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CEO Malcolm Wilson projected that significant revenue synergies from Wincanton would materialize in 18-24 months, similar to the Clipper acquisition, with new contracts likely in 2026-2027. Regarding the supply chain, Wilson described the current environment as 'relatively calm' with no major disruptions, noting the primary trend is a gradual manufacturing shift away from China, which benefits GXO.

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CEO Malcolm Wilson described the NHS deal as a 'landmark' contract and a 'mini M&A' that leverages the Clipper acquisition, with no significant start-up costs expected. He noted strong performance across regions, with some inventory build in North America. CFO Baris Oran added that requests for bonded warehouse services have increased but are not yet financially material.

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CEO Malcolm Wilson explained that a Phase II review by the CMA is not uncommon for a deal of this size and that GXO will work collaboratively to clarify market vertical definitions in the competitive UK market. He noted this could delay integration until Q2 2025 but remains confident in a positive outcome. CFO Baris Oran detailed that utilization improvements come from both a focused sales effort to fill available space and strategically consolidating or not renewing leases on underperforming sites.

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CEO Mark Rourke stated that it is too early to take a formal position on the rail news, emphasizing that 'details really matter' and any outcome must benefit customers and shareholders. He stressed Schneider's long history of adapting to landscape changes. EVP Jim Filter explained that the earlier-than-normal peak season surcharges are demand-driven, implemented to manage network efficiency and costs as customer volumes surge.

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EVP & Group President Jim Filter stated that while 15-25% of Intermodal business is tied to imports, new business wins are expected to largely offset potential volume declines. He also noted the potential for a 'bullwhip' effect if trade restarts abruptly. CFO Darrell Campbell confirmed that guidance scenarios account for tariff impacts and moderating prices. CEO Mark Rourke added that new Intermodal awards will begin implementing in Q2 and that Mexico remains a durable strength. Filter specified that the most competitive part of the Dedicated market is in standard equipment, while Schneider focuses on differentiated areas like private fleet conversion and specialty equipment.

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EVP and Group President Jim Filter confirmed that capacity reduction from small fleets is ongoing. He reported that about 10% of Schneider's intermodal boxes are stacked, and the company has the capacity to grow volume by 30%. Regarding imports, he noted that shipper actions are varied and supply chains are complex, so no dramatic shifts are anticipated.

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CFO Kyle Wismans stated the NMFC changes are not expected to materially impact pricing and that XPO is focused on customer communication. On capital allocation, he explained that CapEx will moderate, and free cash flow will increase due to lower cash taxes and EBITDA growth. The priority is funding the business, then deleveraging towards the 1-2x target, evidenced by a recent $50 million debt paydown. Excess cash will then be used to accelerate share buybacks in the back half of the year and into the next.

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CFO Kyle Wismans indicated that XPO expects favorable pricing trends to continue throughout the year, supported by industry dynamics where pricing typically outpaces cost inflation. He reiterated that XPO expects to deliver above-market yield growth due to its specific initiatives, such as growing its small and medium-sized business portfolio and increasing accessorial revenue, implying strong yield performance in either scenario.

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CFO Kyle Wismans stated that XPO expects to continue delivering above-market yield growth for the remainder of the year, driven by strong contract renewals and a constructive pricing environment. He noted that the industry typically prices 100-200 basis points above inflation, and XPO aims to outperform that benchmark through its initiatives in the SMB channel and with accessorial charges.

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Executive Mario Harik confirmed a hurricane impact in late September and early October. He noted that industrial demand was softer than retail, with industrial shipments down at twice the rate of retail. He also highlighted strong, company-specific growth in the local channel, where shipments were up over 10% despite the broader market softness.

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CEO Keith Creel stated that the complexity of integrating two different systems is 'thousands fold' more difficult than integrating one's own, suggesting the risk for a UP-NS combination is immense and could make the 'entire nation sick.' He challenged whether the applicants had truly exhausted all partnership opportunities, citing CPKC's own successful 'step on, step off' interchange with NS in Chicago as an example of what can be achieved without a merger, and noted CPKC has not exhausted its own partnership opportunities.

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EVP & CMO John Brooks noted that while there was some initial choppiness in auto and steel, cross-border flows have smoothed out, highlighting new auto parts business with Schneider. EVP & CFO Nadeem Velani added that the share buyback has been aggressive, with 20% of the program already complete, and they expect to finish the full 4% program by year-end.

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EVP and CFO Nadeem Velani explained that inflation has moderated, with non-labor costs near 2-2.5% and labor inflation around 3%, creating an opportunity for margin improvement as the company targets pricing in the 4-4.5% range. On capital returns, Velani confirmed that significant deleveraging is complete and the company will resume shareholder returns in a balanced manner, addressing the dividend and then deploying substantial free cash flow to share repurchases.

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EVP and CMO John Brooks stated he has not seen a slowdown in customer investment plans in Mexico, noting that the fundamental benefits of a North American economy remain strong. Regarding grain, Brooks acknowledged that competitor challenges have created some opportunities, but emphasized that CPKC will remain disciplined and not oversell its network to ensure service reliability. He added that the second Laredo bridge span is a key sales tool that provides capacity certainty for future growth.

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Matt Godfrey, President of ABF Freight, discussed service, highlighting collaborative efforts and optimization initiatives that have driven efficiency. On the NMFC changes, President & CEO-Elect Seth Runser called it a positive for the industry. He stated ArcBest anticipated the change, proactively worked with customers, and leverages its proprietary BoxVision dimensioning technology, which made the implementation a 'non-event'.

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CFO Matt Beasley cited the pace of real estate investments and potential property sales for the lower CapEx target. On Vaux, he said the accounting treatment will be reviewed as the business scales. CEO Judy McReynolds confirmed the current U-Pack weakness is consistent with past housing slumps, like in 2006.

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President Seth Runser noted that disruptions weakened demand in September and October and advised focusing on sequential trends due to unusual 2023 comps. CFO Matt Beasley explained the CapEx reduction was due to delayed real estate purchases. An executive confirmed ArcBest acquired four Yellow facilities and has submitted interest for more in the next auction phase.

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Chairman & CEO Derek Leathers stated that while ELP enforcement is ramping up slowly, it is contributing to capacity attrition, though the full effect is hard to measure. He noted a clear 'flight to quality' among customers, who are increasingly seeking a portfolio of solutions (truckload, brokerage, intermodal) from a single provider. Leathers also observed less customer enthusiasm for growing private fleets, which strengthens Werner's Dedicated pipeline.

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CFO Chris Wikoff explained the $25M target balances cost discipline with supporting growth, with savings driven by operational innovation and technology. CEO Derek Leathers added that while they will continue to engineer the fleet, the bulk of the step-level improvement in miles per truck has already occurred, establishing a new baseline. He now expects more incremental improvements rather than the large gains seen recently.

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Chairman & CEO Derek Leathers responded that utilization gains are driven by sustainable technology and network engineering, not just fleet size, and that Dedicated will likely grow as a percentage of the total fleet. EVP, Treasurer & CFO Chris Wikoff and Mr. Leathers detailed that Logistics profitability levers include technology integration on the EDGE TMS platform, cost controls, and growth in Power Only, which provide a strong foundation for leverage when market volumes return.

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CEO Frank Lonegro and VP Matt Miller stated they see no direct impact to Landstar from the ELP rule but noted it's too early to assess the broader market impact. Regarding insurance, CFO Jim Todd acknowledged that claims severity was running higher in 2025, but highlighted that the company achieved a favorable, flat year-over-year insurance renewal in May.

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Executive Matthew Miller and CEO Frank Lonegro stated they do not expect a meaningful impact from roadcheck on this issue until official enforcement guidance is released. Regarding tariffs, Lonegro acknowledged that while it's too early to see a trend, it is academically possible that shippers could accelerate imports before the 90-day window expires, but it's difficult to quantify.

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CEO Frank Lonegro and Executive Vice President Joseph Beacom explained that BCO declines are moderating but will likely continue through Q4 and Q1 due to seasonality and the prolonged downturn. They believe BCOs will return quickly with a sustainable rate increase, citing the model's proven ability to add capacity rapidly. Regarding the cross-border business, Lonegro affirmed the long-term positive trajectory from near-shoring, despite near-term softness from political and trade policy uncertainties. Beacom added that while some large accounts are slow, the company is gaining traction with new accounts in Mexico's interior.

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Alain Bedard, President, CEO & Chairman, stated it will take a few quarters of consistent performance to build shipper confidence and achieve better pricing. Regarding Daseke, he said the company is reducing its truck and trailer count, noting they have too many trucks idling due to a 10% drop in miles. He emphasized the goal is to shift Daseke's operators from 'good truckers' to 'good business truckers' and improve the OR from 90 towards 85.

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Executive Alain Bedard explained the strategy is to rebalance the customer mix toward a more normal level of SMB freight, which will be achieved by improving service to reduce churn, not by cutting prices. Key service improvements include reducing missed pickups and moving freight off rail. On cross-border, he noted LTL is soft (down 10-15%) due to uncertainty, and while truckload volumes to the U.S. are normal, backhauls to Canada are weak. This is factored into the Q2 guidance.

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Executive Alain Bedard stated the mix shift is due to a combination of a difficult environment, competition, and a market perception of average service, which the company is fighting. For Daseke, he explained that profitability is hampered by excess equipment from commitments made by the prior owner. He said TFI has a clear path to improve Daseke's costs by shedding assets and reducing overhead during 2025, aiming to bring the specialty truckload segment's OR back below 90% later in the year.

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CEO Alain Bedard explained that Q3 was unusually weak, particularly in the Specialty Truckload segment due to correctable issues at Daseke, and he expects a rebound in Q4. On the Yellow assets, Bedard stated TFI is only bidding on one very small site to replace a leased facility, emphasizing that the company already has significant excess terminal capacity and is not looking to expand its footprint through the auction.

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EVP & CFO Cristina Gallo-Aquino stated that the company is not concerned about used truck sale prices falling below residual values, noting that any such event would be temporary and not trigger material adjustments. She also confirmed that the cash benefit from bonus depreciation is expected to continue for the next several years, making it a structural improvement.

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EVP and CFO Cristy Gallo-Aquino explained that a drop below the residual range would trigger an incremental charge on inventory, but this downside is covered in the low end of their guidance. CEO Robert Sanchez added that such low prices are historically rare. Regarding the 2027 EPA rules, he stated that Ryder has not factored any pre-buy into its forecast, noting any potential long-term benefit to used truck values would be a positive but is not included in current targets.

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Tom Havens, President of FMS, noted that lease competition is focused on redeployable assets but remains disciplined on new capital. Steve Sensing, President of SCS and DTS, stated that in Dedicated, the primary competition is the spot market, while the supply chain segment remains solution-based with stable rates. Regarding the hurricanes, management confirmed that operations were fully restored with minimal damage, and while there was a small, localized uptick in rental demand, it did not have a meaningful impact on overall results.

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CEO Jim Vena explained that Union Pacific's philosophy is centered on providing high-level, tailored service to win business, regardless of the regulatory environment. He stated the focus is on leveraging technology and innovative solutions to make it easier for customers to use their network, thereby moving more freight from highways to rail and helping customers succeed in their own markets.

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EVP Kenny Rocker responded that customers need more certainty before making major supply chain shifts but that UNP is actively competing for U.S. business. He noted that while past trade disputes altered grain flows, their agile network successfully pivoted volumes to the Gulf and Mexico, and they continue to see growth in areas like biofuels.

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CFO Jennifer Hamann confirmed the 4% all-in comp per employee guidance for 2025 accounts for these changes. EVP of Operations Eric Gehringer clarified the brakeperson agreement transitions employees to conductor roles as technology reduces demand. CEO Vincenzo Vena emphasized that new work schedules are being implemented to be cost-neutral, ensuring productivity is maintained while providing employees with better work-life balance.

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Executive Vincenzo Vena reiterated his initial assessment that overcoming these pressures would take a couple of years. He expressed comfort with the company's current position and its ability to deliver on its three-year financial targets through high service levels, pricing, and growth, despite headwinds like the 20% decline in coal.

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President & CEO Joseph Hinrichs emphasized that improved customer service is key to profitable growth. While avoiding speculation on specific mergers, he stated that CSX is open to any opportunity that creates shareholder value, grows the business, and better serves customers. He highlighted the industry's potential to collaborate to compete more effectively with trucking.

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EVP and CCO Kevin Boone stated that while some revenue was perishable, a significant opportunity remains to meet existing market demand in Q2. CFO Sean Pelkey declined to provide specific EBIT guidance due to macro uncertainty but affirmed that the current operational issues are temporary and the 3-year targets from Investor Day remain intact.

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EVP and COO Mike Cory responded that traffic has already been rerouted in Q4, so service metrics should not be dramatically affected going forward. He affirmed the network's fundamental health, noting strong performance outside of hurricane impacts. He also stated that headcount is stable and the company is well-positioned to handle future growth and productivity improvements.

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CFO Sean Pelkey stated the dollar spread between price and inflation has been positive all year and projected wage inflation below 4% for next year. CCO Kevin Boone noted a bottoming truck market presents a pricing opportunity. CEO Joseph Hinrichs added that settling wage agreements early enables more productive, long-term conversations with unions about work rules, safety, and efficiency.

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CEO Tracy Robinson clarified that while weakness in forest products and metals may persist due to tariffs, the issues in petroleum and chemicals were more temporary. EVP & Chief Field Operating Officer Derek Taylor detailed the operational response, including furloughing 740 T&E employees and storing locomotives and cars, while maintaining the ability to recall resources quickly as volumes rebound.

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Remi Lalonde, Chief Commercial Officer, quantified the exposure, stating that U.S. business is about one-third of their total international book. Patrick Whitehead, Chief Network Operations Officer, and CEO Tracy Robinson addressed network flexibility, noting a quick recovery post-weather, the presence of furloughed employees ready for recall, and significant year-over-year labor productivity improvements.

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Chief Commercial Officer Remi Lalonde confirmed that labor uncertainty at West Coast ports and the Port of Montreal are headwinds. CFO Ghislain Houle addressed compensation, stating that Q4 average comp per employee is expected to be higher sequentially due to reduced capital work during the winter months.

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EVP & CFO John Kuhlow described it as a structural cost initiative across salaries, benefits, and equipment. President of Dedicated Brad Hicks cited technology and AI as efficiency drivers. CEO Shelley Simpson noted the goal is to automate work and redeploy people to growth areas. President of Intermodal Darren Field added that creative equipment use, like replacing leased trailers and reducing storage costs with BNSF, is also part of the plan.

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Darren Field, President of Intermodal, acknowledged dissatisfaction with margins, citing intense competition from highway capacity as a primary challenge. CFO John Kuhlow added that highway-to-intermodal conversion remains a top priority for customers, driven by J.B. Hunt's strong service performance and customers' long-term planning for potential shifts in the truckload market.

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Bradley Hicks, President of Dedicated Contract Services, confirmed that known fleet losses will persist into Q2 2025. Executive Brad Delco added that new contracts are typically breakeven for the first six months due to start-up costs, meaning the financial benefits of 2025 fleet growth will likely materialize more significantly in 2026.

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Darren Field, President of Intermodal, clarified that the BNSF consultant is focused on the merchandise network, which should not negatively impact Intermodal and could even be a positive. CEO Shelley Simpson reinforced the focus on market expansion with BNSF. Bradley Hicks, President of Highway Services, confirmed some project work in ICS contributed to healthy gross margins.

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EVP & Chief Customer Officer Brie Carere confirmed an improving pricing environment, attributing it to both market conditions and a strong focus on revenue quality. She highlighted successful pricing levers, including a large package strategy and a 2% fuel surcharge change, noting that Q4 saw the best year-over-year yield improvement for Home Delivery and Ground Commercial.

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EVP & Chief Customer Officer Brie Carere stated that the pricing environment is improving, aided by the company's focus on revenue quality. She highlighted several pricing levers, including a large package strategy, monetizing rural coverage, and a fuel surcharge adjustment. She noted that Q4 saw the best year-over-year yield improvement for Home Delivery and Ground Commercial services.

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EVP and CCO Brie Carere confirmed positive momentum in Europe, citing seven consecutive quarters of parcel market share gains driven by improved service and productivity. On pricing, she noted discipline in the premium segment, the importance of surcharges for harder-to-handle packages, and an improving pricing market overall.

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EVP and Chief Customer Officer Brie Carere acknowledged the market is competitive but rational, with yields pressured by the economy and a mix shift toward deferred services. She stated the team is executing well on surcharges for things like peak and large packages, which are being enhanced by new dimensional capture technology. However, she noted that base rates remain pressured due to the broader economic environment.

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EVP and Chief Customer Officer Brie Carere explained that the pricing actions are a holistic strategy to ensure service quality and profitability, particularly during the condensed peak season. She expressed confidence in the GRI capture rate and noted that while international yield faced pressure in Q1, she expects it to taper due to strong Asia export demand and the stickiness of certain surcharges.

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Executive Phillip Yeager reported strong progress, with empty repositioning costs down 17% year-over-year and container turn times 4% better. He described rail service from partners as 'phenomenal and resilient.' Yeager noted that 20-25% of boxes are currently stacked, providing 35% incremental capacity before new investment is needed, and that the insourced drayage percentage improved by 400 basis points sequentially.

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Executive Phillip Yeager confirmed that strong West Coast volumes indicate continued transloading activity. Regarding capacity, he stated the company can handle 30% incremental growth with its current container fleet and is not planning to purchase any in 2025. He noted about 20% of the fleet is stacked. For drayage, the focus is on returning to 80% in-sourced drivers from 73% in Q4. CFO Kevin Beth added that employee productivity has increased across all business lines, supported by technology investments.

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CEO Drew Wilkerson stated that brokerage has always been competitive and RXO differentiates through service, technology solutions, and long-tenured customer relationships averaging over 15 years. CSO Jared Weisfeld reiterated high confidence in the low to mid-single-digit contract rate increases, which are already being implemented and will see a full run-rate impact in Q3, supported by strong service results.

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CEO David Bozeman reiterated the policy of not providing intra-quarter guidance but noted Q2 is historically stronger. Michael Castagnetto, President of NAST, added that the March-to-April sequential volume decrease was less than the prior year. He confirmed capacity continues to exit but sees no sustainable market inflection yet, describing the market as "bouncing along the bottom."

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President of North American Surface Transportation Michael Castagnetto noted that Q4 saw high route guide adherence and a competitive spot market. He stated the company feels good about the health of its contractual business, having outperformed the Cass Shipment Index in that space. For the Q1 bid season, he said they are not yet seeing an uptick in overall demand but are confident in their pricing strategy and customer engagement.

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CEO Dave Bozeman explained that while carrier capacity is exiting the market, the pace is too slow to cause an inflection. He stated that a true market turn requires a significant increase in demand, which is not currently apparent. The company is focused on delivering "higher lows" during this extended freight recession and is prepared to react when the market does turn.

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Executive Kathleen Gutmann confirmed the shift is already happening, with double-digit export growth from non-China lanes like Vietnam. CFO Brian Dykes reaffirmed the company's capital allocation policy, highlighting a strong balance sheet with a 2.26x debt-to-EBITDA ratio. He estimated the restructuring charges would be approximately 60% cash and 40% non-cash, subject to updates.

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EVP Kathleen Gutmann stated the shift is already happening, with double-digit export growth from non-China Asia lanes. CFO Brian Dykes confirmed no change to capital allocation policy, highlighted the strong balance sheet, and estimated that restructuring charges are approximately 60% cash and 40% non-cash, subject to future updates.

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CEO Carol Tomé stated that peak will be operated as usual, though likely with fewer leased assets. EVP and President, U.S. Nando Cesarone elaborated that the company will not need to rent as much equipment (aircraft, tractors, trailers) or set up as many temporary facilities, as these variable costs can be pulled back in line with the lower volume.

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CEO Carol Tomé explained that customers have tempered forecasts due to a compressed holiday shipping season and external projections of slower e-commerce growth, potentially shifting consumers to in-store shopping. Executive Matthew Guffey added that collaboration on holiday surcharges is strong, resulting in one of the 'best keep rates' seen. CFO Brian Dykes noted that surcharge changes were designed to capture a larger volume set.

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Executive Adam Miller stated that LTL volumes are building consistently, allowing participation in ongoing bids and helping with cost absorption. He noted that while M&A is a possibility for 2026, the focus for 2025 is on organic growth and integrating the 37 new locations and the DHE acquisition. Executive Andrew Hess added that many Q1 costs for new facilities are now in the baseline, and the focus is on improving variable wage efficiency, insourcing maintenance, and leveraging fixed costs as volume grows.

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Executive Adam Miller explained U.S. Xpress will target higher percentage rate increases due to its lower starting point. Executive Andrew Hess added that its OTR operating ratio has improved ~700 bps since acquisition, with future gains coming from rate, seated truck count, and replacing high-cost leases. Miller attributed the higher gain on sale to an initiative to rightsize the trailer fleet by selling older, low-book-value assets.

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Executive Adam Miller noted plans to reduce the U.S. Xpress tractor count slightly to align with dedicated business needs. Executive Andrew Hess explained that hurricanes disproportionately impacted the U.S. Xpress and AAA Cooper brands, affecting LTL and Intermodal results. Executive Brad Stewart added that while the storms were a headwind, emerging truckload opportunities are offsetting the negative impact on Q4 guidance.

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CFO Jason Zampi clarified that full-year land sales are still expected in the $30-$40 million range, noting their lumpy nature. COO John Orr expressed satisfaction with the network's resilience, attributing it to capital investments and resource management. He highlighted the ongoing transformation with a new zero-based plan. CCO Ed Elkins added that the reliable service is helping win back market share lost over the past few years.

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CFO Jason Zampi confirmed the full-year land sale forecast is unchanged at $30-$40 million, with lumpy timing. COO John Orr credited the network's resilience to capital investments and a new zero-based plan. CCO Ed Elkins added that this improved service is enabling them to win back market share.

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CMO Ed Boyle responded that the focus is on expanding wallet share with customers, both by reclaiming lost business and winning new-to-rail freight. He noted they have successfully translated service value into price, particularly in merchandise, and expect that to continue. CEO Mark George added that improved service provides leverage on both fronts: pricing and volume share recapture.

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CEO Mark George stated that reducing the locomotive fleet allows for lower and more focused capital deployment. He anticipates CapEx will decrease next year, enabling a modest resumption of share repurchases, supported by cash from line sales. An executive, likely COO John Orr, added that capital commitments for locomotives are being pushed back.

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Mark George, CFO, responded that he expects continuous productivity gains throughout the back half of the year. He projected that the third and fourth quarter operating ratios would look 'somewhat similar,' as ongoing productivity momentum would help offset the typical seasonal volume softness in Q4.

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President & CEO Marty Freeman characterized the proposed shift to a density and cube rating system as 'a big to do about nothing' for the time being. He explained that while it offers a better rating system for carriers, shippers are not required to adopt it immediately, suggesting a gradual transition rather than an abrupt market change.

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CFO Adam Satterfield reported some temporary revenue loss from the hurricane but no significant damage to the network. Regarding the NMFTA changes, he views them as a strategic advantage for ODFL, as the company is already well-equipped, dimensioning approximately 75% of its freight today.

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