Jason Seidl: Oh, you’re so welcome, David. Well deserved, sir. Want to go to pricing a little bit here. We’re still seeing, I think, what you would call a good and rational marketplace. But you did see some sequential drop in terms of your contract renewals. I think, in your slides, it said 480 BPS. Are we getting it close to the point where we’re starting to worry about being able to price above your cost inflation, which everyone’s seeing a lot of cost going up right now? And number two, are we fearing that you could see a drop-off in volumes if the economy slows, that could be a detriment to the pricing market as you move throughout the year?
Danny Loe: Yes. Jason, this is Danny. So, two things; one, just the levels we’ve talked about, 5.4% in the fourth quarter, if we go back, it’s still probably a top 25th percentile for us, so — on increases. It’s still a rational market. And as far as continuing ahead, yes, we feel confident we can price to cover inflation and also capture value in our service offering as we go forward. I think the other piece is to look back at over the two-year stack of the pricing improvements that we’ve had. It puts our core business at a really great level. And that takes pressure off of trying to get larger increases if you’re just trying to cover the inflationary pieces of it that you go forward. I think your other question with regard to does declining demand put pressure, is kind of what I mentioned before.
I think we feel confident right now that we have a transactional lever that can keep us — keep our employees active and keep profitable shipments into our business that takes some pressure off of the price on the core business. And again, we will keep it going, and we will keep focusing on and pricing above inflation. And we also have the network and the employees, so that as demand returns that we’re positioned for it. The other piece is we’re a logistics company. So, as customers come back to us from, on a pricing standpoint, if cost is the immediate thing they want to, we’re going to have a supply chain discussion with them and talk about our managed operations and what they’re trying to accomplish with their business. And so, if it really is to a point that we can’t handle that in ABF at the price level they want, we’re going to move the business into our managed operation, we’ll service the customer, and we’ll make margin off of it using our logistics partners.
And so, we’re just well-positioned no matter which way the customer turns.
Jason Seidl: Well, that’s good color. Wanted to get my next question here on MoLo, I guess, Judy, where do you think it is relative to your prior expectations when you guys bought it? And then looking forward, the market is what the market is for brokerage. But are there any other – any levers on the cost side or any things you guys can do to sort of improve the productivity there?
Judy McReynolds: Well, it has met our expectations in the initial year, and a little bit here. We were — that the performance, last year, for all of Asset-Light, but in particular the truckload solution was good, and one of the critical areas — or actually two things, one, just the knowledge of the capacity and buying, and the approach, the business model that was really used there, and it fully adopted into what we’re doing today, and successful. And then the opening up of customer opportunities by having a greater truckload solution at scale has really helped us. And we are on track with the EBITDA targets as we closed out the year, and that’s what we had predicted. And so, we feel good about that. But I do hear what you’re saying about the current environment.
