Werner Enterprises Inc Deutsche Bank’s Chicago Industrials Summit

Yeah, sure. There's a lot there, but I'll certainly take a swing at it. Where we're at, obviously, is we are in the turn now versus the pending turn. I think it's been a supply-driven turn, which is different than what we've seen historically. Usually, when these kind of tightening events happen, it's driven by upticks in demand. This one has been supply-led with a lot of the attrition that's been taking place. I used early innings because I think there's a multifaceted level of enforcement going on. I think most of the focus has been on the non-domiciled CDL, and people kind of have a belief that, well, these will fade out over this sort of expiration timeline that's been widely publicized over the next, call it, now we're down to probably more like a year to 15 months.

But the reality is there's a lot more going on than that. When I say early innings is because I'm speaking to everything from what we're seeing with start at the beginning of the funnel, right? The schools and school networks around the country where they're actually going in and validating that these schools are in fact training drivers versus just issuing training certificates. They've closed out. They removed about 10,000 schools from the federal registry already. They've closed down approaching 850, 900 schools at this point. As that school closure rate continues, that tightens supply even further, but it should be tightened if you're not actually training these drivers. By contrast, for instance, we've had nine of our schools audited and came out of those audits with very flying colors, like almost zero defect across the nine schools.