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Trends in 3Pl / Customer Relationships DIGITIZATION: THE CONVERGENCE OFTRENDS MODERN FREIGHT IN BROKERAGE, DIGITAL3PL /FREIGHT CUSTOMER MATCHING, AND AUTOMATION IN DOMESTIC TRANSPORTATIONRELATIONSHIPS MANAGEMENT June 2020 November 2016 Phone: +1-800-525-3915 Website: www.3plogistics.com Email: [email protected] ABOUT ARMSTRONG & ASSOCIATES, INC. Armstrong & Associates, Inc. (A&A) was established in 1980 to meet the needs of a newly deregulated domestic transportation market. Since then, through its leading Third-Party Logistics (3PL) market research and history of helping companies outsource logistics functions, A&A has become an internationally recognized key resource for 3PL market information and consulting. A&A’s mission is to have leading proprietary supply chain knowledge and market research not available anywhere else. As proof of our continued work in supporting our mission, A&A’s 3PL market research is frequently cited in media articles, publications, and securities filings by publicly traded 3PLs. In addition, A&A’s email newsletter currently has over 88,000 subscribers globally. A&A’s market research complements its consulting activities by providing continually updated data for analysis. Based upon its unsurpassed knowledge of the 3PL market and the operations of leading 3PLs, A&A has provided strategic planning consulting services to over 30 3PLs, supported 21 closed investment transactions, and provided advice to numerous companies looking to benchmark existing 3PL operations or outsource logistics functions. All Rights Reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form by any means, electronic, mechanical, photocopied, recorded or otherwise, without the prior permission of the publisher, Armstrong & Associates, Inc. The facts of this report are believed to be correct at the time of publication but cannot be guaranteed. Please note that the findings, conclusions and recommendations that Armstrong & Associates delivers will be based on information gathered in good faith from both primary and secondary sources, whose accuracy we are not always able to guarantee. As such, Armstrong & Associates can accept no liability whatsoever for actions taken based on any information that may subsequently prove to be incorrect. ©2020 Armstrong & Associates Contents The Macro Environment for U.S. DTM 1 The Evolution of DTM in the U.S. 2 Special Aspects of U.S. DTMs 6 Current DTM Operating Models 7 Current U.S. Freight Broker Practices 10 Digital Freight Matching 11 Digitalization, The Next Evolutionary 13 Step in Freight Brokerage Part I: The Digital DTM/Freight Brokerage Environment 14 Digital DTM/Freight Broker Key Performance Metrics 14 Digital Freight Brokers Operating Characteristics 15 Digital Freight Broker Core Functionality Areas 16 Part II: Digital Transformation 16 Capacity Management 17 Visibility System Platforms 18 Back-Office Automation Systems 20 Load Boards 21 Other Systems of Note 22 3PL Merger & Acquisition Activity 23 A&A’s Top 100 DTMs/Freight Brokers 25 ©2020 Armstrong & Associates THE MACRO ENVIRONMENT The Macro Environment for U.S. Domestic Transportation Management In 2019, the U.S. Third-Party Logistics (3PL) market had total gross revenue of $212.8 billion. Of that, the non-asset based Domestic Transportation Management (DTM) segment accounted for $83 billion or 39% of total 3PL Market revenue. DTM focuses on the management of truckload (TL), less- than-truckload (LTL), and intermodal rail shipments managed on behalf of shippers of freight using motor carriers and railroads to perform the underlying transportation. DTM splits into two primary subsegments. Freight Brokerage which accounts for 83% of total segment revenues and Managed Transportation which accounts for 17%. Figure 1. Percentage of DTM Gross Revenues by Subsegment - 2019 17% DTM/Freight Brokerage DTM/Managed Transportation 83% In 2019, slack demand, abundant carrier capacity, and corresponding lower truckload rates drove DTM segment gross revenue down 4.1% from 2018 and net revenue (gross revenue minus purchased transportation) decreased 0.3% to $13.4 billion. 2019 was the DTM segment’s only decline since the great recession of 2009 when gross revenue fell 15% and net revenue was down 11.4%. It was a stark contrast to 2018 when extraordinary domestic carrier demand during the inventory buildup prior to Trump’s import tariffs being implemented, led DTM to a whopping 20.7% gross revenue increase. The first quarter (Q1) of 2020, especially March, saw significant demand for consumer products and a rapid increase in truckload volumes for items going into the COVID-19 pandemic stay-at-home orders. Entering Q2, as the orders went into effect and the economy slipped into recession, we estimate Q2 DTM revenues declined 15% from Q1. The impact has been uneven going into April and early May, with small shipper and manufacturing LTL transportation demand declining, intermodal rail being off significantly, and demand from Automotive, Industrial and Consumer Discretionary industries falling to the wayside. Bright spots for DTM demand have been Food & Grocery, Beverages, E-commerce, and consumer related High-Tech, as consumers went into quarantine to avoid COVID-19. Non-contractual, spot-market truckload business saw the greatest decline in April since the great recession of 2009. As the economy begins to more fully open in Q3, we anticipate a need for more expedited transportation as shippers look to quickly fill backorders and replenish inventories. DTM volumes and gross revenues should bounce back and we estimate a 4-8% increase in DTM gross revenue from Q2. Q4 should build upon the positive revenue trend and we anticipate ending 2020 with an overall 6% decline in DTM gross revenues and a lesser decline in net revenues. ©2020 Armstrong & Associates 1 THE EVOLUTION OF DTM The Evolution of Domestic Transportation Management in the U.S. Current DTM 3PLs look vastly different from the original “one man with a desk and phone” manual- process based freight brokerage model. The evolution of manual-process based freight brokerage to DTM and its core offering—information systems-based freight brokerage with a host of value-added services—stems from the federal deregulation of brokerage licenses. Governmental control of freight brokerage licenses eased dramatically in 1980 as part of motor carrier deregulation. There were 14 freight brokerage licenses before deregulation. After deregulation, the only major constraint to obtaining a license was the requirement for a $10,000 surety bond. The number of licenses issued grew dramatically and reached a peak in the late 1990s with more than twice the current total of ≈15,500. The surety bond minimum was raised to $75,000 at the start of 2013. The number of license holders dropped to the current level after years of slow change as freight brokerage consolidated and major providers developed into systems-based third-party logistics Domestic Transportation Managers (DTMs). Of the remaining licensed DTMs, there were 63 that had net revenue (gross revenue/turnover minus purchased transportation) of $20 million or more in 2019. Armstrong & Associates, Inc. (A&A) estimates that there are another 250 DTMs having gross revenue of $20 million or more. The Top 100 (Appendix A) account for 74% of DTM 3PL segment revenues. Figure 2. Size of North American Domestic Transportation Managers There are approximately 3,000 DTMs with fairly sophisticated skills, but with revenues of less than $20 million. Industry leading DTMs have evolved quickly, developing sophisticated skills based on human capital, technological platforms, and process management capabilities. All DTMs have invested in or developed a Transportation Management System (TMS) which functions as its core operating system. A TMS allows DTMs to efficiently manage thousands of truckload, less-than-truckload, and intermodal rail shipments daily. The TMS maintains individual shipper and carrier profiles, shipment lane histories, and carrier and shipper rate libraries. ©2020 Armstrong & Associates 2 THE EVOLUTION OF DTM Larger DTMs receive customer orders electronically (via email, electronic data interchange (EDI), systems integrations, Application Programming Interfaces (APIs), web portals, etc.). Shipments are then similarly electronically tendered to carriers which are given a short time window to accept them. Once accepted, all parties are notified. Shipments are then picked up and delivered. Exceptions are primarily dealt with electronically and, as a last resort, by phone. Before carriers are utilized by a DTM, they are qualified by providing insurance, operating authority, and other basic company information. Rates for desired traffic lanes are often furnished. Most of the top DTMs/Freight Brokers have tight, quality-controlled operations split between carrier procurement and account management to efficiently handle large transactional business volumes. Large Managed Transportation customers of DTMs — “Enterprise Accounts”— are often treated separately from smaller, more transactional freight brokerage customers. Enterprise accounts contract with DTMs to provide managed transportation services and tender large volumes of orders daily to the DTMs, often for multiple locations in shipper logistics networks. DTMs optimize the daily order tenders from enterprise accounts utilizing a core TMS for transportation planning to systematically consolidate LTL shipments into truckloads and develop end-to-end truckload matches to select the best
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