Sean Pelkey : Amit, on your Q1 margin question, I think I’ll just sort of stick to what I said before in terms of building momentum from Q4 to Q1. That’s our goal. It’s to deliver if we can, operating income growth sequentially from Q4 to Q1. The margins will be what they are based on what, where fuel prices settle. But can we grow margins as well in Q1. Sure. I think that’s within the realm of possibility. Again, whether or notwithstanding, we had a rough couple of weeks we’re coming out of that, things are certainly looking better across the network as we speak. So you’ll see the weekly volumes and see how that catches up from there. In terms of your comment on PS&O, I think it’s a good reminder for everybody to go back and understand we added quality carriers a couple of years ago, a significant portion of the expenses within quality shows up in the PS&O line.
And that is quite volume variable. And so, as we see increases or decreases in the trucking revenue line, that’s going to impact PS&O expense as well. We also added PanAm. There are PS&Operator expenses associated with the revenue that we added across that part of the network as well. And then PS&Operator can also be somewhat volume driven, particularly on the intermodal side, the terminal related expenses show up there on that line. So what I said was going from Operator4 to Operator1 on PS&Operator like we normally do, we would expect a little bit of a sequential increase in those costs and have no doubt, we are certainly focused on that line item amongst others as an area of opportunity to continue to drive cost savings.
Operator: Your next question comes from the line of Allison Poliniak from Wells Fargo. Please go ahead. Your line is open.
Allison Poliniak: Hi, good evening. I just want to go back to the commentary on domestic intermodal specifically around truck conversion. It does seem like we’re still really early stages. I would love to get your perspective on what can drive that acceleration in some of those conversions? Is it your reliability improving further? Is it better truck capacity? Just anything, any comments there on what could drive that acceleration of the space at this point?
Kevin Boone : Yeah. I would think, I’ve heard many characterize last year as maybe the worst trucking market they’ve seen in the last 40 years. So I think there’s a lot of hope that we’re at the bottom or have reached the bottom. I will say, and we’ve been recognized and I highlighted this in the opening comments, the customers are seeing the service levels that we’re delivering. And I know Mike has plans to even improve some of our true terminal fluidity even further. We’re looking at ways where we’re going to measure the customer experience in a different way. Measure their truck on time terminal and all those things that really are important for those customers that drive value for their customers, quite frankly. So a lot of those initiatives are underway, and that gives us a lot of confidence as we move forward through the year that not only hopefully the market has bottomed, but on top of that, that we’re going to be able to gain share with the service product that we’re able to deliver.
Operator: Your next question comes from the line of David Vernon from Bernstein. Please go ahead. Your line is open.
David Vernon : Hey, good afternoon, guys. Thanks for taking the question. So Sean, I think you called out, I think it was like $280 million or $380 million of deferred tax headwinds and $300 million of extra CapEx. I just want to confirm I got that $600 million headwind to cash flow rate for the year? And then as we think about timing, Sean, you were very clear about incrementals being better in the back half than the front half. Kevin, can you share anything on the rate at which you’d expect this single, low to mid-single digit sort of volume and revenue to show up? Is that also back-end loaded? Or how do we think about the cadence for the year? Thank you.
