What we do as a platform is we put every side in front of you so that you can decide for yourself. Thank you, sir. I'm David Jackson, founder of Seeking Alpha. 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? And then we talk a lot about sort of trough earnings and what we think we can do and clearly the non-truckload pieces of business are performing. Next to Slide 11. So we'll try and do our best to answer that. I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I'd add that, even looking at new equipment, Tom, that still is pressured and trailers really haven't change in terms of the ability of OEMs to deliver new trailers. Start Your Seeking Alpha Premium Free Trial. Please disable your ad-blocker and refresh. Premium Portfolio And so -- and the customer base is rather diverse within our full truckload. Prior to that, I worked at an international department of a leading law firm counseling a range of tech companies and venture capital funds. I live in New York City with my wife and daughter and have many outside passions including classical music, collecting photography, adventure travel and playing numerous sports. Is this happening to you frequently? So, Adam, just to clarify though, it doesn't sound like you've got a lot built in for a lot of transactional opportunity into the fourth quarter. Yes. 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. Well, that's completely unacceptable and would never work within supply chains. Well, detention charges, they don't care. Across all of our brands, we have a tremendous team of drivers, shop technicians and office personnel. And what that would have been like a year ago? 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. 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. I love navigating through complex laws and regulations to distill practical business solutions. This conference call and presentation may contain forward-looking statements made by the company that involve risks, assumptions and uncertainties that are difficult to predict. This is a result of a more difficult comparison rather than rates meaningfully declining sequentially. You can look at our rate per hundred weight at $14.20, excluding fuel, and compare that to some of the industry leaders and what you'll find is, there's some -- there's much bigger rates out there than already what we've achieved. Yes. Okay. Hey, Dave. And two LTL partners in different parts of the country beginning to work together. . And it's really because our customers are still uncertain. Is this happening to you frequently? You know if you say, are they biased? And so -- and that has been effective in every single cycle since 1980. We have identified several locations to develop or expand our LTL footprint through the rest of the year on an organic growth side, we expect to add 300 additional doors at nine new or existing facilities. Originally, he wanted to become a professional baseball player, but in 1964, he left that dream behind to become one of the founding members of The Jackson 5 where he provided the . To begin, we'll move you to Slide two, where I'll read the disclosure. Like I did in my Motley Fool Stock Advisor Review, I also subscribed to the 'Rule Breakers' service in January 2016 and have purchased about $2,000 of each of these picks since 2016. David Jackson (Seeking Alpha), American entrepreneur, founder of Seeking Alpha in 2004 This page was last edited on 3 November 2022, at 14:29 (UTC). GAAP earnings per diluted share for the first -- for the second quarter of 2022 were $1.35, which represents a 46.7% improvement from the prior year. Or, is short the stock, and that's fine. Hey, guys. And so, very quickly with two extra hours to unload a trailer, you can find yourself with a 30% to 40% increase on many backhaul lane moves. But we very much like the business. You know, there are many startup founders who are just incredible people who say okay, where's a really big market ready for disruption? We have discovered several genes that control plant architecture by exerting an influence on stem cells. Im married with five children, and live in Raanana, Israel. 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. LTL is expected to grow revenue through yield management and shipment growth, while improving margins year-over-year. And Adam, I understand your comment that it's mostly difficult compares. 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. In many ways as opposed to pulling a tractor out of the line haul business, we're able to support them through third party capacity leveraging trailers in our network. Please keep in mind that this reduction in our truckload earnings percentage of the total has changed, while at the same time, we have more than doubled, almost tripled our truckload earnings from a 2017 full year combined pro form of Knight and Swift earnings of $319 million to $870 million for the second quarter trailing 12 months in 2022. And so, we see huge growth opportunities there with what we're doing and partnering with power-only and continuing to execute the way that we have already done with that business. Our call is scheduled to go until 05:30 PM Eastern Time. The loss reduced both the GAAP earnings per diluted share and the adjusted earnings per share by $0.16. Please go ahead. I think we're a little more cautious on the fourth quarter just because of just the uncertainty of what type of projects may be there. All this contributes to Jackson Wang's net . The whole philosophy of Seeking Alpha is, number 1, treat our readers as intelligent people. We haven't quite got to $1 billion, we're on our way to $1 billion a year run rate for that to be the big driver of the earnings for the business. We also expect inflationary pressure on driver related cost, equipment costs, cost to maintain equipment, labor and several other items. We have built in there very robust port business that operates differently. Hey, Adam. I am not receiving compensation for it (other than from Seeking Alpha). I previously served as VP of Global HR at SysAid Tech and Head of HR at Emmerson. I have a BA in Behavioral Science from the University of Ben Gurion and an MBA. But I personally am deeply involved in our product because I use it. First is to introduce new profitable revenue streams with lots of growth runway that further diversify our company. These results reflect our focus on; one, growing our less asset intensive businesses; two, acquiring and improving businesses; and three, expanding margins in existing operations. So by the way, I think that's a great question for us to discuss. Please. Now on to the next slide. Next question will be from Ravi Shanker at Morgan Stanley. And again, it's one question per participant. All lines have been placed on mute to prevent any background noise. And you've seen us do that with a good return. Do you think that we're kind of setting up for a fairly sharp fall-off in freight? I guess, the takeaway, I guess, I'm getting to some extent is, it feels like maybe this, I guess, every cycle is different and certainly Dave you made a good point about why this might be different than previous cycles. At the same time, new technologies were creating the possibility of a . I mean we've essentially gone through the bid cycle. Capacity is clearly under pressure. I think power-only plays a big role when customers come to us with projects that they need help on in a very short time window. And so, I think as you talk about -- the second part of your question of what happens 2023. We expect that demand may moderate as the consumer digests and deals with higher inflation and uncertainty in the economy. When you say 200 hundred people, is that all the writers? This non-reportable segment hasn't been a great focus of analysts or investors over the years, but it is now building as one of our fastest growing segments. View People Contact Information. 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. On the truckload side, we have focused for the last four years on growing our less asset intensive and variable cost based lines of business. 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? And so, as any of those markets change, we can shift focus to another one of those areas to support our customers and continue to grow our power-only capabilities. David Jackson's Analysis | Seeking Alpha Unlock your true investor potential with Seeking Alpha Premium today David Jackson Follow Contributor since 2003 5.17K Followers 164 Following. Sylvie, we will turn it back to you to conclude. The chart on the left shows the percentage of adjusted operating income from each of our segments and our other non-reportable services since the Knight and Swift merger in 2017 through second quarter of 2022. 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. Our site is the only free, online source for over . As I've used it, I haven't seen that, and that's something I think you need to guide me through when we do this. Please disable your ad-blocker and refresh. Seeking Alpha has a consumer rating of 3.21 stars from 261 reviews indicating that most customers are generally satisfied with their purchases. 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 we might have a rate that in a backhaul market that's half the rate of what it is that's Phoenix to LA versus LA to Phoenix, which would be nearly twice the rate. David Jackson. I wrote this article myself, and it expresses my own opinions. And again, most likely, we'll have an allocation. It is not the same to have one truck and one driver show up that have to be unloaded immediately versus somebody who staged hundreds of trailers at a customer facility and give them all kinds of efficiencies. Our balance sheet is strong and we are well positioned to invest in organic growth, pursue acquisitions, purchase more shares, increase dividends and/or pay down debt. Thank you, Adam, and good afternoon, everybody. The $20 million to $25 million is the total for the back half of the year. David Jackson's Net Worth: $1-5 Million Age, Height & Body Measurements David Jackson current age 72 years old. Quality of Research/Analysis: 4.5/5. Or, is it? So I guess. Ladies and gentlemen, this does indeed conclude today's conference. Click on "link portfolio" to sync your brokerage account by using Plaid. I previously served as a Controller at Nice Ltd., a publicly traded company that provides cloud platforms for AI-driven business solutions. We think that there are a whole -- there's a whole another level of synergies that can come as we can corner the entire country in a nationwide operating network behind the scenes with still the individual brands on the front end running the businesses. And clearly, it's been attractive to both parties on both sides, meaning, customer and small carriers. Find David Jackson's articles, email address, contact information, Twitter and more We expect tractor count to remain stable throughout the year with maybe a modest sequential improvement in the miles per tractor as we improve our seeded truck count. [Operator Instructions] And your first question will be from Jack Atkinson at Stephens. 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. We continue to generate meaningful revenue and income growth, both organically and through acquisitions and demonstrate the operating leverage of our business. We are constantly evaluating market conditions to maximize our use of cash to create value for our shareholders. Whether they're bullish or bearish. Speakers from today's call will be Dave Jackson, President and CEO; and Adam Miller, CFO. Our expansive trailer network allows our customers the ability to optimize thorough our warehouse space and labor costs. Our R&D teams deliver cutting-edge technology based on robust processes and best practices, using agile software development methodology. To achieve a 78.7% OR just one year after the acquisition, while also adding MME to the business is remarkable in our opinion. Yes. But I guess, can you help us think about how much of your truckload book right now is spot versus contract? Now on Slide 13, we have our second half of 2022 outlook. As we make more commitments, we are seeing higher tender acceptance levels and fewer non contract opportunities. We have committed volumes that run through power-only just with contracted rates, similar to how we would run most of our business on our truckload -- on the asset side. Our Logistics segment continues to grow at a rapid pace, while expanding margins. I am passionate about building and scaling businesses. So just -- our spot exposure. Tractors, very similar. I have an LLB from Bar Ilan University in Israel and an LLM from the New York University School of Law. Click here. Actual results may differ. Dave and Adam, you guys have seen a lot of freight cycles, you have a lot of great perspective, not to mention all the information you see from your businesses. And so, I think that that has led usthat has led us to have some more consistency and then a little bit more durable through even the 2019 negative cycle. 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? Thanks, Ravi. Would you care to kind of update that view here? I mean, if you looked at our operating income, there's -- that's an operating income number that rivals the biggest market caps of anybody -- of full -- of companies moving full truckloads, whether that's over the rail or whether that's over the road in our transportation space. Please go ahead. And so, we -- when you look at even the truckload portion, we do truckload with multiple brands, we have in that segment includes a bunch of dedicated business. Paul Jelinek. Many of these services are branded under our brand of Iron Truck Services. Avishag Baruch. The Seeking Alpha site has only one agenda, and that is to help its readers become better prepared and smarter investors. Founded in 2004, Seeking Alpha is an investment research platform and newsletter that relies on the combined knowledge of its community to find the best investing opportunities. Thanks for that question, Jack. 3. I have no business relationship with any company whose stock is mentioned in this article. And so, that being said, I would say that we've been pleasantly surprised at the magnitude of the synergies that are available in both a large TL that has a few advantages going forward with -- working with LTL. Yeah. Our logistics business was in the low 80s and our Intermodal business achieved double digit margins. Now on to Slide six. And you saw a need, or did this happen as a result of, you are a techie. I think your -- first part of that question was acknowledging what are the benefits to the customer. I think Jack, I'd also add. In other words, people from around the world create content on Seeking Alpha to share their investing ideas with others. There isn't warehousing in between. Now on to Slide three. I joined Seeking Alpha in 2014. The larger carriers, we have been moving towards trailer pools for many years, because it makes us more efficient. Select this result to view David L Jackson's phone number, address, and more. Adam, anything? Please go ahead. The teams have been aggressive at capturing both revenue and cost synergies and are rapidly moving towards harmonizing the network through AAA Cooper's footprint in the southeast and MME's footprint in the mid and northwest portions of the US. DAIA 10 bh133300 3m (10bh133300) 3m (10bh133300) We have made meaningful progress in expanding margins as we monetize our underutilized containers, while we are transitioning rail partners. Please go ahead. [Operator Instructions]. Actual results may differ. Thank you very much for the time guys. you'll find enjoyable and useful: Wall Street Breakfast -- our daily news summary; Seeking Alpha Editors' Picks -- a daily list of 5 outstanding articles; SA Interviews . 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. So that's a little bit of color there. I think there's some OEMs thats doing a little bit better than others, but still very pressured on being able to deliver on orders. 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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. Thanks, gents. 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. Karen Weissberg. Gross margin also expanded to 24.4% in the quarter, compared to 15.7% last year, leading to an 82.2% adjusted operating ratio. Accessibility: 4/5. And the [indiscernible] rate is $60 an hour. Forgot password. CCO. 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. This may result in rates turning negative year-over-year late in the third quarter and continuing into the fourth quarter. Customers continue -- we expect that customers will continue to secure trailer pools as they maximize efficiencies in their supply chains. We are encouraged by the significant contributions from each of our segments. There is no headhaul, backhaul, it's the same. And what I realized was, it's going to be incredibly valuable to aggregate this and to filter it, because there's lots of risk for manipulation. And maybe there's a reason to think contract rates could kind of bottom out at a much more shallower decline? I joined Seeking Alpha as VP of Global HR in January 2021, to lead the companys people practices and translate our business vision into HR initiatives that improve performance, growth, and employee engagement. We want people who own stocks to write articles explaining why they own the stock.
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