Schneider National, Inc. (NYSE:SNDR) Q2 2022 Earnings Conference Call July 28, 2022 10:30 AM ET Company Participants Steve Bindas - Director of IR Mark Rourke - President and Chief Executive Officer Stephen Bruffett - Executive Vice President and Chief Financial Officer Conference Call Participants Ravi Shanker - Morgan Stanley Jon Chappell - Evercore ISI Jack Atkins - Stephens Bert Subin - Stifel Bascome Majors - Susquehanna Todd Fowler - KeyBanc Ariel Rosa - Credit Suisse Jordan Alliger - Goldman Sachs To ...

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 June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period f ...

SCHNEIDER Investor presentation Second quarter 2022 Investor relations contact information Steve Bindas, Director 920-357-SNDR investor@schneider.com Special Note Regarding Forward-Looking Statements This presentation, and certain information that management may discuss in connection with this presentation, contains forward-looking statements, within the meaning of the United States Private Securities Litigation Reform Act of 1995, which are intended to come within the safe harbor protection provided by suc ...

Schneider National, Inc. (NYSE:SNDR) Q1 2022 Results Earnings Conference Call April 28, 2022 10:30 AM ET Company Participants Steve Bindas - Director IR Mark Rourke - President & CEO Stephen Bruffett - EVP & CFO Conference Call Participants Jonathan Chappell - Evercore ISI Bert Subin - Stifel Kenneth Hoexter - BofA Securities Ravi Shanker - Morgan Stanley Jordan Alliger - Goldman Sachs Thomas Wadewitz - UBS Jack Atkins - Stephens Inc. Scott Group - Wolfe Research Christian Wetherbee - Citigroup Inc. Todd ...

Table of Contents (Exact Name of Registrant as Specified in Its Charter) _____________________________________________________________________________ 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 Ma ...

Economic and Market Conditions - The company is experiencing inflationary pressures that are expected to persist in the near term, impacting operating costs[67]. - The ongoing COVID-19 pandemic has caused substantial volatility in freight volumes and demand for certain services, with continued uncertainty regarding its economic impacts[74]. - Fuel price fluctuations significantly impact the company's operations, and the current fuel surcharge program may not fully offset these costs[79]. - The company faces risks from severe weather events that could disrupt freight shipments and affect financial performance[89]. - The company is exposed to market risks from changes in commodity prices, equity prices, and inflation, which are managed through established policies and procedures[235]. Competition and Operational Challenges - A significant portion of the company's revenues is derived from major customers, and the loss of one or more could materially affect business operations[71]. - The company faces challenges in attracting and retaining qualified drivers, which could adversely affect profitability and fleet growth[72]. - The company has experienced increased competition from well-resourced, non-traditional firms that may operate at low margins to gain market share[69]. - The company is subject to intense price competition in a fragmented industry, which could adversely affect profitability and growth opportunities[68]. Financial Performance - Operating revenues for the year ended December 31, 2021, were $5,608.7 million, an increase of 23.2% from $4,552.8 million in 2020[260]. - Net income for 2021 was $405.4 million, representing a 91.5% increase compared to $211.7 million in 2020[260]. - Basic earnings per share for 2021 were $2.28, up from $1.19 in 2020, reflecting a growth of 91.6%[260]. - Total operating expenses increased to $5,075.0 million in 2021, up from $4,266.1 million in 2020, marking a rise of 18.9%[260]. - The company’s income before income taxes for 2021 was $542.0 million, up from $282.9 million in 2020, reflecting an increase of 91.5%[260]. Investments and Acquisitions - The company is making strategic investments in new technologies, including autonomous vehicle technology and cloud-based transportation management systems, which are inherently risky[87]. - The acquisition of Midwest Logistics Systems, Ltd. on December 31, 2021, constituted approximately 7.4% of total assets of the company's consolidated total assets[254]. - The company recorded goodwill of $122.7 million from the acquisition of MLS, attributed to expected synergies and growth opportunities[307]. Tax and Regulatory Issues - The effective tax rate may fluctuate due to changes in regulations and tax laws, impacting future financial results[94]. - The company is subject to periodic audits by tax authorities, which may result in adjustments to tax provisions and affect financial results[96]. - Total provision for income taxes for 2021 was $136.6 million, significantly higher than $71.2 million in 2020, representing an increase of about 92.0%[376]. Asset and Liability Management - Total assets increased to $3,937.3 million as of December 31, 2021, up from $3,516.2 million in 2020, representing an increase of 11.9%[262]. - Total current liabilities rose to $690.2 million in 2021, compared to $534.6 million in 2020, marking a 29.2% increase[262]. - Total liabilities decreased slightly to $1,513.5 million in 2021 from $1,460.7 million in 2020, a decrease of 3.6%[262]. Shareholder and Governance Matters - The Voting Trust controls approximately 94% of the total voting power, limiting the influence of other shareholders on major corporate transactions[100]. - The company has a dual class common stock structure, allowing the Schneider National, Inc. Voting Trust to control shareholder approval outcomes despite owning less than a majority of shares[111]. - The company may change its dividend policy at any time, with future dividends dependent on financial performance and capital needs, and there is no obligation to pay dividends[111]. Legal and Compliance Risks - The company is involved in various legal proceedings, including class actions, which could have a material adverse effect on its results of operations[119]. - The company operates under an alternative owner-operator business model, which may face legal challenges if independent contractors are reclassified as employees, potentially leading to significant liabilities[112]. - The company is subject to various environmental laws and regulations, and violations could result in substantial fines or penalties, adversely affecting business operations[115]. Technology and Cybersecurity - Cybersecurity risks have increased due to a portion of the workforce working remotely, exposing the company to potential data breaches and attacks[77]. - The company relies heavily on information technology systems, and disruptions or security breaches could materially impact operations and financial results[116].

Financial Data and Key Metrics Changes - The company reported record earnings performance in Q4 2021 of $178 million and for the full year of $534 million, reflecting a 77% increase in adjusted earnings compared to the prior year [12][34] - Revenues excluding fuel surcharge exceeded $5 billion for the first time, marking a 22% increase over 2020 [34] - Adjusted earnings per share (EPS) for 2021 was $2.29, with guidance for 2022 set between $2.35 and $2.55 per share [36][37] Business Line Data and Key Metrics Changes - Logistics became the largest segment by revenue in Q4 2021 at $548 million, surpassing truckload revenue of $524 million [28] - Dedicated segment grew organically by over 900 driver associates from January to December 2021, with a total of nearly 2,000 driver associates added due to the MLS acquisition [15][16] - Intermodal segment faced a 3% decrease in order count year-over-year, but revenue per order increased by 20% [20] Market Data and Key Metrics Changes - The company noted strong freight demand despite challenges in network fluidity and resource availability [8] - Intermodal margin performance for the full year 2021 finished at nearly 14% [20] - The company added 1,300 containers in Q4 2021, bringing total container growth for the year to 15% [20] Company Strategy and Development Direction - The company aims to double its Intermodal business by 2030, focusing on environmentally friendly capacity and exceptional customer value [22] - A strategic alignment change was announced regarding the partnership with Union Pacific for Intermodal services, expected to enhance growth potential [21][25] - The company plans to invest approximately $450 million in net capital expenditures for 2022, focusing on fleet improvements and technology advancements [40][41] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about carrying positive momentum into 2022, with expectations of strong freight market conditions continuing [36][42] - The company anticipates addressing inflationary cost pressures through renewals across segments in 2022 [14] - Management highlighted the importance of technology investments to enhance operational efficiency and customer service [70][72] Other Important Information - The MLS acquisition closed on December 31, 2021, for $263 million, with results to be reported as part of dedicated operations starting Q1 2022 [35] - The company emphasized the need for a balanced growth strategy between East and West markets in the Intermodal segment [48][49] Q&A Session Summary Question: Can you help us think about the balance of your Intermodal business today between East and West? - Management indicated a strategic shift to unlock growth potential in the West, aiming for a more balanced growth profile [48][49] Question: Any concerns around potential service issues with the new partnership with Union Pacific? - Management expressed confidence in Union Pacific's capital plans and the ability to manage increased volume efficiently [50] Question: How prevalent are mini bids and shorter duration contracts in the one-way bid season? - Management noted that discussions are focused on ensuring capacity coverage and long-term arrangements rather than short-term contracts [55] Question: Can you characterize how conditions are evolving through the year? - Management indicated a constructive market environment with strong price momentum and supportive customer relationships [61] Question: What is the outlook for the Intermodal segment margins in 2022? - Management expects improvements in productivity and volume growth, which may contribute to earnings growth while maintaining margins [95][96] Question: How do you view the mix of the business over the next couple of years? - Management highlighted Dedicated, Intermodal, and Logistics as primary growth drivers, with no constraints on capital or capability [89]

Investor 0 p 目 6 70 presentation Fourth quarter 2021 SCHNEIDER Investor relations contact information Steve Bindas, Director 920-592-SNDR investor@schneider.com Disclaimer and forwardlooking statements Special Note Regarding Forward-Looking Statements This presentation, and certain information that management may discuss in connection with this presentation, contains forward-looking statements, within the meaning of the United States Private Securities Litigation Reform Act of 1995, which are intended to co ...

Financial Data and Key Metrics Changes - The company reported a record EPS of $0.62 for Q3 2021, surpassing the previous record of $0.60 set in the prior quarter [8] - Enterprise revenues, excluding fuel surcharge, reached $1.3 billion, a 25% increase year-over-year [9] - Adjusted operating income doubled year-over-year, with truckload earnings up 87%, intermodal up 99%, and logistics up 143% [10] Business Line Data and Key Metrics Changes - Truckload segment earnings increased by 87% [10] - Intermodal segment saw a 1% growth in order count and a 20% increase in revenue per order [15] - Logistics revenue reached $475 million, only $10 million less than truck segment revenues, with improved operating ratios [18] Market Data and Key Metrics Changes - The company expects revenue excluding fuel surcharge to exceed $5 billion for the full year [11] - The operating income is projected to top $500 million [11] - The company anticipates a lower equipment gain in Q4 compared to Q3 due to reduced equipment sales [68] Company Strategy and Development Direction - The company is focused on growing its multimodal portfolio and enhancing its asset-light offerings in intermodal and logistics, which now comprise 44% of segment earnings [10] - Strategic growth offerings include dedicated truck, intermodal, and brokerage, with a focus on increasing container counts and improving operational efficiency [14][20] - The company is investing in technology to enhance customer experience and streamline operations [57] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining pricing momentum into 2022, despite potential inflationary pressures [26] - The company is optimistic about growth prospects in dedicated and intermodal services, with expectations for continued strong performance [20][26] - Management highlighted the importance of addressing supply chain challenges and maintaining a healthy demand environment [43] Other Important Information - The company has lowered its CapEx guidance to about $300 million due to higher proceeds from equipment sales and delayed deliveries [12] - Management is actively preparing for potential vaccine mandates and is encouraging vaccination among its workforce [52] Q&A Session All Questions and Answers Question: How does the company view 2022 in terms of pricing dynamics and fleet count? - Management is optimistic about pricing momentum and expects to carry that into 2022, with a focus on dedicated growth and improved asset utilization [24][26] Question: What are the expectations for truckload and intermodal pricing into next year? - Management noted that contract renewals are trending positively, with expectations for continued price increases in both segments [34] Question: What is the outlook for intermodal volume growth in 2022? - Management anticipates gradual improvement in intermodal volumes as supply chain issues are addressed, with confidence in dray performance and container builds [90] Question: How is the company addressing labor challenges in the dedicated and dray markets? - Management indicated that dedicated and intermodal configurations are more attractive to drivers, leading to better retention and recruitment [59] Question: What is the company's strategy regarding the FreightPower platform? - The company is focused on expanding its FreightPower platform to enhance service offerings and reach more customers effectively [50] Question: How does the company plan to utilize cash generated in the upcoming quarters? - The company plans to focus on organic growth in strategic areas and explore inorganic opportunities that align with its portfolio [57] Question: What are the expectations for the brokerage business and the impact of power-only services? - Management highlighted that power-only services are gaining traction but still represent a smaller portion of overall brokerage growth [94]

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 September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Securities registered ...