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CEO Richard O'Dell detailed cost opportunities in procurement, facility consolidation, and reducing empty miles. He and President & COO Amy Rice affirmed the mid-term goal of a high-80s adjusted operating ratio, driven by share gains and cost controls, noting three operating units already perform at or better than a 90 OR. On M&A, CFO Brad Wight stated that while conversations are ongoing, nothing is imminent, and the focus is on using free cash flow to reduce debt.

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President and COO Amy Rice stated that the company's previously disclosed low-teens market share estimate is still a reasonable figure. She explained that Proficient prioritizes growth within its existing network, followed by adjacent territories, and is more measured about entering entirely new markets. Chairman and CEO Richard O'Dell added that while they have a pipeline of M&A opportunities and expect one to two smaller deals this year, they are balancing this against other strategic priorities.

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President & COO Amy Rice explained the Pro Fleet decline was due to a tough year-over-year comparison and reduced demand for premium services amid high dealer inventories. She noted the business is now operating at its minimum contracted level, suggesting a floor has been reached. CEO Richard O'Dell and CFO Bradley Wright expressed increased confidence in their market position, ability to gain share, and the on-track cost synergy initiatives. Regarding capital allocation, Wright stated that investing in long-term business improvements remains the priority over share buybacks.

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President & CEO Phillip Yeager confirmed the accretion estimate for the Martin deal includes day-one contractual synergies and is separate from the broader cost savings program. CFO Kevin Beth highlighted the strong growth in the refrigerated intermodal business. Regarding legislation, Mr. Yeager stated he does not anticipate new bonus depreciation rules will significantly alter the outsourcing decisions for customers in the Dedicated segment in the near term.

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Executive Phillip Yeager stated that legacy headcount was down 7% and detailed a $40 million cost reduction program, with half already implemented. CFO Kevin Beth added that technology implementations are also reducing costs. Regarding Mexico, Yeager described the EASO joint venture as a 'fantastic' start with volumes up 4x year-over-year and noted a strong M&A pipeline with a focus on adding more solutions in Mexico over time.

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Executive Phillip Yeager confirmed that strong demand has continued, with January Intermodal volumes up 18% year-over-year, and he does not believe a significant pull-forward has occurred yet. Regarding Mexico, Yeager noted that cross-border business is about 6% of Intermodal volume and 3% of total company revenue. While customers might pull forward some demand, he sees a significant opportunity for truck-to-rail conversion in the underpenetrated Mexico cross-border market, expressing confidence in share gain opportunities.

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Executive Phillip Yeager explained that while the intermodal pricing environment is competitive, it is not irrational, and he anticipates a successful bid season supported by strong demand and service levels. He noted that about 70% of the business will be repriced in the first half of 2025. Regarding Final Mile, Yeager stated the integration and reorganization are largely complete, positioning the business to capture a seasonal demand surge in Q4 and benefit from new, margin-accretive business.

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CFO Damon Lee outlined a disciplined capital allocation strategy where high-ROI organic opportunities currently receive top priority. He confirmed the company is actively evaluating inorganic opportunities but stressed they will not 'make a mistake on M&A' and will only act on the right acquisition, while continuing share buybacks as conditions permit.

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EVP & CFO Adam Satterfield emphasized that technology is a key driver of ODFL's significant operating ratio outperformance. He confirmed the company is continuously working on improvements in line haul optimization, P&D operations, and dock technologies. These systems have been crucial in managing direct costs effectively despite the loss of network density during the downturn.

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EVP & CFO Adam Satterfield confirmed that technology is a core component of their strategy and a key driver of their industry-leading operating ratio. While not detailing specific projects, he noted they are constantly pursuing continuous improvement in areas like line haul optimization and P&D operations, which has been crucial for managing costs effectively during the downturn.

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CFO Adam Satterfield stated that while bid activity is high in a weak market, ODFL continues to secure yield improvements by demonstrating its value proposition. Regarding the NMFC changes, he anticipates a minimal overall impact, explaining that ODFL's cost-based pricing should result in a revenue-neutral transition for customers.

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CFO Adam Satterfield noted that bid activity is high but ODFL continues to secure yield improvements. Regarding the NMFC changes, he does not expect a material impact on overall yields, stating the goal is for the change to be revenue and income neutral for ODFL and its customers due to its cost-based pricing model.

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CFO Adam Satterfield noted that they have competed with the company for years and expect it to remain disciplined. He expressed confidence in ODFL's ability to continue winning share through its superior service and value proposition, emphasizing that the industry remains capacity-constrained, which provides growth opportunities for multiple carriers.

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Executive Kevin Freeman attributed the lower weight per shipment to customers shipping fewer items per skid due to market conditions, not competitive losses, and expressed cautious optimism for a holiday-related pickup. He confirmed that sales representatives are incented quarterly based on revenue growth, operating ratio, and service metrics.

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President & CEO-Elect Seth Runser described the progress as being in the 'early innings,' particularly on productivity improvements driven by AI and process optimization. He noted that while the managed solutions business is performing well, the truckload segment is still being optimized. CFO Matt Beasley provided Q3 guidance for the segment's non-GAAP operating income to be between breakeven and $1 million.

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CFO Matt Beasley confirmed the initial phase of city route optimization yielded about $1 million per month in savings. While subsequent phases focusing on optimization and pickups have less runway, they will still provide positive results and customer benefits. President Seth Runser addressed the freight shift, acknowledging that some fringe LTL freight has moved to the over-capacitized truckload market. He believes this freight will shift back as the TL market recovers but noted it's not the bulk of their business.

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CFO Matt Beasley confirmed the managed services business is contributing positively to operating income, while truckload brokerage is a headwind. Executive Steven Leonard added that while a market turn will help, the company is actively improving pricing at the lane and customer level and growing in non-contract areas to drive profitability sooner.

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CFO Jim Todd noted that substitute line haul strength was driven by specific customer demand. VP Matt Dannegger added that they anticipate a muted peak season, similar to the prior year. Regarding the forwarding business, management stated they did not have a clear view for Q3 but acknowledged that ocean rates had been declining for several quarters.

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CEO Frank Lonegro confirmed the fraud was an 'extremely unique' and isolated incident stemming from a decade-old arrangement, not typical double brokering. On Mexico, Lonegro and Executive James Applegate reiterated their belief in the long-term strategy, stating that while M&A is not a primary focus, they are evaluating organic investments in new gateways along the border to position for future growth once tariff uncertainty clears.

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CEO Carol Tomé attributed the challenges in the SMB segment primarily to trade policy uncertainty and tightening credit conditions, which disproportionately impact smaller companies. She noted UPS is actively helping these customers with supply chain mapping assessments. CCO Matt Guffey emphasized that SMBs trust the UPS brand and integrated network for guidance on sourcing and logistics. EVP Kate Gutmann also highlighted healthcare as a particular bright spot within the SMB customer base.

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CEO Carol Tomé argued the opposite, stating that shedding unprofitable Amazon volume and reducing dependency on one customer actually adds financial flexibility and agility. CFO Brian Dykes added that consolidating into a more automated network improves efficiency for flexing volume both up and down. Tomé concluded by highlighting the strategic focus on recession-resilient healthcare logistics as a key differentiator.

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CEO Carol Tomé argued the opposite, stating that shedding unprofitable Amazon volume creates more financial flexibility and agility. CFO Brian Dykes added that the company is building a 'muscle' for flexing its network and that consolidation into automated hubs improves efficiency. Tomé also highlighted the strategic focus on the recession-resilient healthcare sector as a key differentiator.

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CEO Carol Tomé confirmed the rollout should be completed this year. EVP and President, U.S. Nando Cesarone added that the execution schedule is linked to the financial plan. Chief Commercial and Strategy Officer Matthew Guffey emphasized the customer value, noting that 15 large enterprise retailers have already been onboarded, loving the inbound visibility RFID provides for their docks, which improves their labor scheduling and complements time-definite delivery windows.

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Alain Bedard, President, CEO & Chairman, stated that a large LTL acquisition would be unwise until the company proves sustained control and improvement at TForce Freight over several quarters. For now, buying back TFI stock is a better use of capital. CFO David Saperstein added that LTL contract renewals are in the low-to-mid single-digit range, but the key factor is the mix of freight retained under those renewals.

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Executive Alain Bedard acknowledged the challenge, noting that while service metrics like missed pickups have improved by 50%, the company is fighting a negative perception based on stale, four-year-old data from the Mastio report. He conceded that after years of trying to grow density organically without success, TFI now understands that M&A will be necessary. While an asset-light model is always preferred, Bedard said the company is open to asset-heavy acquisitions to build the required density.

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CEO Malcolm Wilson stated they are nearing the conclusion of the CMA review, with an outcome expected in 'multiples of weeks.' He explained they are prepared for either full clearance or a minor disposal of a low-margin part of the business. Importantly, they are working with the CMA to begin integrating the other 90%+ of the business soon to start unlocking cost synergies.

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CSO Jared Weisfeld explained that after a difficult January, the company moved quickly to reduce purchase transportation costs, leading to a 20% GP per load improvement from January to March. He clarified that all Q2 guidance scenarios assume GP per load will be up sequentially from Q1 levels. He also noted that a higher LTL mix, which has a lower GP per load, can impact the overall average, while also being a tailwind to gross margin percentage.

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CEO Mark Rourke noted that the freight environment was relatively stable through Q1, and the uncertainty is more forward-looking, as the consumer has been resilient to date. EVP & Group President Jim Filter affirmed confidence in the long-term road-to-rail conversion thesis, stating that the primary factor that shifted freight back to the highway recently was the pricing dynamic. He believes that as over-the-road rates rise faster than Intermodal, the conversion trend will resume.

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EVP Jim Filter explained the Eastern performance reflects a disciplined strategy focused on profitability. He highlighted a significant future growth opportunity in the East via the newly approved CPKC-CSX connection between Texas and the Southeast. He praised CSX's service resiliency through recent disruptions and noted it's too early to determine the impact of potential PSR changes at a competitor, but it could create opportunities for their Western partner, Union Pacific.

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Executive Jude Beres clarified that tariff exposure is minimal, with Canadian and Mexican operations representing only 3-3.5% of the 2025 guide. He attributed the Contract Logistics margin pressure to GAAP purchase accounting for the Parsec acquisition and reduced auto plant utilization. Beres also noted that increased personnel costs were due to the Parsec acquisition and that a specialty development program drove the change in other operating expenses. Executive Tim Phillips detailed a comprehensive turnaround plan for the Intermodal segment, including new leadership, technology investments, and facility consolidation. Phillips also confirmed the strength in the Trucking segment was driven by the specialized wind business, which he expects to continue due to long-term project planning.

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Darren Field, President of Intermodal, asserted the problem was not a long-term infrastructure challenge like in 2021. He attributed the disruption to short-term 'people challenges' and planning issues related to a new union agreement and railcar imbalances, expressing confidence that these are solvable and that they are working with BNSF to prevent a recurrence.

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President and CEO Raj Subramaniam commented that it is too early to speculate on the outcome but that FedEx is monitoring developments closely. He stated a key principle for the industry is that the package delivery business should not be subsidized by U.S. taxpayers, expressing hope that this consideration would be adopted in any potential changes.

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EVP and CCO Brie Carere described the relationships with major e-commerce shippers as productive but strategically managed, representing 'small opportunities' that are accretive but not a significant growth driver. She sees no material risk from these volumes. She affirmed that the Tricolor strategy is designed to improve all international margins as the market continues to shift toward deferred services.

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CFO Jamie Pierson stated that the analysis of former Omni companies is ongoing and it is too premature to announce any potential sales. CEO Shawn Stewart explained that the company is adjusting its LTL pricing to better reflect its premium service, moving away from a volume-focused strategy. He anticipates the financial impact of this change will be felt partially in the fourth quarter.

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CFO Kyle Wismans stated that priorities remain reinvesting in the business and achieving an investment-grade credit profile, noting leverage is already down to 2.5x. Executive Mario Harik added that while the long-term strategy is to be a pure-play North American LTL carrier, the company will be patient to secure the right value for the high-performing European asset.

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