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    Elliot Alper • TD Cowen

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

    Elliot Alper's questions to TFI International Inc (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 Inc (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 Inc (CVLG) leadership

    Elliot Alper's questions to Covenant Logistics Group Inc (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 ArcBest Corp (ARCB) leadership

    Elliot Alper's questions to ArcBest Corp (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 Inc (HUBG) leadership

    Elliot Alper's questions to Hub Group Inc (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 Inc (LSTR) leadership

    Elliot Alper's questions to Landstar System Inc (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 Corp (UNP) leadership

    Elliot Alper's questions to Union Pacific Corp (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 Corp (NSC) leadership

    Elliot Alper's questions to Norfolk Southern Corp (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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