John Kuhlow: So, when you’re talking about the GAAP, could you repeat that first question again for Dedicated EBIT?
David Vernon: The first question on Dedicated was, I think Shelley mentioned that it’s going to be challenging to grow Dedicated from an EBIT perspective in this market. And was she referring to the GAAP number or the non-GAAP number?
Brad Delco: Yes. I think David, I don’t want to answer that. This is Brad Delco. I don’t want to answer that question, because it sounds like if we answer that, it provides a little bit too much on guidance. I think, Nick’s intended purpose there and Shelley’s intended purpose there was, we have visibility in some fleet losses. And as a result, it’s going to be hard to grow revenue and operating income in the quarter. Don’t necessarily want to try to distinguish between whether that’s on a GAAP or non-GAAP basis, because we report and we speak to everything in our financials on a GAAP basis.
John Kuhlow: And David, just to add a final point on insurance. If 2023 were — or if 2024 plays out like 2023, as I mentioned, we look at our reserves quarterly. We feel like the reserves are appropriately valued. These values were placed on prior-period claims. So, it is not our expectation that we have these charges going forward.
Operator: Thank you. And we have no further questions in our queue at this time. I will now turn the conference over to John Roberts — sorry. John Roberts, Chief Executive Officer, for closing remarks.
John Roberts: Great. Thank you and I appreciate the interest in the call today. I would reiterate goodbye and good riddance to 2023, with a couple of exceptions. We think about the performance in our Dedicated and Final Mile business, again, revealing what we believe is a very complementary portfolio of services built in very intentionally. I’d look at our performance and safety. We feel like there is a disconnect between our actual work in performance and investment and the results we’re getting in the claims markets and the insurance markets. I think, I look at like JBI, Intermodal has kind of been in the gym all year and we’re carrying some extra positioning, but we got a glimpse of that, even in the fourth quarter of what that can lead us to.
And I don’t remember who said it, but I’m a ’80s rock fan and I heard Back In Black, and I really like that, because that’ll be something I can use around here through the rest of our work. I wouldn’t say that, while 2023 was a tough year, and in fact, we talk about our tenure a lot, but we’ve discussed here, none of us have really seen much in the lag over 2023 in many years. We’re looking at decades of leadership here and so I think, while it was one of the toughest, I see it as also a very strengthening year. We had to lean-in harder to get ready for 2024. We had to ask ourselves a different type of question than we normally do and through that work in prepping for 2024 and dealing with 2023, I do believe we’re better prepared as we come out of — and I guess I’ll say when not if, but when we come out of this freight recession, I totally and completely believe we are ready to respond to the needs of our customers.
We are — have extraordinarily strong alignment and commitment to our top priorities, our people, our technology, and our capacity and I would just say let’s watch for improvements while we continue to take care of our people who take care of our customers. And when that presents, I think we’ll be very ready to serve and take advantage of that change in climate, so good riddance. Thanks for the memories and I’ll turn it over to Shelley, to wrap us up.
Shelley Simpson: Thank you, John. And there is a saying that John Roberts has said for many years around here and it is, growth is oxygen. And I think that you saw some of that come into play in the fourth quarter in Intermodal and that’s exactly why we are built for scale. We do look at our investments for the long term and we know that our customers want more of our services and want us to be more comprehensive and solve our new supply chain challenges over the long term. And so we have spent 2023 getting prepared and ready for our customers. Now, in 2024, we need to grow into our investments, in our people, and our technology, and our capacity. One of the ways that we will do that and why it’s our priority number one, is making sure that we continue our operational excellence to further separate ourselves as the best-in-class in all five of our business units.
That will allow us to create more value for our customers. They will recognize that value. And then, we believe we can earn the right to have a conversation with our customers around cost. That is a key focus for us and that started on January 1. Finally, that will allow us to continue focusing on driving long-term compelling returns for our shareholders. So, those three key priorities as we march into 2024 lets us have a happy dance that 2023 is over and we’re moving into 2024, because we’re built for scale, and we’re ready for growth. But I would be remiss if I did not say we are remaining committed to people being our top priority. Our team of 35,000 people have worked so hard this year, they have been resilient, they have labored harder this year than likely any other year, at least in my 29-year career, and sometimes the fruit of their labor doesn’t necessarily show it on paper, but we do believe over the long-term, that fruit of their labor will prove it for our customers, for our people, and for our shareholders.
With that, I thank you for your time and your interest. Cheers to 2024.
Operator: This concludes today’s conference call. Thank you for your participation, and you may now disconnect.
