Thank you. I'd now like to turn the call over to Christyne McGarvey, Vice President of Investor Relations. You may begin. Thank you, Operator, and good afternoon, everyone. Joining me on the call today are Mark Rourke, President and Chief Executive Officer, Darrell Campbell, Executive Vice President and Chief Financial Officer, and Jim Filter, Executive Vice President and Group President of Transportation and Logistics. Earlier today, the company issued an earnings press release. This release and investor presentation are available on the Investor Relations section of our website at schneider.com. Our call will include remarks about future expectations, forecast plans, and prospects for Schneider. These constitute forward-looking statements for the purpose of the safe harbor provisions under applicable federal securities laws. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from current expectations. The company urges investors to review the risks and uncertainties discussed in our SEC filings, including, but not limited to, our most recent annual report on Form 10-K and those risks identified in today's earnings release. All forward-looking statements are made as of the date of this call, and Schneider disclaims any duty to update such statements except as required by law. Pursuant to Regulation G, reconciliation of any non-GAAP financial measures referenced during today's call can be found directly in our earnings release and investor presentation, which includes reconciliations to the most directly comparable GAAP measures. I'd like to turn over the call to our CEO, Mark Rourke. Thank you, Christyne. Hello, everyone. Thank you for joining the Schneider call today. First, I want to thank our associates, especially our professional drivers, for their hard work navigating a dynamic quarter and safely supporting our customers. The stress in the market over the last several months is a direct reflection of structural supply rationalization. We believe this upcycle has now gained its foothold. While we experienced headwinds from challenging weather and fuel volatility in the quarter, we were ultimately able to mitigate the impact of these factors because of the proactive actions we have taken to position the business to capitalize on improved conditions. This includes execution on our cost and productivity initiatives, investment in differentiated services and capabilities, and a disciplined approach to customer allocation events. In a moment, Jim will share more perspective on the freight market before Darrell provides a more detailed financial overview of the first quarter results and our 2026 guidance. I will share my view on the actions we are taking to position the enterprise for near and long-term success. After, we'll answer your questions. With that, I will hand it over to Jim. Thank you, Mark. As we look at the freight market, the momentum we saw as we exited 2025 grew in 2026. As Mark highlighted, the quarter was negatively impacted by unusually disruptive weather in parts of the country where we have significant operations and in areas that are less equipped to manage winter storms. While weather contributes to initial supply chain disruption, we believe the tighter market conditions that followed are a function of capacity attrition we have seen over the last several quarters. The attrition is the culmination of the DOT's actions to improve public safety by addressing non-compliant capacity, including curtailing non-domicile CDLs, enforcing English language proficiency, removing CDL mills, and targeting ELDs that enable tampering. Based on developments to date, we expect this rationalization to occur rapidly as the mere threat of enforcement and proactive actions in certain states are driving more capacity out of the market sooner. We do not believe we have yet reached a new normal for supply, so we expect additional capacity to leave the market from here. Fuel cost inflation, which is outpacing rate recovery for the long tail of carriers and upcoming Roadcheck are likely to be catalysts for additional drivers to permanently exit. We believe that we will see more supply exit in totality than what was removed by the 2017 ELD mandate, while also restricting the funnel of new entrants. We continue to expect that the removal of this capacity will restore the market to more normal conditions after several years of irrational supply dynamics. With regards to demand, realized volume in the first quarter was a tale of two halves, with adverse weather impacts in the first half giving way to increased volume in the second half as we support customers who are dealing with stress in their supply chains. Looking at underlying trends, we saw a resilient consumer and signs of life in our industrial end markets, mirrored by what we saw in ISM PMI. Overall macro uncertainty has also increased amid rising inflation expectations and diminished prospects for additional rate cuts, which adds demand risk for the balance of the year. While we have not seen any adverse impact to date, we will be monitoring changes closely. Altogether, the market is seeing increasingly reduced capacity at a time when spot prices are recovering. As a result, many cycle indicators, such as tender rejections, spot contract spreads, and fleet utilization, flashed green in the first quarter with some of these signals at levels last seen during the pandemic. The encouraging trends seen in March have persisted into April, with continued strength in the spot market, traction in rate recovery, and volume retention in our allocation events, and indications of moderate customer restocking and seasonal volume activity. With that, I will turn it over to Darrell to share additional observations on first quarter performance. Darrell? Thank you, Jim, and good afternoon, everyone. I'll review our enterprise and segment financial results for the first quarter and provide insights on the full year 2026 EPS and net CapEx guidance. Summaries of our financial results and guidance can be found in our investor presentation available on the investor relations section of our website. Starting with the first quarter results, enterprise revenues, excluding fuel surcharge, were $1.2 billion, down 1% compared to a year ago. Adjusted income from operations was $35 million, a 21% decrease year over year. Enterprise adjusted operating ratio increased 70 basis points compared to the first quarter of 2025. Adjusted diluted earnings per share for the first quarter was $0.12 compared to $0.16 for the first quarter of 2025. First quarter results reflected strong execution across the portfolio as well as effectively capitalizing on commercial opportunities. This enabled us to mitigate headwinds from significant storms and fuel volatility. Our actions included traction on our $40 million cost savings initiatives, where we're able to implement additional headcount actions and discipline execution on our current system integration synergies. From a segment perspective, Truckload revenues, excluding fuel surcharge, were $618 million in the first quarter, up 1% year-over-year. This growth was driven by improvements in revenue per truck per week. Network revenues grew 4% year-over-year, driven by productivity and price, with revenue per truck per week up 7% year-over-year and even up 2% sequentially, which is atypical for the first quarter. This more than offset truck count declines, which reflects a combination of asset efficiency efforts and growing driver scarcity. Dedicated revenue per truck per week was up modestly year-over-year, reflecting our focus on productivity as we take action on assets where we see opportunity to improve returns. Truckload operating income was $20 million, a 20% decline year-over-year. Operating ratio was 96.7%, an increase of 80 basis points compared to last year. Earnings were negatively impacted by cost headwinds in maintenance and fuel that were exacerbated by the challenges referenced earlier, as well as lower gain on sale due to delayed equipment disposal. Intermodal revenues, excluding fuel surcharge, were $254 million for the first quarter, down 3% year-over-year. Revenue per order declined 4% and included impacts from lower length of haul. Volumes grew year-over-year despite a challenging comp related to last year's inventory pull forward that we referenced on our previous earnings call, marking the eighth consecutive quarter of load growth. Intermodal operating income was $11 million, a 21% decrease compared to the same period last year. In line with our expectations as weather disruptions impacted maintenance costs, this was offset by cost-saving actions, including lower rail repositioning costs and realizing the benefits of AI-driven headcount actions. Operating ratio was 95.7% compared to 94.7% last year. Logistics revenues, excluding fuel surcharge, totaled $312 million in the first quarter, down 6% from the same period a year ago, with lower volumes partially offset by higher revenue per order. Logistics income from operations was $7 million, down $2 million year-over-year. Operating ratio was 97.9%, an increase of 30 basis points, primarily due to the impact of lower volumes. This was partially offset by improved net revenue per order, which reflected strong spot and premium project business as well as productivity gains. Turning to our balance sheet and capital allocation, as of March 31st, we had $399 million in debt and lease obligations and $228 million in cash and cash equivalents. Our net debt leverage was 0.3 times at the end of the quarter. The strength of our balance sheet leaves us ample dry powder to maintain an investment-grade profile and complete additional accretive acquisitions if the right target becomes available. We're confident in our proven playbook to select quality, accretive targets by delivering synergies and enhancing those brands' ability to grow profitably. We'll also continue to prioritize robust shareholder returns. In the first quarter, we returned over $22 million to shareholders in the form of dividends, which we recently raised by 5% on opportunistic repurchases of shares under a newly authorized share repurchase program. Net CapEx was $45 million compared to $97 million last year due to timing of equipment purchases. As a result, free cash flow increased by $54 million year-over-year. Looking forward, our CapEx guidance for 2026 remains unchanged and is expected to be in the range of $400 million-$450 million. This primarily encompasses the replacement CapEx needed to protect our age of fleet. As we move through 2026, our priorities are unchanged, and we remain focused on capital and resource efficiency as we believe we have runway for growth with our existing equipment. Our containers can support double-digit Intermodal growth, we continue to see positive trends in Truckload productivity. Additionally, we continue to support scaling our power-only and owner operator capacity to help extract incremental growth over the medium and long term in a capital efficient way. As we think about our guidance, since our last update, our confidence in executing our cost program and the realization of supply attrition has grown based on the progress delivered to date. That said, macro uncertainty has increased in the form of higher inflation expectations, softer consumer sentiment, and diminished likelihood of additional rate cuts. These factors push more demand risk to the right. Even so, we also see a constructive demand scenario supported by a resilient consumer, continued improvement in industrial end markets, and support from fiscal policy. As a result, we're maintaining our 2026 EPS guidance of $0.70 to $1.00, which assumes an effective tax rate of approximately 24%. I'll turn it over to Mark for more detail on our enterprise outlook. Thank you, Darrell. As freight fundamentals continue to move back to more rational conditions, we expect the benefits of the actions we took to structurally improve the business will be increasingly evident. These actions include building on our nimble, multimodal portfolio, investments in differentiated service capabilities, a disciplined approach to prior allocation events, and $40 million in growing and cost savings actions. As cycle dynamics shift, we are already rolling out our early cycle playbook to capitalize on improving trends. This includes dynamically shifting our capacity to meet changing customer needs, quickly enacting yield management actions, and extracting returns on our cost and productivity efforts, all of which will lead to enhanced operating leverage across our segments. In Truckload, we were deliberate in how we managed customer allocations through the down cycle, knowing rates have not been where they need to be. In doing so, our spot exposure grew to nearly double its historical levels in Network. This has the dual benefit of allowing Network business to immediately take advantage of improved spot rates. It creates latent capacity to add more accretive contract-rated business. While we remain predominantly contractual in our asset businesses, we must balance our customer commitments with the need for improved rates to support our investments in service, several years of cost inflation, and the growing cost of securing capacity. We saw meaningful traction in the first quarter as spot rates were accretive to overall Network rate in February and March, with strength outpacing normal seasonal patterns. This is the benefit of operating a scale Network solution, which was able to capture premium opportunities and help shippers navigate supply chain disruptions, whether from storms or broader routing guide breakdowns. Network will continue to support our customers as cycle conditions shift and the value of our assets become more apparent. Price renewals are now at the highest level since 2021. Shippers are increasingly recognizing that the tightness is not simply winter weather. A growing number of shippers who have completed their allocation season are returning to us as some carrier rates agreed upon earlier are no longer holding. We expect Network 2026 rate renewals to be in the mid to high single digits for the full year. We are acting decisively with the most transactional customers where there is more ground to make up in rate recovery. In these instances, we expect to see double-digit increases. As conditions improve, the focus on doing more with less by tightening our equipment ratios will drive even greater operating leverage. Though there is more to come, we are encouraged by the improvement in Network productivity in the first quarter. We showed strong improvement year over year, especially in March. Excluding peak holiday periods, March Network productivity was the strongest it's been since 2023. In Dedicated, rate improved year over year and versus fourth quarter as we continue to scrutinize our portfolio and ensure assets are being deployed to their highest and best use. Looking forward, we will continue to evaluate performance across our portfolio, enabling further rate improvement while also benefiting from more accretive Dedicated backhaul as spot rates move higher. As we look at our Dedicated fleet, in the first quarter, we continue to ramp up new accounts that were sold in the back half of 2025. In 2026 to date, we have sold over 150 new trucks, and we're seeing a growing number of our customers asking us to expand their existing fleets. In the near term, this will be offset by some incremental churn. We are focused on productivity and portfolio management actions where success will be measured in revenue per truck per week improvements rather than just truck count. Driver capacity will be a constraint as supply tightens, which we believe will generate incremental Dedicated demand. We remain focused on adding durable, Dedicated Solutions. In Intermodal, Mexico growth continued its momentum, growing double digits. This helped to offset softer Transcon volume and the impact from lapping last year's inventory pull forward. Looking forward, Intermodal rate traditionally lags the Truckload market, which we anticipate will remain the case. We see significant opportunities in 2026 to continue to drive volume and share gains as we lean into our asset-based model, build on the launch of Fast Track, and our differentiated Mexico offering, while taking advantage of growing over-the-road conversion opportunities amid elevated fuel and rising Truckload rates. We are already seeing over-the-road conversion with customers, and we feel well positioned to capture this growth at high incremental margins, given our prior investments in trailing capacity and our ability to effectively recruit and retain company dray drivers. In Logistics, the earning recovery from fourth quarter reflects our ability to leverage the complementary nature of being an asset-based provider as the cost of capacity continues to rise. In the first quarter, we were able to positively manage our net revenue per order after experiencing significant squeeze in the fourth quarter. We became increasingly discerning on what contractual volume was accepted, including in our power-only offering, which is primarily contract-rated. This was effective and profitable as we were able to support power-only customers through our Network offering, while contractual brokerage volume was backfilled by greater spot opportunities and by project business and specialty verticals that we have cultivated. In closing, we are encouraged by how the business was able to navigate a dynamic operating environment that included challenges from fuel and weather. Results are not where they need to be, clearly, early signals on both the market and our performance gives us greater confidence in our trajectory from here. Freight fundamentals continue to normalize and capacity rationalization progresses, we are more ready than ever to benefit from improving cycle dynamics. Our methodical approach to pricing, cost control, and capital allocation, combined with the flexibility of our diversified multimodal portfolio, allows us to position the enterprise for strong operating leverage. With that, thank you for your continued interest in Schneider, and we will now open the line for your questions. Thank you. We will now begin the question and answer session. If you would like to ask a question, please press star one on your telephone keypad. If you would like to withdraw your question, simply press star one again. We ask that you limit yourself to one question and one follow-up. Your first question comes from the line of Thomas Wadewitz from UBS. Your line is open. Yeah, good afternoon. You know, it's, it's great to hear a number of these positive conference calls on momentum in the business, right? See it for Schneider as well. Wanted to ask Mark or Jim, if you could just give a sense. I think your revenue per load was pretty favorable on Network. You're talking about like mid-to-high single-digit contract increases. Is, you know, is there a chance that you end up seeing stronger than that? You know, it would seem like just what you got in first quarter would point to something that maybe could be a bit higher than that. Then I guess the second question would just be like on Dedicated. How do we think about how that business can, you know, move up in a, in a elevating Truckload pricing cycle and how quickly that can happen and maybe what are the levers within that that you can push so that you get some, you know, quick responsiveness on Dedicated as well? Thank you. Tom, this is Jim Filter. Thanks for the questions here. I'll start with the question on Network and price. You know, we gave a little bit of background in terms of what we're seeing through allocation season, but there's a number of ways that we can extract rate. Obviously, there's normal allocation events. There's turnbacks, there's load acceptance, and spot. We're seeing positive trends with each one of those. Let me give a little bit of color on each one of those. First of all, with those normal allocation events, you know, what we just shared was we're expecting the renewals in Network to be mid to high single digits for the full year, but we are seeing some signs of momentum building. Those shippers that drove the largest price decreases are experiencing double-digit increases and knowing that they're going to have to make the largest changes. With turnbacks, we're seeing an increase in post-allocation activity, and it's true across the board, but in particular, it's with those most transactional customers again. They're feeling the impact of what they've seen in spot prices. They're trying to avoid that. They're going right back out to looking for opportunities to contract that freight. With acceptance, we're seeing more and more shippers that are prioritizing acceptance in their metrics. That really is a telltale sign that they're not happy with what they're seeing with acceptance and therefore willing to take some strategic actions to drive some changes. You know, in spot, our Network spot rate was accretive really for the majority of the quarter. There's opportunities to continue to lean in on that to drive pricing up to a different level. Really for us, that 7% increase in revenue per truck per week in Network price was only a small part of that. An awful lot of what we experienced there was really in productivity. That's really been our focus. We want to be able to help our drivers. Number 1 place that we can help our drivers, our customers, and our business is to improve our driver productivity. I'm really thrilled with the activities that took place there to drive productivity, because that's just creating leverage for our organization. Still believe we have more opportunities to drive productivity. We're in the kind of early stages of implementing some AI that's going to help remove some friction for our drivers. That'll help us improve their productivity. Think that there's still some more room to run as it relates to Network there. Let me jump into Dedicated and, you know, hit in terms of the opportunities out there. Again, the focus is that we want to make sure that our Dedicated business is durable through cycles. We're really leaning into our areas of differentiation, especially where it's specialty dedicated. We're executing that early cycle playbook. The focus in the short term in Dedicated is productivity that's going to drive the most success to earnings growth. The focus is measuring on improving our revenue per truck per week rather than just the total truck count. Now, we're not slowing down. We just said that we sold over 150 trucks. We're also seeing customers come back to us and saying that they would like us to increase their fleets after several quarters of shrinkage. We're gonna be really disciplined about that because we want to make sure that this is truly a dedicated opportunity, including additional opportunities that are coming in the door. I feel good about the prospects there, as well as just when the market improves in total, that gives us opportunity for more backhaul, whether it's contracted backhaul or in the spot. I'd expect that we'll continue to improve there as well. Do you have a quick thought on timing of that? Is that like, you know, you see the revenue per truck per week higher in Network, and you wait a couple quarters, then you see that same dynamic in Dedicated, or is it quicker than that? I think it's a little bit quicker than that we'll see opportunities to be able to fill that in. Okay, great. Thank you. Your next question comes from the line of Scott Group from Wolfe Research. Your line is open. Hey, thanks. Afternoon, guys. Jim, you know, we've got an environment with rising truck rates, high fuel, seemingly still good rail service. It, it feels like it should be a very good sort of setup for Intermodal. I'm guessing, what are you hearing from customers on that front? I guess my one real question is, do we need to be concerned about a longer lag between truck rates and Intermodal rates this time, or do you think it'll be similar with what we've seen in the past? Yeah. Thanks, Scott. You're absolutely correct in terms of the way customers are starting to look at this, especially the most strategic customers that have moved into acceptance that there really has been a change in the market condition. They're looking to take control of their supply chain and how they can react. They, you know, we're seeing increased demand in terms of how they're thinking about intermodal, what they can allocate to intermodal, because the current fuel cost is making a difference as well as their anticipation of what capacity will look like later this year. You're absolutely right. We're seeing really great service levels from the railroads. I think the most strategic customers also start to look at this and say, while there's plenty of box capacity, the real constraint in this industry is always dray capacity. They're looking at who is going to be able to support those opportunities with their own dray. We feel really good about that opportunity out there. In terms of pricing, I think the other thing you have to watch here is that it, the over-the-road market dropped much further than what intermodal did. In terms of the degree of change, I'm not expecting that we're gonna necessarily need to see the same degree of change in intermodal as over the road. In terms of the timing, typically we say about two quarters, and from what we can say, we'd say pretty consistent with that, but just not to the same magnitude. Okay. Just second question, your point about utilization in one way was interesting because, you know, I think it's in prior markets, prior periods of tightening markets, we typically see unseated tractors go up and utilization goes down. It sounds like you think you can get price and utilization this time. Just what's different to let you do that? 'Cause if you can do it, I think it's be pretty powerful. Yeah, you're right. That is a powerful lever when you can get both of those. Specifically initially here, some of the opportunities for utilization was just better freight availability. Having, you know, this, our Network business is split between company drivers, owner-operators, power-only. That gives us more opportunities to take freight and prioritize with our company drivers and then owner-operators, making sure that we're driving the best mix of freight over to them. The other thing that's a little bit different is just our access back into our brokerage business to go and find better opportunities to utilize our company drivers. Then, you know, really some of the AI that is still really ahead of us, we've had some opportunities. We've utilized this in our Intermodal business. It's removed some of the friction for our drivers, and that's helped out as well. You bring those two together, you're right, Scott. That's a powerful combination. Scott, it's Mark. I think the place to feel most favorable about is we were able to increase the productivity, particularly sequentially and certainly year-over-year, and did so with pretty disruptive market for us from a weather standpoint, where we lost more time than we would typically lose in a winter season because of the depth of the storms and the location of the storms. It gives us encouragement that leaning into those actions that we have will be even more powerful, more operating leverage going forward when we have less. Even in Green Bay, we expect to have less snow going forward. Your next question comes from a line of Ravi Shanker from Morgan Stanley. Your line is open. Great, thanks. Afternoon, everyone. Darrell, I hear you on, still there being uncertainties on macro, etc. I reckon your commentary on this call has probably been the most constructive you've heard from anyone so far this earning season, yet you didn't raise the guide. I'm just wondering kind of what more you need to see, kind of when you will get the confidence that the kind of idiosyncratic tailwinds in the trucking industry are outweighing what may be uncertainty in macro. Yeah, no, good question, Ravi. This is Darrell. As you mentioned, and as I mentioned in my remarks, you know, we expected that supply would exit. I think what you're referring to is that we did see the supply exiting maybe at a more rapid pace, which is encouraging. You know, Mark alluded to our cost and productivity initiatives and the fact that we're doubling down on some of those initiatives and, you know, those things came through, especially in the face of disruption. Positives coming through Q1. You know, we're one of the very few that guide and, you know, especially guide for a full year. We're one quarter in. We have a whole lot of year left. While we're encouraged by what we saw in the first quarter, we have to balance that with the rest of the year, and there is some demand risk that was introduced just based on the, on the macro environment. You know, as it relates to, you know, just inflation and the risk there, you know, expectations on rate cuts and uncertainty there, it's more balancing the fact that there's, you know, three quarters left, and we have to see more of what we saw in the first quarter persist. Understood. Let me just follow up. Jim, you referred to things you're doing on the AI and tech side a couple of times in the last couple of responses. Can you just elaborate on that a little bit more? Kind of what are you doing? Give us some specific examples of tools or, you know, functions that you're particularly excited about, and when we may be able to see some of that kind of drop through to the bottom line and kind of, you know, maybe even quantify that. Yeah, Ravi, it's Mark. Thanks for the question. AI and just looking for opportunities to reduce friction in our business, particularly around those places that are facing our driver community and our customer community. Our thought process here is to look where the leverage is from an overall, a value standpoint. What we're seeing, certainly in the early innings of this, is that when you can face those communities and do so by removing queues, so you're getting to information much faster and be able to prioritize. Let's take an example of a breakdown over the road versus somebody having a radio not working. AI can help us triage through those calls and communication with drivers and get our people to the right and most impactful situations first and foremost. That, A, helps improve our service performance, B, it certainly improves the experience of our drivers, and third, it allows us to make better decisions around cost. We're looking at that. I think brokerage gets a lot of play because there's a lot of great use cases. I will tell you, we are as excited, maybe even more so, into the core businesses of our assets in both Intermodal, and we're doing that across multiple fronts and prioritizing, as I mentioned, on those high-impact areas. That's a combination of our own in-house develop, which is our primary use of AI, but also using some outside capability, particularly around voice, that's really getting our people inside the building pretty excited because it really allows them to be more effective in their job because they're getting to the right work at the right time. Early innings, but highly encouraged, and we're gonna continue to lean in and invest throughout 2026. We are seeing it in our business results, and we will see more operating leverage going forward. Great, y'all. Thank you, Mark. Your next question comes from the line of Daniel Moore from Baird. Your line is open. Yeah. Good afternoon, everybody. Mark, it occurred to me you're gonna retire in July. This is probably your last call. It has been great working with you on both sides of the fence, as both an investor as well as a sell side analyst. I just wanted to wish you the very best in your retirement. I appreciate those kind remarks. Thank you, Dan. Absolutely. Maybe just a couple of quick questions here, kind of to dovetail on Tom and Scott's questions. I was hoping to maybe get some context around the cadence of rate repair. As we look at Network, and Dedicated and Intermodal, all three, if maybe, you know, I don't know if this is a Mark question or a Daniel question or a Jim question, but or a Christyne question. But maybe if you could just kind of walk us through how we should be thinking about the percentage of each of those divisions, you know, working through the renewal process, as we calibrate our models, that's question number one, many parts. Question number two is, what was the impact from fuel and weather in the first quarter? Thanks so much. Great, Daniel. I'll kick off, and I'll let some others chime in here. This is Mark. You know, clearly, as we look at the allocation events, rate recovery is an incredibly important aspect of what needs to get done, as our industry and us as a company have experienced inflation that we haven't fully recovered from over the last couple of years. First and foremost, really leaning into that. As you look at the various sectors that, and segments that we operate in, our network business, particularly in truck, can have a change of rate, most pronounced either up or down just because of some of the options that Jim was talking about, how we can kind of play our portfolio. We would expect the Network businesses and truck to be the most responsive to the change as it's the most valued capacity in some respects as you go through the kind of the upcycle piece. Encouraged by where we've seen in the first quarter, but we also have a big second quarter as it relates to those type of events, and we expect to get through that successfully. Dedicated, generally, we're operating under longer term contracts there, but also have the ability through indexing and other items to get increases based upon kind of where you are in the calendar across that contract. I would also focus on that there is a great opportunity here because we, in most all of our circumstances outside of really, really specialty type services, we have the opportunity to share in backhaul opportunities with our customer, bringing them value, and we can get after yield activities in our Dedicated business by having a better pool of freight to choose from to share with our customers. When they have more demand, and more demand gets into the mix of our dedicated fleets than the productivity elements that we're so focused on also adds additional leverage. Not all of it is rate recovery, it is throughput, and that's why we are really steering towards our success will be seen first and foremost in our revenue per truck per week metrics. Jim Filter, I think, commented on Intermodal and that we still expect to see some lag there. Again, we focus on leading into our key differentiators there, which we're bringing premium products to market of like Fast Track and also our mousetrap that we have, which we think is the absolute best coming in and out of Mexico and the broadening services that we're seeing in other parts of the geography out of Mexico, can influence our revenue per order there. Jim Filter, any other kind of comment, then I guess the fuel kind of weather impact I'll turn over to Darrell Campbell. Yeah, I think you covered it well. Yeah. This is Darrell. On the question on weather and fuel, you know, based on the nature of our industry, we go through these types of events every year. You know, I would admit that, you know, this past quarter was more impactful, at least in the short term, but there's positives and negatives that go along with it. In the negative column as it relates to short term, we did see some increased maintenance costs. We did see some loss of productivity. On the flip side, you know, when you have weather events, especially when they're disruptive, it can serve as a catalyst, right? As we got into March, we did see some recovery and some opportunities that we capitalized on, so kind of longer term, you know, positives that could come out of that stress. From a fuel standpoint, we did see volatility, some sharp movements in fuel, particularly in the first half of March. A lot of that moderated, by the time we got to the end of March, you know, most of that was behind us. Yeah, in the short term, negative, but to Darrell's point, also creates catalyst, and the combination of tighter capacity and disruption generally has a longer benefit than just the short term impact of weather and fuel. Your next question comes from the line of Chris Wetherbee from Wells Fargo. Your line is open. Yeah. Hey, thanks. Good afternoon, guys. I guess I wanted to come back to the guidance for a moment. Maybe you could just sort of help us sort of bookend either side of the guidance. When you issued it in a quarter ago, sort of there was hope, but kind of different environment than where we feel like we're in with some more constructive progress made to date. I guess, how do we think about that? What, what do we need to see to sort of be a little bit more confident towards the high end of the range? I guess we're beginning to see some of the contract pricing begin to move in a direction, but is it really demand that's the biggest sort of, you know, variable that we think about that $0.70 to $1? Just any thoughts around how you think about the, you know, the upside and downside there? Sure. Sure. This is Darrell. I think you nailed it with your last comment there in terms of demand, and, you know, we're very, very precise when we gave that guidance three months ago that demand was, you know, is the swing factor. What we expected to play out in terms of capacity and our self-help actions, including cost, productivity, a lot of what Jim talked about in terms of the way that we allocate freight and our revenue management strategies, all of those things played out as we expected. Although supply did come out probably at a more rapid pace. We always said that to get to the higher end of the range, we needed to see some inflection in demand. While demand was stable in the first quarter, there is some more risk that was introduced. The balance is, you know, balancing the optimism from the first quarter with the fact that there is incremental demand risk, which on balance gets us back to our range. We zoom out a little bit, was wondering if you guys wanted to kind of comment on the opportunity for sort of the course of how this cycle is beginning to shape out. It's a little bit of a different one. I'm sorry, Chris, you cut out on us halfway through your question there. Oh, sorry. Can you guys hear me now? Mm-hmm. We can. Great. I was just kind of curious, as you think about the margin opportunity for the business in the context of the cycle that's more sort of supply driven, at least for now, how do you think about the opportunity for the Truckload business? Mid-cycle margins, you know, what can we kind of get back to? Does it take two years of this to get there? Any timing help would be great too Yep. This is Darrell. I'll start. I'm sure Mark and others will chime in. Jim. Mm-hmm. You know, when we set our long-term margin target ranges, we're assuming normal conditions or normalized conditions. I think everyone would acknowledge that over the past several years, we have not been in a normal environment. There's been excess capacity, and we know it's irrational. We know why there's been that capacity. We're seeing, you know, signs of that capacity exiting based on a lot of the regulatory actions that are going on. We believe that we're on a path to getting back to, you know, some more normalized earnings, but it's gonna take more than one allocation event. We do need a rate, we do need a rate for more than one year, but we're also being balanced that we're not waiting for the market in order to execute on our priorities. We've seen in the first quarter the benefits of our actions, even coming out of the weather disruptions, how we're able to rebound, and that gives us optimism that if we continue to follow the playbook as it relates to cost and productivity and, you know, rate discipline, that we'll be on that path or continue on that path. From a network standpoint, I think we would all acknowledge that network has the most ground to cover, but also, you know, the inflection opportunities, especially in this cycle, you know, are most, you know, I guess readily apparent there. That's where most of the rational capacity has been. You know, Dedicated, Intermodal, Logistics we'd say are all within striking range of our long-term, you know, guidance or target ranges and, you know, Network definitely has an upside based on what we're, what we've been doing. Yeah, this is Jim Filter. Just to chime in on the Network business, this is where that, you know, we've been most impacted by that irrational capacity as well as, you know, some of the noise that we saw specifically within this quarter early on. We're executing that early cycle playbook, I'm really encouraged by what we saw in productivity and price metrics and, you know, we've talked about that. You know, gaining this type of productivity even though that we've lost some days during the quarter, I felt really good that that action is still underway. We still have room to grow, we obviously still have room to grow on price that will get us back to our long-term range. Yeah, that's very helpful. Thank you so much. Thank you, Chris. Your next question comes from the line of Jordan Alliger from Goldman Sachs. Your line is open. Yeah, hi. I just wanted to come back to revenue per truck per week in the Network business. I think it was up about 7% in the first quarter. I know you've talked a fair bit about productivity. Can you maybe talk about the components of that? You know, the miles per truck per week versus revenue per mile, how do you see that developing from here? Secondarily, could you talk a bit more about your current spot exposure? Is there an optimal target level in a more in a stronger Truckload environment? Thanks. Yeah. Yeah. Thanks, Jordan. This is Jim. On revenue per truck per week, that improvement of 7%, a small amount of that was price here in Q1. That's the side of it that we'd say has more opportunity going forward. The majority of the improvement was in productivity and, you know, as a number of actions that we've already talked about here earlier in terms of what we're doing to give more freight options to our company drivers, to all of our trucks to be able to be more efficient. I'd say what's still ahead of us here is opportunity to get a little bit leaner on trucks, I think we still have opportunities to drive that further from, you know, efficiency with trucks as well as with price and productivity. All three of those combined give us a little bit of opportunity to grow that. Our spot exposure, we started talking about this last year, you know, where we were at to come into the low double digits, where previously we were kind of in the mid-single digits. In terms of the ideal place to be, it really depends on where the market is and we're, you know, we wanna handle this dynamically, be able to have good customer relationships, but there's got to be mutual value created here for both us and for our customers. We will pivot from time to time to be able to get the best mix. I think certainly as we've come into the year and went through the allocation events last year, we purposefully put more of our Network capacity in spot. We're getting some benefit of that. We would expect at this point to continue on that path as one of the levers to improve our yields that we mentioned across, whether it's allocation, spot, acceptance. There's multiple levers that we can pull. We're optimizing across all of those. spot is one. We're encouraged where that came in the first quarter. We're actually encouraged where we are here in the month of April. We would expect to use that as a lever going forward. Thank you. Your next question comes from the line of Jonathan Chappell from Evercore ISI. Your line is open. Thank you. Good afternoon. I wanted to ask about the Logistics side. I think I asked about this last quarter, from the context of the margin was pretty close to zero, and now you've turned it around pretty quickly in 1 quarter in a backdrop that, at least conceptually was more difficult for traditional brokerage. Was that quarterly improvement more structural, more kind of cost and productivity, even though revenue is down? As we think about the starting point, like, Logistics is usually a tougher margin in 1Q, do you just continue to get margin improvement, if volume starts to pick up throughout the rest of the year? Yeah. Thank you. I appreciate the discussion on Logistics because we're really proud of the Logistics business and the differentiation we've created there. We don't often get to dive into that segment, so we really appreciate that. You're right. Across the industry, there's rising third-party carrier costs, which really can weigh on your contract-grade business, which is a significant portion, especially of our power-only business. The recovery and earnings is really just a reflection of our strategy there, and there's really three parts. First of all, you know, we wanna make sure that we're a trusted partner for our customers. We've made some investments in new capabilities and verticals that have been expanding rapidly. When you do that differentiation has enabled us to become a sole source provider in those areas. Because we're a sole source provider, we've been able to sell some additional value-added services. Second, we're seeing some of the early benefits to productivity based on the, you know, some of the AI enhancements that we've talked about already. That's gonna enable us to capture some incremental volume at very low cost as we've structurally lowered that cost to serve. Third, you know, it's the complementary nature of being an asset-based provider. The cost of capacity continues to rise or there's uncertainty ahead, enables us to pivot quicker. It gives customers more confidence to utilize our Logistics solution over a non-asset solution. We believe this is a, you know, a strategy that's, you know, we have a strong footing and that's gonna enable us going forward. Mark? Yeah. We certainly had the net revenue per order squeeze in the fourth quarter. I would also tell you, Jonathan, we were more discerning in the first quarter as it related to acceptance of contract business, particularly for those transactional shippers, so that we could go after more spot business. We're still, you know, do a good portion of nearly half our business in Logistics is still under the contract phase, but we were able to be a bit more nimble around the edges, and that really came through in the net revenue per order recovery. Our tools and technology investments, particularly around pricing and acceptance, when there's disruption in the market or inflection in the market like we saw in the first quarter, we can be very nimble and the team took advantage and continued to, you know, add value to our customer, but do so in a bit smarter way for our bottom line. Great. That's all super helpful. In the context of the guide, you know, each quarter in 2025, the margin kind of deteriorated sequentially, dropped in the fourth quarter. Now you're starting at a basically the same point, but would you say that the anticipation is each quarter it's gonna improve sequentially, and that's how you kinda get to the midpoint as it relates to Logistics contribution? Yeah, Jonathan, I think certainly as you look at our guide, there's improvement to be had here from the first quarter, we would expect that to occur. Again, as we've discussed broadly, the range from the bottom to the top, in our view, we feel very good about where we are and our controllables, particularly around the cost management. The number of things that Jim has led very effectively within the business around our productivity initiatives. The swing factor, and we have not seen it to date. Admittedly, this is not a current condition, but the swing factor that we stated, when we originally gave the guidance and where we sit here today is the demand factor. We've had an incredibly resilient consumer. We are watching consumer sentiment and the impact of fuel on the pocketbooks. Our customers are watching that very closely and are concerned about it. On the balance though, we're also seeing and being encouraged a bit more on the industrial side, with the investments, in the manufacturing sector here in the country. There could be some off balancing, but overall, we just have to make sure that because we guide for the full year, that we're being balanced towards the gives and takes there. No, I understand. I was speaking more to the Logistics margin specifically. Oh, I'm sorry. fully understood. Thanks. I moved to the enterprise on you, but my bad. Yeah. Yeah. I thought that would cover it all. ... I think Mark's comment, yeah, Mark's comment is kinda covered. We did mention, you know, in January and also, you know, this past guidance update that, you know, our guidance was second half weighted. If you know, we do believe that there'll be some seasonality and, you know, seasonality would indicate, you know, more earnings in the second half. Got it. Thanks, Darrell, Mark, and Jim. Thank you. Your next question comes from the line of Ari Rosa from Citigroup. Your line is open. Hi. This is Ben Moran for Ari. Thanks for taking the question. Just adding to Tom's and Dan's question, can you remind us the average length of your Dedicated contracts and how your Dedicated contract renewals are bucketed by% each quarter so we can kinda model out the shape of that lift to Dedicated rates throughout the year? Yeah. Our general range, good question. Our general range in Dedicated is 3 to 5 years, with the most, if you would take the median is 3. Because of the long tail that we have and the size and scope of our Dedicated 8,500 trucks, generally that is fairly evenly distributed. It's not perfectly distributed, but by quarter, by year, on an average of 3 years, it's a third of the book is in renewal in that calendar year. Wonderful. Thank you. As we also talked, we have a greater than 92%-93% retention rate of our Dedicated businesses or Dedicated contracts, I should say. Great. Thank you. You mentioned the 150 trucks you sold. I think you didn't have many bid conversations in 4Q that could have supported 1Q with implementations, you expect those to pick up in 2Q and beyond. How are those trending, how many gross trucks were added in 1Q, how many are expected to be added in 2Q, 3Q, and 4Q? Yeah. What I want to focus on, and our focus here on especially the early cycle is that our focus is going to be on productivity, not just the number of trucks that we have. On net, our focus isn't on that metric as much as revenue per truck per week in the Dedicated business because we see some opportunities to actually pull some trucks out of some existing customers, improve our efficiency there. For us, that's the key metric that we're going to be focused on going forward. Great. Okay. Thanks so much for that clarification. That concludes our question and answer session. I will now turn the call back over to Mark Rourke for closing remarks. Thank you, operator. Once again, I just want to recognize our professional drivers, maintenance technicians, and the entire Schneider associate team for their commitment to safely supporting our customers during a quarter that was marked by significant disruptions. As we discussed here today, we're optimistic that the much anticipated freight recovery driven by substantial supply reductions has finally taken hold, and our versatile multimodal platform is built to provide us and our customers with flexible freight coverage options. This optionality, along with our diligent efforts to manage costs, invest wisely in technology, and prioritize people and asset productivity, positions us to achieve strong operating leverage and advance towards our long-term margin goals in the midterm. As Dan mentioned, and on a personal note, this does mark my 36th and final Schneider earnings call before Jim Filter's transition to President and CEO in July and my move to Executive Chairman. I want to express my heartfelt gratitude to this group and to our shareholders for your steadfast support and thoughtful engagement throughout each of those quarters. It's been both a privilege and a joy. I also know that with Jim, Darrell, and Christyne, you are in great hands moving forward. As always, we thank you for your interest in the Schneider call. This concludes today's conference call. Thank you for your participation. You may now disconnect.