Judy McReynolds: One thing to take note of is the managed part of that that you are talking about, we don’t reflect that in the shipment account that’s disclosed. And there is momentum there and we reference it. We do that just for clarity around the shipment level. So primarily what you are seeing, when you see that statistic is truckload and to some extent, the expedite trends, which right now are very challenging. And the point that I think Steven is making is that, we are a little bit more focused on making sure that these customers that we are doing business with over the little bit longer-term here are right for us. We are right for them. And there is value in the relationship. And that doesn’t speak to the opportunity being less at all because we have robust opportunities across all of our solutions, and we’re excited about that.
Jeff Kauffman: Judy, thank you and that gives me a lot more clarity so appreciate that. Just one follow-up on Asset-Light and then one quick question on Asset-Based. So the OR, as we measure it, and I know we can argue whether that’s the best way to look at this or not, is down about 45-ish basis points year-on-year and about 300 of that is explained with the purchase transportation going from 84% to 87% of revenue. What’s causing that other 150 basis points because as much as Asset-Based was a great positive surprise in the quarter, I think asset Asset-Light was a bit of a disappointment. Is it because expedited is down and you do have overhead costs associated with that? What would explain that 150-ish basis point decline, not related to purchase transportation?
Judy McReynolds: Well, I mean, I think that what we’re doing is, as Steven said, just continuing to have investments in people and resources to serve that growth opportunity. And I think just as you look at the overall result, you see that. Now I’ll say this, we’ve addressed that to some extent with some of the facility decisions that we’ve made and you see the impact of those. And we’re continuing to look for other ways to be more efficient. One thing we haven’t talked about yet on this call is just a focus on the small and medium sized business segment. We see a real opportunity there for both growth and improved margins in Asset-Light and we’re working on that that will be an impact in 2024, perhaps in the second half of it, but something that’s in our line of sight.
Jeff Kauffman: And then last follow-up. I know you were talking about the 500 doors by 2025 and there’s a big real estate opportunity with some of these Yellow properties that are coming to market. As we’re thinking about capital spending for 2024, I know you mentioned that there was I think it was 60 million of catch up from ’22 that was in this year’s number. Could we probably see a little more spend on real estate as opposed to operating equipment in ’24 and I know you haven’t come out with the ’24 CapEx, but as we’re thinking about modeling. Could we see kind of a pull back to the mid-200s, normally, but maybe something closer to this year if we add in real estate potential for next year?
Steven Leonard: Yes. So Jeff, certainly, I think there will be, over the coming months, opportunities on the real estate side in the LTL space. I’d say just generally, our 2024 plan and thoughts on capital are still coming together and probably too early to give an overall picture of that at this point.
Operator: Our next question comes from Stephanie Moore with Jefferies. Please proceed.
Stephanie Moore: So, I think you guys do a really good job of kind of managing your shipments throughout the cycle. You obviously talk a lot about the usage of dynamic LTL freight. Can you talk maybe about what you’re thinking regarding a normalized shipment per day? And then, do you think 3Q represents kind of an optimal mix for you guys? Or do you think there’s more to do here, given the disruption in the market?
Christopher Adkins: Yes, Stephanie, this is Christopher. I’ll start. I think I’ll reference the maybe near-term. I think Seth had some longer term plans he could speak to. But on the near-term, right now, we’re targeting around 20,500 shipments per day on a daily basis, but that varies, like again, day-to-day, week-to-week based on the opportunities that are in our pipeline and what the current capacity situation is. Seth, did you want to speak to the long-term?
Seth Runser: Yes. I would just say we’re constantly trying to optimize our mix, but also leave potential for growth. So we’re open to that growth, and we’re investing in that growth. When you think about the people, the facilities we talked about, the efficiency measures that we’ve taken, that’s really all to position us for long-term growth. So, we feel like we’ll continue to do that as long as opportunities are there and profitable for us.
Stephanie Moore: And maybe just as a follow-up and kind of taking a step back here, it does seem that this quarter demonstrates you guys really kind of firing on all cylinders, whether it’s the mix, you have, with pricing coming in, you’ve noted, obviously, you already have this mature terminal network. And then kind of the last point, we clearly can see that a lot of these productivity actions are kind of coming through very nicely, while I think we all can agree it’s still a pretty weak freight environment. So, all those things considered, do you think you can deliver kind of a sustainable eight handle OR going forward just based on all these factors?
Judy McReynolds: Yes. I mean, Stephanie, I think that’s certainly what we’re targeting. I think one of the things that’s interesting about this environment is that if you look at the underlying macro weakness, you can compare it back to some pretty rough periods. We hear comparisons back to ’09, maybe even in the spring of 2020. And we can see that through some of the other solutions as well as the asset-based solution. But the unique and really helpful opportunity that we have is to address this disruption with our customers that resulted from the Yellow bankruptcy and other things that have gone on in the marketplace. And, so I feel like that it’s not only dealing with the macro weakness, but seizing on an opportunity to help our customers navigate this disruption.
And we’ve highlighted in some of our prepared comments, but I really want to highlight this for you, it’s just the ability to say yes to a customer and it might be business that runs through the asset-based network, but it could also be a better fit for managed that runs with other LTL carrier partners or truckload optimization work that we’re doing. And it’s just a good model in a period of disruption, which seems to be happening a lot more often. So, if we navigate all of that well, we’re in the 80s in an environment like that. We know we have a lot of other innovations and tech opportunities for improvement. I’m excited about our future and we’re very focused on getting even better. And I just want you to hopefully see that with the execution of our team in this quarter.
