expertise across the country and our Fleet Sales Network, as well as just the modern and low age, low miles remaining warranty that we have in our equipment. In much better years, gains have been north of 150 basis points of revenue. Even in peak years, 2021, 2022, it was between 2% and 3% of revenue. All of last year, it was less than 50 basis points. Although the last two quarters, that has been improving largely due to a return to higher resale values. All of last year, we were on a per unit basis. We were seeing resale values at two-year lows. That really came into and was fairly consistent in the first quarter. Literally, in about 30 or 45 days at the end of Q1 and coming into the second quarter, we saw those resale values on a per unit basis, particularly on the tractors, return from two-year lows to two-year highs. That is where it has been over the last couple of quarters. That has been a significant development. Can it stay there? A lot of factors involved. I think over a longer period of time, call it the next couple of years, there are probably more things that move incentive towards the used equipment market rather than the new equipment that will be helpful, that will continue to support those values. When you look at tariffs, when you look at OEM Manufacturing limitations and constraints, even some of the views and how the EPA mandates and 2027 mandate plays out, all of that, I think, drives more incentive to the used equipment market. Because of that, over the longer term, I think there's more things to point at that will support resale values. That's not to say, given the backdrop and all the pressure points on capacity and some accelerated attrition there, that there can't be some valleys in the short term of resale values as additional equipment comes into the market. Right. I have another question or two here. To the extent, though, that anybody in the audience has a question they'd like to ask, I'd like to afford you guys an opportunity to ask. Any questions from the audience? Did you get the tightening from the course of Non-Domicile? Doesn't that just shorten that tight, that's a great raise to go up. If you look through history, any time we quote have to pay Truckers more, it's still a good environment to be a Trucker. Having to pay Truckers more is not incongruent with us being able to expand margins and do better. Almost every contract we hold, and certainly every contract in dedicated we hold, has carve-outs for two things. One is unforeseen government regulations, and two is driver pay. Because if I can't seat the Truck and we can provide meaningful insight and data to the customer that it is a compensation issue, then we have mechanisms to gain their support. As we do that, usually, it also ensures that we have even better stickiness with the ones already in the fleet. The one thing we know for sure is the more longevity you have in a fleet, the lower your actual overall Cost is in that Fleet because of decreased Maintenance Cost, less accidents, less issues, better service. It is a net positive. Yes, I understand the concern. I also would just point out that the thing that we are very enthused about as a driver market that tightens and maybe becomes more of a domestic-only driver market is that we operate one of the largest school networks in America. We have long ago transitioned to all of the standards and then even some additional standards above the entry-level driver training standard. All the talk and rhetoric about enforcing that standard more excites us because that is the exact training standard that we use, even with some additional add-ons. After we take a driver out of even our own schools, we then finish that driver with a leader in our fleet for multiple weeks of direct supervision over the road. We have this sort of vertically integrated pipeline that puts us in a unique position. It does not mean we are insulated completely from a tightening driver market, but it does mean that we are in better position than most. I think we're out of time. Thank you very much for being here. We've really enjoyed the conversation, and I hope you guys have a good conference. Yeah, thanks for having us. Appreciate that.