Tripp Grant: And going back to your original questions on use of cash. And here’s what I can say that, you know, if we can grow Lew Thompson, there will be some opportunities for some growth CapEx involved next year. And I can’t really comment on, you know, future capital allocation plans or decisions that have been made. But what I can do is kind of talk about just in strategy, but giving you a glimpse of what we’ve done since January 1 of 2022. We’ve repurchased the $110 million of stock, paid $10 million of dividends, had three very accretive acquisitions for $156 million. So paid out a total of $275 million that are moving the business forward and moving the valuation forward. You know, in turn, we’ve had to sell capital.
We’ve had to sell underperforming capital, two terminals for $56 million that weren’t producing a return on investment. And, you know, certainly, you know, you guys have seen the truck counts come down over the previous quarters. We’re selling off underperforming capital to help finance these things that are producing above-market, you know, returns on invested capital. And so the –without getting — the secret sauce is doing more of what we’ve done in the past. But without getting into any more specifics about, you know, our specific plans about the next 12 months.
Jason Seidl: Listen, that makes sense. And one question. One more question. I’ll turn it over to some other people here. So, you know, we hear a lot on the drive-in side about sort of where we are with sort of the destocking. It seems like that’s largely over. When do you think the sort of restocking will take place? What are your customers telling you about sort of what to expect in the coming quarters?
Paul Bunn: You know, Jason, I agree with you. I think the destocking is behind us. And I think we’re probably — hopefully in the next six months, we would believe we have to get in some sort of more normalized restocking pattern. You know, if fuel prices stay high, hopefully, capacity continues to exit the market. And, you know, — but maybe in the next six to nine months, we can get this thing back in balance a little bit.
Jason Seidl: Yes. I’ll keep my fingers crossed for you guys. Appreciate the time as always, gentlemen.
Tripp Grant: Thank you, Jason.
Operator: And our next question comes from Scott Group from Wolfe Research. Please go ahead, Scott. Hello? Looks like Scott actually went out of the queue. So, our next question comes from Jack Atkins from Stephens. Please go ahead, Jack. So Jack, are you on mute?
Jack Atkins: I’m here. Sorry about that. Yes, can you hear me now, guys?
Tripp Grant: Yes, sir.
Jack Atkins: Okay. Sorry about that, and thanks for taking my questions, and good morning. So I guess maybe just a couple of follow-up questions here. I’d love to maybe go back, Paul, to your comments in the prepared remarks about, you know, the trough of the cycle is behind us and I know you maybe touched on it a bit in that last answer to Jason’s question. But I mean, what’s kind of driving that confidence? Is it maybe you’re seeing capacity exit? Is it a function of maybe, you know, the comments around inventory destocking being behind us? What’s giving you confidence that we are beyond the trough of the cycle or maybe we’ve seen the trough?
Paul Bunn: Yes. I think we’re probably in it to have seen it, Jack. And I think some of us, the inventory destocking, I mean, you know, a lot of the — you’re seeing a lot of these brokers bid stuff at these crazy low rates. And then two weeks later, a month later, you turn around and the same freights back on the market because they can’t get carriers to service it. And you’re starting to see, you know, in addition, to small fleets be challenged and the capacity exiting there, you’re starting to see some capacity exit in the broker space where this whole notion of buying business and just trying to grow revenue for the sake of growing and taking losses on it. I think people are seeing that model doesn’t work. And so, you know, I do believe that over time and again over the next six to nine months, all that will continue to shake out.
