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The North American Intermodal Marketplace @ YE2009
 

The North American Intermodal Marketplace @ YE2009

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    The North American Intermodal Marketplace @ YE2009 The North American Intermodal Marketplace @ YE2009 Presentation Transcript

    • Select Views Of The North American Intermodal Marketplace, Past & Present Including Its Key Participants,* The Railroads, Intermediaries, and Truckers *Excepting privately-held Schneider National, Inc., for which data details are not publicly available. Thom A. Williams, managing director March 9, 2010
    • The Objects of Our Affection:
    • Class 1 Railroads' Intermodal Revenues RR Intermodal Revenues US$s in millions $5,500 BNI $5,000 $4,500 $4,000 UNP $3,500 The North American $3,000 NSC Intermodal sector's fortune is inextricably $2,500 linked to international CSX trade! About 60 percent of N. A. rail $2,000 CNR intermodal traffic consists of $1,500 merchandise imports CP and exports. In 2008, $1,000 the number of international $500 intermodal containers moved by rail from $0 KSU the seaports totaled 7.8 million. 00 01 02 20 03 20 04 20 05 20 06 20 07 20 08 20 09 20 20 20 KSU, 9-yr. ('00-'09) CP, 9-yr. ('00-'09) CNR, 9-yr. ('00-'09) CSX, 9-yr. ('00-'09) NSC, 9-yr. ('00-'09) UNP, 9-yr. ('00-'09) BNI, 9-yr. ('00-'09) CAGR = +12.4% CAGR = +4.2% CAGR = +4.3 CAGR = +0.3 CAGR = +3.5% CAGR = +3.0% CAGR = +4.5% AmherstAlphaAdvisors LLC Source Data: SEC Forms 10-K.
    • U.S. Maritime Port and Railroad Container Volumes TEUs in thousands 45,000 45,000 44,400 42,000 Totals are for all container ports, including all container traffic (both loaded and empty 40,000 TEUs) in U.S. international maritime activity, U.S. imports and exports. 38,700 38,000 35,000 36,300 Totals are for all container ports, reflecting only loaded containers (as TEUs) in U.S. international maritime activity, U.S. imports and exports. 32,700 30,000 Totals reported by the National Retail Federation's & Global 28,969 Insight's Port-Tracker data, TEUs 28,190 27,600 shipped through major U.S. 25,000 26,100 container ports. 23,900 21,300 AAR reported total U.S. 20,000 and Canadian container 19,700 (COFC + TOFC) load volumes. 16,504 16,428 15,000 15,402 15,200 14,639 14,437 14,027 13,939 13,959 13,160 12,700 12,465 12,108 11,996 11,600 10,000 11,383 5,000 0 2002 2003 2004 2005 2006 2007 2008 2009 RITA-BTS U.S. Total All Loaded & Empty TEU Traffic RITA-BTS U.S. Total International International TEU Traffic NRF-PortTracker Total Loaded TEUs Shipped to Major Retail Ports American Assoc. of Railroads Total Intermodal (COFC + TOFC) Volumes AmherstAlphaAdvisors LLC Source Data: RITA-BTS, NRF-PortTracker, and AAR reports and records.
    • Class 1 Railroads' Intermodal Revenues GrossRevenues Avg. On-road Diesel US$s in millions Price, US$s/gal. $16,000 $3.750 $161 $1,400 Fuel surcharges increases $213 $254 $3.550 $14,000 considerably masked otherwise dull revenue growths. $1,257 $1,318 $3.350 $1,580 $220 $12,000 $1,394 $1,382 $1,161 $3.150 $143 $1,466 $1,130 KSU, 9-yr. ('00- $60 $1,270 $1,412 $1,356 $2.950 '09) $1,035 CAGR = $10,000 +12.4% $1,337 $53 $2,058 CP, 9-yr. ('00- $1,362 $2.750 $940 $1,117 '09) $51 $1,921 CAGR = +4.2% $1,971 $50 $44 $882 $1,204 $782 $1,101 $2.550 CNR, 9-yr. ('00- $8,000 $804 $1,346 '09) $1,052 $1,826 CAGR = +4.3 $919 $969 $1,530 $1,264 $3,023 $2.350 CSX, 9-yr. ('00- $1,180 $1,537 $2,805 $2,925 '09) $1,168 $1,112 CAGR = +0.3 $6,000 $2.150 $1,239 $2,466 NSC, 9-yr. ('00- $1,181 $2,486 $1,119 $1,123 '09) $2,240 $1.950 CAGR = +3.5% $2,066 UNP, 9-yr. ('00- $4,000 $1,995 '09) $1,909 $1,905 $1.750 CAGR = +3.0% $5,551 BNI, 9-yr. ('00- $5,140 $5,168 $1.550 '09) $4,383 CAGR = +4.5% $2,000 $3,979 $3,608 $2,783 $3,072 Avg. On-road $2,669 $2,618 $1.350 Diesel Price, US$s/gal. $0 $1.150 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 AmherstAlphaAdvisors LLC Source Data: SEC Forms 10-K.
    • Container and Intermodal Volumes vs. RR Intermodal Revenues, 2006 - 2009 Total Container Volumes, Total RR Intermodal Revenues, in thousands US$s in millions 20,000 $16,000 $15,238 $14,324 $14,000 $14,192 17,500 $12,000 17,375 $11,809 16,865 16,428 16,504 $10,000 16,051 15,000 15,200 $8,000 $6,000 13,746 12,500 12,700 $4,000 YE2009 vs. YE2006: Container counts of imported goods fell ~23%, to 12.7 million at YE '09, and the railroads carried ~21% fewer intermodal shipments in '09 than during '06. $2,000 What does not arrive at the ports is not transported across the Nation. 10,000 $0 2006 2007 2008 2009 RR Intermodal Shipments NRF Port Volumes RR Intermodal Revenue AmherstAlphaAdvisors LLC Source Data: SEC Forms 10-K and reports and records of the AAR and NRF-PortTracker.
    • 2005 Intermodal Railroads' Market Shares How the 7 Class 1 RRs divided US$12.7 billion of '05 Intermodal revenues: KSU 2% CP CSX 9% 11% CNR NSC 10% 14% BNI UNP 35% 19% BNI CNR CP CSX KSU NSC UNP AmherstAlphaAdvisors LLC Source Data: SEC Forms 10-K.
    • 2009 Intermodal Railroads' Market Shares How the 7 Class 1 RRs divided US$11.8 billion of '09 Intermodal revenues: KSU 1% CP CSX 10% 10% CNR NSC 11% 13% UNP BNI 21% 34% BNI CNR CP CSX KSU NSC UNP AmherstAlphaAdvisors LLC Source Data: SEC Forms 10-K.
    • Western (BNI, UNP & KSU) vs. Eastern (CSX & NSC) Intermodal Revenues, U.S. Railroad Intermodal Revenues US$s in millions $9,000 BNI, The Mississippi River essentially UNP $8,000 separates the spheres of influence of the BNI, BNI, & KSU Western-focused railroads (BNI, UNP and UNP UNP $8,735 & KSU KSU) from CSX and NSC, which likewise & KSU $8,347 $7,000 dominate the Eastern third of the U.S. $8,158 BNI, UNP BNI, & KSU $6,000 UNP $7,069 BNI, & KSU UNP $6,608 $5,000 BNI, & KSU BNI, UNP $5,908 BNI, BNI, UNP & KSU UNP $4,000 UNP & KSU $5,191 & KSU & KSU $4,829 $4,628 $4,567 $3,000 CSX CSX CSX CSX CSX & NSC & NSC & NSC & NSC CSX CSX & NSC $3,383 $3,524 $2,000 CSX CSX $3,188 $3,277 & NSC $2,883 CSX & NSC & NSC & NSC $2,287 & NSC $2,235 $2,361 $2,503 $2,734 $1,000 $0 BNI, 2000 2001 UNP & KSU 2002 2003 2004 CSX & NSC 2005 2006 2007 2008 2009 Total annual Freight Ton Miles (Rail and Truck movements, combined) incurred within States east of the Mississippi consistently account for near 60% of total U.S. freight ton mileage, but now just 29% of total RR Intermodal revenues. Keep an eye on NSC's new alliance with JBHT and CSX's with Schneider National; from the freight ton per mile perspective, Eastern U.S. Intermodal revenues may soon far surpass what they are today. AmherstAlphaAdvisors LLC Source Data: SEC Forms 10-K.
    • Population Density Drives Overall Freight Ton Miles: AmherstAlphaAdvisors LLC
    • Freight Tonnage on Highways, Railroads, and Inland Waterways: AmherstAlphaAdvisors LLC Source Data: public records of the USDOT FHWA & FRA, and International Union of Combined Rail-Road Transport Companies (UIRR).
    • Tonnage on Trailer-on-Flatcar and Container-on-Flatcar RR Intermodal Moves: 2006 This display illuminates: (1) Intermodal’s strengths west of the Mississippi, where longer transport distances (avg. 1,500+ miles) are dominant; and, (2) Intermodal’s still-present challenges to capture revenues from trucking in the much-larger freight markets of the Eastern States, where the shorter transport distances handicap Intermodal’s “rail vs. truck” pricing advantages. Note, e.g., how little Intermodal flows to or from the East via rail from or to St. Louis, Memphis and Dallas. AmherstAlphaAdvisors LLC Source Data: reports of the USDOT FHWA & FRA, and the International Union of Combined Rail-Road Transport Companies (UIRR).
    • Major Truck Routes on the National Highway System: The Interstate Highways are congested, the Rails are open, and Shippers always seek to reduce costs. Herein lie the substantial future Intermodal opportunities for CSX, NSC, JBHT, and others! AmherstAlphaAdvisors LLC Source Data: public records of the USDOT FHWA & FRA, and International Union of Combined Rail-Road Transport Companies (UIRR).
    • Major Freight Corridors: AmherstAlphaAdvisors LLC Source Data: public records of the USDOT FHWA & FRA, and International Union of Combined Rail-Road Transport Companies (UIRR).
    • Components of the Major Freight Corridors: AmherstAlphaAdvisors LLC Source Data: public records of the USDOT FHWA & FRA, and International Union of Combined Rail-Road Transport Companies (UIRR).
    • Current Train Volumes Compared to Current Capacity: Clearly, CSX & NSC (dominant holders of rail lanes east of the Mississippi River) are far from lacking capacity to increase their revenues via growing Intermodal activities! AmherstAlphaAdvisors LLC Source Data: public records of the USDOT FHWA & FRA, and International Union of Combined Rail-Road Transport Companies (UIRR).
    • AmherstAlphaAdvisors LLC Source Data: public records of the USDOT FHWA & FRA, and International Union of Combined Rail-Road Transport Companies (UIRR).
    • AmherstAlphaAdvisors LLC Source Data: public records of the USDOT FHWA & FRA, and International Union of Combined Rail-Road Transport Companies (UIRR).
    • AmherstAlphaAdvisors LLC Source Data: public records of the USDOT FHWA & FRA, and International Union of Combined Rail-Road Transport Companies (UIRR).
    • AmherstAlphaAdvisors LLC Source Data: public records of the USDOT FHWA & FRA, and International Union of Combined Rail-Road Transport Companies (UIRR).
    • AmherstAlphaAdvisors LLC Source Data: public records of the USDOT FHWA & FRA, and International Union of Combined Rail-Road Transport Companies (UIRR).
    • AmherstAlphaAdvisors LLC Source Data: public records of the USDOT FHWA & FRA, and International Union of Combined Rail-Road Transport Companies (UIRR).
    • AmherstAlphaAdvisors LLC Source Data: public records of the USDOT FHWA & FRA, and International Union of Combined Rail-Road Transport Companies (UIRR).
    • How the Truckload vs. Intermodal Freight Mix Appears Today: AmherstAlphaAdvisors LLC Source Data: JB Hunt Transport Inc.
    • How the Truckload vs. Intermodal Freight Mix Will Look in 10-15 Years: AmherstAlphaAdvisors LLC Source Data: JB Hunt Transport Inc.
    • Now, Let’s Take a Closer Look at JB Hunt Intermodal’s Very Successful Journey via Train: AmherstAlphaAdvisors LLC
    • Intermodal Load Volumes: AAR U.S. vs. JBHT Intermodal AAR Total U.S. Intermodal Loads, JBHT Total in thousands Intermodal Loads JBHT's 9-year Intermodal 900,000 12,000 Volume CAGR = +8.9% 12,280,000 12,030,000 915,413 11,690,000 11,510,000 11,000 AAR U.S. RRs' 9-year Intermodal Volume CAGR = +0.7% 11,000,000 800,000 837,575 10,000 9,881,000 9,956,000 738,207 700,000 9.3% 9,000 9,286,000 9,350,000 9,045,000 629,533 8,000 600,000 598,857 581,894 7.3% 7,000 527,404 500,000 473,856 6,000 6.1% 446,569 425,304 400,000 5.3% 5.3% 5,000 5.1% 5.1% 5.1% 4.9% 4.6% 4,000 300,000 3,000 200,000 2,000 100,000 1,000 0 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 AAR Total US Intermodal JBHT Total Intermodal JBHT Intermodal Loads, 9-yr. ('00-'09) Loads, 9-yr. (''00-'09) as % of AAR total CAGR = 0.7% CAGR = 8.9% U.S. Intermodal AmherstAlphaAdvisors LLC Source Data: SEC Forms 10-K and AAR reports.
    • Intermodal Gross Revenues: Class 1 Railroads vs. JBHT Intermodal Class 1 RRs' Intermodal JBHT's Intermodal Gross Revenues, Gross Revenues, US$s in millions US$s in millions $18,000 $2,000 JBHT's 9-year Intermodal $1,952 Revenue CAGR = 11.2% $1,800 $16,000 Class 1 RR's 9-year Intermodal $1,764 Revenue CAGR = 3.6% $15,238 $1,653 $1,600 $14,000 $14,324 $14,192 $1,430 $1,400 $12,688 $12,000 $11,809 $1,284 $1,200 $10,943 $10,000 $1,115 $9,735 $1,000 $9,124 $8,616 $8,574 $8,000 $936 $800 $809 $741 $6,000 $681 $600 $4,000 $400 $2,000 $200 $0 $0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 7 North American JBHT Intermodal, Class 1 RRs, 9-yr. ('00-'09) 9-yr. ('00-'09) CAGR = +3.6% CAGR = +11.2% AmherstAlphaAdvisors LLC Source Data: SEC Forms 10-K.
    • Intermodal Marketing Companies (IMCs) vs. JBHT Intermodal Intermodal Load Totals Load Volumes 1,300,000 1,306,237 1,200,000 1,165,015 1,100,000 1,135,582 1,137,938 1,000,000 1,053,771 994,174 900,000 915,413 800,000 837,575 700,000 738,207 600,000 598,857 629,533 581,894 500,000 400,000 Since YE '04 independent Intermodal Marketing Companies (the IMCs tracked by IANA) have watched 300,000 their annual Intermodal volumes decline by ~312,000 shipments/yr. During that same time span JBHT's annual 200,000 Intermodal volumes grew by an near identical amount, ~334,000 shipments/yr. 100,000 0 2004 2005 2006 2007 2008 JBHT total Intermodal loads, IANA IMC total Intermodal loads, 2009 5-yr. CAGR = +9.5% 5-yr. CAGR = -5.3% AmherstAlphaAdvisors LLC Source Data: SEC Forms 10-K and IANA reports.
    • Recent Railroad & JBHT Intermodal Unit Volumes Railroad Intermodal JBHT Intermodal Unit Volumes Unit Volumes 915,413 900,000 KSU 3-year ('06-'09) 837,575 5,000,000 CAGR = -7.4%% 800,000 CP 3-year 738,207 ('06-'09) CAGR = 700,000 -6.0% 4,000,000 CNR 3-year 629,533 ('06-'09) BNI CAGR = 600,000 -2.1% CSX 3-year ('06-'09) 3,000,000 500,000 CAGR = -4.4% NSC UNP 3-year 400,000 ('06-'09) NSC CAGR = -8.1% 2,000,000 UNP 3-year 300,000 ('06-'09) CSX CAGR = -7.1% BNI 200,000 3-year CNR ('06-'09) 1,000,000 CAGR = CP -10.7 100,000 JBHT 3-year KSU ('06-'09) CAGR = +13.3% 0 0 2006 2007 2008 2009 AmherstAlphaAdvisors LLC Source Data: SEC Forms 10-K and AAR reports.
    • Key Intermediaries' Intermodal Revenues Intermodal Revenues, US$s in millions $2,000 Little has changed for Pacer and Hub Group in the nine full years $1,764 $1,750 between 2000 and 2009! $1,500 $1,250 $1,191 $1,055 $1,004 $1,000 $959 In the meantime, JB Hunt has nearly tripled $750 its Intermodal revenues, and surely to $681 Pacer's and Hub's considerable detriment! Now facing JBHT's formidable traction here, do either PACR or HUBG have much $500 chance for substantive Intermodal growth? $250 $0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 LSTR CHRW HUBG PACR JBHT AmherstAlphaAdvisors LLC Source Data: SEC Forms 10-K.
    • Key Intermediaries Gross Intermodal Revenues Gross Intermodal Avg. On-road Revenues, Diesel Price, US$s in millions US$s/gal. $2,000 $4.000 $1,750 $3.500 $1,500 $3.000 $1,250 $2.500 $1,000 $2.000 $750 $1.500 $500 $1.000 $250 $0.500 $0 $0.000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 LSTR CHRW PACR HUBG JBHT Avg. On-road 9-year ('00-'08) 9-year ('00-'08) 9-year ('00-'09) 9-year ('00-'09) 9-year ('00-'09) Diesel Price, CAGR = +1.4% CAGR = +10.4% CAGR = +2.4% CAGR = +0.5% CAGR = +11.2% US$s/gal. AmherstAlphaAdvisors LLC Source Data: SEC Forms 10-K.
    • Comparing HUBG, PACR and JBHT Intermodal Revenues Gross Intermodal Avg. On-road Revenues, Diesel Price, US$s in millions US$s/gal. $2,000 $4.000 $1,952 $3.750 $1,800 $1,764 $3.500 $1,600 $1,653 $1,633 $1,568 $3.250 $1,492 $1,400 $1,430 $1,403 $3.000 $1,329 $1,284 $1,200 $1,250 $1,206 $2.750 $1,173 $1,191 $1,154 $1,115 $1,076 $1,080 $1,000 $1,053 $1,055 $2.500 $1,004 $1,015 $959 $977 $936 $905 $915 $2.250 $800 $809 $741 $2.000 $681 $600 As fuel prices and fuel surcharges declined, HUBG's and PACR's Intermodal $1.750 revenues fell even faster. $400 Little wonder that neither HUBG nor PACR disclose Intermodal segment shipping $1.500 volumes or margins. $200 $1.250 $0 $1.000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 HUBG PACR JBHT Avg. On-road 9-year ('00-'09) 9-year ('00-'09) 9-year ('00-'09) Diesel Price, CAGR = +0.5% CAGR = +2.4% CAGR = +11.2% US$s/gal. AmherstAlphaAdvisors LLC Source Data: SEC Forms 10-K.
    • YE 2000 Key Intermodal Intermediaries' Market Shares How the Top 5 divided US$2.8 billion of 2000 Intermodal Revenue CH RW LST R, $ , $7 HUBG 67 m 6m il., 2 il., $1,004 million % 3% 37% JBHT $681 million 24% PACR $959 million 34% LSTR CHRW HUBG PACR JBHT AmherstAlphaAdvisors LLC Source Data: SEC Forms 10-K.
    • YE 2006 Key Intermodal Intermediaries' Market Shares How the Top 5 divided US$4.4 billion of 2006 Intermodal Revenue CHRW LST HUBG R, $ $167million 123 mil. 4% $1,173 million , 3% 27% JBHT $1,430 million 33% PACR $1,492 million 33% LSTR CHRW HUBG PACR JBHT AmherstAlphaAdvisors LLC Source Data: SEC Forms 10-K.
    • YE 2009 Key Intermodal Intermediaries' Market Shares How the Top 5 divided US$4.3 billion of 2009 Intermodal Revenue CHRW HUBG LST R, $ 76 m $186 million $1,055 million il., 2 4% % 25% JBHT $1,764 million PACR 41% $1,191 million 28% While these top 5 generated ~$4.27 billion of gross Intermodal revenue during 2009, or ~$1.49 billion more than during 2000, JBHT Intermodal captured 74% (~$1.1 billion) of that total increase. Have HUBG and PACR been "asleep at the switch" for the past 9 years? LSTR CHRW HUBG PACR JBHT AmherstAlphaAdvisors LLC Source Data: SEC Forms 10-K.
    • JBHT Total and Intermodal Revenues Revenues, US$s in millions $4,000 JBHT's 9-year $3,732 Total Revenue $3,500 CAGR = 4.5% $3,490 $3,328 $3,203 $3,128 $3,000 JBHT's 9-year Intermodal Revenue $2,786 CAGR = 11.2% $2,500 $2,433 $2,248 $2,160 $2,000 $2,100 $1,952 $1,764 $1,653 $1,500 $1,430 $1,284 $1,000 $1,115 $936 $809 $741 $681 $500 $0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Total revenue (FSC included), 9-yr. CAGR = +4.5% Intermodal revenue (FSC included), 9-yr. CAGR = +11.2% AmherstAlphaAdvisors LLC Source Data: SEC Forms 10-K.
    • Opr. Income, JBHT Operating Incomes, Total vs. Intermodal Intermodal's % of US$s in thousands Total Opr.Income $375,000 80.0% JBHT's 9-year Total $373,000 $369,000 Opr.Income $350,000 $358,418 CAGR = 16.4% $343,900 74.0% $325,000 70.0% 70.8% JBHT's 9-year Intermodal Opr.Income $300,000 $310,223 CAGR = 19.1% 64.8% 60.0% $275,000 57.9% 58.3% $250,000 $253,913 54.1% $247,971 $239,000 50.0% $225,000 49.1% 48.8% $200,000 43.6% 42.2% 40.0% $175,000 $185,635 $183,377 $182,000 $150,000 $149,800 30.0% $125,000 $131,000 $100,000 $101,000 20.0% $91,200 $75,000 $72,200 $63,400 $50,000 $54,600 10.0% $42,100 $36,700 $25,000 $0 0.0% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Total operating income (FSC included), Intermodal operating income (FSC included), Intermodal's % of Total Operating Income 9-yr. CAGR = +16.4% 9-yr. CAGR = +19.6% AmherstAlphaAdvisors LLC Source Data: SEC Forms 10-K.
    • JBHT Intermodal Revenues and Operating Incomes US$s in millions $2,000.0 $1,952 $300.0 $1,800.0 $1,764 $1,653 $254 $250.0 $1,600.0 $239 $1,430 $1,400.0 $1,284 $200.0 $1,200.0 $182 $183 $1,115 $1,000.0 $150.0 $936 $150 $809 $131 $800.0 $741 $681 $100.0 $600.0 $91 $400.0 $55 $50.0 $42 $200.0 $37 $0.0 $0.0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 JBHT Intermodal Gross Revenue JBHT Intermodal Operating Income 9-yr. ('00-'09) CAGR= +11.2% 9-yr. ('00-'09) CAGR= +19.6% AmherstAlphaAdvisors LLC Source Data: SEC Forms 10-K.
    • Comparing Gross Revenues Gross Revenues US$s in millions of JBHT Intermodal to Regular-truckers Werner & Swift $3,163 $3,115 $3,000 $3,048 $3,043 $2,654 $2,500 $2,338 Swift $2,000 $1,952 $1,882 $1,801 $1,795 $1,742 $1,764 $1,653 JBI $1,500 $1,507 $1,430 $1,438 WERN $1,284 $1,115 $1,000 During YE 2009, the TL segments of Swift and WERN failed to match even their YE 2004 revenues; yet JBHT Intermodal $500 (JBI) was ~58% above its '04 performance. $0 2004 2005 2006 2007 2008 2009 Werner - Trucking Revenues, JBHT Intermodal Revenues, Swift - Trucking Revenues, 5-yr. ('04-'09) 5-yr. ('04-'09) 5-yr. ('04-'09) CAGR= -0.9% CAGR= +9.6% CAGR= -2.5% AmherstAlphaAdvisors LLC Source Data: SEC Forms 10-K.
    • JBHT Intermodal's Operating Income Grows ('09 vs. '04) Operating Incomes US$s in millions Amidst Declines of Regular-truckers Werner & Swift $250 $254 $239 $235 $200 $184 $182 JBHT Intermodal $170 $183 mil. $150 $156 $150 $136 $131 Swift Trucking $122 $122 $132 mil. $113 $115 $100 $95 WERN Trucking $50 $68 mil. $0 2004 2005 2006 2007 2008 2009 Werner - Trucking Opr.Income JBHT Intermodal Opr.Income Swift - Trucking Opr.Income 5-yr. ('04-'09) 5-yr. ('04-'09) 5-yr. ('04-'09) CAGR= -12.9%. CAGR= +7.0% CAGR= -4.9% AmherstAlphaAdvisors LLC Source Data: SEC Forms 10-K.
    • JBHT Intermodal's Per-truck Per-month Operating Incomes Operating Incomes Per-Truck Per-Month Far Surpass Those of Regular-truckers Werner & Swift $12,000 $11,792 $10,475 $10,000 $10,213 $9,915 $9,158 $8,000 JBHT $6,927 $6,000 $4,000 $2,000 $1,488 $1,489 $1,339 $1,091 $1,187 $986 WERN $763 $840 $962 Swift $505 $524 $0 $659 2004 2005 2006 2007 2008 2009 Werner - Trucking Opr.Income JBHT Intermodal Opr.Income Swift - Trucking Opr.Income Per Trk. Per Month Per Trk. Per Month Per Trk. Per Month 5-yr. ('04-'09) CAGR= -6.4% 5-yr. ('04-'09) CAGR= -5.4% 5-yr. ('04-'09) CAGR= -2.9% AmherstAlphaAdvisors LLC Source Data: SEC Forms 10-K.
    • JBHT Intermodal % of JBHT Overall Results 74.0% 75.0% Intermodal's % of JBHT's 70.8% total operating income. 64.8% Intermodal's % of 65.0% JBHT's total revenue. 57.9% 58.3% 54.1% 55.0% 55.1% 49.1% 48.8% 52.3% % 45.0% 43.6% 47.4% 42.2% 43.0% 41.0% 40.0% 38.5% 35.0% 36.0% 35.3% 31.5% 25.0% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Intermodal's % of Total Revenue Intermodal's % of Total Operating Income AmherstAlphaAdvisors LLC Source Data: SEC Forms 10-K.
    • Publicly-held North American Intermodal Participants - Market Values on March 8, 2010 Market Capitalizations @ 3/09/2009, US$s in millions Intermodal accounted for 76% of PACR's 2009 gross revenue. Pacer International - PACR, $234 Intermodal accounted for 70% of HUBG's 2009 gross revenue. Hub Group - HUBG, $1,060 Intermodal accounted for 4% of LSTR's 2009 gross revenue. Landstar System - LSTR, $2,000 Intermodal accounted for 55% of JBHT's 2009 gross revenue. JB Hunt Transport - JBHT, $4,510 Intermodal accounted for 2% of CHRW's 2009 gross revenue. CH Robinson - CHRW, $8,840 Kansas City Southern Intermodal accounted for 12% of KSU's 2009 gross revenue. KSU, $3,490 Intermodal accounted for 26% of CP's 2009 gross revenue. Canadian Pacific - CP, $9,140 Intermodal accounted for 28% of CSX's 2009 gross revenue. CSX Corp. - CSX, $19,420 Intermodal accounted for 19% of NSC's 2009 gross revenue. Norfolk Southern - NSC, $19,830 Intermodal accounted for 18% of CNR's 2009 gross revenue. Canadian National - CNR, $27,170 Intermodal accounted for 28% of BNI's 2009 gross revenue. Burlington Northern - BNI, $34,140 Intermodal accounted for 18% of UNP's 2009 gross revenue. Union Pacific - UNP, $35,590 $0.001 $10.000 $100,000.000 SPECIAL NOTE: This a 3 decimal point logarithmic scale, from Zero to $100.0 billion ($100,000 millions). AmherstAlphaAdvisors LLC Source Data: NYSE and NASDAQ records.
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