Rush Enterprises (RUSHA) 21 Oct 212021 Q3 Earnings call transcript

Good day, and thank you for standing by, and welcome to Rush Enterprises, Inc. Reports the Third Quarter 2021 Earnings Results Call. At this time, all participants are in a listen-only mode. Please be advised that today's call is being recorded [Operator Instructions]. I would now like to hand the conference over to Mr. and CEO Chairman, Rush, President. Rusty Thank you.

and XXXX quarter morning, our third release conference to earnings call. Good welcome

On the Vice call Steve today Counsel and are Mike McRoberts, President, Vice Financial Vice and General Derrek Michael Hazelwood, Goldstone, Keller, Corporate Chief Officer; Weaver, Jay Executive Secretary. President; and President Controller; Chief Operating Officer;

a say will forward-looking Steve words regarding statements. Now, few

in statements uncertainties, Reform Certain in materially the include, defined actual other statements statements Act on Form XXXX. differ our those actual forward-looking of differ as from Commission. materially results ended we statements and expressed XX-K cause for such but statements. the will by expressed or to XX, our limited considered implied in make factors include Because and year may results XXXX, not or these Securities that could and Securities Exchange our forward-looking discussed Annual by are December such today Litigation filings risks Important Report those are those the with from to, Private forward-looking implied

indicated in or quarter, per of share. achieved revenues $XX.X record the billion income $X.XX our release, and As we $X.XX million high diluted second net news in of

to share. proud dividend very are per common cash We $X.XX of declare

products We services. throughout demand has aftermarket strong created as see for trucks recovery really new freight continue and to the and as a well widespread economic environment country, which and used

quarter. was profitability diligent largely expense Our driven the by during management a

strategic have and continue control to a will to we profit to We made processes to we higher XXXX, believe continue we processes to as historically cycle. effectively than implement initiatives priority expenses expenses us it new truck will experienced. control throughout to allow and margins contribute the During organization implement growth pre-tax tools throughout our our these

aftermarket Looking normal fact the constraints with These availability and negatively industry, demand months, five new deliveries quarter. seasonal to and the issues chain healthy aftermarket the new days continue ahead coupled the parts. quarter and supply pushing of in and our XXXX impacting impact challenge in trucks third fourth the will in the remains the Component fourth parts to have winter we service. working that drug supply compared for though, into aftermarket earnings softness fewer quarter,

However, million will supply XXXX In third Rush. aftermarket, and year XXX% in will remain we parts, demand shop and believe will industry and for our customer ratio absorption subside and a commercial constraints body was our robust were service be $XXX vehicle then revenues and the strong quarter. the

is the continued which a strategic parts focus of Our demand of initiatives for in are services our which operation. new helps our aftermarket year-over-year, increased result of drive revenues and on that primarily and XX.X% limited vehicles availability trucks,

historically are largely sales market as to is of offerings. for and and more service gradually, to well high and technicians We for the improving in are we to industry hiring believe enhanced demand XXXX. parts our the constraints supply strong as but continue the Our middle Service expect impact accelerating we healthy parts aftermarket activity most revenues of segments. experienced proficiency due workforce, our service

and fourth couple next to over continue remain our we aftermarket quarter We months. though our to decline the normal focus initiatives strong, on seasonal expect strategic expect performance

strong new Class units X truck mainly quarter, US Class Class the up widespread The to to rates, to sold to total market. from the second in capabilities. were we freight be X.X% X Turning our In trucks. production XXX,XXX X,XXX economy, trucks, sales. of led XX.X% US forecasts new manufacturers’ But impacted for retail X results XXXX. XXXX, accounting limited Research demand ACT sales by healthy

performance X continue next out our sales quarter. in year, trucks which likely delay some into will We trucks expect will pushed Class component impact X -- some the to constraints fourth supply Class

new sales X able Class XXXX believe to accelerate However, manufacturers will in increase we when production. are truck

of food truck but market. segments, through quarter, Class reached and in units X,XXX from X.X% medium-duty through our from impacted new be accounting many for service the trucks the negatively XXXX, US third Our market Class up sales units lease We sales X Research ACT forecast particularly retail experienced US the limited production X rental and in XXX,XXX X of new X healthy XXXX. activity to X% results.

we quickly ahead, through X as not as believe look will Class increase we Class production X X. truck As

the remains but we production pleased be strong quarter results. up are medium-duty significantly back X is with quarter pace That represent said our Hino some believe Class we We expect demand through and other we our X fourth manufacturers do that production, will ramp on for in not to time. results third

units the in Our year-over-year. used quarter, X,XXX sales down XX.X% third reached truck

are to new and year. Our demand last due down unit of trucks. Used sales strong, compared largely limitations to remained values Class truck production X

catches truck and to maintain demand and new truck more production used fourth remain strong begin becoming healthy used up, we sales truck values is results. It customer with our challenging inventory will with expect be eventually consistent quarter when believe We demand. third truck in used to normalize to fourth a the quarter, but our

Peterbilt growth. acquired an independent we leadership. Regarding we parts that California week, and convert a will in into Victorville, This full services network facility service

acquire Idealease, with have Elk and Group Further, the Bus, plans acquire Illinois agreement other in Hino IC Truck service Isuzu representing in entered month. Isuzu dealership into we an and Grove, also to several manufacturers. international, full states, to Summit dealerships We next service full

transition expect December. to in that We close

that customers. that, in frontlines It close In for employees and on during of recognition our gratitude way With year. this our Cummins $X,XXX for our impressive This a to our supporting Cummins over is take to the Additionally, their employees issue Technologies the is happy your commitment to I'll express announced bonus business to work with we hard mid-December. questions. important pandemic, us with to the employees discretionary acquire their agreement are unwavering to to in all our growing work interest their we past for XX% thank of one-time one later our plan Fuel I previously year. Momentum

Suisse. [Operator from Jamie our And from Instructions] question first Cook comes Credit

Good morning, Jamie.

mute? you unmute please on phone? your is your Could line Jamie,

morning, Good as execution production first mute. guess everyone. X question faster X. Class on was good you job Rusty, than And on usual. ramping X talked I about I through

color I sort that guess, the and just costs? that second XXXX? If provide the sort to you on color with about general you provide of can and you how to you JV My approach just production the can last, you incremental And is, on some XXXX? earnings and address of acquisitions the accretion incremental question then any think could ramping pricing sort in of in market’s announced

two you Class Class Class up large even because extremely and through that and mainly if for X, I strong slower will us, side. expensive typically did product versus be probably demand historically, say on through larger fact the X Class manufacturers tend there’s you more X I the why X, the X the to is it X is better think, compare and When X see you ramp is margins side. X And look also on the

in you same because and So a choose, constrained pick components. have of now, lot have you lot you to of are you're when a arena, a -- which supply

stronger have the supply even decisions, dealing And vehicles So think got given the pick with. we've is you X to and obviously, constraints been the to demand because X you right than theirselves, I X through choose, now. make

favorable demand the also want get given in costs think I the products, profitability the twice and real it’s X of to Class right unlocking the as much. now because you our So

side the be So revenue just tend margins obviously to begin only to makes it based better -- so on sense with… that

people are But do you as or any see worried some about about worried double ordering of this [stake]? [double] demand booking evidence are that, you

mean, No, look, I in is -- I way about we from my were that a freight think look things it buying certainly up perspective, of year. blew -- last up I -- feel don't don’t since mind, know what's money, [everybody]. feel order I everybody -- how our more. July we ramped don't had I happened I

And demand there. so was

you way be ran of bottom you into 'XX doing 'XX, XX,XXX 'XX is and [Technical is it's side prebuys the engine March, units Difficulty] the up. the So I run XX demand it, is probably on 'XX. through to states, you supposed and car of to 'XX. got numbers of a you have all much, but going year or run about as X shortages be not -- a Class really think are into April. there's into good XX,XXX, it built down supply year. different me, Well, is pretty know certainly lot state, you in going we push the Then should because so California, goes in how in and that in starting going pressing price you're built. been diesel and we this to ended that we that more when ask out, By the time year up

big side because thing demand I So see demand don't I some catch the now. that mean, see economic down slowing issue, moment. until this at not okay, their manufactures I meeting going down up to we're right don't are 'XX,

be retail. to keeps demand I in see -- you're going unless in out and to think just that be US I big pushing just not that the and this so XXXs was the what you're going country, that's it some And now, replace right is downturn there's to -- really running economic going don't because replace away,

or under it. points. like I about what So then what's When see the I But would something. XXX some ‘XX, 'XX you and I you what and mean let 'XX a year, I given that, something, in was increase we in don't I huge think, think mean, in last and see I backup or you ordering. is And double about freight. care XXX give look we me have and talk 'XX. GDP it happened obviously, data don't -- had don't I

there? based backlog evidence and now. big. there a course, never X.X just an time more backlog there even is at was something X.X order perfectly in year the this about was there [Multiple I a little X.X if any billion. there's it's be Our QX, ago bit little was clean. don't But Of of that in it see In a Could Speakers]

So with missed. we've up catch we've what got to

leave I'll one I mean, that alone. little… a So it's

just the price… approaching then, like in can just backlog, you're you X.X billion With your address of sort what cost how pricing

OEM little are side there, -- up keep a I'm they're them prices pricing. obviously sometimes you on, up, our going know on You're to that getting of talk They're pressures that old Anybody OEMs. by can't up. Difficulty] scrambling the know and inflationary they’re my We not see side, believe sometimes are if hard you a the out better supply up. much paying hit OEMs, the in on forever. and from been real people about in see driven larger for life, I you chain, because business lot there. it's been the in the time, at that them the just hit have so what supply more, same costs the but pricing, see pricing supplier gone out trucks just bit, hit I but But getting all I they're Well, sure a can't everybody's it’s being not like just and the about asked for it’s pricing demand, supply try [Technical give just right,

day And at the there really or top, the up have user don't seeing say passed just margin, the of the Difficulty] to end think out it you're I it food chain comes that's the passed other. [Technical numbers. would I what getting out now. keeps on, gets is up and so that through one I on bottom But the of exact end of it to that's -- right the

because started hard it's And it XX imagine months accelerate so this on. so passed just last would front year nine But to fast, months sometimes yesterday, ago. it didn't or side on I start get ago, the

you will it’d your the up So should should pricing work. pressures catch way in the backlog it’s clear had, think to putting ‘XX into I work What out. just with that and that’s you supposed be

and is problem The asked I'm the out the we’ve it future. had then what in selling you And X -- so of results was, that makes so hopefully, is a And a the whole view you’re Class And it there's but why just to much from now only question, think of core then the supply. way that's about So at new so and so Jamie? I mean, performance quarter long we our and to through the the pricing it things your you talked and commitments, rather used Difficulty] for we that proud products into most backlog these trucks. it's numbers. because doing time, been people you've got I stacked, you a than at work get and look so you're do. third company, delivered for was hard no got fruition of seeing X,XXX [Technical look many your you something

question third trying what's like was My doing you're out Speakers] just figure all to provide? that just, I'm incremental M&A the [Multiple

some It it’s at other in the dealer. second talked hand, quite so though, X-K. growth and recipe’s long a since we about and able Memphis. just deal talk which But add-on states, at deal you Elk about international look silliness But three there, it we saying, represents get here. it's just you're Midwest out and never Kansas stuff. you it, deal and M&A, our But bit, but nice and the have hard it up look in a about anything talk it’s been It's same. look going at we us supply Summit about been Arkansas, bit builds Grove if to little to you largest of is to a for about the you independent Missouri, closed, of there, I've hopefully when The I’ll gets a in go on don't

tell perfectly And Well, been plug I'm [Technical people, our puzzle Difficulty] stores. something it’d right Difficulty] can't for a looking fits it. wall so found right geographic more those into states that I me making find it's three hard at [Technical the like fit. perfect a here the perspective. as And on and my it's and from map, we map, that making you've to it’s to next us And be

group we'll group, close our the a of even Now, we in that run into December. better. thing it it well good it's run can we'll overtime, middle And that mold

that deal XX, JV, excited natural a that the two. must because Momentum, into we believe is. gas decade. We’re remember about that then about be days, the something We business in market The and off technology we we’ve by too. the in as of bridge super some got believe that. we this excited about deeper been XXXX future and that. Cummins the it But get was will Cummins do RNG since back of

we're a going last business make thought other and the day, they in a that partner fuel and not mid-decade, so market this to which -- get I They're to going brand that had is engine And business. that’s Cummins, natural for opportunity said. engine, excited finally breakeven may own, finally this and gas great But you from good is year system affect something or announced have that our to I that. to not got in going with so. we building was XX, we the XX bridge going believe ones or they're really we XX and technology, But believe there looking XX seen. I open partnering is brand an equity be the week, they or build last natural to on be gas the up to as liter I

excited to. So about that we're very

best go. you as there tried answer to could. I I So all

Justin And our question Stephens. comes Long from next from

the just fourth on fewer the magnitude you see put think can typically to the you a five out Rusty, working working in seasonal five quarter? impact I quarter. maybe days. But there fewer days a decline. us the So from about is fourth bow any way help of you called know

out and about do though, problem days, But Friday. about You less the and way things. worked to December dealing good question four to is I'm five three. because this. the 'XX, on them the These Xst Point that is a got we'll typically year, just your this to right back way We We now. the little quarter sticking we're quarter. pulling got supply that's add know, going it it giving We're being answer we're thing off and right and get are with bumps. falls a have it, 'XX working I'll it's XX, holiday January two holidays a -- of the in issues. we’ve know chain first pass The out which

we know service. $X.X million [method], to day parts we’re gross of profit do that a and impactfully, not in So getting

So just good might the I'm given I so it's you be gross the you're going best it's extrapolate running good. as XX, do is being a worried, want about to -- our maybe issue. everything But said, quarter, how itd be good I it And quarter third about it be than that the just a always but math But smooth some quarter, a part, it’d but million typically you with good long XX fourth so. But the supply time, from can think But to quarter. not than same chain it quarter. 'XX, be won’t gross down third 'XX really better just should we is quarter the and there. year. at profit can quarter last talking be and Other great or

If the best time historically, in not 'XX, growth setup and we min quarter and talked had that the integrated 'XX where these from great, and quarter. backlog into them but so is acquisitions third to the our always our back I about plugging very I'm service the and that we're perspective. But in, implemented look -- parts even every look things organization, as you go get ago, historically, and we've and a

we implies with But truck you And of extended the think and and go where the next a nicely incremental next How and parts together to it earlier your grow then parts couple around EPS service and more can expand the and service kind the still question, zoom bit put truck that that? that's margins all years, incremental as when love little that years, of of Because about of on couple at couple next of maybe to look with XXXX. years, you if you but would being could you out recovering next cycle my I thoughts get I the wanted the see talked through cycle business. margins, growing well?

you I but We're un-accretive, really I to never one you. with I'm gave agree accretive. promise out be M&A. And piece take that. doing can not it it’s answer, have No, integrator, and that's this, I would I an because an

nothing quarter. I out all to to be parts we'll a what From brings the service to high the we to was exactly I but going But the see on nice. it'll stay M&A super in this way, So continuing the margin grow. and perspective, sort have organization, continue margins that’s side

can't XX% we're I pronounce et cetera. out Now, quarter-over-quarter. growth coming last year rates Remember, COVID,

your I'm rates more next So than achievable. talk rates But high see any very parts I baseline and believe X%, do going we not was year, to But and going that -- growth is will And in type there. I year, we -- think do first to to count, not that. those single are about it the targeting which doable I of do I'm can next into growth X% and half continue believe we're that. in service

that's record mean heavily. piece on for we business. You few last the the want years the some it's us. talk doing at and pretty of some now, really things don’t but over that's of we've But something to putting look and you -- we're look operating key go-to-market, I quite we're but initiatives I just metric at to an things about. all the a of doing other the XXX% It was ran the absorption,

So parts perspective, service from it’s there. and a

some perspective, You whether or that all we terms backlog of It's about truck just on in is, we heard speak our and sales there. from the me about a part not. talk execute execution it's

have not our easy margins get to and team do excited to believe folks all been we're don't it's And the able continues look about just things do throughout not it's than And range maybe it and like sustainable, we've like pretty before to ran me, at. and going. growth better, sure. I were up all are organization. exact only the and a they to bigger where parts We So -- they're are those but We ever sustainable, quarter, margins the going stuff are, and and in, be service couple we last ago you in what this I they years high higher add X% that probably in said, rates where for that.

down couple managed believe a Next numbers that down year, we're all lose with you expense was sight expense was do but I but I'm don't out, if QX. points actually hoping actually the fee, base the going to do that I down would from over going couple how expect of to to about from able manage. a of talked ago job that we to extrapolate going gross to managed But it stay better you better sequentially there we revenues the and to our job do and we're expenses if I our as remember do a I last this, years of to better year, when profits. be expect come going a do out managing us our all about grow we're to the

So, to we next continuing over far look years. good so that couple forward the so of and

And next America. of from from Bank Andrew comes question Obin our

just a have to were things you to what little to went because back just of of keeping approach depth I sort sort more new cycle. you of at on and costs costs early sort came cycle go just initiatives costs execution you be your good does in of you going, was your seems think management as But think you margin go to change once because historically, So seem off, guys in in expense back. are sort the the time about superb? in your statement Can control the very talk do cycle around, in to got early expense what approach to prepared this on doing, highlighted of internally this that you bit a sort focus. I remarks, it different, expand, just costs on management, comment expanding Can this

detail won’t much can. get as into I as I Well,

grow. grow. much grow in If put I think spend have going we we as so managers new we what our controls, our back, processes we're of to some but money and gross new only X, we're to to we're going And stick going what to to -- internally a up we going spend cap, it’s we're X. people. sports a work I you sometimes. parts, Doesn’t we're deliver, on I I don't money, work do we make in we we loan trucks, remember end staffed. costs like I the Because parts, takes of we to we and I day. -- want it sure But not this. can't two are and on almost it. are don't salary it spend sell deliver the call Remember do that's mean of goes at We profit this, thirds our people

will we skis So but make a add we grow, lot doesn't get pretty is don't this year. we that It overstaff. and sure of that of some out we we with into, mean dialed people it it our took work don't tools don't everyone do

we to to we're to that in continue going the in X pretty only gross of -- every dialed Now dollar we're future. the we in get got spend But bar.

ever And the proud third were inspite very and that had I've COVID is it fourth with just, can I'm we going the people it to have with. So of And from cap, diligent, been managers other can there's this two names -- call the give is so over are, it. been get tool, But salary worst out we're in guys very a not these the dealing perspective, month has these we months tough of have very, last have quarter second the focused, them teams to all few it. way too. out but other the this

caught to you not that but we're on Hopefully, side, controls at going gets to are going organization the continue get learn just sometimes the corporate pace. we're everybody a but And that difficult. a proper to still not something you invest these little say So I bit continue leaving invest older. It's to up. and

and and growing We as be. things you as you're are should just not running are diligent

I'm expenses have, of two but well will, I continue will we're keeping they we bode to will some learned we it our and growth. on are just think to in there's in our do that. up the to than years will grow, going to the more focused of profits have it, And and last historically lessons that in end very gross abilities confident grow relation we we

up guys to systems. have follow just good And very question, you the

Just what you you through walk you're customers us footprint? the non-residential, industry verticals, country in residential, Difficulty] you're maybe do of macro, seeing [Technical what gas, usual the and question have terms seeing just me. very by because Could across oil the ways, key unique for

recently everything We've is seen to there pick their for, business, means is great. remember good, are [open XX,XXX that obviously really demand and -- was it's people up don't if running say here as gradually Other up But see to think we're But CapEx there's some expect slight and but expect oil, in companies in still I up. a money people because in I it's be short they -- to trucks historically. road] a it's did But going picking oil services we trough. being been don't asked seen oil what gas still which pick gas, I as of trucks are I longer. as and you've want don't disciplined up. pricing is slight average see were the or spend I that industry, I think to mean, upside from Because mean, historically, to the I it its good. flow are like it. do

need repeating Parts So construction, trucks customers. the couple leasing and we our a side, wrong, extremely refu is that's broken to for side, and sectors. those demand I look strong. garbage four We or trucks, business a When strong and at them the like [really] but carriers, very strong what you customers myself housing in LTL mixer got LTL look for we the and have. good. those I three still with are service, when demand mean, at record sounding point customers, TL for side, truly out. I'm you big

year Our the ever top. over leasing the I division, had. they've been just it's outstanding has most it mean,

because driven rentals look you not above and probably of it's all I gain do. utilize is at will If margins, on been because would coming and strong and of leasing sale, rental I lease this, have you to tell I up. could there operating by margins lack able what And product. our are mean, they're beyond

and We’re that service, only get you taking incremetaly having But extend still inhibit here believe as need. outstanding leases trucks you out would of to can't that because do on trucks, you normally other things be 'XX. will we as get in many trucks can’t

time, picture, So in it’s been a when decent. out a rosy bus the I now. you, it it's I like don't buses that out have anything at honest a with was I’ll right say there. which runaway is bit, that rosy the lot even little biggest asset concern of Andrew, mean, be see not what can economist or I lot. I inflation, because now, mean, been I there. my inflation, you school municipal has, see pretty there's I same and an know I'm you always that, a inflation But changing -- that scares is see And

that better And everything don't looking printed, industry, -- But, bad region Florida sometimes that, business having, I see at across go, to look an California. others. other looks and as are good. and I it’s than that speaking, any goes I broadly is our But some right it broadly now, numbers from the huh, at okay. than that

resi, on know small… you know, commercial because down as in as slow light No far I

growing. there's Andrew, which of of everywhere areas, because there, the is yet, not here The mean, we I Texas it seen we it around especially I out here here. Florida up in typically there's seen like we're haven't have in our -- we’re in believe some We and still states putting that's still and some mean, state, something -- whatever. services, I lurking.

not I've couple tell other it’s and date So good. you I state. here some know, and But but I in up Florida pretty by up pocket to to residential pick I’m -- to going area, tried you pick it in a still mean states can

you. Thanks. Thank And to work today I'm this hard your rewarding glad the the that done they've team for market say is quarter.

from our BMO. Joel [Operator question Instructions] Tiss And from next comes

Hey things guys. are How going?

How Going are well, Joel. you.

beginning every entourage you to the have quite call that’s right, All the at introduce of now.

don't changed much. it I think

you're Speakers] years, But it's getting You Speakers] one Joel, but so. up I okay. that's last think okay. getting you're also when And it [Multiple just [Multiple there. introducing don’t does. I'm couple same

my Yes, updated I batteries been was haven't going to lately? hearing say aid maybe

one, I'll replace. help, Probably not. need you’ll be good you But a to able get place you if good

three what a your what you're Could where you of flow that? guidepost? from a at, of little about the all bit growth and in us the you've give rates be years just mix parts announced terms talk looking service might to trying now a acquisitions like and of Just sort of and and little

to the you store stores organization. rates current these to Well, was bring basis. our in I've gave I same growth got other on

I said, same-store and I out a got There'll But our be service, there's that. some go for as couple. and growth, a things When I our our some you we mobile upside and got certainly do they of our look to of years one I a well, service growth think initiatives high be technician from like there I some some with the gradual. digits there's lot. I there’s steady think stuff, parts no and and there's systems things more that's question. mix mobiles Like of our acquisitions, mean, of some big with growth, will the some of folks, probably single initiatives, increase parts perspective. think upside for on especially XXX is

think real I really had added the second said technicians back the three just by we technicians. they year, things, looking we year. don't Then years ago. good We I always good but mind weren't did first

our some, So deferred we had we have, proficiency which backup. is which

service. they're do that a are like you and possible XXX going to right you add to to not and and over are ago, don't not our the them do time, back technicians twos for at years strategically, we I theirselves. Now, it that mean level so more to to take wanted more ones growth skilled we you’re next our add same-store and producing do right ones it But We'd And higher with have gradually that you pace. way technicians. the and can this to profession returns we're like I all But to we’re much think carry, add couple to think hundred year year, assist, continue actually adding up it's of much overburdening, train we ones gradual. have keep can't

share. begin to business trucks, to are, want going especially if When from I see that. good in is the share I want parts, differentiate we we you over of do? to back in I stores is just my it mind, be prices by some up. We you outrun all just could But perspective. like getting take the in results little new We integration that you share. a us taking grocery feel differentiator in -- track, up want a up for everything it’s to still on to said, to the -- one we're with go look that And perspective. from take the but speak a at when flat And year, to about. X%, of we X%. on that -- are parts I store -- take too share take will they're to going inflation we And believe hiccup we continue think geographic want and out What price know right helps allow at of now, into worry that, now. continue back market itself don't this I a as consistently it the coming day, the think it's look do We right guess our on large I math, to market I plug acquisition, these had the time. one what but help look going things last we're part of the think to base revenue will going you really you

tie and we and and it within our more that is what or coast together everything we'll don't running. what same and get best all the get you XX up XX% all you that of I from to that how we're -- we geography and cover other a with with -- coast, that's you geography. probably like it’s from when do trucks to just inside as have keep stays go-to-market XX, can do one Now, you mean you trying you XX price go-to-market Different us, the trucks sold

that to us press I'm our stuff to our with go and on the side last my got to allows goal goal and gain our our that I we hopefully double out that. on to we part We mobile we're of base changes that, the like do customer We meeting. in automotive we've always job done got believe from throwing a to and came mobile five with systems continue we'll going believe, it. far outside coming it want next demanding goal better it dealership service are So to the acquisition, strategic going lead any out see and especially fleet that's it’d with we're side the be technology bigger. that is things Difficulty] share, the the side and years that going you get up to perspective be new biggest one a [Technical here, We've service but there, that's other but by there, and forward

assets. So we expertise the do the the get and it. ability to got obviously We got we

I we're numbers we've pressing know got feed. those different but I'm tools believe So you going in we've things keep tell giving we just tools you those got and going forward exact with. are to the trying toolbox, to the to I'm not

trucking being And parents? of any separated businesses from these all unusual conglomerate opportunities from their kind

trying you… follow I'm businesses, Trucking to

and that if out coming liner getting like spun So the freight go out business of…

anything No, for I right now. don’t us see

opportunities. I’m -- that when things might going I'm to inside there person. the things he two they're Maybe and not I'm comes be don’t their -- to with the franchise Class going X allow going to me. Peterbilt be what and think, X [Indiscernible] to Class any. could I've I I state -- see said. was of got to laws not agreements, to others, it know a two, able My You That be be other OEMs,

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might -- hard, in the confusion, when is clean to But and of electric know trust all we've up be But catched to and better were things want. with we I OEMs right think things little transitioning be about cell the now a those will they of bit a up. other creates where come, types stuff, participated that you talk know too we some hydrogen we the but which get Transition good pressing governments opportunity, got fuel never now. the in I creates I we this careful seen. had see I poised. and opportunities demands because tight like that transition, to what can't have got -- decade

it about kind anything things feel like far maybe charging like that, to easy you’re do you're and -- But too just… that that's thinking out or years get or last you business like of already need away. any answered just of And couple it's kind any of into

stuff. the a to stuff. the it. know I got of No, slower too will the meet this not we've lot time have of it's year, early. in every the By leader all needs way California -- in next in We're Obviously, looking is California store charging to be

So learning That'll where We're we're we'll now. with customers. learning. be from be year there a

going think look have specifics. again, already probably trucks into believe more we not get XX% segment what be around to going all, and to up. trucks to get X, market Class enough. to resold, will more, of And have on technologies doing different to not sure But be you But that going not it's marketplaces, this I it's heavy. electric finally to I'm X, it went we not driven way I as space. or believe in end I'm decade, the going that resold forward I We listening to in I'm go heard be Obviously,

that see to going side. the You’re TL on not

over applications don't whatever still think you you the it not have know But that's yes. go years -- I market get away over not we'll sense. now, as or some next some going things will not going not lot be pure I will there real people we're technologies and with could is see said all now. for it with people But but leading and I always We're phased out over You’ll create right to be to But segments deal at makes believe, going things that. to to think and was ESG decade, multipronged trying got it's bleeding the driven the out -- there, hydrogen to it to technology in This working just of confusion these time, adapt driven no, going market some be that's needs by by but road, what's piece. transition certain a I it’s least whatever work environmental -- segments, with I going But be certain we just in the will be to, not and edge. folks to on I so. and XX as and know, There's oh, on TL be.

President for I'm now And further closing questions. would I Rusty call the Rush, you. back and like to remarks. turn showing Mr. CEO Thank no Chairman, to

period Thank time. February. Obviously, till a we everybody's talk you. appreciate Well, time little longer in be it'll I

wish that we families February. So to much. and time enjoy with enjoy and I everyone very Thank you talk happy holidays And want in you you your the will spend to to get them.

This you. participating. for conference Thank today's concludes Thank you call.

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