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CFO Scott Haralson acknowledged that scale will be required to hit the low-$30s DOE target, which the company aims for by 2027. He clarified the Q2 liquidity forecast of over $1 billion is net of expected cash burn and potential litigation payments but excludes any proceeds from the new ATM offering. CCO Sandeep Dube noted that inbound travel represents a single-digit percentage of the business.

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CEO Dale Asplund stated that this year's snow events should encourage more clients to adopt fixed-price contracts. He also noted that labor inflation is manageable at 2-3% and is offset by pricing and scope adjustments, with some commodity costs even deflating. He expressed confidence in long-term growth driven by internal initiatives, acknowledging that short-term macro 'noise' could affect the timing but not the trajectory.

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CEO Drew Wilkerson explained that the business's long-term earnings power is dramatically improved through purchase transportation opportunities, increased scale, and productivity gains, leading to higher highs and lows. CSO Jared Weisfeld added that the Q2 outlook does not assume any seasonal volume ramp from the soft April levels, even at the high end of the range, providing a conservative base.

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CFO Jim Tarangelo clarified that the company's goal is for pricing to be in line with inflation, not to use it for profit expansion. He identified the primary drivers for future margin improvement as ongoing supply chain efficiencies and economics, disciplined SG&A cost management, and effective control over food costs.

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CEO Jennifer Scanlon explained that customers, particularly in the industrial sector, have been adapting to tariffs for years and no material impact is currently visible. She affirmed that the company remains active in pursuing M&A opportunities to strengthen its market position, irrespective of the macro climate.

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Executive Ned Coletta stated that the company does not quantify the impact of a 'tough winter' unless it's a major, acute event. Regarding M&A-driven internalization, he explained that providing a general rule for EBITDA impact is difficult, as the benefit is highly dependent on the specifics of each acquisition, including existing disposal contracts and available transfer capacity, making it a multi-year, deal-specific process.

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Executive Ned Coletta stated that the company does not quantify the impact of a typical 'tough winter,' focusing instead on operational execution. CEO John Casella added that February volumes were weaker year-over-year but improved in March. Regarding internalization, Coletta explained that creating a simple model is difficult because the benefit is highly dependent on the specifics of each acquisition, including existing contracts and the multi-year timeline required to shift volumes and build out capacity.

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President Ned Coletta reported that synergies from the Twin Bridges acquisition are ahead of plan, while the GFL assets are behind due to transition complexities but are now on track. CFO Bradford Helgeson identified the key 2025 margin drivers as continued operating cost reductions in collection, the Willimantic MRF coming back online, and the normalization of the C&D market, which should allow the landfill business to be a positive contributor to margins.

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Derek Taylor, Chief Field Operations Officer, explained that CN maintains flexibility with approximately 470 T&E employees currently on furlough who can be recalled quickly. He emphasized that the company will be decisive in adjusting headcount down if needed but is comfortable chasing volume upside. This flexibility allows them to manage resources effectively in line with the demand they see developing in the second half.

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President and CEO Tracy Robinson reiterated that CN aims to grow faster than the macro economy, with about 50% of its volume growth expected to come from CN-specific initiatives. She indicated that more specific color on the 2025 outlook would be provided in January.

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Executive Luke Pelosi explained that while weather negatively impacted U.S. roll-off and special waste volumes, this was more than offset by strong performance in Canada. The Canadian segment's volume growth was driven by a significant tailwind from new Extended Producer Responsibility (EPR) contracts, which contributed over 5.5% to volume, demonstrating the benefit of GFL's macro-agnostic growth investments.

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CFO Luke Pelosi attributed the strong margin expansion to the quality of GFL's asset base, favorable price-cost spread, synergy realization, and deliberate volume shedding strategies. He noted that about half of the recent 70 basis point guidance increase comes from M&A and commodity prices, with the other half from underlying operational success. CEO Patrick Dovigi responded that any potential asset sale would be limited, strongly implying the focus is on the Environmental Services segment.

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Chief Strategy Officer Ali Faghri reported that the new sites are performing well and are expected to be accretive to the operating ratio this year, driving cost efficiencies. Executive Mario Harik added that the revenue is predominantly from existing customers, as the new facilities are in established markets. The primary benefits are improved service and a lower cost-to-serve, which in turn helps attract new business over time.

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Chief Strategy Officer Ali Faghri reported that the new sites are performing well and are expected to be accretive to the operating ratio this year. CEO Mario Harik added that revenue is predominantly from existing customers, as most new terminals are in established markets. The primary benefits are improved service and efficiency, which in turn helps attract new customers over time.

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Executive Mario Harik expressed high confidence, emphasizing that service improvements are foundational and not dependent on low volumes. He pointed to their successful handling of the volume surge after the Yellow bankruptcy as proof. Furthermore, he stated that having over 30% excess door capacity and a larger fleet positions them perfectly to maintain service during a recovery.

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President and CEO Russell Becker attributed margin expansion to an improved revenue mix toward services, disciplined project selection, Chubb value capture, pricing, procurement, and accretive M&A. He expressed confidence in achieving significant margin improvement beyond the current 13% target. On larger M&A, Becker stated that APi has demonstrated its capability with the Chubb deal and has the bandwidth for another large acquisition if the right opportunity, fit, and valuation arise, supported by the company's strong cash generation and balance sheet.

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President and CEO Russ Becker explained that project delays are primarily timing-related due to external factors like engineering and permitting, with the exception of the federally-funded rural broadband program. He noted a 5% organic backlog growth supports confidence for 2025. For margins, Becker cited the 'inspection-first' strategy, improved service mix, and international branch optimization as key drivers. EVP and CFO Kevin Krumm also mentioned Chubb value capture and improved project execution.

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EVP & CFO Nadeem Velani confirmed the outlook was for sequential OR improvement off the Q1 level. EVP & CMO John Brooks responded that while they have seen some pause, the majority of industrial development projects in Mexico are pushing forward, and they have not seen a major change in investment plans on a grand scale.

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EVP and COO John Morris reported that the company has eliminated the need to fill 2,600 roles to date through natural attrition and plans to eliminate another 940 in 2025, driven by automation in recycling and residential collection. He also mentioned new technology for fleet planning and scheduling, as well as tools to augment technician skills, as key drivers of reducing labor dependency.

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CEO Carol Tomé acknowledged the timeliness of the question, noting that while large retailers can manage tariff impacts, some smaller ones are rethinking holiday orders. CFO Brian Dykes explained that UPS is modeling multiple peak scenarios, from a tariff resolution causing an air freight surge to further delays creating a supply shock. Executive Nando Cesarone added that peak season costs are variable and can be adjusted as volume forecasts become clearer.

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CEO Carol Tomé confirmed that peak season discussions are underway, noting that while large retailers can manage tariff impacts, smaller ones are more cautious. CFO Brian Dykes said UPS is modeling various scenarios, including a potential shift from ocean to air freight. Nando Cesarone, EVP and President, U.S., added that peak season costs are variable and can be adjusted based on actual volume.

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CFO Brian Dykes reported positive RPP momentum from Q2 to Q3, with base rates contributing 170 basis points to growth. He expects RPP to turn positive in Q4, driven by pricing actions from the 'Architecture of Tomorrow' (AOT) technology. CEO Carol Tomé provided a specific example of using an AOT modifier to increase RPP by 12% on a segment of volume, demonstrating a favorable trade-off between price and volume.

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President and CEO Fritz Holzgrefe acknowledged that freight characteristics may change over time but argued that the fundamental need for LTL service remains strong. He pointed to factors like reshoring and the basic requirement for less-than-truckload deliveries to a wide range of businesses, from manufacturers to retail stores. He concluded that while the freight may look different, Saia's unique and permanent place in the supply chain, supported by an inflationary cost structure, is secure.

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CEO Fritz Holzgrefe explained that while a material increase in volume would require adding variable labor, the company is well-positioned to scale. He emphasized that the 21 new facilities opened this year provide significant operating leverage, making them much better prepared to capitalize on a stronger freight backdrop than in the past.

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Executive Ronald Mittelstaedt stated there has been no material impact from deregulation. He expressed confidence in handling any potential PFAS rules with existing technology, viewing it as a competitive advantage. Regarding the Arrowhead Landfill, he reported that daily tonnage has ramped significantly, from 2,700 to peak days of 7,500-8,000 tonnes, and the company is actively pursuing more third-party volume.

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CEO Jerry Gahlhoff recalled the 2008 crisis, noting that strong technician-client relationships maintained solid retention. He explained they have playbooks to work with customers, such as payment plan adjustments, deployed on a market-by-market basis. On M&A, CFO Ken Krause stated their preferred targets are multi-generational businesses that do not base selling decisions on short-term macro events, suggesting a recession would not necessarily spur M&A activity.

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Executive M. Waddell confirmed that Protiviti's pipeline is up year-over-year but acknowledged that some project delays and pauses occurred in Q1, particularly from financial services clients, which have been factored into Q2 guidance. Regarding permanent placement, he noted that while April started stronger than March, it is a very short time period and less predictive of full-quarter results than contract trends.

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CFO Adam Satterfield responded that ODFL does not typically provide that level of granular detail but emphasized the strength of their diversified customer base. He reiterated that the industrial segment outperformed the company average in Q1, aligning with broader ISM trends, and expressed confidence in growth once customers regain certainty.

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CFO Adam Satterfield declined to provide granular detail, emphasizing instead the strength of ODFL's diversified business mix. He reiterated that the broader industrial vertical performed better than the company average in Q1, driven by earlier strength in the ISM index, and that the company is well-positioned for a recovery.

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CFO Adam Satterfield identified an increase in weight per shipment as the first key indicator of a cyclical recovery. He expressed confidence that the industry will emerge from the prolonged downturn, driven by structural trends like e-commerce and reshoring, which will support growth beyond simple normalization and allow ODFL to leverage its 30% excess capacity.

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CCO Ed Elkins noted that while the top of the industrial development pipeline has expanded, some customers are extending decision timelines to evaluate the macro environment. Regarding Q1 volumes, he said there were many puts and takes, including weather recovery, making it difficult to isolate any tariff-related pull-forward. CEO Mark George added that the data does not scream 'pull-forward' and it was not a meaningful factor.

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CCO Ed Elkins noted an expanding industrial pipeline but said some customers are extending decision timelines. Regarding a tariff pull-forward, both Elkins and CEO Mark George stated it was not a meaningful factor in Q1, as customer feedback and data did not indicate a significant trend.

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Alan Shaw, CEO, affirmed that the company is executing the first year of a multiyear plan to achieve a sub-60% operating ratio and intends to continue beyond that. Mark George, CFO, added that any outsized top-line growth in the future would likely generate strong incremental margins and could accelerate their progress toward that goal.

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CFO Jack McGinnis highlighted areas of relative strength, including aerospace (particularly in France) and food manufacturing, which has held up well in the U.S., France, and Italy. He noted that broader manufacturing and auto verticals remain sluggish, as does the public sector in the U.K. and Canada. He described the technology vertical as stable at lower levels after a significant decline a year ago, with clients taking a 'wait-and-see' approach.

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CFO Matt Beasley stated the guidance is based on the current macro view and could improve if the environment is stronger than expected, noting benefits from productivity projects will continue. CEO Judy McReynolds emphasized the company's confidence in its strong and growing customer pipeline across all services, which positions it well regardless of the economic climate.

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CFO Brian DelGhiaccio explained the next phase of RISE involves optimizing route sequencing and ensuring driver adherence, noting every minute saved is worth $5 million annually. CEO Jon Vander Ark added that the company continuously invests in its MRFs with new optical sorters and automation, with the primary goal being to produce a higher quality, higher value product rather than simply reducing labor.

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EVP Kenny Rocker highlighted significant opportunities in Mexico for converting over-the-road truck freight, particularly in finished vehicles and auto parts. He emphasized Union Pacific's competitive advantages, including multiple partnerships, its own rail assets in the market, and being the only railroad with daily service. He expressed excitement about a pro-business environment supporting freight.

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CCO Kevin Boone described the volume shift to the West Coast as 'relatively modest.' He noted a brief impact from the short East Coast port shutdown but highlighted that the operations team ramped back up immediately, minimizing disruption. He expects the lost days of volume to be recovered during the remainder of the quarter.

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President and CEO Todd Schneider described the market as consistently competitive with no significant recent changes, reiterating that Cintas's primary focus is on the vast 'no-program' market. He and CFO Mike Hansen stated that they do not expect industry consolidation to fundamentally alter the competitive dynamics, as they compete against a wide range of traditional and non-traditional players daily.

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EVP and CFO John Dietrich stated that while the team does an excellent job monitoring trends, the mix shift during the quarter was dramatic and adjusting an expansive network takes time. He noted that it's difficult to 'flip a switch' but highlighted that the upcoming wind-down of the U.S. Postal Service contract will provide additional network flexibility and efficiency opportunities going forward.

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