“So look the way we have framed this is that our expectation is for continued, but moderating underlying inflation.”

In context

“hat started, so you got to think about the first quarter considerations there as you put the whole year together and our modeling. But in terms of the outlook overall, we're not projecting any material inflection in the demand environment to get to that point there that you've referenced. Operator: The next question will come from Jon Chappell with Evercore ISI. Please go ahead. Jon Chappell: Thank you. Good afternoon. Mike, just sticking with you on slide 17, the $300 million of revenue, net of cost increases, is there any way to break down how much of that is volume versus price? And if it is more kind of price-driven, the $2.7 billion of variable cost that you took out this year, how much do you have added back in fiscal '24? Mike Lenz: All right. Jon, let me take a swing at that here. So look the way we have framed this is that our expectation is for continued, but moderating underlying inflation. So what we illustrated here in this midpoint scenario is positive contribution beyond inflation amidst a muted demand growth scenario. Then obviously on top of that the DRIVE savings are greater than the nonrecurring headwind. So, again, as Brie mentioned, we'll see moderating volume declines as we move through the year here, but at the same time, the degree of yield increases that we saw last year are not going to continue into this year. Operator: The next question will come from Brian Ossenbeck with JP Morgan. Please go ahead. Brian Ossenbeck: Hey, good evening. Thanks for taking the question. For Brie, can you just talk about any plans of financial structure trade-down in this uncertain environment? You mentioned one customer making a change, I think it was within U.S. Air freight, I”