Baris Oran: Thank you. As we look into our progression in our top line and new wins its phenomenal. As you highlighted, the numbers are achievable into 2024. And couple of additional things, I would like to remind you, that is going to support us into our EBITDA into next year. Our productivity initiatives as you would recall are driving around, $26 million of benefit this year. And the run rate is going to be about $40 million at the end of the year. So, there’s going to be about $14 million that’s going to support our EBITDA into next year. And also with the updated exchange rates, we are expecting maybe a single-digit uplift coming from FX as well. And that should support our EBITDA further into 2024.
Bascome Majors: Is there anything as you look forward that you’re fearful of or that can maybe get in the way?
Baris Oran: Well, I mean, this business is very, very resilient. We are now 100% immune from macro, but we have shown you quarter-after-quarter resilience from the swings. So far, we are doing really, really well. We have phenomenal wins. Our productivity efforts on the ground at the site level, at the center level are delivering. So, we look very comfortably into 2024.
Bascome Majors: Thank you, Baris.
Baris Oran: Thank you.
Operator: Our next questions come from the line of Chris Wetherbee with Citigroup. Please proceed with your questions.
Chris Wetherbee: Hi, thanks. Good morning. Maybe picking up on the cost and synergy opportunities, Baris, can you just lay out what’s in the back half, what’s been realized so far from the cost takeout as well as the synergies around Clipper and what we’re expecting by quarter for the next two quarters of the year?
Baris Oran: Sure. So far in Q1, we generated about $4 million benefits. In Q2, we generated about $5 million benefit, from both integration and cost takeout productivity initiatives. For the balance of the year, we expect another $17 million, roughly even across the quarters, and that’s going to get to the $26 million impact for this year. Of course, the run-rate is going to be $40 million by the end of the year.
Chris Wetherbee: Okay. That’s very helpful. And then, Bill, maybe you can talk a little bit about what you’re seeing on the demand side, particularly from the consumer, the e-com vertical, I think there’s been some discussion about whether inventory destocking has come, starting to wind down or maybe it’s still in process. And you’ve talked a little bit about the peak season. Volumes were down mid-single or low-single digits, I think, in the quarter, maybe if you could start with sort of how that progressed. Is that still sort of the right run-rate as we’re sitting here in 2Q? And those big picture thoughts around the consumer or e-commerce verticals would be helpful.
Bill Fraine: Yes. Hi, Chris, this is Bill. What I would tell you is, let me tell you a little bit about what we’re seeing in the selling with the new customers. And I think, this will go back into what you’re asking the question about, is the size of the pipeline is growing, and we’re seeing e-com customers, by the way, leading a big parade here in new business. And the return, we’re seeing the return of $100 million deals. We’re seeing — you look at our top 200 prospects are above $10 million each. If you look at our top 10, its $20 million, and if you go to some of the larger accounts, they’re $100 million. So, we’re seeing bigger deals come in. And this is because customers are wanting to restructure their supply chains and move into new markets.
And I’ll give you one example. So, what we’re seeing is, we’re seeing more and more opportunities, and the opportunities are coming faster and larger, as I mentioned, And really it’s because our brand is becoming a beacon for customers who want to renew their supply chains. They really look to GXO, as a leader in this with both automation and the ability for scale and expertise. So, I’ll give you an example. I recently traveled with a customer at the beginning of July, a big partner in Europe, and they want to come in the U.S., traveled around North America. And, we will plan in the future kind of where they want to be. We visited their sites. We visited our sites. And when they left, they were going to come back with a plan and maybe put it on an RFP, instead.
