Old Dominion Freight Line, Inc.

Good day and welcome to the Old Dominion Freight Line Third Quarter 2022 Earnings Conference Call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, send one on a touch-tone phone. To withdraw your question, please press star, send two. Please note, this event is being recorded. I would now like to turn the conference over to Drew Anderson. Please go ahead.

Thank you. Good morning, and welcome to the third quarter 2022 conference call for Old Dominion Freight Line. Today's call is being recorded and will be available for replay beginning today and through November 2nd, 2022 by dialing 1-877-344-7000. The replay of the webcast may also be accessed for 30 days at the company's website. This conference call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements, among others, regarding Old Dominion's expected financial and operating performance. For this purpose, any statements made during this call that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, the words believes, anticipates, plans, expects, and similar expressions are intended to identify forward-looking statements. You are hereby cautioned that these statements may be affected by the important factors among others, set forth in Old Dominion's filings with the Securities and Exchange Commission and in this morning's news release, and consequently, actual operations and results may differ materially from the results discussed in the forward-looking statements. The company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise. As a final note, before we begin, we welcome your questions today. But we ask in fairness to all that you limit yourselves to just a couple of questions at a time before returning to the queue. Thank you for your cooperation. At this time for opening remarks, I would like to turn the conference over to the company's president and chief executive officer, Mr. Greg Gant. Please go ahead, sir.

Good morning and welcome to our third quarter conference call. With me on the call today is Adam Satterfield, our CFO. After some brief remarks, we'll be glad to take your questions. During the third quarter, the Old Dominion team extended the company's track record for double-digit growth in revenue and profitability. The third quarter of 2022 was our seventh straight quarter with double-digit revenue growth and the ninth straight quarter of double-digit growth in earnings per diluted share. These financial results reflect the ongoing strength and demand for our services as we continue to deliver value to our customers by providing superior service at a fair price. Consistently executing on this key element of our long-term strategic plan is critical to our continued ability to win long-term market share. We were pleased to provide our customers with 99% on-time service and a cargo claims ratio of 0.2% during the third quarter. Service means much more than just picking up and delivering our customers freight on time and damage free. In fact, Matthew and Company conducts a comprehensive industry study each year that most recently measured carriers on 28 service and value related attributes. We are extremely proud that Mascio recently named OD as the number one LTL provider for the 13th straight year. In this latest survey, shippers and logistics professionals ranked OD as number one for 24 of the 28 individual attributes. The consistency of our service performance over many years, as validated by Mascio, reflects the commitment from each of our team members who works hard every day to go above and beyond for our customers. Our superior service performance has not only allowed us to win market share over the long term, it has also supported our long-term yield management strategy. This simple strategy focuses on increasing our yields to offset our cost inflation each year. while also supporting our ongoing investments in capacity. We have consistently invested 10% to 15% of our revenue in capital expenditures each year, regardless of the economic environment. Investments in our fleet and technologies have helped us improve our operating efficiency and customer service, while the significant investments in our service center network generally support our growth. We have expanded the capacity of our service center network by over 50% in the past 10 years while doubling our market share, and we believe further investments will be necessary to ensure that our network is never a limiting factor to our growth. We believe a big part of our value proposition is having available capacities when our customers need it the most. The capacity advantage we have in the marketplace was especially critical for customers that dealt with various supply chain issues over the past two years, while industry capacity was generally limited. We increased our revenues by over $2 billion over the past two years, which would not have been possible if we had not consistently increased our network capacity. Our business model continues to prove itself time and again, and we are extremely grateful to our customers for their trust in us. Freight is a relationship business, and we believe our superior service, available network capacity, and consistent approach to pricing have allowed us to strengthen our long-term relationships. We also believe the value offered by a carrier is becoming increasingly important to shippers, which is why we remain absolutely committed to executing on the fundamental elements of our long-term strategic plan. As a result, we will continue to focus on providing customers with superior service at a fair price. We will also continue to invest in our OD family of employees, our fleet, and our service center network to support our long-term growth initiatives. Old Dominion has the financial strength to make these investments And as a result, we believe we are better positioned than any carrier to produce long-term profitable growth and increase shareholder value. Thank you for joining us this morning. And now Adam will discuss our third quarter financial results in greater detail.