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. Thank you, sir. And so, because it's so punitive and prior to the electronic log mandate just a few years ago, it was not enforced and carriers just absorb that. Now on to Slide six. This may result in rates turning negative year-over-year late in the third quarter and continuing into the fourth quarter. Third party carriers prefer power-only business because it saves them hours at each load and unload location, lowers their capital investment and risk, reduces their operating costs and gives them access to freight that historically wouldn't be able to participate in. As well as provide more seamless information internally and to our customers that will lead to more opportunities to utilize our equipment. What caused you to create this thing? We're pleased to report meaningful contributions in earnings from each area as noted on the graph. I think Jack, I'd also add. Seeking Alpha has thousands of contributors worldwide that are held. Yes. Capacity is clearly under pressure. 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.). Kind of any helpful on where that floor is would be helpful. 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. We have committed volumes that run through power-only just with contracted rates, similar to how we would run most of our business on our truckload -- on the asset side. I appreciate that. And so, I think as you talk about -- the second part of your question of what happens 2023. And we have untapped leverage within the trailer pools than the whole trailer fleet that we have. 1. 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. 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 Seeking Alpha site has only one agenda, and that is to help its readers become better prepared and smarter investors. So by the way, I think that's a great question for us to discuss. Look at how our businesses perform relative to kind of what it's been like for the smaller carriers in the broader irregular route market, particularly those that were overly reliant on spot business. After that, then there's a detention charge. 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. Seeking Alpha began in 2004 and has its headquarters in New York. So, let me, just for fun now, I'm gonna screenshare. 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. Now on Slide 13, we have our second half of 2022 outlook. The chart on the right shows our rolling four quarters adjusted earnings per share since the Knight and Swift merger. So, I guess, should we think about the truckload piece as a normal sort of down cycle, which I think we would view sort of contract rates maybe declining as much as what we've seen from spot? I understand articles are limited, but news announcements? So that would constrain supply. We are very encouraged by the LTL results and our conviction for synergy achievement continues to grow. 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. But I think sequentially we'd expect rates to be stable. Our logistics business was in the low 80s and our Intermodal business achieved double digit margins. 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. At the same time, new technologies were creating the possibility of a . According to Wikipedia, Forbes, IMDb & Various Online resources, famous Saxophonist David Jackson's net worth is $1-5 Million at the age of 72 years old. 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. View People Contact Information. [Operator Instructions]. They've proven that out. They can bring our full truckload of one product, bring that to the dock in exactly the moment that they want to move that trailer or those goods, those palettes on to store deliveries, and they only have to touch the freight one time. Israel 581 followers 500+. We acknowledge that we have less visibility on peak season surge as compared to the previous two years. Founder and CEO. 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. 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. So just -- our spot exposure. Of course, they're biased! Overview. Yes, I would tell you that every quarter that goes by that we continue to see improvement in margins, improvement in revenue, it gives us more conviction for a higher and higher trough. David Jackson, Seeking Alpha Ltd: Profile and Biography - Bloomberg Markets Subscribe Live Now Bloomberg TV+ Bloomberg Daybreak Australia Bloomberg Daybreak Australia. This is a result of a more difficult comparison rather than rates meaningfully declining sequentially. There's many ways that we approach power-only with our customers. As I've used it, I haven't seen that, and that's something I think you need to guide me through when we do this. 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. I bring over 14 years of finance experience to Seeking Alpha, in shaping and leading finance operations and teams. And so, if you have a detention charge on a backhaul lane, you have a very, very low base on the price to add $60 for every hour, over two hours to be unloaded. 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. I was a research analyst for an investment bank in the tech bubble, and I'm not a serial entrepreneur. Okay. 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. Year-to-date, we have used cash to increase our dividend to shareholders by 20%, repurchased $300 million worth of shares and paid down $86 million in long-term debt and leases. Now this concludes our prepared remarks. Please go ahead. David Jackson's Net Worth: $1-5 Million Age, Height & Body Measurements David Jackson current age 72 years old. 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. 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). The broader rates look like, peak to trough were down 50%, where contract during that same peak to trough were down 5%. Which we believe will create additional revenue opportunities and improve margins. Seeking Alpha New Year's Sale - 83% OFF Seeking Alpha is running a massive 83% discount on their annual premium plan. I have no business relationship with any company whose stock is mentioned in this article. So for example, you've got the electronic logs. I have a BA in History and English Literature and an MA in Information Sciences, both from the Hebrew University in Jerusalem. You know, there are many startup founders who are just incredible people who say okay, where's a really big market ready for disruption? By using this site, you agree to the . In 2020, summer of 2020 you saw some of the cheapest fuel we've seen in --certainly in oil prices, maybe in ever in the modern era. 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. Might be back.might not. 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. Select this result to view David L Jackson's phone number, address, and more. And I think that's why we like this as a nice complement to our core business. So I think all those go to maybe an environment where supply keeps pace, maybe outpaces the changes in demand. David Jackson, Founder and CEO of Seeking Alpha, explains in this excerpt how and why Seeking Alpha was created. Investors are directed to the information contained in item 1A Risk Factors or Part 1 of the company's annual report on form 10-K filed with the United States SEC for a discussion of the risks that may affect the company's future operating results. Please go ahead. 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. . [Operator Instructions] And your first question will be from Jack Atkinson at Stephens. First is to introduce new profitable revenue streams with lots of growth runway that further diversify our company. 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 . Dave, you spent the majority of your comments kind of laying out why you believe that Knight is a very different company going into the downturn than it was in the past downturn. And so, the next time we address rates well probably be late fourth quarter as we really start the new bid cycle. There's another type of founder of startups of people who build the product that they want themselves. David Jackson is the founder and CEO of Seeking Alpha. Okay. 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. So we'll try and do our best to answer that. Europe, Menlo Park, China), Alternate or previous names for the individual, Total number of current Jobs the person has, Organization Name: This is the name of the organization, Title At Company: Title of a Person's Job, Start Date: Start date of the Person's Job, CB Rank (Hub): Algorithmic rank assigned to the top 100,000 most active Hubs, Number of news articles that reference the Person, London School of Economics and Political Science, M&G European Property Fund embarks on EUR85m French residential project, Billionaires battle for Tribune Publishing, California man guilty of killing 4 in race-related rampage, Texas-Based Choice Homecare Acquires Houston-Based Nextgen Hospice, Kori Muhammad trial: Jury reaches verdict for mass shooter who killed four, Means TV: inside the leftist, worker-owned streaming service, 'Time runs out' for brave boy with tumour so aggressive that chemo won't work. David Jackson Chief Executive Officer at Seeking Alpha David Jackson is the Chief Executive Officer at Seeking Alpha based in New York, New York. 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. Hey, great. So, I wanted to ask on the -- Hi, guys. Source . I mean, a lot of these LTL statistics are public. Actual results may differ. Hey, good afternoon, and thank you for taking my questions. One of the unique things about what its impact on rates are is in freight rates you have headhaul and backhaul markets. The Seeking Alpha Premium service portfolio linking feature allows you to connect your brokerage account with your Seeking Alpha account. More recently, we have demonstrated our ability to improve the logistics business and tap into synergies between truckload and LTL. And so they can save themselves from a lot of maintenance costs by getting into another truck. That's where the most value is created in the supply chain. But I guess, can you help us think about how much of your truckload book right now is spot versus contract? 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. 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. Please go ahead. Please. Now, its nationwide networks, it's different length of hauls, it's not an apples-to-apples comparison. Once again, thank you for participating. What we're talking about is us leveraging the 73,000 trailers we have available within for our customers to fill with truckload freight. CTO & COO. Accessibility: 4/5. Dave and Adam, you guys have seen a lot of freight cycles, you have a lot of great perspective, not to mention all the information you see from your businesses. With Seeking Alpha premium, you can compare seven different stocks at the same time. Now on to Slide three. Price: 4.5/5 (Seeking Alpha Premium costs $19.99/month when billed annually, but you can get it for 50% off with . I appreciate it. Our Logistics segment continues to grow at a rapid pace, while expanding margins. So, you don't expect people to be unbiased, right? I am passionate about building and scaling businesses. And so, there's all kinds of cost savings. We will answer as many questions as time allows. And it sounds like maybe even an expectation that rates will be somewhat stable sequentially. You know, just like restaurant reviews you know it used to be to buy a book, you know the Michelin Guide or Zagat or something like that, and therefore they determined what people thought about restaurants. Our adjusted operating ratio of 78.9% was a 200 basis point improvement over the prior year and was the fourth consecutive quarter in the 70s. We love doing a regular route full truckload. Seeking Alpha. And so I realized, as I saw all of this content starting to be published on the web. Next question will be from Chris Wetherbee at Citi. Top 3 Results for David Jackson. Next to Slide 11. 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. And again, our tax rate is expected to be around 25% for the full year. We very much like a 78.7% operating ratio. 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. And two LTL partners in different parts of the country beginning to work together. Prior to that, I worked at an international department of a leading law firm counseling a range of tech companies and venture capital funds. Read More Contact David Jackson's Phone Number and Email Last Update 11/28/2022 5:56 AM Email d***@seekingalpha.com Engage via Email Contact Number Thanks. 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. Just want to clarify that. 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. Membership fee: $239 per year Free plan available; mobile app Get 50% Off Fortunly Rating Free Plan: Yes Costs: Premium $19.99 per month; Pro $199.99 per month (one-year subscription) Securities: Stocks, ETFs, mutual funds, commodities, cryptocurrencies Years in Business: 18 He left in early 2003 to manage money (long/short) and explore new. Now we've seen a shrink in terms of the earnings, not because the earnings are inferior. The best result we found for your search is David L Jackson age -- in Kansas City, MO in the Rosewood neighborhood. We have pulled some of these containers back into our operations and will continue to do so in 2023. Our call is scheduled to go until 05:30 PM Eastern Time. It was like the wisdom of crowds. We continue to maintain separate brands, while working towards connecting these networks. And I think we have probably less visibility to the projects or type of surge opportunities we may have in the fourth quarter than we typically do this time. So I guess. So now I can see why people, but I can say if I want to go long this stock, now I can at least understand what you know what I should be looking out for. 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. I imagine at least partially as a result of fuel and then clearly you had super strong yields there. Following our commentary, we will answer as many questions as possible. Our mission: Power to Investors. Now on to the next slide. I have no business relationship with any company whose stock is mentioned in this article. Our expansive trailer network allows our customers the ability to optimize thorough our warehouse space and labor costs. All lines have been placed on mute to prevent any background noise. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. David Ganek: Delivering Alpha Unfiltered. In other words, people from around the world create content on Seeking Alpha to share their investing ideas with others. I have an LLB from Bar Ilan University in Israel and an LLM from the New York University School of Law. Our stock coverage is wider and deeper than any other. 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. Slide 12 illustrates the trend of return on net tangible assets. In addition, he makes $2,531,869 as Pres and CEO & Director at Knight-Swift . And yes, there's some fuel surcharge benefit, but you've noted the fact that there was meaningful double digit yield improvement. Questions as time allows that we approach power-only with our customers the ability optimize! Information internally and to our customers that will lead to more opportunities to utilize our equipment when billed annually but. The whole trailer fleet that we have demonstrated our ability to optimize thorough our warehouse space and labor costs its! Future, please enable Javascript and cookies in your browser floor is would be helpful seamless information internally to... 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