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    Andrew Baxter Cox

    Research Analyst at Stifel, Nicolaus & Company, Incorporated

    Andrew Baxter Cox is an Associate in the Research Division at Stifel, Nicolaus & Company, Incorporated, specializing in equity research with a focus on transportation and logistics firms. He has covered companies such as Universal Logistics Holdings, providing detailed sector insights and contributing to quarterly earnings call analyses. Beginning his career at Stifel in 2022, Cox has established a reputation for rigorous fundamental analysis, with performance metrics including strong review contributions to research platforms and visible participation in analyst calls. He holds active securities licenses registered with FINRA, underscoring his professional standing and regulatory compliance.

    Andrew Baxter Cox's questions to UNIVERSAL LOGISTICS HOLDINGS (ULH) leadership

    Andrew Baxter Cox's questions to UNIVERSAL LOGISTICS HOLDINGS (ULH) leadership • Q2 2025

    Question

    Andrew Cox of Stifel Financial Corp. asked about the Q2 impact from tariffs, the potential for restocking, and how seasonality might trend for the remainder of the year. He also inquired about the progress and timeline for profitability initiatives in the Intermodal segment, the outlook for the auto OEM and Class 8 markets, and what levers Universal can pull if the top line remains challenged. Finally, he asked what is needed for the Trucking segment to return to growth and about the short and long-term impacts of new incentives on the wind energy business.

    Answer

    CEO Tim Phillips explained that tariffs primarily impacted the Intermodal division via discount retailers with Chinese sourcing, but he anticipates a normal cyclical uplift in Q3. He stated the goal for Intermodal is to return to profitability in Q3 or Q4 through enhanced sales efforts and operational centralization. Regarding the auto sector, Mr. Phillips remains optimistic for the second half of the year. CFO Jude Beres noted significant year-over-year volume declines in the Class 8 space, citing headwinds from tariffs and muted pre-buy activity due to rolled-back NOx standards. Mr. Beres also detailed that the Trucking segment's performance reflects a shrinking legacy agent business and a growing wind franchise, which is expected to improve in the second half. Mr. Phillips added that new wind energy incentives should provide a steady feed of projects over a five-year period, with activity picking up in 2027-2029.

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    Andrew Baxter Cox's questions to UNIVERSAL LOGISTICS HOLDINGS (ULH) leadership • Q1 2025

    Question

    Andrew Baxter Cox of Stifel inquired about the monthly performance progression of automotive OEM volumes during the quarter and their outlook for the rest of the year. He also asked about broader inventory strategies amid tariff uncertainty, the geographic locations of Universal's port-adjacent facilities, scenario planning for a potential drop in imports, and whether the tightening flatbed market or expansion into heavy haul was driving performance.

    Answer

    Executive Jude Beres detailed a significant intra-quarter rebound, moving from a net loss in January to strong profitability in March, driven by a sharp recovery in auto production volumes and reduced auto inventories. Executive Tim Phillips confirmed a 'wait-and-see' approach from customers regarding tariffs but highlighted Universal's readiness to provide storage and logistics solutions across its national footprint, which includes major East and West Coast ports and inland rail hubs. Phillips also clarified that strength in their open deck business is primarily from a strategic expansion in heavy-haul wind operations, not a broad-based flatbed market upswing.

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    Andrew Baxter Cox's questions to UNIVERSAL LOGISTICS HOLDINGS (ULH) leadership • Q3 2024

    Question

    Andrew Baxter Cox of Stifel inquired about the margin profile and synergy opportunities of the new Parsec acquisition, the financial and operational details of the company-managed brokerage closure, and whether the 2025 margin guidance is primarily driven by this strategic trade-off. He also asked about any hurricane-related impacts on the business and how the portfolio's strategic positioning might change following these moves.

    Answer

    Executive Tim Phillips explained that the Parsec acquisition offers significant synergies through new customer access and cross-selling with Universal's intermodal drayage services, noting a strong cultural fit. Executive Jude Beres added that Parsec's double-digit EBITDA margin profile aligns with their profitable Contract Logistics segment. Beres confirmed the brokerage closure is complete, detailing the unit's historical losses and the one-time shutdown costs, and affirmed that the positive 2025 margin outlook is a direct result of replacing this underperforming unit with two accretive acquisitions. Phillips noted minimal hurricane impact, and Beres concluded that the company is satisfied with its current portfolio, with the primary focus now on improving the intermodal business.

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    Andrew Baxter Cox's questions to FORWARD AIR (FWRD) leadership

    Andrew Baxter Cox's questions to FORWARD AIR (FWRD) leadership • Q1 2025

    Question

    Andrew Baxter Cox of Stifel asked about the Expedited segment's exposure to international markets, particularly China, and inquired about a potential Q1 volume pull-forward. He also questioned the competitive landscape for premium LTL services and the status of purchase transportation.

    Answer

    CEO Shawn Stewart clarified that international exposure is estimated to be below 10% and that a significant Q1 pull-forward was not observed. He asserted that while competitors exist, they lack Forward Air's comprehensive network, allowing the company to maintain pricing discipline. Stewart also described the company's purchase transportation management as 'best-in-class' and not a concern for 2025.

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    Andrew Baxter Cox's questions to FORWARD AIR (FWRD) leadership • Q4 2024

    Question

    Andrew Baxter Cox of Stifel inquired about Forward Air's preparations for potential tariff and trade disruptions and the company's perspective on competitors establishing new airport-to-airport networks.

    Answer

    CEO Shawn Stewart explained that the company does not anticipate a major impact from tariffs due to its diversified Asian presence outside of China and its limited exposure to the specific commodities mentioned for North American trade. Regarding competition, Stewart stated that Forward Air's strategy is to differentiate itself through superior service, technology, and visibility tools, rather than engaging in price wars, viewing competition as a catalyst for staying sharp.

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    Andrew Baxter Cox's questions to WERNER ENTERPRISES (WERN) leadership

    Andrew Baxter Cox's questions to WERNER ENTERPRISES (WERN) leadership • Q4 2024

    Question

    Andrew Baxter Cox of Stifel asked about the impact of recent tariff threats on Werner's Mexico operations, customer reactions, and the true scale of the company's cross-border business.

    Answer

    CEO Derek Leathers stated that shippers have maintained a steady approach without making dramatic changes in response to tariff rhetoric. He highlighted Werner's diverse Mexico solutions, including cross-docking, Power Only, and intermodal services. Leathers clarified that total revenue exposure to Mexico, across all business segments, is slightly north of 10% of total company revenues, which is a more comprehensive figure than what is disaggregated in SEC filings.

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    Andrew Baxter Cox's questions to LANDSTAR SYSTEM (LSTR) leadership

    Andrew Baxter Cox's questions to LANDSTAR SYSTEM (LSTR) leadership • Q4 2024

    Question

    Andrew Baxter Cox, on for Bruce Chan from Stifel, asked for insights on how the BCO fleet's composition has changed, given that the truck count is at a decade-low, inquiring about shifts in trailer type or fleet age.

    Answer

    CEO Frank Lonegro stated that the fleet's composition has remained relatively stable, with little change in the average age of drivers or tractors. Executive Matt Dannegger confirmed the average BCO age remains just over 50 and the average truck age is about 10 years, consistent with historical data. He did note, however, that reflecting the growth in that business, there has been a 17% increase in BCOs participating in the heavy haul segment.

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    Andrew Baxter Cox's questions to TFI International (TFII) leadership

    Andrew Baxter Cox's questions to TFI International (TFII) leadership • Q3 2024

    Question

    Andrew Baxter Cox, on for Bruce Chan, asked about the timing of any potential freight uplift from hurricane relief efforts and sought management's opinion on a potential spin-off of FedEx Freight.

    Answer

    CEO Alain Bedard suggested that any significant freight benefit from hurricane rebuilding is more likely to be a Q1 2025 event, after the initial cleanup phase. Regarding FedEx Freight, he opined that a spin-off would be a net positive for both FedEx shareholders and the broader LTL industry, though he cautioned that executing such a separation is a complex process.

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