Brian Ossenbeck : Just a quick follow-up in terms of — we have seen some of the international or the IPI pickup for some of the rails, and maybe that’s off of a low base. But wanted to get your thoughts if that’s maybe the first sign of a little bit of resurgence, a little bit of recovery that might trickle down into more transloading and that might be more of a factor for Schneider in the future?
James Filter : Yes. There is absolutely some more international traffic that’s starting to pick up. And similar to what Mark was talking about with restocking that customers have now hit that level that they’ve gone through that. And these are often, especially in international, some very low year-over-year comps that’s starting to see some improvement there that could potentially start to trickle in to more of a normal seasonality as we get into the fourth quarter.
Operator: Our next question comes from Tom Wadewitz with UBS.
Thomas Wadewitz : Yes. Let’s see, wanted to see — I’ll ask you a noncycle question. You had a nice dedicated acquisition with Midwest, and then you’ve got this one that you just announced, which seems like you’re characterizing as very similar. How do you think about the maybe kind of — I don’t know if it’s multiyear kind of medium-term frame on dedicated acquisitions. Is that something that there’s a big enough pool out there of similar companies that you can keep doing this for a while? That you kind of say, well, maybe we do one of these deals a year? And is that something that strategically you’d like to say, hey, we’ll spend a couple of hundred million dollars a year on acquisitions as a kind of regular part of our growth strategy?
Mark Rourke : As we think about — thank you for the question, Tom. As we think about our allocation of capital approach, we still believe in most of our businesses that organic growth is still our most attractive play and are focused intently on that. In the dedicated truck space, we do believe and continue to believe into the future that buying well-run dedicated contract carriers, particularly who have long-term and deep relationships with customers, which is the hallmark of the two that we just — our last two that we’ve acquired makes sense for us. And I do think you have a cadre of these well-run companies that have been around at least 25 to 30 years, who may not have as solid a succession plan that would be necessary to continue the business in its current form.
And I think we’re a very attractive suitor for those type of individuals. And we’ve developed an approach and a process, I believe, that makes us a very viable acquirer and doing it in the right way that’s consistent with what someone who founded the company and put their life passion into wants to be aligned with. So it wouldn’t surprise me at all that we continue on this pace. I wouldn’t expect us to do anything again yet this year. But — and I wouldn’t also rule out something more transformative if we felt that, that was in the best interest of our shareholders and that we could advance our strategy. But certainly, the programmatic acquisition at Dedicated is something that we’re interested in continuing.
Thomas Wadewitz : Okay. Yes. Great. And then one on the freight cycle…
Mark Rourke : Thanks for the non-cycle question, by the way.
Thomas Wadewitz : Yes, I know. I do have one on the cycle, sorry. It’s just I need to get your insight on it, Mark. We heard from two of the big intermodal competitors about — I think JBL was like, well, June was a little better on intermodal volume year-over-year. And then I think Hub was saying, well, sequentially, you were, I think, 2 points better than normal seasonality July versus June. So I think they expressed a little bit of optimism that at least from an intermodal perspective, there was some improvement. Maybe some of that’s due to what their — the approach you take on price, right? I know you talked about the competitive environment on price. But are you seeing that in intermodal or in truck that there is a little — some reason for optimism sequential improvement? Or is it — are you seeing it maybe not quite the same as the comment from those two?
