And when it does change, it’s always been many, many, many months, if not, many, many, quarters in the making. So it doesn’t just turn around all of a sudden. So that feels like we’re right, we’re pushing up against that level. Adam, any thoughts?
Adam Miller: Yes. I mean, I think, you know, as you see some of these disruptions from the operations that are seasoning, we see immediate reactions in our business, they may be short-term, some may be longer-term, and I will see how it plays out. But I think that tells us there is not much slack in the supply chain right now. And so, any type of lift in demand or exaggerated decline in capacity, I think we’ll see the market turn very quickly. And again, we’re predicting that will happen in 2024, it’s just a matter of when. And so as we approach bids, we’re looking at rates that we believe will be sustainable as the market shifts. And those are the type of conversations we’re having with our customers, rather than just waiting for the spot market to turn, which would then dictate that rates — contract rates should follow.
Operator: Thank you. Your next question comes from the line of Chris Wetherbee from Citigroup. Your line is open.
Chris Wetherbee: Hey, thanks, good afternoon guys. I wanted to ask about the U.S. ex-fleet and how you think about that relative to some of the cost synergies that you’re realizing. So I think you said about $100 million run-rate maybe moving up to $120 million by year-end. Is there a relationship between getting that cost synergy and then ultimately profit synergy? And the size of that fleet, I guess, in other words, do you need to color a little bit more to be able to generate profitability? What do you think kind of you’ll be able to net hold onto over the course of maybe one year, or maybe that 2026 target you have out there?
David Jackson: Yes. We don’t think we have to shrink into profitability. There is — there are a few hurdles that they had already overcome that we haven’t on the Swift merger. On the Swift merger, we had — post the deal, we adopted hair follicle drug testing, for example, and we also made some adjustments to the owner-operator program. In this case, we didn’t have either one of those, and so we are really battling to hold on to that fleet and to help them — and to help them be more profitable on a per truck basis. If I look at just sequentially, we’ve only owned them for a quarter here. But if I look at it, the fleet size has remained — it’s down just slightly, but it’s almost the same. And so, there is not a — there is not a plan to call the fleet.
Chris Wetherbee: Okay. Appreciate the color. Thank you.
David Jackson: Thanks, Chris.
Operator: Your next question comes from the line of Ken Hoexter from Bank of America. Your line is open.
Ken Hoexter: Great. Good evening, and thanks for the thoughts on the — up against the wall on the rates. Hopefully, I think we’ve all been watching that waiting for the capacity to leave to get that rate up there. So hopefully that follows through. Maybe just Dave, your thoughts on intermodal, you kind of talked about it getting to profitability. What — what’s the confidence there? Is that the same thing? Is that just about rate and getting that up there? Is it about going through a bid season? What — what’s operationally going on with intermodal that you’ve been losing money that you see a flip there?
David Jackson: I’m going to let Adam answer that.
