Jason Seidl: I wanted to follow up a little bit because we’re getting some questions on sort of truckload and maybe that business stealing some LTL freight. Now one of your competitors said they don’t think it’s that much. But I did speak to a TMS providers saying that they are seeing LTL consolidation pickup. I was wondering if you’re seeing some of that in your business? And how much do you think truckload is stolen away? And maybe how much a yellows freight went over to the truckload sector? And then also, once we do get that eventual recovery in the truckload marketplace, do you think that just pricing is going to fix that at will flow back to the sort of natural owners of that LTL freight?
Steven Leonard: Yes. This is Steven. One thing that we are — I mean, we do see some of the shift that you’re describing. It’s difficult to tell how much, but just in — from an anecdotal perspective, we are seeing opportunities to optimize for customers and a lot of that is created because of the pricing in truckload. You can find lanes and different models that customer supply chain will model out just an improvement in efficiency, if you shift a portion of that to truckload. And so we’ve seen that play out. So we know that’s happening some. It’s difficult to tell how much. But history tells us, too, as capacity tightens in truckload. Some of these shipments will shift back to LTL, we’ll see that play out. The great news for us is we’re positioned to benefit from all of that.
When we sit down with the customer, we have all of those things at play, and it allows us to say yes, in a way that is really unique for us. And so we really like that position. And we’re — like everyone else, we’re looking forward to a better balance in the market and increase in demand, and we think we’ll benefit.
Jason Seidl: So just to summarize, you’ve seen a little, but you don’t think it’s significant.
Steven Leonard: Yes. I mean I wouldn’t say it’s significant, but we have seen it. But again, I’ll just reiterate, it is difficult to tell how much of that’s going on.
David Humphrey: Dennis, we’ve got one more follow-up. We’ll try to get one in real quick, and then we’ll cut it off after that.
Operator: Today’s final question is a follow-up from the line of Ken Hoexter with Bank of America.
Ken Hoexter: Dave, just some clarifications. I’ve been getting some questions in. They want to understand is the core picking up in April. Was that the commentary? Or is it still down on the tonnage, it’s just kind of the mix is improved. I just want to understand the commentary on the core.
Matt Beasley: Yes. Ken, it’s Matt. So we provided — if you look in the 8-K, we provided some commentary on the April trends in core. And so what we were seeing on a shipment level for quarter, we see that up 13% in April. And on a tonnage basis, we see it up 9%. So definitely continuing to see growth there.
Ken Hoexter: Okay. Yes, I just wanted to clarify that. And then the renewals were up 5.3% versus 5.6% last quarter. I just want to understand, Judy, does that mean we’re seeing kind of a decelerating pricing environment? Or is there anything commentary you want to give on what we’re seeing on the pricing side?
Judy McReynolds: I wouldn’t say so. I mean I think you know it’s just a representative figure related to the renewals that we did for a given quarter. And so the mix of customers that’s involved with that could drive that answer. But 5.3 is still solid, and we’re comfortable with that.
Ken Hoexter: And then just on the core, going back to that for a second, is there a sequential commentary as well? I know you just gave the year-over-year, but anything sequential on the quarter, March to April?
Judy McReynolds: Well, in the first quarter, core shipments were up 12% and then you’re seeing the year over — and that’s a year-over-year and then in April, up 13%. So it’s pretty consistent, I’d say.
Ken Hoexter: Okay. So consistent from March to April, on the core?
Judy McReynolds: Yes. I’m looking at a Q1 number, but yes, I imagine it is. I think it’s been in that low teens since — in the last few months, up in the low teens.
David Humphrey: Listen, I think that — Dennis, thanks a lot. I’m going to just close it out. We’re run — since we’re running a little late. But I appreciate everybody joining us today, and that concludes our call. Thanks a lot.
Operator: This does conclude the ArcBest First Quarter 2024 Earnings Conference Call. Thank you for joining. You may now disconnect.
