Knight-Swift Transportation Holdings Inc.

- The provided transcript does not mention any current or future plans for fundraising through debt or equity. - There is no discussion of issuing new shares or raising debt capital on pages 3, 5, 6, 7, 11, 12, or 14. - The focus is primarily on operational performance, cost management, acquisition integration (U.S. Xpress), margin improvement, and market dynamics. - No references to capital raising activities, debt issuance, equity offerings, or related financing strategies are included in the excerpted sections.

- Investment in driver recruiting and training, leveraging driver academies at Swift and Knight to improve hiring quality and grow seated truck count (Page 14). - Adding door counts in key locations to address flow pinch points and improve freight flow and cost efficiency; slowing new location builds but strategically expanding where needed to support operations (Page 11). - Continuing efforts to improve safety and reduce insurance costs through culture changes and higher hiring standards (Page 12). - Opportunity to reduce high-cost equipment leasing by rolling through existing equipment (Page 12). - No immediate plans to invest in additional trucks until current empty trucks are filled, focusing initially on network and rate improvements before expanding capacity (Page 14).

- Truckload volumes show improving demand, with tonnage up 1.6% (Jan), 2.6% (Feb), and 6.9% (Mar); March average daily tonnage up 7% year-over-year. - LTL volumes expected to build seasonally in Q2, with weight per shipment increasing due to industrial customer growth and network expansion. - Logistics segment revenues declined due to volume pressure but expected to improve as contract pricing resets through bid season. - Intermodal segment showing progressive volume and revenue improvement, with March load count up 8.4% YoY and expected path to profitability. - Bid season underway with mid to high single-digit to low double-digit rate increases anticipated, driving revenue growth beginning late Q2 into Q3. - Network expansions and adding door counts in key locations aim to improve freight flow and support volume growth. - Overall, positive momentum expected through 2026, with revenue growth driven by rate increases, volume gains, and strategic network investments.

- Expectation of margin expansion with 100–200 basis points year-over-year improvement in Q2 before full impact of stronger rates is seen. - Anticipated continued growth in adjusted EPS: Q2 2026 projected at $0.45 to $0.49, a larger sequential increase due to improving freight market fundamentals. - Normalized Truckload operating ratio target in mid-80% range (mid-teens margin), aiming for sub-90% operating ratio this year with further improvement through Q3 and Q4. - Logistics segment revenue expected to improve as contractual pricing resets; operating margin maintained close to target levels through disciplined pricing and cost management. - Intermodal business on path to profitability with improving volume and rates, contributing positively by 2026. - U.S. Xpress expected to close margin gap with legacy brands as rate environment strengthens. - Operating leverage in LTL and truckload segments anticipated to convert volume and rate improvements into earnings growth.

- The consolidated trucking and logistics business currently has revenues just under $2 billion, approximately $1.7 billion. (Page 12) - The company is actively involved in a busy and rapidly evolving bid environment with 70% of business currently in bid season. (Page 6, Page 2) - Bid targets have shifted to a range of high single to low double-digit percentage rate increases on current pricing, compared to prior low to mid-single-digit targets. (Page 2) - Mini bid activity and turnback bids are increasing, indicating incumbent carriers are unable/unwilling to service freight at existing rates; this suggests a significant reshuffling of carrier networks. (Page 2) - Shippers have started early discussions about peak season demand support, which is unusual for this time of year, signaling expected order growth. (Page 2) - The company is reviewing stale contracts (older than a year) and the bottom 20% of performing rates to update pricing, indicating ongoing contract renewals and expansions. (Page 12)