Summary of Schneider National FY Conference Call - September 11, 2025 Company Overview - **Company**: Schneider National (NYSE: SNDR) - **Key Executives Present**: CEO Mark Rourke, CFO Darrell Campbell, VP of IR and Corporate Finance Christyne McGarvey Industry Insights - **Current Market Conditions**: The trucking and intermodal sectors are experiencing steady demand, with some seasonal fluctuations expected. The second quarter did not show the anticipated pull forward in demand, and August was characterized as slightly below seasonal expectations [2][5][8]. - **Intermodal Demand**: There is uncertainty regarding inventory levels, particularly on the West Coast, which could affect intermodal movements. The company anticipates a potential ramp down in intermodal demand sooner than typical, possibly before December [5][6][8]. - **Truckload Market**: Demand has improved, with mid to single-digit increases in contractual renewals. The company is prepared to capitalize on seasonal opportunities in the fourth quarter [9][10]. Financial Performance - **Contractual Renewals**: The company is experiencing mid to single-digit increases in contractual renewals, with more flexibility in the spot market [9]. - **Churn Rates**: The company has experienced higher customer churn in dedicated services compared to the previous year, but retention rates remain above 90% [19][22]. - **Pipeline for Dedicated Services**: The pipeline has returned to levels seen in 2024, indicating potential growth despite current market conditions [20]. Strategic Focus - **Dedicated vs. One-Way Services**: Schneider National is focusing on dedicated services, which account for 70% of its truck fleet. This strategy is aimed at providing stable revenue streams and meeting driver preferences for scheduled routes [16][17]. - **Private Fleet Conversions**: There is a notable shift in the market, with an increase in private fleets. The company sees opportunities for converting these fleets back to dedicated services as customers reassess their needs [24][25][28]. - **Capacity Constraints**: The company acknowledges that industry capacity is tightening due to regulatory enforcement and a lack of new truck orders. This could lead to a more favorable environment for established players [30][32]. Technological Advancements - **AI and Automation**: Schneider National is leveraging AI to improve productivity in its brokerage operations, achieving a 61% year-over-year improvement in carrier-broker matching [61][62]. - **Autonomous Vehicles**: The company is optimistic about the future of autonomous trucking but is focused on understanding the economic models and operational integration before making significant investments [73][75]. Environmental Initiatives - **Electric Vehicles (EVs)**: The company operates around 100 Class 8 electric trucks in California, with plans to explore natural gas options more aggressively than electric in the near term due to current market conditions [76][77]. M&A Strategy - **Acquisition Plans**: Schneider National aims to pursue strategic acquisitions every 12 to 18 months, focusing on areas that enhance growth and return on investment. The company is not currently looking to expand into LTL but remains open to transformative opportunities [80][83]. Conclusion - Schneider National is navigating a complex market landscape with a focus on dedicated services, technological advancements, and strategic growth through acquisitions. The company is well-positioned to adapt to changing market conditions while maintaining a strong operational focus.

2025.08. 22 孙卓 本文字数：1732，阅读时长大约3分钟 作者 | 第一财经 孙卓 美国国务卿卢比奥当地时间周四（21日）表示，他将"立即"暂停向外籍商业卡车司机发放工作签 证。卢比奥在社交媒体网站上的一篇帖子中表示，此举是为了公共安全。 "越来越多的外国司机在美国公路上驾驶大型卡车，这正在危及美国人的生命，并削弱美国卡车司机 的生计。"卢比奥写道。 卢比奥作出相关声明前，一名持有加州商业卡车执照的印度裔司机辛格（Harjinder Singh）被控于 8月12日在佛罗里达州的高速公路非法掉头，导致一辆小型货车与之相撞后造成3人丧生。 根据美国联邦法律的规定，商业驾驶执照持有者必须能够"充分"地讲英语，以便与他人交谈和识读 路标。在加利福尼亚州，商业驾驶执照考试仅以英语进行，而华盛顿州允许以英语、西班牙语、俄语 或塞尔维亚-克罗地亚语进行考试。 然而，车祸发生后，辛格在接受美国联邦汽车运输安全管理局（Federal Motor Carrier Safety Administration）的英语水平测试时没有通过。 不会讲英语、不认识路标、身份为非法移民的辛格获得加州和华盛顿州的商业驾驶执照(CDL ...

Group 1 - The S&P 500 index has recently halted its upward trend, with a warning from BTIG strategist Jonathan Krinsky about potential market volatility due to seasonal headwinds in early October [1] - The S&P 500 index closed below the 20-day moving average for the first time in weeks, indicating a possible risk of a rapid pullback, especially as it approached the 6100-point mark [1] - On the previous Friday, the S&P 500 index dropped approximately 1.6% to close at 6238.01 points, influenced by new tariffs from the Trump administration and unexpectedly weak non-farm payroll data [1] Group 2 - Krinsky identified five key observations for the August market, noting that the period from early August to early October is typically the weakest of the year, increasing the probability of a market pullback [2] - There is a divergence between software and semiconductor stocks, with the IGV index underperforming the semiconductor ETF (SMH.US) by about 17% since early May, but historical patterns suggest a potential mean reversion opportunity for software stocks [2] - The utilities sector continues to strengthen, with the SPDR Utilities Select Sector ETF (XLU.US) reaching a 52-week high, highlighting its defensive characteristics [2] - Homebuilders are benefiting from declining interest rates, and unless there is a significant economic downturn, the upward trend in this sector is expected to continue [2] - The restaurant and trucking sectors are under significant pressure, with several restaurant stocks failing to break previous highs during the summer and the trucking sector reaching new relative lows [2] Group 3 - Overall, Krinsky maintains a cautious yet opportunistic strategy, suggesting that while the S&P 500 may dip to 6100 points, historical patterns could provide a buying opportunity [3] - The recommendation is to tilt allocations towards software, utilities, and homebuilders while avoiding weak sectors such as restaurants and trucking [3]

Core Insights - The shipping and logistics data is being closely monitored by Wall Street to assess the impact of the Trump administration's tariff policies on the economy [1] - The Dow Jones Transportation Average has underperformed the Dow Jones Industrial Average by over 9 percentage points this year, marking its worst performance in the past decade [1] Shipping Industry - Major freight companies in the U.S., such as J.B. Hunt Transport Services, Knight-Swift Transportation Holdings, and Matson, have seen their stock prices plummet this year [2] - There has been a significant decline in container shipping bookings to the U.S., with a 60% drop reported since April 9, according to Flexport [4] - Nearly 30% of trans-Pacific voyages to the U.S. have been canceled as of the week of May 4 [4] - The import volume at the Port of Los Angeles is expected to decrease by 35% compared to the same period last year [4] Trucking Industry - Trucking companies are reducing orders for heavy trucks due to tariff concerns, with net orders in North America falling to 16,500 units in March, a year-over-year decline of 5.9% [5] - The cancellation rate for truck orders has reached a two-year high, and dealer inventories have hit a record 91,600 units [5] - Truck drivers are facing profit levels similar to those during the global financial crisis [5] Supply Chain - The GEP Global Supply Chain Volatility Index reached a five-year low in March, driven by reduced manufacturing activity in North America [6] - Companies are preparing for higher procurement costs and potential consumer spending slowdowns, with expectations of further reductions in April readings [6]