Operator:
Good afternoon, ladies and gentlemen, and welcome to the C.H. Robinson Fourth Quarter 2025 Conference Call. At this time, all participants are in a listen-only mode. Following the company's prepared remarks, we will open the line for a live question and answer session. Please press 0. As a reminder, this conference is being recorded. Wednesday, 01/28/2026. I would now like to turn the conference over to Charles Ives, Senior Director of Investor Relations. Thank you, operator, and good afternoon, everyone.

Charles Ives:
On the call with me today is David Bozeman, our President and Chief Executive Officer, Michael Castagnetto, our President of North American Surface Transportation, Arun Rajan, our Chief Strategy and Innovation Officer, and Damon Lee, our Chief Financial Officer. I'd like to remind you that our remarks today contain forward-looking statements. Slide two in today's presentation lists factors that could cause our actual results to differ from management's expectations. Our earnings presentation slides are supplemental to our earnings release and can be found in the Investors section of our website at investor.chrobinson.com. Today's remarks also contain non-GAAP measures. Reconciliations of those measures to GAAP measures are included in the presentation. With that, I'll turn the call over to David Bozeman.

David Bozeman:
Thank you, Charles. Good afternoon, everyone. Thank you for joining us today. Over the past year, we've consistently said that we're not immune to macroeconomic conditions, but that we are managing them better than we have in the past. The fourth quarter certainly provided a challenging macro environment, with weak global freight demand, rising spot costs in trucking, and falling ocean rates all providing headwinds to our business. The cash freight shipment index declined year over year for the thirteenth consecutive quarter and was the lowest Q4 reading since the financial crisis of 2009. Spot market cost for truckload capacity spiked during the last five weeks of the quarter due to a seasonal decline in capacity, three winter storms, and incremental pressure from the cumulative enforcement of various commercial driver regulations. International freight continues to be impacted by global trade policies, which caused previous front-loading, a dislocation of shipments, and a more pronounced decline in demand after the Q3 peak season. Combined with excess vessel capacity, this caused ocean rates to decline substantially versus a year ago, consistent with the expectations that we laid out at our investor day in December 2024. And we are not impervious to these volume and rate dynamics. However, we've consistently focused on controlling what we can control, which is providing differentiated service and solutions to our customers and carriers, executing with discipline, and continuously improving our business model and our cost to serve. This focus and the strength of our lean AI, which is the combination of our lean operating model, industry-leading technology, and the best logisticians, has enabled us to consistently outperform over the last two years. And we did it again in Q4. In NAST, we grew our total volume by 1% and our truckload volume by approximately 3% on a year-over-year basis, compared to a 7.6% year-over-year decline in the CAS freight shipment index. This reflects another quarter of demonstrable market share growth. This was accomplished while mitigating some of the market pressure on gross profits through strong revenue management practices and by improving our cost of hire advantage. These disciplines enabled us to improve our NAST AGP margin by 20 basis points on a year-over-year basis, despite the pressure on spot market costs from a decline in available capacity. In Global Forwarding, we expanded gross margins by 120 basis points year over year through improved revenue management discipline. We also continue to evolve our Global Forwarding business to a more cohesive, centralized model with standardized and lean AI-enabled processes. We continue to improve our productivity and cost to serve across the enterprise, resulting in a double-digit productivity increase in NAST for the full year and a high single-digit productivity increase in Global Forwarding. As we continue to purposely engineer our work to drive higher automation, a lower cost to serve, and improve customer outcomes, all of this is aimed at building the best model for demonstrable outgrowth while continuing to have industry-leading operating margins. I'm proud of our employees for navigating difficult market conditions with discipline and ingenuity and for embracing the culture shift that has fundamentally changed this company. Changing the culture of a company is hard work. We've shifted to a culture of solving problems with speed, and the implementation of a lean operating model has contributed greatly to this change. We certainly encountered challenges along the way, but how we solve them now is different, and it's not easy for others to replicate. With the discipline and tools that we've armed our people with, we solve challenges with a lean mindset, with experimentation, and with urgency. As we've said consistently over the past year, we are not waiting for a market recovery to improve our financial results, and the strategies that our team is executing are built to be effective in any market environment. With our strong balance sheet and cash flow generation, we are comfortable operating in an environment that is lower for longer. We're also highly confident in our ability to continue executing on all of our strategic initiatives, including further increasing our operating leverage when freight demand eventually inflects. Our model with an industry-leading cost to serve is highly scalable, and we expect it will improve further as we continue to harness the evolving power of AI to drive automation across the quote-to-cash life cycle of a load. While we made considerable progress, we're still in the early innings of our lean AI journey. Lean AI is our unique disciplined approach to AI innovation that is transforming supply chains. It combines the principles of our Robinson operating model rooted in lean methodology with the power of custom-built AI and the expertise of our people to maximize value, minimize waste, and drive better outcomes for customers and carriers. As a result, we are building an ever-expanding fleet of AI agents that continues to not only improve our productivity and operational performance by automating manual tasks that free up our industry-leading talent to focus on more strategic, higher-value work, but they're also directly enhancing the service and value we deliver to our customers and contributing to our market share gains. In other words, we are using our trusted domain expertise to build technology that delivers on our customer promise and drives higher value for all of our stakeholders. We are the trusted provider that customers look to for cutting-edge innovation, differentiated solutions, and best-in-class service. And while we're pleased with the results we've delivered in the last two years, we are still in the early stages of our transformation. Significant runway exists as we continue to deepen the lean mindset and scale custom-built AI agents across the enterprise. I'll turn it over to Michael now to provide more details on our NAST results.

Michael Castagnetto:
Thanks, David, and good afternoon, everyone. In Q4, the macro conditions that David mentioned provided another opportunity for us to test our lean disciplines, our revenue management practices, and our ability to widen our cost of capacity advantage versus the market. While we continue to identify opportunities for further improvement, the expertise and discipline of our team and the resilience of the Robinson operating model once again demonstrated what we can do in a difficult freight environment. For the eleventh consecutive quarter, the team delivered market share growth in Q4. With the freight recession exceeding three years, the CAS freight shipment index declined on a year-over-year basis for the thirteenth consecutive quarter in Q4 and was down 7.6%. In contrast, our combined truckload and LTL volume delivered positive growth of approximately 1% year over year. Truckload volume rose approximately 3% year over year, and LTL volume increased approximately one-half a percent year over year, reflecting market share gains in both modes. One of the keys to our consistent market share gains has been volume growth in some key verticals that we've specifically targeted. During Q4, we delivered double-digit year-over-year volume growth in both the retail and automotive verticals. These results reflect the execution of our strategic focus and our expanded capabilities that directly support these segments and evolving customer needs, such as our leading drop trailer and cross-border capabilities. Over the course of 2025, we augmented our value-added solutions in these areas, including the introduction of our drop trailer asset management system and cross-border freight consolidation while expanding our warehousing and cross-docking space at the US-Mexico border. These solutions are designed to address real customer pain points while simplifying complexity, reducing costs, and delivering consistent high-quality service across the supply chain. In our greater than $3 billion LTL business, where we move more LTL freight than any other 3PL in North America, we delivered year-over-year volume growth for the eighth consecutive quarter, reflecting consistent outperformance versus the broader LTL market. Through our deep, long-standing relationships with LTL carriers and our proven ability to manage service variability among the carriers to deliver a consistently high level of service to our customers, they continue to turn to us to simplify the complexities of LTL freight and to reduce their costs. One example of how we're applying our lean AI to simplify complexity is with AI agents that we launched in 2025 to address a widespread shipper pain point of missed LTL pickups. These new AI agents are tracking down missed pickups and using advanced reasoning to determine how to keep freight moving. They're also collecting and analyzing previously unavailable data that LTL carriers are now using to improve their technology, scheduling, and operations. As a result, shippers' freight moves up to a day faster, and return trips to pick up missed freight have been reduced by 42%. Additionally, 95% of our checks on missed LTL pickups are now automated, saving over 350 hours of outsourced manual work a day. This is another example of Robinson only deploying AI agents that can deliver tangible business results. As Arun and Damon like to say, there's no hobby AI at Robinson. As I mentioned earlier, Q4 also provided another opportunity to test our revenue management practices and our ability to widen our cost of capacity advantage versus the market. That opportunity arose due to a five-week stretch of capacity disruptions caused by a seasonal decline in capacity, three consecutive winter storms, and incremental pressure from the cumulative enforcement of various commercial driver regulations. As a result, the dry van load-to-truck ratio increased to approximately 10 to 1 versus 6 to 1 during the comparable period in 2024, and spot market costs for truckload capacity spiked. Our team of freight experts once again responded to the spot rate inflection, supported by our lean operating model disciplines and our cost and price discovery tools, to widen our cost of hire advantage during the quarter and to capture higher margin loads in the spot market to somewhat offset the margin pressure on our contractual portfolio. Despite the tougher conditions and the higher mix of contractual volume, these efforts enabled us to hold our truckload AGP per mile flat year over year and to deliver improvement in our NAST gross margin. Our ability to deliver these results continues to give us confidence in our ability to handle a sustained spot rate inflection better than we have in the past, resulting in a gross margin squeeze that we expect to be shorter in duration and shallower in impact than historically. Our team continues to actively assess the market and optimize for the most effective combination of volume and margin to enhance earnings performance. With strategic agility built into our model, we have the flexibility to pivot toward volume or margin as market dynamics evolve, making disciplined, data-driven adjustments in real-time, all while staying focused on long-term value creation. We're also making smarter use of our proprietary digital capabilities and getting actionable data and AI-powered tools into the hands of our freight experts faster, enabling them to make better decisions and to capture the optimal freight for us. These digital capabilities also enabled us to continue delivering double-digit productivity increases in NAST in 2025. Since 2022, we have delivered a more than 40% increase in shipments per person per day, and this is measured across the entirety of our NAST organization. This enhanced efficiency is not only lowering our industry-leading cost to serve, but it is also elevating the customer experience by enabling faster, more reliable service. And while shifts in market dynamics and regulatory changes continue to occur, we remain confident in the strength and reliability of our carrier network. Our diversified carrier base and thorough vetting give us a high degree of comfort in our ability to navigate these changes without disruption and to maintain a high level of service quality for our customers. Looking ahead to Q1, it is typically a seasonally weaker quarter compared to Q4, and then the market usually shows seasonal growth in Q2 and Q3. For Q1, the ten-year average of the CAS freight shipment index reflects a 2.3% sequential volume decline from Q4. The spot rate trend in Q1 is historically a near mirror image of Q4, with rates ramping up in Q4 and then trending back down to preholiday levels by the end of Q1 or early Q2 as capacity returns after the holidays and demand enters a softer period. The timing, frequency, and severity of winter storms during Q1 usually impact the pace and magnitudes of those trends. There is less elasticity in the supply of capacity, and market events now cause more dramatic changes in spot rates. And the cost pressures that we experienced in December have carried into January. As David said in his opening comments, we'll remain focused on what we can control regardless of market conditions, and we will continue to deliver industry-leading solutions and flexibility that only a scaled broker can provide to customers and carriers. Our people and their unmatched expertise enable us to deliver exceptional service and greater value, and they are relentlessly driving improved results. I'm proud of our 2025 results and proud of our team that continues to learn and improve. With much more runway for improvement in front of us, we're still in the early innings of our transformation journey. With that, I'll turn it over to Arun to provide an update on the innovation we're delivering to strengthen our customer and carrier experience and improve our gross margin and operating leverage.

Arun Rajan:
Thanks, Michael, and good afternoon, everyone. As David and Michael mentioned, we continue to scale several innovations to better serve our customers and widen our competitive moat, including our fleet of secure proprietary custom-built AI agents across the extensive processes within our quote-to-cash life cycle of an order. One component of C.H. Robinson's culture that enables us to widen our moat is our builder culture, which has existed at Robinson for many years and resulted in the company's proprietary transportation management system and extensive application stack that sits on top of it. This builder culture has honed the company's skills around the fundamentals of engineering, data science, infrastructure, security, and privacy, and we have an in-house team of more than 450 engineers and data scientists that effectively and efficiently build fit-for-purpose AI agents. Builder culture is in contrast to a buy-and-integrate culture where companies end up cobbling software and systems together. Companies with a strong builder culture, such as the tech companies that I came from, Travelocity, Zappos, and Amazon, had a strategy of owning the technology and building it. And this is our strategy as well. Once we've invested a fixed cost to build software or an AI agent, the marginal cost per transaction is very low, and now a highly scalable model has been created. As we scale our AI solutions, the primary incremental cost is just the cost of AI tokens versus paying by the transaction to a software-as-a-service provider, and the cost per token has declined significantly due to the tremendous competition in this space. So owning the technology and engineering it in such a way that we have a scalable model is a critical component to widening our moat. Our build model is also important from a speed of implementation perspective. If a company is using multiple third-party providers to create and implement AI agents, they are beholden to that external provider who doesn't know the business as well. With our builder culture, we're leveraging the vast domain expertise of our in-house team that has engineered our technology landscape and has a deep understanding of our industry. We own and control the code, and we own the application layer because we are building our own AI agents. We therefore have more control over the implementation process and the speed of integrating those agents into our proprietary technology landscape. That faster speed to ideate, build, operationalize, and scale our AI agents is a differentiator and is showing up in our outperformance. The difference at Robinson is our industry-leading technology is combined with our lean AI operating model, and we expect that our in-house team with deep domain expertise will enable us to sustainably build and implement our proprietary AI innovations in a disciplined, cost-effective way that maximizes the return on our tech investments. Our fleet of AI agents is growing quickly as we continue to pioneer new ways to automate manual tasks and supercharge our industry-leading freight experts to solve for complexity and deliver high-quality service to our customers and carriers. We continue to leverage and scale the use of Eugenic AI to power new capabilities that are backed by our unmatched data and scale, and we are continuing to disrupt from within. Agentic.ai's advanced reasoning capabilities are allowing us to unlock previously tracked value in unstructured data such as phone calls, emails, and tribal knowledge through its ability to understand context and make real-time decisions. However, unlike linear rules-based automation, AgenTik AI operates with a degree of autonomy and unpredictability, making its progress nonlinear and requiring ongoing human-in-the-loop oversight as it advances through cycles of progress and retrenchment. Our Lean AI process of discovering, learning, and building, where missteps and resulting learnings are milestones, is not only necessary but is the best path to uncover what truly works. Continued improvements of our service, the cost-efficient AI task agents that listen, learn, and act all day, every day, enable us to deliver fast, accurate, and personalized service at scale and in any market. All of these innovations are delivering on three items that are key to our strategy. The first is providing a superior customer and carrier experience to elevate our service offering and drive market share growth. The second is responding more surgically and faster than ever to dynamic market conditions by performing more frequent algorithmic price and cost discovery, which along with our operating model rigor and our revenue management practices, is contributing to the gross margin improvement that we're delivering. And finally, the growing automation of our quote-to-cash life cycle enables us to decouple headcount growth from volume growth and to create greater operating leverage and operating margin expansion. As David said, all of our strategies are aimed at building the best model for demonstrable outgrowth while continuing to have industry-leading operating margins. As technology continues to evolve, we will continue to disrupt from within to stay at the forefront of the evolution and to further widen our competitive moat. With that, I'll turn the call over to Damon for a review of our fourth-quarter results.

Damon Lee:
Thanks, Arun, and good afternoon, everyone. As you have heard, we delivered another quarter of disciplined execution as we further advanced our focused strategic initiatives aimed at market share growth, continued optimization of adjusted gross profit or AGP, disciplined cost management, and further productivity gains, all supported by our lean AI operating model. The macro environment continued to provide significant headwinds in Q4. Our Q4 total revenue and AGP declined approximately 7% and 4% year over year, respectively. The AGP decline was driven by a 13% year-over-year decline in Global Forwarding's AGP, which was primarily due to a significant drop in ocean rates driven by a market imbalance from declining demand and growing vessel capacity. The February 2025 sale of our Europe Surface Transportation business also contributed to the decrease in AGP and was partially offset by a 2% increase in NAST AGP. On a monthly basis compared to Q4 of last year, our total company AGP per business day was down 5% in October, up 6% in November, and down 12% in December. This was primarily driven by lower ocean rates, which caused Q4 ocean AGP per shipment to decline 15.2% year over year, and this was most pronounced in December. In the face of those headwinds, we continued our track record of outperformance. Turning to expenses, Q4 personnel expenses were $337 million, including $15.2 million of restructuring charges related to workforce reductions. Excluding restructuring charges in 2025 and 2024, our Q4 personnel expenses were $321.8 million, down $28.8 million or 8.2% due to our continued productivity and cost optimization efforts and the divestiture of our Europe Surface Transportation business. Our average headcount was down 12.9% year over year in Q4 and was down 3.8% sequentially, illustrating how we continue to decouple headcount growth from volume growth and optimize our organizational structure. Our Q4 SG&A expenses totaled $138.7 million. Excluding $900,000 of other restructuring charges in 2025 and a $3.1 million net benefit in 2024 primarily related to the divestiture of our Europe Surface Transportation business, SG&A expenses were down $11.8 million or 7.9% year over year due to cost optimization efforts. As a result of our efforts to grow market share, improve gross margins, and increase our productivity and operating leverage, we expanded our operating margin, excluding restructuring costs, by 320 basis points year over year. And despite the considerably tougher macro conditions for truck brokerage, NAST expanded their operating margin, excluding restructuring costs, by 310 basis points year over year. This is the lean AI strategy at work, and we remain confident in the 2026 operating income target that we updated last quarter. Turning to our 2026 annual operating expense guidance, we expect 2026 personnel expenses to be in the guidance range of $1.25 billion to $1.35 billion. This includes an expectation that we will generate double-digit productivity improvements in both NAST and Global Forwarding in 2026 as we continue to implement AgenTeq AI across our quote-to-cash life cycle of an order. As we shared last quarter, along with our updated 2026 operating income target, these productivity improvements are expected to be over-indexed to 2026. On a quarterly basis, it's important to note that our Q1 personnel expenses are expected to increase sequentially due to the employer portion of FICA taxes resetting to a higher level until employees' annual FICA wage limits are met. This impact is estimated to be approximately $15 million in Q1 versus Q4, after which the quarterly FICA taxes and personnel expenses are expected to decline. We expect 2026 SG&A expenses to be $540 million to $590 million, including depreciation and amortization of $95 to $105 million for the year. Although most of our SG&A expenses are subject to inflation, we expect continued cost improvements to partially offset the inflationary impact. Shifting back to Q4, our effective tax rate for the quarter was 18.1%, resulting in a full-year tax rate of 18.7%. For 2026, we expect the full-year tax rate to be in the range of 18% to 20%. As a reminder, our tax rate historically is lower in Q1 from stock-based compensation deliveries that occur in the quarter. As a result, we expect our Q1 tax rate to be below 15%. Our capital expenditures were $15.7 million during the quarter, bringing our 2025 total to $70.5 million. For 2026, we expect our full-year capital expenditures to be $75 to $85 million. Turning to cash and our balance sheet, we generated $305.4 million in cash from operations in Q4, and we ended Q4 with approximately $1.49 billion of liquidity. This included $1.33 billion of committed funding under our credit facilities and a cash balance of $161 million. Our net debt to EBITDA leverage at the end of Q4 was 1.03 times, down from 1.17 times at the end of Q3. This financial strength is a key differentiator in our industry, giving us the ability to continue investing through the bottom of the freight cycle to further enhance our capabilities and to return capital to our shareholders. While our capital allocation strategy remains grounded in maintaining an investment-grade credit rating, our financial strength and improved leverage ratio enabled us to return approximately $207.7 million of cash to shareholders in Q4 through $133.3 million of share repurchases and $74.3 million of dividends. Through the disciplined execution of our strategy, with our lean operating model and AI innovation at its core, Q4's results further validate the lean AI transformation underway at C.H. Robinson. I have been part of significant transformations in my career, most recently at General Electric. What we're doing at Robinson is carving a similar path, and I'm extremely proud of the progress we have made. And as we've said, we are still in the early innings of our transformation. We are excited about the significant runway that remains in executing our lean AI strategy and in our ability to deliver sustainable, profitable growth and long-term value for all of our stakeholders. With that, I'll turn the call back to David for his final comments.

David Bozeman:
Thanks, Damon. As you've heard in our prepared remarks today, we've made significant progress in 2025 on the transformation of C.H. Robinson into the global leader in lean AI supply chains. Our differentiating lean AI gives us a unique opportunity to create new ways to solve complex challenges at scale, helping our customers build supply chains that are smarter, faster, and more resilient in a world where disruption is constant and agility is essential. With today's geopolitical landscape, there are a lot of unknowns and potential volatility that will be out of our control. But what is in our control is our ability to discover, learn, innovate, and solve problems. And that is where the lean operating model is so important to our success. As lean disciplines continue to be deployed more broadly across our organization, our teams are becoming increasingly equipped to identify root causes of problems, implement countermeasures, and drive meaningful improvements. That's how we've consistently delivered our outperformance for the last two years and how we're positioned to continue doing so regardless of market conditions or cycle. And as we lead our industry and stay on offense with our lean AI strategy, we've never been more excited about the future. Our technology is lifting manual, repetitive work off our people's plates, freeing them up to use their expertise to do more strategic work, to reach more customers, to garner more wallet share, and to move up the value stack by leveraging our growing capabilities to provide better outcomes and more value for our customers and carriers. Our technology is improving our gross margins by allowing us to better align capacity and pricing to the specific needs of our customers and to specific market conditions. These superior dynamic costing and pricing capabilities will be even more important when we officially see a turn in overall freight demand. And our technology is augmenting our evergreen productivity initiatives and improving our industry-leading cost to serve. I want to thank our people for their relentless efforts throughout 2025 to provide exceptional service to our customers and carriers, for embracing the Robinson operating model, and continuing to execute with discipline. We've reinvigorated a winning culture, and we're getting our swagger back. But we're nowhere near done. We are the new disruptor. We will continue to lead with purpose and move with urgency, and we expect to drive sustainable outperformance across market cycles. You've heard us say that we expect the next two years to be more exciting than the last two years, and the last two years have been pretty damn exciting. That concludes our prepared remarks. I'll turn it back to the operator now for the Q&A portion of the call.

Operator:
Thank you. As a reminder, to ask a question, please press 1 on your telephone keypad. The first question comes from Thomas Wadewitz with UBS. You may proceed with your question.

Thomas Wadewitz:
Yeah. Great. Thank you, and congratulations on the results against a pretty tough market backdrop. I wanted to, I think from Damon, maybe I wanted to see if you could give a little more perspective on the first quarter. I think the progression through by month with AGP growth showed more pressure in December. I guess that's unsurprising you commented on Ocean. And obviously, spot rates up in truck. But how should we think about the kind of net revenue growth in or adjusted gross profit growth in the first quarter and just to shape that a little better? And then I wanted to give you one other. We, you know, I think we're pretty optimistic about what you can do in kind of 2027. I know that's looking out a lot further, but if you look at ways to get a stronger market for truckload pricing and volume growth, do you think you can kind of overshoot meaningfully on that operating margin target in NAST? I mean, if you get, can you get to a mid-forties number against a strong backdrop? Is that something where you really want to kind of, you know, just not let it get too high and do a lot more on the volume side? So I guess two different time frames, but thank you for the time.

Damon Lee:
Yep. Thanks for the thanks for the question and the comments, Thomas. So look, as it relates to progression from Q4 to Q1, I mean, as you noted, I mean, December was a challenging month for the market, and certainly, you know, we weren't immune to those pressures. You know, what I would say as you think about December going into Q1 is certainly December was heavily impacted by Global Forwarding and the ocean rate normalization that we've been talking about for quite a while. We gave our 2026 operating target update, if you remember back in Q3, you know, and we called it out on our waterfall, we mentioned that ocean rates were continuing to normalize. And we expect that to continue into Q1 as well as we've highlighted as part of our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. 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So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth. So certainly, Q3 was a heavy normalization quarter that continued into Q4. Our path to $6 EPS with no market growth