<SEC-DOCUMENT>0001564590-16-012598.txt : 20160210
<SEC-HEADER>0001564590-16-012598.hdr.sgml : 20160210
<ACCEPTANCE-DATETIME>20160210163022
ACCESSION NUMBER:		0001564590-16-012598
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160205
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160210
DATE AS OF CHANGE:		20160210

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SAIA INC
		CENTRAL INDEX KEY:			0001177702
		STANDARD INDUSTRIAL CLASSIFICATION:	TRUCKING (NO LOCAL) [4213]
		IRS NUMBER:				481229851
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-49983
		FILM NUMBER:		161406118

	BUSINESS ADDRESS:	
		STREET 1:		11465 JOHNS CREEK PARKWAY
		STREET 2:		STE 400
		CITY:			JOHNS CREEK
		STATE:			2Q
		ZIP:			30097
		BUSINESS PHONE:		7702325067

	MAIL ADDRESS:	
		STREET 1:		11465 JOHNS CREEK PARKWAY
		STREET 2:		STE 400
		CITY:			JOHNS CREEK
		STATE:			2Q
		ZIP:			30097

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCS TRANSPORTATION INC
		DATE OF NAME CHANGE:	20020717
</SEC-HEADER>
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<TYPE>8-K
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<FILENAME>saia-8k_20160205.htm
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<p style="border-bottom:Solid 0.75pt #000000;padding-bottom:0pt;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:12pt;"><a name="_4"></a>&nbsp;</p>
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<p style="text-align:center;margin-top:4pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:18pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">UNITED STATES</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:18pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">SECURITIES AND EXCHANGE COMMISSION</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">WASHINGTON, D.C. 20549</p>
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<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:18pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">FORM 8-K</p>
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<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">CURRENT REPORT</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Pursuant to Section&#160;13 or 15(d)</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">of the Securities Exchange Act of 1934</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Date of Report (Date of earliest event reported) February 5, 2016</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p>
<p style="text-align:center;border-bottom:Solid 1pt #000000;padding-bottom:0pt;margin-bottom:0pt;margin-top:0pt;margin-left:39.48%;margin-right:39.41%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="FIS_UNIDENTIFIED_TABLE"></a><a name="FIS_UNIDENTIFIED_TABLE"></a>&#160;</p>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(Exact name of registrant as specified in its charter)</p>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Delaware</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of incorporation)</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(Commission</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">File Number)</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(IRS Employer</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Identification No.)</p></td>
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<p style="line-height:0pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:12pt;">&nbsp;</p></td>
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<p style="line-height:0pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:12pt;">&nbsp;</p></td>
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<p style="line-height:0pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:12pt;">&nbsp;</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">11465 Johns Creek Parkway, Suite 400, Johns Creek, GA</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">30097</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(Address of principal executive offices)</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:12pt;">&nbsp;</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(Zip Code)</p></td>
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<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Registrant&#8217;s telephone number, including area code (770)&#160;232-5067</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">No Changes.</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(Former name or former address, if changed since last report.)</p>
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<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:6pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Written communications pursuant to Rule 425 under the Securities Act (17CFR 230.425)</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU2"></a><br></p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-weight:bold;font-size:10pt;">Item 7.01 Regulation FD Disclosure. </font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Attached as Exhibit 99.1 is the transcript of the conference call to discuss the fourth quarter earnings of Saia, Inc. The Securities and Exchange Commission encourages companies to disclose forward-looking information so that investors can better understand the future prospects of a company and make informed investment decisions. This news release contains these types of statements which are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.<br><br>Words such as "anticipate," "estimate," "expect," "project," "intend," "may," "plan," "predict," "believe," "should" and similar words or expressions are intended to identify forward-looking statements. Investors should not place undue reliance on forward-looking statements and the Company undertakes no obligation to update or revise any forward-looking statements. All forward-looking statements reflect the present expectation of future events of our management as of the date of this news release and are subject to a number of important factors, risks, uncertainties and assumptions that could cause actual results to differ materially from those described in any forward-looking statements. These factors, risks, assumptions and uncertainties include, but are not limited to, the following:</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#000000;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-size:12pt;"><font style="font-size:10pt;font-family:Times New Roman;color:#000000;">general economic conditions including downturns in the business cycle; </font></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#000000;font-size:12pt;font-family:'Symbol';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#000000;font-size:12pt;font-family:'Symbol';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#183;</font></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#000000;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-size:12pt;"><font style="font-size:10pt;font-family:Times New Roman;color:#000000;">effectiveness of Company-specific performance improvement initiatives, including management of the cost structure to match shifts in customer volume levels; </font></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#000000;font-size:12pt;font-family:'Symbol';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#000000;font-size:12pt;font-family:'Symbol';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#183;</font></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#000000;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-size:12pt;"><font style="font-size:10pt;font-family:Times New Roman;color:#000000;">the creditworthiness of our customers and their ability to pay for services; </font></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#000000;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-size:12pt;"><font style="font-size:10pt;font-family:Times New Roman;color:#000000;">failure to achieve acquisition synergies; </font></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#000000;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-size:12pt;"><font style="font-size:10pt;font-family:Times New Roman;color:#000000;">failure to operate and grow acquired businesses in a manner that supports the value allocated to these acquired businesses, including their goodwill; </font></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#000000;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-size:12pt;"><font style="font-size:10pt;font-family:Times New Roman;color:#000000;">competitive initiatives and pricing pressures, including in connection with fuel surcharge; </font></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#000000;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-size:12pt;"><font style="font-size:10pt;font-family:Times New Roman;color:#000000;">loss of significant customers; </font></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#000000;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-size:12pt;"><font style="font-size:10pt;font-family:Times New Roman;color:#000000;">the Company&#8217;s need for capital and uncertainty of the credit markets; </font></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#000000;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-size:12pt;"><font style="font-size:10pt;font-family:Times New Roman;color:#000000;">the possibility of defaults under the Company&#8217;s debt agreements (including violation of financial covenants); </font></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#000000;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-size:12pt;"><font style="font-size:10pt;font-family:Times New Roman;color:#000000;">possible issuance of equity which would dilute stock ownership; </font></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#000000;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-size:12pt;"><font style="font-size:10pt;font-family:Times New Roman;color:#000000;">the effect of litigation including class action lawsuits; </font></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#000000;font-size:12pt;font-family:'Symbol';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#000000;font-size:12pt;font-family:'Symbol';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#183;</font></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#000000;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-size:12pt;"><font style="font-size:10pt;font-family:Times New Roman;color:#000000;">cost and availability of qualified drivers, fuel, purchased transportation, real property, revenue equipment and other assets;</font></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#000000;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-size:12pt;"><font style="font-size:10pt;font-family:Times New Roman;color:#000000;">governmental regulations, including but not limited to Hours of Service, engine emissions, the Compliance, Safety, Accountability (CSA) initiative, compliance with legislation requiring companies to evaluate their internal control over financial reporting,&nbsp;&nbsp;Homeland Security, environmental regulations and the Food and Drug Administration (FDA); </font></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#000000;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-size:12pt;"><font style="font-size:10pt;font-family:Times New Roman;color:#000000;">changes in interpretation of accounting principles; </font></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#000000;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-size:12pt;"><font style="font-size:10pt;font-family:Times New Roman;color:#000000;">dependence on key employees; </font></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#000000;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-size:12pt;"><font style="font-size:10pt;font-family:Times New Roman;color:#000000;">inclement weather; </font></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#000000;font-size:12pt;font-family:'Symbol';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#000000;font-size:12pt;font-family:'Symbol';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#183;</font></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#000000;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-size:12pt;"><font style="font-size:10pt;font-family:Times New Roman;color:#000000;">labor relations, including the adverse impact should a portion of the Company&#8217;s workforce become unionized; </font></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#000000;font-size:12pt;font-family:'Symbol';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#000000;font-size:12pt;font-family:'Symbol';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#183;</font></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#000000;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-size:12pt;"><font style="font-size:10pt;font-family:Times New Roman;color:#000000;">other financial, operational and legal risks and uncertainties detailed from time to time in the Company&#8217;s SEC filings</font><font style="font-size:10pt;font-family:Times New Roman;">. </font></p></td></tr></table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.12%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As a result of these and other factors, no assurance can be given as to our future results and achievements. A forward looking statement is neither a prediction nor a guarantee of future events or circumstances and those future events or circumstances may not occur.<br><br>The information in this Current Report is being furnished pursuant to Item 9 and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement pursuant to the Securities Act of 1933, as amended. The furnishing of the information in this Current Report is not intended to, and does not, constitute a representation that such furnishing is required by Regulation FD or that the information this Current Report contains is material investor information that is not otherwise publicly available.</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Item 9.01 Financial Statements and Exhibits. </p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">99.1 Transcript conference call of Saia, Inc. on February 5, 2016</p>
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<p style="text-align:center;margin-top:11pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU3"></a><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">SIGNATURE</font></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:10pt;">&nbsp;</p>
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Exhibit&#160;99.1</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">CONFERENCE CALL TRANSCRIPT <br>SAIA &#8211; Q4 EARNINGS CONFERENCE CALL EVENT <br>DATE/TIME: FEBRUARY 5, 2016/11:00AM EST </p>
<p style="border-top:none 0pt;padding-top:0pt;text-align:left;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Operator </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Good day and welcome to the Saia, Incorporated fourth quarter 2015 results conference call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Mr. Doug Col. Please go ahead, sir.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Doug Col - Saia, Inc. - Treasurer </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Thank you, DeeDee. Good morning, everyone. Welcome to Saia's fourth quarter 2015 conference call. Hosting today's call are Rick O'Dell, our President and Chief Executive Officer, and Fritz Holzgrefe, our VP of Finance and our Chief Financial Officer.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Before we begin, you should know that, during the call, we may make some forward-looking statement within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements and all other statements that might be made on this call that are not historical facts are subject to a number of risks and uncertainties and actual results may differ materially. We refer you to our press release and our most recent SEC filings for more information on the exact risk factors that could cause actual results to differ. Now I'd like to turn the call over to Rick O'Dell.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Rick O&#8217;Dell - Saia, Inc. - President &amp; CEO </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Well, good morning and thank you for joining us. This morning, we released our 2015 fourth quarter and full year results. The full year's earnings per share of $2.16 represents our fourth consecutive year of record earnings per share by Saia. We believe our long-term strategy of improving our value proposition to our customers continues to resonate in the marketplace as the fourth quarter represented our 22nd quarter in a row that we successfully increased our yield. The yield improvement, coupled with belt-tightening and process improvements throughout the organization, allowed us to post a 93.9% operating ratio in the fourth quarter. This is 20 basis points better than the third quarter and represents a nice rebound after a disappointing third quarter performance.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">For the full year, our operating ratio of 92.6% was 70 basis points better than the prior year and represented our sixth consecutive year of operating ratio improvement. A few comparisons to the fourth quarter of 2015 results to last year's fourth quarter include revenues decreased 7.1% to $288 million as LTL tonnage fell 8.9%. LTL revenue per hundredweight increased by 2.1% despite the negative impact of lower year-over-year fuel surcharges. Productivity and cost metrics rebounded in the fourth quarter and our operating ratio of 93.9% compares to 93.4% in the fourth quarter of last year. Diluted earnings per share of $0.45 compares to $0.53 in the fourth quarter of last year.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">LTL tonnage trends throughout the quarter showed very little change from what we experienced in the third quarter. I'm pleased to report that the pricing environment remained rational throughout the fourth quarter, and Saia achieved another nice sequential gain. In the fourth quarter, contract renewals included average rate increases of 5.3%, so another nice increase there with our contractually priced customers.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Just a couple comments now on the full year results before I turn it over to Fritz. LTL yield improved by 3.2% and revenue per shipment fell only 0.1% despite materially lower fuel surcharges and a lower average weight per shipment. The investment in dimensioners continued to support our yield initiative. At year-end, we're utilizing 30 dimensioners across our network and will add three more early this year.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Purchased transportation spend fell by 34% in 2015 and purchased transportation miles were 10.1% of total miles compared to 13.7% in 2014. We continue to manage our linehaul network effectively and to ensure that we're being properly compensated for lane imbalances.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Depreciation expense as a percent of revenue increased to 5.3% versus 4.6% in 2014, a reflection of our continued investment in tractors and trailers. The increased depreciation expense is offset by maintenance savings and better fuel economy. Cargo claims expense was down 14% in 2015, demonstrating that investments in training and equipment to reduce claims are generating a nice return for shareholders and supporting our yield initiatives. In 2015, we achieved our 98% on-time delivery goal and combined with the previously mentioned cargo claims improvement raised our service reputation with our customers.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">I'm going to turn the call over to Fritz to review our financial results in more detail.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Fritz Holzgrefe - Saia, Inc. - VP, Finance &amp; CFO </p>
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<p style="margin-top:2pt;line-height:14pt;text-align:right;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:12pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU2"></a><font style="font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Thanks, Rick and good morning, everyone. As Rick mentioned, the </font><font style="font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">fourth </font><font style="font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">quarter diluted earnings per share were $0.45. Earnings per share in the fourth quarter included a $0.04 per share benefit from alternative fuel tax credits enacted in the fourth quarter, but earned for the full year. The credit relates to our use of propane for our forklifts.</font></p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Total revenue of $288 million compares to $310 million in the fourth quarter last year. Operating income of $17.6 million compares to operating income of $20.6 million in last year's fourth quarter. Both periods included 62 workdays. Fourth quarter LTL yield rose 2.1%, reflecting the positive impact of our continued pricing actions, partially offset by lower fuel surcharges contribution.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Next, I will mention a few key expense items and how they impacted the fourth quarter. Salary, wages and benefits rose less than 1% to $164.4 million in the fourth quarter. This figure includes a general wage increase implemented July 1, which averaged 4% across our employee base, offset by a reduction in force that took place in the fourth quarter.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Purchased transportation expenses declined 40% to $13.4 million or 4.7% of revenue versus 7.2% of revenue in the fourth quarter last year. Purchased transportation miles as a percentage of total linehaul miles were 7.4% in the quarter compared to 12.5% in the fourth quarter last year. This comparison results from lower volumes in the quarter and better management of our own capacity.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Depreciation and amortization of $16.5 million compares to $14.8 million in the fourth quarter last year due to continued investments in tractors and trailers. As our tractor fleet age continues to drop, we benefit from enhanced fuel efficiency. Fuel mileage improved by 3.1% to 6.7 miles per gallon in the fourth quarter. Claims and insurance expense was $6.5 million in the quarter compared to $6.9 million in the fourth quarter last year, a 5.8% reduction. Our cargo claims ratio of 0.99% represents an improvement over the 1.03% level of the fourth quarter last year.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">For the full year, revenue declined by 4% to $1.2 billion while operating income improved by 5% to $90 million. In 2015, net income rose 5.8% to $55 million compared to $52 million in 2014. Diluted earnings per share were a record $2.16 for the full year, up from $2.04 a year ago. Our effective tax rate was 31.9% for the fourth quarter of 2015 and 36% for the full year, the same as last year.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">At December 31, 2015, total debt was $69 million. Net debt to total capital was 13.9%. This compares to total debt of $83 million and net debt to total capital of 17.7% at December 31, 2014. Net capital for 2015 was $113 million, including equipment acquired with capital leases and excluding the February 2015 purchase of LinkEx. This compares to $112 million of net capital expenditures in 2014.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">In 2016, net capital is forecast to be approximately $130 million, including investments in terminal infrastructure improvements, as well as continued investments made to lower the age of our tractor, trailer and forklift fleets. Now I'd like to turn the call back to Rick.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Rick O&#8217;Dell - Saia, Inc. - President &amp; CEO </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Thank you, Fritz. Whether measured by earnings per share, improved service levels, better cargo claims experience or improved accident experience, 2015 was a successful year. In trucking though, experience dictates that our time is best spent on looking forward and planning for an ever-changing landscape rather than reflecting on the past.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">In 2016, it looks like we will continue to operate in in an environment marked by modest GDP growth, a tentative consumer base and soft industrial activity. At Saia, we will focus on opportunities to improve our business through a variety of initiatives, which include equipment purchase programs that are expected to yield fuel and maintenance savings in both the tractor fleet and our forklift fleets. With these investments, the average age of our tractor will approach five years from the current 5.7 average years and we'll also plan to cycle out some 30% of our forklift fleet lowering the average age to three years from six.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">The 500 plus tractors to be replaced this year will continue to include the latest available technology to support improved fuel economy and assist our ongoing efforts to train, reward and counsel our driver workforce on safe in-cab habits and defensive driving.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Terminal maintenance investments in 2016 will target properties where we can relieve door or yard pressure and enhance our ability to support future growth and gain efficiencies over time. Along with the continued positive effect of dimensioners on our yield improvements, we also implemented a general rate increase of 4.9% on December 7. And this increase is holding up well in the market. We look forward to the planned opening of our Grayslake Terminal, which is north of Chicago, later this month. The state-of-the-art facility positions us to be closer to customers in this key market.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">So in spite of some concerns about the macro trends, we're optimistic that 2016 will be a year of continuous improvement in our operations and will serve as a building block for growth and profitability in the years to come. With these comments, we're now ready to answer your questions. Operator.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">QUESTION AND ANSWER</p>
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<p style="margin-top:2pt;line-height:14pt;text-align:right;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:12pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Operator </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Thank you. David Ross, Stifel.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">David Ross - Stifel Nicolaus - Analyst </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Good morning, gentlemen. Rick, the revenues are always tough to predict and the volumes where they're going, but sometimes you get a little bit better read on the costs. Can you talk about the cost headwinds in 2016, what you are seeing on the labor front, the equipment front in terms of what do you think you'll need in terms of pricing this year just to cover those cost increases?</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Rick O&#8217;Dell - Saia, Inc. - President &amp; CEO </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Fritz, do you want to kind of step through some of those?</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Fritz Holzgrefe - Saia, Inc. - VP, Finance &amp; CFO </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">David, as we look forward into our expense structure into next year, I think we're going to be challenged. We're going to have to continue to remain competitive in our healthcare and salary and benefit costs. So salary costs I don't think will increase, or wage costs won't increase at the same rate as last year. We mentioned that last year we had roughly a 4% increase on average across the workforce. This year, I think that number is going to be under 3%, probably 2.5% to 3%. You are going to see probably -- pick a number on healthcare. We model sort of a 10% healthcare cost increase over time. We'll see that.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">I think you'll see some of our initiatives around maintenance, fuel economy really driven by our capital investment around new equipment. So we continue to have pretty high levels of investment. We projected about $130 million next year and a big chunk of that is going to be continuing to modernize the fleet, which drives some maintenance cost reductions and further fuel economy.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">But if you carve out those big areas of inflation, wage, healthcare and I think the balance of it, you are going to look at sort of normal macro inflation rates. So we've got to continue to look for opportunities to drive our yield to be able to cover those kinds of increases.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">David Ross - Stifel Nicolaus - Analyst </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">And Rick, as you have discussions with customers, are they still understanding that this is the general environment that costs continue to go up, so they are going to continue to have to pay more, or is there a sense that, hey, tonnage is dropping, let's try to get a lower price even if it doesn't make sense from a carrier perspective?</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Rick O&#8217;Dell - Saia, Inc. - President &amp; CEO </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">We were successful with contract renewals at 5.3% in 4Q and we've continued to advance our yield not only through the quarter, but into January. So I'm not dissatisfied with what we've been able to achieve in terms of revenue mix management and our contract renewals with existing customers. People read analyst reports and obviously see what's going on in the industry. So you have some people that are looking to test the market, but thus far our conversations have been constructive and we just -- there's no reason to handle business in lanes that are at an operating loss. So we go through that on a detailed basis and I think what we obviously work diligently on is to make sure that the business that we're handling makes sense for us. Thus far, it's been constructive and a rational environment.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">David Ross - Stifel Nicolaus - Analyst </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Excellent. Thank you.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Operator </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Brad Delco, Stephens.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Brad Delco - Stephens Inc. - Analyst </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
<hr style="page-break-after:always;width:100%;">
<p style="margin-top:2pt;line-height:14pt;text-align:right;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:12pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Good morning, Rick. Good morning, guys. Rick, when we look at the tonnage down 10%, I know there's been a lot of iterations in terms of what you guys are doing with yield and pricing, but is there any way for you to give us color as to where you think the majority of that tonnage is coming from, or is it purely based on price? Is it based on maybe some of your energy exposure? Can you quantify it for us?</font></p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Rick O&#8217;Dell - Saia, Inc. - President &amp; CEO </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Yes, the energy exposure is a pretty big factor for us. If you look at the quarter, shipment decline was -- 6%?</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Fritz Holzgrefe - Saia, Inc. - VP, Finance &amp; CFO </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Yes, 6.2%.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Rick O&#8217;Dell - Saia, Inc. - President &amp; CEO </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">6.2%. I would say 2% of that is probably oil field sector for us. And then, of the remainder, probably half of that is pricing and mode shift. I think most everyone has seen some declines in weight per shipment. I'm not sure I totally know where that came from. But it seems to be kind of across the board from a market perspective. So you just have to fight through those things from an operating efficiency standpoint, as well as from a yield perspective. And we were able to hold our revenue per shipment flattish with the declining weight per shipment, so we've been able to overcome it from a yield perspective and a business mix perspective. I don't know. We might talk a little bit what we're seeing in January. Our shipment trend was much less negative than what we saw in 4Q. So I'm not displeased with what we're seeing sequentially into January. Do you want to run through that, Fritz?</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Fritz Holzgrefe - Saia, Inc. - VP, Finance &amp; CFO </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Sure. So Brad, if you look at these LTL shipments just broken out by month in the fourth quarter, October was minus 7.5%, November was minus 5.3%, and December was minus 5.4%. So a full quarter minus 6.2%, and then you compare that to January - our full month of January shipments are down 1% year-over-year.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Brad Delco - Stephens Inc. - Analyst </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Fritz, do you mind giving us tonnage?</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Rick O&#8217;Dell - Saia, Inc. - President &amp; CEO </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Absolutely. Here you go.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Fritz Holzgrefe - Saia, Inc. - VP, Finance &amp; CFO </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">So October, November, December, for the fourth quarter, LTL tonnage was down minus 8.7%, minus 8.5%, minus 9.6% and through the end of January minus 5.1%.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Brad Delco - Stephens Inc. - Analyst </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Okay. Rick, just going back to the first question, so when you look out into 2016, I guess we shouldn't be thinking about there's this -- I know you guys are always going to be focused on price, but it's not like any of these customers will be getting massive rate increases for the first time and there's still kind of intentional culling of freight. You are more to the point of fine-tuning. Is that the right way to thinking about it?</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Rick O&#8217;Dell - Saia, Inc. - President &amp; CEO </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Yes, I think it&#8217;s right. This year, I think we will have a little less wage inflation than we saw in the past. Our productivity execution has been improved through the fourth quarter and into the first quarter. We have these cost savings that we've targeted, which are more material than what we had last year. So we're targeting increases in the 4% type range for contract renewals. So I think, in the current environment, not only do we not need as much from a corrective action pricing standpoint, there's an opportunity for us to better balance between volume and yield and still have some good results.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Brad Delco - Stephens Inc. - Analyst </p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
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<p style="margin-top:2pt;line-height:14pt;text-align:right;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:12pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Yes, that makes sense. And you think with 4% type yields that, in this weaker industrial economy, is that enough to keep margins flattish?</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Rick O&#8217;Dell - Saia, Inc. - President &amp; CEO </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Sure.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Brad Delco - Stephens Inc. - Analyst </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Okay. All right. Thanks, guys, for the time.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Operator </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Scott Group, Wolfe Research.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Scott Group - Wolfe Research - Analyst </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Good morning, guys. So just to follow up on that, Rick, you think you can have a flat operating ratio in full year 2016 versus 2015 or improved?</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Rick O&#8217;Dell - Saia, Inc. - President &amp; CEO </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">That's our target. The first half comps are challenging. We had such good results in the first half of last year and then obviously 3Q was disappointing. There was a big investment in wages, etc., but our target certainly wouldn't be to go backwards.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Scott Group - Wolfe Research - Analyst </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Okay. And so that improvement in tonnage from the fourth quarter to the first quarter and improvement in shipments, what do you attribute that to? Where do you see the improvement coming?</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Rick O&#8217;Dell - Saia, Inc. - President &amp; CEO </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">It's fairly broad, I guess. The West Coast is a little stronger than some of the rest of the markets. The oil patch obviously isn't getting any better. I don't know. It's pretty broad and the comps are obviously easier as well.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Scott Group - Wolfe Research - Analyst </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Okay. And then just last thing, can you share with us where revenue per hundredweight is tracking up in January and where contractual renewals are tracking in January?</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Rick O&#8217;Dell - Saia, Inc. - President &amp; CEO </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">It's only one month, but they've been in that 4% range for the first month. I would tell you too, obviously, it depends. You go through a customer and one customer might still operate poorly or have a segment of the business that needs to be materially repriced and another one operates well. We don't ask the same increase across those customers. It depends on how the business operates. But I think our January renewals were constructive. Yields stepped up nicely from December into January and we're not displeased with what we're seeing from a rate increase perspective.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Scott Group - Wolfe Research - Analyst </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Okay. All right, thank you, guys.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Operator </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
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<p style="margin-top:2pt;line-height:14pt;text-align:right;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:12pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Alex Vecchio, Morgan Stanley.</font></p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Alex Vecchio - Morgan Stanley - Analyst </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Good morning. Thanks for taking the questions. Rick, I wanted to touch on weight per shipment. It sounds like that the declines may have actually accelerated a bit there in January, based on tonnage being down kind of 5% and shipments down 1%. Do you have a sense for what's driving that and maybe the expectation for the weight per shipment going forward?</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Rick O&#8217;Dell - Saia, Inc. - President &amp; CEO </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">I don't know. To be honest, we have such a diverse customer base I really don't know.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Alex Vecchio - Morgan Stanley - Analyst </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Okay. Do you worry that it might hurt density a little bit?</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Rick O&#8217;Dell - Saia, Inc. - President &amp; CEO </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">It does a little. Our revenue per shipment with our yield increases has been flattish. So it hurts you operationally, but as long as you're getting paid for it -- so that's what we're working on. It's a mix, right?</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Alex Vecchio - Morgan Stanley - Analyst </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Okay, that makes sense. I think, last quarter, you had suggested that normal seasonality implied your tonnage for 2016 might be down 2%-ish if I remember correctly. Is that still the bogey you are looking for at this point, or have your thoughts changed there?</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Rick O&#8217;Dell - Saia, Inc. - President &amp; CEO </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Yes, something in that range. Shipment-wise, we're down 1% in January, so that seems reasonable. And at some point, we're going to overlap the decline in weight per shipment because it's been pretty consistent. Weight per shipment has been down in the 4% range most of the month in the last six months or so.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Alex Vecchio - Morgan Stanley - Analyst </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Right. Yes, that makes sense. And then just lastly, a housekeeping question. Can you provide the quarterly workdays through 2016?</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Fritz Holzgrefe - Saia, Inc. - VP, Finance &amp; CFO </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Through 2016?</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Alex Vecchio - Morgan Stanley - Analyst </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Yes, just by quarter.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Fritz Holzgrefe - Saia, Inc. - VP, Finance &amp; CFO </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Can we circle back with you on that one? I don't have that one right in front of me.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Alex Vecchio - Morgan Stanley - Analyst </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Yes, sure. No problem. We can follow up off-line. Appreciate the time. Thank you.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Operator </p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
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<p style="margin-top:2pt;line-height:14pt;text-align:right;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:12pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Thom Albrecht, BB&amp;T.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Thom Albrecht - BB&amp;T Capital Markets - Analyst </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Really nice rebound from the third quarter there. You may have given this, but I don't know that I heard it. And that is what was your average yield increase, excluding fuel surcharges, in the fourth quarter?</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Rick O&#8217;Dell - Saia, Inc. - President &amp; CEO </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Contract renewals were 5.3% and then if you adjust for mix in our theoretical model adjusting for weight per shipment and length of haul, our actual yield was up a little over 6%.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Thom Albrecht - BB&amp;T Capital Markets - Analyst </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Okay. Yes, I was thinking it might have even been a little bit higher than that because you are the only --.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Rick O&#8217;Dell - Saia, Inc. - President &amp; CEO </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">It's 6.3%. The real number was 6.3%, about 6.3%. It was a nice increase for the quarter in a difficult environment economically and again, the trends have been pretty positive into January as well.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Thom Albrecht - BB&amp;T Capital Markets - Analyst </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Yes, you were the only public carrier whose yield, inclusive of fuel, was up in the quarter, so it suggested that the base increase was pretty strong. You talked about --.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Rick O&#8217;Dell - Saia, Inc. - President &amp; CEO </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">I would say a lot of the other carriers took a little bit earlier general rate increase than we did as well. Ours was the second week in December.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Thom Albrecht - BB&amp;T Capital Markets - Analyst </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Okay. And yours was 4.7% or 4.9%? I forgot.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Rick O&#8217;Dell - Saia, Inc. - President &amp; CEO </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">4.9%.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Thom Albrecht - BB&amp;T Capital Markets - Analyst </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Okay. I know you talked a little bit about energy and that. Can you be a little more descriptive maybe in the energy states -- Louisiana, Texas, Oklahoma -- not so much energy shipments, but just what you are seeing in those economies because they are so tied to energy. And I've been looking at housing stats in Houston and they are down double-digit now and just kind of wondering what the freight flows are like in general in those three states?</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Rick O&#8217;Dell - Saia, Inc. - President &amp; CEO </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Okay, so we have regions that are kind of -- South Texas we call our Houston region, which also would have a few Louisiana locations there, right? It's down -- excluding fuel surcharge, revenue is down 20%.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Thom Albrecht - BB&amp;T Capital Markets - Analyst </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
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<p style="margin-top:2pt;line-height:14pt;text-align:right;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:12pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Wow.</font></p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Rick O&#8217;Dell - Saia, Inc. - President &amp; CEO </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">And in most of the other -- like Oklahoma would be down in the same range, 20%. Dallas has a little bit more diversified economy. Its region is down about 10%. I would comment, from a cost management standpoint, our Houston region's operating ratio was actually flat with last year in spite of a 20% decline in business. So we've done a good job of mitigating the -- still we made way less operating -- we had 20% less operating income, but at least we held it flat. So the cost execution has been good considering what we're dealing with on the environment.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Thom Albrecht - BB&amp;T Capital Markets - Analyst </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Have you made additional adjustments to your headcount beyond what you described in the October conference call?</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Rick O&#8217;Dell - Saia, Inc. - President &amp; CEO </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">It drifts down seasonally just with turnover not replacing. We start our staffing for peak periods in February, March time period, so it's continued to drift down from the 4% reduction that we did.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Thom Albrecht - BB&amp;T Capital Markets - Analyst </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Okay. So I guess I was really asking a very proactive step as opposed to normal seasonal adjustments. That 4% was very proactive to get on top of your cost structure.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Rick O&#8217;Dell - Saia, Inc. - President &amp; CEO </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">It was effective and we haven't done anything in addition to that.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Thom Albrecht - BB&amp;T Capital Markets - Analyst </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">And then last question, are you going to be growing your salesforce this year, or is that just not something that makes sense in the current climate?</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Rick O&#8217;Dell - Saia, Inc. - President &amp; CEO </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">We've added a couple of national account resources from some competitor turmoil that we saw just from an opportunistic standpoint. And then our other focus is quite frankly on inside sales from a lead management perspective to help our field and national account salesforce be more effective from a new customer perspective and that's been it. So other than that, we're not looking to add.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Thom Albrecht - BB&amp;T Capital Markets - Analyst </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Okay, great. That's all I had. Thank you.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Operator </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Art Hatfield, Raymond James.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Art Hatfield - Raymond James - Analyst </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Good morning, everybody. Rick, in those three regions you mentioned, did you see a gradual downdraft in volumes or was it a cliff that you experienced last year?</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Rick O&#8217;Dell - Saia, Inc. - President &amp; CEO </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">It was kind of a cliff and then a gradual downdraft.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
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<p style="margin-top:2pt;line-height:14pt;text-align:right;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:12pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Art Hatfield - Raymond James - Analyst </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">So when do you start to lap that cliff?</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Rick O&#8217;Dell - Saia, Inc. - President &amp; CEO </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">I guess the biggest portion of that is going to probably come in 2Q. And then 3, it stepped down again pretty significantly. Three is probably the biggest comp.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Fritz Holzgrefe - Saia, Inc. - VP, Finance &amp; CFO </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Yes.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Art Hatfield - Raymond James - Analyst </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Okay. If I look at the numbers I have for first quarter of last year and your shipment counts, it looks like your easiest comp was January and it looks like it was down 0.6% and February it dropped to 4.4% and then down 3.8% in March. That step down, I remember that you guys were very firm on 3PL pricing last year and we had some weather in February, but can you talk about what happened in February with the step down and how we can think about that from a comparative standpoint this year?</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Rick O&#8217;Dell - Saia, Inc. - President &amp; CEO </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">I don't know. We haven't adjusted our 3PL pricing yet this year, which we did in January of last year, as you commented. I guess from this year's perspective, it's obviously very early in February, but, thus far, it feels a little bit where we had the negative 1% in January thus far, it's been a little better than that in February. I don't know what other color you are looking for.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Art Hatfield - Raymond James - Analyst </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">That's helpful. I'm just trying to remember if there's anything else significant other than kind of what you were doing on the pricing side. And as I look at comps for a lot of carriers, it looks like there was a step down in February and if that was kind of the beginning of what we saw throughout the year. And just wanted to see if you could recollect anything specific about last year's first quarter.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Rick O&#8217;Dell - Saia, Inc. - President &amp; CEO </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">It seems like the weather was a challenge in February of last year too, just if you look at some of the days. We're looking at days now compared to last year and there were some pretty low days just associated with weather it looked like to me.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Art Hatfield - Raymond James - Analyst </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Okay. Fair enough. That's helpful. Hey, thanks for the time this morning.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Operator </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Matthew Frankel, Cowen &amp; Company.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Matthew Frankel - Cowen and Company - Analyst </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">I'm just on for Jason Seidl this morning. Thank you for taking the question. First thing I wanted to hit on was if you could break down your consumer and industrial exposure in terms of your client base, but more specifically if you can go a step further and talk about -- let's say within the consumer section -- what percentage is apparel specifically? And the reason I ask is we've heard from several very large apparel companies over the last few days about inventories remaining bloated and I'm just trying to get a sense for what your exposure is there.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Rick O&#8217;Dell - Saia, Inc. - President &amp; CEO </p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
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<p style="margin-top:2pt;line-height:14pt;text-align:right;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:12pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Ours would be pretty small from an apparel standpoint, but, obviously, we do business with Walmart and Cato stores and some of those folks who would have some of that in what I would consider to be our consumer retail. We generally look at our businesses from a big picture perspective. About 40% is industrial, about 40% is more retail consumer and 20% is like distribution type business. I don't know which category you would put that in, but that's kind how we look at it. It's pretty spread out. There's not a big concentration in any one segment. Our biggest customer is Lowe's and we all know what they do, right?</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Matthew Frankel - Cowen and Company - Analyst </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">All right. Well, thank you. Second thing is if you can just remind us what the 1Q 2015 monthly tonnage trends were? Appreciate it.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Rick O&#8217;Dell - Saia, Inc. - President &amp; CEO </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">You want last year's tonnage trends?</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Matthew Frankel - Cowen and Company - Analyst </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Yes, if you don't mind.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Rick O&#8217;Dell - Saia, Inc. - President &amp; CEO </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">We'll have to get back to you off-line. We didn't put that in our sheet. Sorry about that.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Matthew Frankel - Cowen and Company - Analyst </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Okay. No worries. And then, finally, on the purchase transportation for the quarter, a big step down year-over-year. Just curious what drove that and what you're seeing? Will that remain? Any kind of color you can give on that we'd appreciate.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Rick O&#8217;Dell - Saia, Inc. - President &amp; CEO </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Last year, with the tonnage increase and some truckload spillover, I think we had some suboptimal purchase transportation in our network and you put that in, you take care of customers and then you re-optimize that over a period of time. So that's really what has driven that and it's a constant process that we put into place through managing our linehaul network effectively. So I guess from a looking-forward basis, unless we see a big spike in tonnage or something, you could probably assume more of the current trends going forward as opposed to where we were in 2014.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Matthew Frankel - Cowen and Company - Analyst </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Okay. Thanks, guys.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Rick O&#8217;Dell - Saia, Inc. - President &amp; CEO </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Obviously, seasonality-wise, you would have to look at that because we use some purchased transportation in the summer time to cover some vacations and whatnot, particularly for team drivers.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Operator </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Scott Group, Wolfe Research.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Scott Group - Wolfe Research - Analyst </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">So Rick, you usually share some perspective on what you think the margins can do sequentially. Any thoughts on first quarter operating ratio versus fourth quarter?</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
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<p style="margin-top:2pt;line-height:14pt;text-align:right;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:12pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Rick O&#8217;Dell - Saia, Inc. - </font><font style="font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">President &amp;</font><font style="font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> CEO </font></p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Sure. I'm sure if you look back, as we did, fourth quarter to first quarter trends have been all over the board and it kind of depends on where the holidays fall, timing of general rate increases in different years, success with contract renewals, not only in the current quarter, but where you came out of the prior quarter. You have accident volatility and winter weather, so this year's going to be really interesting, maybe even more so than normal just because it'll largely be determined, like it often is, with a 23 workday month of March. But if we look at all these factors and current trends and assume a normal safety quarter, probably something around a flattish type operating ratio from 4Q to 1Q.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Scott Group - Wolfe Research - Analyst </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Okay. And then maybe just last thing, big picture, so a quarter ago, the world was ending and tonnage kept getting worse and wasn't clear if we could grow earnings next year. And just the tone from you is just so much more positive this quarter. Obviously, you had a better quarter relative to expectations, but big picture what's changed over the past three months, why you sound so much more positive? Is it just that you've gotten a grip on some of the costs, or pressing is holding up better, but -- I don't know, but certainly there is a big shift in tone and I just want to understand what's driving that.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Rick O&#8217;Dell - Saia, Inc. - President &amp; CEO </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Obviously, we had a much better quarter and if you look at it, it was driven by yield and our core cost execution and we have a confidence that our core cost execution will continue to perform clearly better than we did in the third quarter of last year as we move forward. And the yield has held up maybe better than I would have thought. Coming into 1Q, we're running at a higher rate than I would have thought 60 days ago. So that's positive and we're seeing positive trends from a contract renewal perspective. Volumes are holding up okay sequentially from that perspective. So it gives you confidence that we can continue on this type of execution both from a yield and a cost perspective.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Scott Group - Wolfe Research - Analyst </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">And the competitive pressures you talked about in third quarter pricing have those gone away?</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Rick O&#8217;Dell - Saia, Inc. - President &amp; CEO </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Yes, I think I made some comments on some people pricing with 3PLs for volumes and some people still do that. There are people that give discounts for the weak seasonal period from December to February or whatever. We don't do that. I don't know that it's gone away, but it hasn't accelerated. And our contract renewals have been constructive thus far. We haven't seen a lot of crazy activity out there. I think people recognize you've got a partner and there's still going to be issues with drivers moving forward. And as we head into next year overall the volumes have held up pretty well. We're working diligently with our pipeline management for new customers, so if we do come to an impasse from a rate negotiation perspective, we're looking to replace that customer with somebody who better values our execution in the marketplace from an operational and service standpoint.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Scott Group - Wolfe Research - Analyst </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Okay. Appreciate the time, guys. Thank you.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Operator </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Thom Albrecht, BB&amp;T.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Thom Albrecht - BB&amp;T Capital Markets - Analyst </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Rick, two things &#8211; one, on the tax credit, is that propane or is that just some accelerated depreciation -- or Fritz, I guess?</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Rick O&#8217;Dell - Saia, Inc. - President &amp; CEO </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Propane</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Fritz Holzgrefe - Saia, Inc. - VP, Finance &amp; CFO </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
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<p style="margin-top:2pt;line-height:14pt;text-align:right;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:12pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">That's propane.</font></p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Thom Albrecht - BB&amp;T Capital Markets - Analyst </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">All right. And then I just want to make sure I --.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Rick O&#8217;Dell - Saia, Inc. - President &amp; CEO </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Thom that also got renewed into this year as well, so you'll see that. Instead of $0.04 in the fourth quarter when it got enacted retroactively, our rate will come down a penny a quarter.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Fritz Holzgrefe - Saia, Inc. - VP, Finance &amp; CFO </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">So you can probably think about an effective rate around 36.5%.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Thom Albrecht - BB&amp;T Capital Markets - Analyst </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Okay. That was another question then. All right. And then do you have a D&amp;A target for this year, Fritz?</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Fritz Holzgrefe - Saia, Inc. - VP, Finance &amp; CFO </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">We don't separately break that out, but I think with $130 million sort of capital spend sort of ratably during the year; you'd kind of run that out compared to what we had last year.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Thom Albrecht - BB&amp;T Capital Markets - Analyst </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Right. Okay. And then I just want to make sure I heard you correctly, Rick. On the sequential change in the OR from Q4 to Q1, historically, you are not flat, although it's been all over the ballpark from very modest declines. Are you saying you think that will happen, or you were just kind of talking out loud?</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Rick O&#8217;Dell - Saia, Inc. - President &amp; CEO </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">No, I think flattish is a reasonable expectation at this point.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Thom Albrecht - BB&amp;T Capital Markets - Analyst </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Okay.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Rick O&#8217;Dell - Saia, Inc. - President &amp; CEO </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">And I guess if you look at comparisons to just last year, for instance, we had a nice improvement, but we were getting much higher contract renewals last year both in fourth quarter and first quarter. So there was a much bigger yield step-up.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Thom Albrecht - BB&amp;T Capital Markets - Analyst </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Okay. That makes sense. I just wanted to make sure I heard that. Okay. Thanks again. I will see you guys next week.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Operator </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">We have no further questions.</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Rick O&#8217;Dell - Saia, Inc. - President &amp; CEO </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
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<p style="margin-top:2pt;line-height:14pt;text-align:right;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:12pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">All right. Thank you for your interest in Saia. Look forward to catching up with you guys over the next month or two.</font></p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Operator </p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:justify;border-top:none 0pt;padding-top:0pt;margin-bottom:4pt;margin-top:4pt;line-height:10pt;text-indent:0%;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">That concludes today's conference call. We appreciate your participation.</p>
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