“And as you think about the build-back from a revenue perspective, it's important to note, I think Mike mentioned earlier, in the U.S. domestic, as we get late into Q1, early Q2, you will see volumes, Domestic, Express, and Ground parcel get to flat and then we do anticipate they will build-back from there.”

In context

“celerates beyond that, then the curve becomes non-linear. As you know, we have significant operating leverage. I think you are the one who called it, opening the jaws of the crocodile then that's kind of what's going to happen. Operator: The next question will come from Conor Cunningham with Melius Research. Please go ahead. Conor Cunningham: Hey, everyone, thank you. Just on the ‘24 revenue assumption, I'm a little confused on how that will work with export yield pressure. It just seems like the other lever is going to be volumes in general. Just to be super clear, are you assuming a year-over-year increase in '24 at the midpoint? Just any help there would be great. Thank you. Brie Carere: So, Conor, yes, so the assumption at the midpoint as Raj just mentioned would be 2% revenue growth. And as you think about the build-back from a revenue perspective, it's important to note, I think Mike mentioned earlier, in the U.S. domestic, as we get late into Q1, early Q2, you will see volumes, Domestic, Express, and Ground parcel get to flat and then we do anticipate they will build-back from there. FedEx Freight will lag that slightly because, as Mike talked about the impact leg, and then when we get into our international business, the 800 is really yield impact. We are anticipating to build back some volume in our international business this year and again that will happen throughout the year. So that's, yes, 2% is the midpoint, volumes will start to build back throughout the year. Operator: The next question will come from Jeff Kauffman with Vertical Research Partners. Please go ahead. Jeff Kauffman: Thank you very much. Brie, I just want to follow-up on that if I can. You gave your range of outcomes, but we do have higher interest rates, credit cards, I know there's been a lot of chatter about school loans being paid later this year and that may be a negative for holiday season”