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• Like UPS or FedEx, but specializing in transporting larger, pallet-sized business shipments across North America, rather than small packages.
• Think of it as an Uber or Lyft for commercial freight, efficiently consolidating multiple businesses' medium-sized shipments onto trucks.

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• Less-than-Truckload (LTL) Services: Provides transportation for shipments typically ranging from 400 to 10,000 pounds.
• Non-Asset Truckload Services: Offers full truckload transportation solutions, often leveraging third-party carriers without owning the assets directly.
• Expedited Services: Delivers time-sensitive shipments with faster transit times.
• Logistics Services: Provides comprehensive supply chain management and coordination services to clients.

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Saia (SAIA) primarily serves other businesses rather than individuals. As a less-than-truckload (LTL) transportation company, its services are utilized by a wide array of commercial and industrial customers for shipping goods.

Saia does not publicly disclose specific "major customers" by name, as its customer base is highly diversified across numerous industries. No single customer accounts for a material percentage of its total revenue, and therefore, specific major customers are not identified in its public filings.

However, Saia's customer base includes businesses from various sectors that require freight shipping services. These categories of customers include:

• Manufacturing companies
• Retailers and wholesale distributors
• E-commerce businesses

Additionally, Saia serves companies in specialized industries such as the chemical, automotive, and food and beverage sectors, providing essential logistics and transportation for their goods across North America.

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Frederick Holzgrefe became President and Chief Executive Officer of Saia in April 2020, having previously served as President and Chief Operating Officer from January 2019, and as Chief Financial Officer from 2014. Before joining Saia, he held roles as Vice President of Business Development and prior to that, Vice President and CFO for a Georgia subsidiary of a major agricultural processor (Golden Peanut Company). His career also includes experience in the food and technology industries, as well as in banking and financial advisory services. He managed Financial Planning and Analysis for Commworks Division of 3Com and was a Senior Finance Manager for The Pillsbury Company, and a Senior Associate for Coopers & Lybrand.

Matthew Batteh was promoted to Executive Vice President and Chief Financial Officer of Saia in May 2024, succeeding Douglas Col. He joined Saia in 2015 and has held various roles within the company, including Vice President of Finance since 2023 and Vice President of Pricing and Analytics from 2020 to 2023. Prior to his tenure at Saia, Mr. Batteh began his career at another large transportation and logistics provider (UPS), where he worked in planning, pricing, and operations.

Raymond Ramu was appointed Chief Customer Officer of Saia in 2015 and later named Executive Vice President in 2017. In this role, he is responsible for the strategic direction and management of the customer relationship. Before these appointments, he served as Saia's Vice President of Sales, Eastern Division, starting in 2008. Mr. Ramu started his career in the freight industry at the age of 20 with a regional less-than-truckload carrier.

Patrick Sugar joined Saia in 2016 and currently serves as Executive Vice President of Operations. In this position, he oversees the operations of all divisions, regions, and facilities, working closely with the CEO and other executive leaders. Prior to joining Saia, he had a career in engineering and operations management within a prominent packaged goods company. He also held the role of Saia's Vice President of Linehaul and Industrial Engineering, where he was involved in developing and implementing key technologies and strategic planning.

Anthony Norwood was named Executive Vice President and Chief Human Resources Officer at Saia, effective March 2, 2022. He is responsible for all aspects of human resources and the development of the company's human capital strategy. Before Saia, Mr. Norwood held the position of Vice President of HR – Corporate at Trane Technologies from 2020 to 2022 and various HR executive roles at Ingersoll Rand from 2008 to 2020. His earlier career includes HR positions of increasing responsibility at Coca-Cola Bottling Co. Consolidated, Merck & Co., Lucent Technologies' New Ventures Group, and Amoco Corporation.

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1. General Economic Conditions and Freight Demand Fluctuations: Saia's business is highly sensitive to overall economic conditions, including inflationary pressures, economic downturns, and changes in freight demand. These factors can directly impact shipment volumes, pricing power, and ultimately, the company's revenue and profitability.
2. Rising Operating Costs: The company faces significant risks from increasing operating costs, particularly volatile fuel prices, rising labor expenses (wages and benefits), and higher insurance costs. These direct costs can erode profit margins and challenge the company's financial performance.
3. Operational Challenges Inherent in LTL Shipping: As an LTL carrier, Saia is exposed to operational risks such as a higher likelihood of freight damage, loss, and shipping delays due to the multiple handling points involved in the less-than-truckload model. These issues can lead to increased claims, diminished customer satisfaction, and operational inefficiencies.

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• The rapid emergence and development of autonomous trucking technology, which could fundamentally alter operational costs, labor requirements, and competitive dynamics within the long-haul segments that often feed into less-than-truckload (LTL) networks.
• The increasing market penetration and technological sophistication of digital freight brokerage platforms (sometimes referred to as "Uber for freight"), which leverage technology to connect shippers and carriers more efficiently, increasing price transparency and potentially disintermediating traditional LTL and non-asset logistics services offered by companies like Saia.

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Saia (symbol: SAIA) operates in several key segments of the North American transportation and logistics market. The addressable markets for their main products and services are outlined below:

• Less-than-truckload (LTL) services: The United States less-than-truckload market was valued at approximately USD 114 billion in 2025. The North America less-than-truckload market generated a revenue of approximately USD 84.63 billion in 2024 and is expected to reach approximately USD 120.55 billion by 2030, growing at a compound annual growth rate (CAGR) of 6.1% from 2025 to 2030.
• Non-asset truckload services: For full-truckload services, the United States full-truck-load market is estimated at USD 448.65 billion in 2025 and is projected to reach USD 547.89 billion by 2031. The North America road freight transport market, which encompasses both LTL and FTL, is expected to increase from USD 660.24 billion in 2025 to USD 686.58 billion in 2026, reaching USD 839.77 billion by 2031.
• Expedited services: The United States express delivery market was valued at USD 96.30 billion in 2025 and is estimated to grow to USD 127.05 billion by 2031. The North America express delivery market holds a value of USD 114.6 billion.
• Logistics services: The U.S. logistics market was valued at USD 485 billion in 2025 and is projected to reach USD 854.85 billion by 2034. The North America logistics market reached approximately USD 2,398.14 billion in 2025 and is expected to attain a value of USD 4,019.37 billion by 2035, with a CAGR of 5.30% during the forecast period of 2026-2035.

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• Network Expansion and New Terminals: Saia has been actively expanding its Less-Than-Truckload (LTL) network by opening new terminals. In 2024, the company opened 21 new terminals, including several acquired from Yellow Corp., expanding its national network to 213 locations. This expansion into newer, "ramping markets" has been a primary driver of increased revenue tonnage and shipments.
• Increased Market Share through National Network: The expanded national network positions Saia to better serve its existing enterprise customers by accommodating new lanes as these customers grow. It also allows Saia to more effectively compete for freight from national shippers, thereby increasing its overall market share and building density within its network.
• Strategic Pricing and Strong Contract Renewals: Saia anticipates implementing pricing strategies that stay ahead of cost inflation. The company has demonstrated strong pricing power, with contractual rate increases averaging 4.9% in the fourth quarter of 2025 and 6.6% in January 2026. Furthermore, customer retention rates following general rate increases (GRIs) have been notably high, exceeding 90%, which is above historical levels.
• Operational Efficiencies and Technology Investments: Saia plans to continue leveraging technology and focusing on network optimization to enhance operational efficiency and customer satisfaction. While not a direct revenue generator, these investments are crucial for improving service quality, managing costs, and increasing capacity utilization, which indirectly supports revenue growth by allowing for higher volumes and competitive service offerings.

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Capital Allocation Decisions for Saia (SAIA)

Share Issuance

• In early 2024, Saia executed a secondary equity offering, raising $1 billion gross to fund the acquisition of Yellow Corporation assets, which resulted in a slight dilution of existing ownership.

Outbound Investments

• In January 2024, Saia acquired 17 freight terminals and leased an additional 11 terminals through the Chapter 11 bankruptcy proceedings of Yellow Corporation. This acquisition contributed to approximately $235.7 million of Saia's capital expenditures in 2024.

Capital Expenditures

• Saia's net capital expenditures were approximately $1.04 billion in 2024, a significant increase from $437.2 million in 2023 and $365.5 million in 2022.
• Capital expenditures for 2024 focused on real estate, revenue equipment, and technology, including $235.7 million specifically for the acquisition of properties from Yellow Corporation. The investment supported the expansion of Saia's network, enabling direct service to new geographies and enhancing its national footprint.
• For 2025, net capital expenditures were $544.1 million, down from 2024, and anticipated capital expenditures for 2026 are projected to be between $350 million and $400 million. Over the past five years (up to December 31, 2025), Saia invested over $2.5 billion in capital expenditures, primarily for real estate, revenue equipment, and technology.