Tracy Robinson Thomas Wadewitz Operator Scott Group Doug MacDonald Scott Group Thank you. Konark Gupta Well, I can't give you an exact percentage, but I can tell you the faster we are, the more capacity we create and our ability to reduce our car fleet has paid a lot of dividend across the operation of this railroad. David Vernon Okay. So good question, Dave. We have the same type of question from our Board today. So listen, on the Canadian side, we're dipping into that area where how much is left in the co ...

Management's Report on Internal Control over Financial Reporting Management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Because of its inherent limitations, internal control over finan ...

Canadian National Railway Co (NYSE:CNI) Q4 2022 Earnings Conference Call January 24, 2023 4:30 PM ET Company Participants Paul Butcher - VP, IR Tracy Robinson - President, CEO & Director Edmond Harris - EVP & COO Doug MacDonald - EVP & CMO Ghislain Houle - EVP & CFO Conference Call Participants Christian Wetherbee - Citigroup Konark Gupta - Scotiabank Thomas Wadewitz - UBS Brian Ossenbeck - JPMorgan Chase & Co. Fadi Chamoun - BMO Capital Markets Justin Long - Stephens Inc. Ariel Rosa - Crédit Suisse Brandon ...

Financial Data and Key Metrics Changes - The company expects a 25% increase in EPS for the year, up from the previous expectation of 15% to 20% growth [12] - Free cash flow is projected to be approximately $4.2 billion, an increase from the prior guidance of $3.7 billion to $4 billion [12] - Q3 EPS reached $2.13, a 40% increase on an adjusted basis, representing a quarterly record [16][44] - Operating ratio improved to 57.2%, which is 180 basis points lower than the adjusted operating ratio for the same period last year [44] Business Line Data and Key Metrics Changes - Volumes increased by 5% on an RTM basis, contributing to record revenue of $4.5 billion, a 26% increase over Q3 2021 [14][29] - The petroleum and chemicals segment showed sustained strength, particularly in refined products and crude oil volumes [31] - Intermodal volumes were flat overall, but Halifax saw a 21% increase in volumes [32] Market Data and Key Metrics Changes - Canadian grain volumes are expected to remain strong into next year, with the company recording the second-largest amount of Canadian grain moved in September [30] - Demand for automotive is anticipated to remain strong due to a backlog of 9 to 12 months [34] - Signs of market softness were noted in international intermodal and lumber prices, which have dropped significantly [35][36] Company Strategy and Development Direction - The company is focused on a scheduled operation to improve service consistency and operational efficiency [9][10] - There is a commitment to invest in capacity, including adding locomotives and railcars to accommodate growth opportunities [26][39] - The EMP program partnership aims to enhance intermodal service coverage across North America, potentially increasing volumes by 5% [40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to manage through potential economic downturns due to a diverse book of business [66] - The company is closely monitoring inflation impacts on costs and is committed to controlling expenses [49] - Preparations for winter operations have been enhanced based on lessons learned from previous years [85] Other Important Information - The company has repurchased nearly 23 million shares for $3.5 billion as of the end of September [45] - The average price of WTI is expected to be approximately $95 per barrel for 2022 [47] Q&A Session Summary Question: Capacity management and potential congestion - Management emphasized the importance of understanding network capacity and selling only what can be delivered [53] Question: Labor cost accrual details - The $47 million accrual was related to a tentative agreement reached with unions in the US [58] Question: Economic downturn preparation - Management highlighted the diverse business portfolio and the ability to adjust resources based on market conditions [66] Question: Yield and pricing outlook - The company is focused on maintaining inflation plus pricing and expects this trend to continue into 2023 [74] Question: Market share recovery opportunities - Management noted that they are still sold out at key intermodal locations and expect to regain market share as supply chains normalize [77] Question: Impact of a stronger US dollar - A stronger US dollar has mixed effects, but overall, it does not significantly impact the company's performance [90]

EN Third Quarter 2022 Financial and Operating Results October 25, 2022 TSX: CNR NYSE: CNI Forward-looking statements Certain statements included in this presentation constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and under Canadian securities laws, including statements based on management's assessment and assumptions and publicly available information with respect to CN. By their nature, forward-looking statements involve risk ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------|-------|-------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | Second Quarter 2022 Financial and Operating Results July 26, 2022 | | | | | | | | | | | | | | | | | | | | TSX: CNR NYSE: CNI | | | | | | | | | Forward-looking statements Certain statements included in this presentation constitute "forward-looking statements" within the meaning of the United States ...

Canadian National Railway Company (NYSE:CNI) Q2 2022 Results Conference Call July 26, 2022 4:30 PM ET Company Participants Paul Butcher - VP, IR Tracy Robinson - President, CEO Rob Reilly - COO Doug MacDonald - CMO Ghislain Houle - CFO Conference Call Participants Amit Mehrotra - Deutsche Bank Bascome Majors - Susquehanna Benoit Poirier - Desjardins Capital Markets Brandon Oglenski - Barclays Brian Ossenbeck - JPMorgan Chris Wetherbee - Citi David Vernon - Bernstein Fadi Chamoun - BMO Jason Seidl - Cowen Je ...

Canadian National Railway Co (NYSE:CNI) Q1 2022 Earnings Conference Call April 26, 2022 4:30 PM ET Company Participants Paul Butcher - VP, IR Tracy Robinson - President, CEO & Director Robert Reilly - EVP & COO Doug MacDonald - SVP & Office, the President & CEO, Special Projects Ghislain Houle - EVP & CFO Conference Call Participants Jonathan Chappell - Evercore ISI Konark Gupta - Scotiabank Kenneth Hoexter - Bank of America Merrill Lynch Brian Ossenbeck - JPMorgan Chase & Co. Cherilyn Radbourne - TD Securi ...

Financial Performance - The company's revenues for the year ended December 31, 2021, were $14,477 million, an increase from $13,819 million in 2020, representing a growth of approximately 4.8%[15] - Operating income for 2021 was $5,616 million, up from $4,777 million in 2020, reflecting an increase of about 17.6%[15] - Net income for the year was $4,892 million, compared to $3,562 million in 2020, indicating a growth of approximately 37.3%[15] - Earnings per share for 2021 were $6.90, compared to $5.01 in 2020, representing an increase of approximately 37.7%[15] - Total operating expenses for 2021 were $8,861 million, a decrease from $9,042 million in 2020, showing a reduction of about 2%[15] - The company reported a merger termination fee of $886 million in 2021, which was not present in the previous year[15] - Total freight revenues reached $13,888 million in 2021, up from $13,218 million in 2020, indicating a year-over-year increase of 5.1%[73] - The company recorded additional income of $705 million ($616 million after-tax) as a result of its strategic decision to bid for KCS, after accounting for all related expenses[68] Assets and Liabilities - Total assets increased to $48,538 million in 2021, up from $44,804 million in 2020, representing an increase of 4.9%[19] - Total current assets reached $3,426 million in 2021, up from $3,102 million in 2020, reflecting an increase of 10.5%[19] - Total liabilities decreased slightly to $25,794 million in 2021 from $25,775 million in 2020, indicating a marginal reduction[19] - Shareholders' equity increased to $22,744 million in 2021, up from $19,651 million in 2020, which is an increase of 15.5%[19] - The current portion of long-term debt decreased to $508 million in 2021 from $910 million in 2020, a reduction of 44.2%[19] - Total debt decreased from $13,868 million in 2020 to $13,439 million in 2021, with long-term debt at $11,977 million[96] Cash Flow and Investments - Net cash provided by operating activities increased to $6,971 million in 2021, up from $6,165 million in 2020, reflecting a growth of 13.1%[25] - Net cash used in investing activities was $2,873 million in 2021, a decrease from $2,946 million in 2020[25] - The company repurchased common shares amounting to $1,582 million in 2021, compared to $379 million in 2020, indicating a substantial increase in share buybacks[25] - The company incurred $2,891 million in property additions during 2021, slightly higher than $2,863 million in 2020[25] - The company has $70 million related to renewal options that are reasonably certain to be exercised included in lease liabilities[93] Taxation - The effective income tax expense for 2021 was $1,441 million, compared to $982 million in 2020, reflecting an increase in income tax adjustments and provincial and foreign income taxes[79] - The company had net operating loss carryforwards of $277 million for U.S. state tax purposes, expiring between 2022 and 2041, and $59 million for Canadian tax purposes, expiring between 2031 and 2041[83] - The carrying amount of assets held for sale was $260 million as of March 31, 2021, reflecting a recovery of $137 million on non-core lines[76] Pension and Employee Benefits - The projected benefit obligation at the beginning of 2021 was $19,499 million, decreasing to $17,813 million by the end of the year, reflecting a change of $1,686 million[128] - The net periodic benefit cost for pensions in 2021 was $(201) million, compared to $(141) million in 2020, indicating an increase in costs[132] - The actual return on plan assets for 2021 was $1,605 million, down from $2,230 million in 2020[130] - The expected benefit payments for pensions in 2022 are projected to be $1,053 million, with a gradual decrease to $1,032 million by 2026[134] Environmental and Legal Provisions - The Company's provision for specific environmental sites at the end of 2021 was $56 million, down from $59 million in 2020, with accruals of $23 million and payments of $26 million during the year[177] - Operating expenses related to environmental regulatory compliance for the year ended December 31, 2021 amounted to $27 million, an increase from $25 million in both 2020 and 2019[180] - The provision for personal injury and other claims in Canada decreased to $182 million in 2021 from $206 million in 2020, reflecting a decrease of $11 million due to actuarial valuations[170] Shareholder Activities - The Company repurchased 10.3 million common shares in 2021 at a weighted-average price of $153.69 per share, totaling $1,582 million[139] - The Board of Directors approved a new Normal Course Issuer Bid allowing for the repurchase of up to 42.0 million common shares from February 1, 2022, to January 31, 2023[192] - The share repurchase program was resumed in February 2021 after being suspended in March 2020 due to the COVID-19 pandemic[139]

CN Fourth Quarter and Full Year 2021 Financial and Operating Results January 25, 2022 TSX: CNR NYSE: CNI Forward-looking statements Certain statements included in this presentation constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and under Canadian securities laws, including statements based on management's assessment and assumptions and publicly available information with respect to CN. By their nature, forward-looking statemen ...