Jeff Kauffman: Thank you very much. Hello, everybody. I want to follow up a little bit on Scott’s question. Down 25% tonnage, that’s not a little number. And it was a lot bigger than the rest of the industry. And I know there’s some strategic review and the focus on yield. But can you talk about not all tonnage is the same what kind of tonnage is falling away more in this number? And there’s been some debate as to whether what we’re seeing is simply a very large inventory correction, or is there something a little more nefarious going on, beneath the hood, and you did allude, in your comments to a bit of a slowing environment that you saw, particularly in the manufacturing side? So can you kind of address A, the bigger picture, what you think is really happening?
It was at happening is 80% of what we’re seeing just a timing issue on inventory that will come back, or and then kind of talk about the tonnage that you’re down 25. Is there a difference in the tonnage that’s down more than the others and when tonnage starts to come back how is that mix going to change?
Darren Hawkins: Good afternoon, Jeff, this is Darren and I’ll start with the part of your question about how I see things. I’m bullish on America, and I’m bullish on LTL. I think there’s incredible opportunity for national carriers that will have capacity available. As we see, in the coming months, the supply chain really starting in America again. So that is incredible opportunity and the moat around these national LTL carriers, I still see it as strong. In the meantime, with the tonnage that we no longer move through our networks, we’re certainly adjusting our costs to match the tonnage that we are moving. The waterline we’re currently at is okay with me with the very large phase two implementation coming up. I think that is an ideal time to make that transformation in the eastern part of the United States.
As far as the business is no longer with us we certainly saw a decline in our retail shipments in Q4 right at the end of Q3 and in the Q4. Yellow’s business is pretty evenly divided. In the past, we voted more of a 60/40 range, it would actually be closer to 50/50 on retail and industrial, the retail customers tend to be very large shippers, and there’s portions of that business that do very well in our network and operate well for us. But a lot of that, that we’ve adjusted over time, was in retail and then also on the industrial side, as far as the business is no longer with us. If it’s not operating and adding to the profitability of this company, we’re better off pulling back on purchase transportation and other areas and focusing on the business that operates well for Yellow.
As our value proposition expands with the completion of phase two I think we’re going to be uniquely positioned where we don’t have to add any terminals, or build any terminals or lease any terminals, we will have the capacity to bring on a tremendous amount of shipment count and through our driving schools, we’ve proven that we can bring the drivers on to handle that increased capacity. So I think we’re positioned well and certainly we’ll continue to watch the cost plan until we’re through the other side of phase two implementation, and then our value proposition will do the work on expanding and growing our business as demand improves.
Operator: The next question comes from Jack Atkins with Stephens. Please go ahead.
