Financial Performance & Growth - Saia's estimated total market share in 2024 was 6.8%, up from 4.0% in 2017[21] - Saia's 7-year annual revenue CAGR of 13% vs the Top 10 LTL Peers average of 9% and LTL industry average of 5.9%[17] - Q3 2025 revenue was $839.6 million, a decrease of 0.3% compared to $842.1 million in Q3 2024[41] - Adjusted operating income for Q3 2025 was $104.1 million, a decrease of 16.8% compared to $125.2 million in Q3 2024[41] - Adjusted diluted earnings per share for Q3 2025 was $2.81, a decrease of 18.8% compared to $3.46 in Q3 2024[41] Investments & Expansion - Over $2 billion has been invested in the business since 2021, largely driven by operating cash flow[12] - Approximately $550 million to $600 million is planned for investment in 2025 to better support customer needs[12] - 69 terminals have been opened since the start of 2017, including in the Great Plains region, expanding Saia's footprint to a national network[12] - Approximately 61% of zip codes are within 50 miles of a Saia facility, up from approximately 35% in 2017[34] Operational Metrics - Revenue per shipment in Q3 2025 was $349.07[40] - Pounds per shipment in Q3 2025 was 1,355[40] - Length of haul in Q3 2025 was 894 miles[40]

Financial Data and Key Metrics Changes - Old Dominion's revenue totaled $1.41 billion for Q2 2025, reflecting a 6.1% decrease from the prior year, driven by a 9.3% decrease in LTL tons per day, partially offset by a 3.4% increase in LTL revenue per hundredweight [11][12] - The operating ratio increased by 270 basis points to 74.6% for 2025, influenced by revenue decline and a 160 basis point increase in overhead costs as a percentage of revenue [13][14] - Cash flow from operations was $285.9 million for Q2 and $622.4 million for the first half of 2025, with capital expenditures of $187.2 million and $275.3 million for the same periods [15][16] Business Line Data and Key Metrics Changes - LTL tons per day decreased by 9.3%, while LTL revenue per hundredweight increased by 3.4% [11] - Monthly sequential changes in LTL tons per day showed a decrease of 3.7% in April, an increase of 0.5% in May, and a decrease of 0.6% in June [12] Market Data and Key Metrics Changes - Current month-to-date revenue per day for July is down 5.1% compared to July 2024, with an 8.5% decrease in LTL tons per day [12] - The company expects to see a slight improvement in July compared to Q2, with a cautious optimism for the latter half of the quarter [42][44] Company Strategy and Development Direction - The company remains focused on delivering superior service and maintaining market share during economic downturns, with ongoing investments in network, technology, and employee development [6][10] - The strategy emphasizes individual account level profitability and disciplined pricing to offset cost inflation [8][9] - The company aims to be the largest market share winner over the next decade, positioning itself to respond effectively to demand improvements [10] Management's Comments on Operating Environment and Future Outlook - Management noted continued softness in the domestic economy but expressed confidence in the company's ability to produce profitable revenue growth and drive shareholder value in the long term [5][10] - The management team highlighted the importance of maintaining service excellence and managing costs effectively during uncertain demand periods [9][77] - There is optimism regarding potential economic recovery, with expectations that macro factors will stabilize and create opportunities for growth [30][52] Other Important Information - The effective tax rate for 2025 was 24.8%, slightly up from 24.5% in 2024, with expectations to remain the same for Q3 [16] - The company utilized $223.5 million for share repurchase during Q2 2025 [16] Q&A Session Summary Question: Thoughts on operating ratio progression from Q2 to Q3 - The company expects an increase in operating ratio by 80 to 120 basis points due to flat revenue and increased costs in salary, wages, and benefits [19][20] Question: Market share commentary and competitive positioning - Management believes their market share remains consistent despite economic weakness, focusing on maintaining share and increasing yields [28][30] Question: Pressure on operating supplies and expenses - The company experienced good performance in managing repairs and maintenance costs, but anticipates pressure from fuel costs and employee benefits in Q3 [32][36] Question: Pricing outlook for Q3 - The yield ex-fuel is expected to increase by 4% to 4.5%, reflecting consistent pricing discipline in the market [48][49] Question: Competitive environment and market share - Management noted that while competition exists, their service quality and reliability remain unmatched, particularly in high-service segments [56][61] Question: Long-term outlook and incremental margins - The company expects to achieve 35% to 40% incremental margins when demand improves, with a focus on maintaining a sub-70% operating ratio in the long term [100][101]