Saia (SAIA) 25 Oct 242024 Q3 Earnings call transcript

Ladies and gentlemen, thank you for standing by. My name is Abby, and I will be your conference operator today. At this time, I would like to welcome everyone to the Saia, Inc.

Third Quarter 2024 Earnings Conference Call. [Operator Instructions]. like Executive the Financial Vice now Matthew over Officer. would Saia's Batteh, President I to conference turn to And and Chief

You may begin.

Quarter President and Good to Executive Officer, me Abby. everyone. Chief today's XXXX Holzgrefe. Third for Saia's you, With Conference is Thank call Fritz Call. morning, Saia's Welcome

not that and other for that press statements filings you historical facts Act that the cause we Private are could are release statements Litigation materially. this subject Reform may may and the our make to to on we begin, SEC factors a our that more number actual during results within of Before information uncertainties, of some XXXX. meaning forward-looking actual These of all We should know risks made and call be to on call, and refer forward-looking the statements might differ. you differ risk Securities results exact this

turn for the Fritz call to I will now over comments. opening some

thank us and for morning, joining Saia's to third results. you Good quarter discuss

While our XX,XXX per year in X.X%. view, approximately experienced an quarter, shipments remain averaged last to to continue compared summer. our tepid last the since reflect we in the third quarter results In the XX,XXX year-over-year per the of trends day day approximately underlying macro or growth increase

record third revenue any quarter for a by third million history. of and increased $XXX X.X% from our Our is quarter quarter last year's third in company's

X.X% which X.X% of quarter mix modestly. increased business. despite increased hundredweight, the weight surcharge, impact pricing excluding length X.X%, per excluding changes and revenue decreased and was haul, shipment, fuel shipment which from headwind fuel Revenue of of a or our down per reflecting the in Yield a backdrop per in surcharge, constructive

XX.X% XX.X% in Our operating our ratio ratio third operating compared of of to the quarter posted year. deteriorated XXX last third points basis quarter

business we headwinds backdrop since from the growth third see the stabilized retail per continue the in and disruption. industry quarter, weight While industrial softer shipment to last into year's some mixed

We which as and mix focused pricing contractual our renewals, strong remain remained X.X%. on initiatives intently management at seen in

XX During terminals were geography our enable of and a its challenges, in Plains, in a improving we one those relocated I'm the represents service terminals the addressable other, new any new the proud opening record our extend XX quarter our and opened the new of in service and especially quarter geographies. of and the us and for own value Each quarter, is area the company new for to team. in continue proposition customer. market long-term customers provide in locations execute to country. to strategy these Great new the our unique terminals opened in in of of history direct Most Saia the the execution this quarter to

all now we're proposition openings, to value carrier. service terminal customers recent to these contiguous With provide our position to our XX significantly a LTL able leading the states, as which national confirms direct our enhances and

As terminals people, these with new require in every investments technology. equipment opening, new and

early by geography encouraged completely to to experience, market our acceptance, we're expand a both customer addressable requires additional serve the in and we new customer entering investments While customers. new and existing are excited better

quarter. new progress pleased those openings, opened our the We terminal the in are with very that especially second of

months. the having open During third terminals less while more for quarter, and still these efficient to X grow continue become than

than ratio points long-term XX This the further of customer market experience. in and terminals supporting our of increasing improved by their investing the more sequentially, group operating strategy addressable

in existing solution to share a margin, market provide or customers company the a the market. the at and bring operating is we're to enables are Saia us Each not service directly are new profitable. each communities. to they these long-term new a in opened investment The terminals terminals proud terminal in Plains customer a and these quarter us to While that a third in geography, Great name allow to

members and and our committed experience. for training the in both requirements a new Saia culture enhancing We existing our critical customer markets, to remain team to which building is

our committed an strategy putting always accomplishing eye teams Our with the customer growth on are to first.

have cornerstone focus XXX-year to over display call details initiatives in from First the quarter of new quarter. Customer been I'll turn each third now throughout over Our success seen we've our more for the Matt our and our opening results. journey, customer the our on terminal

Fritz. Thanks,

to by million. XX.X% XX.X% decreased by revenue compared excluding shipment, excluding weight yield of surcharge $XX decreased shipment modestly. workday per and revenue surcharge, surcharge, ago. of second increased per year fuel and fuel in Length workday per As XXXX a by workday $XXX.X by increase, surcharge. shipment. average mentioned, X.X% in third the sequentially and XXXX. quarter million total decreased X.X% X.X%, Tonnage was third haul attributable $XXX.X increased of X.X% to X.X% per Fuel offset X.X% improved increased Yield, $XXX.XX decrease of quarter quarter Revenue to X.X% the fuel to increased X.X% revenue to our including by a from an compared per partially

growth to year the of and wage result The increase XXXX the Salaries, approximately in a and volume quarter. is XX% of related to to months. growth July in opened driven increased for as wages in of averaged new well the side the past a XX Shifting benefits increase prior expense to XX combination XX.X%, primarily compared which X.X%. by note the few key year-over-year facilities items our our employee in is as approximately the which of headcount opening headcount

and unfavorable workers' onboarded In addition, of other employee-related additional for costs increased, development claims. compensation members including training team

increased by both truckload compared of compared average prices transportation of revenue by of sequentially decreasing X% our miles third combined total XX.X% $X.X quarter line quarter XX.X%. miles year XX.X% on volume while decreased of expense, XX% the basis. or in third in insurance expense X.X% XXXX. the last haul over total company the and X.X% quarter. of Rail year-over-year Claims The Fuel up XXXX. and decreased linehaul in a PT by were transportation primarily result and the was was and million LTL was and X.X% miles by expense non-asset to X.X% second decrease diesel to in national year-over-year miles Truck increased purchased fuel from expense the the Purchased quarter including quarter,

with ongoing real technology. increase the to Depreciation compared and quarter investments revenue terminal openings. to the XX.X% from the The the primarily per despite headwinds of was associated XXXX, of million equipment, increase the cost activity to the estate in cases. increased Compared of and to X.X% of quarter claims shipment was and wage open $XX.X year-over-year, increased quarter primarily higher due third in due third new XXXX development expense costs

challenging cost We the environment. pleased our are continued with and team in execution a from management

expenses year to by XX.X% the ago. increased Total increase XX.X% quarter, XX.X% with operating year-over-year and revenue compared the of X.X%, a operating in deteriorated to ratio our

was in for Our compared compared a in rate the third third the year earnings and quarter the share year, were tax ago. XX.X% to XX.X% $X.XX last quarter diluted quarter $X.XX to per our

comments. I turn will now Fritz over closing to the for call back some

Thanks, Matt.

Every opening recently we additional Customer to opportunity customers. terminal to new with to existing I'm in both value to network. opened pleased in our and terminals approach our First is our business, As XXXth provide better year to an new and across our celebrate to demonstrate position our customers ability continue our ourselves

allows a investments terminals proposition to critical our a undertaking, and offer in new us opening value creating to for quarter to to coverage are shareholders. comparable value is customers peers full is long-term national While market. a and Having critical footprint in these every large both solutions XX our our

terminals in trends the Earlier Ohio, believe While the plan history. macroeconomic members openings in continued will by we record our openings this the support we open additional three growth a result backdrop for our operating the our the welcomed uncertain, remains in long-term remainder of year. opened team of execution our in to we company's -- far and week, XX year Akron, strategy. new we These

measuring as to growth for we XXXX better As onboarding our performance be reinforce our continue that and still members and expand execute our culture we remain our continue anticipate focused on customers, serve billion. we our network expenditures strategy. in $X capital footprint to customers our approximately will XXX-year for We to invest team to

we've national platform. building year, our last on For intently focused been

but culmination openings, for across the singular from future. quarter, frankly, will business. positioning the opportunities focus this These the to of and outset that quarter process, position growth the these next geographies. on opportunity long-term with believe XXXX transform of or long-term an of company investments we the our we about this have prospects the approached year, the stressed into never investments we With market were next current we and all footprint a And

continue and service relocations technology develop to by success we or customers. support through of focus invest to markets enhancements year, our this and continue facility customers will continuing next proposition. introducing in the to to equipment, In current We'll support our the new value new expand on and

we've to on capturing the only these we've value begun Because to term, investments. opened start the facilities of long these focus

near now As value be supplement developed. opportunities potential have see network open to line for our ready and with there the the us that In to we facilities. footprint questions, LTL develops, we term, market will in additional We're the great for operator. the

Instructions]. [Operator

from of line Bank And of the your Ken comes with first question Hoexter America.

great X%. the to over And see renewals contract Great.

great a So quarter.

look in September you Can little October? something even bit maybe talk put shipment shaping up? weight you did sequential Matt, September of in of end like Matt, Is or or per on? the mention a growth And hundredweight the Comp? the scale you per talk that you and to quarter. started the like, based Workers' then, numbers, on a one-timer at accelerate October a Fritz So revenue how end about can can about the It tons looked at

numbers monthly go ahead just give have and you I'll so the them.

tonnage And shipments to tonnage So workday comping X.X%. the hurricane up well. tonnage shipments September up part And period a as shipments about XX.X%. X%, up a in mind, cyber tonnage we're a day, a keep date, was there mean, October, August X%. of per per up plus had up where X%, peer about up up in XX.X%; X.X%, October in issue, early in up July, X.X%. shipments October I

a comps yellow well. the mean, bit to period strange in starting month So that lap are at number terms point as just date little the we're in in this September, disruption. of to industry I But

really that of around half when based started a bit happening QX So it moves on July. back the in in little

that lot addressable expanding into also that. market be So we and a should it, seeing of and opening facilities, new plays but are our we're

progress Work there. feel our open we just business those of one-off, part that. claims the in development about like terms of and So things And good then nothing of Comp,

to out nothing there. call So

Greater headcount.

That's right.

per that And up, to right? also shipment, wrap September, the weight in that just accelerated

it about tonnage around before, mix shipments I bit modest, the a numbers, with The and we those it's little at But mean bit. just talked move right? little can Yes, a -- back.

on can So customers, you're given a for period, any what little based handling bit. it move around

environment. just appreciate right. And my the follow-up I All I be would that. guess on

you in look of You terms like of, new -- these stage was but you're you facilities Is feel, Fritz, thought up? mix, mentioned felt I new was industrial the little now done now got stabilizing the a overhang. you that done, talked you if How it you you quarter you of last you've do there about, last all kind the at about this outside market facility ramped mentioned Are development? quarter. guess, talking it out

markedly think way it's bounced better around Ken, don't about comparable I it's little bit. I would QX. QX It's somewhat worse. or it a to think is probably the

-- there's noise little just it's bit So there. a in of

typically, you new typically of as up think rest looks you portfolio, the have -- if facilities, the new I you will. do like volume open the

impact another So way an or we one there. haven't seen really

of Alliger And your next comes line Sachs. Goldman the Jordan with question from

about fourth talk little through mix how if next more fuel touched talk quarter? was and the that bit I bit about yield looking hundredweight more wondering quarter, little that how was the you we and up perhaps but I a could the bit per quarter a know on little price, ex and about X.X%. it a trended maybe could revenue think the you into

a that little Well, again, I bit. impacts mix mean

typically the more per yield has we because just look feel we the stand. on about impact -- look at good But So than where an that. bill mix rather we we revenue

is And increase where backdrop times. the you to number to continues find go strong, macro and renewals the rate We're walk. that not when willing moves with is, around there's a customers let chase going Our may is, bit contractual remain to that. freight options. little go other at it take it And that where we're

So it's going back to to come us.

of quality needs feel when environment we it So the good when and service. the needs customer

So we about feel that. good

GRI a put thing earlier rate is other the And X.X%. a in of this we week at

sure on mix to making we're continue we we on the from So remain getting customers. and expect what margins that focused management

And on that. really a market has our that feel than focus and than was heightened into year market good it past. our this in not the place -- GRIs So our marketing changed our It's little addressable year. position we that earlier we bit position the last earlier put about

And I at could how just as from yields, sort way look fourth the to it, of a quarter the go guess to there you third shape the way about think we is however up quarter?

happens. is to again, little Well, bit what mix a going that depending impact on

of GRI not -- that, better. Whenever I is little anything follow. of QX all and bit it We going to the great, thing. us put in periods that really seeing crystal a on get a we said, If view in there's industrial that we ball we're remain place. the the that turn backdrop, the same focused Our does, shipment sudden do of put the but our we on like tells shifting

committed a driving So contractual that's opportunity. remain discussions focused customers, renewals experience bit or that and price. we're to with of we'll know sure that, We on little through making our but focused we

the And of Daniel with line question comes your Stephens. Imbro from next

Maybe one. start a on I'll shorter focus

to per on up you versus given what the is shipment, shaping from range? from an remind growth, how tonnage normal standpoint this Can Just maybe XQ? just following seasonality the October up do XQ see you discussion. weight OR that improving maybe then year the And us normal

Sure.

is this what find we best with and comparable to do at back history recent periods. to our look do try So some

more should a look like either you some some with periods. we side like you points over obviously that's if now sequential basis that from at kind that, feel feel we the So past and of this the markets and years, beat years look if of that, at the be is But acceptance point. the around customer targeting have right average. we're the handful momentum to new average where XXX but with we of degradation There's on what expansion, that's standpoint recent our of able we our and at on

Super then XXXX. maybe stepping bit, back about thinking little And a helpful.

incremental costs. expense terminal this should 'XX How It So execution new been think clearly year the moderating has actually the we of -- lap in going about or these so start-up we moderates growth like for years of pressured think terminals. into XXXX what's margins Or the become about sounds with as to across there investment right should good start way about about growth incremental guys margins? well is as think we to network? couple really elevated a

elements Yes, a are there of to that. couple

take got and was I on, opportunity. opening are it for we we advantage not that this this -- at looked we're of Any an have significant year. just is -- of open to too have. to So we and year a We've going facilities also like future, distant time take to said, a XX us lot but it,

what see few company much bigger now we is a were years than we into materially think year, ago. we're as I next you'll look

of maintenance capital going to ongoing is level bigger have footprint, bigger, of the that of sort the thing to those sort sort fleets So maintain and of assets. facility thing

You won't year. see the openings next

X the mean, maybe small that, like. depending handful, or looks I a what like environment X on there's something

as those cost have sort maybe you you that facilities are or relocate capacity. we -- relocate capacity because the generally ones you've next of us year. -- stretched filled view see ones Those You'll negligible to

So more moving to little operating something bit a that's flexibility. you're got

our country our really customers. with really, we year the when us value what And well-positioned that gives exit like to really going in across positioned drive happens, -- are value we're is I for to opportunity that drive that the to really XXX So facilities this business.

in long-term think we I a the that, year of to more And valuation. made that's that, with this think we've -- And free. investments that's things the mindset, value-creating investments they -- the kind were. not an XX I eye spend a absolutely of Those not require value Opening term, cost. terminals aren't that free. creating, that investments weren't But there's the short are

service to comes in opened expect the And ones that -- the And second hope we're where you for great just those, monetize what and provide really excited about the paid our you to to that's do it. you when already. return -- customer. facilities you we mean when get look that, quarter. I Now, profitable the we they're

it's they're not which great assets, we runway. Now and the And opened great at those. says company average, are they've those got that

we look of next year, it capture becomes kind as more I let's So value facilities. think of into a the the of

as think get can a next accelerate well. we if stronger we freight backdrop I year, really Now

did So really is these We investments I'm capture a the we these time prospects. with excited made purpose. now about of value the that. And things -- the to

And your from of next line with question UBS. the Tom Wadewitz comes

maybe your improvement but macro that I sounds with is your you the great -- of or do, traction it in potential customers, terminals, for some -- of little seems contractual Fritz, thinking maybe do 'XX about be quite to on XXXX, help, Like or stable. strong, like macro utilization you're in I focus terminals mix were a to about wanted -- offered second I would improve value to stable, you'll if the with quarter on the guess, renewals like opened margin right? high-level, know it some have what the cycle sound third is quarter, think or How bit. now it the focus going margin, kind new you of maybe

So XXX of in just if the XXX you macro from any improvement to you help get 'XX? bps don't get thoughts about normal can

on and back sort get for really is clear. our Thanks, cadences yes. So me be normal to let Tom. this Listen, opportunity us of

word value. I think the I used

a high a level network And XXX country paying for shouldn't very terminal that's I that providing -- we're They're case. a in there's value. service are service a of the be -- people think pay a I a for expand environment in kind across I think that. to of an OR neutral, call of next it, position we we tepid position think in I sort in is in And can think a we're can year. however you do that want the

the really of of that is I I just the environment, more some what's positive think stronger you in scales. if we have think idea these opened. facilities love got scaling I exciting a business

have growth's been for sake. never We growth about

we And that, market think I to year right? addressable let's is we for think We business. next the opportunity And of have year. position an we If see we can we impediment do drive we're in because have environment, we reasonable the returns that, into been when about, customers. to provide OR. beginning get I something a think right, us can grow the don't I an get next a And

know the -- I to in I than think if we mean That's in scope environment better history, execute that's will you environment more that -- that, we an where how do. think Saia XXX a be macroeconomic provided or how And I We And range XXX Could tighter when playbook. sure. operate. look there's back what you that? bps, I know mean, it growth, that's for you

quickly quarter, on first something to you longer? freight then you part Okay. and second of quarter mix, you terminals? it fairly because consistently the and think Or we more changed margin mix that like brought and does go improvement address expansion terminals, And about on pretty recognizing do a second more and mix? the say, shipment if year? of that on the the has that was go next that pre your I how I retail per seemed big Is guess take and, for kind as equation. Just weight focused question, lot improving that can back the levers of

focus would pricing to first to have we've in what say on I foremost, and really Tom, got which we been. is, continue

in the You if had has the to everything, -- business the all at look pricing. go be, where got -- our it board elements get Monday, contractual the given at all get we got to on renewals, GRI it have up of we're rates the up on across to you business. look we want we to not There's

we to the what opportunities terms from where continue we is that value Saia we of continue look hey, level we to customers, high really of though, I now We because Saia about market can we reach service, somebody this do, national get can think off say of look more that the for appreciate and Saia wallet says, with all network go worry of at markets. have now, it to these we ship facilities. handing them we freight our XXX can and don't to --

a think in find get that, the time. an place. for So that find that And equation think customers. opportunity we'll great appropriate where in for we us to assets get improve have, into continue the with customers way that or over mix I I to us opportunity to value you that's reinforce that pricing we and And the that's

much understand the you previously? of freight off of were comment handing that part to How that just

and given out. big. us it, think percent we offer impactful, largest and those that service as our the why in those that that's mean open of us through. that's portion we way can to and haven't it's in all We more address I But aren't I push sure them That's a opportunity But right? necessarily we customers We that, in to direct we want it the can that one. to the improve making about importantly, an And certainly. mean very those markets it facilities handle important know period. markets,

new too, about for -- terminal and existing with opportunity opening think I the speak customers then what So do is of every in them. mix, to keep in mind, an terms our we

in direct opportunity out at it's can have we may to and in nationwide full a talk now couldn't those get we and because business at we coverage. past not markets, opportunity an handle an had So the to a shot of that about it

that's you get but we not day our to that customers next the we may share open, when for with the everything, you impactful. solution opportunity So that can provide necessarily when get a

Markets. Fadi next And from your with Chamoun question BMO Capital comes

you. Thank

per kind shipment going you've at in terms single-digit last we XX-year looking I by bps it? X- to XXX quarter-over-quarter, do So in you you just of in apply want this would couple of day kind kind put if average into same that maybe about QX, your it. assumption, of per mean outperformed test day. feel shipment the of XXX principle I quarters, to the the just of to high how

Yes.

Fadi, is I any of I little it's get bit what comes know would a offer movement we bit that disruption you -- think, we GRI, time we there. a around do with shipment that see little of a

This quarter that quarter, we saw with ago. a little a of the started comp. a mentioned of But bit peer what saw last year, a challenging a we because happen of a -- comp year we we bit with

quarter So of sort the there. we of a factor then of And that's in hurricane with the and started remnants hurricane. another kind dealing another of kind

all create of shipments into sort not of to noise meaning play. into come think mention holidays a fair things quarter, those that So quarter, the amount it's I and a -- around that seasonal

starting our that you're growth, Gap] over see I a is and of pie. to [Audio think important though the what's our it time, revenue think I part with shipment bigger

so history -- if changing, will. it's our And you is

baseline. sort different a got we've So of

And about it. excited so I'm

continue to I think we through grow this.

Okay.

Okay.

the to seasonality back question... going Just OR

Fadi, are the you on call? still

you Can hear me? Yes.

Operator? Yes.

We me? hear you Can are connected. still

hear Can you on me? I'm the line.

you and And while And we pause ladies reconnect standing will ladies for for a we and gentlemen, speakers. moment by. gentlemen, thank to just our try

reconnected are with our We now speakers.

you now? Can me hear

can loud hear you hear we Can and Fadi, clear. you us?

we Yes. Yes, can. Okay.

So...

drop did we off? question the What part of

entire I answer. heard your

we're from my So respective. at think least fine I

was... follow-up So my

the wasn't part Do working. disappointed we about that phone were the how you hear

guess heard we too. I that

All right. Perfect.

history All there. So a kind as go that in will of great down it. right. Got a moment

rearview of I for the like to perspective, reason continue to yes, on no give put could of seasonality at closer a terminal new solid that could this that is the that I a in to volume kind feels perspective And shipments we quarter-over-quarter it what to just the And bit us with the to we with see at cost I'm in your or momentum fourth that So in side. narrow going pace. operating about seasonality start your leverage I mirror quarter? kind of thinking wondering see just operating OR point? of follow ratio you're you wouldn't range think the should the that pretty start-up like little just kind look there's to why which beginning can mean, given the if kind wanted But opening, shipment QX. build

Fadi. Well,

but issues. mean, challenges It's look, I this QX, associated still the -- terms I that. big right? quarter, openings for mean the done you was have we're There's magnitude, the not was they're -- it's seasonally we as as always not count what openings in as -- always quarter. a right? that in period. they're with slower still in connectivity fourth with of But Sorry, QX, we not have associated the

at X. are those So

to QX, get from Now we like did we QX we've said those in his like the Fritz better. earlier commentary, got past -- further from -- as continue to openings move

into and have the to there. fourth quarter, for are still normal that, but QX. going that the So quarter fourth just customer still we that things They're in still do have we are openings in challenges embedded cost closures like the be

Brian with comes JPMorgan. Ossenbeck And line of the our question next from

I basis. a survey through out. backslide in Mastio just ask came through the time some of bit the June was little that But September about on done performance Obviously, there's it frame. wanted a to I a of think relative

a going lot on clearly, were of that So there. start-ups

Obviously, you all and point. at outside. data but everything one it's can we pretty one the from just see look that well, it's service So internally

your mean point? what the just I recent on get wanted perspective from results your most So vantage to

Brian. question, good So

customer, got So that's entire for in would for performance the industry you of the better if positive. terms Mastio for things. which I look industry, of a the a so say couple at that the data the I base, of think kind in total customer total

declining the industry the you at -- shipments across for see we I -- across competitors board, think you sort looked look of at like tonnage how the look public if except growth if and what and space, Saia.

we've So industry. percentage a larger part -- of the larger a or on taken

We markets. have new grown in

the the noted, by we XX openings. of have year, As we'll end

customers, and to or customers, to higher, throughout year probably new the around demands, somewhere all support X,XXX, means adjustments that new new that. so over employees last that, So we've had experiences, X,XXX new

got what further keep we focus which to can you we it to a we the here locations we say, that all was we data, -- go better. of say, we've at then are and our and the right, and on look our So lose in. tell getting And that as it's -- -- it work that says down we I across operated challenging distill positive is our sight analyze at data, listen, environment board that going some we through internally to price. we in going We're keep in got and and region to when that the we it. we're not terminal get the

internal have trended keep the doubling favorably. Listen, that that got just metrics down. know says like you Our what? we feedback But to

position I customer the they expect think with new from markets, be experience that set get come service as we continue I great Saia. to the they a where and think in develop we'll understand to what and

follow-up Fritz, perspective. quick for you, that appreciate Matt. I

transportation is some it to a customers. -- might pretty for disruptive of obviously, hurricane networks terms and tell, difficult but be In the of lot your of

start recovery up a little that throughout to speed bit some a as maybe of feel bit? hard you little this feel do that least rest the you Maybe a October. at of this gets noise the like catch-up efforts little pick of you see a month behind part to might like and of tell, too you're it's but that is in there's seeing So bit

Southeast those right? issues, impact thankfully, have our of are but across us rolls Well, there storm you a haven't impact markets that big a I good terminals or to major revenue. the that chunk to people any for up month I make had an in absolutely pretty is geography, big we and pretty mean, date, mean or our

So there in is an there. impact

One that volume that the always of see things is we back. sometimes come that doesn't

You're really but may may face order really, And some so you at bit. dependent closed, that still on little we a be times. customers be operational, flow

the or online certainly, we back and that. coming so are things So in that saw week after

on all patterns So the and back in that month-to-date business, in different of part don't but October based flow. but order is the it always challenge get just you just of numbers, the

Yes.

bigger on Georgia, I of the that think to made last the got And investments you part business, have third result. Saia's having start and sort right the following end of -- we've that's an few reflecting recover Carolinas, a Then years. bigger Florida, in you in keep then that and get Helene that had impact becoming on mind certainly you the you the the of to quarter week. hurricane land quarter, another

and adjust that's we we're it, yes, noise it's -- the impact have as it we this in been the the deal really but quarter. an of able part we And to business did have So of and to -- and in, be early to with. flex part of that parts third

line of Barclays. Morgan next comes with And Eric from your the question

follow I up wanted to on pricing.

renewals. GRI You've high now those this at with single-digit think last few had least contract I Obviously, quarters the a X% X.X% almost year. year,

get we some your So yields modeling realized into if about of mix substantially to doesn't start other that? variables here, be we from we what the in point? should be some should are Or think too considering these some as we at increases of much move as seeing of XXXX types around

the Eric. appreciate I Well, question,

you the volume challenges -- As know, biggest there's commitment. our the biggest contracts, in of that really no one is industry

sure now, in to from have we're have So try the move and make And always we to and period may this, environment they someone we where or chase expect we customers. around a not in going that. different things getting like we're shippers what that are options,

that the equal, need those our forward. team it's macro an at we But bit should linear, of sales we're better, great a customer the It's the rates and is to not push our when provide. expect front rates to job expect. and at us always we And that help in put about doing negotiating that but and we we level that gets putting the all for else certainly little opportunity value the to a speaking in customers

market, where more The larger a help other national allow ever And that. have addressable thing for it that larger do. to more and can gain of around the to wallet us customers to footprint, and that's mix with support opportunity customers than able should the we us do continue up is been that we with should share at

those putting soft gains. in what backdrop, of good feel confident we're been in. about we realize So a that And some we'll we've

just CapEx maybe And on the a that. Appreciate quick follow-up discussion.

year. I thoughts the appreciate of that would what think early year I kind normalization big where year XXXX land be? bigger you've Any buckets after on mentioned this and could next in some the it.

Yes. beginning I you year. the finalize the of mean that year, at we're working what think about transaction number this the less to still number like. looks if the one-time But

range with. fair think to start business bigger probably that's is The a I now.

stay the real to with. a got CapEx the to transaction to of with support equipment continues range and We've teams be beginning for fair But normalize I start that if that's year, there is that at So investments. elevated. you estate number going think big the to

And line ISI. Jonathan from question of the next Chappell with your Evercore comes

Fritz, out called you specifically.

terminals opened You with you quarter. second were pleased the the in

about half what first full up looked and implementation, seasoning you frame of way the utilization? that when you the quarter kind the of opened where relative terminals you think of the It can a is of to quarter, we in the third frame you any level closer of full help the opened there us a terminal to year. these as these in XX out get as those to out is that So have of to feel like kind utilization to

opened we right? much idea an full that second a quarter. going an probably were the that before, be idea have up third we it's make up the quarter we -- on to it's in it larger the fill Yes, as few-year years opened scale Monday, a we've runway market. support the few that that we the So up with investment we in to facilities described facilities The than with investment before a we utilization is because don't make to the got

So not in roles apples to network. facility They to their different and in is fantastic looks Trenton have compare a of like sort -- Texas a or try Butte, Texas, Laredo, Garland, or it's facility compare oranges. really to what Montana to in

grow as I So and are continue focus ways. the think what that we interested have that we what we would finding to in to on customers point continue our to to further those in or match we offer, is

them income that big a challenging environment. operating all that and that shouldn't perspective. facilities really overlooked about, pleased big we're have you be within that think fact why the a we That's in That's open, deal. is an contributing I from quarter, the we a investments make

we those place. So put in

they'll here. think improve I from to continue

Now in lower the you're time. seasonally

So to into that because proposition when the facilities going facilities same I going in really they those quarter. when think they The level you opened Plains, Saia the when for value the way -- our Great all about that improvements those we we're really the customers probably destination. enhances excited the of the that to freight, for know aren't it's fourth up see picks

So will network big those to our lot the important have certainly be of creating for of part an will role a time and complementary over a overall business, it customers. value

too, Keep that's geography Texas for brand-new new a the facility in mind, we've very Entering geography in been. us, John, different Garland, area, a putting a right? second is than where

new but completely overnight, terms them that not don't design of it's to with be geography. overnight, said, that's sharing customers and recognition a different animal we in in Fritz were like and So brand a

a they're little different. bit So

minutia, Matt, surcharge that fuel just than was surcharge the I down less that know prices X% is revenue complete fuel despite Yes, and one dropping almost a XX% a quick year-over-year. are but year-over-year. fuel for you. it's sense. diesel know quarter-over-quarter flat revenue Fuel I your and down makes was pass-through, mentioned you

sequentially catches fuel your both bigger of some of you this we've up seen year-over-year. of at over that much last Do downs, the step like in peers surcharge a just basically mechanism? better where lag have decline have XQ? Or kind prices Some is already months and reported couple there in

I business a expect return of to every we and inflationary, mean, make part is part a not is of -- invest every we fuel pass-through. Well, on this it.

but LTLs. the is of mind, has a of keep for other fuel impact. And I to out what's mechanism mean, business -- mix had surcharge the percentage similar it's in there So revenue. But an

on opportunity raising rates a we we're fuel when get have to surcharge So more customers, standpoint. from an

think volumes terms others. us, are So in I I of to some about one mean right, thing to up, our think are compared

nothing as to into well, plays but it on there. comment that So

indifferent anything on put side. haven't fuel We the

Wetherbee And line with our Wells question next comes Fargo. of from the Chris

I last a you opened were Fritz, the ] years operating of [ mentioned last think at OR. on that X kind in call, XX the about facilities

last quarter, but of turning positive past, in kind about third relative of network, you the you all? the XQ curious, regions seen kind more think just new that that you're gave of does the progress change fiscal I'm only and a I quarter, just it's I'm curious it to you're feel adding sort if as about quarter. talked or making metric You openings have you at less I guess know the in creating of network? contiguous a to XX-state what that given like sort density these you

with pleased seeing. what real we're We're Yes.

think end average contributor. to why different I a that rules, can facility much customer this last might the to mentioned of a in provide is sort of take going company terminal a for it little longer vary question line, openings Some solution high-level the I key really and bit. a big get OR a time or the right? are thing those could have in of be to right? So facilities kind

historically met kind and definition. -- been that we the that making quarter have opened some met ones that certainly, What's those sort of the And them we've of definition. facilities, So all exciting in they're that those opened really the second quarter of of in progress. is third frankly, about

part opportunities see then ones creator them scale second were be real and end-of-the-line nice markets, we ones. see purchasing quarter Laredo, that's The investments facilities a as nice bigger making of freight big customer made to now those there's progress, mean to see it's a to Dakotas. well. customer. to -- and got Laredo Plains we've for those are some them direct those big Great are into being from thing value-enhancing and and continue all states, and around bringing those if those the from the And of a value assets, really Montana go I great I cover is Mexico the that shot freight-in And to

that big a And to because out is job it's can to you facility, then in customers once together but get the for mean, I said, Laredo smaller couldn't we faster you markets. all a into position you're hey, at right? before. of because think I impact ones they're second they're that's quarter is of you you but great that those as the fantastic, Saia, because that bigger have the scale had the because them the larger, hand to value do trend get we're time going freight us And those in you're with customer you're you markets. couple so that of network. the you. really look network, And those exciting over over Well, -- We a continue And play facilities do before when going solved, of a cobble we sort over but understand now, off the develop that It's that, a last will dynamic, of to the years. with see. of now years time, out progress over thing the in great next as we the itself

course not And what something about of Okay. all assets what and curious to for reviewed X yellow auction. of year first kind you that. that that to how right the over the looks the how next available. of think kind kind now sort you or and the then you you I'm end the of maybe through to if of XX talking these, need? towards of Is interest have be guess most these that That's or XX is build have process as now just that months out. during remarks, of you next Presumably, grow I'm were has the curious, I of about you helpful. still what prepared there's more network and let your you're the going

opened place case there was we a have as think look in particularly or of year, I we the those. at of business have in really the end So XXX now the that I XX this we'll by all compelling year, right around the place,

of that in the about excited time, a sort we year compelling X or a things. at in year three trade won't to and maybe The that we're onesie, is opportunity this over in it of sort or in X two a be down be as years or the participant the that we next of will were. we're mindful ones network in. enhance we'll one have things be very there twosies these the a of into level the similar that But have relocate there's in there And that. participant so And that's But the that. we that. to just here of assets that have We and something we'll places couple business that now, market, from or like be

positioned the think to of these exit we about we're we're do of we're may like We But we there'll opportunities. have, be this the And I can or secondary with lot facilities a as map we around there's it see thrilled They're out able value the market participating to think to then but they some on. facilities may today, that. not in of add to also even markets create that become available. as business as we be year that a the idea with. today, going

we we've proven to know I XXXX, grow. proven -- organically you opportunity. if think a go that's long-term back to how We've

They we down were So the road. this look and pipeline, that we've around real mean, opened up I estate. -- are that like there'll that that our yellow the opportunistic we're others up process. ones opened even through lens and year, at they be come the the auction didn't in

with question Cowen. your Seidl from comes Jason next TD And

look to impacts in the cyber back to attack one at we take look closer a little of the aside we away at last and your year, bit competitors on double hurricane push early If this October impacts want should to of I we tonnage. XQ better how October X.X% understand is sort of the go to digits?

I that would give know I don't there.

on driving I think, on focus kind what is of our out of business. focus this commitment I results Jason, would and

that volume. in we're we've So here not come. expand. see footprint growth. chasing to the volume try lead trying that to we're will We're We're to a The to in got league not

sitting results. impact on had that's disruption there's yes, So there an that -- is

have Sometimes events. when you it's interesting weather

volume Sometimes again. see you just the you -- don't

for year, it's the I the sort look from customer. we've And more the if just and it last a business. of of of We're we've out continuing of at material we've that. going on you that had kind facilities openings part becoming to it's mean, I the goes. in to deliver more the focused we're they're And So coming is a of opened that going years. get contribute. got, how share growth to this organically it X mean

"Saia to chase from It's just, not know We we're right? get here. in So is what we it Saia. volume,

So Saia." where growth do to coming we're with the is That's going from. business

what position a comment it on to could in just I not we're have was. know So what really it been.

the Fair past One some of of a see would maybe your Also, What potentially made make XX expanding you about you've guys months, next to that terminals market recent type to comments opened of expand? enough. year. up we over additions? you want have the to

Yes.

capacity high of volume. a consistent level and ample and amount about make that that that then flexibility the Sometimes number maintain what thinking year. We're terminal -- do of in the we've not this over sure we We're right, needed week's about, we you what, next appropriate do how all we've just the opened facility, level create of you of that is we you got very sure to thinking the not make customer. for -- efficiency, when got the very like an facility. to got we've next provide know one around a near-end we facility And expand we've see purchased runway expand service years, service and we're we

-- the think capacity will about spend add it. facility. of we we kind we'll we as But network, get relocate even absolutely a in So how choke that's maybe points or

And your line next question the comes Ari Citigroup. from with Rosa of

Ben Ari at Moore, for is Citi. on This

last been your going pricing this trend over XX catching that's a would Study year. of years. a back the say growth, the especially the several increases, pricing fantastic function has taking How to Mastio pricing then would year yield on confirms that successfully much last gains you're last improved Your service to discussion up years. maybe And you be versus your

is your your then how of of terminal to of the something much years? provide last a you that openings over bigger of function That's reach last part from a being your conversely, quarters? mentioned that narrative been new couple able the of network few And

got -- with But honest above, could I is of And a frankly, are that shot how you, can long then of you customers. you're that. of it's you tell the why that proven number it opened XX compelling part service network you. idea to know do to to facilities And the on break continuing think we've for focused on term, part all what the I repeat satisfied and it's we one. of customers for I I into be focused organically wish out. the if you repeat that grow level with Ben, service to you're that as you've would

customers." we business, "Listen, in where right? getting Customers to make And position this going billion level that continue of sure year, from to better to approach the to on when a for making on position to deserves happens, we we're on level the of in compensated a "Hey, in for the we're to this they focus to order we're going and understand a a focus appropriately a spend continue investments." $X And company, able return. investments that value Saia, lot that we're a getting they're So us in getting return, of be And return. we're say, that, the

we've for that we thesis. service. in only continue of reach the That pricing becomes part customers, if our markets and that works So appropriate got the to replicate

sticking going the follow-up, a your as maybe the service. And study with direction on Great. other

on-time much is few damage, growing that how phase just bit. think service, as be and not next yet new seen temporary normal say, up a the of decline of large your would it's do from How deliveries, it much in enough decline then say and You've that is to seems year-over-year terminal be customer openings? a decline temporary quarters. the in which a much out pains And from that of How building pickups, we'll from you you just base? in,

business survey a to of we as internally, we we've with to you're the really the we in that Mastio that data how be. want situation lot on footprint that's volume in In That's which last what your opportunity is the as a contracting want or do where time this substantially. we grown -- be it's best with the Saia right? less or year, We know figuring disaggregate enhance our And and service. with we spend typically, business, focus. the our customer, commitment. trend, your that we to Listen, We data, get that out dealing an

certainly customers than your stressed. is deliver high-level more anybody I network faster would We've when on else can We've the not You remarks else than in business. taken grown any in the guess. business,

us X.X employees for "Hey, a in Certainly, last we've folks sure make to do here And customers, how understand survey to we're this we've is We the we'll been, have Saia, is more different. And to the data. got growing to at X,XXX -- outgrowing represented support This why X,XXX that We've that period touches. the got what time, and a recommitment disaggregate are more net More is makes add a we're that for over this of it. over of folks the listen, added been we reflection it's footprint. years a saying, all that new longer than that's ever that. those industry."

on on very, be that focused get will network do very the we positive back a across teams Our how track.

in in that our total is gain. year. I at, last got in long happened yes, months even about here relatively and I'd that what's the last Cases, the some. is a point really I marks But got game. isn't this industry better, a also look This the fell or long bit. This out few think about all

with And of your Morgan next line Stanley. the Shanker from comes Ravi question

customer. ranking time Just Wall make that It it take focused we And that more on? that very Do and the commercial up? terminals this that numbers customers, Street something and something here, on will of versus you details you much just the ramp the does that do same-store issue Or have? there. seems discussion kind it's the much how have clear does it on influence is impact of new Like new Mastio a follow-up the here. are data on will is like like have than to a the pricing this also, how of customers

Yes.

that to the Customer experience, customers' the that. for we it's So think disaggregate know be supports detail looking We we lot cares Sorry, carve-out. an of I to I it. success. specific looking it that for. about don't that that have the don't customer long-term intently footprint customer reach have level on to LTL you're the have focused and and Listen, I that has the has spend us, because certainly time about at data -- is have do supporting the right? of a and partner

in industry Now that -- gotten has the I as think better. total mentioned I earlier, the

them, a of Saia, -- of that relative improved year-over-year, has stepped couple we included part back. a to modestly. think last year, I differentiators this we are are survey, But XX-some got key back and on in key that actually of a the lot the fell

back we Some fell on are that pricing. of them areas around are

sometimes, for don't feedback customers consistently raising So Saia or consistently. that Those of is like -- things get rates that that don't that that. accessorials negative like and coming charging sometimes and are the you customers in feedback

customer ways, So be and actually that's we not do in that's able be say some that's better But for focus. our to the us. to good a what to is consistently for thing have

and on When and with the mode the new customers, to experience. taking rest been and before, are versus experience haven't growth a we they opportunity in Saia the an of growing have you're like have more industry,

be doubling we're we're successful. And company's we'll doubling to We that's commitment not meet like expectations. it. That's the to that to long where got sure for delivering we've down term So -- like their it. We on direction. We're the sure. make

That's helpful. And go a Understood. really maybe to just to as XQ. follow-up, back

you said seasonality is that of model I think our have Kind has something close you XXX. to normal XXX deterioration.

So I think different. bit little the comparison a is

your to and normal you do level benchmark also XQ have seasonality for set, XQ? just So

time. yours one try we this is mean has for do much back pieces for further us us opened XX of many going is for facilities. that so not anymore. We've that over bit to a mean, changed Ravi, I I the just company so maybe, back. little is valuable years The

So some of those sequential trends just aren't as really valuable.

more look QX that do we given out anything to So we haven't next yet, into applicable and try get year, period, closer at we'll something recent the QX to for it. and but as we

year We we years. back out Yes. just recent of took in the the but COVID looked horizon,

comes Jefferies. And from your Stephanie with Moore question next

Just a quick me one here. for

handle a bit neutral As in talked macro. a about But clearly it follow-up positioned inflection? earlier, equipment -- your you view scenario, and incremental or you see question of where we inflection? environment anything position think that need to I take are on stronger think to that was to advantage to Tom's XXXX, hiring, how a and Would gave you kind to I that scenarios else of little

in. would match We our it's we higher than question. staffed well. were change -- we're kind certainly because if good likely driver well labor from like variable we costs we're I expected. to up have right as a here, what -- They go environment counts would that of Yes, business if certainly would listen, now growth had right, feel mean, the would for and you we scale the

But is you up out good it's maybe can illustration. as imagine which volume as scenario I pretty throwing up, a an materially, you get out a in just think into match. it's year, the

the we'll expect business, still us have but scale wouldn't add free. some cost You'd to we'll and to labor -- the volume be

they -- it opened are I that XX think really going I position big That's is why that So did be lift were we scale. exciting will the year in and think but this. facilities to the what's this

that facilities, know position background, start well in XXX have to, to we the and to made. if volumes certainly investments know weren't positioned, rather -- we we've operate year be and we front got in how to we if know to go. match the of in why also where with ready we So a to a up scale a stronger we to us, I'd make how maybe an And down that much know we adjustments environment to made we how and is need that's that the would -- But the basis. there opportunity as on we there, it's

question And your with Bascome from Majors comes next Susquehanna.

where next high put you spend million unique As or that into looks would about think this we like flow that inflecting XX% any to long-term the business longer of so, the on tapering end spent return I you year investment a that or the above or transaction. sort might to billion organically $X in preliminary get little where thoughts the your revenue. the cash want on that on back you into is when to in so might the CapEx point year you it, dividends investors of, and it some minus mean, and Are Just we range call the of of you're talking point $XXX of buybacks? term? to

Bascome, yes.

Difficulty] things So revenue, at elevated. to be. that. that, bigger mean, of company so to flex it bigger I certainly, have a make needs, to to capacity with of in all The a you if percent of note is we [Technical it's what now. look Couple than used customers' sure number

So big you of everything And is that to denominator, our player revenue look naturally, gets pricing a pricing in when a market, back comes that's down. as for that. as else well. percent If at us, in that

focus at well. So as on and we that look that

to the long as Now But it pricing percent should trend and term, a year. look at year, the as back tractor bit as in more continue probably elevated a business trailers into next close on gap versus this heavy standpoint. grow revenue remains it just the it we side little of down a and from

that down. term, So to continue should -- longer come but

that capital we discussion. to that. approach built of from very for was -- out little the of returns transaction But We've get as far, it not But there. not continue that we're but network that at has out first probably sure been timing having for our making remain and big we're far out. that us too on important far The that it then bit, proved all, valuable the move that focused a was so to on to a return the the business. are And the right impacts second beginning too from of question, part the the year

compare but point we your mean your obviously mix multiyear a component might can as assessment you you there. be that As your closing about huge far about we reported guys market below there's think of to a brief I What's period? how over for getting market, a follow-up, pricing to yields gap and peers,

Good Yes. question.

know as or this to same mix say, are the would have and ought mix or there business we to of be "Well, revenue that not what we right? pursue a that get maybe some us focus pricing a more opportunity, We ours. That those fundamentally, But and fundamentally may and at look I see we kind at I And optimal of adjust is allows our the public look per can compare what mix others may how certainly, business is we data of the that on to we others. per of getting." business it. is shipment think revenue that -- our shipment

a and to is more of part able get job those. this [indiscernible] with more. of to network network customers, the have that get It's us And And more to be do any them addressable we that. the opportunity their now. the comparable for and market freight, about to great national network do sure get a market expansion to is The making comparable

So now we got to a just keep -- big focused, opportunity. that's it's and

from with And The Benchmark your Company. Chris next Kuhn question comes

terminals the know bit to the the next of more year, I the Or terms they the call. in anything costs larger quarter Just size were on the second think and about going a we a little are as smaller, out in quarter, for about the bit the terminals called -- like or some you And of relocations? kind cost little manageable? think to third of be of the

morning, to set what to I complicated. get are Yes. know they're straightforward. and you a you kind team not. ready incredibly The location do would that is really the up relocations Basically, started. of and They're go, gets some different Monday candidly new drivers report, report pretty the you say facility to have

on. don't you way of typically, in It's the So costs, overlap cases, many of you And immediate things. game see kind of have sorts those in much efficiencies.

the meaningful cost a impact structure. So relocations have on really don't

be X some sizes, or of on That those to you of run did, see big that or the could X going quarter, that like impacts. add like a have, offer in enhancements. range footprint or de XXX next impact second of they maybe have X sort year, minimis that them. the -- is of rate opportunistic we they revenue it to did are the of meaningful we When a sort impact. the business handful be add just extent the scale quarter openings you with if XX we a To efficiencies the Typically, of -- kinds of those but more ones a in a they're we of

we think have smaller go So as a I will think from smaller they I here, impact. and

And your Raymond Tyler with from final Brown James. question comes

hear all you Can me?

Can More Tyler? importantly, you can hear hear Absolutely. us, you it?

earlier. those add the assuming want vast you comment I back We to you. are of Fritz, come majority frontline. to new that the that can made hear employee I'm

positive would peak? do into productivity be productivity? you how big could productivity XX, mature. really basically I feel these off as So guys even mean 'XX maybe assume your story I are a all frontline about considerably metrics probably your in

the out because operations, think you for And productivity fully an then frankly, that. what a is that onboarding of those really also The with this team start feel great just in get that's that through we and you -- that, you've that the And you've think a an city customer. don't do we efficiencies as then kind team and I to then, understand as for around got naturally new thick sort grows, like come build to you utilized. going that we've our that matures. new there's -- feel interest, out have experience got got of that to getting But Yes. of job markets done folks improve opportunity on Listen, density of people. as you I really Saia pickup continue to

other So leverage there there's well. as the point

forward, that of there's a think [Audio maturity. of sort out of going I that I think lot So Gap]

Yes.

a is good question. a big picture culture huge into this maybe And the It's fitting Okay. LTL. call. obviously is But in

to surveys coming But close new be? people You hold And I of to know you you want do how culture? got do up I know this. many it this. look? personal. internal and your them I I've are employee in? How where mean they so seen mean kind you've on

up. through high our maintained we our been So we've And years, engagement that the employee kept measure last every engagement, We've pretty year. changes. and scores, we that have have employee for which the X

with can always we're get So thrilled you But that. better.

in happen. that's get performed do support intensely is well -- to it's focused is all to the going Tyler, things. talk because is are train you going we're down scores make business out, And are year. that a successful?" So this capital, those to managers on fundamentally, do got so talk What person rightly down the we engagement listen, can your what about employee somebody the you But we we got And we break as be employee that people point if yes, opportunity, our what you've "Listen, next engagement we are, company. to the that about you've do that's even can to and thoughts all to that this engagement better? year an this on And

drive continue We'll We we'll our have this team. engagement in continue awesome team. team, across to and invest an to

opportunity. will because the team got that's -- of thing that's important That's we We good going important this why success. So to happen. the of the engage making culture. this year, an about. they this feel on part be pretty it's that part think of company Listen, our first important. an an change that sort Mastio is customers And That's

just that. positioned We focused. keep to So we're got for it well

conference And that back turn now question-and-answer concludes session. will our I to Fritz Mr. over the Holzgrefe closing for remarks.

Thank you, operator.

was we'll continue challenges, us years just little more we for figure I to know of this, it. didn't thing. First, the that, of couple right. we that to quarters that issue And than patience. we a bit everyone we that, I company, of I the a recent of been that least want part trust that and it's way for have it's XX on first know get for when their is thank out apologize the any a had we But a a to at but on call but something technical that. with that we're that know here, say

through if certainly And maybe that the that reach they to didn't there for, details that I there. any all the are feel free looking and were fallen have So will but may cracks Matt folks field questions -- get out.

prospects But of is. quarter. is really came network on the the important long-term if to XX the excited you that forward. of the investments the opened kind thing we've in Significantly, We're year. in We just customer. did company and the doubling or the success facilities from provide the in about care we're come. to into third where out we're excited that already a out down going focusing intense significant our Certainly, to lot supports We're of made value we eye of an see business. we X this of on a the network, the Those taking have and investments proposition starting this business long-term of about quarter, this see customers the opened because now second the value this value generated in that the national That's years focus company. lot of the will

Saia. about we in excited the and Thank So and appreciate you. your we're interest time position

we gentlemen, for thank this your and you today's concludes ladies participation. and And call,

may You disconnect. now