Jason Seidl

Mark George acknowledged early share losses being lapped and growth offsetting them in other areas.

Ed cited constrained truck driver supply, demand firming, and high diesel prices making intermodal a compelling value proposition. Strong service product supports the outlook.

Ed confirmed the Jaguar partnership is part of a larger growth strategy focused on innovative deal structures. Plans to replicate in other high-density corridors.

CEO confirmed approximately 1% revenue headwind from lapping September competitive losses, with potential for more in enhanced competitive environment. CMO highlighted new Louisville and Air, Massachusetts services as counteroffensives. CFO attributed CapEx reduction to asset efficiency and network fluidity gains enabling less equipment spending.

CEO detailed cost levers across taxis, meals, overtime, IT efficiency, consultant controls, and administrative streamlining including prior year 9% headquarters RIF.

CEO and CFO confirmed headcount expected flat vs Q4 exit, with controlled hiring at 83 locations matched to attrition and volume trends. Would trim faster if top-line pressures materialize.

COO acknowledged seasonal dip from hurricane and port disruptions but highlighted V-shaped recoveries and strong customer communication. CMO praised snap-back resilience.

Direct answer framing autonomous linehaul as a standard return-on-investment question, noting dual-use tractors weaken the economics and citing regulatory hurdles.

Adam gave detailed fuel indifference explanation, pointing to Q4-to-Q1 comparison showing bill count consistent, fuel up 10%, profitability consistent. Suggested Q1-Q2 2022 as comparison period.

Marty confirmed employees are top stakeholder priority. Healthy raises continue. Benefits cost headwind expected, benefits at ~41% of salaries/wages in 2026 vs 42% in Q4. Discretionary 401(k) match up to 10% of net income. September remains typical timing for annual raises.

Marty said no pushback on GRI. Applies to 25% of business (non-contract tariff). Contract business (~75%) renewed on rolling basis throughout the year. Cost-based approach accepted by customers.

Selling 10-year-old million-mile day cabs with low resale value, unlike younger truckload equipment. Miscellaneous expenses at 90bp vs normal 50bp. No material tariff pull-forward feedback from customers.

Adam couldn't confirm pull-forward quantitatively but noted 4.8% sequential March acceleration was strongest since early 2022. Equipment CapEx $190M (was $225M), total CapEx includes $210M real estate and $50M IT.

Marty acknowledged weather impact but said most revenue comes back within days. Gave optimistic tone noting warm weather returning.

Maryclare said spot intermodal is a small portion of the domestic book but has accelerated, and noted SMX/CPKC growth week over week with added lanes expected to drive further growth into next year.

Mike highlighted cross-functional productivity: engineering efficiency, intermodal terminal expansion at Fairburn, network streamlining in Chicago.

Mary Claire said power demand and nat gas prices support domestic utility coal volumes. Watching whether scheduled plant closures get delayed and how much can be supported by producers. Expressed optimism on domestic utility opportunity.

Kevin confirmed data centers as a key driver of coal demand alongside a more favorable political and regulatory environment for utilities. On intermodal partnerships, said initiatives started last year are now materializing with more in the pipeline.

Mike confirmed expectation to exceed prior TPC levels, especially after project completions. Joe said July TPC encouraging in heavy vacation period. STB had zero customer complaints about Q1 challenges.

Kevin said bidding season largely complete with limited pricing upside for remainder of year. Stronger domestic mix vs international would be RPU positive. Lots of moving parts being managed.

Gehringer emphasized using latent capacity in existing train starts first and adding people in a volume-variable way.

Kenny detailed 20 new construction projects closed in Q1 with a strong pipeline, mostly carload-focused with emphasis on expanding customer origins and destinations.

Jennifer confirmed market-based domestic intermodal pricing gives direct uplift when trucks improve. On ag, export RPU varies by length of haul with PNW routes favorable but Mexico routes slowing cycle times. Kenny noted structural network transformation with new services and ramps.

Kenny noted the strong service product enables exploring new interline opportunities, while Jim emphasized customer focus and efficient network operations.

Jennifer maintained the 4% full-year cost per employee guidance despite Q1 only being up 2%, citing upcoming July wage increase and Smart-TD conductor negotiations.

Management emphasized preparedness and franchise diversification rather than giving specific volume impact estimates, noting origins may shift but demand persists.

John Smith deferred detailed outlook to Freight Investor Day on April 8, where long-term targets for revenue, profit, and operational metrics will be shared. Highlighted safety focus, revenue quality, and strong internal/external leadership team.

Carere confirmed no B2B improvement. May consumer strength was largely from pipeline onboarding rather than confirmed pull-forward. Subramaniam emphasized operating leverage visible even with B2C-driven growth.

Dietrich cited expanded sales force, improved service, and back-office focus as drivers of LTL confidence. Carere noted USPS service challenges and pricing are helping FedEx from an acquisition perspective.

Brie clarified that while most small customers are bundled, the majority of Freight volume is on independently negotiated contracts renegotiated annually, reducing separation risk.

Nick said more carriers migrated to JBHT's platform with no added risk exposure; Brad Hicks tied record dedicated pipeline partly to the ruling.

John Kuhlow explained $600M-$700M is replacement CapEx, with the range driven by DCS growth success. Wider range reflects early-year uncertainty on Dedicated wins.