Financial Data and Key Metrics Changes - The company is pleased with its performance, particularly in the integration of Uinta Basin assets, projecting a 30% increase in oil production and a 20% increase in total production for 2025 [6]. Business Line Data and Key Metrics Changes - The company anticipates a modest increase in production rates from Q1 to Q2, with a significant increase expected in Q3, driven by more Uinta wells coming online [10][11]. Market Data and Key Metrics Changes - The company is focused on maximizing sales to local Salt Lake City refineries, which typically account for 15% to 20% of crude sales, due to lower transportation costs [42]. Company Strategy and Development Direction - The company is prioritizing debt reduction to achieve a leverage ratio of one times, with a disciplined approach to allocating free cash flow [12][13]. - The company is not providing specific guidance on rig plans but will drop rigs based on program needs, emphasizing production timelines over rig counts [28]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the Uinta Basin assets, noting that they have exceeded expectations and that the company is focused on optimizing drilling and completion designs for future operations [36][37]. - The company is modeling various scenarios for 2026 based on commodity prices and cost environments, indicating flexibility in operational plans [51][52]. Other Important Information - The company has filed its first quarter 10-Q and is committed to transparency regarding forward-looking statements and non-GAAP measures [4]. Q&A Session Summary Question: Clarification on oil production and guidance for 2025 - Management confirmed no material changes to the full year plan, with an expected increase in oil cut from Q1 to Q2 and a major increase in Q3 [9][10]. Question: Cash returns and share repurchases - Management indicated a focus on debt reduction over share repurchases, although they remain open to supporting the stock if necessary [12][13]. Question: Uinta Basin productivity and co-development expectations - Management stated that 90% of their program focuses on the lower cube, with confidence in achieving forecasted results [19]. Question: LOE impacts and cost expectations - Management noted that some cost increases are expected to be one-time, while others may persist, but all have been included in the adjusted full year guidance [22]. Question: Rig count and capital allocation - Management clarified that while they are reducing rig counts, they do not foresee immediate changes in capital allocation based on current commodity prices [32][34]. Question: Oil sales to local refineries - Management confirmed that they aim to maximize sales to local refineries due to lower transportation costs, with no specific contracts governing the split [42][43]. Question: Production sales and revenue recognition - Management explained that there will always be slight lags between production and sales due to transportation timing, but this is expected to be a consistent discrepancy [65].

Financial Data and Key Metrics Changes - Cinemark's worldwide first quarter revenue was $541 million, with adjusted EBITDA of $36 million and an adjusted EBITDA margin of 6.7% [7][17] - Compared to the first quarter of 2022, adjusted EBITDA grew almost 45% despite inflationary cost pressures [7][17] - The company reported a net loss of $38.9 million, resulting in a loss per share of $0.32 [23] Business Line Data and Key Metrics Changes - U.S. operations hosted 20.6 million guests, generating $207.6 million in domestic admissions revenue [18] - Average ticket price increased by 3% year over year to $10.8, while domestic concession revenue was $164.4 million, achieving a new all-time high per cap of $7.98, up 5% year over year [19][19] - International operations welcomed 16 million guests, with revenue growing 1% year over year to $123.6 million [20] Market Data and Key Metrics Changes - North American industry box office totaled approximately $1.5 billion, declining 12% compared to the same period in 2024 [5] - Cinemark exceeded year-over-year North American box office performance by 160 basis points and surpassed Latin American benchmarks by nearly 60 basis points [6] Company Strategy and Development Direction - The company aims to capitalize on the ongoing resurgence of content in the theatrical market while maintaining operational discipline [16] - Investments are focused on enhancing the entertainment experience, strengthening theaters, and developing operating capabilities [15][16] - The company plans to repay $460 million of convertible notes using cash on hand upon maturity in August [24] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the industry's recovery trajectory, despite lingering headwinds from Hollywood strikes [5] - The second quarter has shown record-breaking results with the release of the Minecraft movie, indicating strong consumer enthusiasm for theatrical experiences [8][9] - The company has not seen any adverse effects from the macroeconomic environment on moviegoing, with continued strong performance in attendance and concession sales [78] Other Important Information - The company executed a $200 million share repurchase program, representing the first stock buyback in its history [16][26] - The company paid its first quarterly dividend since the pandemic, reflecting confidence in its financial position [15][28] Q&A Session Summary Question: Share buyback program and future plans - Management expressed satisfaction with the execution of the $200 million share buyback and indicated that future repurchase decisions will depend on various factors, including cash liquidity and market conditions [31][33][34] Question: Insights on Amazon and Apple Studios - Management is encouraged by Amazon's commitment to theatrical releases and is optimistic about Apple's upcoming projects, although Apple is still in the early phases of its long-term plans [42][45] Question: Market share and operating hours - Management discussed the potential to adjust operating hours to capture more attendance during high-demand periods, while also noting that capacity constraints could impact market share [68][70] Question: Consumer behavior and macroeconomic impact - Management has not observed any negative impact on moviegoing due to the macroeconomic environment, with strong attendance and concession sales continuing [78][80] Question: Concession costs and future expectations - Management indicated that higher concession costs were driven by a mix of merchandise and inflationary pressures, but does not expect this to be the new run rate going forward [82][84]

Financial Data and Key Metrics Changes - The company increased its cost reduction target for 2025 to $50 million to $70 million, up from previous estimates [6][28] - First quarter operating cash flow was negatively impacted by normal seasonal working capital growth, but the company expects working capital to be a source of cash flow for 2025 [27][28] - The adjusted EBITDA for the first quarter of 2025 is expected to be in the range of $170 million to $210 million, including a $40 million sequential chemicals turnaround expense headwind [34] Business Line Data and Key Metrics Changes - The Chlor Alkali Products and Vinyls business exceeded expectations due to planned and unplanned industry outages, leading to higher sales and lower turnaround costs [7][25] - The Winchester division saw growth in domestic and international military ammunition volume, while commercial sales remained weak due to destocking by retailers [8][19] - The Epoxy business experienced improved sales sequentially, but margin benefits from pricing were offset by higher costs [15][25] Market Data and Key Metrics Changes - Stable ECU values continued with positive pricing trends expected into the second quarter, particularly for caustic soda [8][12] - The commercial ammunition market is currently challenged, with mid-single-digit pullbacks in sporting goods and hunting sales [20][21] - The company anticipates that tariffs will have a net neutral impact on earnings, as they generally source and sell where they produce [34] Company Strategy and Development Direction - The company is focused on its "Optimize and Grow the Core" strategy, emphasizing cost reductions and disciplined capital allocation while pursuing high-value growth opportunities [9][10] - The acquisition of Ammo Inc. is expected to enhance Winchester's growth potential and is seen as immediately accretive [23][24] - The company is exploring long-term strategic opportunities in the PVC market, including potential joint ventures [14][88] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the economic environment, noting that while uncertainty exists, customers are not expressing significant negativity about their outlook [71] - The company expects to navigate the challenging environment by managing controllable factors and executing its long-term strategy [35] - The outlook for the second quarter indicates continued strength in the Chlor Alkali Products and Vinyls business, while the Epoxy business faces ongoing challenges [32][34] Other Important Information - The company successfully refinanced its nearest debt tranche, extending maturities to 2029, which positions it well to weather economic uncertainty [8][27] - A new board member, retired U.S. Army General Edward M. Daley, was elected to provide strategic guidance [35] Q&A Session Summary Question: Update on volume and price outlook for chlorovinyl - Management noted continued weakness in EDC pricing but expects positive pricing trends for caustic and seasonal improvements in demand [38][39] Question: Cash positive status of current PVC arrangements - Management confirmed that current PVC arrangements are cash positive and plans to ramp up tolling volumes [41][42] Question: Operating rates in Q1 - Management indicated that operating rates were elevated in Q1 due to increased spot demand, but rates are expected to return to normal in Q2 [45][46] Question: Year-over-year EBITDA decline for Winchester - The decline is attributed to lower commercial demand and higher costs, with approximately two-thirds of the decline due to volume and price [52][54] Question: Epoxy business outlook - Management expects continued struggles in the epoxy business in 2025 but anticipates improvements by the end of the year [78][82] Question: Increased cost-cutting target - The increase in the cost-cutting target for 2025 is seen as a combination of accelerating structural cost savings and productivity improvements [84][85] Question: Capital spending reduction - The reduction in capital spending for 2025 does not change the long-term average spending target, which remains around $250 million [87][88] Question: Interest in Dow's assets - Management refrained from commenting on specific M&A opportunities but emphasized a focus on growth in water treatment and PVC [103][104]

Beazer Homes USA, Inc. Q2 2025 Earnings Presentation NORTHBROOK MURRELLS INLET, SC 1 Disclaimers This presentation contains forward-looking statements about Beazer Homes USA, Inc. ("Beazer Homes") that only speak as of this date. Beazer Homes disclaims any obligation to update these statements. These forward-looking statements represent our good-faith estimates, expectations or beliefs concerning future events, and it is possible that the results described in this presentation will not be achieved. Forward- ...

Financial Data and Key Metrics Changes - In Q1 2025, the company generated $274 million of EBITDA, representing a 3% year-over-year increase, driven by higher gathering and processing volumes, with processing volumes setting a record at 1.65 Bcf per day [12][13] - Free cash flow after dividends was $79 million, a 7% increase year-over-year, marking the eleventh consecutive quarter of positive free cash flow after dividends [13] - Leverage declined to approximately 2.9 times as of March 31, 2025, indicating improved financial health [13][14] Business Line Data and Key Metrics Changes - The company reported an increase in gathering and processing volumes, with expectations for low to mid single-digit year-over-year growth in gathering volumes for 2025 compared to 2024 [12] - The capital expenditures as a percentage of EBITDA stood at 17%, showcasing the company's capital efficiency compared to peers in the midstream industry [14] Market Data and Key Metrics Changes - The Appalachian region has seen a surge in natural gas demand, particularly for power generation and data centers, with expectations for significant gas supply requirements for decades to come [8][10] - The percentage of data centers expected to be powered by natural gas increased from 50% to 70%, indicating a growing market opportunity [10] Company Strategy and Development Direction - The company is focused on capital efficiency and returning capital to shareholders, with plans to allocate approximately 65% of its EBITDA for dividends, debt reduction, and share repurchases [14][15] - The strategy includes a flexible capital allocation approach to direct funds to the highest return opportunities, with a focus on maintaining low debt levels [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term outlook for natural gas demand, particularly in the context of data centers and industrial uses in the Appalachian region [21][22] - The company is well-positioned to capitalize on growth opportunities due to its significant infrastructure and investment-grade upstream counterparties [9][10] Other Important Information - The company has achieved substantial reuse savings from compressor station projects, totaling approximately $30 million at the Torrey's Peak station and over $50 million across three stations [6] - The company has secured materials and pricing for pipelines through 2026, mitigating potential impacts from tariffs and macroeconomic factors [7] Q&A Session Summary Question: Potential for in-basin demand growth - Management noted ongoing discussions about local power demand, particularly for data centers, and expressed confidence in the company's infrastructure to support this growth [21][22] Question: Outlook for propane and risk mitigation strategy - Management reiterated confidence in the long-term outlook for propane, emphasizing its unique position in the residential and commercial markets [23][26] Question: Joint venture outlook and liquid-rich production - Management indicated comfort with current production levels and noted that future evaluations would depend on market prices and long-term outlooks [27][29] Question: Data centers commercialization and AM's benefits - Management stated that conversations are ongoing regarding infrastructure build-out to meet demand, but specifics are still early [34] Question: Capital allocation strategy and M&A opportunities - Management confirmed a continued focus on debt reduction and share buybacks while remaining open to strategic M&A opportunities [35][36] Question: LPG market impact on AM's volumes - Management indicated that current natural gas prices would not significantly impact production levels, maintaining a stable operational approach [40][41] Question: Cost optimization strategies - Management acknowledged potential opportunities for cost optimization but noted that discussions are still in early stages [42][43] Question: Water service expectations - Management confirmed expectations to service 70 to 75 wells as previously guided, anticipating similar volumes in Q2 [46]

Financial Data and Key Metrics Changes - The company reported a core FFO per share growth of more than 2% for the quarter, representing a 200 basis point improvement sequentially compared to the previous quarter [7][16] - Same store occupancy gap improved from down 80 basis points at the end of December to down 30 basis points by the end of March [6][7] - Revenue growth in the same store pool turned positive after two years of deceleration, while revenue growth in the non-same store pool accelerated to nearly 11% [7][15] Business Line Data and Key Metrics Changes - Move-in volumes increased over 2%, indicating stronger customer conversion and engagement [6][7] - Same store expenses grew by only 30 basis points, reflecting effective cost control measures [15][92] - The company delivered $144 million of development during the quarter, with a robust pipeline of approximately $650 million expected over the next two years [13][14] Market Data and Key Metrics Changes - The self-storage industry is experiencing favorable dynamics, with demand driven by customer events that occur across various economic conditions [11] - Move-in rents have declined significantly, aligning with levels not seen since February 2013, indicating a potential for future rent increases as demand improves [12][11] - The company noted that occupancy improved in April, with a decrease in move-out volumes contributing to this trend [22][23] Company Strategy and Development Direction - The company is focused on digital transformation, with 85% of customer interactions now occurring through digital channels, enhancing operational efficiency [9][68] - The acquisition strategy is active, with $184 million in properties acquired or under contract, indicating a strong growth trajectory [10][13] - The company is well-positioned to capitalize on both domestic and international growth opportunities, including a proposal to acquire Abacus Storage King in Australia and New Zealand [10][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the self-storage industry, noting that it tends to perform well even in challenging economic conditions [11][102] - The company is monitoring customer behavior closely, especially in light of macroeconomic volatility, but has seen encouraging trends in customer payment patterns and occupancy [21][72] - The guidance for 2025 remains unchanged, with expectations of continued stabilization and growth in the portfolio [16][72] Other Important Information - The company anticipates a 100 basis point impact on same store revenue growth for the year due to fire-related pricing restrictions in Los Angeles, which will be back half weighted [16][50] - Retained cash flow is expected to increase by 50% to approximately $600 million, which will be reinvested into development and acquisitions [14][115] Q&A Session Summary Question: Can you help us gauge the level of conservatism in the guidance? - Management noted that move-in volumes were strong, and customer behavior in April was categorized as very good, with payment patterns remaining solid [21][22] Question: Can you comment on the private capital raising environment for storage? - Management indicated that while institutional capital remains interested in the sector, transaction volumes have been light in 2024 and into 2025 [26][27] Question: What are the trends in revenue and advertising? - Management reported consistent positive trends in search and advertising, with higher web visits and sales calls indicating increased demand [32] Question: What is the impact of rent restrictions in LA? - Management confirmed that the impact of rent restrictions will grow over time, with an anticipated 100 basis point impact on same store revenue [50][90] Question: How is the company managing expenses? - Management reaffirmed the overall expense outlook, noting good expense control in the first quarter but expecting some elements to not persist [92] Question: How is the ECRI program performing? - The ECRI program is performing well, with consistent price sensitivity and stable costs to replace tenants [98] Question: How does the company view the demand for third-party management services? - Management expressed optimism about the growth of the third-party management business, noting good adoption and demand [82][84]

Financial Data and Key Metrics Changes - In Q1 2025, the company generated $274 million of EBITDA, representing a 3% year-over-year increase, driven by higher gathering and processing volumes, with processing volumes setting a record at 1.65 Bcf per day [10] - Free cash flow after dividends was $79 million, a 7% increase year-over-year, marking the eleventh consecutive quarter of positive free cash flow after dividends [11] - The company's leverage declined to approximately 2.9 times as of March 31, indicating a strong balance sheet [11][12] Business Line Data and Key Metrics Changes - The company reported an increase in gathering and processing volumes, with expectations for low to mid single-digit year-over-year growth in gathering volumes for 2025 compared to 2024 [10] - The capital expenditures as a percentage of EBITDA stood at 17%, highlighting the company's capital efficiency compared to peers in the midstream industry [12] Market Data and Key Metrics Changes - The Appalachian region is experiencing significant growth in natural gas demand, particularly for power generation and data centers, with expectations for natural gas demand estimates to double by 2030 [8][9] - The percentage of data centers expected to be powered by natural gas has increased from 50% to 70%, indicating a strong market trend [8] Company Strategy and Development Direction - The company is focused on capital efficiency and returning capital to shareholders, with plans to allocate approximately 65% of its EBITDA for dividends, debt reduction, and share repurchases [12][13] - The company is well-positioned for future growth due to its investment-grade upstream counterparties and significant infrastructure in the region [7][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term outlook for natural gas demand, particularly in the Appalachian region, and highlighted ongoing discussions regarding local power demand [19][20] - The medium to long-term outlook for the company is viewed as increasingly positive, with a flexible capital allocation strategy to capitalize on high-return opportunities [14] Other Important Information - The company has achieved significant reuse savings of approximately $30 million at the Torrey's Peak compressor station and over $50 million across all three stations constructed with relocated underutilized units [5] - The company has secured materials and pricing for its capital projects through 2026, minimizing impacts from tariffs and macroeconomic factors [6] Q&A Session Summary Question: Potential for in-basin demand growth - Management noted ongoing discussions about local power demand, particularly for data centers, and expressed confidence in the company's infrastructure to support this growth [18][20] Question: Outlook for propane market - Management reiterated confidence in the long-term outlook for propane, emphasizing its unique position in the market and the steady growth expected in the residential and commercial sectors [21][24] Question: Joint venture outlook and liquid-rich production - Management indicated comfort with current production levels and stated that future evaluations will depend on market prices and long-term outlooks for gas and liquids [25][26] Question: Commercialization of data centers - Management stated that conversations are ongoing regarding infrastructure build-out to meet demand but did not provide specific details at this time [31] Question: Capital allocation strategy - Management confirmed a continued focus on debt reduction and share buybacks while remaining open to M&A opportunities as they arise [32][33] Question: Water service expectations - Management confirmed expectations to service 70 to 75 wells as previously guided, with similar volume levels anticipated for Q2 [43]

Targa Resources (TRGP) Q1 2025 Earnings Call May 01, 2025 11:00 AM ET Company Participants Tristan Richardson - VP - Investor RelationsMatthew Meloy - CEOJennifer Kneale - PresidentWilliam Byers - Executive Vice President & CFOSpiro Dounis - DirectorMichael Blum - Managing DirectorScott Pryor - President, Logistics and TransportationManav Gupta - Executive DirectorRobert Muraro - Chief Commercial OfficerKeith Stanley - DirectorJohn Mackay - VP - Equity ResearchAndrew O'Donnell - Director - Equity ResearchPa ...

Financial Data and Key Metrics Changes - Targa reported record quarterly adjusted EBITDA of $1,179 million, a 22% increase year-over-year, primarily driven by higher Permian volumes [5][14][15] - The adjusted EBITDA increased 5% sequentially, attributed to the Badlands transaction and higher marketing margins [14] - The company expects full-year 2025 adjusted EBITDA to be in the range of $4,650 million to $4,850 million [14] Business Line Data and Key Metrics Changes - In the Permian, natural gas inlet volumes averaged over 6,000 million cubic feet per day, an 11% increase from a year ago, despite a 1% decrease from the previous quarter due to winter weather impacts [9][10] - NGL pipeline transportation volumes averaged 844,000 barrels per day, and fractionation volumes averaged 980,000 barrels per day, both impacted by winter weather events [11] - LPG export loadings averaged 13,400,000 barrels per month during the first quarter, with continued strength in cargo loadings [12][13] Market Data and Key Metrics Changes - The forward crude price curve has shifted lower, but customers are not indicating material changes to their drilling programs for 2025 and 2026, suggesting continued volume growth [6][10] - The demand for LPGs globally remains strong, with long-term contracts in place, positioning the company well in the market [12][13] Company Strategy and Development Direction - The company aims to maintain a strong investment-grade balance sheet, invest in high-return integrated projects, and return increasing capital to shareholders [14][17] - Targa's integrated asset footprint and strong financial position, with over 90% fee-based revenue, are expected to generate attractive returns [7][14] - The company is focused on expanding its footprint in the Permian Basin and enhancing its logistics and transportation capabilities [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning and outlook for 2025, citing strong producer relationships and multiyear drilling programs [6][24] - The company is well-prepared to navigate global tariff impacts and has managed operating costs effectively [13][14] - Management noted that the current environment allows for opportunistic share repurchases, with a focus on maintaining financial flexibility [14][49] Other Important Information - Targa has successfully completed a $2 billion debt offering to fund share repurchases and general corporate purposes [14][15] - The company has a pro forma consolidated leverage ratio of approximately 3.6 times, well within its long-term target range [15][17] Q&A Session Summary Question: How does Targa differ from others regarding customer relationships and positioning in the Permian? - Management highlighted their strong G&P footprint and relationships with well-capitalized producers, which provide resilience in drilling programs [22][24] Question: Can you elaborate on CapEx direction for 2026 relative to 2025? - Management indicated that CapEx will depend on activity levels, with ongoing growth capital projects expected to support future growth [26][30] Question: Are there any signs of optimization opportunities due to market volatility? - Management noted that they are seeing more opportunities to monetize positions, particularly in gas and NGL marketing [34][35] Question: What is the current hedging strategy and fee floor status? - Management confirmed that they are hedged 90% through 2026, which mitigates commodity price impacts on operating results [38][102] Question: How is the LPG export activity and destination changing? - Management reported no material change in activity levels but noted some shifts in cargo destinations due to market dynamics [43][46] Question: Would Targa consider small-scale bolt-on deals in the current environment? - Management stated that they remain open to bolt-on acquisitions if they meet return criteria, while focusing on organic growth opportunities [59][60] Question: What is the outlook for Permian production if crude prices remain flat? - Management suggested a baseline growth of 2% to 3% in gas production under flat crude oil conditions, with confidence in capturing a larger share of drilled volumes [98][105]

Financial Data and Key Metrics Changes - The company reported enterprise revenues excluding fuel surcharge of $1.26 billion, an 8% increase year over year [18] - Adjusted income from operations was $44 million, a 47% increase year over year [18] - Adjusted diluted earnings per share for the first quarter was $0.16 compared to $0.11 last year [19] - The enterprise adjusted operating ratio improved by 90 basis points compared to the first quarter of 2024 [19] Business Line Data and Key Metrics Changes - Truckload revenues excluding fuel surcharge were $614 million, a 14% increase year over year, driven by the acquisition of Cowen and higher revenue per truck per week [19] - Truckload operating income was $25 million, up nearly 70% year over year [20] - Intermodal revenues excluding fuel surcharge were $260 million, a 5% increase year over year, with operating income increasing by 97% [20][21] - Logistics revenues, excluding fuel surcharge, were $332 million, a 2% increase year over year, with operating income up 50% [21] Market Data and Key Metrics Changes - The market remains highly competitive, with truck network achieving low to mid single-digit percentage increases [10] - Intermodal rates remained largely flat year over year, with increased volume allocations in certain geographies [11][12] - The company noted a potential drop in intermodal volume due to tariff uncertainty, but new business wins are expected to offset this impact [32] Company Strategy and Development Direction - The company is focused on optimizing capital allocation across dedicated truck, intermodal, and logistics [6] - A commitment to cost containment across all expense categories is critical to enhance competitive positioning and margins [13] - The company aims to transition to a more variable cost model by expanding owner-operator relationships [15] - The strategic focus includes enhancing asset efficiency and exploring inorganic growth opportunities [28] Management's Comments on Operating Environment and Future Outlook - Management expressed that the freight market remains resilient, but forward sentiment for customer freight demand is less clear due to tariff-driven uncertainty [12] - The company expects continued year-over-year improvement in results through 2025, despite moderating pricing improvements [25] - Management acknowledged the challenges posed by a competitive landscape and the need for disciplined pricing strategies [10][25] Other Important Information - The company has established targets of more than $40 million in additional cost reductions across the enterprise [13] - The updated full-year 2025 guidance for adjusted earnings per share is $0.75 to $1, reflecting current trade policy and economic uncertainty [24] Q&A Session Summary Question: What are you seeing regarding the expected deceleration of imports? - Management noted that intermodal is approximately 15% to 25% tied to imports and expects some drop-off in volume, but new business wins are anticipated to offset this [32] Question: Can you characterize the new business wins within intermodal? - New business wins are expected to start implementing in the second quarter, with strengths noted in Mexico and other areas [38] Question: How do you expect to achieve EPS growth year over year? - Management expects year-over-year growth in price and margin but does not provide quarterly guidance [45] Question: What is the outlook for dedicated growth? - Management believes there is still meaningful room for expansion in the dedicated segment, despite current competitiveness [95] Question: How is the company managing pricing conversations in the current environment? - Management emphasized the importance of stating assumptions with customers and remaining flexible in negotiations [63]