Financial Highlights - The company's revenue increased by 53% to HK$81771 million[8, 11] - Core operating profit increased by 88%[8] - Profit attributable to shareholders increased by 174% to HK$7939 million[8, 38] - Final dividend was HK 50 cents per share[8] - Gearing was 29%[8] Segment Performance - Integrated Logistics (IL) segment profit decreased by 29% to HK$1868 million[8, 15, 19] - International Freight Forwarding (IFF) segment profit increased by 389% to HK$4860 million[8, 15, 31] Revenue by Region - Hong Kong revenue contribution was 11%[12] - Mainland of China revenue contribution was 32%[12] - Asia (excluding Greater China) revenue contribution was 18%[12] - Americas revenue contribution was 22%[12] - EMEA revenue contribution was 12%[12] Segment Profit by Region - Hong Kong segment profit contribution was 22%[17] - Mainland of China segment profit contribution was 29%[17] - Americas segment profit contribution was 23%[17] - EMEA segment profit contribution was 4%[17]

Financial Data and Key Metrics Changes - The company's reported revenue for Q1 was $915 million, an 8% decrease compared to the previous year, consistent with Q4 revenue [13] - Operating income margin increased by 40 basis points year over year to 4.1% [17] - EBITDA for the first quarter was $85 million, with earnings per share (EPS) of $0.44, unchanged from Q1 2024 [18] Business Line Data and Key Metrics Changes - ITS revenue was $530 million, down 4% from $552 million in the prior year, despite an 8% increase in intermodal volumes [14] - Logistics segment revenue decreased to $411 million from $480 million due to lower brokerage volume and revenue per load [14] - Brokerage volume declined by 9% year over year, with a 10% decrease in revenue per load primarily driven by lower fuel prices [11] Market Data and Key Metrics Changes - Intermodal volumes increased by 8% year over year, with local East volumes up 13% and local West up 5% [8] - The company anticipates a near-term impact on import volumes to the West Coast, but the magnitude remains uncertain [6] - Approximately 25% of the company's West Coast volume is port-related, with 30% of that coming from China [28] Company Strategy and Development Direction - The company is focused on profitable growth across all segments, leveraging service quality and cost reductions [6] - A $40 million cost reduction program has been implemented to enhance operational efficiency [7] - The company is exploring strategic acquisition opportunities while maintaining a strong balance sheet [7] Management's Comments on Operating Environment and Future Outlook - Management expects a drop in import demand in the second half of Q2, with varying impacts based on customer strategies [40] - The guidance for full-year EPS is projected to be between $1.75 and $2.25, with revenue expected between $3.6 billion and $4 billion [20] - The company is monitoring customer shipping patterns closely and anticipates a return to normal seasonal operating income patterns in the latter half of the year [22] Other Important Information - The company returned $21 million to shareholders through dividends and stock repurchases in the quarter [19] - Net debt was reported at $140 million, which is 0.4x EBITDA, below the target range of 0.75x to 1.25x [19] - The company has seen a 1,100 basis point improvement in warehouse utilization year over year due to operational efficiency enhancements [11] Q&A Session Summary Question: What percentage of intermodal is tied to West Coast ports? - Approximately 25% of the West Coast volume is port-related, with 30% of that from China [28] Question: Can you provide monthly trends for intermodal volumes? - January was up 18%, February up 1%, March up 7%, and April up 6% [28] Question: How have conversations with large customers evolved? - There is anticipation of a drop in import demand, but many customers have diversified their supply chains [40] Question: What is the outlook for intermodal pricing? - Pricing is expected to be flat for the full year, with competitive bidding observed [33] Question: What is the current headcount situation? - Headcount was down 7%, with ongoing cost control measures in place [53] Question: What are the expectations for capital expenditures? - Capital expenditures are projected to be between $40 million and $50 million, focusing on tractor replacements and technology projects [20]

Financial Data and Key Metrics Changes - The reported revenue for the first quarter was $915 million, a decrease of 8% compared to the previous year [11] - Operating income margin increased by 40 basis points year over year to 4.1% [14] - EBITDA for the first quarter was $85 million, with earnings per share (EPS) of $0.44, consistent with Q1 2024 [15] Business Line Data and Key Metrics Changes - ITS revenue was $530 million, down 4% from $552 million in the prior year, despite an 8% increase in intermodal volumes [12] - Logistics segment revenue decreased to $411 million from $480 million due to lower brokerage volume and revenue per load [12] - Brokerage volume declined by 9% year over year, with a 10% decline in revenue per load primarily driven by lower fuel prices [10] Market Data and Key Metrics Changes - Intermodal volumes increased by 8% year over year, with local East volumes up 13% and local West up 5% [6] - The company anticipates a near-term impact on import volumes to the West Coast, but the magnitude remains uncertain [5] - Approximately 25% of West Coast volume is port-related, with 30% of that coming from China [26] Company Strategy and Development Direction - The company is focusing on profitable growth across all segments while implementing a $40 million cost reduction program [5] - Strategic changes include a focus on yield management, asset utilization, and investing in asset-light logistics offerings [21] - The company is exploring acquisition opportunities to enhance its service offerings and scale [51] Management's Comments on Operating Environment and Future Outlook - Management expects full-year EPS in the range of $1.75 to $2.25 and revenue between $3.6 billion to $4 billion [17] - The company anticipates a potential slowdown in import demand in the second half of Q2, with varying impacts based on customer behavior [34] - Management remains optimistic about the long-term strategy and believes the company can succeed in various macroeconomic environments [21] Other Important Information - The company returned $21 million to shareholders through dividends and stock repurchases in the quarter [16] - Net debt was $140 million, representing 0.4x EBITDA, below the stated net debt to EBITDA range of 0.75x to 1.25x [16] - The company has seen a significant improvement in warehouse utilization, with an 1,100 basis point increase year over year [10] Q&A Session Summary Question: What percentage of intermodal is tied to West Coast ports? - Approximately 25% of West Coast volume is port-related, with 30% of that coming from China [26] Question: Can you provide monthly trends for intermodal volumes? - January was up 18%, February up 1%, March up 7%, and April up 6% [26] Question: What are the expectations for volumes going forward? - Anticipated volume trends will vary by customer, with no significant slowdown observed yet [26][27] Question: How competitive is the bid season? - The bid season has been competitive but not irrational, with a pull forward of bids benefiting intermodal truckload carriers [30] Question: What is the current headcount situation? - Headcount was down 7%, with ongoing cost control measures in place [44] Question: What are the trends in the EASO joint venture? - EASO has seen significant volume growth, approximately 4x year over year, with strong cross-selling opportunities [50] Question: What is the outlook for intermodal pricing? - Pricing is expected to remain flat for the remainder of the year, with potential surcharges depending on market conditions [54] Question: What are the key levers for intermodal margin improvement? - Key levers include increasing velocity in the network and in-sourcing more drayage [92]

Financial Performance - Revenue reached $3 billion[14], with organic revenue up by 3%[14] - Adjusted EBITDA stood at $163 million[14] - Adjusted diluted EPS was $029[14] - Free cash flow was negative $(48) million[14] Growth and Pipeline - New business wins amounted to $228 million in annualized revenue[19] - The sales pipeline increased by 13% year-over-year to $25 billion[19] - $732 million of incremental revenue is expected for 2025 from contracts won through Q1 2025[19] Balance Sheet and Capital Allocation - Total debt was $272 billion[28], with net debt at $2439 billion[28] and a net leverage ratio of 30x[28] - Operating return on invested capital increased year-over-year to 45%[19] Future Outlook - The company reaffirmed its full-year 2025 guidance for organic revenue growth between 3% and 6%[11,29], adjusted EBITDA between $840 million and $860 million[29], and adjusted diluted EPS between $240 and $260[29] - $316 million of expected incremental revenue for 2026 won through 1Q 2025[27]