So we want to be mindful that it’s very fluid and we don’t want to be scrambling to find these valuable employee resources when our customers need us. So it’s a tight road, but we feel pretty good about how we positioned ourselves this quarter.
Chris Wetherbee: And cost inflation as you think about the beginning of 2023, is it mid-single-digits or so?
Doug Col: I mean, it’s hard to give you just kind of an average number, right? If I think about it on the wage side, you’re still going to have some wage inflation there. This past year, our average wage increase was about 4.3%, so I think something in that range still kind of makes sense and unless things really fall apart in the job’s economy. You moved down the line and depreciation was up 10% in 2022 and it’s going to be up again. I mean, we’re going to invest in the business again this year. Like Fritz said, we’ve got terminals to open. We’re going to invest in the fleet, work on fleet age, which helps our maintenance cost. So those are a couple of big buckets, but then when you get below that, I mean, it’s tough to say, because PT can be down a lot. That’s a cost bucket, but it’s down, because we’re moving some of those costs to other buckets. But I think low to mid-single-digit maybe if I had to think about on average last inflation now.
Chris Wetherbee: That’s helpful. Appreciate it guys. Thank you.
Operator: Our next question comes from Jon Chappell with Evercore ISI.
Jon Chappell: Thank you. Good morning. Doug, you just touched on PT, I want to ask you about that, I mean, it’s been running much higher than historical levels up until this fourth quarter and you’ve pulled it down pretty meaningfully as a percentage of revenue. How much of that is, I mean, obviously, there’s a shipment component to it, but do you view that as kind of structural? It sounds like you are going to run headcount thoughtfully throughout a cycle. So PT seems to be a quicker lever. Is this step-down kind of more consistent of the levels we should think about in this type of volume environment you laid out for €˜23?
Doug Col: I mean, if I think — I mean, given the expansion efforts, we have underway to grow the network, to be more comparable to the network some of our national peers, we’re going to continue to need PT as we come out of whatever slow down, we’re in here. We’re going to continue to need PT and we use it very effectively. If I think back to pre-2017, before we were in this expansion mode. As a percentage of miles, I mean, we run in that 12%, 14% range pretty regularly. So if we take it below that in this downtime, it’s because we want to use our drivers and hang on to them. But I don’t think that structurally we’ve ripped a lot of it out. But when business comes back, we’re going to need it. We’re going to use it effectively and I don’t think this is kind of a run rate from here if the economy bounces back, we’ll use it.
We’ll use more rail, right? I mean, if we can get it, we’ll use it over the road. Truck PT, because those rates are probably going to be pretty favorable when things come back, because they’re kind of resetting now. So we brought miles down quite a bit, but sometimes when we do it, we’re doing it to preserve hours and miles for our drivers, but it’s not all that effective in some lanes. If I was running PT into a backhaul market, I’m running those miles on my own drive now and coming back less efficient, because maybe I’m not full. But I’m doing that because I want to keep those drivers keeping busy where I can. So you know, if you follow us for a while, PT is not a negative for us, it’s just variable and we like to use it when it’s effective for us.
