Justin Long: Tracy, when you were brought on board, one of the themes you talked about was curating the book of business. Is that process now complete? And if it is, is the next leg of OR improvement dependent on volume growth? Or do you still see what I would define as self-help opportunities that can drive meaningful margin improvement in the absence of volumes moving higher?
Tracy Robinson: So Justin, last year this time, we had a book of business that didn’t fit our network and our capacity perfectly. And when you do that, it’s very difficult to run the operation in such a way that you get efficient and fast and that you deliver the service to your customers that you promised them. So we needed to pick some of that up and all of that is behind us. The way that we look at the opportunities of scheduled railroad going forward, yes, year-over-year, you’re going to see improvements in velocity. As Ed gets us completely organized around this. There’s some more that we need to do, and he’ll talk to you about that along with the team when we get to Investor Day. But the next path on this, the next step is really to sell into the capacity that we’ve unveiled as we’ve kind of advanced the scheduled plan then.
So we can now see where we’ve got train capacity in corridors and where we have capacity on trains that aren’t running yet to maximum length. So Doug gets the mandate to sell into the trains where we have capacity and to focus on selling into the existing capacity that we have on the railroad primarily right now in the East and the South. Beyond that, we’re focused on where we can partner with our customers, organic growth, new markets, some of which we’ve talked about before, some of which we’ll talk about to you in May, where we would invest for that growth. So I think it’s — those are the next 2 steps.
Operator: The next question is from Jason Seidl from Cowen.
Jason Seidl: Ed, welcome back. I wanted to piggyback on one of the questions about sort of the potential of CP KSC merger, if it gets approved, is the guidance assuming any concessions from that? Or would any concessions potentially add to your outlook?
Tracy Robinson: Listen, I — interesting question. I think that our guidance assumes the work that we’ve done now to make sure that we’ve secured our business relative to any transaction that may take place. And it assumes the other volume and pricing estimates that you’ve seen there. So I think we’ll leave that one at that and see what happens from here.
Jason Seidl: Okay. I appreciate the time as always Tracy.
Tracy Robinson: Thank you.
Operator: Thank you. This concludes today’s question-and-answer session. I would like to turn the meeting back over to Ms. Robinson.
Tracy Robinson: Thanks for your interest today. We know it’s a little bit of an uncertain climate and a certain year. We’re pretty focused on doing our job well, running efficiently, and we will, we believe, lift our volumes above what the market would tell us industrial production is this year. And most importantly, we look forward to connecting with you again at the end of the first quarter, where inevitably, we’ll have a little bit more information. Thanks for your time today.
Operator: Thank you. The conference has now ended. Please disconnect your lines at this time, and we thank you for your participation.
