Old Dominion Freight Line, Inc.

Good morning and welcome to the Old Dominion Freight Line second quarter 2024 earnings conference call. All participants will be in 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 then one on your telephone keypad. To withdraw your question, please press star then two. Please note, this event is being recorded. I would now like to turn the conference over to Jack Adkins, Director of Investor Relations. Please go ahead.

Thank you, Gary, and good morning, everyone, and welcome to the second quarter 2024 conference call for Old Dominion Freight Lines. Today's call is being recorded and will be available for replay beginning today and through July 31, 2024, by dialing 1-877-344-2700. 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 Security 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 ask that you limit yourself to just one question at a time before returning to the queue. At this time, I would like to turn the conference call over to Mr. Marty Freeman, the company's president and chief executive officer, for opening remarks. Marty, please go ahead, sir.

Good morning, and welcome to our second quarter conference call. With me today on the call is Adam Satterfield, our CFO. After some brief remarks, we will be glad to take your questions. Old Dominion second quarter results represent our third consecutive quarter with year-over-year growth in revenue and earnings per diluted share, despite the ongoing sluggish in the domestic economy. These results were made possible by the hard work and dedication of the OD family of employees who continued to execute our long-term strategic plan during the second quarter. I'd like to congratulate our outstanding team for maintaining our commitment to providing superior customer service at a fair price, as well as our disciplined approach to managing yield, our laser focus on operating efficiencies and controlling our discretionary spending. Delivering superior service at a fair price is the cornerstone of our business model, and our unmatched value proposition has continued to differentiate Old Dominion Freight Line from our competition. I'm pleased to report that during the second quarter, we once again provided an on-time service level of 99 percent and a cargo claims ratio of 0.1 percent, constantly delivering the level of service for our customers regardless of the economic cycle. has strengthened our customer relationships over time. We help our customers keep their promises they have made to their customers by delivering their freight on time and damage-free, which in turn allows us to continue to help the world keep their promises. The consistency of our service is also validated by Mastio and Company, who has named OD as the number one national LTL carrier for 14 consecutive years. Our strong track record of industry-leading service also means our customers view us as a trusted partner, which supports our consistent cost-based approach to pricing. Our long-term yield management strategy is designed to help offset our cost inflation while also supporting further investment in the capacity and technology that our customers expect. We have been one of the only LTL carriers to constantly and consistently invest in new capacity over the past 10 years, which has supported our ability to almost double our market share over the same period. We are committed to constantly investing ahead of our anticipated growth curve, which is another differentiating quality for Old Dominion and what has been and what we believe will continue to be a capacity-constrained industry. Over the past 10 years, we have invested over $2 billion in our service center network, and we plan to invest another $350 million on real estate this year. These investments have positioned us to grow with our customers over time through the ups and downs of the economic cycle, which hasn't been the case with most of our competitors. Maintaining excess capacity in our service center network, which has approximately 30% at the end of the second quarter, It does create some short-term cost headwinds during periods with slower demand, but we are confident that the capacity will be critical to support our customers when the economic environment starts to improve and business levels re-accelerate. With all that said, our network investments are not being made simply to handle the overflow during stronger periods of economic activity. As we look into the future, we believe demand for service-sensitive LTL capacity will continue to grow. We believe that the combination of our best-in-class service and disciplined investments in network capacity position us to capture even more of the growing market in the years ahead. Over the last decade, Old Dominion Freight Line has won more market share than any other LTL carrier by consistently executing our strategic plan and remaining focused on long-term opportunities instead of short-term challenges. While we continue to wait on a recovery in the domestic economy, we believe the investments in our network, our technology, and most importantly, our people will continue to drive value to our customers. As a result, we believe we are the best positioned carrier in our industry to win market share over the long term while further enhancing shareholder value. Thank you today for joining us this morning, and now Adam will discuss our second quarter financial results in greater detail. Adam?