Alex Hoffmann

Co-Founder and Managing Director of @tnxlogistics. Road Transport Procure-to-Pay

[Alex Hoffmann @alexhoff25]

@LogTechEric @BlackYellow @s04_en Best way to restart

[Alex Hoffmann @alexhoff25]

@LogTechEric Käseawesomenesserwachen

[Ben @Jamin2g]

Things are getting pretty serious.

[Alex Hoffmann @alexhoff25]

@LogTechEric we will!

[Alex Hoffmann @alexhoff25]

The Norwegians 🇳🇴 taking over two of my major interests

[Magnus Carlsen @MagnusCarlsen]

👏👏👏 Master class 🇳🇴

[Alex Hoffmann @alexhoff25]

@LogTechEric 11 goals in 7 games.
You'll like that he is also born in Leeds

[Alex Hoffmann @alexhoff25]

@cmroberson06 So sorry to hear that Cathy. My condolences to you and your family.

[Alex Hoffmann @alexhoff25]

UberFreight hits the second growth speed bump, with growth flatlining compared to the previous quarter. A bigger issue for VC backed transport companies?
https://t.co/alpLxE9i4D

[Alex Hoffmann @alexhoff25]

@BillPackets Agreed. Contract rates are down only 4%-ish, so there is presumably some ways to go still.

[Alex Hoffmann @alexhoff25]

Reporting season paints a good picture of pricing in Q4. Rates the companies reported were down 10-12% compared to last year's quarter. That ties in with DAT Dry-Van spot data which was ca. $1.85 for the quarter on average, compared to $2.08 the year before. That's 11% drop.

[Alex Hoffmann @alexhoff25]

Company expects $25-27m spending on technology in 2020, up from $23m in 2019. 70-75% of that is in new software development.

[Alex Hoffmann @alexhoff25]

$ECHO results out now. Truckload gross revenue down 11% compared to Q4, 2018. 12% drop in price per shipment marginally offset by a 1% gain in volumes. About in line with what $CHRW reported last week

[Alex Hoffmann @alexhoff25]

Operating margin down 630bps (575bps adjusted for stock-based compensation). That's bad but not as bad as over at $CHRW. Just remember they do accounting a bit differently, so at least the absolute numbers aren't comparable.

[Alex Hoffmann @alexhoff25]

And there isn't any clear cut indication that it's massively changing the economics of brokerage, as you'd expect from such a development.

[Alex Hoffmann @alexhoff25]

I've put my thoughts on the surprising C.H. Robinson results from earlier this week in a longer article https://t.co/8LBEhHFIM3

[Alex Hoffmann @alexhoff25]

C.H. Robinson, for example, has a cryptic quote in their investor comms about doubling their level of automated truckload brokerage. Without a baseline though it is unclear how much impact that has on the business.

[Alex Hoffmann @alexhoff25]

@NYCounihan With that investment in the build-out I think I want to join the incubator.

[Alex Hoffmann @alexhoff25]

Big earnings drop at $CHRW. -47% q/q driven by a 190bps drop in net margin and a 1,220bps drop in operating margin. Comp claims technology spending is the big contributor to the operating margin drop.

[Alex Hoffmann @alexhoff25]

That's either massive spending with third parties - which $CHRW tends to avert - or at least 1k new engineers in Eden Prairie. Both tough to believe.

[Alex Hoffmann @alexhoff25]

In particular when there is no revenue impact, and none of that $25-70m exceeding the technical feasibility requirement in US GAAP of capitalizing them.