Core Insights - ArcBest reported fiscal Q2 2025 results with GAAP revenue of $1.02 billion and non-GAAP EPS of $1.36, both missing Wall Street estimates [1][2] - The company experienced modest shipment growth and productivity gains from technology, but profitability in its core Asset-Based segment declined due to weak demand and elevated expenses [1][5] Financial Performance - Non-GAAP EPS decreased by 31.3% year-over-year from $1.98 to $1.36 [2] - GAAP revenue fell by 5.2% from $1.08 billion in Q2 2024 to $1.02 billion in Q2 2025 [2][5] - Operating income (non-GAAP) dropped by 29.9% to $44.97 million compared to Q2 2024 [2] - Net income (non-GAAP) decreased by 34.2% from $47.4 million in Q2 2024 to $31.2 million in Q2 2025 [2][8] Segment Performance - The Asset-Based segment generated $713 million in revenue, showing no growth year-over-year [2][5] - Daily shipments increased by 5.6%, while tonnage per day rose by 4.3% due to new LTL customer accounts [5] - The Asset-Light segment faced a 12.9% decrease in revenue per day, with shipments per day dropping by 6.5% [7] - Despite revenue declines, the Asset-Light segment achieved positive operating income on a non-GAAP basis for the first time since Q2 2023 [7] Strategic Initiatives - The company is focused on controlling labor costs, deploying advanced technology, and expanding its customer base [4] - Investments in digital tools like ArcBest View and AVA aim to improve service and reduce costs [4][12] - A 5.9% general rate increase was announced, effective August 4, to enhance long-term yield [13] Outlook - Management did not provide explicit financial guidance for Q3 or the full year but emphasized a focus on operational optimization and leveraging technology for efficiency gains [14] - Capital expenditure targets for fiscal 2025 are maintained at the low end of the $225 million to $275 million range [14]

Company Participants - The conference call featured key executives including Judy McReynolds (Chairman & CEO), Seth Runser (President), and Matt Beasley (CFO) [1][3] - Other members of the executive leadership team were also present for the Q&A session [3] Conference Call Overview - The call was initiated by Amy Mendenhall, Vice President of Treasury and Investor Relations, who welcomed participants and provided instructions [2] - The call was recorded for future reference [2] Forward-Looking Statements - The company indicated that some comments made during the call would be forward-looking statements, which are subject to risks and uncertainties [4] - The company plans to discuss certain non-GAAP financial measures to provide meaningful comparisons [4]

Financial Data and Key Metrics Changes - The company generated over $1 billion in revenue for the quarter, down 5% year over year [23] - Non-GAAP operating income was $45 million, compared to $64 million in the prior year [24] - Adjusted earnings per share were $1.36, down from $1.98 in 2024 [24] Business Line Data and Key Metrics Changes - The Asset Based segment reported revenue of $713 million, a 1% increase year over year, with an operating ratio of 92.8, an increase of 300 basis points from 2024 [25] - Daily shipments in the Asset Based segment grew by 6%, while weight per shipment decreased by 1%, resulting in a 4% increase in tons per day [25] - The Asset Light segment saw revenue of $342 million, a 13% decrease year over year, with shipments per day down 7% [29] Market Data and Key Metrics Changes - The freight environment remained challenging with softness in manufacturing and a sluggish housing market [6] - Daily shipments in July 2025 grew by 2% year over year, indicating continued success in capturing new core business opportunities [28] Company Strategy and Development Direction - The company is focused on driving profitable growth, advancing premium service for customers, and optimizing efficiency [13] - Investments in technology and innovation are aimed at creating long-term value for customers, employees, and shareholders [5] - The company plans to host its first Investor Day in a decade on September 29, showcasing strategic priorities and long-term financial targets [35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the current soft freight market and emphasized the importance of strategic investments [34] - The company anticipates continued growth in its core business and is well-positioned to improve margins as demand grows and capacity tightens [52] Other Important Information - The company welcomed Tom Albrecht to the Board of Directors, bringing extensive industry experience [8] - Judy McReynolds plans to retire as CEO at the end of the year, with Seth Renser set to succeed her [11] Q&A Session Summary Question: Potential for revenue growth in August and September - Management indicated potential for outperforming historical trends due to ongoing commercial efforts [41] Question: Pricing strategy in the SMB market - Management noted that the SMB market is less price-sensitive and emphasized the importance of building long-term relationships [46] Question: Sustainability of outperformance in freight volumes - Management highlighted strong pipeline growth and the ability to provide value to customers as key factors for sustained outperformance [50] Question: Impact of the general rate increase (GRI) - Management explained that the timing of the GRI aligns with historical cycles and is necessary to cover inflationary costs [56] Question: Stickiness of new freight volumes - Management expressed confidence that new business is sticky, driven by strong customer relationships and service offerings [62] Question: Service levels and performance - Management emphasized ongoing investments in optimization initiatives and collaboration with customers to enhance service [70] Question: Context of tonnage drop in July - Management indicated that the drop was in line with historical performance and attributed it to seasonal factors [76]

Company Performance & Strategy - Judy McReynolds is retiring as CEO, retaining her position as Chairman of the Board, and Seth Runser will assume the role of CEO and President, effective January 1, 2026 [15] - The company is focused on a three-point strategy: increasing efficiency, driving innovation, and accelerating growth [11, 12] - ArcBest's integrated solutions expand market opportunity by seamlessly connecting modes, enabling growth with 5x larger deals [33] - Cross-sold accounts have over 3x higher revenue and profit compared to single-solution accounts [35, 36] - Over 70% of customers using asset-light services also utilize asset-based services, with 5% higher retention rates on cross-sold accounts [38, 39] Q2 2025 Financial Results - ArcBest's consolidated revenue for Q2 2025 was $1 billion [82] - Non-GAAP earnings per diluted share were $136, a decrease of 31% [83] - Non-GAAP operating income was $45 million [83] - Asset-Based revenue was $713 million, with a 30% decrease in operating income [86] - Asset-Light revenue decreased by 13% [101]

Core Viewpoint - ArcBest reported quarterly earnings of $1.36 per share, missing the Zacks Consensus Estimate of $1.48 per share, and down from $1.98 per share a year ago, indicating an earnings surprise of -8.11% [1] - The company posted revenues of $1.02 billion for the quarter, missing the Zacks Consensus Estimate by 1.67% and down from $1.08 billion year-over-year [2] Group 1: Earnings Performance - Over the last four quarters, ArcBest has surpassed consensus EPS estimates only once [2] - The company’s earnings surprise for the previous quarter was -1.92%, with actual earnings of $0.51 per share against an expectation of $0.52 [1][2] Group 2: Stock Performance - ArcBest shares have declined approximately 12.1% since the beginning of the year, contrasting with the S&P 500's gain of 8.3% [3] - The current Zacks Rank for ArcBest is 3 (Hold), indicating expected performance in line with the market in the near future [6] Group 3: Future Outlook - The current consensus EPS estimate for the upcoming quarter is $1.70 on revenues of $1.07 billion, and for the current fiscal year, it is $5.17 on revenues of $4.11 billion [7] - The outlook for the Transportation - Truck industry, where ArcBest operates, is currently in the bottom 17% of over 250 Zacks industries, which may impact stock performance [8]

[Second Quarter 2025 Financial Highlights](index=1&type=section&id=Second%20Quarter%202025%20Financial%20Highlights) [Overall Financial Performance](index=1&type=section&id=Overall%20Financial%20Performance) ArcBest faced macroeconomic challenges in Q2 2025 but achieved solid operations through team efforts and integrated services, with total revenue, GAAP and non-GAAP net income, and diluted EPS all decreasing year-over-year Overall Financial Performance (Q2 2025 vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change | | :-------------------------------- | :------------- | :------------- | :----- | | **Revenue** | $1.0 billion | $1.1 billion | -9.1% | | **Net Income from Continuing Operations (GAAP)** | $25.8 million | $46.9 million | -45.0% | | **Diluted EPS (GAAP)** | $1.12 | $1.96 | -42.8% | | **Net Income from Continuing Operations (Non-GAAP)** | $31.2 million | $47.4 million | -34.2% | | **Diluted EPS (Non-GAAP)** | $1.36 | $1.98 | -31.3% | - The company returned over **$47 million** to shareholders through share repurchases and dividends in the first half of 2025[6](index=6&type=chunk) - CEO Judy R. McReynolds emphasized the team's commitment to meeting customer needs and achieving solid results despite macroeconomic challenges, providing flexible, forward-thinking solutions through deep expertise and integrated services[3](index=3&type=chunk) - CEO-elect Seth Runser stated the company is executing with discipline and agility, leveraging integrated capabilities to create value across markets and building momentum for long-term growth by optimizing operations and deepening customer relationships[3](index=3&type=chunk) [Results of Operations Comparisons](index=1&type=section&id=Results%20of%20Operations%20Comparisons) [Asset-Based Segment](index=1&type=section&id=Asset-Based%20Segment) The Asset-Based segment saw growth in shipments and tonnage in Q2 2025, driven by new LTL core customers, despite a decline in average weight per shipment, while operating income and operating ratio deteriorated year-over-year but improved sequentially Asset-Based Segment Key Operating Metrics (Q2 2025 vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | YOY Change | | :-------------------------------- | :------------- | :------------- | :------- | | Revenue ($ millions) | $713.3 | $712.7 | +0.1% | | Average Daily Revenue Growth | - | - | +0.9% | | Average Daily Total Tonnage Growth | - | - | +4.3% | | Average Daily Total Shipments Growth | - | - | +5.6% | | Total Billed Revenue per Hundredweight Decline | - | - | -3.1% | | Operating Income ($ millions) | $51.0 | $72.8 | -30.0% | | Operating Ratio | 92.8% | 89.8% | +300 bps | - Tonnage growth was primarily driven by a **5.6% increase in average daily shipments**, mainly from new core LTL customers, partially offset by a **1.2% decrease in average total weight per shipment**[4](index=4&type=chunk) - To support shipment growth, the company proactively expanded its workforce and strategically utilized purchased transportation and local short-haul capacity to enhance peak season network capabilities; despite increased labor and purchased transportation costs, productivity improvements facilitated efficient new business intake and maintained high service standards, leading to year-over-year and sequential improvements in cost per shipment[5](index=5&type=chunk) Asset-Based Segment Key Operating Metrics (Q2 2025 vs. Q1 2025) | Metric | Sequential Change | | :-------------------------------- | :------- | | Average Daily Revenue Growth | +9.5% | | Average Daily Shipments Growth | +8.0% | | Average Weight per Shipment Growth | +3.2% | | Average Daily Tonnage Growth | +11.5% | | Revenue per Shipment Growth | +1.4% | | Billed Revenue per Hundredweight Decline | -1.7% | | Operating Ratio Improvement | 310 bps | - Customer contract renewals and deferred pricing agreements averaged a **4% increase** this quarter; revenue per hundredweight decreased **3.1% year-over-year**, primarily due to lower fuel surcharge revenue and changes in freight mix, with revenue per hundredweight excluding fuel surcharges decreasing in the low single digits year-over-year; a **5.9% general rate increase** announced on July 14 will take effect on August 4[8](index=8&type=chunk) [Asset-Light Segment](index=3&type=section&id=Asset-Light%20Segment) The Asset-Light segment experienced a revenue decline in Q2 2025 due to a soft rate environment and increased managed transportation business, but achieved non-GAAP operating income for the first time since Q2 2023, driven by margin expansion, strict cost control, and productivity improvements Asset-Light Segment Key Financial Metrics (Q2 2025 vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | YOY Change | | :-------------------------------- | :------------- | :------------- | :------- | | Revenue ($ millions) | $341.9 | $395.8 | -13.7% | | Average Daily Revenue Decline | - | - | -12.9% | | Operating Income ($ millions) | $0.6 | $(9.5) | Swung to Profit | | Non-GAAP Operating Income ($ millions) | $1.1 | $(2.5) | Swung to Profit | | Adjusted EBITDA ($ millions) | $2.5 | $(0.6) | Swung to Profit | - Revenue decline was primarily due to lower revenue per shipment from a soft rate environment and an increased mix of managed transportation business, which typically involves smaller, lower-revenue shipments[10](index=10&type=chunk) - Average daily shipments decreased by **6.5%**, reflecting a strategic reduction in lower-margin full-truckload volumes, partially offset by continued growth in managed solutions[10](index=10&type=chunk) - Compared to Q1 2025, Q2 2025 saw a **4.7% decrease in average daily revenue**, a **4.3% decrease in average daily shipments**, and a **0.5% decrease in revenue per shipment**; however, margin expansion and strict cost management led to improved operating performance[12](index=12&type=chunk) [Company Information and Forward-Looking Statements](index=3&type=section&id=Company%20Information%20and%20Forward-Looking%20Statements) [Conference Call Details](index=3&type=section&id=Conference%20Call%20Details) ArcBest will host a conference call on July 30, 2025, to discuss quarterly results, with details provided for dial-in, webcast, and replay access for interested parties - The conference call will be held on **July 30, 2025, at 9:00 a.m. ET (8:00 a.m. CT)**[13](index=13&type=chunk) - Participants can listen by dialing **(800) 715-9871** or accessing the webcast on ArcBest's website, arcb.com, with conference ID **6423434**[13](index=13&type=chunk) - Conference slides are available for download on the company's website and filed as Exhibit 99.3 to Form 8-K[13](index=13&type=chunk) [About ArcBest](index=3&type=section&id=About%20ArcBest) ArcBest, a comprehensive logistics company founded in 1923 with 14,000 employees and 250 service centers, offers solutions from ground, air, and ocean transportation to fully managed supply chains, leveraging technology like Vaux™ to address customer challenges - ArcBest (Nasdaq: ARCB) is a multi-billion dollar integrated logistics company founded in **1923**[14](index=14&type=chunk) - The company has **14,000 employees** across **250 campuses and service centers**, offering ground, air, and ocean transportation, as well as fully managed supply chain solutions[14](index=14&type=chunk) - ArcBest is committed to helping customers navigate supply chain challenges through innovative technology, such as **Vaux™**, recognized as one of TIME's Best Inventions of 2023[14](index=14&type=chunk) [Safe Harbor Statement](index=5&type=section&id=Safe%20Harbor%20Statement) This press release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995, reflecting the company's outlook on growth, value creation, financial prospects, strategy, and expectations, which are subject to various risks and uncertainties that could cause actual results to differ materially - This press release contains forward-looking statements as defined by the **Private Securities Litigation Reform Act of 1995**, concerning the company's outlook on growth, value creation, financial prospects, strategy, and expectations[16](index=16&type=chunk) - These statements are based on management's beliefs, assumptions, and current information, are not guarantees of future performance, and involve various risks and uncertainties including data privacy breaches, cybersecurity incidents, information system failures, customer attrition, competitive pressures, fuel price volatility, labor relations, changes in laws and regulations, and economic conditions[16](index=16&type=chunk) - The company cautions readers not to place undue reliance on forward-looking statements and undertakes no obligation to publicly update or revise them after their release[18](index=18&type=chunk) [Financial Data and Operating Statistics](index=5&type=section&id=Financial%20Data%20and%20Operating%20Statistics) [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) ArcBest's Q2 2025 consolidated statements of operations show a year-over-year decrease in total revenue, net income from continuing operations, and EPS, with operating expenses slightly reduced but operating income declining more significantly, reflecting pressure on profitability Consolidated Statements of Operations (Q2 2025 vs. Q2 2024) | Metric | Q2 2025 ($ thousands) | Q2 2024 ($ thousands) | YOY Change (%) | | :-------------------------------- | :-------------------- | :-------------------- | :----------- | | Revenue | $1,022,256 | $1,077,831 | -5.16% | | Operating Expenses | $984,947 | $1,028,986 | -4.28% | | Operating Income | $37,309 | $48,845 | -23.62% | | Income from Continuing Operations Before Income Taxes | $35,968 | $49,227 | -26.94% | | Provision for Income Taxes | $10,159 | $2,303 | +341.12% | | Net Income from Continuing Operations | $25,809 | $46,924 | -45.00% | | Net Income | $25,809 | $46,924 | -45.00% | | Diluted EPS (Continuing Operations) | $1.12 | $1.96 | -42.86% | Consolidated Statements of Operations (H1 2025 vs. H1 2024) | Metric | H1 2025 ($ thousands) | H1 2024 ($ thousands) | YOY Change (%) | | :-------------------------------- | :-------------------- | :-------------------- | :----------- | | Revenue | $1,989,333 | $2,114,250 | -5.91% | | Operating Expenses | $1,945,394 | $2,042,970 | -4.80% | | Operating Income | $43,939 | $71,280 | -38.36% | | Income from Continuing Operations Before Income Taxes | $40,142 | $44,550 | -9.89% | | Provision for Income Taxes | $11,202 | $538 | +1981.04% | | Net Income from Continuing Operations | $28,940 | $44,012 | -34.25% | | Net Income | $28,940 | $44,612 | -35.15% | | Diluted EPS (Continuing Operations) | $1.25 | $1.83 | -31.69% | [Consolidated Balance Sheets](index=7&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, ArcBest's consolidated balance sheets show a slight increase in total assets, primarily due to growth in net property, plant, and equipment, while total liabilities slightly decreased and total shareholders' equity marginally reduced, reflecting changes in asset structure and capital management Consolidated Balance Sheets (As of June 30, 2025 vs. December 31, 2024) | Metric | June 30, 2025 ($ thousands) | December 31, 2024 ($ thousands) | Change (%) | | :-------------------------------- | :--------------------------- | :--------------------------- | :------- | | **Assets** | | | | | Total Current Assets | $638,168 | $675,642 | -5.54% | | Property, Plant and Equipment, Net | $1,113,157 | $1,066,046 | +4.42% | | Goodwill | $304,753 | $304,753 | 0.00% | | Intangible Assets, Net | $82,449 | $88,615 | -6.96% | | Total Assets | $2,467,436 | $2,429,731 | +1.55% | | **Liabilities and Shareholders' Equity** | | | | | Total Current Liabilities | $661,402 | $665,985 | -0.69% | | Long-Term Debt, Less Current Portion | $163,850 | $125,156 | +30.92% | | Total Liabilities | $1,103,600 | $1,115,369 | -1.05% | | Total Shareholders' Equity | $1,300,426 | $1,314,362 | -1.06% | | Total Liabilities and Shareholders' Equity | $2,467,436 | $2,429,731 | +1.55% | - Cash and cash equivalents decreased from **$127,444 thousand** as of December 31, 2024, to **$114,874 thousand** as of June 30, 2025[22](index=22&type=chunk) - Treasury stock (at cost) increased from **$451,039 thousand** as of December 31, 2024, to **$492,776 thousand** as of June 30, 2025, reflecting share repurchase activities[22](index=22&type=chunk) [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) In the first half of 2025, ArcBest's net cash flow from operating activities significantly decreased year-over-year, while cash outflows from investing and financing activities also reduced, resulting in a net decrease in cash and cash equivalents and a lower ending cash balance compared to the prior year Consolidated Statements of Cash Flows (H1 2025 vs. H1 2024) | Metric | H1 2025 ($ thousands) | H1 2024 ($ thousands) | YOY Change (%) | | :-------------------------------- | :-------------------- | :-------------------- | :----------- | | Net Cash Provided by Operating Activities | $86,111 | $140,202 | -38.60% | | Net Cash Used in Investing Activities | $(36,897) | $(87,079) | -57.63% | | Net Cash Used in Financing Activities | $(61,784) | $(99,759) | -38.07% | | Net Decrease in Cash and Cash Equivalents | $(12,570) | $(46,636) | -73.09% | | Cash and Cash Equivalents at End of Period | $114,874 | $215,590 | -46.72% | - Expenditures for property, plant, and equipment (net of financing) decreased from **$104,909 thousand** in H1 2024 to **$42,007 thousand** in H1 2025[23](index=23&type=chunk) - Expenditures for treasury stock repurchases increased from **$31,627 thousand** in H1 2024 to **$41,737 thousand** in H1 2025[23](index=23&type=chunk) [Financial Statement Operating Segment Data and Operating Ratios](index=9&type=section&id=Financial%20Statement%20Operating%20Segment%20Data%20and%20Operating%20Ratios) This section provides detailed financial data and operating ratios for ArcBest's operating segments, showing slight revenue growth but deteriorating operating income and ratio for the Asset-Based segment, while the Asset-Light segment experienced significant revenue decline but successfully swung to operating income with substantial operating ratio improvement Revenue by Segment (Q2 2025 vs. Q2 2024) | Segment | Q2 2025 ($ thousands) | Q2 2024 ($ thousands) | YOY Change (%) | | :------------------- | :-------------------- | :-------------------- | :----------- | | Asset-Based Segment | $713,312 | $712,725 | +0.08% | | Asset-Light Segment | $341,922 | $395,817 | -13.62% | | Other and Eliminations | $(32,978) | $(30,711) | +7.38% | | **Total Consolidated Revenue** | **$1,022,256** | **$1,077,831** | **-5.16%** | Operating Income by Segment (Q2 2025 vs. Q2 2024) | Segment | Q2 2025 ($ thousands) | Q2 2024 ($ thousands) | YOY Change (%) | | :------------------- | :-------------------- | :-------------------- | :----------- | | Asset-Based Segment | $51,029 | $72,792 | -29.90% | | Asset-Light Segment | $591 | $(9,498) | Swung to Profit | | Other and Eliminations | $(14,311) | $(14,449) | -0.96% | | **Total Consolidated Operating Income** | **$37,309** | **$48,845** | **-23.62%** | Operating Ratios by Segment (Q2 2025 vs. Q2 2024) | Segment | Q2 2025 Operating Ratio | Q2 2024 Operating Ratio | Change (bps) | | :------------------- | :-------------------- | :-------------------- | :--------- | | Asset-Based Segment | 92.8% | 89.8% | +300 | | Asset-Light Segment | 99.8% | 102.4% | -260 | | **Total Consolidated Operating Ratio** | **96.4%** | **95.5%** | **+90** | - The Asset-Light segment's operating ratio improved from **102.4%** in Q2 2024 to **99.8%** in Q2 2025, primarily due to margin expansion, strict cost control, and productivity improvements[11](index=11&type=chunk)[24](index=24&type=chunk) [Reconciliations of GAAP to Non-GAAP Financial Measures](index=10&type=section&id=Reconciliations%20of%20GAAP%20to%20Non-GAAP%20Financial%20Measures) ArcBest provides reconciliations of GAAP to non-GAAP financial measures to better reflect core operating performance, with adjustments primarily for innovative technology costs, acquisition accounting amortization, fair value changes of contingent consideration, equity investment fair value changes, life insurance benefits, and RSU tax impacts, aiming for more comparable performance analysis - Management believes non-GAAP measures are useful for analysts, investors, and other parties to evaluate core operating performance and provide meaningful comparisons between current and prior period results[27](index=27&type=chunk) - Non-GAAP results are based on continuing operations and exclude the impact of discontinued operations from FleetNet, which was sold on **February 28, 2023**[27](index=27&type=chunk) [Consolidated Non-GAAP Measures](index=10&type=section&id=Consolidated%20Non-GAAP%20Measures) Consolidated non-GAAP measures show that after adjustments for innovative technology costs, acquisition accounting amortization, and fair value changes of contingent consideration, non-GAAP operating income and net income for Q2 2025 were higher than GAAP reported amounts but still decreased year-over-year Consolidated Non-GAAP Operating Income (Q2 2025 vs. Q2 2024) | Metric | Q2 2025 ($ thousands) | Q2 2024 ($ thousands) | YOY Change (%) | | :-------------------------------- | :-------------------- | :-------------------- | :----------- | | GAAP Operating Income | $37,309 | $48,845 | -23.62% | | Innovative Technology Costs (Pre-tax) | $7,123 | $8,311 | -14.30% | | Acquisition Accounting Amortization (Pre-tax) | $3,192 | $3,192 | 0.00% | | Fair Value Change of Contingent Consideration (Pre-tax) | $(2,650) | $3,850 | -168.83% | | **Non-GAAP Operating Income** | **$44,974** | **$64,198** | **-29.95%** | Consolidated Non-GAAP Net Income (Q2 2025 vs. Q2 2024) | Metric | Q2 2025 ($ thousands) | Q2 2024 ($ thousands) | YOY Change (%) | | :-------------------------------- | :-------------------- | :-------------------- | :----------- | | GAAP Net Income | $25,809 | $46,924 | -45.00% | | Innovative Technology Costs (After-tax) | $5,428 | $6,380 | -14.80% | | Acquisition Accounting Amortization (After-tax) | $2,398 | $2,400 | -0.08% | | Fair Value Change of Contingent Consideration (After-tax) | $(1,991) | $2,896 | -168.75% | | Life Insurance Benefits and Cash Value Changes | $(1,428) | $(440) | +224.55% | | Tax Impact of Restricted Stock Units (Benefit) | $995 | $(10,777) | -109.23% | | **Non-GAAP Net Income** | **$31,211** | **$47,383** | **-34.14%** | Consolidated Non-GAAP Diluted EPS (Q2 2025 vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | YOY Change (%) | | :-------------------------------- | :------------- | :------------- | :----------- | | GAAP Diluted EPS | $1.12 | $1.96 | -42.86% | | **Non-GAAP Diluted EPS** | **$1.36** | **$1.98** | **-31.31%** | [Segment Operating Income (Loss) Reconciliations](index=11&type=section&id=Segment%20Operating%20Income%20(Loss)%20Reconciliations) This section provides GAAP to non-GAAP operating income (loss) reconciliations for the Asset-Light segment, showing that after adjusting for acquisition accounting amortization and fair value changes of contingent consideration, non-GAAP operating income for the Asset-Light segment swung from a loss to a profit, indicating an improvement in its core operations Asset-Light Segment Non-GAAP Operating Income (Loss) (Q2 2025 vs. Q2 2024) | Metric | Q2 2025 ($ thousands) | Q2 2024 ($ thousands) | YOY Change (%) | | :-------------------------------- | :-------------------- | :-------------------- | :----------- | | GAAP Operating Income (Loss) | $591 | $(9,498) | Swung to Profit | | Acquisition Accounting Amortization (Pre-tax) | $3,192 | $3,192 | 0.00% | | Fair Value Change of Contingent Consideration (Pre-tax) | $(2,650) | $3,850 | -168.83% | | **Non-GAAP Operating Income (Loss)** | **$1,133** | **$(2,456)** | **Swung to Profit** | - The Asset-Light segment's non-GAAP operating ratio improved from **100.6%** in Q2 2024 to **99.7%** in Q2 2025[30](index=30&type=chunk) - The company reduced the contingent consideration liability for the MoLo acquisition to **zero** in Q2 2025, reflecting a zero probability of payment based on 2025 Adjusted EBITDA projections[25](index=25&type=chunk) [Effective Tax Rate Reconciliation](index=12&type=section&id=Effective%20Tax%20Rate%20Reconciliation) The effective tax rate reconciliation details the calculation of GAAP and non-GAAP pre-tax income, provision for income taxes, and net income, along with the impact of various adjustments on the effective tax rate, showing GAAP effective tax rate at 28.2% and non-GAAP at 26.2% for Q2 2025, both higher than the prior year Effective Tax Rate Reconciliation (Q2 2025) | Metric | GAAP Amount ($ thousands) | Non-GAAP Adjustments ($ thousands) | Non-GAAP Amount ($ thousands) | | :-------------------------------- | :-------------------- | :----------------------- | :-------------------- | | Income from Continuing Operations Before Income Taxes | $35,968 | $6,362 | $42,299 | | Provision for Income Taxes | $10,159 | $929 | $11,088 | | Net Income from Continuing Operations | $25,809 | $5,402 | $31,211 | | Effective Tax Rate | 28.2% | - | 26.2% | Effective Tax Rate Reconciliation (Q2 2024) | Metric | GAAP Amount ($ thousands) | Non-GAAP Adjustments ($ thousands) | Non-GAAP Amount ($ thousands) | | :-------------------------------- | :-------------------- | :----------------------- | :-------------------- | | Income from Continuing Operations Before Income Taxes | $49,227 | $15,085 | $64,312 | | Provision for Income Taxes | $2,303 | $14,626 | $16,929 | | Net Income from Continuing Operations | $46,924 | $459 | $47,383 | | Effective Tax Rate | 4.7% | - | 26.3% | - In Q2 2025, adjustments for innovative technology costs, acquisition accounting amortization, and fair value changes of contingent consideration resulted in a net increase to pre-tax income[32](index=32&type=chunk) [Adjusted EBITDA](index=13&type=section&id=Adjusted%20EBITDA) Adjusted EBITDA, a key management metric for performance evaluation and business planning, excludes non-core operating items like acquisition intangible asset amortization and fair value changes of contingent consideration and equity investments; in Q2 2025, consolidated and Asset-Light Adjusted EBITDA both decreased year-over-year, though the Asset-Light segment achieved a positive value - Management uses Adjusted EBITDA as a key metric for performance evaluation and business planning, as it excludes non-core operating items such as amortization of acquired intangibles and software, and fair value changes of contingent consideration and equity investments[33](index=33&type=chunk) Consolidated Adjusted EBITDA (Q2 2025 vs. Q2 2024) | Metric | Q2 2025 ($ thousands) | Q2 2024 ($ thousands) | YOY Change (%) | | :-------------------------------- | :-------------------- | :-------------------- | :----------- | | Net Income from Continuing Operations | $25,809 | $46,924 | -45.00% | | Interest and Other Related Financing Costs | $2,956 | $2,078 | +42.25% | | Provision for Income Taxes | $10,159 | $2,303 | +341.12% | | Depreciation and Amortization | $40,926 | $36,276 | +12.82% | | Stock-Based Compensation Amortization | $3,779 | $3,433 | +10.08% | | Fair Value Change of Contingent Consideration | $(2,650) | $3,850 | -168.83% | | **Consolidated Adjusted EBITDA** | **$80,979** | **$94,864** | **-14.64%** | Asset-Light Segment Adjusted EBITDA (Q2 2025 vs. Q2 2024) | Metric | Q2 2025 ($ thousands) | Q2 2024 ($ thousands) | YOY Change (%) | | :-------------------------------- | :-------------------- | :-------------------- | :----------- | | Operating Income (Loss) | $591 | $(9,498) | Swung to Profit | | Depreciation and Amortization | $4,605 | $5,039 | -8.61% | | Fair Value Change of Contingent Consideration | $(2,650) | $3,850 | -168.83% | | **Asset-Light Segment Adjusted EBITDA** | **$2,546** | **$(609)** | **Swung to Profit** | [Operating Statistics](index=15&type=section&id=Operating%20Statistics) Operating statistics reveal key metrics for Asset-Based and Asset-Light segments, with the Asset-Based segment showing growth in average daily tonnage and shipments but a decline in billed revenue per hundredweight, while the Asset-Light segment experienced decreases in revenue per shipment and average daily shipments but a significant improvement in average daily shipments per employee Asset-Based Segment Operating Statistics (Q2 2025 vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | YOY Change (%) | | :-------------------------------- | :------------- | :------------- | :----------- | | Billed Revenue per Hundredweight ($) | $48.54 | $50.09 | -3.1% | | Billed Revenue per Shipment ($) | $537.94 | $562.17 | -4.3% | | Average Daily Tonnage | 11,666 | 11,186 | +4.3% | | Average Daily Shipments | 21,051 | 19,934 | +5.6% | | Shipments per DSY Hour | 0.451 | 0.448 | +0.7% | | Weight per Shipment (lbs) | 1,108 | 1,122 | -1.2% | | Average Length of Haul (miles) | 1,131 | 1,135 | -0.4% | Asset-Light Segment Operating Statistics (Q2 2025 vs. Q2 2024) | Metric | Q2 2025 YOY Change (%) | | :-------------------------------- | :------------------------- | | Revenue per Shipment | -6.9% | | Average Daily Shipments | -6.5% | | Average Daily Shipments per Employee | +14.8% |

Company Overview - ArcBest (ARCB) is expected to report a year-over-year decline in earnings, with a projected EPS of $1.46, reflecting a decrease of 26.3% compared to the previous year [3] - Revenues for the upcoming quarter are anticipated to be $1.04 billion, down 3.7% from the same quarter last year [3] Earnings Estimates and Revisions - The consensus EPS estimate has been revised down by 5.67% over the last 30 days, indicating a reassessment by analysts [4] - The Most Accurate Estimate for ArcBest is higher than the Zacks Consensus Estimate, resulting in a positive Earnings ESP of +2.23% [12] Earnings Surprise Prediction - The Zacks Earnings ESP model suggests that a positive Earnings ESP reading is a strong predictor of an earnings beat, especially when combined with a Zacks Rank of 1, 2, or 3 [10] - ArcBest currently holds a Zacks Rank of 3, indicating a likelihood of beating the consensus EPS estimate [12] Historical Performance - In the last reported quarter, ArcBest was expected to post earnings of $0.52 per share but delivered $0.51, resulting in a surprise of -1.92% [13] - Over the past four quarters, ArcBest has only beaten consensus EPS estimates once [14] Industry Context - In the Zacks Transportation - Truck industry, Landstar System (LSTR) is also expected to report a decline in earnings, with an EPS estimate of $1.16, down 21.6% year-over-year [18] - Landstar's revenue is projected to be $1.21 billion, a decrease of 1.5% from the previous year [18] - The consensus EPS estimate for Landstar has been revised down by 1.4% in the last 30 days, and it has a negative Earnings ESP of -0.54% combined with a Zacks Rank of 4, indicating difficulty in predicting an earnings beat [19]

大家好我是大鱼 今天的资讯 包括下面几个消息 1. Robotaxi 扩张时间表揭晓 2. Semi卡车秀肌肉 3.Grok 4正式登场 关注这些领域的朋友 不要错过 今天重要的内容 OK let's go 第一部分 Robotaxi扩张 时间表揭晓 马斯克在X上透露 这个周末（7月12-13日） 将扩大Robotaxi 的服务范围 从原本的特定区域 延伸到奥斯汀市 的更大范围 这可是个大消息！ 回顾一下 Tesla 在6月22日 在奥斯汀启动了试运行 用了大约10辆 Model Y 这些车都配备了 最新的无人驾驶技术 试运行的车辆上 都有安全监控员 坐在副驾驶座 随时准备应对 突发状况 乘客则是透过 专属应用程式预约 费用是每趟4.2%美元 不过试运行 也不是一帆风顺 有些网友拍到 Robotaxi 在路上 出了点小状况 比如开错车道 突然急煞等 美国国家公路 交通安全管理局 （NHTSA） 已经要求Tesla 交出更多资料 来解释这些问题 当然这些都是 新技术发展的必经之路 哪个新玩意儿 刚刚面试的时候 没点磨合期呢？ 尽管有这些小插曲 Tesla还是信心满满 在试运营仅三周 后就 准备在本周末 把服务范 ...

Core Viewpoint - ArcBest (ARCB) is currently identified as a strong value stock, supported by its favorable valuation metrics and earnings outlook [4][9]. Valuation Metrics - ArcBest has a P/E ratio of 11.62, significantly lower than the industry average of 26.27 [4]. - The company holds a PEG ratio of 0.64, compared to the industry's average of 1.18, indicating potential undervaluation [5]. - ArcBest's P/B ratio is 1.35, which is attractive against the industry's average P/B of 3.60 [6]. - The P/S ratio for ArcBest is 0.43, while the industry average is 0.97, suggesting a favorable valuation [7]. - The P/CF ratio for ArcBest is 5.30, compared to the industry's average of 13.65, indicating strong cash flow relative to its market value [8]. Investment Outlook - The combination of these metrics suggests that ArcBest is likely undervalued, making it an appealing option for value investors [9].

Group 1 - ArcBest Corporation (NASDAQ: ARCB) is experiencing positive revenue growth momentum, with tonnage per day turning positive in April and May [1] - The expectation is for continued growth due to improving macroeconomic conditions and effective execution by the company [1] Group 2 - The analyst has over 15 years of investment experience, focusing on mid-sized hedge funds and has a background in sell-side analysis [1] - The investment strategy is medium-term, targeting ideas with catalysts for value unlocking or short selling in case of downside catalysts [1] - The analyst has a generalist approach but has primarily analyzed industrial, consumer, and technology sectors, where higher conviction in investments is noted [1]