Operating Ratio & Efficiency - The company's operating ratio increased significantly year-over-year, from 833% last year to 878% this year, indicating potential inefficiencies [1] - However, the company saw sequential efficiencies across its network from Q1 to Q2, with the operating ratio improving from around 91% in Q1 to 878% in Q2, a positive trend [2] Expansion & Investment - The company invested in 21 new facilities last year as part of an organic expansion, which contributed to expense headwinds and inefficiencies [2] - The company emphasizes the importance of recouping costs due to the significant investments required to support customers' businesses and growth [8][9] Market Dynamics & Customer Needs - Customers like Walmart, Starbucks, and Dell are expressing their needs going forward [4] - Uncertainty in the market has decreased due to the passing of the tax bill through Congress and recent tariff agreements [5] - While customers may not be entirely positive yet, the reduction in uncertainty is a step towards improvement through the balance of the year into next year [6] - The company's revenue per shipment increased almost 3% year-over-year [6] - The underlying costs in the LTL business are inflationary [8] Rail Consolidation - Rail consolidation does not directly impact the company's business, but it does affect the broader freight complex [8]