Mastering Equipment Costs - Part II : Equipment Operating Expense (EOE)

Keaton Turner explores mastering equipment costs, sharing insights from his experience. He tackles challenges like Equipment Operating Expenses (EOE) variability, idling implications, and calculating EOE by asset ID. Keaton discusses environmental fees, the importance of cost preparation for project bidding, and dispels equipment cost myths. He also provides a real-life example of equipment longevity and emphasizes the role of machine costs in business success. The episode concludes with a teaser for what's next.

Episode Transcript

(00:40):
Part two.
This is part two.
And I know you guys listen to part one, butthis is part two, mastering equipment costs.
It almost felt wrong, to be honest with you, tolabor the labor.

(01:05):
Label the episode mastering equipment costs.
We have not mastered anything in eight years, Idon't think.
We've been we've been good sometimes.
We've been dangerous sometimes, but I don'tit's it's hard to say you've mastered something

(01:29):
in eight years.
I believe that we have learned a millionlessons.
I sat through first of all, by the way, I keepforgetting this might be someone's first
episode they're tuning into.
Welcome back to the Purduem podcast.
This is Keaton Turner, your host.

(01:53):
Anyway, if this is your first episode, welcometo the show.
For the rest of you guys, this is part two ofmastering equipment costs.
It's really hard to master anything in eightyears.
I sat in a meeting today, talked throughequipment costing, methodologies, theories,

(02:17):
different strategies, and, and the comment wasmade.
I think I think Jake Hubbell made the comment.
By the way, Jake Hubbell's a big Mike Worcesterfan.
I think Jake Hubbell made the comment like,hey, dude.
The only reason I know any of this is becauseof the trauma I have lived through over the

(02:40):
last seven years.
Talking about his time at Turner Mining Group.
It's hard.
I mean, mastering equipment costs is a neverending battle, and here's why.
A, equipment prices change.
B, equipment parts prices change.

(03:03):
C, equipment residual values because of theused equipment market change.
And so this theory of, like, masteringequipment costing is a never ending pursuit.
It's it's very similar to the game of golf.
The game of golf, no matter how good you are,there is always room for improvement.

(03:29):
Always.
You could play a perfect round.
Make birdie on every hole.
The question is, why didn't you make an eagleon the par fives?
You can literally make 18 birdies, which is, bythe way, unheard of, never been done.
You can make 18 birdies in a row and askyourself, why didn't you make an eagle on

(03:53):
number number five?
The par five, the dog leg right.
Equipment costing is the same way.
The game changes every day.
The grass is a little bit longer.
The greens are a little slower or faster.
You get a little bit of rain, softens thingsup.
You go through a dry spell, it hardens thingsup.

(04:15):
Talking golf.
Equipment is a very challenging business.
It's a challenge I mean, these data points arechallenging data points to get right all the
time.
And so this this episode is part two ofmastering equipment costs.

(04:38):
I don't pretend to be a master.
I'm painting with a very broad stroke.
I'm speaking in generalities, so do not hold meagainst any of these points or topic.
These might not relate to your business.
They might not relate to your specific machine,especially this episode because this episode is

(05:01):
all about equipment operating expense, EOE.
If you've never heard the term EOE, welcome tothe world of equipment costing.
EOE is very simply broken down as the cost thatyour equipment requires to operate.

(05:30):
This on a wheeled machine is something assimple as the cost of tire wear, the cost of
preventative maintenance, like an oil change,an air filter, a fuel filter, a cab filter.
On your digging machines, this is your groundengaging tools, your teeth on your buckets,

(05:55):
your cheek plates, your wear packages.
This is your grease.
This is your oils.
This is your undercarriage if you're running adozer.
This is your liners, your cutting edges onblades, on dozers, on scrapers, the bed liners

(06:17):
in your rigid frame rock trucks, mining trucks,equipment operating expense is literally
exactly what it sounds like.
It's the expense that you incur not to own theequipment, because we already covered that last
episode.

(06:39):
This is the expense to operate the equipment.
This does not count labor to run the equipment,but it should include labor to maintain the
equipment.
It should include labor to perform an oilchange, a PM service.

(07:00):
PM is preventative maintenance.
This should include labor if you run multiplelives on your equipment like we do in mining.
If you're running two and three lives with arebuild cost, major component rebuilds, or
total machine rebuilds, this should includelabor.

(07:21):
Equipment operating expense is a monster.
It's a monster.
Very few companies do this well.
Very few companies estimate their EOE well.

(07:41):
Very few companies maintain their equipmentoperating expenses well.
Some months, they'll have big spikes.
Other months, they won't have any any costs.
I've lived through this.
I don't know how many times.
Jay Kubble reminded me today in a meeting, oh,you remember the months where we had half a
million dollars in EOE?

(08:01):
In the next month, we had $0 in EOE.
And I was like, oh, yeah.
I remember those months.
What in the world were we doing?
Spent half a million dollars one month and nomoney the next month because we fixed
everything?
EOE is broken hoses, broken flanges, bustedtires, bent track pads, failed injectors, blown

(08:28):
motors.
All of this is equipment operating expense.
It's the expense you incur when you actuallyoperate.
It's ironically not an expense you incur to leta machine idle.
If you're gonna run a haul truck, you're gonnaturn the key on, you're gonna start the engine,

(08:50):
you're gonna let it sit there and idle, guesshow much EOE you burn letting a machine sit
there and idle?
Almost zero.
Almost zero.
Some of the equipment nerds are gonna argue.
They're gonna say, well, yeah, but, you know,the oil the the motor's running, so the oil's
getting circulated.

(09:10):
So so, therefore, you actually need to keep upon your preventative maintenance protocols and
change the oil for the manufacturer's spec.
I get it.
But for all intents and purposes, your tiresaren't turning, the gears aren't moving, the
engine is not under load.
If you're idling a machine, you have near zeroequipment operating expense.

(09:36):
If you listened to the last episode, you wouldunderstand that equipment operating expense, as
a very, very, very general rule of thumb,should be half of what your equipment ownership
expense should be.
Again, if you're running a $60 an hour loader,your equipment operating expense is somewhere

(10:02):
between $20.30, maybe even $35 an hour,depending on the type of material you're in,
the the wear components on the tire, the wearcomponents on the GET.
There's a bunch of variables to consider here.
But general rule of thumb, for those of youguys that are running a business on a general

(10:22):
rule of thumb, the general rule of thumb isthat GET or excuse me, EOE, there's a lot of
abbreviations here, equipment operating expenseis half of what it costs you per hour in
ownership expense.
And, again, ownership is the depreciation plusinterest plus insurance.

(10:53):
To sum it all up, EOE is one of those thingsthat you need to apply some first principles
to.
Like like, what do we think a bucket wearpackage lasts?
How many hours can we get out of this bucket?
How many hours can we get out of a an a 45 haultruck tire?

(11:16):
I'm gonna say a baseline a good baseline for ana 45 haul truck tire.
And, again, I love to argue all this.
I've got millions of hours on a 45 haul trucktires.
A great baseline in normal conditions is fourthousand hours of life.
If you're getting less than four thousand hoursout of a haul truck tire on an a 45 Volvo,

(11:43):
you're accelerating the wear, meaning you're inrock, you're in water, you're running in muddy
conditions where the tire is going to wear outfaster, maybe you're not using tire life in
your tires.
If you're properly maintaining some people aregoing to argue with me, this is the beauty of
having a podcast, if you're properlymaintaining haul truck tires, they should last

(12:07):
four thousand hours.
A 100 ton truck?
I think you should get closer to ten thousandhours.
Maybe it's eight if you're in a quarry withsharp rocks, sharp edges, you're backing into
the toe.
I get it.
There's a lot of nuances.
Equipment operating expense is best calculatedtwo ways, And we went through this today with

(12:31):
our team.
I am of the belief that equipment operatingexpense is best calculated two ways.
One, go read Mark Mark Mike Borster's book.
He will teach you how to calculate equipmentoperating expense as a first principle.
Like, you buy your brand new machine day one.

(12:52):
You're a brand new business owner.
You got a new machine.
You wanna calculate or estimate your equipmentoperating expense.
You do it first principles.
Oil changes every every two hundred and fiftyor five hundred hours.
You got major components at eight thousandhours or ten thousand hours or fifteen thousand
hours.
You've got tires every four thousand hours.

(13:13):
First principles means you go by the handbook.
What does the handbook tell you you're gonnareplace components, replace hoses, have
failures?
It's first principles.
The next best way, and I would argue the bestway, to calculate your equipment operating

(13:35):
expense is via historical data.
Are you logging for every time you have amachine down, every hose, every fitting, every
new tire, not to mention the parts portion ofthe cost, but the labor portion associated with

(14:02):
repairing the machine.
If you're not logging this data, you aremissing out on a huge piece of EOE refinement,
which is use historical data.

(14:23):
I mean, the historical data paints the fullpicture.
And it's and by the way, it's different acrossdifferent job sites.
It's different across different operations.
You might have one operation that has highwear, high silica content in the material.
Tires wear out quicker because there's waterall over the haul roads.
You might have one operation that has an EOEfactor of $35 an hour for a haul truck.

(14:49):
You might have another operation that you'rerunning topsoil, you're running in a farmer's
field, there's very little to nowhere, it's lowutilization, and it's $20 an hour equipment
operating expense per hour.
If you're not using historical data, at minimumfor a sanity check on the EOE factors you're

(15:15):
using in your estimates, you're doing it wrong.
I think what a prime organization looks like,what a prime contracting company looks like, is
they have EOE rates that are based in, a, firstprinciples, what's the handbook tell us it

(15:35):
should be, but b, those first principle EOErates are compared against historical averages
Across the hundreds of thousands, if notmillions of hours of haul truck hours we have
logged over our last eight years, what does itcost us to operate an a 45 haul truck?

(16:01):
What does it cost us?
I know exactly what it cost.
I'm not gonna tell you the number.
Jake Hubbell knows exactly what it cost us.
We've done enough of this over the years.
At, you know, at first, we didn't do a greatjob because we didn't you know, we just we just
got invoices in the mail.
We paid them.
As invoices came in, we approved them.

(16:22):
We paid them.
Later, as we developed, invoices came in.
We redlined them, sent them back to the dealer,they revised them, and then we paid them.
You move even further down the line, you get aPO process, you get a ERP in place, you do all
these things.
Eventually, you can cost code repair bills toan asset ID, which is what you should do.

(16:50):
Takes a lot of effort to get there.
Ask me how I know.
But we should know by every single asset ID.
And by the way, if you're running aconstruction contracting company, a mining
company, and your assets don't have ID numbers,start there.
Could man, I could run down a rabbit hole.

(17:12):
We should know every single bill we get in themail, which asset ID it goes to, And then over
time, we log all of those repair bills.
Repair bills have parts costs on them.

(17:32):
They have labor costs on them, and they haveother random miscellaneous costs like
environmental fees.
Someone explain to me environmental fees.
Just if you could, explain to me I'm I tell youwhat.
I'm a make a deal.
If someone in one text message or one audiomessage can explain to me why dealers charge

(18:00):
environmental fees, and I can understand it,and it makes logical sense as a business, if
you can send that to me, I will in turn sendyou a free per diem podcast coffee mug.
If you can explain to me why dealers charge,quote unquote, environmental fees to work on

(18:26):
equipment, I will happily char I will happilymail you a Perdium Podcast coffee mug, handmade
right here in The USA.
And do not tell me, well, it's because theygotta discharge oil, and so they gotta they got
an environmental fee for the oil.
They gotta handle the oil.
Guess what?

(18:47):
They sell the oil.
They give the oil away in some cases, dependingon the dealer and the region.
In other cases, they sell the oil to peoplethat burn oil as fuel to heat their shop, to
heat their home, to heat their building.
I have never understood someone charging anenvironmental fee, and every dealer I've asked,

(19:07):
and I've asked dozens of dealers, explain to mewhat is included in this $100, $200, $500
environmental fee.
Explain to me what what what that is.
I have never one time got a real answer.
Never one time.
Never one time.
So sorry for getting off on a tangent, but ifyou can explain to me what an environmental fee

(19:29):
is from the dealer's perspective, you get afree coffee mug.
I'll send it to you.
For the rest of us, you should be logging everysingle cost by Asset ID for all of your
machines.

(19:50):
Because what you're able to do at the end ofthe year, at the end of the month, at the end
of the three year, at the end of the machine'slife, you can pull all those records up and you
can see exactly how much it costs you tomaintain, aka operate the equipment as an

(20:12):
expense.
Ownership's easy.
It's one number.
You buy it for one number.
You sell it for one number.
The delta is what it costs you to own it, plusinterest and insurance.
That's easy.
Super easy to calculate.
Equipment operating expense can be verydifficult, and it changes job to job, region to

(20:37):
region, asset class by asset class.
A 40 ton haul truck has a completely differentequipment operating expense per hour than a 100
ton haul truck.
And I'll tell you just living through this, aVolvo a 60 haul ton truck an a 60 has a

(20:58):
completely different equipment operatingexpense than an a 45.
The tires aren't the same.
The engines aren't the same.
No.
I mean, to be quite honest, nothing's the same.
The only way to calculate equipment operatingexpense is a, via first principles, which means

(21:25):
you follow the handbook, you do what the OEMtells you, You follow the guideline.
You change the oil when you're supposed to.
You change the motor when you're supposed to.
You change the drop box when you're supposedto.
You change the axles when you're supposed to.
First principles, that's option A, or option B,you log all of your costs.

(21:51):
Because, to be honest with you, not very manycompanies maintain equipment the way the OEM
suggests.
What does that mean?
Well, if you don't maintain the equipment theway the OEM suggests, then the first principles

(22:12):
method is irrelevant.
Why would first principles matter if you're notdoing oil change intervals when you should?
Why would first principles matter if you'rerunning a bucket with holes in it?
It's gonna have a different cost per hour thanif you run a bucket before it gets holes in it
and then put a liner package on it.

(22:36):
For some of you guys that that, like, livethis, you're gonna say, well, this is very
common sense stuff.
For others, this is not common sense.
This is cutting edge.
This is like this is like brand new informationnever before heard or seen.
Equipment operating expense will eat yourestimates alive if you don't know what you're

(23:00):
doing.
If you don't have the correct maintenanceprogram, if you don't have the correct
maintenance practices, if you're notmaintaining your equipment, it doesn't matter
what figure you use in your estimate or yourbid for equipment operating expense.
If you use $25 an hour for an a 45 g Volvo,great.

(23:21):
You're you're pretty close.
It's a pretty good figure.
But what happens when you don't maintain themachine in the field?
And all of a sudden, you gotta buy an engine,or you have to buy a drop box, or you have to
buy a whole new set of tires because you ranover a bunch of pokey pony things in the hollow

(23:42):
road called Rocks.
Well, guess what?
Your EOE, equipment operating expense, goesfrom $25 an hour, which is where it should be,
to $55 an hour or $75 an hour or a $100 anhour.
It's impossible to ever make budget or stayconsistent with your bid if you don't know your

(24:11):
historical equipment operating expenses, Or ifyou're using first principles as your equipment
operating expense kind of north star, thehandbook says it's $25.
Mike Forrester says, a CAT seven forty fivesees $30 an hour for the life of the machine to

(24:33):
run the seven forty five.
That's its equipment operating expense.
Well, if you're not doing anything in the fieldconsistent with the handbook, Mike Borster's
figure is irrelevant.
It might be $30 an hour in a perfect world, butif you're running a rock job or you're running

(24:54):
in rebar or you're running a crushingoperation, you're puncturing tires left and
right, you're blowing drop boxes, You're notperforming sanitary checks when you're fueling
equipment or putting DEF in equipment, so yourun a you ruin a DEF system or you ruin a fuel
injection Mike Vorster, his figure of $30 anhour is irrelevant because your true cost is

(25:20):
$60 an hour, $75 an hour.
I speak on this one passionately because I havelived through some absolutely horrific
equipment operating expense meetings.

(25:41):
Even recently, I just spent $350,000 on aHitachi 1,200 excavator that some would argue
should have never been a cost, should havenever been an expense.
But I can tell you over the life of the machinenow, when we run this Hitachi 1,200 excavator

(26:06):
over the entire life, fourteen, fifteen,sixteen, seventeen thousand hours, wherever we
get out of it on its first life, the equipmentoperating expense is going to be skewed higher
because we just made a huge repair.
Now, some people might argue, could it, shouldit, would it have been prevented?
That's for a different episode.

(26:29):
But nevertheless, it's an expense.
The company paid it.
We paid $350,000 to repair an excavator.
That has a massive implication to anoperation's profitability, has a massive
implication to the machine's equipmentoperating expense.

(26:51):
And and to be honest with you, that 300,000,$350,000 repair doesn't even affect the
equipment ownership costs per hour.
Just because we made a big repair doesn't,like, automatically bring the residual value of
the machine up.

(27:11):
The residual value kinda is what it is.
And again, I'm talking in broad generalities.
I'm not talking specifics.
Equipment operating expense is so easy to getwrong.

(27:33):
Equipment Operating Expense, EOE, is so easy tomisjudge.
It's so easy to misplan.
And it's so easy not to track the expense bythe asset the expense should be tagged to.
If you're running a small company, I wouldhighly, highly, highly suggest every single

(27:58):
invoice you get in the mail from an equipmentdealer, from an OEM, from a service provider to
repair your machines, start tagging thoseexpenses to your machines so that a year from
now, two years from now, five years from now,you can look back and say, hey, this is exactly

(28:20):
how much money it cost us to operate thismachine.
We should know.
If you don't know, how are you gonna estimateit for your next job, your next project that
you're trying to win?
If you don't know how much it costs you to runa d six dozer today, why in the world are you

(28:40):
bid bidding projects with a d six dozer?
You don't know what it costs you to run.
This is simple stuff.
This is not rocket science.
I I am blessed to live in an industry where Ido not have to perform heart surgery.
I do not have to perform brain surgery.

(29:01):
I do not have to build rockets and send them toMars.
This is simple stuff.
My most frustrating days are when we make thismore complicated than it needs to be.
And every business, by the way, mine included,has a knack for making these kinds of

(29:25):
conversations more complicated than they needto be.
Of course, we can exact the math.
Right?
We can get down to the penny on how much amachine costs.
Does it matter if a machine costs us $65.40 anhour or $66 an hour?
I don't think so.

(29:45):
Those pennies are irrelevant.
We just need to get to the we need to get tothe cost per hour.
If you do not know what it costs you to run a dsix, if you do not know what it costs you to
idle a d six, if you don't know the differencein running a d six in a rock quarry versus d

(30:07):
six on a topsoil job versus d six in the mud,why are you bidding more work?
Why are you trying to win more work when youdon't know what your costs are?
Don't understand it.
We have got to know what it costs to own amachine, and equally as important, we have got

(30:31):
to know what it costs to operate a machine forevery hour it operates, Forecasted for the life
of the machine, or at least for as long aswe're gonna own it.
Maybe you're only gonna own a machine athousand hours.
Forecast how much does it cost you to operatethat machine for the thousand hours you own it.
If you're gonna own a machine forever, twentythousand hours, what does it cost you to

(30:55):
operate the machine for twenty thousand hours?
How many engines are you buying?
How many transmissions are you buying?
How many air filters are you replacing?
How many oil changes are you doing?
What needs replaced?
How many hoses break?
Like, this is all stuff.
Believe it or not, a lot of this information isout there.

(31:15):
For someone to tell me, like and again, everyonce in a while this happens, I'll ask the
question like, hey, what's it cost for forsomeone to say, oh, I don't know.
I'm like, well, the information's out there.
Someone knows.
I mean, how many hundreds of thousands or tensof millions of hours has Kiwit ran a D6 dose?

(31:40):
Someone at Kiwit knows exactly what it costs ad six to run-in topsoil versus rock versus mud
versus on a landfill versus in a rock core.
I mean, someone knows.
I believe our team knows.

(32:01):
We've tracked all these costs.
We've got all the data.
If you're making the excuse that you do notknow what your equipment cost you for every
hour you run it, I am going to make theextremely bold statement, you should not be in

(32:21):
business long term.
If you don't know what your assets cost you,you shouldn't be in business.
It's the same comment as you shouldn't be alandlord if you don't know how much it costs
you to maintain the property you're rentingout.
It's simple stuff.

(32:43):
People miss it.
They don't think about it, or they think aboutit, but they don't actually know the true cost.
I see guys all the time, they're like, I wannaget into real estate.
They go buy a house.
They rent it out.
They don't have any freaking clue if they'rerenting it out and making any money.
Because all of a sudden, something will sneakup.
They'll have to buy a refrigerator.

(33:03):
They'll have to buy an AC unit.
They'll have to buy new gutters.
They'll have to buy a roof.
And they're like, ah, man, I stacked all thiscash, and all of sudden I bought a roof, and
now I'm in the hole.
It's because you don't know what the cost ofthe property truly is.
These guys that do all this work inconstruction, and they think they're making a

(33:24):
bunch of money and all of a sudden they've gotto replace an undercarriage for $80,000, like,
woah, that came out of nowhere.
I don't have any money for that.
It's because you don't know the cost itrequires to operate the machine.
You never were making any money.
You were operating at a breakeven the wholetime.
You just didn't know it.

(33:45):
You should have been accruing dollars for theundercarriage replacement that was coming, for
the motor that was coming.
This is simple stuff.
I apologize.
It started to feel like a rant.

(34:06):
Some of this is internal.
You can tell I'm dealing with my own sets ofissues.
This is simple stuff.
This is stuff that we have to know.
If we're gonna run a business that relies onequipment, yellow iron assets, this is stuff we
have to know not even as this is stuff we haveto know as table stakes.

(34:32):
This isn't strategy.
This is expected knowledge.
We can talk about strategy someday, but if wedon't know exactly how much it costs us to run
something, what's the point of ever talkingabout strategy?
We can talk about depreciation curves andwhen's the point of optimal value we should get

(34:53):
out of a machine?
When should we sell it?
When should we buy it?
When should we refinance?
When should we take the cash, the equity wehave in a machine out and rent a machine for a
while because it helps with our bankingcovenants?
There's all kinds of strategy to talk about.
There's no reason to talk about it.
There's no reason to talk about strategy untilwe have the fundamentals down.

(35:16):
Now I'm full blown mad.
Now I'm upset.
Sitting here in my Bronco, in my driveway, wehave to get the fundamentals down.
Do not ever think about cash flow reports andrefinancing and equity and all these things if

(35:38):
you don't know how much it costs you to run themachines you have running on your operations
today.
Don't ever worry about strategy.
You're too far gone.
You're lost in the sauce.
You're getting way ahead of yourself.
Strategy comes later.

(35:59):
Get the fundamentals down.
I'm gonna give one free tip for those of youguys that are wondering.
A Volvo a 45 g should cost you less than $80 anhour in ownership, and it should cost you less

(36:21):
than $30 an hour in EOE.
If you're amazing at what you do and you'reworking in very easy, smooth environments,
those fig you should beat those figures noproblem.
If you're running in rock quarries with sharpedges and blowing tires and steep grades,
uphill or downhill, downhill loaded is a no no.

(36:45):
If you're running in a harsh environment, youhave to really try to hit those figures, $80 an
hour and 25 to $30 an hour in EOE.
Your all in cost should be somewhere around105, $110 an hour in today's money for a new

(37:05):
Volvo a 45 haul truck.
I can tell you that without even doing anymath.
We've done enough of them.
I've been around them enough.
I learned how to drive one when I first enteredthe industry.
I've watched the prices.
I know the residual values.
If your costs are way higher than that, you'renot utilizing the machine properly.

(37:29):
You're not taking care of it properly.
You're not getting the best deal from thepurchase price.
You're not getting the best deal on theresidual value.
You're not getting the best deal in an interestrate.
If you're running a business, this is stuff youshould know just somewhat like offhand.
Like, you should know your two, three, four,five machines that you use to build your

(37:51):
business to print money for yourself.
You should know what they cost.
I mean, you know what Timmy costs?
You know Timmy costs $22 an hour.
You know what your machine costs?
This is fundamental stuff.
This is not cutting edge.
Keaton Turner's not talking about any brand newtheories.

(38:15):
Some people are gonna argue with me.
They're gonna say, oh, I can I can get an a 45for $65 an hour?
Okay.
Great.
Let's talk about it.
Would love to argue a long term price.
I I just learned today.
We've got an a 45 g.
I think it's a g.
Volvo a 45 with almost, I think it's justnearing fifteen thousand hours.

(38:41):
Original motor, original transmission.
It's still running.
It's been all over the country.
Montana, South Carolina, Texas, California.
I think it came from California originally.
Fifteen thousand hours.
Is that a good rule of thumb to use for, youknow, the lifespan of an a 45 g?

(39:03):
I don't think so.
I think that's maybe a little bit of ananomaly.
But these are things you should know.
You have to if you're depending on thesemachines to build your dream, to build your
livelihood, to create financial peace for youand your family, you should know what they cost
you.

(39:24):
If you don't know what they cost you, turn thefreaking podcast off and go figure out what
they cost you.
Simple stuff.
That's what I got.
That's all I got.
Forty minutes in on equipment operatingexpense.

(39:45):
I'm gonna do one more episode on this series.
But for that, you will have to tune in one moreday.
Appreciate it.
Pray you're killing it.
Pray you're getting your per diem.
Pray tune back in.