C.H. Robinson Worldwide, Inc.

Good afternoon, ladies and gentlemen. Welcome to the C.H. Robinson Second Quarter 2026 Conference Call. At this time, all participants are in a listen-only mode. Following the company's prepared remarks, we will open the line for a live question-and-answer session. To ask a question, please press star 1 on your telephone keypad. If anyone needs assistance at any time during the conference, please press star 0. As a reminder, this conference is being recorded Wednesday, July 29, 2026. I would now like to turn the conference over to Chuck Epps, Senior Director of Investor Relations.

Thank you, Operator, and good afternoon, everyone. On the call with me today is Dave Bozeman, our President and Chief Executive Officer, Michael Castagnetto, our President of North American Surface Transportation, Arun Rajan, our Chief Strategy and Innovation Officer, and Damon Lee, our Chief Financial Officer. I'd like to remind you that our remarks today contain forward-looking statements. Slide 2 in today's presentation lists factors that could cause our actual results to differ from management's expectations. Our earnings presentation slides are supplemental to our earnings release and can be found in the investor section of our website at investor.chrobinson.com. Today's remarks also contain certain non-GAAP measures and reconciliations of those measures to GAAP measures are included in the presentation. With that, I'll turn the call over to Dave.

Thank you, Chuck. Good afternoon, everyone, and thank you for joining us today. I want to begin by thanking our people for their relentless efforts to provide exceptional service to our customers and carriers, for embracing the Robinson operating model and continuing to execute with discipline. These efforts contributed to the high quality earnings we reported today. When I became CEO three years ago, We committed to delivering higher highs and higher lows across freight market cycles. Our second quarter results are yet another example of delivering on that commitment. Despite being in the trough of the freight market demand cycle, with the cast freight shipment index declining on a year-over-year basis for the 15th consecutive quarter, we hit our mid-cycle operating margin targets in both NAST and global forwarding in Q2. We achieved this through disciplined execution of our Lean AI strategy, which has enabled us to identify and remove waste and to automate manual processes in the quote-to-cast lifecycle of an order. The result has been evergreen productivity improvements of over 60% since the end of 2022 in both NAST and Global Forwarding. The execution of our strategy has also enabled us to build a scalable model with significant operating leverage, which contributed to the 20% year-over-year increase in our adjusted operating income. But our lean AI strategy isn't just about generating higher productivity. First and foremost, it needs to result in better service to our customers and carriers. And our scores related to customer satisfaction are exceptionally strong. As we continue to purposely engineer our work to drive higher automation, and industry-leading cost to serve and service to our customers and carriers that is better than ever, we've consistently gained market share in our NAS business. Q2 was the 13th consecutive quarter in which our year-over-year NAS volume growth outpaced CAST Freight Shipment Index. Our team also continued to exercise our disciplined revenue management practices while the North American trucking market reflected a period of significant supply-driven tightening. This tightening caused our truckload line haul cost per mile to increase 29% year-over-year, putting significant pressure on our contractual margins. And we still delivered a truckload AGP per load that was approximately flat year-over-year. As we've said consistently, we're not immune to an increase in spot rates. but our revenue management disciplines and our improved price and cost discovery enable us to manage through spot rate inflections better than we ever have in the past. In our global forwarding business, the team continues to help our customers navigate ongoing disruptions across global shipping networks. And they continue to implement the same revenue management disciplines that have been successfully deployed in NAST. Additionally, they are moving from manual reactive work that is dependent on manual handoffs towards automated workflows that are faster, more connected, and easier to manage at scale. While this journey is still ongoing, we're already seeing encouraging progress in several areas. And as a result, the Global Forwarding Team delivered year-over-year productivity improvements of more than 15% in Q2 and achieved an adjusted operating margin excluding restructuring of 33.4%. Our ability to consistently deliver secular earnings growth over the last two plus years is a result of focusing on controlling what we can control and the strength of our lean AI strategy. Lean AI is our unique, disciplined approach to AI innovation that is transforming supply chains. It combines the principles of our Robinson operating model, rooted in lean methodology, with the power of custom-built AI and the expertise of our people to maximize value, minimize waste, and drive better outcomes for our customers and carriers. We'll continue to focus on providing differentiated service and solutions to our customers and carriers, executing with discipline, and improving our business model and our cost to serve. We're highly confident in our ability to continue executing on all of our strategic initiatives, and the strategies that our team is executing are built to be effective in any market environment. We're excited about the prospects for a possible return to a healthier demand environment. Our industry-leading cost-to-serve model is highly scalable and we expect it to strengthen further as we harness AI's capabilities to automate more of the quote-to-cash lifecycle of a load. AI is changing the way the world works. We recognize that early on and embrace it as an important part of transforming Robinson into a different and better company. And we also recognize that it can amplify the expertise of our people and help them thrive in more strategic roles. As the industry pacesetter for cutting edge innovation and differentiated solutions, we will continue to use our domain expertise to build technology that delivers on our customer promise and drives higher value for all of our stakeholders. And while we're pleased with our secular earnings growth over the past two plus years, our transformation is still in its early stages. We have significant runway remaining as we continue to strengthen the lean mindset and scale custom-built AI agents across the enterprise. I'll turn it over to Michael now to provide more details on our NAS results.