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    Elliot Alper

    Vice President and senior analyst at TD Cowen

    Elliot Alper is a Vice President and senior analyst at TD Cowen, specializing in transportation and logistics sector research and providing expert investment insights on leading companies such as Union Pacific, Norfolk Southern, and Radiant Logistics. He is an active participant in earnings calls and sector analyses, with research frequently cited by both industry media and institutional investors; his investment recommendations have contributed to Cowen’s recognized reputation for sector research excellence. Alper began his career as a Senior Research Associate at D.A. Davidson, joined Cowen in 2020, and transitioned to TD Securities (now TD Cowen through acquisition) where he continues to cover key rail and logistics equities. He is a FINRA-registered broker (CRD#: 6983416) with verified credentials and experience in equity research and investment banking.

    Elliot Alper's questions to TFI International (TFII) leadership

    Elliot Alper's questions to TFI International (TFII) leadership • Q2 2025

    Question

    Elliot Alper of TD Cowen, on behalf of Jason Seidl, asked if SMB customers were feeling more pressure from tariffs and whether increased competition for SMBs was creating pricing challenges. He also inquired about the outlook for peak season.

    Answer

    CFO David Saperstein stated they have not seen specific tariff pressure on SMB customers and described the competitive environment for SMBs as a normal, functioning market. Alain Bedard, President, CEO & Chairman, added that freight that is good for one carrier may not be good for another depending on network fit. Regarding peak season, he indicated the outlook is currently 'more of the same.'

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    Elliot Alper's questions to TFI International (TFII) leadership • Q1 2025

    Question

    Elliot Alper inquired about the key drivers of weakness within the Logistics segment during the first quarter and whether that weakness is expected to persist.

    Answer

    Executive Alain Bedard stated that the revenue decline in Logistics was driven almost entirely by the truck moving business, as major OEM customers reduced production by 20-30%. He expects this weakness to persist through Q2 and Q3 but sees improvement in Q4 2025. He also noted that OEMs are forecasting a "boom year" in 2026 due to upcoming changes in environmental requirements for truck manufacturing.

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    Elliot Alper's questions to COVENANT LOGISTICS GROUP (CVLG) leadership

    Elliot Alper's questions to COVENANT LOGISTICS GROUP (CVLG) leadership • Q2 2025

    Question

    Elliot Alper of TD Cowen inquired about the quantifiable impact of start-up costs on Dedicated segment margins and the outlook for a modest peak season. He also asked for more detail on what the company considers "value-added services" in its dedicated strategy.

    Answer

    President Paul Bunn projected slight sequential margin improvement for Dedicated in Q3, followed by seasonal pressure in Q4, while noting Expedited could see a lift from peak season. Both Bunn and CFO Tripp Grant explained that "value-added services" involve shifting away from commoditized dry van freight towards more specialized, difficult-to-handle niches like live haul or high-service requirement freight to differentiate and protect margins.

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    Elliot Alper's questions to RADIANT LOGISTICS (RLGT) leadership

    Elliot Alper's questions to RADIANT LOGISTICS (RLGT) leadership • Q3 2025

    Question

    Elliot Alper, on for Jason Seidl, asked for details on the outperformance of the base business in the March quarter, the potential impact of the 'bullwhip effect' on the upcoming June quarter, and any recent booking trends from Asia following tariff news.

    Answer

    Executive Bohn Crain acknowledged that while it's early, they anticipate softness in the June quarter due to trade tensions, though April's performance was better than expected. He noted that market chaos creates opportunities and expects a surge as supply chains reset. CFO Todd Macomber added that Canada's performance was stronger than anticipated and that while international shipment volumes were down, margins per file were up, with acquisitions also contributing to growth. Regarding Asia, Mr. Crain mentioned a recent slowdown in ocean imports from China but believes it will be short-lived, highlighting that their recent Transcon acquisition is heavily focused on this trade lane.

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    Elliot Alper's questions to RADIANT LOGISTICS (RLGT) leadership • Q2 2025

    Question

    Elliot Alper of TD Cowen inquired about the key drivers for the December quarter's outperformance, specifically the impact of Hurricane Milton relief projects and any potential demand pull-forward. He also asked for the strategic rationale and financial contribution of the TCB acquisition and sought details on the company's customs brokerage operations amid changing tariffs.

    Answer

    Executive Bohn Crain explained that the quarter's strong results were primarily driven by humanitarian projects related to Hurricane Milton, which involved chartering 49 flights for IV fluid. He acknowledged a modest bump from tariff-related pull-forward but emphasized the market remains challenging. Crain detailed that the TCB acquisition adds crucial 40-foot intermodal capabilities and is expected to contribute $2-3 million in incremental EBITDA. He also highlighted the growing importance of their customs brokerage business, Radiant World Trade Services, and its associated technology platform as a key catalyst for future growth.

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    Elliot Alper's questions to RADIANT LOGISTICS (RLGT) leadership • Q4 2024

    Question

    Elliot Alper of TD Cowen inquired about the key drivers behind the fourth quarter's sequential EBITDA outperformance, the outlook for the upcoming peak season, and whether Radiant was observing any freight pull-forward ahead of a potential port strike.

    Answer

    CFO Todd Macomber attributed the strong performance to sequential growth in volume and improving pricing. CEO Bohn Crain confirmed a pull-forward of freight due to a combination of factors including global events and potential tariff changes, which has led to capacity tightening on the West Coast. Regarding a potential port strike, Crain stated the company would not speculate but is prepared to support customers with logistics solutions if one occurs.

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    Elliot Alper's questions to ARCBEST CORP /DE/ (ARCB) leadership

    Elliot Alper's questions to ARCBEST CORP /DE/ (ARCB) leadership • Q1 2025

    Question

    Elliot Alper inquired about the LTL pricing environment, noting that the sequential increase in contract renewal rates to 4.9% seems to contrast with a weaker macroeconomic backdrop.

    Answer

    Executive Eduardo F. Conrado responded that the pricing market remains rational, with no major competitors chasing growth at the expense of price. He attributed the strong renewal rates to customers recognizing and appreciating the value ArcBest provides, leading to productive conversations.

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    Elliot Alper's questions to Hub Group (HUBG) leadership

    Elliot Alper's questions to Hub Group (HUBG) leadership • Q4 2024

    Question

    Elliot Alper of TD Cowen asked for the key assumptions underpinning the high and low ends of the 2025 earnings guidance. He also questioned the potential for Q1 earnings growth and requested more detail on the outlook for the Dedicated segment, including tractor count and pricing.

    Answer

    CFO Kevin Beth stated the high end of guidance assumes a tightening truckload market, additional Intermodal pricing power, and higher peak season surcharges. The low end considers potential impacts from tariffs or a weaker consumer. Executive Phillip Yeager noted that Q1 earnings growth would require a ramp in demand post-Lunar New Year. Regarding Dedicated, CFO Kevin Beth highlighted a 13% increase in revenue per tractor per day and a strong pipeline, with pricing locked into long-term contracts, leading to an expectation of flat revenue for the year as new wins offset customer losses.

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    Elliot Alper's questions to LANDSTAR SYSTEM (LSTR) leadership

    Elliot Alper's questions to LANDSTAR SYSTEM (LSTR) leadership • Q3 2024

    Question

    Elliot Alper of TD Cowen asked for Landstar's view on the overall capacity landscape, specifically if larger fleets are shedding tractors. He also inquired about the potential timing and magnitude of hurricane rebuild efforts.

    Answer

    CEO Frank Lonegro stated that while there is likely capacity parked by asset-heavy and private fleets, Landstar has a better view of small operators. Executive Vice President Joseph Beacom added that brokerage volume is shifting toward slightly larger carriers, suggesting some contraction among the smallest fleets. Regarding hurricane rebuilding, management noted it's too soon to tell the timing and magnitude, but the company has a playbook and is actively engaging customers. They expect rebuilding to start sooner in Florida, while areas impacted by Helene will first require significant demolition.

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    Elliot Alper's questions to UNION PACIFIC (UNP) leadership

    Elliot Alper's questions to UNION PACIFIC (UNP) leadership • Q3 2024

    Question

    Elliot Alper of TD Cowen asked about the drivers of the positive domestic intermodal outlook for Q4 and whether this growth could partially offset the expected decline in intermodal revenue per car.

    Answer

    EVP Kenny Rocker noted that domestic intermodal has been positive since Q2, benefiting from international spillover and strong demand for products like the Inland Empire service. While he expects continued benefit from international trends in Q4, he did not directly quantify the offset to revenue per car, stating they will see how the quarter progresses.

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    Elliot Alper's questions to NORFOLK SOUTHERN (NSC) leadership

    Elliot Alper's questions to NORFOLK SOUTHERN (NSC) leadership • Q2 2024

    Question

    Elliot Alper, on behalf of Jason Seidl at TD Cowen, asked for more details on initiatives in purchased services as a margin lever and the expected cadence of this expense for the rest of the year.

    Answer

    Mark George, CFO, stated that purchased services is a major focus for cost reduction, particularly in non-volume-related areas like technology, and he expects the expense to be down year-over-year in the second half. John Orr, COO, provided an example of streamlining fuel distribution to reduce reliance on third-party services.

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