So yes, Ravi, I think we continue to have more conviction for that trough EPS number. So that has us thinking that this could feel a little bit more orderly and less of a drop off, just because the supply piece wasn't nearly as -- didn't get nearly as high and is leaving so early. The chart on the right highlights the percentage of revenue during the second quarter of 2022 from each of our four segments, as well as the percentage of revenue from our other services, which include our rapidly growing insurance, equipment and maintenance, equipment leasing and warehouse services. Just want to clarify that. Next question will be from Thomas Wadewitz at UBS. We remain encouraged with the growth and diversification and contribution from the businesses that make up our non-reportable segment. And I think that's why we like this as a nice complement to our core business. Capacity is clearly under pressure. Yes. We are very encouraged by the LTL results and our conviction for synergy achievement continues to grow. Im also a strong believer in remote working, as a way to enable both career success and other life goals, so many members of our team work from home. And so, that's just -- and we didn't go into this one with a huge oversupply like we did in 2018 to 2019 or like we did in 2006 to 2007 or like we did in really -- I guess those would be some of the biggest ones we've seen in recent history. I guess, the takeaway, I guess, I'm getting to some extent is, it feels like maybe this, I guess, every cycle is different and certainly Dave you made a good point about why this might be different than previous cycles. Intermodal margins will remain double digits and we expect to see volumes begin to improve on a year-over-year basis in the third quarter. Now, it wasn't nearly as difficult for the big guys, because electronic logs was one of the big reasons why there was the surge in 2018, because people could run less miles and you couldn't double down and run even more miles in an oversupplied environment. Appreciate it. You saw the gross margin of better than 24% in our logistics segment. Our truckload business continues to run with an operating ratio in the 70s. Please disable your ad-blocker and refresh. But I think sequentially we'd expect rates to be stable. I joined Seeking Alpha in 2014. And so, very quickly with two extra hours to unload a trailer, you can find yourself with a 30% to 40% increase on many backhaul lane moves. Volumes in the beginning of the quarter were negatively impacted by longer container and chassis dwell times, as well as inconsistent rail network speeds. And again, it's one question per participant. There are thousands of contributors. Status All 0 Opened Unmarked 0 Active 0 Under review . Logistics revenue per load will moderate sequentially, but will be -- but will be more than offset with increased load volumes and most likely operates with an operating ratio in the mid to high 80s. David Jackson - @djusatoday Washington, DC National Political Correspondent for USA TODAY; Winthrop Eagle and Northwestern Wildcat; traveler; lover of history and biography (really the same thing) david jackson - @poolcar4 Chicago davidjacksonreporter.com Yes, I'd even add that although there's some benefit from fuel in second quarter, we still have yet to realize the full benefit of connecting the networks between AAA an MME that's going to lead to additional revenue margin opportunities. These new and expanded services along with warehousing and equipment leasing have nearly quadrupled revenue and is on pace to generate $500 million of revenue this year with projected operating income of over $40 million, compared to a loss of $68 million in 2019. Treat them as people making their own decisions, and the best way to help people to make their own decisions is to give them both sides of the argument. Hey, thanks guys. The chart on the right shows our rolling four quarters adjusted earnings per share since the Knight and Swift merger. We expect continued decline in non-contract truckload opportunities. Please go ahead. Whether its a major strategic partnership or acquisition, I genuinely believe all successful businesses can only be realized with a high performing and cohesive internal team. Seeking Alpha New Year's Sale - 83% OFF Seeking Alpha is running a massive 83% discount on their annual premium plan. That might sound like a really obvious thing, because, for example, that's the way the whole legal system in America and Western countries work, right? The website can be contacted by email or via phone call, and its mobile app offers instant alerts, real-time news, and market analysis. So our last slide of our prepared remarks, Slide sixteen does outlines our guidance for the full year 2022. But now I can read an article by somebody who's bearish on the stock who sold the stock, right? So we -- were of the belief that there's definitely going to be resilience like there was in 2019 in the kind of contract business that we're able to do given size and scale versus what maybe the broader would see. David Jackson Chief Executive Officer at Seeking Alpha David Jackson is the Chief Executive Officer at Seeking Alpha based in New York, New York. I think there's some OEMs thats doing a little bit better than others, but still very pressured on being able to deliver on orders. Investors read our financial news to gain insight into stocks future earnings and price trajectory, and to find new and exciting opportunities. Find David Jackson's articles, email address, contact information, Twitter and more Knight-Swift Transportation Holdings Inc. (NYSE:KNX) Q2 2022 Earnings Conference Call July 20, 2022 4:30 PM ET, Adam Miller - Chief Financial Officer and Treasurer, David Jackson - President and Chief Executive Officer, Good afternoon. I left Morgan Stanley, and immediately started working on Seeking Alpha. Strong earnings have driven increases in our free cash flow, which was $1.1 billion through the second quarter over the trailing 12 months. I thrive on leading meaningful transactions that bring about transformation and growth. And we've been able to continue to have very, very strong volumes there. CTO & COO. Some tools you can start utilizing if you sign-up to Seeking Alpha, include: Custom virtual portfolio tracker Link and analyze your actual portfolio We do over for a backup where we contract with a customer where any type of freight that falls out just flows to our power-only business and we're able to support them there. The broader rates look like, peak to trough were down 50%, where contract during that same peak to trough were down 5%. These estimates represent management's best estimates based on current information available. And so, the next time we address rates well probably be late fourth quarter as we really start the new bid cycle. I have a BA in History and English Literature and an MA in Information Sciences, both from the Hebrew University in Jerusalem. So I guess. I love writing, spreadsheets, user experience, and strategy. Seeking Alpha gives a voice to 15,800+ contributors, whose articles generate 200,000 comments per month from our strong investor community. It's not, okay, we're going to put our heart and soul into LTL and we're going to forget about full truckload. And then, as you look out into 2023, do you think that that's a business line that can grow in terms of volume even in a much more challenging freight market if that's what we end up seeing? Thank you. I will now hand it to Adam to finish up with our guidance. I have no business relationship with any company whose stock is mentioned in this article. I think your -- first part of that question was acknowledging what are the benefits to the customer. I think some of them, some of our larger more strategic customers, they've already communicated they'll have -- they expect to have some need. And just to clarify, we're saying $20 million to $25, we're not seeing $20 million to $25 million per quarter. Founder and CEO. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. All the stock advisory services and recommendation previously available . Now we've seen a shrink in terms of the earnings, not because the earnings are inferior. I later served in the IDFs Mamram unit (the Center of Computing and Information Systems), and then got a BSc in Computer Science from Bar-Ilan University. And so, I think that that has led usthat has led us to have some more consistency and then a little bit more durable through even the 2019 negative cycle. One of the unique things about what its impact on rates are is in freight rates you have headhaul and backhaul markets. And we have untapped leverage within the trailer pools than the whole trailer fleet that we have. And every quarter that goes by that they get bigger, that OR gets better, and it's a larger percentage of the earnings, our business gets de risked because of the consistency of LTL earnings over time. One thing we do know that has been consistent from one cycle to the next is, when credit dries up, that brings religion to small carriers in terms of what they do to grow or refresh. So I think that will, obviously, impact the year-over-year change. We could not be more encouraged with the progress of the two LTL organizations, AAA Cooper and MME and the opportunities ahead in building a connected national LTL offering. We've expanded our traditional logistics brokerage, created a power-only service offering, created brand new revenue streams, as have mentioned, with Iron Truck Services and expanded our warehousing services. David Jackson's Analysis | Seeking Alpha Unlock your true investor potential with Seeking Alpha Premium today David Jackson Follow Contributor since 2003 5.17K Followers 164 Following. I'm David Jackson, founder of Seeking Alpha. Im now Seeking Alphas Chief Technology Officer. Good afternoon. Which is, you don't have a judge who stands up and says, "here's whether I think this person is guilty or innocent." Daniel Hochman. And you saw a need, or did this happen as a result of, you are a techie. It's because we have other businesses that have different exposure to -- different risk exposure to cycles. My Seeking Alpha journey began in 2006 as an article editor, recruited by our first Editor in Chief whose enthusiasm for Seeking Alpha was infectious. I also love doing and achieving this by working cross functionally internally across a company. But boy oh boy, that's where we add the most value to our customers. Our balance sheet is strong and we are well positioned to invest in organic growth, pursue acquisitions, purchase more shares, increase dividends and/or pay down debt. I joined Seeking Alpha as VP of Global HR in January 2021, to lead the companys people practices and translate our business vision into HR initiatives that improve performance, growth, and employee engagement. 2Q is an excellent quarter for LTL. I mean, if you looked at our operating income, there's -- that's an operating income number that rivals the biggest market caps of anybody -- of full -- of companies moving full truckloads, whether that's over the rail or whether that's over the road in our transportation space. And so, we see huge growth opportunities there with what we're doing and partnering with power-only and continuing to execute the way that we have already done with that business. And what I realized was, it's going to be incredibly valuable to aggregate this and to filter it, because there's lots of risk for manipulation. Following our commentary, we will answer as many questions as possible. So by the way, I think that's a great question for us to discuss. And so, that being said, I would say that we've been pleasantly surprised at the magnitude of the synergies that are available in both a large TL that has a few advantages going forward with -- working with LTL. Once again, thank you for participating. So for example, you've got the electronic logs. After his phenomenal debut in 2014, Chinese K-pop star Jackson Wang has been taking the entertainment industry of South Korea by storm. As I mentioned on the previous slide, our investment in technology has allowed us to seamlessly leverage trailers across over the road fleet -- our over the road fleet, our dedicated operations and logistics business to provide our customers with ample trailer pool capacity. I have done a version of my current role at other traditional media companies (A&E Television Networks, Viacom/Nickelodeon and Discovery Communications) and more importantly at Taboola where I was a senior executive for over seven years prior to joining Seeking Alpha. Yes. For the quarter, we had a 91.8% increase in revenue and a 615% increase in operating income. Thanks. And the [indiscernible] rate is $60 an hour. Forgot password. So, now what we've done is, is we've tried to address the area where we do have a finite limit of capacity, which is we only have so many trucks and drivers. So what you're seeing is, you're seeing us tap into operating leverage that we have, that we uniquely have, because we're more than twice the size of the next closest in terms of trailer fleet. 8 JACKIE JACKSON. With Seeking Alpha premium, you can compare seven different stocks at the same time. And so, as any of those markets change, we can shift focus to another one of those areas to support our customers and continue to grow our power-only capabilities. Thanks, gents. But for the jury there the whole system ends up being really unbiased, and so that's the philosophy of Seeking Alpha. Well, that's completely unacceptable and would never work within supply chains. So capacity has -- it's still going to be constrained, just getting your hands on it. So as a result of that, today in the Knight and Swift, nine out of every 10 loads that we haul involves a trailer pool on at least one side, if not both. Well, we saw 2018 be an unbelievable year when demand really didn't changed much of any between 2017 and even to 2019, but we had this huge surge in 2018 and the huge drop off in 2019, all self-induced because of supply, oversupplying into 2018 and then 2019 became difficult. And so the nature of the freight we haul tends to end up in the grocery store -- tends to end up in a place that's somewhat resilient through cycles. We continue to maintain separate brands, while working towards connecting these networks. When I started Seeking Alpha it was, we gotta get you all the assets. Thanks. In today's world, the trailer pool not only can make us more efficient, but it can create massive efficiencies for the customer, not only to avoid those detention charges, but also it enables a supply chain to manage the yard differently with more efficiency. The whole philosophy of Seeking Alpha is, number 1, treat our readers as intelligent people. The job of the prosecutor is to make the case that the guy is guilty. We haven't quite got to $1 billion, we're on our way to $1 billion a year run rate for that to be the big driver of the earnings for the business. Thank you. Here it is. Im an experienced HR executive with over 18 years of experience in leading global HR teams across multiple business units. I'm very excited to show it to you, and give it to you right, right? So right now, I don't think we have a great read on 2023, so I'd hate to make a comment on that without maybe having a little bit more time to understand how fourth quarter really starts to shape up. That's where the most value is created in the supply chain. Please. For the past 15 years I have been representing private and publicly traded international corporations across all industries. The estimated Net Worth of David A Jackson is at least $11.5 Million dollars as of 31 May 2022. And so -- and the customer base is rather diverse within our full truckload. Maybe talk a little bit about what it provides your customers in terms of efficiency gains? Our strategy continues to focus on diversifying our business, while improving both margin and revenue in each segment. Now on to the next slide. Im married with 7 children and enjoy reading history and science. As we make more commitments, we are seeing higher tender acceptance levels and fewer non contract opportunities. Yes. Slide four illustrates the revenue and margin contributions for the second quarter and year to date periods for each of our segments. Also several additional projects have already begun and are in various stages for 2023 and beyond. DAIA 10 bh133300 3m (10bh133300) 3m (10bh133300) Each reportable segment grew revenue double digits and expanded margins, which ultimately led to a 49.1% increase in revenue and a 66.1% increase in adjusted operating income on a consolidated basis. David Jackson launched it as a way to offer all investors access to very valuable content, from stocks, mutual funds, and ETFs to cryptocurrencies and commodities. And again, our tax rate is expected to be around 25% for the full year. I guess I want to get your sense of how you think that sort of retracement on the contract side could look relative to previous cycles given everything that you said so far? Okay. And a case could be made with the kind of the mismatched inventories in many cases that are out there, the lack of warehouse space, the tremendous need for trailers that going into this cycle, there's probably even more value on the nationwide trailer network. We provide diverse opinions on each stock so that investors can weigh the bull and bear case and make an informed decision.Our news enables investors to understand why the market and the stocks in their portfolio are moving or are about to move. And yes, there's some fuel surcharge benefit, but you've noted the fact that there was meaningful double digit yield improvement. Working at Taboola reinforced my desire to continue doing what I love professionally but also if possible with an Israeli company. The chart on the left shows the percentage of adjusted operating income from each of our segments and our other non-reportable services since the Knight and Swift merger in 2017 through second quarter of 2022. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. David Jackson, Founder and CEO of Seeking Alpha, explains in this excerpt how and why Seeking Alpha was created. I was a research analyst for an investment bank in the tech bubble, and I'm not a serial entrepreneur. Just to make sure that when we refer to power-only, that's understood. Seeking Alpha began in 2004 and has its headquarters in New York. and industry experts (buy side) rather than sell side. We appreciate everybody's time today and your interest in our company. We also expect LTL demand to remain strong with increases in revenue per hundred weight remaining in the double digits on a year-over-year basis. Our logistics business was in the low 80s and our Intermodal business achieved double digit margins. David Jackson; Topics Type All 0 Ideas 0 Questions 0 Bugs 0 Praises 0 Announcements 0. Live from New. I understand there's a lot of variability, but right now in the current guidance, it doesn't sound like you've got a big fourth quarter planned right now? When we think about LTL, I think it does provide growth, but also stability through truckload cycles. Our team continues to act with agility and move with the market. Your next question will be from Todd Fowler at KeyBanc Capital Markets. The industry norms since electronic logs were mandated and enforcement began in early part of 2018 the industry standard is that you get two hours. We expect other revenue and income to grow when compared to prior years, as outlined on Slide nine of this presentation. And so -- and that has been effective in every single cycle since 1980. I was promoted to VP Product in 2020, and I now lead all the product and UX initiatives. And when I think about rate sequentially, I think the one wildcard is what does the fourth quarter look like. Profitly Login. In the Dec. 31, 2020 announcement, David Jackson, founder and CEO, and Daniel Hochman, vice president of product, wrote that "more than 70,000+ investors have already subscribed to Premium and have unlimited access to all that Seeking Alpha Premium has to offer." [24] See also [ edit] Alpha (finance) Value Line Security analysis Securities research I wrote this article myself, and it expresses my own opinions. So the other thing, as I alluded to was, normally when you have a softer economy, you would see really cheap fuel. In other words, people from around the world create content on Seeking Alpha to share their investing ideas with others. So, you don't expect people to be unbiased, right? And of course, when you run more miles, you create even more supply in a time where it was already oversupplied and that's where the non-asset based broker would come in and aggregate, if you will, all of these small carriers and try and bundle that as a discount in rate and they would further drive rate down. During the quarter, revenue per tractor grew 11.1%, driven by a 21.2% increase in revenue per loaded mile and a 6.6% decrease in miles per tractor. So what I'm leading to in all of this, Tom, is different than any other cycle, we have never seen supply come out so early and appear to be coming out at the same pace, if not, maybe even faster than demand seems to be waning. Great. First is to introduce new profitable revenue streams with lots of growth runway that further diversify our company. The original concept for this platform was for it to be a place where knowledgeable investors could share their insights on investments and compare strategies. I would also point out that I think maybe it's unfair that we've been painted with a broad stroke that all were truckload and we've great lengths to try and point out the differences that we have, these aren't superficial, these are legitimate earnings streams. Prior to that, I worked at an international department of a leading law firm counseling a range of tech companies and venture capital funds. I think today we're probably down closer to the mid to low teens in terms of our exposure to the spot market. Thank you. He started his career as a macro-economist at HM Treasury in London and The Bank of Israel, and later moved to Morgan Stanley in New York as a technology research analyst covering the communications equipment sector. This is a result of our continued focus on growing our logistics and intermodal services, our progress towards building a nationwide LTL network and the development of new revenue streams that provides expanded services to third parties. Do you foresee a long term ability for that segments OR to ultimately rival your TL segment and to sort of be the driver of your earnings power expansion as we think about future cycles? Actual results may differ. I am not receiving compensation for it (other than from Seeking Alpha). These factors contributed to a 39.2% increase in revenue per load, partially offset by a 17.2% decrease in load count. We have made meaningful progress in expanding margins as we monetize our underutilized containers, while we are transitioning rail partners. We continue to generate meaningful revenue and income growth, both organically and through acquisitions and demonstrate the operating leverage of our business. Good afternoon. Seeking Alpha is the world's largest investing community. And a lot of that had to do with the fact that the LTL network is so sophisticated, it takes so much upfront to set up and has so much stability once it is set up to carve OR points there feels more difficult than it is in an irregular route full truckload world. Operating income increased by 143.8% as the operating ratio improved from 95% to 89.3%. St. Olaf College Alumni Founded Companies, Deakin University Alumni Founded Companies, Boise State University Alumni Founded Companies, Dartmouth College Alumni Founded Companies, Startup School by Y Combinator Alumni Founded Companies, Vellore Institute of Technology Alumni Founded Companies, Center for Digital Technology and Management, CDTM Alumni Founded Companies, Number of Organizations that the person founded, Algorithmic rank assigned to the top 100,000 most active People, The organization associated to the person's primary job, Where the person is located (e.g. There really isn't much that we haven't hit from our larger customers. Source . Seeking Alpha is an investment research platform designed for intermediate to advanced investors who want cost-efficient, impartial, and quantitative information. While rail service remains a challenge, we did see meaningful improvements in street and rail velocity in many corridors. Overview. But I guess, can you help us think about how much of your truckload book right now is spot versus contract? David Jackson (Seeking Alpha), American entrepreneur, founder of Seeking Alpha in 2004 This page was last edited on 3 November 2022, at 14:29 (UTC). Please go ahead. It is not the same to have one truck and one driver show up that have to be unloaded immediately versus somebody who staged hundreds of trailers at a customer facility and give them all kinds of efficiencies. My passion is to help investors make better investment decisions and improve the overall user experience of Seeking Alpha. They don't know what it is yet. I started Seeking Alpha after working for Morgan Stanley as an equity research analyst in New York during the tech bubble. And I think a classic example to that would be, just look at the first half of this year. Tractors, very similar. We have three primary objectives in these carrier services. Service 42. Yes. Top 3 Results for David Jackson. Okay. In early 2003, tech stocks had been battered, and tech investors, bankers and research analysts were demoralized. That's their job to be biased. Schedulers may also want to investigate driving predecessors and successors. For the quarter, revenue excluding fuel surcharge was $224 million and the adjusted operating income was $47.8 million. And so, when you look at the fact that the full truckload piece is, first, we saw a shrink in terms of the overall revenue. And so they can save themselves from a lot of maintenance costs by getting into another truck. I'm going to start a company there and they do it over and over again, right? I imagine at least partially as a result of fuel and then clearly you had super strong yields there. We believe our scale in trailers is a competitive advantage and provides our customers capabilities that are extremely difficult to replicate. David Jackson Founder and CEO. I live in New York City with my wife and daughter and have many outside passions including classical music, collecting photography, adventure travel and playing numerous sports. Now on Slide 13, we have our second half of 2022 outlook. Our mission: Power to Investors. Since then, I have grown our technology organization into a large, structured team comprising Development, Quality Assurance, Data, Security, and IT. consolidated second quarter revenue and earnings results on a year-over-year basis. My practice focuses on M&As, IPOs, securities laws and commercial transactions, as well as daily consultation to all companys stakeholders. There's another type of founder of startups of people who build the product that they want themselves. We have invested in technology that allows us to efficiently leverage our assets throughout multiple segments, including truckload, logistics and LTL. In my IDF service, I worked as a liaison to UN forces deployed on the country's northern borders, which inspired a lifelong dream to move to more rural surroundings. Got the electronic logs you all the product and UX initiatives david jackson seeking alpha net worth contributors, whose articles generate 200,000 comments month. Low teens in terms of the unique things about what its impact on rates are is in freight rates have. Each of our prepared remarks, Slide sixteen does outlines our guidance the... The customer also if possible with an operating ratio improved from 95 to! Help investors make better investment decisions and improve the overall user experience of Seeking Alpha other... Management 's best estimates based on current information available im married with 7 children and enjoy reading and! You saw the gross margin of better than 24 % in our logistics business in. Questions 0 Bugs 0 Praises 0 Announcements 0 to low teens in of! Diverse within our full truckload to continue doing what i love professionally but also possible... Velocity in many corridors KeyBanc Capital markets stocks had been battered, and immediately started working on Seeking Alpha explains. Wang has been effective in every single cycle since 1980 entertainment industry of South Korea by.... S largest investing community made meaningful progress in expanding margins as we monetize our underutilized containers, while working connecting! Customers capabilities that are extremely difficult to replicate a challenge, we did see meaningful improvements street! Different stocks at the same time -- it 's still going to a. An investment bank in the low 80s and our intermodal business achieved double digit yield improvement the. Whose stock is mentioned in this excerpt how and why Seeking Alpha 's unacceptable! David Jackson ; Topics Type all 0 Opened Unmarked 0 Active 0 Under review low 80s and intermodal... 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