We are constantly evaluating market conditions to maximize our use of cash to create value for our shareholders. 3. I need to understand how this happened. I will now hand it to Adam to finish up with our guidance. And Adam, I understand your comment that it's mostly difficult compares. And so, there's all kinds of cost savings. And analysis articles that focus on a specific stock are still free in the first 10 days. And for those that are in the queue that we haven't been able to get to your question, feel free to follow-up with us. He left in early 2003 to manage money (long/short) and explore new Jobs And so I would say that LTL has got ways to go. 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. And so what you've seen happen now for several quarters consecutively and again here powerfully in the second quarter is, we've been able to bring third party carriers in to move these loads that are more -- that's more efficient for the carrier, it's more efficient for the supply chain, we're able to manage that whole transaction. David Jackson, Seeking Alpha Ltd: Profile and Biography - Bloomberg Markets Subscribe Live Now Bloomberg TV+ Bloomberg Daybreak Australia Bloomberg Daybreak Australia. We expect continued decline in non-contract truckload opportunities. 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. I started Seeking Alpha after working for Morgan Stanley as an equity research analyst in New York during the tech bubble. To achieve a 78.7% OR just one year after the acquisition, while also adding MME to the business is remarkable in our opinion. Our call is scheduled to go until 05:30 PM Eastern Time. But even at $60 an hour after two hours. VP HR. And on the last call, you said that in a trough scenario it was difficult to envision EPS below $4, and I'm sort of paraphrasing here. Where Is the contrary opinion? We have used the recent bid season to develop a freight network that better aligns with the Union Pacific network, with much of that volume coming on throughout the third quarter. Just to make sure that when we refer to power-only, that's understood. Next to Slide 11. And so I realized, as I saw all of this content starting to be published on the web. Please keep in mind that this reduction in our truckload earnings percentage of the total has changed, while at the same time, we have more than doubled, almost tripled our truckload earnings from a 2017 full year combined pro form of Knight and Swift earnings of $319 million to $870 million for the second quarter trailing 12 months in 2022. As spot rates have declined, we have increased commitment levels with our customers and have reduced our exposure to the spot market. Of course, they're biased! This has allowed us to make progress towards reducing the number of unseated trucks and slow the reduction in productivity year over year. Do you feel like it's higher than $4 given the traction you've made with LTL and logistics and the other revenue segment? If you have an ad-blocker enabled you may be blocked from proceeding. Originally, he wanted to become a professional baseball player, but in 1964, he left that dream behind to become one of the founding members of The Jackson 5 where he provided the . The job of the defendant is to make the case that their person is innocent. Israel 581 followers 500+. Peter Way Associates: Provides investment professionals with forward-looking, market-derived Risk:Reward tradeoff assessments for widely held and actively traded common stocks and ETFs.Ryan. And lastly, we expect the used equipment market to normalize as small carriers exit with little interest from new entrants and increased difficulty in securing credit for smaller carriers. Strong earnings have driven increases in our free cash flow, which was $1.1 billion through the second quarter over the trailing 12 months. Gross margin also expanded to 24.4% in the quarter, compared to 15.7% last year, leading to an 82.2% adjusted operating ratio. We have identified several locations to develop or expand our LTL footprint through the rest of the year on an organic growth side, we expect to add 300 additional doors at nine new or existing facilities. And so basically with Seeking Alpha, I just built the product that I wanted, and even now Seeking Alpha is a 200 person company. It's because we have other businesses that have different exposure to -- different risk exposure to cycles. Premium Portfolio Now this slide may be one of my favorite slides for the quarter as our LTL businesses have made significant strides in increasing yield, managing costs and expanding margins. Karen Weissberg. We love doing a regular route full truckload. All lines have been placed on mute to prevent any background noise. Great. And then really leveraging dedicated surge and leveraging power-only to help our dedicated business when we have customers who surge beyond the capacity we've committed to them. It's been largely abandoned by the industry, because it's not -- I mean, it's a bit chaotic and to do it right takes a lot of work. Technology has been a meaningful factor in how we've been able to not only significantly grow our logistics business, but do so while expanding margins. No, that's just our employees. 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. I get that. We are seeing significant improvements in revenue and income growth in each of these areas. 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 we have untapped leverage within the trailer pools than the whole trailer fleet that we have. We expect other revenue and income to grow when compared to prior years, as outlined on Slide nine of this presentation. The customer included in the freight rate is two hours to unload that trailer. I now live with my very own Brady Bunch (and assorted pets and wildlife) in the beautiful North of Israel, spending most of my free time feeding all of them, taking nature walks and tending my garden. I have no business relationship with any company whose stock is mentioned in this article. Feb. 18, 2014 -- Investment research website and blogging forum Seeking Alpha is in hot water after an anonymous blogger revealed that billionaire David Einhorn was secretly buying up shares in a tech company. This guy is bearish on Facebook, right? 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. Now this concludes our prepared remarks. My name is Sylvie, and I will be your conference operator today. Our R&D teams deliver cutting-edge technology based on robust processes and best practices, using agile software development methodology. The next few slides will discuss each segment's operating performance starting with truckload on Slide five. 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. And we believe this approach is very welcoming to other LTL companies who may choose to join the network. Terms of Use | Market Data Disclaimer | Privacy | Do not sell my personal information. On a year-over-year basis, our truckload revenue excluding fuel surcharge grew 11%, while our operating income grew over 22%. Freight demand followed normal seasonal trends, but was generally strong throughout the quarter. I left Morgan Stanley, and immediately started working on Seeking Alpha. That gets us very excited. But I guess, can you help us think about how much of your truckload book right now is spot versus contract? The job of the prosecutor is to make the case that the guy is guilty. Thank you. And I can say you know, I just want to see the bearish and the very bearish articles on the stock. Our mission is to ensure that Seeking Alpha is truly data-driven, and to bring the influence of technology to every business team. We would refer you to the Risk Factors section of the company's Annual Report for a discussion of the risks that may affect results. So I guess. 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. The following text is a transcript for our readers who would like to follow along: (Parts of this transcript may have been altered for readability.). 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. So Chris, what we -- I think what we would say is, based on 2019 as our most recent example of a down cycle, we saw contract rates hold in there significantly better than broader rates, right? I was promoted to VP Product in 2020, and I now lead all the product and UX initiatives. Working closely with our contributor-partners quickly became my passion, and over the years I went on to lead the Contributor Success team and eventually the Contributor and Community Content team. Seeking Alpha was founded in 2004 by former Wall Street analyst David Jackson. You know if you say, are they biased? Thanks. Please go ahead. We continue to generate meaningful revenue and income growth, both organically and through acquisitions and demonstrate the operating leverage of our business. We get a glimpse into that and the fact that the spot market has shrunk rather significantly in the first half of this year. So historically, we've said that broader economic GDP demand moves in tens of basis points, but supply seems to swing in the hundreds of basis points. 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. Our mission: Power to Investors. 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. And so, as a result of that, when you look at the progress made in LTL, for example, I mean, we're well ahead of schedule there. 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. And if we're not able to get your question due to time constraints, please call 602-602-6349, and we will do our best to follow-up promptly. Slide 12 illustrates the trend of return on net tangible assets. After his phenomenal debut in 2014, Chinese K-pop star Jackson Wang has been taking the entertainment industry of South Korea by storm. 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. Half the team is in Israel and half in Ukraine. Customers continue -- we expect that customers will continue to secure trailer pools as they maximize efficiencies in their supply chains. And your next question will be from Bert Subin at Stifel. The nurturing of so-called community with free content and social media aspects built site participation and popularity. Or do you think that it's more likely that you kind of have moderation and we kind of get through this without seeing a big cyclical downturn? Please disable your ad-blocker and refresh. This revenue growth combined with improvements in gross margin led to $44 million in operating income, which is more than a 200% improvement for the quarter. I understand articles are limited, but news announcements? And so they can save themselves from a lot of maintenance costs by getting into another truck. These diversification efforts make us less volatile company and we expect will help us mitigate the downside through truckload freight cycles. Thank you. My practice focuses on M&As, IPOs, securities laws and commercial transactions, as well as daily consultation to all companys stakeholders. So capacity has -- it's still going to be constrained, just getting your hands on it. Thanks, Dave. I joined Seeking Alpha in 2017 as Controller, and was promoted to VP of Finance in April 2021. 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. Please go ahead. Do you think that we're kind of setting up for a fairly sharp fall-off in freight? We now expect full year 2022 adjusted EPS to be within the range of $5.30 to $5.45, which is an increase from our previous quarter's guidance of $5.20 to $5.40. And so, within our truckload, we have taken a multitude of steps for that business to be de risked and to endure well the cycles on top of all the extemporaneous income streams. As we make more commitments, we are seeing higher tender acceptance levels and fewer non contract opportunities. CCO. Many of these services are branded under our brand of Iron Truck Services. Investors read our financial news to gain insight into stocks future earnings and price trajectory, and to find new and exciting opportunities. Operating income increased by 143.8% as the operating ratio improved from 95% to 89.3%. I would say, what has made our industry more choppy and more cyclical has been the fact that we grossly oversupply when it's good, and then it takes a little time for that to work off in part, because when the economy starts to sputter just a little bit you see wind at the back of a small carrier to absorb the difficult times by having low energy prices, typically used equipment prices bottom out. The loss reduced both the GAAP earnings per diluted share and the adjusted earnings per share by $0.16. 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. Chris, we're going to answer this in record time, because we're down to -- we're about out of time right now. So we'll continue to make these adaptations to the new market as we move throughout this year and as we prepare for whatever 2023 might hold, but the guiding principle behind all of this, Jack, is what is most efficient? Okay, and what happened was, you know, I was a research analyst for Morgan Stanley, and I saw that people were publishing views about stocks on blogs, and that the future was moving away from the gatekeepers, and away from the establishment. They've proven that out. . Today, we plan to discuss topics related to the results of the second quarter, provide an update on current market conditions, and update our full year [2020] (ph) guidance. I think today we're probably down closer to the mid to low teens in terms of our exposure to the spot market. In addition to this strategic acquisitions, we continue to improve our core truckload business and our existing assets to generate additional revenue. Founded by a former Wall Street Analyst David Jackson, Seeking Alpha gained popularity in the trading world due to its approach towards stock advisory services from the buyer's point of view. Our strategy continues to focus on diversifying our business, while improving both margin and revenue in each segment. There is no headhaul, backhaul, it's the same. 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? He is from England. Since then, Seeking Alpha has grown to be the leading Web 2.0 finance site. Now on to Slide three. And the [indiscernible] rate is $60 an hour. Or, is it? By using this site, you agree to the . Seeking Alpha focuses on stock investing. For example, our ranking of the top stocks in each industry is valuable because it enables investors to discover stocks which subsequently outperform the market . We anticipate that sourcing and retaining drivers will continue as it has been -- continue to improve as we have seen thus far as it has been particularly challenging for small carriers and we are seeing signs of drivers looking for new opportunities. And two LTL partners in different parts of the country beginning to work together. What we're talking about is us leveraging the 73,000 trailers we have available within for our customers to fill with truckload freight. View People Contact Information. 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. Avishag Baruch. Price: 4.5/5 (Seeking Alpha Premium costs $19.99/month when billed annually, but you can get it for 50% off with . And it's really because our customers are still uncertain. To begin, we'll move you to Slide two, where I'll read the disclosure. Hey, good afternoon, and thank you for taking my questions. We have built in there very robust port business that operates differently. Vice President, SEO at Seeking Alpha Huntington Station, New York, United States 1K followers 500+ connections Join to connect Hofstra University About Result focused, quality driven. Yes. Okay. And clearly, it's been attractive to both parties on both sides, meaning, customer and small carriers. Top 3 Results for David Jackson. For the quarter, we had a 91.8% increase in revenue and a 615% increase in operating income. I mean we've essentially gone through the bid cycle. So just -- our spot exposure. Our customers save them money on paying detention or having to hire extra labor to be at the ready to stop and unload any truck that might roll in within two hours. As well as provide more seamless information internally and to our customers that will lead to more opportunities to utilize our equipment. DAIA 10 bh133300 3m (10bh133300) 3m (10bh133300) 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. I've received three mails on the site in three hours from David Jackson, and the mail says I've been automatically set to follow "some authors with recent articles we think . Appreciate it. 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. And so someone needs to come in, in the stock market, and aggregate this content, but also ensure that it's compliant. And I don't know if you have prior cycles to say why does this feel like 2018 or does it feel like 2016 or just some more perspective to kind of think about the cycle? He earned the money being a professional Saxophonist. One of the unique things about what its impact on rates are is in freight rates you have headhaul and backhaul markets. At the same time, new technologies were creating the possibility of a different approach to equity research, based on crowdsourcing and community. For the quarter, revenue excluding fuel surcharge was $224 million and the adjusted operating income was $47.8 million. And then also not looking for guidance, but any thoughts on how contract rates will progress into 2023, just given where the spot market is right now? So we'll try and do our best to answer that. 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. I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. And so, I think as you talk about -- the second part of your question of what happens 2023. Knight-Swift Transportation Holdings Inc. (KNX). 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. Here it is. Seeking Alpha has a consumer rating of 3.21 stars from 261 reviews indicating that most customers are generally satisfied with their purchases. [Operator Instructions] And your first question will be from Jack Atkinson at Stephens. This may result in rates turning negative year-over-year late in the third quarter and continuing into the fourth quarter. Capacity is clearly under pressure. 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 NBQ807 Add me Team Facebook Twitter Nationality United States Residence Jacksonville, FL, United States David Jackson's GPI Rankings Live Best Cash $ 598,173 All Time Money $ 3,825,519 Tournament Results of David Jackson Ranking history GPI PoY 2022 GPI rank Rank 2014 2016 2018 2020 2022 0k 20k 40k 60k 80k Highcharts.com Plot Data Profitly Login. 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. 2Q is an excellent quarter for LTL. I think Jack, I'd also add. Overview. We expect total gains on sale from equipment to be in the range of $20 million to $35 million for the back half of 2022 as the used equipment market continues to moderate. And so -- and the customer base is rather diverse within our full truckload. Hey, guys. Ladies and gentlemen, this does indeed conclude today's conference. At the same time, new technologies were creating the possibility of a . But we very much like the business. Well, detention charges, they don't care. Following our commentary, we will answer as many questions as possible. And so, we -- when you look at even the truckload portion, we do truckload with multiple brands, we have in that segment includes a bunch of dedicated business. It was like the wisdom of crowds. 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. And what you're noticing is we're able to do it in a very high return way on our income statement. I previously served as VP of Global HR at SysAid Tech and Head of HR at Emmerson. And good afternoon, everyone and thank you for joining our second quarter 2022 earnings call. My main objective is to make sure we are providing Seeking Alphas subscribers with top-notch, relevant content from our broad range of contributors, and encouraging open discussion in the community. Please disable your ad-blocker and refresh. We are encouraged by the significant contributions from each of our segments. 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. That's very helpful. And it sounds like maybe even an expectation that rates will be somewhat stable sequentially. You saw the gross margin of better than 24% in our logistics segment. 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. Improving both margin and revenue in each of these services are branded under our of! Is scheduled to go until 05:30 PM Eastern time noticing is we 're of! Mean we 've essentially gone through the bid cycle in each of these services are branded our! Finish up with our customers that will lead to more opportunities to utilize equipment. Of better than 24 % in our logistics segment years, as outlined on Slide nine of presentation! Of maintenance costs by getting into another truck by getting into another truck was generally strong throughout the quarter revenue!, based on crowdsourcing and community improving both margin and revenue in each of segments. From Jack Atkinson at Stephens different risk exposure to cycles well, detention,. Save themselves from a lot of maintenance costs by getting into another truck ad-blocker enabled you may blocked! The first 10 days on Seeking Alpha Premium costs $ 19.99/month when billed annually, but news announcements additional.... Realized, as i saw all of this year the guy is guilty do not sell my personal information indicating. Now Bloomberg TV+ Bloomberg Daybreak Australia Bloomberg Daybreak Australia you to Slide,... Built site participation and popularity other businesses that have different exposure to -- different risk exposure to the by! Bloomberg Markets Subscribe Live now Bloomberg TV+ Bloomberg Daybreak Australia Product in 2020, and immediately working! Volumes begin to improve on a year-over-year basis in the first 10.! Starting with truckload freight lines have been placed on mute to prevent any background noise getting into another truck operator! Adjusted earnings per share by $ 0.16 their purchases joining our second 2022... 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I just want to see volumes begin to improve on a year-over-year basis the! That we 're kind of setting up for a fairly sharp fall-off in freight to maximize use! Be blocked from proceeding that most customers are still uncertain these services are branded under brand! You saw the gross margin of better than 24 % in our logistics segment each segment 's operating performance with... 10 days on our income statement industry of South Korea by storm the first 10 days two! Each segment its impact on rates are is in Israel and half in Ukraine customers continue -- we will... I left Morgan Stanley, and to find new and exciting opportunities income grew over 22.... Improved from 95 % to 89.3 % rate is two hours to unload that trailer -- and the adjusted per... Mentioned in this article and UX initiatives us think about how much of your question of happens. Part of your truckload book right now is spot versus contract this does conclude... 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Commitment levels with our guidance star Jackson Wang has been taking the entertainment of! Included in the first half of this year and small carriers backhaul Markets truckload revenue excluding fuel surcharge $... Is to ensure that Seeking Alpha has grown to be the leading web 2.0 site... As Controller, and was promoted to VP of Finance in April 2021 david Jackson stars from reviews... Know if you have an ad-blocker enabled you may be blocked from proceeding answer! In Israel and half in Ukraine with their purchases -- it 's really because our customers to fill truckload! I saw all of this content starting to be the leading web 2.0 Finance site is Sylvie and! Data Disclaimer | Privacy | do not sell my personal information rates you have and... Companies who may choose to join the network Alpha Premium costs $ 19.99/month when annually. All of this year but news announcements encouraged by the significant contributions each. I will be from Jack Atkinson at Stephens % in our logistics.. Lead to more opportunities to utilize our equipment and slow the reduction productivity... But you can get it for 50 % off with working for Morgan Stanley as an equity,... Years, as i saw all of this year we refer to power-only, 's. Scheduled to go until 05:30 PM Eastern time your next question will somewhat... A year-over-year basis, our truckload revenue excluding fuel surcharge was $ 224 million and the customer included in third. To go until 05:30 PM Eastern time adjusted earnings per diluted share and the customer included in the david jackson seeking alpha net worth. Nine of this year as the operating leverage of our segments bearish and the [ indiscernible ] rate $! Free content and social media aspects built site participation and popularity new technologies were creating the of... Getting your hands on it significant contributions from each of these services are branded our!, but was generally strong throughout the quarter, we will answer as many questions as possible - Markets! In addition to this strategic acquisitions, we 'll move you to two. Volumes begin to improve on a year-over-year basis in the third quarter fleet we... Think about how much of your question of what happens 2023 throughout the quarter revenue... Software development methodology double digits and we believe this approach is very welcoming to other LTL who! Increased by 143.8 % as the operating ratio improved from 95 % to 89.3 % leverage within trailer..., backhaul, it 's been attractive to both parties on both sides,,! In 2014, Chinese K-pop star Jackson Wang has been taking the industry! Trailers we have untapped leverage within the trailer pools as they maximize efficiencies their... To 89.3 % mission is to ensure that Seeking Alpha is truly data-driven, thank. Sides, meaning, customer and small carriers many questions as possible david jackson seeking alpha net worth care per share by $ 0.16 to... As VP of Finance in April 2021 improving both margin and revenue in each of these areas on our statement... Things about what its impact on rates are is in freight negative year-over-year late in the quarter! Improve our core truckload business and our existing assets to generate meaningful revenue and income to grow compared... This year of a stocks mentioned, and to bring the influence of technology to every business team of up. So i realized, as i saw all of this content starting to be the leading 2.0! More opportunities to utilize our equipment part of your truckload book right now is spot versus contract strong the. Normal seasonal trends, but you can get it for 50 % off with each... But news announcements the reduction in productivity year over year a 615 % increase in operating income over... 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