What changed in this filing

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

2026-03-31 compared with 2025-03-31 · 25 added, 21 removed, 4 unchanged (92% of the section changed)

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

and Fuel Cost

Most of the Company’s operating expenses are inflation-sensitive,

with inflation generally producing increased costs of operations.

Historically, the Company has limited the effects of inflation on its

business through increases in freight rates and certain cost controls.

The most relevant items impacted by inflation to the Company are

the cost to insure and maintain the fleet.

Significant inflation has been experienced in insurance and claims costs related to health

insurance and claims as well as auto liability insurance and claims.

Significant price increases in revenue equipment have impacted the

cost for the Company to acquire new equipment.

The cost increases have also impacted the cost of parts for equipment repairs and maintenance,

inclusive of tires.

Over the long term, general economic growth and industry supply and demand conditions have allowed increases in rates

charged to customers, although these rate increases have significantly lagged the increases in tractor prices and related depreciation

of the Company’s operating expenses are inflation-sensitive, with inflation generally producing increased costs of operations.

Historically, the Company has limited the effects of inflation on its business through increases in freight rates and certain cost controls.

The most relevant items impacted by inflation to the Company are the cost to insure and maintain the fleet.

Significant inflation has

been experienced in insurance and claims costs related to health insurance and claims as well as auto liability insurance and claims.

Significant price increases in revenue equipment have impacted the cost for the Company to acquire new equipment.

The cost increases

have also impacted the cost of parts for equipment repairs and maintenance, inclusive of tires.

Over the long term, general economic

growth and industry supply and demand conditions have allowed increases in rates charged to customers, although these rate increases

have significantly lagged the increases in tractor prices and related depreciation expense.

addition to inflation, significant fluctuations in fuel prices can adversely affect the Company’s operating results and profitability.

The Company has attempted to limit the effects of increases in fuel prices through certain cost control efforts and its fuel surcharge

The Company receives fuel surcharges on all Company Driver accounts.

Although the Company historically has been able to pass

through most long-term increases in fuel prices and operating taxes to customers in the form of surcharges and higher rates, these arrangements

The Company receives fuel surcharge revenues on all Company Driver moves.

Although the Company historically has been able to

recover most long-term increases in fuel prices and operating taxes to customers in the form of surcharges and higher rates, these arrangements

generally do not fully protect the Company from short-term fuel price increases or continued rising price environments like the Company

experienced throughout 2023 and 2024.

These arrangements may also prevent the Company from receiving the full benefit of any fuel price

Additionally, the Company generally does not receive fuel surcharge on empty miles.

experienced throughout 2023 and 2024, and as has recently occurred with Middle East conflict.

These arrangements may also prevent the

Company from receiving the full benefit of any fuel price decreases.

Additionally, the Company generally does not receive fuel surcharge

on empty miles.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

consolidated financial statements and supplementary data are included as a separate section of this Annual Report on Form 10-K commencing

on page F-1 and are incorporated herein by reference.

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING

AND FINANCIAL DISCLOSURE

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 7A. Quantitative and Qualitative Disclosures About Market Risk