“The Freight will mitigate, like I said earlier, we will see the largest margin pressure at Freight in Q1 and that will mitigate as we move through the year. Similarly, I would expect the Express margin improvement to improve to a greater degree beyond Q1, as well as we move through the year.”

In context

“Operator: The next question will come from Ken Hoexter with Bank of America. Please go ahead. Ken Hoexter: Hey, great, Mike, if I can just follow-up on a couple of thoughts there. Your thoughts on the scale of improvement at Express, can you reach mid-single-digit, is there a kind of a range as you'd put within the target same at Ground? Is that going to reach double-digits, if we're going up and then magnitude at Freight margin if you're looking at declining expectations, and then I guess within that, any thoughts on Europe and TNT integration within that Express category? Thanks. Mike Lenz: That was a lot. Certainly, like I said, we will see margin improvements at Express and at Ground in ‘24. Freight will definitely will see some margin pressure there, so I'm going to leave it at that. The Freight will mitigate, like I said earlier, we will see the largest margin pressure at Freight in Q1 and that will mitigate as we move through the year. Similarly, I would expect the Express margin improvement to improve to a greater degree beyond Q1, as well as we move through the year. So I'll leave it at that. As it relates to Europe, we are absolutely -- as a component of that Express improvement projecting improved profitability in Europe, keep in mind that within the DRIVE domains, we've identified $600 million of value that we will realize from the Europe initiatives there. So we will absolutely see progress on that in ‘24 and going forward. Operator: The next question will come from Scott Group with Wolfe Research. Please go ahead. Scott Group: Hey, thanks, good afternoon. So, Raj, in one of the earlier answers, you basically said one, two, three, right, for the earnings sensitivity and revenue sensitivity. So that's basically every billion of revenue gets you an extra dollar of earnings, is that the right sensitivity to think about just longer-term beyond just th”