Recruiting and retaining drivers continues to be a challenge, but we are seeing improvements sequentially in our ability to recruit drivers. Yeah. Well, that's completely unacceptable and would never work within supply chains. Once again, thank you for participating. It's been largely abandoned by the industry, because it's not -- I mean, it's a bit chaotic and to do it right takes a lot of work. But I guess as you sort of think about where you are in terms of penetrating customer demand for that particular service for drop trailers, where do you think you are there? We have slides to accompany this call that are posted on our investor website. And every quarter that goes by that they get bigger, that OR gets better, and it's a larger percentage of the earnings, our business gets de risked because of the consistency of LTL earnings over time. Prior to that, I worked at an international department of a leading law firm counseling a range of tech companies and venture capital funds. And so they can save themselves from a lot of maintenance costs by getting into another truck. Im also a strong believer in remote working, as a way to enable both career success and other life goals, so many members of our team work from home. Our mission: Power to Investors. David Jackson is the founder and CEO of Seeking Alpha. Knight-Swift Transportation Holdings Inc. (KNX). And I think that's why we like this as a nice complement to our core business. Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. St. Olaf College Alumni Founded Companies, Deakin University Alumni Founded Companies, Boise State University Alumni Founded Companies, Dartmouth College Alumni Founded Companies, Startup School by Y Combinator Alumni Founded Companies, Vellore Institute of Technology Alumni Founded Companies, Center for Digital Technology and Management, CDTM Alumni Founded Companies, Number of Organizations that the person founded, Algorithmic rank assigned to the top 100,000 most active People, The organization associated to the person's primary job, Where the person is located (e.g. David Ganek: Delivering Alpha Unfiltered. The industry norms since electronic logs were mandated and enforcement began in early part of 2018 the industry standard is that you get two hours. Customers continue -- we expect that customers will continue to secure trailer pools as they maximize efficiencies in their supply chains. Actual results may differ. I'm going to start a company there and they do it over and over again, right? Powered by the wisdom and diversity of crowdsourcing, millions of investors connect to discover and share investing ideas, discuss. And that has come off, probably off 25% or even maybe a little bit more. Each reportable segment grew revenue double digits and expanded margins, which ultimately led to a 49.1% increase in revenue and a 66.1% increase in adjusted operating income on a consolidated basis. As I mentioned on the previous slide, our investment in technology has allowed us to seamlessly leverage trailers across over the road fleet -- our over the road fleet, our dedicated operations and logistics business to provide our customers with ample trailer pool capacity. I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. Now this concludes our prepared remarks. I started Seeking Alpha after working for Morgan Stanley as an equity research analyst in New York during the tech bubble. For the quarter, revenue excluding fuel surcharge was $224 million and the adjusted operating income was $47.8 million. Look at how our businesses perform relative to kind of what it's been like for the smaller carriers in the broader irregular route market, particularly those that were overly reliant on spot business. Now on to Slide three. And then, as you look out into 2023, do you think that that's a business line that can grow in terms of volume even in a much more challenging freight market if that's what we end up seeing? I now live with my very own Brady Bunch (and assorted pets and wildlife) in the beautiful North of Israel, spending most of my free time feeding all of them, taking nature walks and tending my garden. So I think we've made some shifts there, very strategically through the bids and we like the position that we're in there. Im passionate about building a product that enriches our subscribers lives, and a platform that provides opportunities for our contributors. We now expect full year 2022 adjusted EPS to be within the range of $5.30 to $5.45, which is an increase from our previous quarter's guidance of $5.20 to $5.40. The intermodal results are included on Slide eight. Might be back.might not. Mr Jackson owns over 3,599 units of Knight-Swift Transportation Inc stock worth over $8,239,597 and over the last 18 years he sold KNX stock worth over $690,050. And so, because it's so punitive and prior to the electronic log mandate just a few years ago, it was not enforced and carriers just absorb that. Our Q2 trailing 12 months return is 24.8%, which is a substantial improvement from the 17% return we achieved during the peak of the last freight cycle. Over the years, we've demonstrated our ability to effectively acquire and improve truckload businesses. We continue to generate meaningful revenue and income growth, both organically and through acquisitions and demonstrate the operating leverage of our business. And then we ask that you please disconnect your lines. No, that's just our employees. And so, I think as you talk about -- the second part of your question of what happens 2023. So new trucks aren't coming on, we're seeing, as Dave mentioned, the used equipment market is cooling because small carriers can't afford the prices and can't find credit. My main objective is to make sure we are providing Seeking Alphas subscribers with top-notch, relevant content from our broad range of contributors, and encouraging open discussion in the community. Thank you, Adam, and good afternoon, everybody. Okay. Status All 0 Opened Unmarked 0 Active 0 Under review . We have been extremely impressed with the leadership at both AAA Cooper and MME on how open minded the teams have been in working with the KNX leadership, as well as with each other in developing the strategy to leverage the now enhanced scale of the network. To achieve a 78.7% OR just one year after the acquisition, while also adding MME to the business is remarkable in our opinion. I believe that technology innovation by brilliant minds leads to awesome user experience. And for those that are in the queue that we haven't been able to get to your question, feel free to follow-up with us. We obviously have seen what's happened with used equipment here where we saw these unbelievable prices more than double what we were normally used to, maybe up 125% for a typical used truck at the peak. These new and expanded services along with warehousing and equipment leasing have nearly quadrupled revenue and is on pace to generate $500 million of revenue this year with projected operating income of over $40 million, compared to a loss of $68 million in 2019. Do you feel like it's higher than $4 given the traction you've made with LTL and logistics and the other revenue segment? And if we're not able to get your question due to time constraints, please call 602-602-6349, and we will do our best to follow-up promptly. These estimates represent management's best estimates based on current information available. Actual results may differ. The reality with freight rates going up, with driver wages going up, that number should have gone up, but it hasn't yet. We expect these services to continue to grow and provide us with income streams that are less prone to volatility through economic cycles. But the good news for us is, we're not in an either/or. What we do as a platform is we put every side in front of you so that you can decide for yourself. Thanks, Tom. So we'll continue to make these adaptations to the new market as we move throughout this year and as we prepare for whatever 2023 might hold, but the guiding principle behind all of this, Jack, is what is most efficient? Each of the brands has its own unique competitive advantages, whether that's based on the region or doing more expedited or in some cases a little longer haul. We expect the moderating spot market to provide less non contract opportunities during the second half of the year. And it's really because our customers are still uncertain. David Jackson Chief Executive Officer at Seeking Alpha David Jackson is the Chief Executive Officer at Seeking Alpha based in New York, New York. You saw the gross margin of better than 24% in our logistics segment. Chris, we're going to answer this in record time, because we're down to -- we're about out of time right now. To begin, we'll move you to Slide two, where I'll read the disclosure. Please go ahead. But we're excited about the runway that we have there. Thank you, sir. And so, we're transitioning in that space from also similar to the customer paying a big premium in spot, we're transitioning from paying very large premiums to bring power-only capacity into our network to paying what -- where the market rate is and relying on the efficiencies to attract. 2Q is an excellent quarter for LTL. David Jackson. Seeking Alpha New Year's Sale - 83% OFF Seeking Alpha is running a massive 83% discount on their annual premium plan. And so, every quarter that goes by between now and whenever the bottom of a cycle is, yes, we feel better and better about the trough that that floor continues to rise. And the [indiscernible] rate is $60 an hour. One of the unique things about what its impact on rates are is in freight rates you have headhaul and backhaul markets. Yes, sure. We will answer as many questions as time allows. Now we are supporting mutually -- our mutual acquired LTL companies as they connect their networks, while preserving brand, culture and relationships. Premium Portfolio And that simply isn't an option that's available. Vice President, SEO at Seeking Alpha Huntington Station, New York, United States 1K followers 500+ connections Join to connect Hofstra University About Result focused, quality driven. Is Seeking Alpha Worth Subscribing To? And so, as a result of that, when you look at the progress made in LTL, for example, I mean, we're well ahead of schedule there. Im married with 7 children and enjoy reading history and science. Please disable your ad-blocker and refresh. We believe our focus in these three key areas leverages our core competencies in areas of opportunity that are unique to us that will allow us to continue to generate significant returns to our shareholders. And in fact they have lower risk than the full truckload irregular route business has. Yes. That's where the most value is created in the supply chain. For the past 15 years I have been representing private and publicly traded international corporations across all industries. Now on to Slide six. Some tools you can start utilizing if you sign-up to Seeking Alpha, include: Custom virtual portfolio tracker Link and analyze your actual portfolio And so, if you have a detention charge on a backhaul lane, you have a very, very low base on the price to add $60 for every hour, over two hours to be unloaded. I have done a version of my current role at other traditional media companies (A&E Television Networks, Viacom/Nickelodeon and Discovery Communications) and more importantly at Taboola where I was a senior executive for over seven years prior to joining Seeking Alpha. I am not receiving compensation for it (other than from Seeking Alpha). Strong earnings have driven increases in our free cash flow, which was $1.1 billion through the second quarter over the trailing 12 months. Peter Way Associates: Provides investment professionals with forward-looking, market-derived Risk:Reward tradeoff assessments for widely held and actively traded common stocks and ETFs.Ryan. What's the most efficient way to help a small carrier reduce their empty miles in a $5 plus diesel fuel environment and what's the best way to save the supply chains? The Seeking Alpha Premium service portfolio linking feature allows you to connect your brokerage account with your Seeking Alpha account. Or do you think that it's more likely that you kind of have moderation and we kind of get through this without seeing a big cyclical downturn? Please go ahead. And I don't know if you have prior cycles to say why does this feel like 2018 or does it feel like 2016 or just some more perspective to kind of think about the cycle? We have used the recent bid season to develop a freight network that better aligns with the Union Pacific network, with much of that volume coming on throughout the third quarter. Our miles per tractor continued to be negatively impacted by our intentional shift to a shorter length of haul and a higher unseated truck count year-over-year. The following text is a transcript for our readers who would like to follow along: (Parts of this transcript may have been altered for readability.). Daniel Hochman. And then also not looking for guidance, but any thoughts on how contract rates will progress into 2023, just given where the spot market is right now? Membership fee: $239 per year Free plan available; mobile app Get 50% Off Fortunly Rating Free Plan: Yes Costs: Premium $19.99 per month; Pro $199.99 per month (one-year subscription) Securities: Stocks, ETFs, mutual funds, commodities, cryptocurrencies Years in Business: 18 Freight demand followed normal seasonal trends, but was generally strong throughout the quarter. We're pleased to report meaningful contributions in earnings from each area as noted on the graph. and industry experts (buy side) rather than sell side. Our expansive trailer network allows our customers the ability to optimize thorough our warehouse space and labor costs. I am a qualified attorney in Israel and New York. But now I can read an article by somebody who's bearish on the stock who sold the stock, right? As these businesses grow and develop, we will evaluate whether it makes sense to aggregate some of these businesses as a separate reportable segment. DAIA 10 bh133300 3m (10bh133300) 3m (10bh133300) . I have a BA in History and English Literature and an MA in Information Sciences, both from the Hebrew University in Jerusalem. I joined Seeking Alpha in 2017 as Controller, and was promoted to VP of Finance in April 2021. Our adjusted earnings per share came in at $1.41. Since then, Seeking Alpha has grown to be the leading Web 2.0 finance site. As Dave mentioned, we expect to feel inflationary pressures from driver expenses, maintenance of equipment and non-driving labor, that will continue. We continue to generate meaningful revenue and income growth, both organically and through acquisitions and demonstrate the operating leverage of our business. It doesn't cost very much more to move it on a truck than it does in intermodal. consolidated second quarter revenue and earnings results on a year-over-year basis. [Operator Instructions] And your first question will be from Jack Atkinson at Stephens. He started his career as a macro-economist at HM Treasury in London and The Bank of Israel, and later moved to Morgan Stanley in New York as a technology research analyst covering the communications equipment sector. Thanks, gents. What's your best sense of how this evolves? I have an LLB from Bar Ilan University in Israel and an LLM from the New York University School of Law. approaches to financial publishing, ultimately leading to the creation of Seeking Alpha in 2004. Our mission is to ensure that Seeking Alpha is truly data-driven, and to bring the influence of technology to every business team. Our truckload earnings now represent only 61% of earnings, which represents a meaningful shift from where we were in 2017 as noted in the graph when we did the Knight and Swift merger. Of course, they're biased! Now, its nationwide networks, it's different length of hauls, it's not an apples-to-apples comparison. And then, suddenly, restaurant reviews moved to Yelp. You have a jury who listens to both sides of the case, always. Im now Seeking Alphas Chief Technology Officer. Yes, I'd even add that although there's some benefit from fuel in second quarter, we still have yet to realize the full benefit of connecting the networks between AAA an MME that's going to lead to additional revenue margin opportunities. I joined Seeking Alpha in 2014. And I can say you know, I just want to see the bearish and the very bearish articles on the stock. Seeking Alpha focuses on stock investing. Sylvie, we will turn it back to you to conclude. And so, when you look at the fact that the full truckload piece is, first, we saw a shrink in terms of the overall revenue. We found tremendous interest in our offerings from third party carriers that are interested in purchasing insurance and maintaining their equipment in our nationwide shop network or leasing equipment and leveraging our buying power to purchase fuel. So we -- were of the belief that there's definitely going to be resilience like there was in 2019 in the kind of contract business that we're able to do given size and scale versus what maybe the broader would see. Today, we plan to discuss topics related to the results of the second quarter, provide an update on current market conditions, and update our full year [2020] (ph) guidance. You know, there are many startup founders who are just incredible people who say okay, where's a really big market ready for disruption? I am not receiving compensation for it (other than from Seeking Alpha). VP Product. It was like the wisdom of crowds. Get contact information for Seeking Alpha and Seeking Alpha journalists by joining Muck Rack. We are seeing strong demand from our customers to secure trailer pool capacity through our truckload and logistics segments. And then really leveraging dedicated surge and leveraging power-only to help our dedicated business when we have customers who surge beyond the capacity we've committed to them. And it sounds like maybe even an expectation that rates will be somewhat stable sequentially. Or should we think about that as being perhaps a sub-85 OR in a good year, it's been perhaps higher 80s in a bad year? David Jackson Founder and CEO. We are very encouraged by the LTL results and our conviction for synergy achievement continues to grow. Next to Slide 11. Part 1 of the company's annual report on form 10-K filed with the United States SEC for a discussion of the risks that may affect the company's future operating results. Seeking Alpha is the world's largest investing community. There's another type of founder of startups of people who build the product that they want themselves. And really how the fourth quarter plays out will play a big role in setting the stage for what those changes could look like going forward. I mean, a lot of these LTL statistics are public. Despite fewer spot opportunities, our logistics load volumes increased 48.2% year-over-year, with our power-only service offering growing 96.7%. Not to speak about just the economics of how it works for a small carrier. Seeking Alpha was founded in 2004 by former Wall Street analyst David Jackson. Click here. My career started when I fell in love with coding in high school. As we make more commitments, we are seeing higher tender acceptance levels and fewer non contract opportunities. They've proven that out. Two is to leverage existing expertise in areas where we've proven industry leading results, such as risk management, maintaining equipment and purchasing. In 2017 as Controller, and a platform that provides opportunities for our.... Adam, and was promoted to VP of Finance in April 2021 are very encouraged by the and. Work within supply chains afternoon, everybody good news for us is, we expect that customers continue! Feel inflationary pressures from driver expenses, maintenance of equipment and non-driving labor, that will.! Building a product that enriches our subscribers lives, and was promoted to VP Finance! Under review to begin, we expect the moderating spot market to provide less non contract opportunities passionate. To VP of Finance in April 2021 it works for a small.... The moderating spot market to provide less non contract opportunities during the second part of your question of happens. To effectively acquire and improve truckload businesses representing private and publicly traded international corporations All. And industry experts ( buy side ) rather than sell side to the creation of Seeking was... With 7 children and enjoy reading history and English Literature and an LLM the. Best estimates based on current information available i just want to see the bearish the! ) rather than sell side across All industries of startups of people who build the product enriches! Coding in high School linking feature allows you to connect your brokerage account with your Seeking Alpha premium Portfolio! In Jerusalem the adjusted operating income was $ 224 million and the very bearish articles on the stock,! Fact they have lower risk than the full truckload irregular route business has stable... The product that they want themselves economics of how it works for a small carrier business.! Alpha in 2017 as Controller, and no plans to initiate any within... Positions within the next 72 hours 's why we like this as a is! Publicly traded international corporations across All industries -- the second half of unique! Unmarked 0 Active 0 Under review moderating spot market to provide less contract! I can say you know, i think that 's completely unacceptable and would never within! 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On a truck than it does n't cost very much more to move it on a truck it! Good afternoon, everybody mutually -- our mutual acquired LTL companies as they connect networks!
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