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    Christopher Kuhn

    Senior Equity Research Analyst at The Benchmark Company

    Christopher Kuhn is a Senior Equity Research Analyst at The Benchmark Company, specializing in the Transportation sector with coverage of major logistics and freight companies such as Expeditors International, XPO, Landstar System, C.H. Robinson Worldwide, J.B. Hunt Transport Services, RXO, Hub Group, Forward Air, Schneider National, and Saia. Over his recent ratings, Kuhn has achieved a 41.56% success rate and a 3.93% average return, reflecting a consistent track record in equity recommendations. He joined The Benchmark Company after 25 years at TIAA Investments, where he served as a Sector Portfolio Manager and Analyst for U.S. and European Aerospace, Defense, and Transportation industries, and began his career at Goldman Sachs. Kuhn holds business degrees from Boston University and Fordham Business School and is expected to be registered with FINRA, in line with his senior analyst responsibilities.

    Christopher Kuhn's questions to FORWARD AIR (FWRD) leadership

    Christopher Kuhn's questions to FORWARD AIR (FWRD) leadership • Q2 2025

    Question

    Christopher Kuhn asked if the process of removing poorly priced freight from the network was largely complete and what the outlook for pricing is from current levels. He also inquired whether the company was considering any further portfolio reshaping or divestitures.

    Answer

    President, CEO & Director Shawn Stewart confirmed that the initial, major pricing fixes are done, though it remains an ongoing assessment, and suggested current pricing is a stable run-rate for the market. CFO Jamie Pierson highlighted the resulting 500 basis point margin improvement in Expedited Freight. Regarding the portfolio, Mr. Pierson stated that unwinding the integrated network would be 'value destructive,' but conceded that there 'might be one' non-core business the company would consider divesting.

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    Christopher Kuhn's questions to FORWARD AIR (FWRD) leadership • Q1 2025

    Question

    Christopher Kuhn of The Benchmark Company asked if the shedding of unprofitable freight was complete, if those customers might return, and if network capacity was sufficient for a rebound. He also inquired about the Intermodal segment's positioning relative to East and West Coast import shifts.

    Answer

    CEO Shawn Stewart confirmed that the shedding of unprofitable freight is mostly complete and expressed confidence that customers often return due to Forward's superior service. He affirmed the network has ample capacity to scale with a volume rebound. Regarding Intermodal, Stewart explained the business is primarily focused on the East Coast and Gulf, positioning it well to benefit from any freight shift away from the West Coast.

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    Christopher Kuhn's questions to FORWARD AIR (FWRD) leadership • Q4 2024

    Question

    Christopher Kuhn from The Benchmark Company asked about the performance drivers for the Omni business and the expected trade-off between pricing and volume in the Expedited Freight segment.

    Answer

    CFO Jamie Pierson stated that Omni's performance was driven by increased air and ocean volumes, which were supported by a very strong warehousing and VAS operation, offsetting a soft pricing environment. Regarding Expedited Freight, Pierson and CEO Shawn Stewart explained that the focus is on improving yield, which may lead to shedding some unprofitable volume in the short term. However, the ultimate goal is to replace that volume and drive profitable growth.

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    Christopher Kuhn's questions to FORWARD AIR (FWRD) leadership • Q3 2024

    Question

    Christopher Kuhn of The Benchmark Company asked about customer retention trends with legacy freight forwarders and how the change in LTL pricing strategy might affect weight and revenue per shipment metrics going forward.

    Answer

    CEO Shawn Stewart reported that the company has rebuilt trust with its legacy freight forwarder customers, and the remaining volume deficit is now more reflective of the soft macro environment than customer attrition. He also stated that he expects the trend of rising weight per shipment to continue and does not foresee the new pricing strategy having a negative impact on that metric.

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    Christopher Kuhn's questions to SAIA (SAIA) leadership

    Christopher Kuhn's questions to SAIA (SAIA) leadership • Q2 2025

    Question

    Christopher Kuhn of The Benchmark Company asked about the pricing progression on freight originating from Saia's new markets and with newer customers the company has onboarded.

    Answer

    EVP & CFO Matthew Batteh explained that the initial goal in new markets is to find the market rate, often by expanding service with existing customers. While rates aren't raised immediately due to initial inefficiencies, doing more for a customer makes Saia a stickier partner, which leads to better pricing over time. He reiterated that publicly available data shows Saia is priced below its national peers, indicating a clear opportunity for improvement as service levels are proven.

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    Christopher Kuhn's questions to SAIA (SAIA) leadership • Q1 2025

    Question

    Christopher Kuhn of The Benchmark Company asked about the long-term profitability of the new facilities and whether there are structural limitations to their potential operating ratio (OR). He also inquired about the expected trend for headcount going forward.

    Answer

    President and CEO Fritz Holzgrefe expressed strong confidence in the long-term potential of the new facilities, stating he has seen nothing to suggest they won't contribute to the company's goal of a 70s OR. He noted that while some smaller terminals may not reach the company average, they enable larger, leading facilities to perform even better. Regarding headcount, he said it would be expected to trend down from Q1 levels, as the company will closely manage staffing to match volume trends.

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    Christopher Kuhn's questions to SAIA (SAIA) leadership • Q4 2024

    Question

    Christopher Kuhn of The Benchmark Company asked how Saia maintains its culture and service quality after adding nearly 10% to its workforce and the time it takes for new employees to reach full productivity.

    Answer

    CEO Fritz Holzgrefe detailed a disciplined approach involving training, onboarding, and placing existing Saia leaders in new locations to instill the company culture. He acknowledged it can take several months to a year for a new facility to reach peak efficiency. He explained that an experienced workforce improves service, productivity, and safety while lowering claims, creating a virtuous cycle that ultimately benefits the operating ratio.

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    Christopher Kuhn's questions to SAIA (SAIA) leadership • Q3 2024

    Question

    Christopher Kuhn from The Benchmark Company inquired about the scale and cost impact of the terminal relocations and potential new openings planned for next year, comparing them to the larger openings in 2024.

    Answer

    CEO Fritz Holzgrefe explained that relocations are operationally straightforward and typically have a negligible cost impact, often providing immediate efficiencies. He stated that any new openings next year would be on a much smaller scale and have a 'de minimis' financial impact on the now significantly larger company, unlike the material impact from the 11 openings in Q3.

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    Christopher Kuhn's questions to Hub Group (HUBG) leadership

    Christopher Kuhn's questions to Hub Group (HUBG) leadership • Q1 2025

    Question

    Christopher Kuhn questioned the drivers of the 70 basis point improvement in Logistics margins, asking if it was solely due to past actions or if underlying businesses were improving despite a drag from brokerage. He also asked if customers were using containers for storage.

    Answer

    Executive Phillip Yeager confirmed the brokerage business was a drag but highlighted significant margin improvements in the consolidation business from better labor management and utilization. He also noted improvements in managed transportation and final mile. Yeager added that the company has reduced negative margin loads in brokerage by over 200 basis points. He stated they have not yet seen customers using containers for storage.

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