Financial Data and Key Metrics Changes - In Q4 2024, revenues totaled $755 million, down 8% year-over-year [19] - Adjusted EPS was $0.08, a decrease of $0.31 compared to the previous year [19] - Adjusted operating margin was 1.6%, a decrease of 69% year-over-year [19] Business Line Data and Key Metrics Changes - Truckload Transportation Services (TTS) revenue for the quarter was $527 million, down 9% [20] - TTS adjusted operating income was $14.6 million, a 60.1% decrease year-over-year [20] - Logistics revenue was $213 million, representing 28% of total revenues, down 6% year-over-year but up 3% sequentially [27] Market Data and Key Metrics Changes - Spot rates have improved, reaching a two-year high, with tender rejection rates remaining seasonally elevated [7] - The logistics division reported improved adjusted operating income, marking the best quarter of the year [12] - The company expects truckload fundamentals to gradually improve throughout 2025 [16] Company Strategy and Development Direction - The company is focused on driving growth in core business, operational excellence, and capital efficiency [13][15] - Investments have been made in maintaining a modern fleet and advancing technology for better decision-making and operational efficiencies [9] - The company aims to improve TTS margins and return to double-digit operating margins over time [22] Management's Comments on Operating Environment and Future Outlook - Management noted that the freight recession has persisted but positive signs are emerging, indicating an improving environment [6][7] - The company anticipates a challenging but improving environment as 2025 begins, with expectations for better rates and demand [7][16] - Management emphasized the importance of controlling costs and focusing on operational excellence to navigate the current market [14][40] Other Important Information - The company achieved over $50 million in cost savings in 2024, with a total of nearly $100 million over two years [29] - The effective tax rate for Q4 was 7%, with a full-year rate of 21% [38] - The company ended the year with $41 million in cash and cash equivalents, and total liquidity of $460 million [30] Q&A Session Summary Question: What actions are being taken regarding tariff threats in Mexico? - Management indicated ongoing conversations with shippers in Mexico, noting that there hasn't been significant change in shipping patterns despite tariff rhetoric [45][46] Question: How is the company balancing fleet growth with rate insulation in Dedicated services? - Management highlighted a robust pipeline for dedicated opportunities and emphasized the importance of selecting true dedicated opportunities that ensure high retention rates [52][54] Question: What is the outlook for insurance costs and margin trajectory? - Management acknowledged the outlier nature of recent insurance costs and indicated that claims are trending down, with expectations for improved margins moving forward [79][82]