J.B. Hunt Transport Services, Inc.

Good afternoon. Thank you for attending today's J.B. Hunt's second quarter 2022 earnings conference call. My name is Amber and I will be your moderator for today's call. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. If you would like to ask a question, please press star one on your telephone keypad. I now have the pleasure of handing the conference over to our host, Brad Delco, Senior Vice President of Finance with J.B. Hunt. Brad. Please proceed.

Good afternoon. Before I introduce the speakers, I would like to take some time to provide some disclosures regarding forward-looking statements. This call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1955. Words such as expects, anticipates, intends, estimates, or similar expressions are intended to identify these forward-looking statements. These statements are based on J.B. Hunt's current plans and expectations and involve risks and uncertainties that could cause future activities and results to be materially different from those set forth in the forward-looking statements. For more information regarding risk factors, please refer to J.B. Hunt's annual report on Form 10-K and other reports and filings with the Securities and Exchange Commission. Now, I would like to introduce the speakers on today's call. This afternoon, I am joined by our CEO, John Roberts. Our CFO, John Kulo. Shelly Simpson, Chief Commercial Officer and EVP of People and Human Resources. Nick Hobbs, Chief Operating Officer and President of Contract Services. Darren Field, President of Intermodal. And Brad Hicks, President of Highway Services. At this time, I would like to turn the call to our CEO, Mr. John Roberts, for some opening remarks. John?

Thanks, Brad, and good afternoon. Thank you for joining our call today. We are pleased with our performance in the second quarter despite challenges around key factors of our business, including labor, equipment availability, and rail service. The quarter did present evidence of a cyclical shift in market balance in certain areas of our business, and we see macro data that informs us about our current position, such as spot rates and used truck values. That said, and most importantly, our results for the corridor continue to reveal the changes we have worked to implement to enhance our position in each segment of the company based on lessons learned and experiences gained over many, many years and cycles. There are different characteristics of our business segments that should be complementary to the needs of our customers in all economic conditions. These include a flexible, much lighter asset position in our highway services offerings, Compelling solutions for private fleet conversions aiding in the nuances of managing advanced transportation networks. A more economical and carbon-friendly full-load services offering an intermodal and a final mile delivery position that addresses a secularly growing demand channel. We remain in a leadership position across our many businesses. and from a position of strength financially and on the team's experience and ability to navigate through an ever-changing, constantly evolving global supply chain. I am encouraged to be in healthy, cash-generating businesses across the company. Let me address the clear service challenges we are experiencing with our rail providers. We are in active discussions with the highest levels of our primary rail providers to continue our work on improving service reliability and velocity. We remain confident that the right decisions and investments will be made to bring us back to where we need to be. We remain committed to the path we are on with Intermodal and have made no changes to our plans with the expectation for the noted improvements to show through in the second half of this year. In fact, at this point, we have made no alterations to our plans for the year in our equipment and capital expenditure allocations. While we acknowledge there are timing and delivery challenges, we take a long view and know that we have extended needs in all categories for replacement and growth assets. This position recognizes so-called crosswinds we are experiencing as noted and will be covered more during this call. Our direction is fully informed using real-time data on all key aspects of each business and input from our customers. Our leadership team is here and will cover each business more specifically for you. But before that, I will turn the call over to our CFO, John Kulove, for his thoughts on the quarter. John?