ArcBest Corp (ARCB) 2022 Q4 法說會逐字稿

Greetings, and welcome to the ArcBest Fourth Quarter 2022 Earnings Conference Call. (Operator Instructions) I would now like to turn the conference over to Mr. David Humphrey, Vice President of Investor Relations. Please go ahead.

您好，歡迎來到 ArcBest 2022 年第四季度收益電話會議。 （操作員說明）我現在想將會議轉交給投資者關係副總裁 David Humphrey 先生。請繼續。

Thank you for joining us. On today's call, we will provide an update on our business, walk you through the details of our recent fourth quarter and full-year 2022 results, and then answer some questions.

感謝您加入我們。在今天的電話會議上，我們將提供我們業務的最新情況，向您詳細介紹我們最近的第四季度和 2022 年全年業績，然後回答一些問題。

Joining me today are Judy McReynolds, Chairman, President and CEO of ArcBest; David Cobb, Chief Financial Officer of ArcBest; Danny Loe, ArcBest President of Asset-light Logistics, and Chief Yield Officer; as well as Dennis Anderson, ArcBest Chief Customer Officer.

今天加入我的是 ArcBest 董事長、總裁兼首席執行官 Judy McReynolds； ArcBest 首席財務官 David Cobb； ArcBest 輕資產物流總裁兼首席收益官 Danny Loe；以及 ArcBest 首席客戶官 Dennis Anderson。

To help you understand ArcBest and its results, some forward-looking statements could be made during this call. Forward-looking statements, by their very nature, are subject to uncertainties and risk. For a more complete discussion of factors that could affect ArcBest's future results, please refer to the forward-looking statements section of our earnings press release, and our most recent SEC public filings.

為了幫助您了解 ArcBest 及其結果，本次電話會議期間可能會做出一些前瞻性陳述。就其本質而言，前瞻性陳述受不確定性和風險的影響。有關可能影響 ArcBest 未來業績的因素的更完整討論，請參閱我們的收益新聞稿和我們最近向美國證券交易委員會提交的公開文件的前瞻性陳述部分。

To provide meaningful comparisons, certain information discussed in this call includes non-GAAP financial measures as outlined and described in the tables in our earnings press release. Reconciliations of the GAAP financial measures to the related non-GAAP measures discussed in this call are also provided in the additional information section of the presentation slides. As a reminder, there is a conference call slide deck that can be found on the ArcBest Web site arcb.com, in Exhibit 99.3 of the 8-K that was filed earlier this morning, or you can follow along on the webcast.

為了提供有意義的比較，本次電話會議中討論的某些信息包括我們的收益新聞稿中表格中概述和描述的非 GAAP 財務指標。本次電話會議中討論的 GAAP 財務指標與相關非 GAAP 指標的對賬也在演示幻燈片的附加信息部分提供。提醒一下，可以在 ArcBest 網站 arcb.com 上找到電話會議幻燈片，在今天上午早些時候提交的 8-K 的 Exhibit 99.3 中，或者您可以繼續觀看網絡廣播。

We will now begin with Judy.

我們現在從朱迪開始。

Good morning, thank you all for joining us. I would like to begin by acknowledging a few tremendous milestones for ArcBest. First, we exceeded $5 billion in annual revenue for the first time in company history, with year-over-year revenue growth of $1.3 billion. We also achieved the highest earnings per share in our company's history. These important accomplishments could not have happened without the hard work and dedication of the entire ArcBest team.

早上好，謝謝大家加入我們。我想首先承認 ArcBest 的幾個重大里程碑。首先，我們的年收入在公司歷史上首次超過 50 億美元，收入同比增長 13 億美元。我們還實現了公司歷史上最高的每股收益。如果沒有整個 ArcBest 團隊的辛勤工作和奉獻精神，就不可能取得這些重要成就。

The other important milestone I want to highlight is a celebration, 2023 marks our hundredth anniversary. ArcBest has flourished over the past century, and we are positioned to continue driving this momentum forward into the next century. The road to 100 years has been paved with resilience, flexibility, innovative thinking, cutting edge solutions, and a commitment to our core values.

我想強調的另一個重要里程碑是慶祝活動，2023 年是我們成立一百週年。 ArcBest 在過去的一個世紀裡蓬勃發展，我們有能力繼續推動這一勢頭進入下一個世紀。通往 100 年的道路是用韌性、靈活性、創新思維、尖端解決方案和對我們核心價值觀的承諾鋪就的。

We know who we are, and because we have stayed true to our values and focused on our strengths, we've been able to innovate and successfully navigate enormous amounts of change. Nothing intimidates us. We have a saying, "We'll find a way," which means we'll stop at nothing to get the job done well. I'm incredibly proud of what we've accomplished together. Our results remain strong, as does our growth opportunity, regardless of the obstacles facing our industry. We are on track to achieve our long-term financial target of $7 billion to $8 billion in revenue by 2025, and will continue to manage the business in the short-term as market conditions evolve.

我們知道我們是誰，並且因為我們一直忠於我們的價值觀並專注於我們的優勢，所以我們能夠創新並成功應對巨大的變化。沒有什麼能嚇倒我們。我們有句諺語，“我們會找到辦法”，這意味著我們將不惜一切代價把工作做好。我為我們共同取得的成就感到無比自豪。儘管我們的行業面臨障礙，我們的業績依然強勁，我們的增長機會也是如此。我們有望實現到 2025 年收入 70 億至 80 億美元的長期財務目標，並將隨著市場條件的變化繼續管理短期業務。

As we've shown time and again, we are a company that thinks ahead and plans for the long-term. We continue to strengthen our competitive edge through our diverse portfolio. The breadth of modes we offer our customers allows us to make the most personalized and strategic decisions for them; decisions that will help them grow. In fact, I recently connected with a customer whose supply chain we started managing last year. They initially saw ArcBest as an LTL company, but after learning about our additional solutions they selected ArcBest as their logistics partner. Within a fairly short amount of time, we developed a deep partnership, managing their transportation, and creating exceptional value for them

正如我們一再表明的那樣，我們是一家超前思考和長期計劃的公司。我們通過多樣化的產品組合繼續加強我們的競爭優勢。我們為客戶提供的多種模式使我們能夠為他們做出最個性化和最具戰略性的決策；有助於他們成長的決定。事實上，我最近聯繫了一位客戶，我們去年開始管理其供應鏈。他們最初將 ArcBest 視為 LTL 公司，但在了解我們的其他解決方案後，他們選擇了 ArcBest 作為他們的物流合作夥伴。在相當短的時間內，我們建立了深厚的合作夥伴關係，管理他們的運輸，並為他們創造非凡的價值

As a result, we're expecting double-digit growth with this customer in 2023. It is deep, trusted, customer relationships like this that have and will continue to contribute to our success in any operating environment. Throughout 2022, we continued our strategic investments in technology and innovation. Innovation isn't just a buzzword for ArcBest; it's embedded throughout our long-term plans, and in the way that we approach our daily work. We started and completed numerous technology projects in 2022, which allow us to run our business with more precision, better identify issues, and quickly address the root causes with a tailored solution.

因此，我們預計該客戶在 2023 年實現兩位數的增長。像這樣深厚、值得信賴的客戶關係已經並將繼續為我們在任何運營環境中的成功做出貢獻。整個 2022 年，我們繼續在技術和創新方面進行戰略投資。創新不僅僅是 ArcBest 的流行語；它貫穿於我們的長期計劃和我們處理日常工作的方式中。我們在 2022 年啟動並完成了許多技術項目，這使我們能夠更精確地開展業務，更好地發現問題，並通過量身定制的解決方案快速解決根本原因。

Looking ahead, we are advancing our use of technology to strengthen our business and better serve our customers. We bring our innovative mindset to every partnership, building processes and digital capabilities that make it easier and more efficient to do business. We prioritize investments in these critical parts of our business to stay ahead and succeed now, and in the future. Building on that, you've heard us reference an innovation investment we've made which includes patented handling equipment, software, and a patented process to load and unload trailers. In addition to being used in parts of our network, we are currently piloting this program in several customer locations.

展望未來，我們正在推進技術的使用，以加強我們的業務並更好地為我們的客戶服務。我們將創新思維帶到每個合作夥伴關係中，構建流程和數字功能，使開展業務更輕鬆、更高效。我們優先投資於我們業務的這些關鍵部分，以保持領先地位並在現在和未來取得成功。在此基礎上，您聽說我們提到了一項創新投資，其中包括獲得專利的搬運設備、軟件和獲得專利的拖車裝卸流程。除了在我們的部分網絡中使用外，我們目前還在多個客戶地點試行該計劃。

We're encouraged by the early value it's delivering, and we have several large customers already interested in broader deployments of this solution. We believe it has the potential to be an industry game changer, and look forward to sharing more, later this quarter. Of course, none of our innovation or our results this year and over the past 100 years would have been possible without great people who work hard every day to solve logistics challenges for our customers; a sincere thank you to the ArcBest team.

我們對它提供的早期價值感到鼓舞，我們有幾個大客戶已經對更廣泛地部署該解決方案感興趣。我們相信它有可能成為行業遊戲規則的改變者，並期待在本季度晚些時候分享更多。當然，如果沒有每天努力工作為我們的客戶解決物流挑戰的優秀人才，我們今年和過去 100 年的創新或成果都不可能實現；衷心感謝 ArcBest 團隊。

And now, I'll turn it over to David who will take you through the quarter and the year in greater detail.

現在，我將把它交給大衛，他將帶您更詳細地了解本季度和本年度。

Thank you, Judy, and good morning, everyone. I'll begin by highlighting our consolidated results. Fourth quarter 2022 consolidated revenues were $1.2 billion, a 5% increase over last year. On a non-GAAP basis, consolidated operating income decreased 19% to $83 million. And our adjusted fourth quarter earnings per diluted share was $2.45. For all of 2022, our consolidated revenues were $5.3 billion, a 34% increase over 2021. Non-GAAP consolidated operating income was $473 million, a year-over-year increase of 49%. 2022 adjusted earnings were $13.66 per diluted share, an increase of 60% over 2021.

謝謝你，朱蒂，大家早上好。我將首先強調我們的綜合結果。 2022 年第四季度綜合收入為 12 億美元，比去年增長 5%。按非美國通用會計準則計算，綜合營業收入下降 19% 至 8300 萬美元。我們調整後的第四季度每股攤薄收益為 2.45 美元。 2022 年全年，我們的綜合收入為 53 億美元，比 2021 年增長 34%。非 GAAP 綜合營業收入為 4.73 億美元，同比增長 49%。 2022 年調整後每股攤薄收益為 13.66 美元，比 2021 年增長 60%。

The 2022 effective tax rate that was used to calculate the fourth quarter non-GAAP EPS was 26.3%. And under current tax laws, we expect our 2023 non-GAAP tax rate to range from 26% to 27%. Of course, this may be impacted by discreet items throughout the year. We're pleased that our business momentum this year produced solid cash flow, with our 2022 EBITDA totaling $572 million. ArcBest's cash balance and total liquidity are also at strong levels. And as of the end of 2022, we had net cash of $61 million, an improvement of $13 million since the end of the third quarter. Total liquidity of $566 million remains at a very healthy level.

用於計算第四季度非 GAAP 每股收益的 2022 年有效稅率為 26.3%。根據現行稅法，我們預計 2023 年的非 GAAP 稅率將在 26% 至 27% 之間。當然，這可能會受到全年謹慎項目的影響。我們很高興我們今年的業務勢頭產生了可觀的現金流，我們 2022 年的 EBITDA 總額為 5.72 億美元。 ArcBest 的現金餘額和總流動資金也處於強勁水平。截至 2022 年底，我們的淨現金為 6100 萬美元，比第三季度末增加了 1300 萬美元。 5.66 億美元的流動資金總額保持在非常健康的水平。

And despite rising rates, the composite interest rate on the company's outstanding debt at year-end was just under 3%. ArcBest's strong balance sheet and the operating cash flow generated in 2022 allowed us to invest in a business through new equipment purchases, real estate additions and improvements, and technological innovations, all of which will strengthen our competitive edge and ability to serve customers. We regularly review external growth opportunities and are pleased to have returned capital to shareholders, with enhanced share repurchases in the quarterly cash dividend, which the Board increased by 50%, in April of 2022.

儘管利率上升，但該公司年末未償債務的綜合利率略低於 3%。 ArcBest 強勁的資產負債表和 2022 年產生的經營現金流使我們能夠通過購買新設備、增加和改進房地產以及技術創新來投資一項業務，所有這些都將增強我們的競爭優勢和服務客戶的能力。我們定期審查外部增長機會，並很高興向股東返還資本，並在 2022 年 4 月董事會將季度現金股息增加 50% 的情況下加強股份回購。

We will maintain our balance approach to capital allocation, targeting investment-grade credit metrics, while prioritizing returning capital to shareholders through share repurchases and dividends, and considering M&A opportunities when appropriate. Additionally, in the current environment with reduced business levels, we're especially focused on effectively managing personnel, equipment, and other resources to provide superior customer service while controlling costs and improving profit margins.

我們將保持平衡的資本配置方法，以投資級信用指標為目標，同時通過股票回購和股息優先向股東返還資本，並在適當時考慮併購機會。此外，在當前業務水平下降的環境下，我們特別注重有效管理人員、設備和其他資源，以提供優質的客戶服務，同時控製成本和提高利潤率。

Turning to the key metrics in our Asset-Based business, our Asset-Based fourth quarter revenue was $711 million, an average daily increase of 5% over last year. The fourth quarter non-GAAP Asset-Based operation ratio, of 88.6, is a year-over-year increase of 170 basis points. As mentioned last quarter, repairs and maintenance have been elevated due to inflationary costs, and in part due to delays in receiving replacement equipment. Those costs are in the Asset-Based line for fuel, supplies, and expenses. Also as I mentioned in the last quarter, we were able to make good progress on optimizing our usage of outside resource costs with purchase transportation declining as a percent of revenue.

談到我們基於資產的業務的關鍵指標，我們基於資產的第四季度收入為 7.11 億美元，比去年平均每天增長 5%。第四季度非 GAAP 資產基礎運營比率為 88.6，同比增長 170 個基點。正如上個季度所述，由於通貨膨脹成本，維修和維護費用有所增加，部分原因是接收更換設備的延遲。這些成本屬於基於資產的燃料、用品和費用。同樣正如我在上個季度提到的那樣，我們能夠在優化外部資源成本的使用方面取得良好進展，採購運輸佔收入的百分比下降。

Fourth quarter tonnage per day decreased 5.5%, and daily shipments increased by 1%. Total fourth quarter build revenue per hundredweight increased 9.3% including fuel surcharges. We secured an average 5.4% increase on Asset-Based customer contract renewals and deferred pricing agreements that were negotiated during the quarter. In 2022, total Asset-Based revenue was $3 billion, a daily increase of 17%, and the highest ever for ABF. Total tonnage and shipments both grew approximately 2%. Total revenue per hundredweight increased 14.5% with an average 7.3% increase on customer contract and deferred pricing agreements renewed during the year.

第四季度每天的噸位下降了 5.5%，每天的出貨量增加了 1%。包括燃油附加費在內，第四季度每英擔總建造收入增長了 9.3%。我們在本季度協商的基於資產的客戶合同續籤和延期定價協議方面平均增長了 5.4%。 2022 年，基於資產的總收入為 30 億美元，每天增長 17%，是 ABF 有史以來的最高收入。總噸位和出貨量均增長約 2%。每英擔總收入增長 14.5%，其中客戶合同和延期定價協議在年內續簽平均增長 7.3%。

The full-year non-GAAP operating ratio was 86.4%, reflecting an improvement of 240 basis points year-over-year, and 1,150 basis points over the previous six-year period. As we look at January trends, the slowdown in the general economy has impacted customer order quantities and resulting shipment sizes compared to January 2022. On a preliminary basis, our January 2023 Asset-Based tonnage increased 1%, and shipments increased 7% year-over-year. For additional details on our January 2023 trends, please refer to our Form 8-K exhibit to the press release.

全年非美國通用會計準則營業率為 86.4%，同比提高 240 個基點，比前六年提高 1,150 個基點。當我們觀察 1 月份的趨勢時，與 2022 年 1 月相比，總體經濟放緩影響了客戶訂單數量和由此產生的出貨量。初步來看，我們 2023 年 1 月基於資產的噸位增長了 1%，出貨量同比增長了 7%-超過一年。有關我們 2023 年 1 月趨勢的更多詳細信息，請參閱新聞稿中的 8-K 表格。

In ArcBest Asset-Light business, total fourth quarter revenue was $572 million, a daily increase of 7% versus fourth quarter of 2021, and reflecting a full quarter of MoLo operations in 2022, compared to only two months in last year's results, but also offset by a slowdown in customer shipping volumes, softness in market rates, and changes in business mix. In the FleetNet segment, events and revenue per event increased over the prior-year period. And for all of 2022, Asset-Light revenue increased 60% over 2021, to $2.5 billion, reflecting the impact of the full year of MoLo and strong customer demand for our logistic services, particularly in the first-half of 2022.

在 ArcBest 輕資產業務中，第四季度總收入為 5.72 億美元，比 2021 年第四季度每天增長 7%，反映了 2022 年整個季度的 MoLo 運營，而去年的業績只有兩個月，而且被客戶運輸量放緩、市場價格疲軟和業務組合變化所抵消。在 FleetNet 部分，事件和每個事件的收入比去年同期有所增加。 2022 年全年，輕資產收入比 2021 年增長 60%，達到 25 億美元，反映了 MoLo 全年的影響和客戶對我們物流服務的強勁需求，尤其是在 2022 年上半年。

Fourth quarter Asset-Light non-GAAP operating income was $11 million, and for full-year 2022, totaled $90 million, an increase of 82% over full-year 2021. Fourth quarter Asset-Light EBITDA was $13 million, and totaled (technical difficulty) 2022, a 74% year-over-year increase. We provided preliminary asset-light business trends for January 2022 in the Form 8-K exhibit to the press release filed this morning. The current trends in that business continuing to be softer, reflecting the recent demand slowdown.

第四季度輕資產非 GAAP 營業收入為 1100 萬美元，2022 年全年總計 9000 萬美元，比 2021 年全年增長 82%。第四季度輕資產 EBITDA 為 1300 萬美元，總計（技術難度）2022年，同比增長74%。我們在今天上午提交的新聞稿的 8-K 表格中提供了 2022 年 1 月的初步輕資產業務趨勢。該業務目前的趨勢繼續走軟，反映出最近的需求放緩。

In 2022, net capital expenditures including equipment financed totaled $211 million. 2022 expenditures for revenue equipment totaled $93 million, most of which for ArcBest's Asset-Based operation. Depreciation and amortization cost on property, plant, and equipment totaled $127 million.

2022 年，包括設備融資在內的淨資本支出總計 2.11 億美元。 2022 年用於收入設備的支出總計 9300 萬美元，其中大部分用於 ArcBest 的基於資產的運營。不動產、廠房和設備的折舊和攤銷成本總計 1.27 億美元。

In addition, amortization and tangible assets was $13 million in 2022. As in 2021, manufacturing delays and part shortages impacted us in 2022. And as a result, we had to reduce some trailer orders in a portion of our asset-based equipment. And real estate projects were pushed out during the year and into 2023. For 2023, we expect total net capital expenditures of $300 million to $325 million including equipment purchases of approximately $175 million.

此外，2022 年的攤銷和有形資產為 1300 萬美元。與 2021 年一樣，製造延誤和零件短缺在 2022 年影響了我們。因此，我們不得不減少部分基於資產的設備的拖車訂單。房地產項目在年內被推遲到 2023 年。到 2023 年，我們預計淨資本支出總額為 3 億至 3.25 億美元，其中包括約 1.75 億美元的設備採購。

A majority of which is for ArcBest's Asset-Based operation. As I mentioned, our 2023 investment plans reflect catching up on some 2022 equipment and real estate projects as well as 2023 investments above last year's levels in equipment, to support our growth plans through long-term targets. 2023 depreciation and amortization cost are estimated to be approximately $130 million. This does not include amortization in tangible assets which is estimated to be around $30 million for 2023, primarily related to purchase accounting amortization associated with the MoLo acquisition.

其中大部分用於 ArcBest 的基於資產的運營。正如我提到的，我們的 2023 年投資計劃反映了一些 2022 年的設備和房地產項目以及 2023 年高於去年設備水平的投資，以通過長期目標支持我們的增長計劃。 2023 年的折舊和攤銷成本估計約為 1.3 億美元。這不包括有形資產的攤銷，估計到 2023 年約為 3000 萬美元，主要與與 MoLo 收購相關的採購會計攤銷有關。

We are very pleased with our financial results in 2022. Our financial street and century loan commitment to effectively meeting customer needs positions us to navigate market challenges effectively while focusing on our strategy for long-term growth and sustained profitability.

我們對 2022 年的財務業績感到非常滿意。我們對有效滿足客戶需求的金融街和世紀貸款承諾使我們能夠有效應對市場挑戰，同時專注於我們的長期增長和持續盈利戰略。

Now, I'll turn the call to Danny.

現在，我會把電話轉給丹尼。

Thanks, David. Good morning, everyone. I'll provide an update on the asset-light side of the business and give a high level over view on yield. We continue to see benefits from an improved truckload offering as well as benefits from the MoLo acquisition. The timing of that acquisition has been particularly favorable as it brought us more contractual business and better procurement in the spot market. While truckload spot rates declined sharply in the fourth quarter, we still grew shipments, which is a testament to the strength of our truckload solution.

謝謝，大衛。大家，早安。我將提供有關業務輕資產方面的最新信息，並對收益率進行高水平的概述。我們繼續看到改進的卡車裝載產品帶來的好處以及收購 MoLo 帶來的好處。那次收購的時機特別有利，因為它為我們帶來了更多的合同業務和更好的現貨市場採購。雖然卡車即期運價在第四季度急劇下降，但我們的出貨量仍在增長，這證明了我們卡車解決方案的實力。

We continue to focus on profitable shipment growth in pursuit of our long-term financial targets despite market pressures that impacted us in the fourth quarter. Shorter term, we are also focused on what we can control. And part of that is managing cost. We continue to invest in our existing team with a focus on employee productivity. Additionally, we have better capacity capabilities, and are continuing to benefit from MoLo's career management approach.

儘管市場壓力在第四季度影響了我們，但我們繼續專注於盈利性出貨量增長以實現我們的長期財務目標。從短期來看，我們還關注我們可以控制的事情。其中一部分是管理成本。我們繼續投資於我們現有的團隊，重點是提高員工的工作效率。此外，我們擁有更好的能力，並繼續受益於 MoLo 的職業管理方法。

On the asset-based side, pricing has also remained rational. And our focus continues to be on profitable growth and effective cost control. We estimated our general rate increase in early November. And we will price appropriately to reflect our high quality service offering. As we entered our 100th year, we continue and evolve to better serve our customers which positions us well in any market environment.

在基於資產的方面，定價也保持理性。我們的重點仍然是盈利增長和有效的成本控制。我們在 11 月初估計了我們的總體利率增長。我們將適當定價以反映我們提供的高質量服務。在我們進入 100 週年之際，我們繼續發展，以更好地服務我們的客戶，這使我們在任何市場環境中都處於有利地位。

We have diversified our solutions and worked diligently to integrate them so customers have seamless access to our services. We are streamlining our business from the initial interactions with our customers to the day-to-day execution and are seeing the benefits of this strategic work. We have built additional revenue streams through solutions like dynamic pricing and U-Pack, which supplement our published LTL business and allow us to flex based on customer needs and market dynamics.

我們使我們的解決方案多樣化，並努力整合它們，以便客戶可以無縫訪問我們的服務。我們正在簡化我們的業務，從與客戶的最初互動到日常執行，並看到了這項戰略工作的好處。我們通過動態定價和 U-Pack 等解決方案建立了額外的收入流，這些解決方案補充了我們已發布的 LTL 業務，並使我們能夠根據客戶需求和市場動態進行靈活調整。

In times like these, we strategically use these tools to fill empty capacity with profitable transactional shipments, which up to this point has enabled us to avoid furloughs or layoffs and provide a more sustainable service offering, while being better positioned for profitable growth toward our long-term targets. In short, a big win for our ArcBest, our employees, and our customers. There is debate in our industry about a technology-centered versus a human-centered approach. We believe the key having a blend of both, using technology to improve efficiency for employees while giving our customers the choice and the ability to seamlessly switch from technology driven solutions to human driven ones based on their needs at that moment. We are pleased with the progress we have made, and the feedback we have received from our customers.

在這樣的時期，我們戰略性地使用這些工具來用有利可圖的交易出貨量來填補空缺產能，到目前為止，這使我們能夠避免休假或裁員並提供更可持續的服務，同時更好地為我們長期的盈利增長做好準備- 長期目標。簡而言之，這對我們的 ArcBest、我們的員工和我們的客戶來說是一個巨大的勝利。在我們的行業中存在關於以技術為中心還是以人為中心的方法的爭論。我們相信，關鍵是要將兩者結合起來，利用技術提高員工的效率，同時為我們的客戶提供選擇和能力，讓他們能夠根據當時的需求從技術驅動的解決方案無縫切換到人力驅動的解決方案。我們對我們取得的進展以及我們從客戶那裡收到的反饋感到滿意。

Having productive employees is critical. And we are pleased with the productivity improvements we are seeing with having all of our truckload employees on the same operational platform. With the hundred years of experience, we are uniquely positioned to help our customers find the best solutions for their supply chain needs. Taking a broader logistics partnership has benefited both segments of our business. It has enabled ABF to have a better selection of freight with the ability to choose shipments that fit best within that network. And has allowed us to say yes to customers who move freight another way but want ArcBest to coordinate and centralize the logistics experience.

擁有高效的員工至關重要。我們很高興看到我們所有卡車員工都在同一個操作平台上，從而提高了生產力。憑藉百年的經驗，我們在幫助客戶找到滿足其供應鏈需求的最佳解決方案方面具有獨特的優勢。建立更廣泛的物流合作夥伴關係使我們的兩個業務部門都受益。它使 ABF 能夠更好地選擇貨運，並能夠選擇最適合該網絡的貨運。並允許我們對以其他方式運輸貨物但希望 ArcBest 協調和集中物流體驗的客戶說“是”。

So we began a pilot that would expand brokered LTL to transactional shippers. And through this, we learned some important lessons. As a result of our close relationships, we were able to gather valuable feedback from customers and our LTL carrier partners and learned that there were some places that experience could be much more efficient. Using our internal tech team and leveraging our 100 years of experience in the LTL industry, we quickly stood up a proprietary system to address the inefficiencies identified. While this project is still in pilot phase, we are encouraged by the early results, and look forward to expanding the pilot to serve more customers.

因此，我們開始了一項試點，將代理 LTL 擴展到交易托運人。通過這個，我們學到了一些重要的教訓。由於我們的密切關係，我們能夠從客戶和我們的 LTL 承運商合作夥伴那裡收集到寶貴的反饋，並了解到有些地方的經驗可以更有效。利用我們的內部技術團隊並利用我們在 LTL 行業 100 年的經驗，我們迅速建立了一個專有系統來解決已發現的低效率問題。雖然該項目仍處於試點階段，但我們對早期結果感到鼓舞，並期待擴大試點範圍以服務更多客戶。

Now I'll turn it over to Dennis.

現在我將把它交給丹尼斯。

Thank you, Danny, and good morning, everyone. Our focus remains on creating value for our customers, and we have taken important steps to help us advance this goal, including strengthening our organizational alignment and collaboration, and making strategic investments in technology. We have tightened coordination across our sales, marketing, operations and service teams, which enables us to be more productive and efficient while providing a more seamless experience for customers.

謝謝你，丹尼，大家早上好。我們的重點仍然是為客戶創造價值，我們已採取重要步驟來幫助我們實現這一目標，包括加強我們的組織協調和協作，以及對技術進行戰略投資。我們加強了銷售、營銷、運營和服務團隊之間的協調，這使我們能夠提高生產力和效率，同時為客戶提供更加無縫的體驗。

You hear us talk a lot about our customers. And we're celebrating our 100th anniversary this year because they continue to trust us to solve their logistics challenges. When they win, we win. And we strive to make decisions with a customer focused mindset. Of course, that means having a superior service offering that they value, but it also means serving them efficiently.

你聽到我們談論了很多關於我們客戶的事情。今年我們慶祝成立 100 週年，因為他們繼續相信我們能夠解決他們的物流挑戰。他們贏了，我們就贏了。我們努力以以客戶為中心的心態做出決策。當然，這意味著擁有他們重視的優質服務，但也意味著高效地為他們提供服務。

Technology is a big part of making that happen. And over the last few years, we have been diligently working to build systems to give our customers a best-in-class experience. We view this as an investment that strengthens every point on the customer journey. Providing a best-in-class experience throughout that journey starts by giving our employees the tools they need.

技術是實現這一目標的重要組成部分。在過去的幾年裡，我們一直在努力構建系統，為我們的客戶提供一流的體驗。我們將此視為一項加強客戶旅程中每一點的投資。在整個旅程中提供一流的體驗首先要為我們的員工提供他們需要的工具。

So we work with a disciplined approach to improve system and process efficiency. An example of this is our city route optimization project, which has already been rolled out to about a third of our service centers, which handled nearly half of the freight in the ABF network. This deploys advanced analytics to dramatically reduce the amount of time it takes our people to plan pickup and delivery routes so that they can focus more on managing the operation in real time. Locations using this technology were 80% more effective at reducing cartage in the fourth quarter. This is just one example of how we are relentlessly pursuing better, more efficient ways of doing business.

因此，我們採用規範的方法來提高系統和流程效率。這方面的一個例子是我們的城市路線優化項目，該項目已經推廣到我們大約三分之一的服務中心，這些服務中心處理了 ABF 網絡中近一半的貨運。這部署了高級分析，以顯著減少我們的員工計劃取件和送貨路線所需的時間，以便他們可以更多地關注實時管理操作。使用這項技術的地點在第四季度減少運輸的效率提高了 80%。這只是我們如何不懈地追求更好、更有效的經營方式的一個例子。

Customers also want better supply chain visibility. And based on their feedback, we began building a platform to enhance that visibility across all of our solutions. This is no small feat given our breadth of mode options and capacity sources. But we know it's important for our customer success and an opportunity to enhance our value proposition for them. So, we will begin testing with customers later this year.

客戶還希望獲得更好的供應鏈可見性。根據他們的反饋，我們開始構建一個平台，以提高我們所有解決方案的可見性。考慮到我們廣泛的模式選項和容量來源，這可不是一件容易的事。但我們知道這對我們的客戶成功很重要，也是一個提升我們對他們的價值主張的機會。因此，我們將在今年晚些時候開始與客戶進行測試。

Additionally, we just launched a redesigned website at arcb.com and we'll be rolling out enhancements there throughout the year improving the sites functionality and enhancing the user experience. Our customer needs drive our strategy and innovation investments. We're in a strong position both to listen to and act on customer feedback.

此外，我們剛剛在 arcb.com 上推出了一個重新設計的網站，我們將在全年推出增強功能，改善網站功能並增強用戶體驗。我們的客戶需求推動了我們的戰略和創新投資。我們在傾聽客戶反饋並根據客戶反饋採取行動方面處於有利地位。

The pilots we've been running with our customers to transform the way they handle freight are providing encouraging results. And we're excited to share more with you about that solution later this quarter. In short, innovative technology is an important driver of growth and efficiency for our company and an important differentiator for ArcBest with our customers.

我們與客戶一起開展的旨在改變他們處理貨運方式的試點正在取得令人鼓舞的結果。我們很高興在本季度晚些時候與您分享更多有關該解決方案的信息。簡而言之，創新技術是我們公司增長和效率的重要驅動力，也是 ArcBest 與客戶的重要差異化因素。

Despite the softening occurring in our industry in the economy, this designing and running efficient and effective supply chains have never been more critical. The opportunity for us is as significant as it has ever been. Shippers have largely shifted their focus from just securing capacity to improving supply chain efficiency. And we're in prime position to capitalize on that opportunity as our integrated solutions and our managed transportation offering in particular are designed just for that.

儘管我們的行業在經濟中出現疲軟，但這種設計和運行高效且有效的供應鏈從未像現在這樣重要。對我們來說，機會一如既往地重要。托運人已將重點從確保運力轉移到提高供應鏈效率。我們處於充分利用這一機會的有利位置，因為我們的集成解決方案，尤其是我們的託管運輸產品正是為此而設計的。

Additionally, our customer pipeline is robust. We're closing more and larger deals, and more customers are using more than one of our solutions. Customer retention remained strong. And with our diversification across multiple industries, we are positioned better than ever before to perform through any cycle. It's not uncommon to have customers who change companies, even take us with them as their logistics provider.

此外，我們的客戶渠道非常強大。我們正在完成更多更大的交易，越來越多的客戶正在使用我們的不止一種解決方案。客戶保留率仍然很高。隨著我們在多個行業的多元化，我們比以往任何時候都更有能力在任何週期中表現出色。經常有客戶更換公司，甚至將我們作為他們的物流供應商。

Just recently, I was talking with a customer who did this. They had used us to manage their transportation at their prior company. But when they joined a new organization, the solution they needed help with the most was truckload. So, that's where we started. Hearing these stories from customers is a testament to the deep relationships we have with them as we partner to build the best supply chain for their business. I am very proud of what our entire team accomplished this past year. Our long-term focus on customer value creation, our breadth of integrated solutions, the expertise of our people, and our tech-savvy and innovative spirit mean that we are poised to capture the large market opportunity ahead of us, and reach our long-term financial targets regardless of the environment.

就在最近，我正在與一位這樣做的客戶交談。他們曾在他們之前的公司使用我們來管理他們的運輸。但是當他們加入一個新組織時，他們最需要幫助的解決方案是整車運輸。所以，這就是我們的起點。從客戶那裡聽到這些故事證明了我們與他們之間的深厚關係，因為我們合作為他們的業務建立最佳供應鏈。我為我們整個團隊在過去一年所取得的成就感到非常自豪。我們對客戶價值創造的長期關注、我們廣泛的集成解決方案、我們員工的專業知識以及我們精通技術和創新精神意味著我們已準備好抓住我們面前的巨大市場機遇，並實現我們長期的目標。不考慮環境的長期財務目標。

Now, Judy, I'll turn it back over to you.

現在，朱蒂，我會把它還給你。

Thank you, Dennis. Before we conclude, I first want to take a moment and thank David Cobb for his contributions to ArcBest. David recently announced that he will be retiring later this year, and we are actively working to identify his successor. When David joined the organization 17 years ago, we had $1.9 billion in revenue, and 97% of our revenues came from the Asset-Based side of our business. David has worked alongside me and other leaders every step of the way to help transform ArcBest into the integrated logistics company it is today. He has led with integrity and skill, helping us navigate many changes.

謝謝你，丹尼斯。在我們結束之前，我首先想花點時間感謝 David Cobb 對 ArcBest 的貢獻。大衛最近宣布他將於今年晚些時候退休，我們正在積極努力確定他的繼任者。當大衛 17 年前加入該組織時，我們的收入為 19 億美元，其中 97% 的收入來自我們業務的資產方面。 David 在幫助 ArcBest 轉變為今天的綜合物流公司的每一步都與我和其他領導一起工作。他以誠信和技巧領導，幫助我們駕馭許多變化。

And on top of it all, working with David has been a pleasure. We will miss working with David when he leaves, in October, but wish him the best in his retirement.

最重要的是，與大衛一起工作很愉快。我們會想念 David 在 10 月離開時與他一起工作，但祝他退休後一切順利。

As we close, I want to reflect one last time on our strategy and position. Supply chains have never been more critical or complex. We regularly revisit our strategic to make sure it's sound and that we're executing well against it. When customer needed capacity, we were positioned to serve them and grow with our own assets and a network of currently over 95,000 carrier partners. And now, with customers looking for efficiency, we are well-positioned to deliver. We have an incredibly talented group of employees who are experts in our field, including a nearly 500-person in-house technology team building and implementing systems to make us and our customers' businesses more efficient.

在我們結束時，我想最後一次反思我們的戰略和立場。供應鏈從未像現在這樣重要或複雜。我們會定期重新審視我們的戰略，以確保它是合理的並且我們能夠很好地執行它。當客戶需要容量時，我們可以為他們提供服務，並利用我們自己的資產和目前超過 95,000 家運營商合作夥伴的網絡發展壯大。現在，隨著客戶尋求效率，我們已經做好了交付的準備。我們擁有一群才華橫溢的員工，他們是我們領域的專家，包括近 500 人的內部技術團隊，他們正在構建和實施系統，以提高我們和我們客戶業務的效率。

Our breadth of solutions and our innovative mindset allow us to build flexible, resilient supply chains. While there are some macroeconomic headwinds, ArcBest has demonstrated resilience throughout its history. We are ready for what's ahead both this year and beyond. I'm going to close by thanking our current and past employees, our customers, partners, and shareholders for helping us reach our 100th anniversary. Thank you for the opportunity to serve you. We are proud of what we've accomplished, but we are just getting started. We're committed to keeping the global supply chain moving, delivering on our goals, and driving growth as we look forward to our next 100 years.

我們廣泛的解決方案和創新思維使我們能夠建立靈活、有彈性的供應鏈。儘管存在一些宏觀經濟逆風，但 ArcBest 在其整個歷史中都表現出了韌性。我們已為今年及以後的發展做好準備。最後，我要感謝我們現在和過去的員工、我們的客戶、合作夥伴和股東幫助我們慶祝成立 100 週年。感謝您有機會為您服務。我們為我們所取得的成就感到自豪，但我們才剛剛開始。展望下一個 100 年，我們致力於保持全球供應鏈的運轉、實現我們的目標並推動增長。

That concludes our prepared remarks. David Humphrey, we can now open the call up to questions.

我們準備好的發言到此結束。 David Humphrey，我們現在可以開始提問了。

Okay, Frank, I think we're ready for some questions.

好的，弗蘭克，我想我們已經準備好回答一些問題了。

(Operator Instructions) Our first question comes from Chris Wetherbee with Citigroup.

（操作員說明）我們的第一個問題來自花旗集團的 Chris Wetherbee。

I guess I wanted to start on demand trends and what you guys are seeing in the Asset-Based business. So, if we look at the monthly tonnage, looks like it decelerated a bit over the course of the quarter. But then the January number, I think, was plus 1. So, maybe it looks like a little bit of a reversal of that. So, don't necessarily want to get too hung up on any one given month, but wanted to get a sense of what you're feeling in terms of rounding the corner on 2022 and coming into 2023, in terms of customer demand in LTL?

我想我想從需求趨勢和你們在基於資產的業務中看到的開始。因此，如果我們看一下月度噸位，它似乎在本季度有所放緩。但我認為 1 月份的數字是加 1。所以，也許它看起來有點逆轉。因此，不一定想在任何給定的月份過於掛斷，但想了解您對 2022 年即將到來和進入 2023 年的感受，就 LTL 的客戶需求而言？

Hey, Chris, this is Dennis. First of all, we did see a deceleration as the quarter progressed. Certainly in a weakening environment, retail led that. But, of course, we have seen some softening, as the quarter progressed, in manufacturing as well. Really, as we progressed into January, where the trends are similar, I mean when you look at the year-over-year number. But the demand environment feels very similar to where it ended the fourth quarter, and certainly I'll let Danny comment if he has any other things to add.

嘿，克里斯，這是丹尼斯。首先，隨著季度的進展，我們確實看到了減速。當然，在疲軟的環境中，零售業處於領先地位。但是，當然，隨著本季度的進展，製造業也出現了一些疲軟。真的，當我們進入 1 月時，趨勢相似，我的意思是當你查看同比數字時。但需求環境與第四季度末的情況非常相似，如果丹尼有任何其他要補充的內容，我當然會讓丹尼發表評論。

No, I think that's -- what Dennis said is consistent. It's broad-based. Dennis said retail is leading it, but I think we felt leanness across. Maybe a great representation of what we see is really with our managed customers. We have a very high retention rate, really can't remember the last time we've lost a customer necessarily in that. But that we've seen a deceleration in top line revenue for that, which is meaning our customers aren't shipping as much inside that business because we see the whole supply chain. So, I think that's representative really of what we saw across all of our business through the fourth quarter, and into January, at this point.

不，我認為這是 - 丹尼斯所說的是一致的。它的基礎廣泛。丹尼斯說零售業處於領先地位，但我認為我們整體上都感到精益。也許我們所看到的一個很好的代表就是我們管理的客戶。我們的保留率非常高，真的不記得我們最後一次失去客戶是什麼時候了。但是我們已經看到頂線收入下降，這意味著我們的客戶在該業務中的運輸量不多，因為我們看到了整個供應鏈。所以，我認為這真的代表了我們在第四季度和一月份的所有業務中所看到的情況。

Yes, that trend is consistent across Asset-Based and Asset-Light. Customer retention is still terrific, but the customers, in general, are shipping less across the board.

是的，這種趨勢在基於資產的和輕資產的領域是一致的。客戶保留率仍然很高，但總的來說，客戶的出貨量全面減少。

Okay, yes, that's helpful color. And just a follow-up on pricing, so I noticed in the 8-K you mentioned that the increases ex fuel, in January, are coming in on the LTL side in the double digits, kind of getting a sense just what your feel is about the sustainability of that level of pricing power? And I know comps clearly have something to do with that as well as the year progresses. But wanted to get a sense of how you're sizing up the sustainability of really good pricing power in the LTL business as we move through some of this softer tonnage environment over the next several months or maybe several quarters?

好的，是的，這是有用的顏色。只是關於定價的後續行動，所以我注意到你在 8-K 中提到，1 月份 LTL 方面的燃料增加量以兩位數增長，有點了解你的感受關於這種定價權水平的可持續性？而且我知道 comps 顯然與此以及年份的進展有關。但是，當我們在接下來的幾個月或幾個季度中經歷一些較軟的噸位環境時，想了解您如何評估 LTL 業務中真正良好的定價能力的可持續性嗎？

Sure. This is Danny again. The pricing (inaudible) is still rational. We really haven't seen weaknesses across that piece of it. It's obviously not the same as last year, but if you look at our increases in the fourth quarter on deferred contracts, like you mentioned what we're seeing in January with the revenue per hundredweight. We're comfortable that we can continue to price and price above inflation as we go forward. Our trends -- our actual business that we talk about gives us strength to -- helps us have more confidence in the core business and what we can do with the price levels there. But right now, we, again I would say that it's consistent with what we've seen through the fourth into the first quarter so far.

當然。這又是丹尼。定價（聽不清）仍然是合理的。我們真的沒有看到它的弱點。這顯然與去年不同，但如果你看看我們第四季度延期合同的增長，就像你提到的我們在 1 月份看到的每英擔收入。我們很高興隨著我們的前進，我們可以繼續定價並高於通貨膨脹率。我們的趨勢——我們談論的實際業務給了我們力量——幫助我們對核心業務更有信心，以及我們可以用那裡的價格水平做些什麼。但是現在，我們，我要再次說，這與我們從第四季度到第一季度到目前為止所看到的情況是一致的。

Our next question comes from Ravi Shanker with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Ravi Shanker。

Congrats, David, and congrats to everyone, wish best with the 100th anniversary. I think this is the perfect catalyst to host another Analyst Day and give us some limited edition swag, but that's just me.

恭喜，大衛，祝賀大家，祝 100 週年最美好。我認為這是舉辦另一個分析師日並給我們一些限量版贈品的完美催化劑，但那隻是我。

We have some good swag.

我們有一些很好的贓物。

Then yes, and that will be a good catalyst. So, just to follow-up on the previous question, how do you think about that algorithm between tonnage growth and pricing? Kind of at what point -- like is there such a thing as too much price that you dial down to get some more volumes to drive up the operating leverage or just a little bit of some background with that process would be helpful.

那麼是的，那將是一個很好的催化劑。那麼，只是為了跟進上一個問題，你如何看待噸位增長和定價之間的算法？在什麼時候 - 就像價格過高這樣的事情，你可以降低價格以獲得更多的數量來提高運營槓桿，或者只是對該過程的一些背景知識會有所幫助。

Sure. Ravi, this is Danny again. I'll start, and maybe Dennis may have some more. We are seeking the right balance, but I think the key to that is we have more visibility than we've ever had. We're able to make decisions. My yield team meets with the operations team with ABF really every week, but really conversations going on every day. And we're able to make decisions about what we want into our network. And again, having the ability to have the core business, that committed long-term business and then fill in where we're having capacity with transactional is really unique and gives us an advantage in how we approach the market place.

當然。拉維，我又是丹尼。我會開始的，也許丹尼斯可能還有更多。我們正在尋求適當的平衡，但我認為關鍵是我們比以往任何時候都擁有更多的知名度。我們能夠做出決定。我的收益團隊實際上每週都會與 ABF 的運營團隊會面，但實際上每天都在進行對話。我們能夠決定我們想要什麼進入我們的網絡。再一次，有能力擁有核心業務，承諾長期業務，然後填補我們擁有交易能力的地方，這確實是獨一無二的，並使我們在如何接近市場方面具有優勢。

And so, one of the biggest things that we're able to do, we mentioned not -- that we haven't had a need to furlough or lay off employees. That puts us in great position for our long-term targets. If the market turns with that, we can move from transactional to core business as our customers' demand comes back, and they approach us. And that business is at a higher revenue per hundredweight than the transactional business. But the transactional business is profitable and puts us in a great position right now. So, that's really how we're thinking about it. We kind of adjust as the market goes. And so, the flexibility is the key there, that as the market dynamics change we're able to bend and flex to the right answer for our company.

因此，我們沒有提到我們能夠做的最重要的事情之一——我們不需要休假或裁員。這使我們在實現長期目標方面處於有利地位。如果市場隨之轉變，我們可以從交易業務轉向核心業務，因為我們的客戶需求回來了，他們來找我們。而且該業務的每英擔收入高於交易業務。但交易業務是有利可圖的，讓我們現在處於有利地位。所以，這就是我們的想法。我們會隨著市場的發展進行調整。因此，靈活性是其中的關鍵，隨著市場動態的變化，我們能夠為我們的公司做出正確的選擇。

Hey, Ravi, this is Dennis. Just adding there, when you look at what our pipeline looks like for LTL business, that's strengthened. And we have more opportunity really than we've seen in a long time to grow that demand base. And we think about where we're positioned as an integrated logistics company, we're seeing more opportunities and able to manage, as Danny talked about, what business we really can take and want in that Asset-Based business. And so, we have the capability with that integrated logistics approach to be able to really optimize that answer for us.

嘿，拉維，這是丹尼斯。只是在那裡添加，當您查看我們的 LTL 業務管道是什麼樣子時，它得到了加強。而且我們確實有比很長時間以來看到的更多機會來擴大需求基礎。我們考慮了我們作為一家綜合物流公司的定位，我們看到了更多的機會，並且能夠管理，正如丹尼所說的那樣，我們真正可以在基於資產的業務中獲得和想要什麼業務。因此，我們有能力利用這種綜合物流方法真正為我們優化答案。

Got it, that makes sense. And maybe as a follow-up, can you just parse some of the differences in the outlook you are seeing out there between your retail customers and your industrial end customers. I think there's some expectation that retail customers might see normalization fairly soon, but industrials might take longer. A, can you remind us of your mix of the two of them, and also what the outlook difference might be between them?

明白了，這是有道理的。也許作為後續行動，你能不能分析一下你在零售客戶和工業終端客戶之間看到的前景的一些差異。我認為有人期望零售客戶可能很快就會看到正常化，但工業可能需要更長的時間。 A，你能提醒我們你對他們兩個的組合，以及他們之間的前景可能有什麼不同嗎？

Yes, certainly. The manufacturing is still the leading part of our customer base, and it's about a little over a third of our customer base. And then retail follows behind that. But in the retail industry, we're seeing some normalization of inventory levels. Certainly what we're hearing from most of our customers is that they're back either at or near pre-pandemic levels, but that does vary within the -- that does vary within the retail space, certainly by the type of retailer. And so, we see some different -- different trends within that.

是的，當然了。製造業仍然是我們客戶群的主要部分，大約占我們客戶群的三分之一多一點。然後零售緊隨其後。但在零售業，我們看到庫存水平出現了一些正常化。當然，我們從大多數客戶那裡聽到的是，他們已經恢復到大流行前的水平或接近大流行前的水平，但這在零售空間內確實有所不同，當然是因零售商的類型而異。因此，我們在其中看到了一些不同的——不同的趨勢。

But on the manufacturing side of things, I mean certainly, as I mentioned, that that's lagged a little bit, the retail weakness. And so, we saw retail weakness probably a little bit before we saw the manufacturing weakness that showed up early, as the fourth quarter progressed. So, that's really what we're seeing there.

但在製造業方面，我的意思是，正如我提到的那樣，零售疲軟有點滯後。因此，隨著第四季度的進展，我們可能會先看到零售疲軟，然後再看到早些時候出現的製造業疲軟。所以，這就是我們在那裡看到的。

Our next question comes from Jason Seidl with Cowen.

我們的下一個問題來自 Jason Seidl 和 Cowen。

David. Well deserved, sir. Want to go to pricing a little bit here. We're still seeing, I think, what you would call a good and rational marketplace. But you did see some sequential drop in terms of your contract renewals. I think, in your slides, it said 480 BPS. Are we getting it close to the point where we're starting to worry about being able to price above your cost inflation, which everyone's seeing a lot of cost going up right now? And number two, are we fearing that you could see a drop-off in volumes if the economy slows, that could be a detriment to the pricing market as you move throughout the year?

大衛。當之無愧，先生。想在這裡稍微定價一下。我認為，我們仍然看到你所說的良好和理性的市場。但是你確實看到了合同續簽方面的連續下降。我想，在您的幻燈片中，它說的是 480 BPS。我們是否已經接近我們開始擔心能夠定價高於成本通脹的地步，每個人現在都看到很多成本上漲？第二，我們是否擔心如果經濟放緩，您會看到交易量下降，這可能會在您全年移動時損害定價市場？

Yes. Jason, this is Danny. So, two things; one, just the levels we've talked about, 5.4% in the fourth quarter, if we go back, it's still probably a top 25th percentile for us, so -- on increases. It's still a rational market. And as far as continuing ahead, yes, we feel confident we can price to cover inflation and also capture value in our service offering as we go forward. I think the other piece is to look back at over the two-year stack of the pricing improvements that we've had. It puts our core business at a really great level. And that takes pressure off of trying to get larger increases if you're just trying to cover the inflationary pieces of it that you go forward.

是的。傑森，這是丹尼。所以，有兩件事；一，只是我們談到的水平，第四季度為 5.4%，如果我們回去，它仍然可能是我們的前 25 個百分位，所以 - 增加。這仍然是一個理性的市場。就繼續前進而言，是的，我們相信我們可以通過定價來彌補通貨膨脹，並在我們前進的過程中獲取我們提供的服務的價值。我認為另一部分是回顧我們兩年來的定價改進堆棧。它使我們的核心業務達到了一個非常好的水平。如果你只是想彌補你前進的通貨膨脹部分，那麼這會減輕試圖獲得更大增長的壓力。

I think your other question with regard to does declining demand put pressure, is kind of what I mentioned before. I think we feel confident right now that we have a transactional lever that can keep us -- keep our employees active and keep profitable shipments into our business that takes some pressure off of the price on the core business. And again, we will keep it going, and we will keep focusing on and pricing above inflation. And we also have the network and the employees, so that as demand returns that we're positioned for it.

我認為你的另一個問題是關於需求下降是否帶來壓力，這就是我之前提到的。我認為我們現在有信心，我們有一個交易槓桿可以讓我們保持 - 保持我們的員工活躍並保持盈利的出貨量進入我們的業務，這減輕了核心業務價格的壓力。再一次，我們將繼續下去，我們將繼續關注並定價高於通脹。我們也有網絡和員工，因此隨著需求的回報，我們已經為它做好了準備。

The other piece is we're a logistics company. So, as customers come back to us from, on a pricing standpoint, if cost is the immediate thing they want to, we're going to have a supply chain discussion with them and talk about our managed operations and what they're trying to accomplish with their business. And so, if it really is to a point that we can't handle that in ABF at the price level they want, we're going to move the business into our managed operation, we'll service the customer, and we'll make margin off of it using our logistics partners. And so, we're just well-positioned no matter which way the customer turns.

另一點是我們是一家物流公司。因此，當客戶從定價的角度回到我們這裡時，如果成本是他們想要的第一件事，我們將與他們進行供應鏈討論，並討論我們的託管運營以及他們正在嘗試的事情完成他們的業務。因此，如果我們真的無法以他們想要的價格在 ABF 中處理這個問題，我們將把業務轉移到我們的託管運營中，我們將為客戶提供服務，我們將使用我們的物流合作夥伴從中賺取利潤。因此，無論客戶轉向哪種方式，我們都處於有利位置。

Well, that's good color. Wanted to get my next question here on MoLo, I guess, Judy, where do you think it is relative to your prior expectations when you guys bought it? And then looking forward, the market is what the market is for brokerage. But are there any other - any levers on the cost side or any things you guys can do to sort of improve the productivity there?

嗯，這個顏色不錯。想在 MoLo 上回答我的下一個問題，我想，Judy，你認為它與你們購買時的先前預期相比在哪裡？然後展望未來，市場就是經紀市場。但是有沒有其他的 - 成本方面的任何槓桿或你們可以做的任何事情來提高那裡的生產力？

Well, it has met our expectations in the initial year, and a little bit here. We were -- that the performance, last year, for all of Asset-Light, but in particular the truckload solution was good, and one of the critical areas -- or actually two things, one, just the knowledge of the capacity and buying, and the approach, the business model that was really used there, and it fully adopted into what we're doing today, and successful. And then the opening up of customer opportunities by having a greater truckload solution at scale has really helped us. And we are on track with the EBITDA targets as we closed out the year, and that's what we had predicted.

好吧，它在第一年達到了我們的預期，在這裡也達到了一點點。我們是——去年所有輕資產的表現，但特別是卡車解決方案很好，這是關鍵領域之一——或者實際上是兩件事，第一，只是對容量和購買的了解，以及真正在那裡使用的方法，業務模型，它完全採用了我們今天所做的事情，並且取得了成功。然後通過大規模擁有更大的卡車裝載解決方案來打開客戶機會確實幫助了我們。當我們結束這一年時，我們正朝著 EBITDA 目標邁進，這正是我們所預測的。

And so, we feel good about that. But I do hear what you're saying about the current environment. It is certainly depressed, just an absent spot market. And we're navigating through that. We do have some cost reviews going on to better position us with costs that are appropriate. I think we've already talked a little bit about the technology areas of advancement, trying to enable our people to be more efficient. And all of that is going to help us as we move forward. But I want to say this; we're focused on those 2025 targets. We want to grow this. And we're going to position ourselves to be able to grow. And this environment that we're in right now is not going to last forever. And we feel like we're in a good position as we come out of it.

因此，我們對此感覺良好。但我確實聽到了你對當前環境的看法。它肯定是低迷的，只是缺席了現貨市場。我們正在努力解決這個問題。我們確實進行了一些成本審查，以便以適當的成本更好地定位我們。我想我們已經談了一點關於進步的技術領域，試圖讓我們的員工更有效率。在我們前進的過程中，所有這些都將幫助我們。但我想說的是；我們專注於 2025 年的目標。我們想發展這個。我們將定位自己能夠成長。我們現在所處的環境不會永遠持續下去。當我們走出困境時，我們感覺自己處於有利位置。

Our next question comes from Jordan Alliger with Goldman Sachs.

我們的下一個問題來自高盛的 Jordan Alliger。

Hi. Yes, just on the cost side for the Asset-Based, so maybe can you talk to some of the lines that you may be able to lever as we -- in this demand slowdown, are you doing things on headcount, additional stuff on purchase transport, just trying to get a sense for the ability to maintain your OR over the course of the year, and, at least for the start of the year, what could be a softer demand situation? Thanks.

你好。是的，只是在基於資產的成本方面，所以也許你能談談你可能能夠利用的一些線路，因為我們 - 在這種需求放緩的情況下，你是否在做一些人手工作，購買額外的東西運輸，只是想了解在一年中維持您的 OR 的能力，並且至少在年初，需求疲軟的情況可能是什麼？謝謝。

Yes, this is David. I'll start off here, and if others have something to add. But I mentioned a couple things in the opening comments just about our progression in the quarter, where we made some ground on outside resource utilization. And that comes with, as we mentioned, having that good employee base, and we're able to do more of that internally, which we like do. And so, we see opportunity there as we move forward, as we get our team more productive. We did a lot of hiring in 2022, and so we expect that team to improve in their productivity as we move forward. So, that's one area.

是的，這是大衛。我會從這裡開始，如果其他人有什麼要補充的。但我在開場評論中提到了幾件事，只是關於我們在本季度的進展，我們在外部資源利用方面取得了一些進展。正如我們提到的那樣，這伴隨著良好的員工基礎，我們能夠在內部做更多的事情，我們喜歡這樣做。因此，我們在前進的過程中看到了機會，因為我們讓我們的團隊更有效率。我們在 2022 年進行了大量招聘，因此我們希望該團隊在我們前進的過程中提高他們的生產力。所以，這是一個領域。

I think the other area is the repairs and maintenance is one of those items that I called out, where we had some elevated costs. Some of that is due to the equipment replacement cycle and timing of that. But some of that is just the inflationary cost in the repairs and service side of it that we were seeing. But we could make some progress on that as we have a good CapEx plan in place, and as we bring on some of this -- some of that equipment didn't get delivered until late in the year, and into 2023. And so, this is our 2022 orders I'm talking about. So, that has opportunity there as well. But those are probably some of the, as we move forward, areas where we could see improvement.

我認為另一個領域是維修和維護，這是我提到的項目之一，我們的成本有所增加。其中一些是由於設備更換週期和時間安排所致。但其中一些只是我們所看到的維修和服務方面的通貨膨脹成本。但是我們可以在這方面取得一些進展，因為我們已經制定了良好的資本支出計劃，並且隨著我們實施其中的一些 - 其中一些設備直到今年年底才交付，直到 2023 年。因此，我說的是我們 2022 年的訂單。所以，那裡也有機會。但隨著我們的前進，這些可能是我們可以看到改進的一些領域。

And on the headcount front, I mean do you expect it to stay relatively static for now or what's your thoughts on that?

在員工人數方面，我的意思是您是否希望它目前保持相對穩定，或者您對此有何看法？

Well, I think that's obviously going to be dictated by our business levels to a certain extent. But we're -- look, I would say, just moving from December to -- we've been hiring through the year of 2022, but moving from December to January, roughly kind of flattish right now. And then we're certainly going to monitor that as business levels prove some.

好吧，我認為這顯然在一定程度上取決於我們的業務水平。但是我們 - 看，我會說，只是從 12 月移動到 - 我們一直在招聘到 2022 年，但從 12 月移動到 1 月，現在大致持平。然後我們肯定會監控它，因為業務水平證明了一些。

Well, the other thing, David, is, naturally, we have retirements.

好吧，另一件事，大衛，自然是我們有退休。

Right.

正確的。

And that that's something that we're focused on, and making sure that we have people in the right places, but we -- we really have that opportunity as we go. And then our visibility into the network about the business volumes that we have at given locations has never been better. It's one of the reasons why some of the transactional business, Danny's talked about already, works well for us. And really provides an opportunity for us to better manage our costs, and we have a pilot of our city route optimization technology, and initial results of that improved productivity by a 1.5% and also, we had 67% reduction in cartage in those locations, and that's better than 25% reduction in some other locations. So, not only do we just have the pure matching of the headcount to the business levels, but we also have this type of work that's going on to optimize as well as the ability to attract, that transactional or quoted business to best serve our needs when we have those in the network.

那是我們關注的事情，並確保我們在正確的地方有人員，但我們 - 我們確實有這樣的機會。然後，我們對網絡中關於我們在給定位置的業務量的可見性從未像現在這樣好。這是丹尼已經談到的一些交易業務對我們運作良好的原因之一。確實為我們提供了一個更好地管理成本的機會，我們對城市路線優化技術進行了試點，初步結果將生產率提高了 1.5%，而且我們在這些地點的運輸量減少了 67%，這比其他一些地方減少 25% 要好。因此，我們不僅擁有員工人數與業務級別的純粹匹配，而且我們還有這種類型的工作正在進行優化以及吸引交易或報價業務的能力，以最好地滿足我們的需求當我們在網絡中擁有這些時。

Our next question comes from Jack Atkins with Stephens Incorporated.

我們的下一個問題來自 Stephens Incorporated 的 Jack Atkins。

And David, I'll add my congratulations to the others. Thanks for all the help over here. So, I guess maybe kind of -- for you on this, David. I mean, as you sort of think about the business here in the first quarter, you guys have really highlighted all the efforts that you've undertaken to make the business more resilient through cycle and make it more dynamic in terms of its operations. I mean, as you sort of think about, as we hit in the first quarter, you highlighted in the 8-K, I think a average, sequential deterioration fourth quarter to first quarter about 400 basis points, it's greater than that during periods of economic uncertainty, should we think about you guys performing kind of better than you would historically, based on all the items you just flagged in terms of the business processes that you've implemented?

大衛，我要向其他人表示祝賀。感謝您在這裡提供的所有幫助。所以，我想也許有點——對你來說，大衛。我的意思是，當你們在第一季度考慮這裡的業務時，你們確實強調了你們為使業務在周期中更具彈性並使其在運營方面更具活力而付出的所有努力。我的意思是，正如你所想的那樣，當我們在第一季度達到目標時，你在 8-K 中強調，我認為第四季度到第一季度的平均連續惡化大約 400 個基點，它大於經濟不確定性，我們是否應該根據你們剛剛根據你們實施的業務流程標記的所有項目，考慮你們的表現比以往更好？

Yes, Jack. There's we give that point of reference as a historical sort of number. And that would be our intention to try to beat that, we certainly would try to, we think it's achievable to get our cost per shipment, kind of in a lower place. So, there's opportunity there. And in those areas, that Judy mentioned from technologies, and then as I mentioned, around, our stable workforce. Certainly, the macro though is going to dictate a bit of things, and so and have an influence. And so, we'll manage carefully through that. But just it's not about managing quarter-to-quarter, it's really about staying focused on these longer-term growth targets. And I'm excited about that for the business.

是的，傑克。我們把那個參考點作為一種歷史數字。這將是我們試圖擊敗它的意圖，我們當然會嘗試，我們認為將每批貨物的成本降到較低的位置是可以實現的。所以，那裡有機會。在這些領域，朱迪提到了技術，然後正如我提到的，我們穩定的員工隊伍。當然，宏觀雖然會決定一些事情，因此會產生影響。因此，我們將謹慎管理。但這與逐季管理無關，而是真正關注這些長期增長目標。我對此感到很興奮。

Okay. So, just sort of assure to watch how that unfolds this year. And then I guess, my follow-up question, as you sort of think about the second half of this year, you have the labor negotiations, I know you don't want to bring the bargaining table to the fourth quarter conference call, but is there anything you can kind of maybe help us kind of think through in terms of timing? There was another large union employer that reported last week, that doesn't feel like they're expecting a significant step-up in their expenses related to their new contract, they feel like they've sort of towards the market there and that their businesses has been sort of keeping up with inflation.

好的。因此，請放心觀察今年的情況。然後我想，我的後續問題，就像你對今年下半年的思考一樣，你有勞資談判，我知道你不想把談判桌帶到第四季度電話會議上，但是你有什麼可以幫助我們考慮時間安排的嗎？上週還有另一家大型工會雇主報告說，他們並不期望與新合同相關的開支會大幅增加，他們覺得他們已經在某種程度上轉向了那裡的市場，而且他們的企業一直在跟上通貨膨脹的步伐。

Is there anything you can maybe help us think through because I know that's a point of concern for investors, just that there could be some labor inflation in the second half of the year?

你有什麼可以幫助我們思考的，因為我知道這是投資者關注的一個問題，只是今年下半年可能會出現一些勞動力通脹？

Well, as we always are, we're prepared for what's coming in terms of the contract negotiations, I feel like our team has prepared and planned, and we're in a good place, and our leaders are regularly in the field with our employees and hear directly from them, about what's on their minds. And so, we're in a good place, I feel like that we're very experienced, I've been through a number of these, and they're all different, but as long as you're prepared, and you have the good approach, and intentions and information, typically, we can work our way through this. And so, obviously between now and the expiration of the contract, there's a lot of work to do, and so we're going to stay focused on that.

好吧，一如既往，我們已經為合同談判方面即將發生的事情做好了準備，我覺得我們的團隊已經做好了準備和計劃，我們處在一個很好的位置，我們的領導經常和我們一起在現場員工並直接聽取他們的想法，了解他們的想法。所以，我們處於一個很好的位置，我覺得我們非常有經驗，我經歷過很多這樣的事情，它們都是不同的，但只要你準備好了，你就有了好的方法、意圖和信息，通常，我們可以解決這個問題。因此，很明顯，從現在到合同到期，還有很多工作要做，所以我們將繼續專注於此。

Okay, would you expect it to be a win-win-win? I think is what UPS framed it up? Is that your expectation as well?

好吧，你認為這是一個雙贏的局面嗎？我想是UPS陷害了它？這也是你的期待嗎？

Well, I mean, I really rather not comment on that because it's still has yet to be worked through. But certainly you always want winning situation and winning outcome.

好吧，我的意思是，我真的不想對此發表評論，因為它仍然有待解決。但當然你總是想要獲勝的情況和獲勝的結果。

Our next question comes from Scott Group with Wolfe Research.

我們的下一個問題來自 Scott Group 和 Wolfe Research。

This is actually Erin on for Scott. I just wanted to follow-up a little bit on the January tonnage comments, the

這實際上是 Erin 為 Scott 準備的。我只是想跟進一下 1 月份的噸位評論，

deceleration throughout fourth quarter. And then it's like year-over-year pickup. I'm just curious like how that is versus normal seasonality. I know that you said that the December versus January trends are pretty similar. But I'm just curious, like how that is, versus seasonality and what you're kind of expecting seasonally, we're trying to throughout the quarter?

整個第四季度減速。然後就像逐年增加一樣。我只是好奇這與正常的季節性相比如何。我知道您說過 12 月與 1 月的趨勢非常相似。但我只是很好奇，就像那是怎樣的，與季節性以及你對季節性的期望相比，我們在整個季度都在努力？

Yes, there's I'll just back up a little bit. And just talking about fourth quarter, certainly some month-to-month changes. But when you think about sequentially fourth quarter compared to third quarter, it was one of the worst sort of periods in terms of tonnage in kind of our past 10 years, but sequentially versus December, January tonnage and shipments are up about 1%, when typically, that's a sequential trend. That's lower from December to January. So, this is -- it's hard to comment really about one particular month. But I would say it's trending above normal seasonality. I mean certainly the customer demand environment is similar, though.

是的，我會後退一點。只是談論第四季度，肯定會有一些月度變化。但是當你考慮第四季度與第三季度相比時，它是我們過去 10 年中噸位最糟糕的時期之一，但與 12 月相比，1 月份的噸位和出貨量增加了約 1%，當通常，這是一個順序趨勢。從 12 月到 1 月，這一數字較低。所以，這是——很難真正評論某個特定的月份。但我會說它的趨勢高於正常的季節性。不過，我的意思是客戶需求環境肯定是相似的。

Got it, okay. And then just quickly on fuel and how should we think about the net impact of fuel this year? I know that there's some tougher comps later in the year, I guess how do you guys think about that in the second half, could that be potential headwind by mid-year?

知道了，好的。然後快速了解燃料，我們應該如何考慮今年燃料的淨影響？我知道今年晚些時候會有一些更艱難的比賽，我想你們在下半年是怎麼想的，到年中這會是潛在的逆風嗎？

Yes, certainly fuel is a big part of the overall revenue, that we'll have and it'll impact the dollars per shipment. We're not sure where the price will go. But as you mentioned, I think the fuel prices in 2022 kind of peaked in the spring, and so yes there's from this level, there's it's lower now versus when it was in spring of last year of 2022. So, that'll be a little tougher comp, our fuel surcharge mechanism works really well in terms of for the customer, as well as for us. And so, just really, there's a lot of impacts of fuel in our business, in our cost. And so, that fuel surcharge mechanism serves to cover those costs.

是的，當然燃料是總收入的很大一部分，我們將擁有並且會影響每批貨物的美元。我們不確定價格會走向何方。但正如你提到的，我認為 2022 年的燃料價格在春季達到頂峰，所以是的，從這個水平開始，現在的價格低於 2022 年去年春季的水平。所以，這將是稍微強硬一點，我們的燃油附加費機制對客戶和我們來說都非常有效。因此，實際上，燃料對我們的業務和我們的成本有很多影響。因此，燃油附加費機制可以彌補這些成本。

Our next question comes from Todd Fowler with KeyBanc Capital Markets.

我們的下一個問題來自 KeyBanc Capital Markets 的 Todd Fowler。

So, I guess I wanted to ask on the growth plans, I know in the CapEx, you've got I think it's like $55 million to $65 million earmarked for real estate, in this environment, I know you've talked about expansion going back over the past year or so, but as the environment changes, how much flexibility do you have on expanding out the network at this point, and maybe could you just talk about the cadence and your thoughts around expansion in the environments?

所以，我想我想問一下增長計劃，我知道在資本支出中，我認為有 5500 萬到 6500 萬美元專門用於房地產，在這種環境下，我知道你已經談到了擴張回到過去一年左右，但隨著環境的變化，你在這一點上擴展網絡的靈活性有多大，也許你能談談節奏和你對環境擴展的想法嗎？

Yes, I mean, Todd, that real estate plan for '23 is similar to what we did in 2022. And as we've talked about, we haven't invested in that area in a number of years, and it's great to have the cash flow and the great balance sheet that we have to position ourselves in a better way. And so, we're looking to be able to, to have the capacity to expand our shipment count by the mid-single-digits again, and by the end of 2023, with that, from just the capacity that we're adding from a real estate perspective. And so, like Judy said, we're positioning ourselves to grow. And with every recessionary freight recession, there is an eventual upturn. And so, we want to be positioned for that, and that's what our plans call for and we're taking a measured approach around our CapEx program and replacing equipment in our timely sort of total cost of ownership perspective on our equipment side. And so, as we said, this is a little heavier year because of some of the spillover from 2022 and some catch-up that we needed to do there. So, hopefully that helps.

是的，我的意思是，托德，23 年的房地產計劃與我們在 2022 年所做的類似。正如我們所說，我們已經很多年沒有在該地區投資了，很高興有我們必須以更好的方式定位自己的現金流和良好的資產負債表。因此，我們希望能夠，到 2023 年底，能夠再次將我們的出貨量擴大到中等個位數。一個房地產的角度。因此，正如朱迪所說，我們正在為自己的成長做好準備。隨著每一次經濟衰退的貨運衰退，最終都會出現好轉。因此，我們希望為此做好準備，這就是我們的計劃所要求的，我們正在圍繞我們的資本支出計劃採取慎重的方法，並根據我們設備方面的總擁有成本及時排序更換設備。因此，正如我們所說，由於 2022 年的一些溢出效應以及我們需要在那裡做的一些追趕，今年的情況會更重一些。所以，希望這會有所幫助。

Yes, no David it makes sense and certainly we appreciate the short-term versus the long-term, you're just kind of thinking about the startup costs in that piece of it. But that makes sense. Maybe just for a quick follow-up, Judy, I'll take the bait. I think you teased about it a couple of times with the handling technology that you have and maybe some more details later in the quarter. But what are you willing to share with us now, it sounds like maybe partnering with some customers and having them use that technology, is that something that would be a fee based service or they'd be paying you for that or what are you willing to share with us now with the teaser that you put out here today?

是的，不，大衛，這是有道理的，當然我們欣賞短期與長期的對比，你只是在考慮這一部分的啟動成本。但這是有道理的。也許只是為了快速跟進，朱迪，我會上鉤的。我認為您曾多次使用您擁有的處理技術取笑它，並且可能會在本季度晚些時候提供更多細節。但是你現在願意與我們分享什麼，聽起來可能與一些客戶合作並讓他們使用該技術，是一種基於收費的服務，或者他們會為此付錢給你，或者你願意現在與我們分享你今天在這裡發布的預告片？

Well, I mean, I think it's the technology and equipment and process that we talked about before. And not only are we piloting that within the ABF network, but we have opportunities that have presented themselves with customers outside and within the work that they're doing. And so, we're excited about it. And obviously, if it's work that we're going to be doing for a customer, once we work through the pilot, we would eventually be paid for that. And so, sometimes when you're in a pilot scenario, you have to have some flexibility over the things that you do with them. But it's an exciting thing. It will be later in the quarter when we talk more about it. But it is connected to the, again, the technology equipment and process that we've referred to before. And so, look forward to sharing more.

嗯，我的意思是，我認為這是我們之前談到的技術、設備和流程。我們不僅在 ABF 網絡內進行試點，而且我們有機會在他們所做的工作之外和內部向客戶展示自己。因此，我們對此感到興奮。顯然，如果這是我們要為客戶做的工作，那麼一旦我們通過試點工作，我們最終會為此付出代價。因此，有時當您處於試驗場景中時，您必須對您對它們所做的事情有一定的靈活性。但這是一件令人興奮的事情。我們將在本季度晚些時候更多地討論它。但它再次與我們之前提到的技術設備和流程相關。因此，期待分享更多。

Our next question comes from Ken Hoexter with Bank of America.

我們的下一個問題來自美國銀行的 Ken Hoexter。

Yes, you got it, Dave. If you could talk about the shift in pure pricing ex-fuel, I mean I've heard the discussion through the Q&A. But maybe I'm just a little confused here. It seems like you talked about low-single-digits in the fourth quarter. Now it's double-digits in January in the face of what's still tough pricing comps from early '22. Am I missing something there or you talking about different categories?

是的，你明白了，戴夫。如果你能談談純定價前燃料的轉變，我的意思是我已經通過問答聽到了討論。但也許我在這裡有點困惑。好像你在第四季度談到了低個位數。現在，面對 22 年初以來仍然艱難的定價組合，它在 1 月份達到了兩位數。我在那裡遺漏了什麼或者你在談論不同的類別嗎？

So, when we talk about double -- or double-digits that's really on that core business that we're talking about. That's the long-term committed price that we've offered to our customers kind of we may have call it published at some point in the past.

因此，當我們談論兩位數或兩位數時，我們所談論的核心業務確實如此。這是我們向客戶提供的長期承諾價格，我們可能稱之為過去某個時候公佈的價格。

And it's year-over-year in January, that's what we're referring to. And then the other piece is just the contracts that renewed in the fourth quarter were at 5% year-over-year. And so, really, it is different. It's different categories, but it's just indications of the strength of the pricing environment is what we're trying to give you, just give you color in a couple of different areas on that.

這是一月份的同比，這就是我們所指的。然後另一部分是第四季度續籤的合同同比增長 5%。所以，真的，它是不同的。這是不同的類別，但這只是定價環境強度的跡象，這就是我們試圖給你的，只是在幾個不同的領域給你顏色。

But then on a revenue per hundredweight, it looks like, if you're low-single-digits and then you remove, I guess the contract, are you saying it is holding firm or is it decelerating as you're moving forward into January?

但是然後根據每英擔的收入，看起來，如果你是低個位數然後你刪除，我猜合同，你是說它保持堅挺還是在你進入一月份時減速？

So the core business, like we said, we kind of get those numbers, I think when you look the overall piece, you get mix involved in that. And so, the transactional business that we are bringing on to fill some empty capacity could be at a lower revenue, but like I mentioned, it's profitable. But from a revenue per hundredweight standpoint, it could be that factors into the mix that you're getting to.

所以核心業務，就像我們說的，我們得到了這些數字，我認為當你看整體時，你會參與其中。因此，我們為填補一些空缺產能而開展的交易業務的收入可能較低，但正如我提到的那樣，它是有利可圖的。但是從每英擔的收入角度來看，這可能是您要達到的組合的因素。

So, Ken let me try this. What we call our core customers, that's our regular customers that are shipping. And those are they have published rates. And so, that's what we're referencing there. What Danny just talked about was when in particularly when those business levels are weaker, and when the network needs to be filled in certain lanes, we are supplementing that with transactional business that comes at the market. And so, you can have some differences in the revenue per hundredweight comparisons, both because of that, and also because of the profile of the freight that's involved. But I think Danny made the comment earlier, we're seeing the pricing environment be strong and we're not seeing any real change to that.

所以，肯讓我試試這個。我們所說的核心客戶，就是我們正在發貨的老客戶。這些是他們公佈的費率。所以，這就是我們在那裡引用的內容。 Danny 剛才談到的是，特別是當這些業務水平較弱時，以及當網絡需要在某些通道上填充時，我們正在用市場上的交易業務來補充它。因此，每英擔的收入比較可能會有一些差異，這既是因為這一點，也是因為所涉及的運費概況。但我認為丹尼早些時候發表了評論，我們看到定價環境很強勁，我們沒有看到任何真正的變化。

That's a really helpful clarification because I think there was some concern on what is going on in the pricing market. And Judy, if I could follow-up on Jack's questions before I just want to understand the kind of run through on costs and your expectation now I guess for operating ratio, you made a structural move, it seemed like into the 80s, I think after kind of 20 plus years in the high 90s. How do you view this? Maybe David with kind of, as volumes decelerate, you talked about some of the costs and then the cost of leverage you've got, but with a sequential, normal historical sequential shift, do we see that bounce back up above that 90 level and I guess what your thoughts are as we go into '23?

這是一個非常有幫助的澄清，因為我認為人們對定價市場正在發生的事情有些擔憂。朱迪，如果我能跟進傑克的問題，然後我只想了解成本的運行情況和你現在對運營比率的期望，你做了一個結構性的舉措，我認為它似乎進入了 80 年代在 90 年代高潮 20 多年之後。你怎麼看這個？也許大衛有點，隨著交易量的減速，你談到了一些成本，然後是你所擁有的槓桿成本，但是隨著一個連續的、正常的歷史連續變化，我們是否看到反彈回到 90 水平之上並且我想當我們進入 23 年時你的想法是什麼？

Yes, just in reference, short-term, kind of a short-term comment here, and just talking about fourth quarter to first quarter. You think about that 400 basis points and if you added that to our fourth quarter, that would give you a first quarter, that's probably the second best first quarter in the past 20 years for ABF, despite it being a weak freight environment, and so I know that's a short term, like I said, we're building this business for even a longer-term perspective and to operate in those long-term targets, operating profit margin targets of 10% to 15% in a more consistent basis, and that's for an annual kind of [or] operating profit margin perspective. And we know that first quarter is typically our weakest quarter of any given year. So, I'd share that with you from a quarter perspective, we're not trying to manage this quarter-to-quarter again, we're trying to build for longer-term view.

是的，只是參考，短期，這裡是一種短期評論，只是談論第四季度到第一季度。你想想這 400 個基點，如果你把它加到我們的第四季度，那將給你一個第一季度，這可能是 ABF 在過去 20 年中第二好的第一季度，儘管它是一個疲軟的貨運環境，所以我知道這是短期的，就像我說的，我們正在建立這項業務更長遠的眼光，並在更一致的基礎上實現這些長期目標，即 10% 至 15% 的營業利潤率目標，這是針對年度[或]營業利潤率的觀點。而且我們知道，第一季度通常是任何一年中最疲軟的季度。所以，我會從一個季度的角度與你分享，我們不是試圖再次按季度管理這個季度，我們正在努力建立更長遠的觀點。

It's helpful, I guess, I'm just trying to understand given that fourth quarter was such a maybe a flattish seasonal business, and I know you're not typically as retail exposed, but given it was flat, or if that first quarter then becomes even better than that seasonal shift becomes a little bit different than normal, sequential shifts between 4Q and 1Q.

我想這很有幫助，我只是想了解第四季度可能是一個平淡的季節性業務，而且我知道你通常不像零售業那樣暴露，但考慮到它是持平的，或者如果第一季度那麼變得比季節性轉變變得更好，與第四季度和第一季度之間的正常連續轉變有點不同。

Well, I mean, I think it's a -- I think all of this is really hard to read right now. I mean, I really do, but I think we're better positioned than we've ever been to see what the opportunities are, and where we need to business and help customers navigate through that. And then also benefit ourselves as a result. So, but it's an interesting environment to try to predict for sure.

好吧，我的意思是，我認為這是——我認為所有這些現在真的很難讀懂。我的意思是，我真的這樣做了，但我認為我們比以往任何時候都更有能力看到機會是什麼，我們需要在哪裡開展業務並幫助客戶度過難關。然後也使我們自己受益。所以，但這是一個有趣的環境，可以嘗試確定地進行預測。

Looks like we're going to go over just a few minutes, but I got a couple more that want to ask some questions. So, we'll go ahead and proceed.

看起來我們只討論了幾分鐘，但還有幾個人想問一些問題。所以，我們繼續前進。

Our next question comes from Ari Rosa with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Ari Rosa。

And I'll just echo everyone else's comments in saying congrats to David, on the pending retirement. So, one of the things and we've kind of been talking about it throughout the call, but one of the things I think that was noteworthy was in the context of a challenging volume environment, we saw your shipment declines less than competitors. It sounds like, maybe the reason for that was you were using some of these transactional opportunities to fill empty capacity. I'm just curious, could you kind of confirm whether or not that's the case and then also, how easy is it to then clear out that business from the network when volume returns or when demand returns?

我會附和其他人的評論，祝賀大衛即將退休。所以，其中一件事，我們在整個電話會議中一直在談論它，但我認為值得注意的一件事是在充滿挑戰的銷量環境中，我們看到你們的出貨量下降幅度低於競爭對手。聽起來，也許是因為你在利用其中一些交易機會來填補空缺。我只是好奇，您能否確認一下情況是否如此，然後，當交易量恢復或需求恢復時，從網絡中清除該業務有多容易？

Hey, this is Danny, I'm glad that you got our point. Yes, we are using transactional business to fill the empty capacity we have in our network. And again, I want to reiterate this profitable business, as Judy pointed out is market price business. We are making a shipment-by-shipment commitment on those. And so, as the ability to move that out of our network and bring on additional of the core business is by day basically, as we see the demand from our customers, we can turn our dials and we will pull back on some of the transactional business to fulfill the needs of our demands of our shippers as it comes back in.

嘿，我是丹尼，很高興你明白我們的意思。是的，我們正在使用交易業務來填補我們網絡中的空容量。再一次，我想重申這個有利可圖的業務，正如朱迪指出的那樣，這是市場價格業務。我們正在對這些做出逐批承諾。因此，由於將其移出我們的網絡並帶來更多核心業務的能力基本上每天都在，當我們看到客戶的需求時，我們可以轉動撥盤，我們將撤回一些交易業務以滿足托運人返回時的需求。

Got it. That's super helpful. And then just I wanted to ask one, I guess modeling question, perhaps. But you mentioned the profit sharing bonus that's going to be paid to employees. How does that get reflected in results, should we expect to step-up in compensation expense than in first quarter or how should we model for that?

知道了。這非常有幫助。然後我想問一個，我想可能是建模問題。但是你提到了將要支付給員工的利潤分享獎金。這如何反映在結果中，我們是否應該期望補償費用比第一季度增加，或者我們應該如何建模？

We'll just say that we were glad to be able to pay for 2022, the highest earn out on that bonus OR incentive. And so, we think that's a good thing for our employees. And we're glad to be able to do that. Typically as we -- when we have those programs, we accrued for those throughout the year as we as earnings are made in a particular quarter relative to the full-year and so that's the way we do that, it's accrued throughout the year is the process.

我們只是說我們很高興能夠支付 2022 年的費用，這是該獎金或獎勵的最高收入。因此，我們認為這對我們的員工來說是一件好事。我們很高興能夠做到這一點。通常情況下，當我們有這些項目時，我們會在全年累積這些項目，因為我們的收益是在特定季度相對於全年產生的，所以這就是我們這樣做的方式，全年累積的是過程。

Our next question comes from Jeff Kauffman with Vertical Research Partners.

我們的下一個問題來自 Vertical Research Partners 的 Jeff Kauffman。

And, David, going to miss talking to you, so I guess I'll have to ask you a question before you go. Judy and Dave, a more strategic question, so we're at $5.3 billion in revenue, you expressed your confidence in achieving the long-term targets by 2025. I'm just going to assume 2023 may not push that all that much forward. So, when I think about '23 to '25, we got to grow revenue 35%-40% to hit the low-end of that range. Organically, I don't know if it gets it there. So, can you give us an idea of what types of potentially acquisitive growth would make sense the way you're building the franchise?

大衛，我會想念和你談話的，所以我想在你走之前我得問你一個問題。朱迪和戴夫，一個更具戰略意義的問題，所以我們的收入為 53 億美元，你們表達了對到 2025 年實現長期目標的信心。我只是假設 2023 年可能不會把這一切向前推進那麼多。因此，當我考慮 23 到 25 年時，我們必須將收入增長 35%-40% 才能達到該範圍的低端。有機地，我不知道它是否到達那裡。那麼，您能否告訴我們哪些類型的潛在收購性增長對您建立特許經營權的方式有意義？

And then the David's part of the question is, with the CapEx bump, there's not as much free cash this year, but your balance sheet looks very strong. How high would you go leverage-wise for the right strategic opportunity?

然後大衛的部分問題是，隨著資本支出的增加，今年沒有那麼多的自由現金，但你的資產負債表看起來非常強勁。為了獲得正確的戰略機會，您會選擇多高的槓桿率？

Okay, well, we -- Jeff, as you've seen us do with the approach that we're using, is we'll look for opportunities that add scale to our already existing solutions that we're providing customers. We're constantly listening to customers to see what they need. We have opportunities to advance our tech platform and what we're doing on some of these customer pilots. And we also are always involved in the startup space, looking at disruptive sort of technologies that are going to be either something that could help us better execute and perform or better achieve results on the top line, and then also to benefit our customers.

好吧，好吧，我們——傑夫，正如你所看到的那樣，我們正在使用我們正在使用的方法，我們將尋找機會擴大我們為客戶提供的現有解決方案的規模。我們一直在傾聽客戶的意見，了解他們的需求。我們有機會推進我們的技術平台以及我們在其中一些客戶試點中所做的工作。而且我們也一直參與創業領域，尋找顛覆性的技術，這些技術要么可以幫助我們更好地執行和執行，要么可以更好地實現頂線結果，然後也可以使我們的客戶受益。

So, we have all those things. We're very active in looking at what comes on to the market, and excited about how that could make its way into the results for 2025. But I'll say this; we don't have to have an acquisition, as we see it, to achieve those -- those targets. But again, just like we did with MoLo, if you see a company that's out there that has an approach that's advantageous we're in a position where we can go after that. But we do see robust opportunities to invest organically which gets you to David's question.

所以，我們擁有所有這些東西。我們非常積極地關注市場上的產品，並對如何將其納入 2025 年的結果感到興奮。但我要說的是；正如我們所見，我們不必通過收購來實現這些目標。但同樣，就像我們對 MoLo 所做的那樣，如果你看到一家公司有一種有利的方法，我們就可以採用這種方法。但我們確實看到了有機投資的強大機會，這讓你回答了大衛的問題。

Yes, and it's, as you --

是的，就像你一樣——

Yes.

是的。

And I'll just say that, generally speaking, we would like to stay within an investment-grade credit and metrics. And so, that's going to -- we had a strong EBITDA, and we've got -- for the year. And if you were just to go one-times that EBITDA you could borrow up another $400 million or so just under our additional facilities that we have place. And so, with total liquidity of $566 million at the end of the year, we feel like we're in a good place, and have a good, solid CapEx plan for the year, and investing into our business there, and with good returns. And so, we're excited about where we are.

我只是說，一般來說，我們希望保持在投資級信用和指標範圍內。因此，這將 - 我們有一個強勁的 EBITDA，而且我們已經 - 這一年。而且，如果您只是一次性使用 EBITDA，您可以在我們提供的額外設施下再藉入 4 億美元左右。因此，年底的總流動資金為 5.66 億美元，我們感覺自己處在一個好地方，今年有一個良好、可靠的資本支出計劃，投資我們在那裡的業務，並獲得良好的回報.因此，我們對我們所處的位置感到興奮。

Thanks a lot, Jeff. Hey, Frank, I think we've got time for one more question.

非常感謝，傑夫。嘿，弗蘭克，我想我們還有時間再問一個問題。

Our question comes from Bruce Chan with Stifel.

我們的問題來自 Stifel 的 Bruce Chan。

Just want to follow up on some of the comments around having some of those broader supply chain conversations with your customers. And maybe understand a little bit more about how pricing works in the cross-selling process. You gave us a good rundown of all the benefits of cross-selling in the slide. So, I guess thinking about all of those, philosophically, is there any inclination to maybe incentivize cross-sold growth or growth in one part of the business versus another? Or is that just an entirely separate RFP and sales process?

只想跟進一些關於與客戶進行更廣泛的供應鏈對話的評論。也許更多地了解定價在交叉銷售過程中的運作方式。您在幻燈片中向我們簡要介紹了交叉銷售的所有好處。所以，我想從哲學上考慮所有這些，是否有可能激勵交叉銷售增長或業務的一部分相對於另一部分的增長？或者這只是一個完全獨立的 RFP 和銷售流程？

Yes, thanks, Bruce. This is Dennis. I would say that we look at our customers holistically. And so, we think about what their supply chain needs are. We're not typically going in and prescribing a specific service for them until we understand their needs. And so, as we learn about their needs, and their needs shift, and so we get into these conversations about what's going on in their supply chain today, and what might be happening tomorrow, and understanding their pain points. And so, that that becomes -- then, once we identify the need, then we step into the process of understanding what solution needs to be built and how those need to be priced.

是的，謝謝，布魯斯。這是丹尼斯。我會說我們從整體上看待我們的客戶。因此，我們考慮他們的供應鏈需求是什麼。在我們了解他們的需求之前，我們通常不會進入並為他們開出特定的服務。因此，當我們了解他們的需求和他們的需求變化時，我們就他們的供應鏈中今天發生的事情以及明天可能發生的事情進行這些對話，並了解他們的痛點。因此，這就變成了——然後，一旦我們確定了需求，我們就會進入了解需要構建什麼解決方案以及如何為這些解決方案定價的過程。

And so, I'll turn it over to Danny in case he has any other --

所以，我會把它交給丹尼，以防他有任何其他 -

Yes, just to follow up on what Dennis said. When we think about the supply chain you think about supply chain optimization. Really, the -- what we're seeing in that is, if we had the right conversations we could eliminate cost from the supply chain, which takes pressure off of price. And so, there's not a need at that point to kind of -- kind of, I think, you described. We were able to lower the overall by taking inefficiencies out of supply chain. And so, customers are excited, and that allows us to have the margin that we need on our business there.

是的，只是為了跟進丹尼斯所說的話。當我們考慮供應鏈時，您會想到供應鏈優化。真的，我們在其中看到的是，如果我們進行了正確的對話，我們可以從供應鏈中消除成本，從而減輕價格壓力。因此，在這一點上沒有必要——我認為，你所描述的那種。我們能夠通過消除供應鏈中的低效率來降低整體水平。因此，客戶很興奮，這使我們能夠獲得在那裡開展業務所需的利潤。

Yes. To add to that, Danny, it's an order of magnitude different; having a rate conversation for cost reduction for a customer versus changing the way that their supply chain works, and so, if you're able to optimize how their -- the frequency and the distribution points that they're shipping product, that that is a significantly different cost savings conversation than a rate conversation.

是的。除此之外，丹尼，這是一個數量級的不同；為客戶降低成本與改變他們的供應鏈運作方式進行費率對話，因此，如果你能夠優化他們的方式 - 他們運送產品的頻率和分銷點，那就是與費率對話截然不同的成本節約對話。

Okay, no, that's helpful color. And I guess maybe just to clarify and put it simply, as your business is growing and as your service lines are growing, are you now managing or optimizing more towards an all-in kind of fully baked price for customers?

好的，不，這是有用的顏色。而且我想也許只是為了澄清並簡單地說，隨著您的業務的增長和服務線的增長，您現在是否正在管理或優化更多地為客戶提供全方位的完全烘焙價格？

Bruce, I would say that kind of as Dennis described, we're having an overall conversation. There's still individual pricing components underneath the structure, but those vary depending on what the solution is to it. And so, yes, we think overall, holistically with the customer. But then it still drives down to individual components after that.

布魯斯，我會像丹尼斯描述的那樣說，我們正在進行全面對話。該結構下仍然有單獨的定價組件，但這些組件會根據解決方案的不同而有所不同。所以，是的，我們從整體上，從整體上與客戶一起思考。但在那之後它仍然會驅動到單個組件。

Okay. Well, I think that concludes our call. We appreciate everybody been with us this morning. We ask you to disconnect now. Thank you very much.

好的。好吧，我想我們的通話到此結束。我們感謝大家今天早上和我們在一起。我們要求您立即斷開連接。非常感謝。

That does conclude the conference call for today. We thank you for your participation, and ask that you please disconnect your line. Have a great day, everyone.

這確實結束了今天的電話會議。我們感謝您的參與，並請您斷開您的線路。祝大家有個美好的一天。