On this page of StockholderLetter.com we present the latest annual shareholder letter from Schneider National, Inc. — ticker symbol SNDR. Reading current and past SNDR letters to shareholders can bring important insights into the investment thesis.
driving
forward
2023 ANNUAL REPORT
INTERMODAL NETWORK
Strengthened our Intermodal network through
rail partnerships with Union Pacific Railroad
and Canadian Pacific Kansas City.
SCHNEIDER
FREIGHTPOWER  
Increased leverage of
Schneider FreightPower  
with over 50,000 qualified
carriers.
2
WOMEN
TRUCK DRIVERS
Now represent 13% of our
driver force, higher than the
industry average.
1.5 MILLION
ZERO EMISSION MILES
Achieved more than 1.5 million zero emission miles
with our almost 100 battery electric truck fleet.
M&M TRANSPORT
SERVICES
THE GROVE
INNOVATION CENTER
Acquired and successfully
integrated M&M Transport
Services, enhancing our portfolio.
Hosted nearly 300 company
and customer events with over
1,000 associates participating.
2023 Schneider Annual Report | Year in review
A MESSAGE
from our CEO
2023 was characterized by marked shifts in economic and freight dynamics.
Early in the year, the freight market turned quickly as the industry adjusted
to excess customer inventory and rising inflationary input costs. We have
seen our fair share of freight cycles in our almost 90 years in business and
have implemented numerous strategies to prepare for those shifts. We leaned
into our capabilities to support our customers    most pressing supply chain
objectives, to keep our drivers and assets moving and to further position us
to be the carrier of choice in the industry. I am especially grateful to our over
17,000 associates who remained diligently focused on safe operations, service
and cost mitigation.
Our enterprise delivered revenue of $5.5 billion, adjusted operating earnings of
$303 million and $680 million of cash provided by operations, despite the most
challenging operating conditions I have seen in my 36-year history with the
company. I am pleased that we remain solidly profitable in each of our primary
operating segments, continue to advance our areas of strategic growth and
return value to our stakeholders year-over-year through consistent dividends
and a new share buyback program. Simply put, we will continue to prepare our
organization for the path ahead.
Some notable achievements I want to highlight
on our path through 2023:
DEDICATED
Consistent with the purposeful strategic reshaping of our Truckload portfolio
over recent years, we saw substantial organic and acquisitive growth in
our Dedicated business. This illustrates the value we bring to customers
through our scale, performance consistency and long-term commitment to
help them create differentiation in serving their end markets. We grew new
trucks in Dedicated through a combination of organic growth and the targeted
acquisition of M&M Transport Services. We welcomed M&M Transport to our
portfolio in August, our third dedicated acquisition since 2022.
INTERMODAL
We also made several strategic changes within our Intermodal business during
2023. We completed one full year operating with our new rail partner in the
West, Union Pacific Railroad, and we also announced the addition of a third
rail partnership with an anchor position on the Canadian Pacific Kansas City
(CPKC) railroad   s best in class service model into and out of Mexico.
Our intermodal network will be further differentiated by our ability to compete
in the intermodal marketplace through faster, more reliable and greener transit
options for customers. We firmly believe that offering the option to convert
From our CEO | 2023 Schneider Annual Report
3
existing truckload freight to intermodal and capitalizing on the growing
cross-border Mexico market will better serve our customers    diverse
freight needs and advance their emissions goals in the long run. We set
goals for our intermodal business in the coming years and believe the key
actions we took this year will move us further down the path to doubling
its size by 2030.
LOGISTICS
We effectively utilized our network of carriers and proprietary Schneider
FreightPower   technology to stay nimble and operate profitably in a
challenging market. We maintained our connections with reliable carriers
to safely deliver freight for our customers despite challenging operating
conditions that put pressure on small carriers in the marketplace well
beyond historical norms. Logistics continues to act as the key incubator
for the development of technology and customer applications, and
this year was no different as we successfully co-developed, tested and
implemented enhancements to FreightPower, which is now available for
our Bulk operations.
Our brokerage-based Power Only service also continued to grow.
The service, which provides third-party carriers the capability to pull
Schneider trailers containing a shipper   s freight, has enabled us to
expand both our customer and asset-based network.
CORPORATE RESPONSIBILITY
In 2023, we continued to make significant strides in driving the industry
into a sustainable future with zero-emission vehicles, an industry-first
approach to innovation and an expansion of our efforts to build a team
that represents the best-of-the-best. Our 92-truck battery electric fleet
came online, taking our efforts to reduce carbon emissions to the next
level. At our Intermodal Operations Center in Southern California, we
opened a massive charging facility with the ability to charge 32 trucks
simultaneously. We now operate one of the largest battery electric fleets
in North America and achieved more than 1.5 million zero emission dray
miles in 2023. We are immensely proud of the collaboration, learnings
and hard work that went into realizing this zero-emission operation,
representing the best of our relationships, technology and relentless
focus on innovation and sustainability.
The Grove Innovation Center opened in May and sits adjacent to our
Green Bay Headquarters. It is a first-of-its-kind facility in Wisconsin and
a first-in-industry approach, creating a dedicated collaboration space for
associates, customers and other stakeholders to unlock their creativity
and potential. The Grove is a purposeful investment in building the future
of our company, our technology, and the way we serve customers and
targets outcomes that will transform the transportation industry. We have
used the space for nearly 300 cross-team and customer sessions and
are already implementing the innovative ideas generated from the various
forms of collaboration sessions.
4
2023 Schneider Annual Report | From our CEO
Schneider has long committed to being a company that reflects the
communities where our associates live and work every day, and the steps
taken this year reflect our efforts to welcome more voices to transportation
and team Orange. We added to the gender and racial diversity of our board and
leadership team, bringing in new expertise and diversity of thought. Women
drivers represent 13% of our driver population, which I am proud to report is
ahead of the industry average. The growth in diversity across our operations
reinforces our commitment to creating an inclusive workplace where all
associates can contribute to the company   s success.
During 2023, we recognized 92 associates who earned their one million or more
safe driving miles awards, including five drivers who achieved four million safe
driving miles and 80 drivers who earned their ten or more consecutive years
of safe driving awards. These transportation professionals are an elite group
of drivers who represent some of the best among our industry and are truly
dedicated to keeping the roads safe for all of us.
DRIVING FORWARD
While 2023 was marked by forceful changes to the freight market, the longterm path on which we are driving has not changed. Schneider is devoted to
delivering on our commitments, investing in our areas of strategic growth,
innovating at the forefront of the industry and taking care of our associates.
We are in it for the long haul and we thank you for your support of Schneider.
I   m looking forward to delivering on our commitments on the road ahead.
Mark Rourke
President and Chief Executive Officer, Schneider
sustainability
GOALS
mission
AND VISION
Schneider set impressive corporate goals addressing actionable
next steps around sustainability initiatives, including:
Mission
Safe, courteous, hustling associates
delivering superior experiences that
excite our customers.
    Reduce CO2 emissions by 7.5 percent per mile by 2025.
    Achieve a 60 percent reduction in CO2 emissions per mile by 2035.
    Double our Intermodal size by 2030, reducing carbon emissions by
an additional 700 million pounds per year.
    Achieve net zero status for all company-owned facilities by 2035.
Schneider has already achieved over 90% of our 2025 goal to
reduce per-mile emissions by 7.5%
Vision
We are driven by our uncompromising
values to deliver the goods that enhance
the lives of people everywhere.
From our CEO | 2023 Schneider Annual Report
5
 • shareholder letter icon 3/15/2024 Letter Continued (Full PDF)
 • stockholder letter icon 3/9/2023 SNDR Stockholder Letter
 • stockholder letter icon More "Trucking" Category Stockholder Letters
 • Benford's Law Stocks icon SNDR Benford's Law Stock Score = 52


SNDR Shareholder/Stockholder Letter Transcript:

driving
forward
2023 ANNUAL REPORT

INTERMODAL NETWORK
Strengthened our Intermodal network through
rail partnerships with Union Pacific Railroad
and Canadian Pacific Kansas City.
SCHNEIDER
FREIGHTPOWER  
Increased leverage of
Schneider FreightPower  
with over 50,000 qualified
carriers.
2
WOMEN
TRUCK DRIVERS
Now represent 13% of our
driver force, higher than the
industry average.
1.5 MILLION
ZERO EMISSION MILES
Achieved more than 1.5 million zero emission miles
with our almost 100 battery electric truck fleet.
M&M TRANSPORT
SERVICES
THE GROVE
INNOVATION CENTER
Acquired and successfully
integrated M&M Transport
Services, enhancing our portfolio.
Hosted nearly 300 company
and customer events with over
1,000 associates participating.
2023 Schneider Annual Report | Year in review

A MESSAGE
from our CEO
2023 was characterized by marked shifts in economic and freight dynamics.
Early in the year, the freight market turned quickly as the industry adjusted
to excess customer inventory and rising inflationary input costs. We have
seen our fair share of freight cycles in our almost 90 years in business and
have implemented numerous strategies to prepare for those shifts. We leaned
into our capabilities to support our customers    most pressing supply chain
objectives, to keep our drivers and assets moving and to further position us
to be the carrier of choice in the industry. I am especially grateful to our over
17,000 associates who remained diligently focused on safe operations, service
and cost mitigation.
Our enterprise delivered revenue of $5.5 billion, adjusted operating earnings of
$303 million and $680 million of cash provided by operations, despite the most
challenging operating conditions I have seen in my 36-year history with the
company. I am pleased that we remain solidly profitable in each of our primary
operating segments, continue to advance our areas of strategic growth and
return value to our stakeholders year-over-year through consistent dividends
and a new share buyback program. Simply put, we will continue to prepare our
organization for the path ahead.
Some notable achievements I want to highlight
on our path through 2023:
DEDICATED
Consistent with the purposeful strategic reshaping of our Truckload portfolio
over recent years, we saw substantial organic and acquisitive growth in
our Dedicated business. This illustrates the value we bring to customers
through our scale, performance consistency and long-term commitment to
help them create differentiation in serving their end markets. We grew new
trucks in Dedicated through a combination of organic growth and the targeted
acquisition of M&M Transport Services. We welcomed M&M Transport to our
portfolio in August, our third dedicated acquisition since 2022.
INTERMODAL
We also made several strategic changes within our Intermodal business during
2023. We completed one full year operating with our new rail partner in the
West, Union Pacific Railroad, and we also announced the addition of a third
rail partnership with an anchor position on the Canadian Pacific Kansas City
(CPKC) railroad   s best in class service model into and out of Mexico.
Our intermodal network will be further differentiated by our ability to compete
in the intermodal marketplace through faster, more reliable and greener transit
options for customers. We firmly believe that offering the option to convert
From our CEO | 2023 Schneider Annual Report
3

existing truckload freight to intermodal and capitalizing on the growing
cross-border Mexico market will better serve our customers    diverse
freight needs and advance their emissions goals in the long run. We set
goals for our intermodal business in the coming years and believe the key
actions we took this year will move us further down the path to doubling
its size by 2030.
LOGISTICS
We effectively utilized our network of carriers and proprietary Schneider
FreightPower   technology to stay nimble and operate profitably in a
challenging market. We maintained our connections with reliable carriers
to safely deliver freight for our customers despite challenging operating
conditions that put pressure on small carriers in the marketplace well
beyond historical norms. Logistics continues to act as the key incubator
for the development of technology and customer applications, and
this year was no different as we successfully co-developed, tested and
implemented enhancements to FreightPower, which is now available for
our Bulk operations.
Our brokerage-based Power Only service also continued to grow.
The service, which provides third-party carriers the capability to pull
Schneider trailers containing a shipper   s freight, has enabled us to
expand both our customer and asset-based network.
CORPORATE RESPONSIBILITY
In 2023, we continued to make significant strides in driving the industry
into a sustainable future with zero-emission vehicles, an industry-first
approach to innovation and an expansion of our efforts to build a team
that represents the best-of-the-best. Our 92-truck battery electric fleet
came online, taking our efforts to reduce carbon emissions to the next
level. At our Intermodal Operations Center in Southern California, we
opened a massive charging facility with the ability to charge 32 trucks
simultaneously. We now operate one of the largest battery electric fleets
in North America and achieved more than 1.5 million zero emission dray
miles in 2023. We are immensely proud of the collaboration, learnings
and hard work that went into realizing this zero-emission operation,
representing the best of our relationships, technology and relentless
focus on innovation and sustainability.
The Grove Innovation Center opened in May and sits adjacent to our
Green Bay Headquarters. It is a first-of-its-kind facility in Wisconsin and
a first-in-industry approach, creating a dedicated collaboration space for
associates, customers and other stakeholders to unlock their creativity
and potential. The Grove is a purposeful investment in building the future
of our company, our technology, and the way we serve customers and
targets outcomes that will transform the transportation industry. We have
used the space for nearly 300 cross-team and customer sessions and
are already implementing the innovative ideas generated from the various
forms of collaboration sessions.
4
2023 Schneider Annual Report | From our CEO

Schneider has long committed to being a company that reflects the
communities where our associates live and work every day, and the steps
taken this year reflect our efforts to welcome more voices to transportation
and team Orange. We added to the gender and racial diversity of our board and
leadership team, bringing in new expertise and diversity of thought. Women
drivers represent 13% of our driver population, which I am proud to report is
ahead of the industry average. The growth in diversity across our operations
reinforces our commitment to creating an inclusive workplace where all
associates can contribute to the company   s success.
During 2023, we recognized 92 associates who earned their one million or more
safe driving miles awards, including five drivers who achieved four million safe
driving miles and 80 drivers who earned their ten or more consecutive years
of safe driving awards. These transportation professionals are an elite group
of drivers who represent some of the best among our industry and are truly
dedicated to keeping the roads safe for all of us.
DRIVING FORWARD
While 2023 was marked by forceful changes to the freight market, the longterm path on which we are driving has not changed. Schneider is devoted to
delivering on our commitments, investing in our areas of strategic growth,
innovating at the forefront of the industry and taking care of our associates.
We are in it for the long haul and we thank you for your support of Schneider.
I   m looking forward to delivering on our commitments on the road ahead.
Mark Rourke
President and Chief Executive Officer, Schneider
sustainability
GOALS
mission
AND VISION
Schneider set impressive corporate goals addressing actionable
next steps around sustainability initiatives, including:
Mission
Safe, courteous, hustling associates
delivering superior experiences that
excite our customers.
    Reduce CO2 emissions by 7.5 percent per mile by 2025.
    Achieve a 60 percent reduction in CO2 emissions per mile by 2035.
    Double our Intermodal size by 2030, reducing carbon emissions by
an additional 700 million pounds per year.
    Achieve net zero status for all company-owned facilities by 2035.
Schneider has already achieved over 90% of our 2025 goal to
reduce per-mile emissions by 7.5%
Vision
We are driven by our uncompromising
values to deliver the goods that enhance
the lives of people everywhere.
From our CEO | 2023 Schneider Annual Report
5



shareholder letter icon 3/15/2024 Letter Continued (Full PDF)
 

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