David Jackson

“The charts on Slide 3 compare our consolidated fourth quarter revenue and earnings results on a year-over-year basis. Market conditions in the LTL business were strong, while soft demand continues in the truckload space.”

“And hello, everyone, and thank you for joining our call today. As has been widely reported, we continue to be in a depressed truckload freight market where rate expectations from shippers are often close to, if not, below operating costs.”

“We're now over a year into a freight downcycle with an unusual combination of dynamics at work that has created a particularly difficult operating environment. I don't know that we've ever seen freight demand fall this far, so fast and for so long, without an accompanying economic recession.”

“I wanted to begin by acknowledging that we recognize that we cannot entirely escape the cyclicality of the full truckload industry. But we have taken intentional steps for years to maximize our performance in every phase of the cycle.”

“Slide 9 illustrates the growth in our businesses that make up the non-reportable segment, which include insurance and maintenance under the Iron Truck Services brand as well as equipment leasing and warehousing activities.”