Financial Data and Key Metrics Changes - Consolidated revenue for the fourth quarter was $973 million, down 3% year-over-year [15] - Non-GAAP operating income from continuing operations was $14 million, compared to $41 million last year [15] - Adjusted non-GAAP earnings per share were $0.36, down from $1.33 in the fourth quarter of 2024 [15] Business Line Data and Key Metrics Changes - Asset-based LTL shipments increased 2% year-over-year, averaging about 20,000 shipments per day [8] - Revenue per hundredweight declined approximately 3% year-over-year, driven by reduced shipment activity in the manufacturing vertical [16] - Asset-Light segment achieved break-even non-GAAP operating results, an improvement of $6 million over last year [15] Market Data and Key Metrics Changes - Daily shipments in January increased 3% year-over-year, with weight per shipment increasing 5% [17] - In January, Asset-Light daily revenue increased 6% year-over-year, with shipment growth of 13% led by managed business [20] Company Strategy and Development Direction - The company focuses on three pillars: growth, efficiency, and innovation, aiming to deliver premium service and maintain strong customer relationships [5][7] - The company is committed to maintaining yield discipline and managing costs for sustainable long-term profitability [21] - Investments in technology and optimization projects are expected to enhance operational efficiency and customer service [10][11] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing market volatility and a prolonged freight recession but expressed confidence in the company's strategic direction and ability to navigate challenges [5][21] - The company anticipates a gradual recovery in the freight market but remains focused on what it can control, such as productivity and cost management [21][56] Other Important Information - The company welcomed new independent directors to strengthen its board and thanked outgoing members for their service [8] - The company has made significant investments in real estate and technology to enhance operational capacity and efficiency [22][77] Q&A Session Questions and Answers Question: Follow-up on January trends and tonnage - Management explained that January's tonnage increase was influenced by a heavier mix of dynamic shipments, despite a lower mix of truckload shipments [30] Question: Insights on the mix and competitive dynamics - Management noted that the mix has been affected by the ongoing freight recession, with a focus on maintaining profitability through disciplined pricing [34][35] Question: Clarification on January trends and competitive dynamics - Management indicated that January's dynamics were influenced by specific company factors, while the overall competitive environment remains rational [41] Question: Thoughts on AI initiatives and productivity investments - Management emphasized the importance of leveraging technology, including AI, to improve efficiency and scale operations without adding incremental costs [81][83] Question: Pricing dynamics in the market - Management stated that pricing discipline remains stable, with less bid activity from customers, which is seen as a positive sign [86][88]

Financial Data and Key Metrics Changes - Consolidated revenue for the fourth quarter was $973 million, down 3% year-over-year [14] - Non-GAAP operating income from continuing operations was $14 million, compared to $41 million last year [14] - Adjusted non-GAAP earnings per share were $0.36, down from $1.33 in the fourth quarter of 2024 [14] Business Line Data and Key Metrics Changes - Asset-Based LTL shipments increased 2% year-over-year, averaging about 20,000 shipments per day [7] - Revenue for the Asset-Based segment was $649 million, flat on a per-day basis [15] - Asset-Light segment revenue was $354 million, a daily decrease of 5% year-over-year [17] - Non-GAAP operating results for Asset-Light were break-even for the quarter, an improvement from a $17 million loss in 2024 [18] Market Data and Key Metrics Changes - Daily shipments in January increased 3% year-over-year, with weight per shipment increasing 5% [16] - In January, Asset-Light daily revenue increased 6% year-over-year, with shipment growth of 13% led by Managed Solutions [19] Company Strategy and Development Direction - The company focuses on three pillars: growth, efficiency, and innovation, aiming to deliver premium service and maintain a customer-first mindset [5][6] - The company is advancing initiatives outlined at the Investor Day to achieve long-term targets and deliver greater shareholder value [6] - Investments in technology and optimization projects are expected to enhance operational efficiency and customer service [10][12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the ongoing freight recession and market volatility but expressed confidence in the company's strategic direction and ability to navigate challenges [5][20] - The company anticipates a typical seasonal increase in operating ratio but expects it to be better than historical averages due to a softer fourth quarter [17] - Management remains focused on maintaining yield discipline and managing costs to position the company for sustainable long-term profitability [20] Other Important Information - The company welcomed new independent directors to strengthen its board [7] - The company returned over $86 million to shareholders through share repurchases and dividends in 2025 [22] - The balance sheet remains strong with approximately $400 million in available liquidity [22] Q&A Session Questions and Answers Question: Follow-up on January trends and tonnage - Management noted that January was impacted by strong winter storms, affecting shipment dynamics and tonnage levels [25][27] Question: Mix normalization and competitive dynamics - Management indicated that the mix of business has been influenced by the ongoing freight recession and that they are focused on managing profitability [32][33] Question: January trends and industry-wide dynamics - Management clarified that January trends were influenced by specific dynamics within the company, but the overall industry is experiencing similar weather impacts [38] Question: Competitive pricing environment - Management stated that pricing discipline remains rational in the market, with less bid activity from customers being a positive sign [85] Question: Insights from new COO on Asset-Light business - The new COO expressed confidence in the growth of the Asset-Light business and the company's strong foundation in Managed Solutions [88]

Financial Data and Key Metrics Changes - Consolidated revenue for the fourth quarter was $973 million, down 3% year-over-year [14] - Non-GAAP operating income from continuing operations was $14 million, compared to $41 million last year [15] - Adjusted non-GAAP earnings per share were $0.36, down from $1.33 in the fourth quarter of 2024 [15] Business Line Data and Key Metrics Changes - Asset-Based segment revenue was $649 million, flat on a per-day basis [16] - Asset-Light segment revenue was $354 million, a daily decrease of 5% year-over-year [18] - Daily shipments in the Asset-Based segment increased by 2% year-over-year, while weight per shipment increased slightly [16] Market Data and Key Metrics Changes - In January, daily shipments increased 3% year-over-year, weight per shipment increased 5%, and daily tonnage increased 8% [17] - Revenue per shipment in the Asset-Light segment decreased 6%, reflecting a higher mix of managed business [18] Company Strategy and Development Direction - The company focuses on three pillars: growth, efficiency, and innovation, with a customer-first mindset [4][5] - The company is advancing initiatives outlined at the Investor Day to achieve long-term targets and deliver greater value to shareholders [5] - The company aims to maintain yield discipline and manage costs for sustainable long-term profitability [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate market volatility and achieve long-term targets despite a challenging freight environment [4][20] - The company is focused on driving productivity and maintaining cost discipline, positioning itself for sustainable success regardless of external market conditions [20] Other Important Information - The company achieved $24 million in annual cost savings through efficiency and innovation initiatives [9] - The company returned more than $86 million to shareholders through share repurchases and dividends in 2025 [23] Q&A Session Questions and Answers Question: Follow-up on January trends and tonnage - Management noted that January was impacted by strong winter storms, affecting shipment dynamics and tonnage levels [26][27] Question: Mix normalization and competitive dynamics - Management indicated that the mix has been influenced by the ongoing freight recession and that it is difficult to predict when it will stabilize [32][33] Question: January trends and industry-wide impacts - Management acknowledged that January dynamics were influenced by weather impacts and specific to the company, but overall market conditions remain cautious [36][37] Question: Insights from new COO on Asset-Light business - The new COO expressed excitement about the company's culture and commitment to improving total shareholder return [46][47] Question: Broader health of the demand environment - Management highlighted bright spots in certain sectors and emphasized the importance of being responsive to customer needs [50][51] Question: Competitive pricing environment - Management stated that pricing discipline remains rational in the market, with less bid activity from customers being a positive sign [82][83]

Company Overview - AT&T Inc. (NYSE:T) provides telecommunications and technology services, including wireless, broadband, and managed solutions [1] Investment Sentiment - Jim Cramer expressed a positive outlook on AT&T, recommending investors hold onto their positions due to the company's strong performance and nearly 4% yield [1] - Cramer acknowledged a change in his perspective on AT&T, initially disliking the stock at $22 but changing his mind at $24, and now viewing it favorably at $28 [1] Competitive Position - Cramer highlighted that AT&T is considered the best in the industry according to recent research, despite acknowledging competition from T-Mobile [1] Alternative Investment Considerations - While AT&T shows potential as an investment, there are suggestions that certain AI stocks may offer greater upside potential and less downside risk [1]