What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2025-02-21 compared with 2024-02-23 · 65 added, 90 removed, 149 unchanged (51% of the section changed)

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and its subsidiaries (together “Schneider,” the “Company,” “we,” “us,” or “our”) are among the largest providers of multimodal surface transportation and logistics solutions in North America.

We offer a scaled portfolio of services and an array of capabilities and resources that leverage artificial intelligence, data science, and analytics to provide innovative solutions that coordinate the timely, safe, and effective movement of customer products.

The Company offers truckload, intermodal, and logistics services to a diverse customer base throughout the continental U.S., Canada, and Mexico.

We were founded in 1935 and have been a publicly held holding company since our IPO in 2017.

Our stock is publicly traded on the NYSE under the ticker symbol “SNDR”.

Our stock is publicly traded on the NYSE under the ticker symbol “SNDR.” Schneider was added to the S&P SmallCap 600 Index in July 2024.

Our portfolio of complementary service offerings enables us to serve the diverse needs of our customers and to allocate capital in a manner that seeks to maximize returns across all market cycles and economic conditions.

Our service offerings include transportation of full-truckload freight, which we directly transport utilizing either our company-owned transportation equipment and company drivers, owner-operators, or third-party carriers under contract with us.

Our service offerings include transportation of full-truckload freight, which we directly transport utilizing our company-owned transportation equipment and company drivers, owner-operators, or third-party carriers under contract with us.

We have arrangements with most of the major North American rail carriers to transport freight in containers.

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We categorize our operations into the following reportable segments:

• Truckload – Over-the-road freight transportation via dry van, bulk, temperature-controlled, and flat-bed trailers across either network or dedicated configurations.

Freight is transported and delivered by our company-employed drivers in company trucks and by owner-operators with company-owned trailers, and executed through long-haul or regional services, including customized solutions for high-value and time-sensitive loads throughout North America.

• Truckload – Over-the-road freight transportation via dry van, bulk, temperature-controlled, and flat-bed trailers across either dedicated or network configurations.

Freight is transported and delivered by our company-employed drivers in company trucks and by owner-operators with company-owned trailers and executed through long-haul or regional services, including customized solutions for high-value or time-sensitive loads throughout North America.

• Intermodal – Door-to-door container on flat car service through a combination of rail and dray transportation, in association with our rail providers.

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We forge long-term relationships with our customers as an integral partner in, and extension of, their supply chains.

Our strategy is based on delivering superior experiences to our customers utilizing an integrated, multimodal approach to provide capacity-oriented solutions centered on delivering customer value and industry-leading service.

Our strategy is based

on delivering superior experiences to our customers utilizing an integrated, multimodal approach to provide capacity-oriented solutions centered on delivering customer value and industry-leading service.

We believe our operating strategy adds value to customers, fuels our earnings, and generates shareholder returns.

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Business Developments

On December 2, 2024, the Company completed the acquisition of Cowan Systems, a privately held truckload carrier based in Baltimore, Maryland that offers customized delivery solutions for retail and food manufacturing customers.

Cowan Systems provides mainly dedicated and logistics services that complement our operations.

The operating results of Cowan Systems are reported in our Dedicated and Logistics operations as part of our Truckload and Logistics segments beginning on the closing date of the acquisition.

On August 1, 2023, the Company completed the acquisition of M&M, a privately held truckload carrier based in West Bridgewater, Massachusetts that primarily provides specialty solutions for retail and manufacturing customers.

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The operating results of M&M are reported in Dedicated operations as part of our Truckload segment beginning in the third quarter of 2023.

Refer to Note 2, Acquisitions, for additional details on our acquisition of M&M and other recent acquisitions.

Refer to Note 2, Acquisitions, for additional details on our acquisitions of Cowan Systems and M&M.

Industry and Competition

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Our Intermodal segment competes with intermodal providers and other transportation service companies, including truckload carriers.

We have exclusive agreements with three precision-scheduled Class I railroad providers, which augments our differentiation in the market and allows for increased freight reliability.

The logistics industry is a large, fast-growing, and fragmented market that represents an integral part of the economy.

We have agreements with three precision-scheduled Class I railroad providers, which

augments our company dray differentiation in the market and allows for increased freight reliability.

The logistics industry is a large, fast-growing, and fragmented market representing an integral part of the economy.

Logistics plans, implements, and controls the movement and storage of goods, generally using the assets of others.

Our Logistics segment competes with other logistics companies, brokerage businesses, and truckload carriers.

During the year ended December 31, 2023, we offered our services to approximately 8,400 customers across our portfolio, including nearly 150 Fortune 500 companies, and 24 of our top 25 customers used services from all three of our reportable segments.

During the year ended December 31, 2024, we offered our services to approximately 7,850 customers across our portfolio (excluding customers from our recent Cowan Systems acquisition), including 134 Fortune 500 companies, and 22 of our top 25 customers used services from all three of our reportable segments.

Our Logistics segment manages over 20,700 qualified carrier relationships and managed approximately $2.4 billion of third-party freight in 2024.

Our revenue is derived from a diverse customer base across a broad end-market footprint, encompassing numerous industries including consumer products, retail, auto, chemicals, electronics and appliances, e-commerce, home improvement, and food and beverage.

Our diversified revenue mix and customer base allow for revenue and yield management stability throughout the year, despite the fact that many of our customers are also affected by seasonal fluctuations.

Our diversified revenue mix and customer base allow for revenue and yield management stability throughout the year, despite the fact that many of our customers are affected by seasonal fluctuations.

Transportation Equipment

Our company-owned transportation equipment fleet was comprised of the following at December 31, 2023:

Our company-owned transportation equipment fleet was comprised of the following as of December 31, 2024:

Transportation Equipment Type Approximate Number of Units

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Human Capital Management

Schneider is committed to promoting a diverse and inclusive culture that values and respects the varied talents and perspectives of our associates.

Schneider is committed to promoting an inclusive culture that values and respects the varied talents and perspectives of our associates.

We recognize the advantage of hiring and retaining associates who contribute to the creation of value for our shareholders.

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As of December 31, 2024, we employed approximately 19,400 associates, 69% of whom are drivers, with the remaining 31% consisting of mechanics and warehouse personnel, managers, and other corporate office associates.

Approximately 15% of our associates are based at our headquarters in Green Bay, Wisconsin.

Approximately 12% of our associates are based out of our headquarters in Green Bay, Wisconsin.

We have not experienced any work stoppages and consider our associate relations to be good.

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Succession planning is regularly performed to help identify and develop a pipeline of talent in critical roles within our organization.

Additionally, we routinely conduct market analyses to evaluate the competitiveness of our wages and benefits, and we offer associates classroom, virtual, and web-based training options through our comprehensive learning program.

We further our talent development through a comprehensive learning program that offers associates classroom, virtual, and web-based training options.

Additionally, we routinely conduct market analyses to evaluate the competitiveness of our wages and benefits.

Associate Engagement

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We routinely benchmark pay and benefits against peers and companies in jurisdictions where we operate to evaluate whether our total package is fair, competitive, and meets the needs of our associates.

Our comprehensive package includes competitive pay, tuition reimbursement, medical, dental, vision, wellness programs, mental health support, 401(k) savings and retirement, work schedule flexibility, paid time off, disability and a wide variety of other voluntary insurance options, recognition programs, and development and career growth opportunities.

Our comprehensive package includes competitive pay, tuition reimbursement, medical, dental, vision, wellness programs, mental health support, 401(k) savings and retirement, work schedule flexibility, paid time off, disability benefits and a wide variety of other voluntary insurance options, recognition programs, and development and career growth opportunities.

Some of our driver pay packages include minimum guarantees while providing increasing pay by experience level and incentivizing for performance.

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Our CAT Program enables these candidates to earn their CDL in their first few weeks of training then continue training under the supervision of experienced driver trainers to strengthen and hone their driving skills.

Diversity and Inclusion

We believe diversity fuels innovation, improves strategic thinking, and cultivates leadership.

‘Respect for All’ is one of our four core values.

We embrace and seek diversity that is inclusive of thought, race, ethnicity, gender, age, religion, sexual orientation, experience, and background.

Furthering our Company’s diversity and inclusion goals and objectives is incorporated into our hiring, training and development programs, performance management, and community giving programs so that we nurture an environment where associates feel safe, supported, and empowered to share their creativity, experiences, and ideas.

Creating communities rooted in a culture of belonging is the ultimate goal of Schneider’s BRGs.

We have six BRGs for associates who share identity, life experience or common purpose, and who come together to fulfill both individual and group goals that tie to business strategies and objectives.

Finally, we are proud supporters of military veterans and have been recognized as a top military-friendly employer.

“Safety first and always” is a Schneider core value.

We believe we have a responsibility to our associates, customers, and the community to operate safely.

Inclusive Culture

We believe an engaged and inclusive workforce fuels innovation, improves strategic thinking, and cultivates leadership.

We value diversity of thought, race, ethnicity, gender, age, religion, sexual orientation, experience, and background.

We nurture an environment where associates feel safe, supported, and empowered to share their creativity, experiences, and ideas throughout our hiring processes, training and development programs, performance management, and community giving programs.

Creating communities rooted in a culture of belonging is the ultimate goal of Schneider’s Business Resource Groups (BRGs).

Our BRG’s are for associates who share identity, life experience, or common purpose, and who come together to fulfill both individual and group goals that tie directly to business strategies and objectives.

Finally, we are proud supporters of military veterans and continue to be recognized as a top military-friendly employer, as well as consecutively being recognized as a top company for women in transportation.

“Safety first and always” is a Schneider core value, and we believe we have a responsibility to our associates, customers, and the community to operate safely.

Our safety culture is built on five key components:

• Driver hiring and drug testing .

We hire both experienced drivers and drivers new to the industry through a comprehensive hiring process.

• Driver hiring and drug testing – We hire both experienced drivers and drivers new to the industry through a comprehensive hiring process.

As part of that process, we voluntarily choose to use hair testing in addition to mandated urine-based drug testing.

While costing more per driver, hair testing is generally more accurate than urine-based testing.

• Military drivers .

We support service members and veterans and employ many drivers with military experience.

• Military drivers – We support service members and veterans and employ many drivers with military experience.

This experience produces quality truck drivers due to the discipline instilled through military training programs.

Initial training is complemented by regularly scheduled follow-up training to sustain and enhance basic skills.

• Training – Initial training is complemented by regularly scheduled follow-up training to sustain and enhance basic skills.

We operate company-sponsored driver training facilities and have invested in simulators for both initial and sustainment training.

• Equipment and technology .

We invest in trucks that are configured with roll stability, collision mitigation, lane departure warning, and forward-facing cameras.

• Equipment and technology – We invest in trucks that are configured with roll stability, collision mitigation, lane departure warning, MirrorEye, and/or forward, side, and rear-facing cameras.

Driving behavior is electronically monitored, alerts are provided to the driver situationally, and performance is documented for subsequent coaching.

We also employ electronic logging to improve HOS compliance and reduce fatigue occurrences.

• Active management .

Driver leaders and safety coordinators have real-time access to activity in the truck, facilitating situational and scheduled coaching.

We have invested in predictive analytics that assist in proactively identifying drivers with potential safety issues and recommending a remediation path.

• Active management – Driver leaders and safety coordinators have real-time access to activity in the truck, facilitating situational and scheduled coaching.

We have invested in predictive analytics that assist in proactively identifying drivers with potential safety issues and recommending remediation paths.

Truckload carriers share safety performance information in monitored peer-to-peer forums.

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Owner-Operators

In addition to the company drivers we employ, we enter into contracts with independent contractors who work as “owner-operators”.

Owner-operators are small business owners who own and maintain their own trucks, may employ drivers they hire, and provide us with services under a contractual arrangement whereby they are generally responsible for the costs of truck ownership and operating expenses.

In addition to the company drivers we employ, we enter into contracts with independent contractors who work as “owner-operators.” Owner-operators are small business owners who own and maintain their own trucks, may employ drivers they hire, and provide us with services under a contractual arrangement whereby they are generally responsible for the costs of truck ownership and operating expenses.

Owner-operators select their own load assignments, have control over their schedule, and are compensated on a per load basis.

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Additionally, we continue to evaluate alternative fuel vehicles, and our efforts to improve overall fleet fuel efficiency and reduce GHG emissions are ongoing.

During 2023, we added nearly 100 Class 8 BEVs to our Intermodal fleet based out of California to contribute toward the Company’s goal of cutting its CO 2 emissions by 7.5% per mile by 2025 and 60% per mile by 2035, and we continue to look for opportunities to expand our battery-electric fleet.

As of mid-2023, we were already more than halfway to our goal of reducing CO 2 emissions by 7.5% per mile by 2025, as compared to our baseline established in 2020, and expect to fully achieve this goal in 2025.

Additionally, in 2023 we delivered over 1 million emission free miles via our BEVs operating in California.

This milestone has kept approximately 3.3 million pounds of CO 2 emissions out of the environment.

In addition to efforts to make our fleet more efficient and reduce emissions, we are focused on improving sustainability at our operating facilities including upgrading to high-efficiency lighting and enhancing existing programs for recycling motor oil, tires, and batteries.

We have deployed nearly 100 Class 8 BEVs in our Intermodal fleet to further the Company’s efforts to make our fleet more efficient and reduce emissions and are focused on improving sustainability at our operating facilities including upgrading to high-efficiency lighting and enhancing existing programs for recycling motor oil, tires, and batteries.

We are an EPA SmartWay® Transport Partner and are proud to be one of only four freight carriers to receive the EPA’s SmartWay® Award of Excellence each year since the award was created.

We were the first company to receive the National Safety Council’s Green Cross for Safety Award for two consecutive years.

In 2024, all three of our reportable segments achieved the highest SmartWay® performance ranking.

We are the only company to receive all three of the National Safety Council’s Green Cross for Safety Award for Safety Advocacy, Excellence, and Innovation.

We established GREEN, an internal BRG, which focuses on educating associates on how to enhance sustainability and improve the environmental health of communities where we operate.

Finally, we opened The Grove on our main campus in Green Bay, WI.

This state of the art facility leverages both geothermal and solar energy to maximize resource efficiency in the facility as part of our commitment to sustainability.

As always, we continue to ingrain safety into our corporate culture and strive to conduct all of our operations as safely as possible.

Finally, we opened The Grove on our main Green Bay, WI campus in 2023.

This state-of-the-art facility leverages both geothermal and solar energy to maximize resource efficiency.

The interior of The Grove contains furniture made of post-industrial materials as part of our commitment to sustainability.

We actively manage our fuel purchasing network in an effort to maintain adequate fuel supplies .

In 2024, we made 99% of our fuel purchases through negotiated volume purchase discounts.

We store fuel in underground storage tanks at five locations and in above-ground storage tanks at eight locations.

We believe that we are in material compliance with applicable environmental laws relating to the storage of fuel.

We store fuel in underground storage tanks at five locations and in above-ground storage tanks at ten locations.

We believe that we are in material compliance with applicable environmental laws relating to fuel storage.

In response to fluctuations in fuel prices, we use surcharge programs to adjust fuel costs charged to our customers.

We believe the most cost-effective protection against variability in fuel costs is to continue the fuel surcharge programs and invest in a fuel-efficient fleet;

however, fuel surcharges historically have not protected us against the full effect of increases in diesel fuel prices and are not expected to do so in the future.

however, due to the timing of changes in fuel prices and data used to calculate our fuel surcharge rate, our surcharges historically have not always protected us against the full effect of increases in diesel fuel prices and may not in the future.

As an additional measure, we leverage fuel consumption metrics in evaluating drivers’ performance, and drivers utilize a fuel optimizer program where they purchase fuel at the most cost-effective locations based on distance to empty and fuel purchase commitments.

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In recent years, we invested in our existing diesel fleet to improve truck aerodynamics, reduce trailer drag, and implement electric-powered heating, ventilating, and air conditioning systems, which translates to emissions reductions and fuel savings.

We are currently exploring alternative fuel vehicles, including hydrogen vehicles, and have added nearly 100 BEVs to our fleet which replaced existing diesel trucks and helped reduce our diesel fuel usage.

We are currently exploring alternative fuel vehicles, including hydrogen vehicles, and have nearly 100 BEVs in our fleet which replaced existing diesel trucks and helped reduce our diesel fuel usage.

Our operations as a for-hire motor carrier are regulated and licensed by various federal, state, and local government agencies in North America, including the U.S.

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• The Heavy-Duty Vehicle GHG Emission Reduction Regulation which was issued to reduce GHG emissions from certain long-haul tractor-trailers that operate in California by requiring owners of such vehicles or equipment to retrofit their vehicles with aerodynamic elements and accessories and implement technologies that improve fuel efficiency (regardless of where the vehicle is registered);

• CARB’s ACT regulation, as enacted, is intended to accelerate a large-scale transition to medium and heavy-duty ZEVs.

The ACT requires OEMs to begin shifting towards greater production of zero-emission heavy-duty tractors beginning in 2024.

Under the ACT, every new tractor sold in California will need to be zero-emission by 2045.

• CARB’s ACT regulation, as enacted, is intended to accelerate the adoption of zero-emission trucks in California by 2035.

Under ACT, an increasing percentage of tractors sold in California will need to be zero-emission by 2045.

As of the date of this Annual Report on Form 10-K, the following states have also adopted the ACT regulation:

Colorado, Maryland, Massachusetts, New Jersey, New Mexico, New York, Oregon, Rhode Island, Vermont, and Washington;

• CARB’s ACF regulation is intended to work in conjunction with the ACT regulation to require the deployment of medium and heavy-duty ZEVs in California.

Components of the ACF regulation, as adopted by CARB, include the following:

◦ Drayage fleets.

Beginning January 1, 2024, trucks would be required to be registered in the CARB Online System to conduct drayage activities in California.

Any truck that is to conduct drayage activities in California and is added to the California fleet on or after January 1, 2024 will be required to be a ZEV.

◦ High priority fleets.

High priority fleets (defined by the regulation to include an entity that owns, operates, or directs vehicles in California and has $50 million or more in total gross revenue or a fleet that owns, operates, or directs 50 or more vehicles in its California fleet) would be required to either (i) purchase only ZEVs beginning 2024 and, starting January 1, 2025, remove internal combustion engine vehicles at the end of their maximum useful life as specified in the regulation or (ii) use the ZEV Milestones Option to phase-in ZEVs into their fleets to meet ZEV targets as a percentage of their total California fleet.

Our California fleet consists of both a drayage fleet and a high priority fleet as defined in the ACF regulation as adopted by CARB and therefore, is required to be in compliance according to the following schedule:

ZEV Fleet Milestones by Milestone Group and Year

Milestone Group 10% 25% 50% 75% 100%

Box trucks, vans, 2-axle buses, yard

tractors, light-duty package delivery vehicles 2025 2028 2031 2033 2035+

Work trucks, day cab tractors, 3-axle buses 2027 2030 2033 2036 2039+

Sleeper cab tractors and specialty vehicles 2030 2033 2036 2039 2042+

On October 16, 2023, the CTA filed a lawsuit in the Eastern District of California challenging the ACF regulation on several grounds including that the ACF is preempted by federal law under the Federal Clean Air Act and the Federal Aviation Administration Authorization Act of 1994.

The CTA seeks declaratory relief that the ACF regulation is invalid and unenforceable, as well as preliminary and permanent injunctive relief barring the implementation and enforcement of the ACF regulation.

No assurances can be provided regarding the CTA’s litigation challenging the ACF regulation, including the timing of any proceedings relating to the litigation.

Moreover, in 2023, California passed three climate reporting laws which mandate all companies conducting business in California to make climate-related disclosures beginning in 2026.

Connecticut, Colorado, Delaware, Maine, Maryland, Massachusetts, Minnesota, Nevada, New Jersey, New Mexico, New York, Oregon, Pennsylvania, Rhode Island, Vermont, Virginia, Washington and Washington D.C.

California has passed three climate reporting laws which mandate all companies conducting business in California to make climate-related disclosures beginning in 2026.

SB 253 requires companies with revenues greater than $1 billion doing business in California to report their emissions comprehensively, including their Scope 1 and 2 beginning in 2026 and Scope 3 beginning in 2027.

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businesses with annual revenues over $500 million operating in California to bi-annually disclose climate-related financial risks and their mitigation strategies to the public.

As of the date of this Annual Report on Form 10-K, New York and Washington State are also considering mandatory GHG emissions disclosures, while Colorado and Minnesota have introduced new laws focused on the disclosure of climate-related risks.

Other states are now considering mandatory GHG emissions disclosures and other climate-related risks.

Several business groups including the U.S.

Chamber of Commerce, the California Chamber of Commerce, and the American Farm Federation recently filed a lawsuit seeking to overturn SB 253 and SB 261.

Chamber of Commerce, the California Chamber of Commerce, and the American Farm Federation have filed a lawsuit seeking to overturn SB 253 and SB 261.

As of the date of this Annual Report on Form 10-K, that lawsuit remains pending.

Finally, in a

significant step toward implementing transparency in voluntary carbon markets, California enacted AB 1305 - the VCMDA.

Lastly, in a significant step toward implementing transparency in voluntary carbon markets, California enacted AB 1305 - the VCMDA.

The VCMDA requires that companies operating in California which market or sell voluntary carbon offsets or make claims regarding the achievement of net zero emissions, carbon neutral status, or significant carbon emissions reductions publicly disclose information documenting how the claim was determined to be accurate or accomplished and the measurement of interim progress.

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At times, in conjunction with delivering freight transportation services to certain of its customers, the Company purchases carbon credits or offsets to enable or assist such customers with achieving their carbon reduction targets.

In 2022, the SEC issued a proposed rule, SEC Climate Disclosure Rule, that would enhance and standardize the climate-related disclosures provided by public companies.

As proposed, the SEC Climate Disclosure Rule would require public companies to report on the identification and management of climate risks, provide updates on their public climate goals, and annually provide information on their emissions.

All companies would be required to disclose their Scope 1 and 2 emissions, and large companies would also be required to disclose Scope 3 emissions, which are generated by activities in the company’s broader value chain, if material or as part of a set public goal.

There have been repeated delays in finalizing the rule.

As a result, we can not predict when, or if, the proposed rule will be finalized or whether the final rule will have a material adverse impact on the Company’s results of operations.

These laws and regulations historically have resulted in increased costs, decreased equipment productivity, risks, and/or liabilities associated with our operations, and have the potential to further increase such costs, risks, and/or liabilities, particularly if costs are not offset by potential fuel savings.

In March 2024, prior to the election of President Trump, the SEC released a final version of their Climate Disclosure rule which, among other things, would require companies to disclose specified financial statement disclosures of severe weather events and other natural conditions, certain carbon offsets and RECs, and material impacts on financial estimates and assumptions that are due to severe weather events and other natural conditions or disclose climate related targets or transition plans.

In response to multiple separate lawsuits filed by certain business groups, the SEC has voluntarily stayed its Climate Disclosure rule making.

Several lawsuits were consolidated later in 2024 and are currently pending before the Eighth Circuit.

On February 11, 2025, SEC Acting Chair Mark Uyeda – in a major step toward the Trump Administration reversing course on the Biden SEC’s Climate Disclosure Rule, issued a statement saying the Climate Disclosure Rule “… is deeply flawed and could inflict significant harm on the capital markets and our economy” and subsequently directed the Commission staff to notify the Court of the changed circumstances and request that the Court not schedule the case for argument to provide time for the Commission to deliberate and determine the appropriate next steps in these cases.” If the SEC decides to continue to defend and the rule survives this legal challenge, the SEC has indicated it will provide a new effective date for the rule.

As a result, we cannot predict when or if these rules will go into effect or whether they will have any impact on the Company’s results of operations.

These laws and regulations historically have resulted in increased costs, decreased equipment productivity, risks, and/or increased liabilities associated with our operations, and have the potential to further increase such costs, risks, and/or liabilities, particularly if costs are not offset by potential fuel savings.

We cannot predict the extent to which our operations and productivity will be impacted.

We continue to monitor and evaluate the proposed rule makings of the SEC, DOT, FMCSA, NHTSA, EPA, State of California, and other federal and state regulatory agencies to determine the expected impact on our operations.

Our business is executed through an integrated technology platform that encompasses an end-to-end process design which focuses on information accessibility and connectivity across our value chain.

Our business is executed through an integrated technology platform that encompasses an end-to-end process design focused on information accessibility and connectivity across our value chain.

Our platform enables an integrated approach to cash processing including load/order acceptance based on driver and network optimization, vehicle dispatch, continuous quote monitoring, and visibility to loads from pick-up to delivery and customer collection.

Proprietary decision support tools are embedded throughout the platform and assist our associates in making the right trade-offs to drivers’ needs for earnings and work-life balance, customers’ needs for reliable capacity and service, and our business and its shareholders’ needs for an adequate return.

Proprietary decision support tools are embedded throughout the platform and assist our associates in making the right trade-offs for drivers’ needs for earnings and work-life balance, customers’ needs for reliable capacity and service, and our business and its shareholders’ needs for an adequate return.

Decision support tools improve our ability to, among other things, situationally coach drivers, minimize fuel costs, and maintain the fleet in the most cost-effective manner to maximize shareholder value.

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We continue to expand our business capabilities by extending our foundational integrated technology platform, making advancements to our in-cab technology, and leveraging mobile applications to better connect with company drivers and customers.

One example is the rollout of our new global navigation system.

This system uses real-time maps to generate driver routes to account for traffic, road closures, and route changes to aid our drivers in taking the best route.

Additionally, through our investment in MLSI, in which we are collaborating to develop a TMS using MLSI’s SaaS technology, we aim to further complement our technology platform and enable enhanced decision making, resource allocation, and visibility for our supply chain partners.

Our Power Only business was successfully transitioned to MLSI’s TMS in 2022, and we will begin transitioning the remainder of our Logistics business in the near future.

Through our investment in MLSI, in which we are collaborating to develop a TMS using MLSI’s SaaS technology, we aim to further complement our technology platform and enable enhanced decision making, resource allocation, and visibility for our supply chain partners.

Our Power Only business has been using MLSI’s TMS since 2022, our Brokerage business began its migration at the end of 2024, and we are currently planning for the transition of our Dedicated business.

Our in-cab telematics platform delivers on-board technology through our private application store to enable communication, regulatory compliance, and driver productivity.

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Trailer and container fleets are equipped with monitoring devices which function both when tethered to a tractor or standing alone.

Our tractors are equipped with stability control and collision mitigation technology, lane departure warning, and forward-facing cameras.

Our tractors are equipped with stability control and collision mitigation technology, lane departure warning, MirrorEye, and/or forward, side, and rear-facing cameras.

All tractor technology interfaces with the in-cab device and provides the driver and the driver’s leader with real-time performance data.

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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 1. Business