When you think about all the things that, all the articles that you read on the consumer, there is a lot of demand there right now, but I think, everybody is reluctant to transact, because there’s a lacking kind of decisive transparency from the Fed as to what’s going to happen with the rate environment. But I think what encourages us is that, we are seeing inventory drawdowns, we are seeing bright spots in our business. Demand people want to transact. They want to do things, they want to build things, they want to move things, but everybody is waiting to see what the Fed does and I think when that clarity comes to the market, things are going to move back pretty quickly. But we are not — we are certainly not assuming that’s going to happen.
We are not planning our business around that. We are being defensive when it comes to protecting our balance sheet and we are being opportunistic and not wasting this recession, not wasting this, quote-unquote, crisis, if you will and doing what we can to really improve the business, improve the structures, improve our processes, add really good talent to the bench, and again, we are going to come out of this fighting when things do turn.
Greg Gibas: Great. That’s helpful. And I think it does show to the improvements in the business, right? I mean just looking at the free cash flow growth you had in Q2 pretty substantial, despite the decline in earnings. And I wanted to just ask, should we expect that to continue into the back half as like kind of meaningful free cash flow improvement year-over-year, despite that kind of flat second half relative to the first half?
Aaron Coley: Yeah. We like the cash flow pull-through. I mean, as you mentioned, we had almost $59 million of operating cash flow or cash flow from operations in the first half of the year and net our investing activities start selling and purchasing revenue generating equipment was $2 million. So we really do like the cash flow. We are focused on cash conversion. We are focused on rates. We are focused on getting unit economics for each trailer to make sure that every trailer is profitable with the lanes that they are running so that we get all 5,000 tractors in profitable lanes every single day or at least on a round trip. So we believe in the cash flow profile of the business, we believe in its ability to continue to generate cash flow and we are working initiatives within One Daseke to lower our weighted average cost of capital as we described on slide 14.
Greg Gibas: Perfect. That’s helpful. I guess just last one for me is, as I do look at that slide 13 actually, just kind of detailing those three legs of value creation. What would you say are kind of maybe second back half or early 2024 catalysts on that cost side in terms of improving in that first and second phase? What can we really look to and what would drive an improvement in the business in the next, call it, six months or so?
Jonathan Shepko: Yeah, Greg, I mean, a lot of — as we kind of touched on the call, a lot of what we are doing now, we have got the kind of finance work stream that we touched on, but specifically with respect to the integration phase. I mean, it really is as the name suggests. I mean it’s integration. It’s taking our operations and taking what was once a very highly disparate and highly siloed group of 25 operating companies and continuing to kind of bring talent together, centralized talent, align on philosophy, align on strategy. And to Aaron’s point, really purpose and point the assets in the kind of highest and best use kind of profit venues and so that’s really what this is, is it’s taking some of these operating companies who are a little bit kind of subscale whose management teams maybe aren’t quite as built out, whose systems aren’t quite as sophisticated, whose processes might be not quite as refined and really integrating them with kind of a big brother big sister, if you will, right, and that’s really what we are doing.
