Saia, Inc.

Good morning and welcome to the SIA Incorporated fourth 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 Matt Pate, SIA's Executive Vice President and Chief Financial Officer.

Please go ahead. Thank you, Gary. Good morning, everyone. Welcome to SIA's fourth quarter 2024 conference call. With me for today's call is SIA's President and Chief Executive Officer, Fritz Holskrein. Before we begin, you should know that during this call, we may make some forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements and all other statements that might be made on this call that are not historical facts are subject to a number of risks and uncertainties, and actual results may differ materially. We refer you to our press release and our SEC filings for more information on the exact risk factors that could cause actual results to differ. I will now turn the call over to Fritz for some opening comments.

Good morning, and thank you for joining us to discuss Si's fourth quarter and full year results. I'd like to start by thanking all of our team members for all the hard work they put in in 2024. We wrapped up our 100th year crossing $3 billion in revenue, a record for the company, delivering nearly 9 million shipments. Our 100th year marked a record year of investment for the company. We opened 21 terminals in 2024, which is by far a record, and we relocated an additional nine terminals. We ended the year with 214 terminals and now have a national footprint, enabling us to provide direct service to our customers in the 48 contiguous states. The record level of real estate investments we made in 2024 officially positioned SIA as a leading national carrier, allowing us to better service our existing customers and grow with new customers. In addition to investments in real estate, 2024 was also a record year for equipment as we in-serviced over 6,000 trailers. This investment in our fleet allows us to better service our customers and provide unique solutions for their needs. In addition to record capital investments, 2024 represented notable growth in our most important asset, our people, as we onboarded over 1,300 new team members. Each new team member goes through a training program that's focused on our core values, starting with customer first. Our record-level investment in 2024 represents our commitment to putting the customer first and ensuring that we're instilling our great SCIA culture in each of our new locations. While underlying macro trends remain uncertain, our year-over-year results continue to reflect the growth experience since mid-2023. Our fourth quarter revenue of $789 million increased from last year's fourth quarter by 5% and is a record for any fourth quarter in our company's history. Shipments per workday increased 4.5 percent, and revenue per shipment excluding fuel surcharge increased 1.3 percent. Weight per shipment increased 3.7 percent in the quarter, while length of haul was up modestly. Yield or revenue per hundredweight excluding fuel surcharge decreased 2.3 percent, and it was impacted by the increased weight per shipment and reflects our continued mix optimization efforts. Compared to Q3, yield excluding fuel surcharge improved 1% as we continue to seek markets and customers that value our differentiated service. Our fourth quarter operating ratio of 87.1% deteriorated seasonally by 210 basis points compared to our operating ratio of 85 posted in the fourth quarter last year. We remain intently focused on our pricing and mix optimization initiatives We're encouraged to see waper shipment trend in a positive direction sequentially. While we don't view this as an indicator that the macro backdrop or an industrial customer is turning positive, the increased waper shipment reflects our continued efforts around mixed management through the GRI and contractual renewals. As is typical, we did see some volume shift in the weeks after the GRI was implemented in late October, but we remain focused on ensuring that we're compensated appropriately for the quality and service that we provide to customers. Similarly, contractual renewals remain strong in the quarter, averaging 7.9 percent. We're very pleased with the progress of our new terminal openings. Throughout the year, each of our 21 new openings presented us with the opportunity to grow with new and existing customers. Establishing the SCI culture in each of these terminals has been critical, and as we've discussed previously, opening these new terminals required extensive recruiting, onboarding, and training, which are costs that are incurred ahead of opening. While these new openings in total remain a drag on the company OR, we're starting to see the new terminals operate more efficiently, and we're very pleased with our execution. As discussed last quarter, the investments in our network are not for the current quarter or year, but rather long-term investments that help us continue to support our customers. I'll now turn the call over to Matt for more details from our fourth quarter and full year results.