Great write-up. I think it’s important to note that the benefits of FedExG’s independent contractor model go beyond variable vs. fixed costs. UPS is paying its union employees for healthcare, taxes, and 401k while FedExG is completely off the hook for those benefits. Based on that difference alone, I would guess that the cost of a FedExG driver is at least 30-40% less than a UPS employee, even if the parcel load were even. I’m guessing that FedExG will face a lot of pressure to continue to distance themselves from their IC’s for them to maintain that label – as FedExG has less control of their drivers and can’t tell them how and when to deliver packages, will that eventually break the operating model? Is there a point where you would rather employ them than lose a certain level of control? Will be interesting to watch.