Financial Data and Key Metrics - In Q1 2024, the company experienced positive contract price renewal closures in the low single digits for the truckload network for the first time in six quarters [8] - Dedicated revenue per truck per week was flat year-over-year and down 4% sequentially from Q4 2023, primarily due to severe weather in January [9] - Average Dedicated truck count grew year-over-year by 773 units and 80 units sequentially from Q4 2023 [9] - Truckload network revenue per truck per week contracted 10% year-over-year in Q1 2024, with most of the change due to depressed rates [16] - Intermodal segment volumes were flat year-over-year, with revenue per order down 7% compared to Q1 2023 [17] - Intermodal margins improved 40 basis points sequentially from Q4 2023 [17] - Logistics segment revenues declined 15% year-over-year in Q1 2024, primarily due to decreased revenue per order and overall volume declines [22] - Adjusted income from operations for Q1 2024 was down $85 million or 74% from the prior year [47] - Adjusted diluted earnings per share for Q1 2024 was $0.11 compared to $0.55 in the prior year [47] - EBITDA for Q1 2024 was $131 million, in line with Q4 2023 [47] Business Segment Performance - In the Asset-Based truckload segment, revenues excluding fuel surcharge were flat year-over-year in Q1 2024 [21] - Truckload earnings for Q1 2024 were lower year-over-year, primarily due to network price and volume pressures [21] - Intermodal segment revenues, excluding fuel surcharge, were down 7% year-over-year in Q1 2024 [22] - Intermodal earnings were down year-over-year, primarily due to lower revenue per order and higher MT repositioning costs [22] - Non-asset logistics segment revenues declined 15% year-over-year in Q1 2024 [22] - Logistics operating margins eroded over 300 basis points compared to Q1 2023, but only 10 basis points sequentially from Q4 2023 [46] Market Performance - The East region in the Intermodal segment is the most competitive region with the truck alternative [17] - Growth in the West, Transcon, and Mexico offset declines in the East [17][27] - The company is seeing signs of inventory destocking concluding, although shippers remain cautious about restocking [23] Company Strategy and Industry Competition - The company is focused on cost reduction actions, asset efficiency improvements, and returning operating segments to long-term margin targets [15] - Dedicated now represents 62% of truckload tractors, with a strong pipeline and new business awards for Q2 and Q3 2024 [44] - The company is leveraging its multimodal platform to quickly pivot when the market improves [43] - The company is encouraged by the Union Pacific's announcement to reduce transit time by two days on the largest freight lane from LA to Chicago [45][54] Management Commentary on Operating Environment and Future Outlook - The company is assessing signs that market conditions are beginning to moderate, but has not seen enough to consider the market at an inflection point [8] - The company expects improving yields in network businesses, volume growth in intermodal and logistics, and continued truck growth in dedicated [24] - The company updated its adjusted diluted earnings per share guidance range for 2024 to $0.85 to $1, assuming a full-year effective tax rate of 25% [52] - Net CapEx expectations for 2024 are adjusted to be in the range of $350 million to $400 million [52] Other Important Information - The company recognized five Schneider Hall of Fame Driver associates who surpassed 4 million safe driving miles [19] - The company paid nearly $17 million in dividends during Q1 2024, 5% above the same period in 2023 [49] - The company generated strong operating cash flow of $98 million during Q1 2024, with net debt leverage at 0.4 times [49] Q&A Session Summary Question: Intermodal allocation season and Western market dynamics [26] - The company is about 40% through the allocation season and remains disciplined in selling into areas with network differentiation [26] - Growth in the West, Transcon, and Mexico has helped overcome difficulties in the East [27][28] Question: Guidance and market recovery confidence [29] - The company sees positive signs in demand and pricing, but expects moderate capacity reductions and demand improvement [30][31] - Potential disruptions in competing rail services in the East could impact the market [32] Question: Contract renewal trends and asset-based solutions [33][35] - Low single-digit contract renewals were referenced for the truck network [33] - Customers are increasingly favoring asset-based solutions, which benefits the company's brokerage and power-only offerings [35] Question: Intermodal growth and competitive dynamics [37][72] - The company sees differentiation in intermodal due to service reliability and sustainability [37] - The company expects intermodal to grow faster than over-the-road transportation [64] Question: Equipment sales and guidance [66] - The company assumes flat or zero gain on equipment sales, with a $30 million headwind [66] Question: Dedicated market stability [70] - The dedicated market is considered stable, with growth focused on the industrial side of the economy [70] Question: Seasonality and market conditions [77][115] - The company expects a return to typical seasonality, with moderate improvements in market conditions [77][115] - Weather events in Q1 2024 had a quicker impact on spot pricing and carrier costing, suggesting some market tightening [116] Question: Intermodal margin improvement [122] - Margin improvement in intermodal was driven by network healing, driver utilization, and reduced empty miles [122] Question: Power-only business performance [124] - Power-only business provides higher net revenue per order and is more contract-based, contributing to margin resilience [125] Question: Free cash flow and CapEx [130] - The company generated positive operating cash flow of nearly $100 million in Q1 2024, with CapEx adjustments reflecting efficiency improvements [131]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________________________________________________ FORM 10-Q _____________________________________________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period ...

• Operating Revenues $1.3 billion; $1.4 billion in 2023 • Income from Operations $28.7 million; $114.6 million in 2023 • Diluted Earnings per Share $0.10; Adjusted Diluted Earnings Per Share $0.11 • Updated full year Adjusted Diluted Earnings per Share guidance to $0.85 - $1.00 • Updated full year Net Capital Expenditures guidance of $350.0 - $400.0 million Schneider National, Inc. Announces First Quarter 2024 Results Green Bay, Wis. - May 2, 2024 – Schneider National, Inc. (NYSE: SNDR, "Schneider" or the " ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________________________________________________ FORM 10-K _____________________________________________________________________________ ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ...

Schneider National, Inc. (NYSE:SNDR) Q4 2023 Results Conference Call February 1, 2024 10:30 AM ET Company Participants Steve Bindas - Director of IR Mark Rourke - President and Chief Executive Officer Darrell Campbell - Executive Vice President and Chief Financial Officer Jim Filter - EVP and Group President, Transportation and Logistics Conference Call Participants Bruce Chan - Stifel Ravi Shanker - Morgan Stanley Jordan Alliger - Goldman Sachs Brian Ossenbeck - JPMorgan Ken Hoexter - Bank of America John ...

Schneider National, Inc. (NYSE:SNDR) Q3 2023 Earnings Conference Call November 2, 2023 10:30 AM ET Company Participants Steve Bindas - Director of IR Mark Rourke - President and Chief Executive Officer Darrell Campbell - Executive Vice President and Chief Financial Officer James Filter - Executive Vice President and Group President of Transportation and Logistics Stephen Bruffett - Executive Vice President Conference Call Participants Thomas Wadewitz - UBS Jack Atkins - Stephens Inc. Jonathan Chappell - Ev ...

Revenue and Income Decline - Operating revenues for Q3 2023 decreased to $1,352.0 million from $1,675.3 million in Q3 2022, a decline of 19.3%[118] - Revenues excluding fuel surcharge for Q3 2023 were $1,179.4 million, down 18.2% from $1,441.8 million in Q3 2022[118] - Net income for Q3 2023 dropped 72% to $35.6 million compared to $125.8 million in Q3 2022[118] - Adjusted net income for Q3 2023 decreased 71% to $36.3 million from $125.9 million in Q3 2022[124] - Adjusted income from operations decreased to $47.6 million in Q3 2023 from $145.5 million in Q3 2022[120] - Enterprise operating revenues decreased by $323.3 million, approximately 19%, in Q3 2023 compared to Q3 2022[127] - Enterprise income from operations decreased by $98.7 million, approximately 68%, in Q3 2023 compared to Q3 2022[128] - Adjusted income from operations decreased by $97.9 million, approximately 67%, in Q3 2023 compared to Q3 2022[129] - Logistics segment revenues (excluding fuel surcharge) decreased by $138.2 million, driven by decreased revenue per order and brokerage volumes[128] - Intermodal segment revenues (excluding fuel surcharge) decreased by $71.7 million due to reduced revenue per order and orders[128] - Truckload segment revenues (excluding fuel surcharge) decreased by $35.9 million, driven by a decline in revenue per truck per week and volume[128] - Logistics segment revenues decreased by $479.6 million (31%) due to lower revenue per order and brokerage volumes[158] - Intermodal segment revenues decreased by $181.8 million (19%) driven by a decline in orders and revenue per order[158] - Truckload segment revenues decreased by $86.2 million (5%) due to a decline in revenue per truck per week[158] - Truckload income from operations decreased by $58.7 million, approximately 71%, in Q3 2023 compared to Q3 2022[141] - Intermodal income from operations decreased by $20.0 million, approximately 64%, in Q3 2023 compared to Q3 2022[146] - Logistics income from operations decreased by $19.4 million, approximately 70%, in Q3 2023 compared to Q3 2022[150] - Income from operations decreased by $131.4 million (46%) in the Truckload segment due to higher driver pay and incremental depreciation[169] - Intermodal income from operations decreased by $47.5 million (42%) due to lower orders and revenue per order[174] - Logistics income from operations decreased by $77.3 million (66%) due to lower revenue per order and brokerage volumes[178] Operating Ratio and Costs - Operating ratio worsened to 96.5% in Q3 2023 from 91.3% in Q3 2022[118] - Adjusted operating ratio increased to 96.0% in Q3 2023 compared to 89.9% in Q3 2022[122] - Purchased transportation costs decreased by $619.1 million (27%) primarily due to lower third-party carrier costs[159] - Fuel and fuel taxes for company trucks decreased by $65.4 million (17%) due to lower cost per gallon[159] Fuel Surcharge and Other Income - Fuel surcharge revenues decreased to $172.6 million in Q3 2023 from $233.5 million in Q3 2022[119] - Pre-tax net gains on equity investments were $2.3 million in Q3 2023, down from $25.9 million in Q3 2022[125] - Total other income increased by $6.8 million (101%) driven by pre-tax net gains on equity investments[161] Taxes and Provisions - Provision for income taxes decreased by $31.4 million, or 75%, in Q3 2023 compared to Q3 2022[132] - Provision for income taxes decreased by $48.6 million (42%) due to lower taxable income[162] Cash Flow and Financial Position - Total cash, cash equivalents, and marketable securities decreased to $114.9 million as of September 30, 2023, from $431.6 million as of December 31, 2022[184] - Total debt increased to $289.0 million as of September 30, 2023, from $215.1 million as of December 31, 2022[184] - Net cash provided by operating activities decreased by $92.2 million (16%) to $486.1 million in the first nine months of 2023 compared to the same period in 2022[188] - Net cash used in investing activities increased by $405.3 million (109%) to $776.8 million in the first nine months of 2023 compared to the same period in 2022[189] - Net capital expenditures increased by $169.9 million to $428.3 million in the first nine months of 2023, driven by a $179.5 million increase in purchases of transportation equipment[191] - Net cash used in financing activities decreased by $65.4 million (64%) to $36.5 million in the first nine months of 2023 compared to the same period in 2022[192] Acquisitions and Goodwill - The company completed the acquisition of M&M, a truckload carrier, on August 1, 2023[110] - The company will perform its annual evaluation of goodwill for impairment as of October 31, 2023, with the analysis expected to be finalized during the fourth quarter[194] Contractual Obligations and Market Risks - The company had no off-balance sheet arrangements as of September 30, 2023, that could materially affect its financial condition or operations[195] - There were no material changes to the company's contractual obligations during the nine months ended September 30, 2023[196] - The company's market risks have not changed significantly from those disclosed in its Annual Report on Form 10-K for the fiscal year ended December 31, 2022[199]

Schneider National Inc. (NYSE:SNDR) Q2 2023 Earnings Conference Call August 3, 2023 10:30 AM ET Company Participants Steve Bindas - Director of IR Steve Bruffett - Executive VP and CFO Mark Rourke - CEO, President and Director James Filter - Executive VP and Group President of Transportation and Logistics Conference Call Participants Ravi Shanker - Morgan Stanley Bruce Chan - Stifel Brian Ossenbeck - JPMorgan Thomas Wadewitz - UBS Jack Atkins - Steves Inc. Jonathan Chappell - Evercore ISI Jason Seidl - T ...

Financial Performance - Operating revenues for Q2 2023 were $1,346.5 million, a decrease of approximately 23% from $1,746.9 million in Q2 2022[101]. - Net income for Q2 2023 was $77.5 million, down 40% from $129.8 million in Q2 2022[111]. - Adjusted net income decreased by approximately 38% to $79.7 million in Q2 2023 from $128.4 million in Q2 2022[112]. - Income from operations fell to $103.8 million in Q2 2023, a decline of 41% compared to $176.6 million in Q2 2022[101]. - Revenues excluding fuel surcharge for Q2 2023 were $1,190.9 million, down 20% from $1,497.9 million in Q2 2022[103]. - Enterprise operating revenues decreased by $400.4 million, approximately 23%, in Q2 2023 compared to Q2 2022[113]. - Enterprise income from operations decreased by $72.8 million, approximately 41%, in Q2 2023 compared to Q2 2022, primarily due to decreased revenue per order in Logistics and Intermodal[114]. - Adjusted income from operations decreased by $68.1 million, approximately 39%, driven by a $177.9 million decrease in Logistics segment revenues[115]. - Total operating revenues decreased by $592.2 million, approximately 18%, from $3,367.4 million in 2022 to $2,775.2 million in 2023[152]. - Income from operations decreased by $93.3 million, approximately 30%, from $311.7 million in 2022 to $218.4 million in 2023[152]. - Enterprise net income decreased by $46.4 million, approximately 21%, in the six months ended June 30, 2023, compared to the same period in 2022[138]. - Adjusted net income decreased by $52.8 million, approximately 23%, in the six months ended June 30, 2023, compared to the same period in 2022[140]. Operating Expenses - The adjusted operating ratio for Q2 2023 was 91.0%, compared to 88.3% in Q2 2022, indicating increased operational costs[108]. - Total operating expenses for Q2 2023 were $1,242.7 million, a decrease from $1,570.3 million in Q2 2022[108]. - Total operating expenses increased, leading to a higher operating ratio, which reflects increased operating expenses as a percentage of operating revenues[116]. - Income tax expense decreased by $17.1 million, or 40%, in Q2 2023 compared to Q2 2022, primarily due to lower taxable income[119]. - Income tax expense decreased by $17.2 million, approximately 23%, due to lower taxable income, with an effective tax rate of 24.5%[150]. Revenue Breakdown - Truckload revenues (excluding fuel surcharge) decreased by $38.9 million, approximately 7%, in Q2 2023 compared to Q2 2022[126]. - Intermodal revenues (excluding fuel surcharge) decreased by $74.1 million, approximately 22%, in Q2 2023 compared to Q2 2022, primarily due to a 14% decrease in orders[131]. - Logistics revenues (excluding fuel surcharge) decreased by $177.9 million, approximately 34%, in Q2 2023 compared to Q2 2022, due to decreased brokerage revenue per order[135]. - Logistics segment revenues decreased by $341.4 million, approximately 32%, driven by decreased revenue per order and lower brokerage volumes[165]. - Intermodal segment revenues decreased by $110.1 million, approximately 17%, due to a decrease in orders and revenue per order[161]. - Truckload segment revenues decreased by $50.3 million, approximately 4%, attributed to a decline in revenue per truck per week and lower volumes[156]. Cash Flow and Capital Expenditures - Cash and cash equivalents decreased from $385.7 million at the end of 2022 to $249.2 million as of June 30, 2023[172]. - Net cash provided by operating activities decreased by $50.5 million, approximately 14%, to $303.2 million for the first six months of 2023 compared to $353.7 million in 2022[176]. - Net cash used in investing activities increased by $183.8 million, approximately 102%, totaling $364.1 million in the first six months of 2023, primarily due to increased capital expenditures[177]. - Net capital expenditures rose by $188.1 million to $298.1 million in the first six months of 2023, driven by a $185.4 million increase in purchases of transportation equipment[179]. - Net cash used in financing activities decreased by $11.6 million, approximately 13%, totaling $75.6 million in the first six months of 2023, mainly due to a prior year repayment of a private placement note[180]. Other Financial Information - The company recognized pre-tax net gains of $0.1 million in Q2 2023, compared to pre-tax losses of $1.8 million in Q2 2022 on equity investments[111]. - The company continues to focus on capital allocation to enhance service offerings and broaden the customer base through acquisitions[90]. - The business remains sensitive to seasonal fluctuations, with revenues typically lowest in Q1 and highest in Q4[95]. - The company will perform its annual goodwill impairment evaluation as of October 31, 2023, with results expected in the fourth quarter[182]. - As of June 30, 2023, there were no off-balance sheet arrangements that could materially affect the company's financial condition[183]. - There were no material changes to the company's contractual obligations during the six months ended June 30, 2023[184]. - The company found that its critical accounting estimates and policies remain unchanged from the previous year[186]. - Market risks have not changed significantly from those discussed in the previous annual report[187].

Schneider National Inc. (NYSE:SNDR) Q1 2023 Results Conference Call April 27, 2023 10:30 AM ET Company Participants Steve Bindas - Director of IR Stephen Bruffett - Executive VP and CFO Mark Rourke - CEO, President and Director James Filter - Executive VP and Group President of Transportation and Logistics Conference Call Participants Jack Atkins - Stephens Ravi Shanker - Morgan Stanley Bert Subin - Stifel Tom Wadewitz - UBS Jason Seidl - TD Cowen Scott Group - Wolfe Research Jon Chappell - Evercore ISI Jor ...