Financial Data and Key Metrics Changes - Ryder reported operating revenue of $2.6 billion in Q3 2025, up 1% from the prior year, primarily due to contractual revenue growth in Supply Chain Solutions (SCS) and Fleet Management Solutions (FMS) [13] - Comparable earnings per share from continuing operations were $3.57, up 4% from $3.44 in the prior year, reflecting higher contractual earnings and benefits from share repurchases [13] - Return on equity (ROE) was 17%, up from the prior year, driven by higher contractual earnings and share repurchases, partially offset by lower rental demand and used vehicle sales [14] - Year-to-date free cash flow increased to $496 million from $218 million in the prior year due to reduced capital expenditures and lower income tax payments [14] Business Line Data and Key Metrics Changes - Fleet Management Solutions operating revenue was in line with the prior year, with pretax earnings of $146 million, up year-over-year due to higher ChoiceLease performance, offset by lower used vehicle sales and rental results [14][15] - Supply Chain operating revenue increased 4%, driven by new business in omni-channel retail, but earnings decreased 8% due to e-commerce network performance and higher medical costs [19] - Dedicated operating revenue decreased 6% due to lower fleet count, but earnings before tax (EBT) was in line with the prior year, reflecting acquisition synergies [20] Market Data and Key Metrics Changes - The company noted that 93% of its revenue is generated in the U.S., positioning it well to benefit from increased domestic industrial manufacturing [6] - Rental demand was lower than historical seasonal trends, with rental utilization on the power fleet at 70%, down from 71% in the prior year [15] - Used vehicle pricing saw a year-over-year decline of 6% for tractors and 15% for trucks, although sequential pricing for trucks increased by 7% [16] Company Strategy and Development Direction - Ryder is focused on creating value through operational excellence and investment in customer-centric technology, aiming for earnings growth driven by resilient contractual businesses and strategic initiatives [5][6] - The company expects its transformed business model to deliver ROE in the low to mid-20s when market conditions improve, with over 90% of operating revenue generated by multiyear contracts [7] - A new discretionary $2 billion share repurchase program was authorized, reflecting the company's commitment to disciplined capital allocation [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to outperform prior cycles, citing a strong foundation from its transformed business model [8] - The outlook for 2025 includes a comparable EPS forecast of $12.85 to $13.05, driven by higher contractual earnings and benefits from strategic initiatives [29] - Management acknowledged ongoing headwinds from the freight market downturn but remains optimistic about robust sales and pipeline activity in SCS [29][30] Other Important Information - The company has returned $457 million to shareholders in 2025 through share repurchases and dividends, with a 57% increase in the quarterly dividend since 2021 [9] - The forecast for free cash flow remains unchanged at $900 million to $1 billion, reflecting lower capital expenditures and an estimated annual benefit of $200 million from tax bonus depreciation [10][30] Q&A Session Summary Question: Impact of CDL regulations on the business model - Management indicated that tighter driver markets could benefit the dedicated business as companies seek assistance in driver recruitment, with minimal impact expected on the lease side [38][40] Question: Drivers of earnings growth for next year - Management expects contractual earnings growth and strong performance in supply chain to drive revenue and earnings growth, despite muted sales in lease and dedicated due to freight market softness [42][45] Question: Used vehicle pricing and tariffs - Management noted that any price increases would likely be passed through to lease rates, and higher new truck pricing could eventually support used truck prices [52][56] Question: Supply Chain Solutions headwinds - Management acknowledged temporary headwinds in e-commerce network performance but remains optimistic about future growth and margin targets [65][66] Question: Bonus depreciation impact - The bonus depreciation is expected to provide a cash tax benefit of approximately $200 million annually, with no significant impact on operating margins [84][86]

Core Insights - Jayud Global Logistics Limited is experiencing steady progress in its core operations, with year-over-year revenue growth and a return to profitability, driven by high-margin cross-border services and operational efficiencies [4][10] - The company anticipates a significant revenue surge in FY2026, supported by sustained demand in e-commerce and international trading segments [4] Financial Highlights - Total revenues for the first six months of 2025 increased by 3.7% year-over-year to $39.2 million, with the international trading segment contributing 42.9% of total revenues [5][10] - Net income reached $0.3 million, a recovery from a net loss of $2.7 million in the same period of the previous year [10] - Gross profit improved significantly due to enhanced cost controls and a shift towards value-added services [7] - The company received a government subsidy of approximately $4.2 million, which contributed to a 4.5% decrease in the cost of revenues [6][10] Operational Highlights - Key initiatives include the launch of an exclusive air cargo route between Fuzhou and Jakarta, which commenced operations on March 21, 2025, with three weekly flights [10] - The company is actively pursuing collaborations with industry partners to expand its service offerings and create new growth avenues [4] Balance Sheet Overview - As of June 30, 2025, total assets increased to $26.5 million, up from $25.7 million at the end of 2024 [11] - Current assets totaled $20.0 million, reflecting a 2.0% increase from the previous year [11] - Total liabilities stood at $15.1 million, with shareholders' equity attributable to Jayud at $12.8 million [11] Cash Flow Analysis - Cash flows from operating activities showed seasonal fluctuations, with net cash used amounting to $1.1 million for the first half of 2025 [19] - Investing activities utilized $0.2 million primarily for property, equipment, and intangible assets to enhance logistics infrastructure [8][9] - Financing activities resulted in a net cash usage of $0.6 million, driven by debt repayments [8]

Core Insights - Agillence, Inc. has been selected by Rivian Automotive, Inc. to provide its proprietary optimization software for parts logistics networks [1][3] - The Agillence Lean Logistics Optimizer (ALLO) offers part-level optimization for network design, order frequency, routing, stowage, and packaging, aiming to reduce logistics costs and enhance flow efficiency [2][5] - Agillence's expertise in automotive logistics positions it as a valuable partner for Rivian, which requires a highly agile and precise supply chain for its electric vehicles [3][4] Company Overview - Agillence specializes in automotive logistics, providing solutions that optimize material flow and finished vehicle distribution for OEMs, Tier suppliers, and 3PLs globally [4][5] - The company's solutions are offered on a SaaS subscription basis and are hosted on a private cloud, ensuring secure access and compliance through SOC 2 certification [4] - Agillence's platforms, ALLO and ALMS, drive transformation and cost savings across various logistics networks by leveraging centralized data and advanced optimization techniques [5]

Core Insights - PVH Corp. has appointed Patricia Gabriel as the new chief supply chain officer and global head of operations, effective in Q4 [1][2] - Gabriel emphasizes the importance of operational excellence and supply chain optimization as competitive advantages for growth and innovation [2] - She brings over 25 years of experience in supply chain management from her previous roles at Capri Holdings, Mondelez International, and AB InBev [3] Company Overview - PVH Corp. is the parent company of renowned apparel brands Calvin Klein and Tommy Hilfiger [1] - The company is currently in a growth phase, with a focus on enhancing its supply chain and operational capabilities [2] Leadership Transition - Patricia Gabriel will succeed David Savman, who has served as chief supply chain officer since 2022 and will now concentrate on his role as global brand president for Calvin Klein [4]

Core Insights - PVH Corp has appointed Patricia Gabriel as the new chief supply chain officer and global head of operations, effective in the fourth quarter of 2025, replacing David Savman who will remain as global brand president for Calvin Klein [1][2] - Gabriel brings over 25 years of experience in supply, manufacturing, and logistics management from major global consumer goods companies, including her previous role as chief supply chain officer at Capri Holdings [2][3] Company Overview - PVH Corp operates in over 40 countries with principal brands Calvin Klein and Tommy Hilfiger [1] - The company reported a 2% increase in revenue to $1.984 billion in the first quarter of 2025, with regional performance varying significantly [4][5] Financial Performance - Revenue in the Europe, Middle East, and Africa segment increased by 5%, while the Americas segment saw a 7% growth [5] - Conversely, the Asia Pacific segment experienced a 13% decline, attributed to the timing of the 2025 Lunar New Year and a challenging consumer environment, particularly in China [5] Strategic Focus - Gabriel's role will involve enhancing global operations from product development to consumer delivery, aiming to strengthen PVH's operating framework [3] - The company is focused on building Calvin Klein and Tommy Hilfiger into leading lifestyle brands, leveraging Gabriel's expertise in consumer-centric operational excellence [2][4]

Core Insights - Wabash has opened a new Parts and Services facility in Gary, Indiana, strategically located along I-65 to enhance access to parts and services for customers in the Midwest [1][2] - The new facility is part of Wabash's initiative to expand its national Parts and Services platform, which includes new upfit centers and a growing dealer network [2][3] - Wabash's Parts and Services business is experiencing strong growth, with upfit volumes expected to more than double in 2025 [3] Company Strategy - The new Midwest facility aims to provide a comprehensive solution for Wabash Genuine Parts and the Ready-to-Mount (RTM) truck body program, ensuring rapid turnaround times [4] - The facility will also support refrigerated truck bodies and diesel truck repair services, addressing the needs of fleets in a high-demand region [4][5] - Wabash views its Parts and Services as essential for connecting manufacturing with long-term customer support, thereby adding stability to the business [4] Market Demand - There is a growing demand for upfit solutions among various customer segments, including national leasing fleets and small businesses seeking customized equipment [5] - The Gary facility enhances Wabash's market presence, improving turnaround speed and reducing downtime for customers [5] - The new facility follows the recent opening of another Parts and Services center in the Atlanta area, with plans for additional locations in 2026 [5]

Core Insights - Wabash is expanding its network in the Southeast, particularly in the Atlanta region, through the opening of a new Parts & Service center, dealer expansion with Fleetco, and the addition of CS Truck and Trailer to its Preferred Partner Network [2][3][6] Group 1: New Parts & Service Center - The new Parts & Service center in Atlanta is strategically located to enhance access to parts, service, and truck body upfitting, offering Wabash's Ready-to-Mount (RTM) truck bodies for dry freight and platform applications [3] - The center aims to provide faster turnaround times for in-stock chassis and joins existing service centers in California, Florida, Ohio, Pennsylvania, and Texas [3] Group 2: Fleetco Dealer Expansion - Fleetco has expanded its representation of Wabash in the greater Atlanta market, enhancing trailer sales and broadening Wabash's dealer footprint in the Southeast [4] - This partnership allows customers to access new and used equipment through a trusted dealer, improving service and expertise [5] Group 3: Preferred Partner Network Addition - Wabash has added three CS Truck and Trailer locations to its Preferred Partner Network in Georgia, enhancing service and maintenance access to customers through authorized dealerships [6] - The Preferred Partner Network is a key component of Wabash's strategy to make high-quality parts more accessible nationwide [6] Group 4: Strategic Vision - The expansion efforts in Atlanta reflect Wabash's strategy to build a comprehensive partner ecosystem that improves customer service and support across the Southeast [3][7] - The combination of service centers, dealer partners, and the Preferred Partner Network is designed to increase coverage and enhance the overall customer experience [7]

Core Insights - BOS Better Online Solutions Ltd. announced a new order worth $590,000 from an Australian manufacturer for its Robotics division, specifically for its IML (in-mold label) product [1][2] - The order signifies a follow-on purchase from an existing client, highlighting the commercial success and technological advantages of BOS's IML robotic cell over competitors from China and Europe [2] Company Overview - BOS's IML robotic cell solution integrates pre-printed labels into plastic containers during the injection molding process, ensuring quality assurance through vision inspection and automated stacking, which results in durable labeling and reduced production costs [3] - The company operates three specialized divisions: Intelligent Robotics Division, RFID Division, and Supply Chain Division, each focusing on enhancing efficiency and visibility in supply chain operations [4]

Core Insights - The acquisition of Twine Solutions Ltd. by Steakholder Foods Ltd. aims to create a global digital technology powerhouse that can revolutionize multiple industries, including food and textile sectors [2][3] - Twine's innovative waterless dyeing technology and Steakholder's 3D food printing technology will be combined to enhance production capabilities and sustainability [3][8] Company Overview - Steakholder Foods specializes in 3D printing technologies for alternative proteins and aims to transform the food industry through advanced manufacturing [9][10] - Twine Solutions focuses on digital dyeing technology for the textile industry, utilizing a proprietary waterless process that significantly reduces environmental impact [11] Financial Aspects - Twine's shareholders will receive approximately 25% of Steakholder's outstanding equity, with potential to increase to 35% based on performance milestones [1] - Prior to the acquisition, Twine's shareholders invested $1.74 million in Steakholder at a substantial premium, which will convert into equity post-acquisition [3] Strategic Goals - The combined entity aims to explore commercial applications across various industries, focusing on speed, personalization, sustainability, and scalability [3][8] - The acquisition is expected to broaden Steakholder's activity base and diversify income streams, positioning the company for growth in multiple sectors [8] Market Impact - Twine is positioned to disrupt the $120 billion textile thread and yarn industry with its on-demand dyeing solutions, generating economic and ecological benefits [6] - The partnership is anticipated to enhance operational efficiency and meet evolving market demands in both food and textile industries [2][8]

Financial Data and Key Metrics Changes - Revenue increased by 3% year over year, driven by strength in U.S. Domestic package services [7] - Adjusted operating income grew by 7% [7] - Adjusted earnings per share reached $3.83, up 6% year over year [39] - Adjusted operating margin expanded by 20 basis points [39] Business Line Data and Key Metrics Changes - Federal Express Corporation (FEC) revenue rose by 4% year over year, with adjusted operating income increasing by 17% [8][42] - FedEx Freight experienced continued pressure, with average daily shipments declining [26] - U.S. Domestic package yield increased by 3%, while international export package yield grew by 4% [27][28] Market Data and Key Metrics Changes - International export volumes declined, particularly on the China to U.S. lane [24] - The LTL market remains rational despite prolonged weakness in the industrial economy [9] - U.S. Domestic small business revenue grew by over 10% year over year [35] Company Strategy and Development Direction - The company is focused on reducing structural costs while advancing its Tricolor strategy and Network 2.0 [6] - A spin-off of FedEx Freight is on track for June 2026, aiming to create a separate public company [6][53] - The company is leveraging data and technology to enhance customer experience and operational efficiency [16][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's resilience despite global trade volatility [5] - The outlook for full-year adjusted earnings is projected to be between $17.2 and $19 per diluted share [19][47] - Management remains focused on executing commercial priorities and dynamically matching capacity with demand [20] Other Important Information - The company achieved $200 million in transformation-related savings [7] - A new flight linking Dublin and Indianapolis is set to launch, supporting healthcare and high-value verticals [34] - The company plans to host its next Investor Day in February 2026 [21] Q&A Session Summary Question: Clarification on EPS range - Management indicated that the EPS range is influenced by various factors including global trade evolution and industrial economy health [56][58] Question: Incremental margin growth and headwinds - Management acknowledged the $1 billion headwind from the global trade environment, impacting operating income [60][62] Question: Data strategy and revenue models - The company emphasized the value of its data and AI capabilities, which are expected to create new revenue models [64][66] Question: Sequential earnings growth expectations - Management did not provide specific Q2 guidance but expressed cautious optimism for peak season demand [70][72] Question: Customer reaction to de minimis rule expiry - Management noted that the expiry has been challenging for small exporters, but they are actively supporting customers [107][108] Question: Peak season strength and market conditions - Management expects volume growth during peak season driven by new acquisitions and strong B2C demand [111][115]