C. H. Robinson Worldwide, Inc. (CHRW) September 2026 Conference Transcript

all right good afternoon everybody welcome um for those of you who do not know me at this point um my name is stephanie moore i'm jeffrey's transportation and business services analyst thank you for um coming to jeffrey's 2026 industrial conference we are very pleased to have the team from ch robinson with us today we have ceo dave bozeman cfo damon lee welcome thank you thank you um format fireside chat um i will kick it off with probably what has been the most topical um area of question that you've received over the last uh couple months or so but that would be you know post the supreme court ruling on the montgomery case there's been a lot of i think just uncertainty that investors feel about just what this can mean for the overall brokerage space in C.H. Robinson as a whole. So maybe just to start things off, since the SCOTUS ruling, what processes have changed at C.H. Robinson?

Why don't you start off with me?

Yeah, so I'd say post-Montgomery, first of all, I'll just start with, look, we're a lean company. We have a lean operating model. All of our major processes are always going through some level of continuous improvement. Carrier vetting is no different. But I would say post-Montgomery, we did not have material changes to our carrier vetting process. So, you know, roughly about, I'd say less than 3% of our active carriers were expelled from our network post-Montgomery. What does that tell you? That tells you is that we had an industry-leading carrier vetting process pre-Montgomery, and we still have a, you know, industry-leading carrier vetting process post-Montgomery. And then I would even add, you know, the LIPE case, which has got the most recent attention.

Post-LIFE, we've made no material changes to our carrier vetting process so we've always felt really good that our carrier vetting process was was of the utmost integrity and quality was industry-leading we felt that way after Montgomery we feel that way afterlife you know we're gonna continue to do what we do and you know just to add on to what Damon said and we've been talking to investors analysts about this and just putting some framing on this we're a data company we like to talk in facts and data uh not not kind of in in emotion in a sense so you know if you think about it we've been public for you know 28 years or so you know we've had a docket everyone has a docket that's in this industry uh in doing that and we manage our docket pretty well uh and you know our current docket you know it consists of say like tens of cases that's on the the lower end of tens of cases but you got to you know put that over an overlay of you know what's our what's our annual shipments you know 37 million annual shipments you know over a time we manage hundreds of millions of shipments over a current document docket of you know say tens of cases you know our point there is that we're very good at managing a docket defending ourselves uh about those things and also you know if you if you're going to have a lawsuit or think you got to have an accident we don't have many uh in doing that and so we do very good we feel good about our carrier network we feel good about our vetting processes uh and again we talk about numerator denominator the actual math uh of what's happening and and that's the scale tens of cases hundreds of millions of shipments uh and you just have to like keep that in perspective when you're when you're going through this yeah just to round out what dave said um you look 98 of our docket right so these are so of our of our current docket 98 historically and current of those cases get dismissed or settled uh and the settlement amount of that 98 is somewhere between the range of one to three million dollars right so

historically speaking you know legal liability has not been a material issue for for ch robinson we do not believe it's going to be a material issue going forward we believe the life case is an anomaly um certainly the the industry standard is to settle cases not to let them go to jury trial that ultimately we believe will be turned on on appeal um so we feel that the historical precedent that we've set with having a very successful uh path of of uh of managing our legal docket successfully uh that's going to continue going forward um i'll just add one element because it's probably on top of mind is related to insurance right just to provide some some baseline insurance stats and then talk about what we think the future holds so automobile liability insurance today is only 25 BIPs of gross revenue for CH Robin so it's a relatively a material number to our to our cost structure even if you have inflation on that number going forward we don't see that number being a material impact to our earnings potential going forward so we certainly don't believe the earnings trajectory that we've been on the outperformance that we've been on in any way is going to be derailed by by insurance you know we're in early discussions with our insurance carriers i would call those discussions reasonable uh and fair i don't believe some of the more um you know bare case scenarios that you've heard of insurance going up hundreds of percent is going to apply to ch robinson i

think we'll ultimately end up in a situation that uh that everybody gets a sense of calm once we're able to share some of those some of those details and stephanie as you know we always say who you who has who's the best proxy for for our current docket it's our insurance carriers right they they have an intimate knowledge of our current legal document they are they could be on the hook for that and so at the end of the day you know how we progress you know with any type of increase of our insurance or the rate of that it's our insurance carriers who will be a good proxy for people listening to this on on how you judge Robinson on going forward and we feel pretty good about us yeah and one last comment Stephanie if you allow me

you know we're in a bit of fog of war right now with the legal environment we believe once we get on the other side of providing clarity around the legal docket clarity around the insurance we actually think this is quite bullish for C.H. Robinson right we believe the average small and medium-sized broker is going to have a very difficult time surviving in the post-Montgomery post life world certainly that market share uh will accrete to to companies like ch robinson in a consolidation event so again once we get through some of the some of the unknowns and the and the clarity that's needed on the current legal environment the insurance environment right we believe this is actually a a bullish economic position for robinson going forward thank you no i do want to touch on and maybe the the longer term implications for the industry and and the potential for further consolidation um before we get to that though dave and i think you you addressed we talked about this earlier today you and i did but do you think that there needs to be

as a leader as a leader of the industry which is yourself to go into washington or kind of create some maybe oversight or some changes from a federal standpoint post these rulings that will also ultimately help the industry yeah i do uh and and actually i'll be in washington all week next week you know i'm sure you guys have a lot of sympathy for me uh into that but uh it's on two vectors here let me just explain you know our team uh along with uh some of my uh industry colleagues as well who who uh agree with us on this uh i'll be talking to you know fmcsa uh administrative bar uh really kind of drive driving the conversations around a standard and we have to really get back to uh what what is that that duty of care standard um that needs to be established from the federal government uh and and we certainly as robinson and others are are talking to the fmcsa to to establish that standard and i think we'll i think we're going to do that we're because we have to to get that going and um but that won't solve all of this having the standard you have to have a second vector and that's the legislative part and we'll also be talking i'm going to talk to a number of different senators congressmen and women in which we're now talking about what's the legislative solution on this and that's has to be a bipartisan approach to this we think that this is bipartisan when you look at both sides of it and we'll be having but that healthy dialogue all next week to to make sure we're applying you know what is reasonable liability when it comes to the legislative part of this, and so it's a two-vector approach because what SCOTUS did on Montgomery was essentially, you know, it wasn't really an indictment on Robinson. It's essentially saying, hey, the federal government really is not, you know, capable of kind of driving this right now, and so, you know, they put it out to the various states and the various jurisdictions obviously that creates ambiguity and we just want to want to help congress act and drive some clarity in this space and ultimately i think that'll bring everyone in the industry should welcome some of that and we'll be having some of those conversations next week thank you so maybe moving to some of the longer term implications for the industry are you already seeing some of your enterprise shifter shippers actively consolidate their

broker list post this ruling?

We certainly are. I mean, that behavior, Stephanie, has started. Part of it, you have to just do the framing on here. You know, you have shippers who are looking at their own liability when they see what's happening. And part of it is they're looking and saying, hey, yesterday we may have had, you know, 12 different dispersion of our, you know, of our freight going out. And they say, hey, maybe we don't need that. We'll roll that up into two. And we're seeing those calls come to us. We're seeing some of that call of quality. So the behaviors of shippers, we're seeing that that is, has changed. And we think that's going to continue to happen. And as Damon said, we'll have continued roll-up within the industry. And you know what? Listen, at the end of the day, over the last couple years, just on the economics, 20% of brokers had really shut their doors anyway over the last couple years. Now, add Montgomery and Life to it, we think that that obviously can increase to, you know, almost 30%, 40%, per se, if you're a small to medium broker, and there'll just ultimately be some consolidation within the industry.

Yeah, and Stephanie, we believe that consolidation happens a couple of different ways. One is certainly shipper selection, right? So shippers wanting a higher-quality broker, one that can provide some liability. stability between them and and and the freight movement but then I think there's also just going to be the the lack of insurability with small and medium-sized brokers right so I believe the insurance industry will also dictate kind of who wins and loses in the in the go-forward environment as well so I think shippers will have an impact I think the insurance companies on who they'll actually insure going forward and then I think you're back to the economics again right I mean you're in an industry where many of the small and medium-sized brokers still do not turn a consistent profit for them a higher insurance cost is going to be a lot more demonstrable to profitability than it would be to a company like ch robinson so we just think

you've got multiple angles of of influence on why we believe the the small and medium-sized brokers will consolidate and then ultimately we'll be a beneficiary of that market share i guess maybe just given this quite frankly could be maybe the biggest change to this industry that we've seen since you deregulation or certainly in many many years how is ch positioned to capitalize on this change in this environment so the consolidation the potential you know pricing mechanisms that come from this um what's the strategy going forward well our strategy is uh you've seen us uh stephanie over the last three years in starting this transformation and uh you know what we said is that we were going to build you know the best model in the industry and i think we're on our way to uh doing that and

And we don't just say that in jest, we invite everyone to just look at our results and what we have built. We've introduced lean AI into an industry that's kind of counters, it's counter-cyclical in this industry to bring in lean manufacturing within an industry. And we've done that along with technology. We feel that that has generated the best model within the industry on a couple different fronts. Our strategy was simple. It was, one, outgrow our end markets, and, two, expand our operating margins, in which, you know, you're really told in this industry you can't do both. You have to do one or the other, and we just don't believe that at Robinson. And I think, you know, looking back, you know, it's been over a little bit over three years, believe it or not, in being in the chair here. But we've had, you know, 13 quarters in a row of truckload outgrowth. if we had 10 quarters in a row of beating eps consensus uh and that's not going to stop i mean we're we're going to continue why because our model of our lean operating model is one that has unleashed our technology it's unleashed our people it allows this company to be a disruptor move at a pace that the industry is not used to and really go to from an output based company to an input based company so we in a sense are we act like a technology company in an industry that's been around a long time and that's where you're seeing some of that disruption and so we are well positioned in pole position to not only have when the market takes off I think we will have an exponential curve not a linear curve and you'll see more of a demonstrable spread between ourselves and the industry and I think we will feel really good about the results we've had but it's a lot more coming because we're in early innings on a lot of that transformation yeah I would just add that we've had the question you know yesterday and today of okay if you're gonna take the demonstrable share you gonna have to add more cost and to support that demonstrable share and the answer is no right I mean we've built processes we've built sustainable processes at CH Robinson that can absorb substantial amounts of volume without

adding incremental cost right we have decoupled head count growth from volume growth at ch robinson right so this the share that we're talking about accumulating to robinson as the industry consolidates right we will be able to absorb that volume with very little incremental cost to the business therefore the operating leverage will be great right so as dave mentioned i don't know that we could be in a better position uh to take advantage of what's what's getting ready to occur with the industry two-part follow-up on about what is the level of incremental volume you can take on within nast before adding incremental cost or head count yeah it's substantial right so just to give you one example um you know one of our agents out of the hundreds that we have in operations um you know we have one agent today that we've said this publicly that today if it's doing 600 000 requests for transactional freight quote and tomorrow the market inflex and that goes to six million requests for transactional freight quotes we don't have to add any incremental personnel to support a tenfold increase in volume and that's one example we have numerous examples of mature agents that are operating many if not most of our backup back office operations at CH Robinson that can absorb multiples of volume increase without adding incremental headcount so we're very confident right we get a question a lot you know how does your model work when when the market rebounds when more volume comes into the system and we answer that with look nobody's more excited than us to prove what this model can do when you get substantial volume into the system we've said this publicly many times we think our operating margins and our operating leverage um you know we're surpassed out of the assets when volume returns to the uh to the system just q2 alone in a very tepid quarter where the market was down four and a half percent our operating leverage as a broker was 96 percent right i don't think anybody two years ago would have thought a broker would have had operating leverage at 96 percent in a market that was down four and a half percent so we're very compelled about what our capability is on absorbing tremendous levels of volume without incremental I think it's important for me and the team at Robinson is that, you know, this audience listening to this, that this is not a temporary change.

This is a structural change. And so this is very sticky. I mean, we've been purposeful about where we apply these changes. And for us, you know, we looked at that order to cash process. We have attacked that order to cash process. we've augmented our people and upskilled our people as we've gone after the small medium business segment we've been very successful at that enhancing our people on the verticals that we that we participate in but that particular you know order to cash process as Damon said that's a structural change and so it doesn't matter if the market stays where it is for longer you know we win in that scenario if the market does an inflection we certainly win in that environment because it's a structural change and that's the important thing to know about robinson today versus robinson yesterday this is this is just a different model maybe on the

incremental volumes and consolidation piece you've also been public in talking about taking on incremental volumes via m a that might be a change in tone from what we heard a year or so ago maybe that's wrong but how would you view your return or as you look to evaluate going after that share organically and via mna yeah so it won't be an either or strategy right i mean you know we'll continue down our path of organic growth organic margin expansion uh organic you know outgrowth and earnings growth none of that would change if we introduced in organic uh to the mix right i think certainly we had to earn our right to do M&A. I think certainly two years ago we didn't have an organization that was mature enough from an operating model perspective to successfully integrate a company. Our technology hadn't matured to the point where we felt comfortable putting another company on that platform. Certainly I'd say the last six months we've gotten very comfortable that now we're stable both from a technology and an operating model perspective and therefore we think there's some very attractive opportunities that can drive real value uh for for ourselves and investors from an inorganic perspective um i think it'll show up in two different forms one we've already demonstrated so in q2 we acquired a company called despair logistics roughly a 75 million dollar acquisition um despair is an industry leader in high value high risk goods right so think advanced safety advanced track and trace advanced security protocols uh that's an area that robinson i would say is is underrepresented in today despair brings that industry-leading capability we put the Robinson scale behind it we think the ROI is going to be fantastic on that acquisition so the strategic tuck-ins that gives us capability that we can immediately scale is an attractive area of M&A for for us going forward and then we've also said we're not going to roll out scaled acquisitions you know either right I mean certainly if you think about what we've done with the lean operating model the lean AI approach we have the best cost-to-serve model in the industry you know we do feel that you know at the right price with the right mix of business that there's competitors that that are at scale that have relatively healthy books of business so think relatively healthy gross margin it's just their cost-to-serve model is sub-optimized right we believe we can take that book of business put that on the the Robinson operating model and ultimately in a couple years time bring that book of business up to 40 percent operating margins like our nas businesses today so we believe you know that type of acquisition can drive tremendous value for for investors as well now we won't make a mistake we're going to be very disciplined um you know as dave said before we're not going to be a statistic as it relates to m a right when we do an m a deal you will know why we did it it will be compelling but i believe you'll see us demonstrate our muscles in both of those vectors over time And, Stephan, you may recall, I mean, when we first started this journey, I mean, so none of this is haphazard, right?

This was, I talked about a diagnosis, talked about, you've been in some of those meetings, right? And then coming out and doing that under, like, the four Ps, right? It was people, product, process, and portfolio. And so, you know, we've systematically built out this strategy and this transformation around that people, product, process, and portfolio. So assembling a leadership team that is really made for this moment, that was part of the And, you know, Damon coming over from GE Aerospace with his pedigree, having a CFO that understands lean, understands transformation at scale. That was really purposeful. Just having Jim Rutlinger come in from Danaher helping me to scale out our lean operating model, put together our playbooks for potential M&A. I mean, all of that was putting together the team that we have today that I think is exceptional that puts the company in a position of optionality on something that we purposely built over the last three years.

I do want to maybe transition to talking a little bit about your operating model and maybe some of your more specific results as it relates to 2Q. So within, for the second quarter, look at my figures here, but it was a 30% year-over-year increase in truckload line haul costs, but 8 GB per load was flat.

So clearly your ability to dynamically manage costs and pricing was very much evident there. what does this mean when the cycle is the cycle continues to turn yeah so i i'd say you know our lean ai approach what gets most of the headlines is the productivity which rightfully so we've generated 60 productivity since the end of 22 and that's a real productivity number no footnotes no asterisks you can find it in our earnings you can find it in our operating margins um but i'd say what hasn't got as much attention is what lean ai has unlocked from a revenue growth perspective and from a revenue management perspective. So specifically to your question, Stephanie, on how did we kind of break the norm and break the physics of a broker in Q2? It is through that revenue management capability. Historically, and we would argue most of the industry still operates like this today, when you had a rise in spot rate cost, typically the approach was to give everybody, every lane, the same cost increase. So spot rates were up 30%. You give a shotgun approach, everybody gets a 30% increase. Chaos ensues across the industry. you know about 50 percent of the price and accepted 50 rejected and it takes you months if not quarters to reprice your book of business with our approach what we call new robinson under lean ai we can actually utilize our hundred trillion data set model that we have that has almost unlimited characteristics for loads and lanes and carriers and customers and pricing dynamics And so we can be very surgical in how we reprice our book. We are surgical by customer, by lane, by region, by different freight dynamics. And so therefore, if a customer has 20 different lanes, we may only have to reprice four of those lanes versus all 20. And so therefore, the ability for us to get the customer over the line and get them to accept our price increase happens at a much faster timeline than what would have happened three or four years ago. So I mentioned the roughly 50% to 60% acceptance in that shotgun approach. Right now, our acceptance rate on our repricing of our book is 93%, right? And our average time to reprice our book through this, call it four-quarter cycle of repricing has been three weeks. So we've gone from a cycle time of repricing our contractual books from months, if not quarters in some cases, to an average time of three weeks. So that cycle time is what allowed us, with that revenue management capability, to essentially reprice that book almost in real time to mitigate the rising spot cost.

And, you know, that shows the strength of our people, too. You know, in this industry, we always talk about this is a people industry. We agree because we think we have some of the best logisticians in the world. You know, our customers, to have that, have to have trust. and and the people who do the work at robinson they have built that trust over you know many years um and to show them that data trust has to ensue when you have that that much of a stickiness when it comes to repricing other books um and so we feel we feel really good about the team and where we are yeah and just the data behind that trust that dave talked about was that 93 percent acceptance rate right so how do you get to 93 percent you give a price increase to a customer they go shopping around pretty quick realize they're not going to get a better price with the same coverage they come back to robinson accept the pricing right now we were right 93 percent of the time because the customers came back and accepted our pricing that's the trust

that that dave is talking about you can only develop that trust if you also have the tools and the discipline and the capability to price that increase right the first time right you got to have the right level of sophistication to be able to stand in front of that customer and say this is the best price you're going to get and if you want to cover your loads i would recommend and you accept that price, you know, that resulted in 93% acceptance, which, you know, we think is a phenomenal result.

Damon, you mentioned your contractual exposure, which I think, you know, as of the second quarter stood at around about 70% of your mix. Yeah. How would you kind of characterize your contractual and mix exposure for where we are in the cycle?

Yeah, I mean, we like the mix we have, right? I mean, certainly, I know there's been some headlines on, you know, kind of chasing spot because that's where the margins are and that's not the case for Robinson right we can make very healthy margins in the contractual side of our book and we can make very healthy margins in the spot side of our book and so we believe that result of having a 70-30 mix which is which has lasted through this last inflection of cost has what's allowed us to optimize market share at the same time of optimizing earnings and just a reminder to the crowd right you know 75 to 80 percent of all freight is contractual right so you cannot live in the spot world forever, right? I mean, you can get a temporary sugar high from the spot market, but it is fleeting, right? It will go away. And if you haven't put your efforts into building, you know, contractual book and reprice that contractual book like Robinson has, ultimately you're going to give back, you know, a lot of market share on the other side of this cost curve. So we feel really good about what we've done. I mean, to us, that 70-30 mix is just math, right? We've won aggressively in spot, but we've also won aggressively in contractual. So you haven't seen us really alter our mix because we've been winning aggressively in both sides of that equation. We've actually set our own internal records, even including COVID, on the file averages we've generated on the spot side of the business. So I'd say we're eating well on the spot side. We're eating incredibly well on the contractual side. And I think the competitive advantage we have contractually is we can take business and make good margins on it that most brokers can't break even. That's why we've been able to win substantial share in this inflection.

We've had good conversations today on that, you know, where some investors have said, well, Dave, why don't you guys just, you know, just go change that mix and go really, really heavy spot. And, you know, our response to that is exactly what Damon just laid out. It's like, you really don't want me to do that. That would not be the best move, you know, for investors. You want a balance mixed on how we're doing it. And ultimately, you know, that pays off in the longer run. So we've been measured, we've been disciplined in how we've approached, and again, I think that that shows up on the bottom line.

So maybe as we think about some of your long-term targets as you balance volume and margin, how should we think about the medium-term margin opportunity for CH as you kind of balance, as you said, having profitable contractual growth but also taking advantage of the spell market too?

Yeah, I would start with Q2. So as you led with, right, Q2 was, I think, a unique quarter where spot rates were up 30%. Our AGP per load was flat. But our operating margins actually exceeded our mid-cycle margins in a market that was down 4.5%. You know, we think an outstanding result that the team demonstrated and the capabilities that's just so different from Robinson versus everybody else in the quarter. And it's important that we've achieved those mid-cycle margins now, right? Those are self-imposed quality of earnings targets that we set out there for ourselves to show our revenue management capability and how we were going to keep a floor on quality of earnings. Now that we've achieved those targets, now we can take some of that incremental margin, that incremental price, invest that back into even more demonstrable outgrowth versus what we've demonstrated for the last 13 consecutive quarters. So, you know, we view getting to those mid-cycle margins in Q2. Now we have another tool in our toolkit that can even supercharge our outgrowth even more. Now, with that said, you know, we've committed to, on an annualized basis, we're going to continue to expand operating margins because we've committed to evergreen productivity. That will facilitate that operating margin expansion. But on a month-to-month basis, quarter-to-quarter basis, I think you can see some oscillation between margin and market share gains as we optimize the best mix for earnings growth.

That negotiation happens every day, and we built our way up. This was, again, something we said we would do. We'd have to build our way up to hitting mid-cycle margins and having that optionality, and we happened to reach that point in Q2.

But arguably, I don't know if we would say 2Q was just in a mid-cycle environment.

No, absolutely not.

No, market was down 4.5%, so we've certainly exceeded our own expectations.

So I think the hint to the question might be, so what do you have, Dave and Damon, is that going to go higher? I mean, I think the answer to that is, yes, it could go higher. But as Damon said, we have that optionality. And that's why we haven't put out new targets or anything like that, because this is what we said we would do. Get to that optionality. Allow us to get that more growth at our option to do that. Because as Damon properly says, you know, freight changes on a Monday to a Thursday. It could be all different dynamics within freight. And you have to have that negotiation every day. But we are at a point where I think we're in pole position because we built the system to be able to give us that optionality and the team can execute that.

Yeah. And Stephanie, to that point, we don't see a scenario where operating margins don't continue to expand. right it's just really do they go to 45 or do they go to 43 and we invest that 200 basis points back into demonstrable growth right i think it's really that optionality that we've kind of reserved to optimize earnings growth is really what we've been what we've been focused on right but there's certainly going to be quarters where margin will expand more than uh more than the average and then there'll be quarters where the market share gains are more than the average and it's exactly what dave said right is the freight that shows up every day is not the same freight that showed up the previous day. And we're very disciplined and selective on what freight we take at C.H. Robbins. And so when there's good freight to be had, we'll increase market share. When there's not good freight to be had, we'll expand our operating margins even more. Really, that's the math going forward.

Stephen, can I just put a point on one thing, though? We're saying all of this. We love our results where we're going. This is not easy, right? I mean, changing this over, changing the culture over you know you go in Eden Prairie and in Minnesota or any of our hubs around you know that's an awesome team I mean everyone loves showing up at Robinson they love they love winning they love improving this has been but but make no mistake you know driving a lean operating model every day takes dedication and you have to do gimbal walks you have to have operating reviews and and you know I take that very serious in leading that you know along with Damon some of the senior team so this is not something that you can just replicate I mean this is this is really difficult uh and then add our technology in there it's just we think several moats uh of advantage that we've built uh over the last three years and we're going to continue to build but it's not something that's easy it's easy to sit here and talk with you you make it easy to do that but the execution of it uh is is something that the teams do every day and and they do it well just one final question for me we didn't touch on it but I do think it's important especially as you talk about investing for growth so can you maybe give us an update on some of your your lean AI opportunities that you have on the global forwarding side yeah I mean the the simplicity about talking about global forwarding is it's a broker business just like NAST right and so the playbook between NAST and global forwarding has a very high

correlation right so it's you know we're optimizing that quote to cash cycle now Albeit, the processes in global forwarding tend to be more complicated and a higher level of complexity. But we have the playbook to execute that play. So I'd say very similar set of process capabilities that we've generated in NAST is what is applicable to global forwarding.

And I would say we may even be more excited about the opportunity in global forwarding because the cycle times are more elongated, the complexity is higher, so therefore the opportunity to drive efficiency and opportunity is higher. but for us it is really running the same playbook that we ran in uh in our nas business using that agentic technology has me really excited if you ask me dave what are you excited about excited about what we will do with our agentic technology applying it first in global forwarding and then bringing it actually back into nast and so there are certain things that were below the line that we can bring above the line now with that enhanced technology so generative ai was very very important to us and and gave us results agentic is going to give us even more i and we think we're going

to do some special things in the industry great well thank you both for your time thank you thank you thank you all right