Schneider National, Inc. (SNDR) Presents at Morgan Stanley's 14th Annual Laguna Conference Transcript

Saving the best for last on day 1, we have Schneider and very happy to welcome back President and CEO, Jim Filter. Jim, welcome to Laguna. CFO, Darrell Campbell; and Vice President of Investor Relations and Corporate Finance, Christyne McGarvey. Gentlemen, thanks so much for being here.

Obviously, focus has been very much on the cycle and the goods and bads that come with it, and we have seen both sides of that today. So maybe just at a high level, I'll have you start with just what are you seeing out there? And kind of when you consider all these moving parts, kind of, is that a net good or a net bad for you?

Yes, yes. So I'll start out with a little bit on demand, which has been stable. There's some pockets where we're seeing some areas of strength. But the huge drivers of auto and homes really not a lot of activity, but it's not falling backwards either. But all the activity that we've seen has been in capacity. And we've been talking about this for multiple years that we saw 50,000 drivers come into the long-haul truck market in a short period of time at a time that we have been talking about, people aren't generally moving into this industry, and they were coming in at a cost point that was far below what we saw was as rational. And so we knew some things were not playing by the same rules as