Good afternoon. My name is David, and I'll be your conference operator today. I want to welcome everyone to CPKC's Third Quarter 2025 Conference Call. The slides for today's call are available at investor.cpkcr.com. I would now like to introduce Chris de Bruyn, Vice President, Capital Markets, to begin the conference call.

Thank you, David. Good afternoon, everyone, and thank you for joining us today. Before we begin, I want to remind you this presentation contains forward-looking information, and actual results may differ materially. The risks, uncertainties and other factors that could influence actual results are described on Slide 2 in the press release and in the MD&A filed with Canadian and U.S. regulators. This presentation also contains non-GAAP measures outlined on Slide 3. With me here today is Keith Creel, our President and Chief Executive Officer; Nadeem Velani, our Executive Vice President and Chief Financial Officer; John Brooks, our Executive Vice President and Chief Marketing Officer; and Mark Redd, our Executive Vice President and Chief Operating Officer. The formal remarks will be followed by Q&A. In the interest of time, we appreciate if you limit your questions to one. It's now my pleasure to introduce our President and CEO, Mr. Keith Creel.

All right. Thanks, Chris, and good afternoon, everyone, for joining us here on the call to discuss our third quarter results. As I always do, I want to start by expressing heartfelt gratitude and respect for the 20,000-strong family of railroaders across these 3 nations who delivered the results that we get the honor of sharing with you today. Speaking of the results, the team delivered strong volume growth in the quarter of 5%. Revenues were up $3.7 billion, up 3%, and our operating ratio was 60.7%, which was a 220 basis points improvement. Earnings per share came in at $1.10, an increase of 11% versus a year ago. Most importantly, we saw a strong performance from a safety perspective with improvements in both our FRA personal injuries and our industry-leading train accident frequencies. Despite what has been consistent macro and trade policy headwinds, the team continues to generate diverse and profitable growth across several areas. We produced a continuing trend of differentiated performance in our automotive franchise with another record quarter, plus strong growth in our bulk franchise, especially in grain and potash. Intermodal growth was also strong, both in domestic and international segments, including an important milestone we achieved in the quarter with the opening of the new Americold facility at our terminal in Kansas City. This facility is the first of several that will be co-located on the CPKC and is a perfect example of our ability to be market makers with our unique industry network. Mark and the team delivered very strong execution on the operating side with improvements across key metrics. The network overall is performing well. We have remarkable operating momentum heading into the end of the year to close out strong, and we remain on track to fully expect to deliver on our guidance of 10% to 14% earnings growth versus a year ago. That said, while there is much focus currently on potential industry consolidation, we remain concentrated on executing this unique growth opportunity that CPKC represents. Regarding UP and NS and the proposed merger, we’ve been very clear about our views. We strongly believe further consolidation is not necessary at this time and is not in the best interest of the industry, the shippers, or the U.S. economy. As we’ve stated before, we will be active participants throughout the regulatory process to ensure that the facts are known and understood about what a merger of this size and scale means. Just to reiterate the obvious, the proposed merger would result in one single line railroad handling about 40% of freight rail traffic in the United States. This proposed merger, despite what has been said, represents overlap in key markets such as Chicago, Memphis, St. Louis, and New Orleans. This is not a simple end-to-end merger. The merger of this magnitude introduces unprecedented risk by heavily concentrating much decision-making for our national rail network, with undeniable implications on the entire supply chain. That said, while this is certainly driving focus, we will remain concentrated, even if this consolidation happens, on maintaining our industry-leading position to continue delivering industry-leading results. A direct threat from the Transcon merger to CPKC is minimal, as this is a proposed East-West merger while our U.S. network is primarily North-South. By no means does the merger impair or change our unique growth prospects that our 3-country network has created for us over the years to come. I am confident that for the merger to meet the regulatory standards, the conditions will have to be meaningful. So while much is still to be determined, our story remains unchanged. We have a unique network, a proven team, and a differentiated growth opportunity in front of us that will set us apart in growth and execution for years to come. We’re well-positioned to finish the year strong and produce another year of double-digit earnings growth. This network, this team, this opportunity is unique, and we’re going to continue to deliver value for all stakeholders. With that said, I’m going to hand it over to Mark to speak to the operation. John will bring some color on the markets, and Nadeem will cover the numbers, and then we’ll open it up for questions.

Okay. Thanks, Keith. Good afternoon. I’d like to start by thanking our employees for their dedication and hard work in producing these results. The strong operating performance is a testament to the team’s effort and execution in the third quarter. In the third quarter results, we saw improvements to several key operating metrics. Terminal dwell improved by 2%, velocity improved by 1%, and both train length and train weight improved by 2%. Following the technology cutover that we executed in the second quarter, we are now leveraging the integrated Canadian and U.S. operating systems to drive further efficiencies and operating discipline. In the quarter, we saw the CP legacy network operate at record productivity and car velocity levels, while the legacy KCS network achieved its highest ever throughput levels. We are carrying this momentum into the fourth quarter with solid improvements to key operating metrics including velocity, dwell, car miles per car day, and on-time performance. The strong network performance continues to provide John and his team a product they can sell into. Our 100 Series Transcontinental Intermodal trains in Canada are delivering consistent performance along with low dock dwell at Centerm at Vancouver South Shore. This is also supporting growth within Gemini. Velocity across the bulk network is mid-single digits, driving efficient service for the strong grain harvest in Canada and the U.S. As we continue to drive efficiencies across the network, we expect to further improve our industry-leading PSR service model, delivering efficient growth and strong customer service. Now turning to safety. While we strive for perfection, safety is a continuous journey. Despite a challenging drama that occurred in the quarter, I’m encouraged that we delivered another quarter with year-over-year improvements in safety. Personal injuries landed at 0.95, which is a 3% improvement. Train accident frequency was 1.15, down 20% for the quarter. Moving to our planning. As we move into the end of the quarter, our resources are well-aligned with our growth outlook. We have now received 91 of the 100 Tier 4 locomotives scheduled for delivery this year. As we deploy these locomotives primarily on our 100 Series Transcontinental Intermodal service, we’re delivering about a 30% reduction in service interruptions compared to last year. As we look into the future, we expect to see an additional 70+ locomotives in 2026 to further support an industry-leading growth outlook, improving the efficiency and reliability of this fleet. In closing, the network is performing well. We have the right resources to handle the strong grain harvest in Canada and the U.S. Investments in capital, capacity, safety, and locomotives are driving strong network performance, and we are well-positioned to execute strongly this quarter. Now, I’ll pass it over to John.

All right. Thank you, Mark, and good afternoon, everyone. I’m pleased with our third quarter performance as this franchise is resilient, and our team is producing differentiated growth despite a challenging macro economy. We are laser-focused on the things we can control. Our operations, as Mark said, are delivering strong service that we can sell into, and we are pricing to the value of our capacity and service. Now looking at our third quarter results, we delivered freight revenue growth of 4% on a 5% increase in RTMs, both a revenue and RTM all-time Q3 record. Cents per RTM was down 1%. Our pricing remains strong as the team continues to deliver renewal pricing above our long-term outlook of 3% to 4%. Pricing was offset by mix as we delivered strong growth in bulk and International Intermodal while continuing to leverage our full network and grow our longer length of haul traffic, all of which contributed to lower cents per RTM. Taking a closer look at our third quarter revenue performance, I’ll speak to the FX adjusted results, starting with bulk. Grain revenues were up 4% on 6% volume growth. U.S. grain was strong with volumes up 13% over the prior year. We continue to see strong growth in Mexico and the U.S. South as our network unlocks new opportunities and we expand our share into these markets. Looking to the end of the year, the U.S. corn and soybean harvest is going strong. While our P&W export program is impacted by the tariffs on soybeans, our grain team is working with our customers across Canada, the U.S., and Mexico to identify alternative markets and incremental opportunities to backfill a portion of this market shortfall. Canadian grain volumes were down 2%, driven by lower carryout stocks from the 2024-'25 harvest, along with lower demand for canola exports. Our outlook, though, is positive for this new crop, and we expect this new crop to be in the range of 78 million to 80 million metric tons, ahead of the 5-year average. We expect a strong close to the year for our grain franchise. Potash revenues and volumes were up 15%. The strong performance was driven by positive demand fundamentals and strong network performance that supported efficient potash export cycles. While Canpotex is fully committed to the end of the year, comparisons are more challenging, and we expect growth to moderate as we move through Q4. To finish out the bulk, we closed our third quarter with coal revenue up 3% on 2% volume growth. Growth in Canadian met coal was driven by improved production at our mines and continued inventory drawdowns. This was partially offset by our U.S. coal franchise, which was affected by a facility outage that occurred during the quarter. Moving on to merchandise, Energy, Chemicals & Plastics revenue and volume were down 2%. The decline was driven by softer base demand, lower crude, and lower refined fuel volumes due to customs border challenges going into Mexico. These headwinds were partially offset by new headwinds and increased volumes of LPGs. With LPG volumes starting to ramp up and refined fuel shipments rebounding in Mexico, we expect ECP to improve as we exit the year. In Forest Products, revenues and volumes were down 3% and 1%, respectively. Volumes in this space continue to be impacted by macro softness within our base demand. However, our team continues to outperform the industry by offsetting some of the broader macro impacts to this business with self-help initiatives and extended length of haul. Metals, Minerals and Consumer Products revenues and volumes were up 2%. The growth was driven by frac sand volumes to the Bakken, new business wins in the aggregate space, and an increase in both U.S. domestic steel shipments and trade between Canada and Mexico. These efforts helped to offset the impact of tariffs on cross-border steel. Looking ahead, we are encouraged by industrial development projects that are coming online, along with further growth opportunities from our land bridge shipments. Moving to the automotive area, as Keith said, revenue was up 2% with 9% volume growth, both are records. I’m pleased with the performance and resilience of our auto franchise despite the uncertainty from evolving trade policy. This continues to be an area of unique growth for CPKC driven by our advantaged footprint serving both production plants and auto compounds across North America. Despite some recent chip and aluminum supply challenges, we are well on our way to producing another record year. Closing with Intermodal, revenue was up 7% on 11% volume growth. We delivered strong growth from our domestic Intermodal franchise with volumes up 13%. We continue to have a strong line of sight to domestic Intermodal growth from multiple areas, including our business growth with Schneider, new auto parts move volumes out of the Americold cold storage warehouse co-located with us in Kansas City, and our service with CSX connecting shippers in Mexico, Texas, and the U.S. Southeast. Moving to International Intermodal, volumes were up 10% on continued growth from Gemini through our ports at Vancouver, St. John, and Lazaro. While we have seen pull forward volumes in a muted peak season, we expect our strong service product and diverse port access to continue to drive opportunities for us internationally. In closing, while we are certainly not immune to the many challenges in the freight environment, we continue to drive differentiated growth with our unique and resilient North American franchise. We are delivering mid-single-digit volume while pricing to the value of our capacity and our service. Looking forward, we continue to be well-positioned to outperform the industry and the macro on the strength of this franchise, paired with our unique synergies and self-help. With that, I'll pass it to Nadeem.

All right. Thanks, John, and good afternoon. I'll be referring to our third quarter results on Slide 12. To start, CPKC's reported operating ratio was 63.5%, and the core adjusted operating ratio came in at 60.7%, a 220 basis point improvement over the prior year. Diluted earnings per share was $1.01 and core adjusted diluted earnings per share was $1.10, up 11% versus last year. Taking a closer look at our expenses on Slide 13, I'll speak to the year-over-year variances on an FX-adjusted basis. Comp and benefits expense was $619 million or $615 million adjusted for acquisition costs. The year-over-year decline was driven by lower stock-based compensation and efficiency gains from workforce optimization and other productivity actions, including improved train weights along with lower dead heading and held away time. The decline was partially offset by inflation and variable increases from higher GTMs. To close the year, we expect our average headcount to continue to be slightly lower year-over-year, driving strong labor productivity gains. Fuel expense was $415 million, down 2% year-over-year. The decline was driven primarily by the elimination of the Canadian federal carbon tax on April 1, partially offset by a variable increase from higher GTMs. Overall, changes in fuel prices were a $0.02 headwind to EPS in the quarter. Materials expense was $114 million, up 15% year-over-year. The increase continues to be driven by the long-term parts agreement that was put in place in the fourth quarter of 2024. Higher materials expense had a favorable offset within PS&O for net savings in the quarter. The increase in materials expense was partially offset by reduced locomotive maintenance spend from improved fleet performance. Equipment rents expense was $109 million. Increased car hire payments along with inflation impacts from growth in automotive volumes drove the increase. Depreciation and amortization expense was up 6%, resulting from a larger asset base. Purchase services and other expenses were $565 million or $555 million adjusted for acquisition costs and purchase accounting. The decline was driven by lower casualty costs, savings from the long-term parts agreement as well as other productivity and in-sourcing initiatives. Overall, we delivered solid financial results despite a $39 million sequential increase in casualty expense with a $0.03 impact on earnings growth. Looking ahead, Mark and his team have our network running well and the volume outlook is solid with a strong harvest in both Canada and the U.S. We continue to generate strong labor productivity and maintain line of sight to solid margin improvement in the fourth quarter. Moving below the line on Slide 14. Other components of net periodic benefit recovery was $107 million, reflecting the effect of favorable pension plan asset returns in 2024. Net interest expense was $222 million or $216 million, excluding the impact of purchase accounting. The increase was driven by interest incurred on new debt issued in Q1 and Q2 of this year. Income tax expense was $296 million or $325 million adjusted for significant items and purchase accounting. We continue to expect CPKC's core adjusted effective tax rate to be approximately 24.5% in Q4 and for the full year. Turning to Slide 15 and cash flow. Year-to-date cash provided by operating activities increased 6% to $3.8 billion, while year-to-date cash used in financing activities was up 45%, driven primarily by the share repurchase program. From a CapEx perspective, we invested $860 million in the quarter and remain on track to invest approximately $2.9 billion in 2025, in line with the outlook we provided in January. Focusing on our share repurchase program, we have continued to take advantage of the volatility in the market to reward shareholders with disciplined and opportunistic returns. We see strong value in our share price at current levels. As of the end of the third quarter, we've repurchased 34 million shares or approximately 91% of the program we announced in March. As we look towards the end of the year, our network is running well and is prime to serve strong harvest in Canada and the U.S. John and his team are delivering mid-single-digit volume growth and strong pricing in a challenging macroeconomic environment. We are controlling our costs, improving the resiliency of our business, and optimizing the power of our North American network. We remain well-positioned to meet our guidance and lead the industry with another year of double-digit earnings growth. With that, I'll turn it back over to Keith to wrap things up.

All right. Thank you, gentlemen. Why don’t we open it up for questions, operator?

We'll take our first question from Fadi Chamoun with BMO Capital Markets.

So a question on the M&A topic, if I may. There's been a lot of conversations out there that if this UP and NS merger ultimately happens, it's going to trigger potentially the end game, which effectively ends up being two major North American railroads. From your perspective, does this have to happen? And does that consist of moving into that scenario in multiple phases or is there a scenario where one merger happens and ultimately, the rest of the industry can continue to operate at the status quo?

Yes, Fadi, that's a really good question. Obviously, it’s going to depend on the details. We've not yet had the benefit of reading UP/NS’ merger application. I would say this: I know there is an echo chamber. I read it, I hear it. I sense it. I know there are a lot of investors that perhaps want this to be a layup. This is not a layup, number one. It’s not a foregone conclusion that it's going to get approved. What we do know is the hurdle is going to be high. These rules have never been tested. There’s a public interest test, enhancing competition, and a review of downstream impacts that have to be met. I’m certain of that. I can say that more so than anybody else in this industry because I’ve walked this walk and experienced this journey in getting our deal approved. I would make a case to serve and exceed all those tests. The question is how can it be approved without significant conditions to protect balance in the industry, shippers, and the public? I would agree, this STB is smart. They have experience with applicants' behavior historically in previous mergers and others in the U.S. rail industry just 4 years ago. All those facts and stakeholders' views, I believe this STB will take seriously. If approved, there must be significant conditions or if they don’t meet the standard, I believe they’ll reject it.

We'll take our next question from Chris Wetherbee with Wells Fargo.

Appreciate the comments, Keith. I guess maybe just piggybacking on that. As you think about the landscape for now, and we don’t have the application yet and we don’t know how the STB is going to respond to that, what’s the strategy that you can employ? Are there opportunities for you in the near term to leverage other relationships in the space? How do you think about the landscape right now, at least over the next several quarters?

Yes, the answer is absolutely yes. We’ve been very engaged to create alliances and to exhaust all avenues to achieve merger-like benefits without the risks that consolidation represents. Yes, there are opportunities that we’re exploring with the Western competitor to UP and with the Eastern competitor to NS. We are connecting the dots to create markets. The strategic piece of our railroad that’s becoming critically important is the Meridian Speedway. That Meridian Speedway has been enhanced with the connection at Meridian with the CSX, unlocking a second mainline alternative. This creates a market opportunity to bridge traffic between Dallas and the Southeast U.S. markets, which is a pretty powerful model and competitive with trucks. I think it’s a unique differentiator that can’t be replicated in an UP/NS combination, allowing us to win market share with our partners in the West and our partners in the East.

We'll take our next question from Brian Ossenbeck with JPMorgan.

Maybe just to stick on that topic, Keith. Can you give us a little perspective in terms of the headlines we've been seeing around the Meridian Speedway and the service disagreements? I would appreciate your perspective there. And just what's the possibility to get things up when you get that track speed up? Is it 2026 when things start to unlock at the beginning of the year? Or will it be more of a gradual ramp-up?

The actual infrastructure will be done in January. Track speed will be established at 49 miles per hour. That gives us about 100 miles' transit time from Montgomery to Meridian combined with a 6-hour run to Atlanta on the CSX, yielding an 11-hour product to Meridian. Regarding the dispute and the agreement we have with NS, we have prepared our response which will lay out real details. This is a story of two partners that don’t like our decision to run the railway the way it was designed. The railway was designed to run 8,500-foot trains, but our predecessors allowed the NS to run long trains, which negatively impacted our customers. I have a responsibility to protect my customers, and we will continue to operate within the agreement we have set. I believe that running long trains on a network not designed for it leads to operational failures.

We'll take our next question from Jonathan Chappell with Evercore ISI.

Keith, I'm going to let you take a little break here. Nadeem and John, we've seen the quarter-to-date volumes trending not at mid-single digits. I think there's an anticipation just given the way that October has been that getting to that mid-single-digit full year and that double-digit earnings growth might be off the table. Can you help us forge the path over the next 8 to 9 weeks on how you get that volume up to the mid-single digits and how you get to that sub-57% operating ratio? What do you have line of sight on to make that attainable with just 8 weeks to go?

Yes, good question. If you look at our year-over-year results, we’re aware of the tough compares, so no surprises there. However, we have easy comparisons in November due to labor disruptions last year impacting our business. We think we can deliver mid-single-digit RTMs in November and December. There’s a chip shortage on the auto side that we are monitoring, but there are enough offsets on the bulk side to support our top-line view. From a cost point of view, we expect the benefits we witnessed last Q4 to be replicated this year. We have strong visibility to achieving at least 10% EPS growth, so we’re not backing off of that with 8 or 9 weeks left to go.

We'll take our next question from Steven Hansen with Raymond James.

Quick one. I just wanted to dovetail back on the grain opportunity. It's sizable harvest, but do you feel like the customers have given you a sense for upside opportunity or how that's going to track in terms of timing? Just mindful of pricing on the farm and whether or not farmers are going to be eager to move it through the fourth quarter or deferring decisions into the first half?

Yes, it’s a good question. We’re watching closely. There’s no doubt it feels like grain companies are having to pull grain into the elevator a little more versus the typical push seen at harvest. I’m pleased with our cycles and the number of sets in action. Whatever softness we’ve felt in the North, we’ve been able to offset with opportunities from our Southern franchise. It’s a teamwork effort between Canada and the U.S., and we're going to push hard right to the end.

We'll take our next question from Scott Group with Wolfe Research.

So Nadeem, Cents per RTM has been down slightly the last couple of quarters. Can you discuss underlying pricing trends and when you think this metric turns positive? And then Keith, just bigger picture, when I think back to the Analyst Day, you guys talked about a mid-teens earnings algorithm but it has been closer to 10%. Do you still think mid-teens is the right algorithm? How do you view what we need to unlock that? Is it just macro, or a combination of pricing?

All right, thanks, Scott. Certainly, the federal carbon tax removal in April impacted cents per RTM but it flows through as well. The key is we believe in Q4 we will see positive cents per RTM. Pricing has remained strong above inflation, typically closer to 4% on a same-store basis. We expect this to continue into 2026. Regarding double-digit versus mid-teens, the macro has been challenging, and we see potential for improvement with favorable safety numbers and a better macro environment. Our share repurchase program will also start yielding benefits in 2026, aiding our growth trajectory.

We'll take our next question from Konark Gupta with Scotiabank.

Looking into Q4, you have easier comps in November and December, but any insights on the potash and intermodal traffic so far in October? They seem pretty low. You flagged comp issues in potash but are there any other underlying issues you see?

Yes, the potash situation is driven by comparisons from last year—October was strong due to surge testing and other activities we did. However, I expect Canpotex to remain sold out at year-end, and we’ll push that hard. On Intermodal, I have a positive outlook on our Domestic Intermodal; we have strong visibility for growth in our reefer business and strong cycles in Canada as well.

We'll take our next question from Walter Spracklin with RBC Capital Markets.

I'd like to come back to you, John, on volumes. Have you seen any customers making decisions that favor your line currently or could you leverage that in contract negotiations coming up and see some potential benefits moving into 2026?

There are certainly discussions occurring. We’re actively exploring opportunities with the goal of leveraging strengths from competing railroads. We’re also generating revenues by moving freight on our Meridian Speedway route. Some customers are keen for optionality, and our ability to provide that is helping us grow.

From the operational side, Mike Cory and the CSX team have been excited about our connection to make the whole network run smoothly and effectively.

We'll take our next question from Ken Hoexter with Bank of America.

Mark, we've heard about the KCS network versus the CP network. What’s left to get KCS up to CP operating levels? Also, Nadeem, any comments on cost synergies achieved or what you're trending towards?

I think the STB will ensure a thorough review. They’ll consider the public interest test, and they’re committed to getting this right. If they approve the merger, conditions will certainly be required to preserve competitive balance. If it’s not approved, they’ll reject it.

From the operating side, we’re focusing on enhancing efficiencies and leveraging our existing agreements. We’re actively engaging in discussions regarding crew districts and other matters to drive better performance. This can unveil several tens of millions of dollars in savings.

We have already achieved around $165 million in synergies this year. Our synergies include operational improvements, joint sourcing contracts, and optimizing our G&A costs. We expect further synergies from our CapEx investments moving forward.

We'll take our next question from Tom Wadewitz with UBS.

Keith, can you talk more about the different views on the UP/NS deal? What are your specific concerns about overlaps and how can we frame those risks?

Sheer size and scale create market power, where the risk lies in how that market power might affect captive traffic and pricing. It’s not about competition; it's the concern about anticompetitive behavior from a larger railroad that holds significant market power. I argue that reducing options doesn’t enhance competition. The onus must be on the applicants to prove otherwise, and I’ll argue that some previous behaviors call this into question. If conditions are not set appropriately, we have to protect the freight shippers effectively. We need conditions in place to ensure competitive balance is maintained. That adherence to history is crucial, both for our industry and for effective freight movement in the U.S.

We'll take our next question from Brandon Oglenski with Barclays.

As you look into next year, can you talk about business wins that support your longer-term growth profile, and how do you see volumes shaping up next year?

Looking ahead, we assume we’ll outperform our peers and the macro, as we expect a strong agriculture output and synergies from industrial development. Our growth will come from our previously mentioned pipelines, and I foresee an increase in our synergies by a further $300 million. The quality of our service enables us to capture new business and the development pipeline looks promising.

We'll take our next question from Ravi Shanker with Morgan Stanley.

On pricing, can you comment on whether there's an opportunity to take up the long-term target on pricing? Or are you seeing performance adjustments?

I view pricing discipline as critical. Our pricing is certainly above 3% to 4% currently. Our goal will be to maintain that discipline, and inflation does influence pricing outcomes, but we expect pricing to stay strong in the coming periods. Even if the macro conditions change, we will continue to engage our customers based on the value we bring through our service efficiencies.

We'll take our last question from Ariel Rosa with Citigroup.

Keith, you mentioned that some shippers might be reluctant to speak up. I'm curious about the conversations you’re having and where concerns lie regarding the UP/NS proposal. Do you think being a Canadian rail might diminish your voice during this merger process?

As a North American railway, 40% of our business is in the U.S. and a significant portion of our workforce resides there. I believe our contribution is meaningful, and I can’t predict if anyone will dismiss it. However, customers are concerned about retaliation for expressing views publicly on potential consolidation. History will show their hesitance to speak up due to fears of intimidation, but I believe their narratives and concerns will be brought to the table in various forms, both publicly and privately, through associations and directly in customer discussions. Let me wrap up with where I started. Thank you for your time this afternoon. It’s been a thoughtful discussion. Regardless of how these changes roll out, this company will focus on safely and efficiently delivering for our customers and on the growth opportunities that this unique network offers. We look forward to executing a strong fourth quarter, and we look forward to sharing results with you in the first quarter. Everyone, have a blessed holiday. Until then, we'll talk soon. Thank you.

This concludes today's conference call. You may now disconnect.