I do think we’re getting close back to this point and perhaps it will inflect back in the second quarter to where we do see a positive spread, probably not to that full 100 to 150 basis point delta. But I do think that we can see our revenue per shipment now going back above what our cost per shipment change would otherwise be. But we’re continuing to work through contracts as they’re coming due. We’re winning some new business. Sometimes that can come on board when you look at things on a hundredweight basis, that number can skew and be skewed by multiple factors, be it the weight per shipment, the length of haul, which has been decreasing the class of freight as well. There’s multiple things that can move that number around and the year-over-year growth is just a little bit slower in April than where we were in the first quarter.
But our revenue per shipment overall is what matters the most, and that’s performing pretty consistent with where we were in the first quarter, at least from a core basis. It’s a little bit higher right now, including the fuel. But on a core basis, looking at revenue per shipment ex fuel, pretty close to where we were in the first quarter. So I still feel good about the environment and certainly seeing the activity that we’ve had internally and the increases that we continue to achieve. We feel good about things and especially the line of sight to seeing some positive spread once again of rev per ship outperforming the cost per ship.
Jordan Alliger: Thank you.
Operator: The next question comes from Bascome Majors of Susquehanna. Please go ahead.
Bascome Majors: Thanks for taking my questions. I think your long-term shareholders can be happy with the discipline you’ve held through this 2-year protracted down cycle on sticking to your guns and strategy and waiting to really monetize the capacity in the better part of the cycle in the future here, especially with all the changes in the competitive landscape and capacity moving around at some of your peers. But as you look forward and wait for that inflection, are there things you are looking for in that the market may have changed and the strategy does require a tweak here or there. I’m just curious, internally, what you’re watching for to see that things may have shifted in some way, shape or form in the way that customers are viewing OD? Thank you.
Adam Satterfield: Yes. I think certainly, time will tail and it’s something that we continue to watch. And the business levels, our market share trends, all of those are pretty much have been in line with what we would have otherwise expected when we go through a slower economic environment, it’s something where our market share is generally flattish and a little hard to track market share right now with the disruption post yellow’s closure. And maybe the way I look at it is slightly different than the way something you do. But if I compare at least what we have from a fourth quarter reporting where all the public carriers are reported, it looks like we’re in really good shape with – if you compare back to the second quarter, so kind of before and after that event.
And we’ve gained some market share relative to the other public carriers combined. And the largest carrier in the space has gained the most shipments, again, second quarter to the fourth quarter, not looking at just a year-over-year percent change but pre-event post event, they have. And then there’s one other carrier that’s grown about the same as us, just a little bit higher shipments per day. And then all of the other public carriers are pretty flat when you looked otherwise. And so a lot of what we have seen historically is similar types of trends. And then when the economy starts inflecting back to the positive, that’s the time when these models shown the brightest and we think that will happen once again. Once we get some economic recovery, if you will, some real economic improvement where we’ve been running against the wind for the past 2 years, we get some tailwind from the economy.
I think you will see that volume growth come through our network, and we’ll be able to leverage that improvement in operating density to drive that with improved operating ratio. So we don’t believe at this point that anything will be any different, like Marty said earlier, we’re really pleased with our customer retention trends the way that we’ve seen business levels change over the past 1.5 years and it’s been slower, we’re in place and ready to respond to our customers’ needs when they see their business inflecting back to the positive. So all the things are in place. We just need a little bit more improvement in the underlying freight demand environment to capitalize on it and certainly feel like we’re closer to that event changing and that inflection point, and there have been some green shoots that if you’re looking at things from a glass half full kind of standpoint, which I typically do, but you can read through and see some potential opportunity for perhaps later this year.
And so we’re definitely in place. We feel like all the pieces are there. And we said it earlier, anyone can go out and you can buy terminals, you can buy equipment. But the thing that differentiates us the most is our people and our culture. And those are things that cannot be duplicated, certainly not in any short period of time. And I think the commitment that we have from each of our employees to excellence and delivering superior service for our customers is what will allow OD’s model to continue to shine into the future and allow us to achieve our long-term market share initiatives.
Bascome Majors: Thank you, Adam.
Operator: The next question comes from Amit Mehrotra of Deutsche Bank. Please go ahead.
