and you, Derek, good afternoon. Thank
Let's continue XX. Slide on
while were of digits was quarter straight the $XXX XXth TTS grew despite year. $X.XX $X.XX respectively, total a higher versus Adjusted was by the versus and and a XX% freight Adjusted lower operating which environment, fuel down market, interest low prior basis single equipment adjusted gains, operating year-over-year was prior QX income growth. to XXX headwinds. inflationary and reporting for margin of quarter, of revenue net of Third EPS million, X%. logistics million year. $XX fuel down surcharges, points, double-digit was revenues was X% Net macroeconomic decrease softer expense revenues grew revenues due X.X%, down ongoing
some over of margins. now identified Our operating cost Through million. the gate savings we third the of savings to quarter, in-year rate impact serving end $XX program of the run is on have
targeted do, realized to more savings. date. to work with as we there quarter, And pleased the XX% progress third end is over we've of are Although of the our of
Services Turning to revenue XX TTS total Truckload million. was $XXX Revenues $XXX to X%. and Slide fell net Transportation surcharges fuel third quarter X% our million, the of down for results.
environment, well. the top line TTS performed Given macro
or adjusted equipment against decrease way operating basis of pricing a XX% $XX to comp. compressed a points Third prior prices, quarter strong fuel and TTS was year-over-year adjusted accelerating million, year due margin part diesel in and income lower operating rapidly gains was in XXX X.X%, one
third of $XX.X XX% the million, totaled a or decline prior equipment gains quarter, million of $X.X revenue on In sale versus year.
While adjusted gains full rate trailers equipment we Year-to-date, to tractors guidance. operating more expenses, to achieve year we year declined Xx and average period, compared as and which lower. fuel TTS trending is more in saw net of benefits We expense our year quarter TTS in-house improvements X.X% price compared of equipment and of age we on X.X%. prior X.Xx decreased fleet. down and X% over many to sold down $XX almost as prior per million gains also surcharges year. expense and and and benefiting were significantly X% have mile, gains the the achieved are claims XX% TTS track are versus various of were and shifting Supplies a while capabilities repair the prior maintenance categories. sequentially the recognizing our from maintenance newer, and Insurance was in versus well younger our
XX-year the third safety on and report to quarter. proud to accidents continue record in We DOT a are focus in preventable low
August. low safety a was strong which increase coverage, of effective single-digit on at beginning to insurance Our excess record premium our led the
encouraged by settlements plus rise the down industry recent X% trend. our and claim continue Driver record Although and remains in over benefits and cost to an are verdicts pay we year-over-year. we are headwind, moderate, per
within margin XX% to over costs We controlling are committed and XX% operating to TTS range term. annual of the long our performing
challenging the operating Despite we on within within XX-month ability and achieve trailing one to long-term Given range ongoing environment, confident TTS a this margins quarter we operating pricing pressure the includes the range. gains, below that fell very and choppiness, stated lower near-term unique remain way basis. equipment our annual in primarily
$XXX the our fleet truck fuel represented XX revenue, average dedicated quarter, TTS XX% X%. review sequentially X.X% year. down year. prior million, X.X% Dedicated was compared quarter XX% of over versus to segment metrics. Turning down just X% to the was and ended of Within we're the year-over-year. TTS prior Slide during down fleet TTS, to and revenue We down X,XXX with net count
count truck revenue last down week X,XXX industry to average segment The ] dedicated during the X% TTS benchmark less significantly per net while At of the declines. XX and this compares to truck dedicated quarter year-over-year has trucks. X% per [ quarters of than represented XX% in decreased end, quarter larger fleet. TTS year-over-year the showing fuel and Our of XX QX grown
an quarter. to on Dedicated increase year-over-year, year-over-year by X revenue is X.X% annual and and X.X% the out well revenue last fewer Dedicated one Overall, economic per dedicated XX performing of retention steadily has per increased week all with remains of day in customer the dedicated is years. the week across Year-to-date, last track over truck truck per solid. grown per rate conditions business decreased years XX%. negatively over impacted XX
portfolio of pipeline unique opportunities relationships our customers. remains Our reliability our healthy of enterprise large scale, given across
monitor the fleets. As customers in macro environment, continue seeing we dedicated to existing some are expanding delays
total by opportunities second significant our during marks of increase increased trucks. were the per in encouraging of as revenue equipment versus a and customers One-way However, the terminal positive. per quarter of results with decline, driven velocity One-way length These of truck. year-over-year less per a year. to quarter haul. further was week improved miles a third the decline downtime. per was total truck Derek down our Trucking a given count X,XXX decrease consecutive prior average the about improvement, This down fleet, remains per X% rate X.X% especially quarter quarter by mentioned, during to mid-single-digit due truck year-over-year. mile average engineering One-way per week dialogue X% million, revenue offset in miles One-way truck was future X% $XXX
$XXX now on are at logistics In XX% revenues total the revenue Werner XX% we revenues. performance organic to and to growth, XX. the X-year logistics Turning over our business. pre-acquisition largest of third up now Slide quarter, million the drove year-over-year volume brokerage represents month with performance acquisition as of levels. was and REED strong driven segment acquisition compared growing portion marks from growth of increasing Truckload by the our segment pleased REED the year-over-year the This seeing anniversary REED is its the and XX%,
also organic logistics segment truckload well. Our has performed
Excluding and in Logistics sequentially REED, year-over-year. increased X% Volumes X% Truckload
Power our domestic cross-border Mexico carriers customers network power-only in a value as growing Werner our truckload growing revenue only and alliance the of continue to and tremendous grow logistics the pool. see trailer represented both solution during quarter. the We and portion
bulky market and segment the Mile a make And declined softer products. XX% year-over-year revenue per discretionary for growth, big load. revenues, revenue to both which up from reporting XX% Final revenue continued spending on lower show of a volumes approximately year-over-year and increase intermodal strong as quarter despite during expected,
income and margin basis business Logistics quarter compression Third and driven XXX was year-over-year, adjusted gross X.X%, $X.X operating and points new margin expense down headwinds. adjusted operating was million, implementations by rate
business, While challenged. excited the midterm we logistics and near-term we about remain our expect remain benefits margins of will long-term
look trucks liquidity at or XX% Operating $XX capital of year-to-date of expense quarter trailers changes, in XX equipment market positions our X% XX% the modern and XX. of million and or $XXX of in also total Increased investment, Let's Net refresh a professional pace cash was customers revenue, basis Slides and was preparing lower for strengthens. cash $XXX our million year-to-date at and future of our flow and we while million seeing $XX year-over-year. September or cash million cash average and we remained and age us well a We and with gains maintenance quarter flow are business and ended year-to-date, equivalents. points befits fleet. the benefiting revenue, as emission was having the of increase operating the an CapEx greater continue million revenue, as drivers, year-over-year most revenue, on metrics to reflecting flow, strong for reinvestment in lower of cash safest the the XX $XXX third XX%
total flow cash reflects negative the revenues largely million negative to a quarter, of an of was million our third Free and was CapEx. $XX cash elevated negative or investments for Year-to-date, X% $XX net level fleet free flow due
of second We for continue first of the 'XX half half to XXXX. with lower than of 'XX, expect net to easing further CapEx the the be half in first
end strong liquidity our and $XXX million, was revolver. cash total quarter Our availability at at including on
$X higher ended of we compared million start quarter to million XX, than million the second debt, $XXX the quarter of with XXXX. end $XX Slide down On the in and
accretive of ample XXXX. Our over debt capacity outstanding credit structure half in of maturing investments growth the [ is primarily X% for until long term. our and ] not provides debt, second with
access overall During XX% leverage and our increased pleased with the XX%. including structure. and our long-term healthy balance low-cost third to quarter, our rate we from low We capital sheet, our debt capital remain to fixed and
on XX Moving to our Slide capital allocation review priorities. to
and fleet competitive will We including while safety, to fueling advantage, reinvestment the growth innovation. strategic in modernizing investing prioritize continue also and business in for the technology
compelling, plus and value In with addition, asset-light and and clear particular, to relevant and within we repurchases will our through are Opportunities culture to evaluation remain with our to an and synergies be maintain our long-standing periodic commitment acquisitions our align organically prioritize of Dedicated avenue for share impact opportunities availability growth where grow Accretive shareholders in to businesses. our remain dividend size advantages. quarterly to competitive return balanced of excess also cash leverage.
to continuing have date. are acquisitions X we We integrate that the executed to
modest strong a flexible with to net maintaining And are and while leverage. low position committed lastly, liquidity to preserving access we and financial
Derek to XX closing on update to our guidance. an for full back it Slide for turn year turning Before remarks, let's
truck range XXXX down a for X% X%. year guidance to our from down fleet down of range X% lowering are to to X% full We down
of changes. we've for range net may are to invested million of CapEx of anticipate the for X.X% Truckload and within X% year-to-date to long-term cycle, guidance to year XX% truck refresh to within million revenue third a operating exceed $XXX $XXX per ahead revenue total X%. getting week decreased quarter X.X% $XXX to and per guidance of lowering range. our as We narrowing our per full of an our increasing million CapEx upcoming to fleet year revenue is is of this net guidance mile down $XXX remain reliability, expected from million. the One-Way asset to that ahead our XX% We costs regulatory range heavily up Dedicated
the for down to comparables. fourth primarily guidance difficult down range is to peak X% X% Our quarter due
QX. sequentially We QX from to be expect single digits flat per revenue one-way total low to to down mile
the expect expected year. the our moderating tightening and equipment We million million declining equipment as gains between we million. close we for and For out $XX are demand range market, continued used and year $XX truck to year-to-date with full gains the reached $XX pricing we in
year to $XX Fed continued net year tightening We this than expect last will higher debt more pace of because expense interest the $XX year. million million of versus be and prior
quarter XX% tax in was third and the Our rate XX.X% is year-to-date.
X.X was are We The year the to trailer X.X years our compared XX%. average years, and in truck end full maintaining X of range XXXX. third XX% X.X of quarter age respectively, to the at the of and fleet and
back I'll to it now turn Derek.
