ArcBest Corporation (ARCB) 2023 Q3 法說會逐字稿

Greetings, and welcome to the ArcBest Third Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded on Friday, October 27, 2023.

各位好，歡迎參加 ArcBest 2023 年第三季財報電話會議。（接線員指示）提醒各位，本次會議將於 2023 年 10 月 27 日（星期五）錄音。

I would now like to turn the conference over to Mr. David Humphrey, Vice President of Investor Relations. Please go ahead.

現在我想將會議交給投資人關係副總裁 David Humphrey 先生。請開始。

Thank you for joining us.

感謝各位加入我們。

Today, we'll provide an update on our business, walk you through the details of our third quarter 2023 results and then answer some questions. Joining me for the prepared remarks are Judy McReynolds, Chairman, President and CEO of ArcBest; Matt Beasley, Chief Financial Officer and Treasurer; Seth Runser, President, ABF Freight; and Steven Leonard, Chief Commercial Officer and President of Asset-Light Logistics. In addition, Dennis Anderson, Chief Strategy Officer; and Christopher Adkins, Vice President, Yield Strategy and Management are available to answer questions.

今天，我們將提供業務最新進展，帶各位了解 2023 年第三季業績細節，接著回答一些問題。與我一同進行事先準備發言的有：ArcBest 董事長、總裁兼執行長 Judy McReynolds；財務長兼財務主管（Treasurer）Matt Beasley；ABF Freight 總裁 Seth Runser；以及商務長兼輕資產物流（Asset-Light Logistics）總裁 Steven Leonard。此外，策略長 Dennis Anderson；以及收益策略與管理副總裁 Christopher Adkins 也將出席回答問題。

To help you better understand ArcBest and our results, some forward-looking statements could be made. Forward-looking statements, by their very nature, are subject to uncertainties and risks. 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.

為協助各位更了解 ArcBest 及我們的業績，本次通話可能會提及某些前瞻性陳述。前瞻性陳述本質上存在不確定性與風險。關於可能影響 ArcBest 未來業績之因素的更完整討論，請參閱我們財報新聞稿中的前瞻性陳述章節，以及我們最近向 SEC 提交並公開的文件。

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. There is also a conference call slide deck that could be found on the ArcBest website, arcb.com in exhibit 99.3 of the 8-K that was filed earlier this morning.

為提供有意義的比較，本次通話中討論的部分資訊包含非 GAAP 財務衡量指標，相關內容已於我們財報新聞稿的表格中列示並說明。本次通話所提及之 GAAP 財務衡量指標與相關非 GAAP 指標之調節表，也已於簡報投影片的「補充資訊」章節提供。此外，電話會議投影片資料可於 ArcBest 網站 arcb.com 取得，亦收錄於我們今天稍早提交之 8-K 的附件 99.3。

Now I will turn the call over to Judy for some opening comments.

現在我將把電話交給 Judy，請她先做開場致詞。

Thank you, David, and good morning. Thank you for joining us. We've been celebrating ArcBest's 100th anniversary this year, an extraordinary milestone, which is a testament to the ArcBest team and the strength of our customer-focused strategy. We work every day to be trusted advisers to our customers, which include some of the world's largest and most recognizable brands. With ArcBest's full suite of shipping and logistics solutions, our work is critical to our customers' businesses, and we don't take that lightly. We constantly work to see the world through their eyes and look ahead to help them anticipate and respond to market changes and disruptions. In fact, we view our close collaborative and highly strategic customer relationships as an important competitive differentiator.

謝謝你，David，大家早安。感謝各位加入我們。今年我們正在慶祝 ArcBest 成立 100 週年，這是一個非凡的里程碑，證明了 ArcBest 團隊的努力以及我們以客戶為中心策略的實力。我們每天都致力於成為客戶信賴的顧問；我們的客戶包括全球最大、最知名的一些品牌。憑藉 ArcBest 完整的運輸與物流解決方案組合，我們的工作對客戶的業務至關重要，我們對此不敢掉以輕心。我們持續努力從客戶的角度看世界，並提前布局，協助他們預判並因應市場變化與干擾。事實上，我們將與客戶緊密協作且高度策略性的關係視為重要的競爭差異化因素。

While the overall logistics market remained soft in the third quarter, we benefited from our ability to help customers navigate market disruption. In this time of increased uncertainty, I saw the strength of our strategy firsthand as we provided integrated solutions, which our customers relied on to ensure their goods continue moving through the global supply chain. We reacted with agility, and I'm encouraged by the conversations we've had with customers. They reiterated that our flexible capacity and logistics expertise has met and exceeded their needs. We significantly improved our published shipment levels and pricing in our Asset-Based business on a sequential basis, and our managed transportation solution in our Asset-Light business saw shipment count levels reach an all-time high.

儘管第三季整體物流市場仍然疲弱，我們仍受惠於協助客戶應對市場干擾的能力。在不確定性升高的時期，我親眼見證我們策略的力量：我們提供整合式解決方案，客戶仰賴這些方案確保其貨物能持續在全球供應鏈中流動。我們以敏捷方式因應，我也對我們與客戶的對話感到鼓舞。他們重申，我們彈性的運能與物流專業已滿足並超越其需求。我們在資產型（Asset-Based）業務的公告出貨量與定價按季顯著改善，而在輕資產（Asset-Light）業務中，我們的管理式運輸解決方案出貨件數更創下歷史新高。

Our relationships with our customers and commitment to innovation have been key drivers in our revenue more than tripling and profitability significantly improving over the last decade, and we're not done. We continue to invest in facilities, technology and innovation and our team. These key areas will accelerate growth and unlock additional value moving forward. First, we have a strong footprint of facilities today, which allows us to service our customers efficiently. We continue to invest in further expansion and see the opportunity to accelerate our facility plan in the current LTL real estate environment. Second, our deep commitment to technology and innovation has enabled us to transform our company, and we continue to pursue a robust set of initiatives. For example, earlier this year, we deployed a generative AI tool to support an internal team that performs quality audits of our customer service interactions. This team removes friction points and improved hundreds of processes every year, and this new tool quickly provides key insights to further advance these efforts.

我們與客戶的關係以及對創新的承諾，是過去十年營收成長超過三倍、獲利能力顯著提升的關鍵驅動力，而我們還未停止。我們持續投資於場站設施、科技與創新，以及我們的團隊。這些關鍵領域將在未來加速成長並釋放更多價值。首先，我們目前已擁有強大的場站布局，能讓我們有效率地服務客戶。我們持續投資進一步擴張，並在目前 LTL（零擔運輸）不動產環境下，看見加速推進場站計畫的機會。第二，我們對科技與創新的深度承諾，使我們得以轉型公司，我們也持續推動一系列強健的計畫。例如，今年稍早我們部署了一項生成式 AI 工具，用以支援一個內部團隊，該團隊負責對客戶服務互動進行品質稽核。這個團隊每年消除摩擦點並改善數百項流程，而這項新工具能快速提供關鍵洞見，進一步推進這些工作。

In addition, our ABF City Route Optimization project has leveraged AI to reduce mileage and decrease fuel consumption, which supports a more sustainable future. Looking ahead, we will continue developing and investing in solutions to support best-in-class service to our customers and drive business efficiencies. Lastly, our values-driven culture is deeply rooted in creativity, integrity, collaboration, growth, excellence and wellness. We are committed to investing in our people and living out our core values every day.

此外，我們的 ABF 市區路線最佳化（City Route Optimization）專案運用 AI 以降低里程並減少燃油消耗，支持更永續的未來。展望未來，我們將持續開發並投資解決方案，以支援對客戶的一流服務並提升營運效率。最後，我們以價值為導向的文化深植於創意、正直、協作、成長、卓越與健康。我們承諾投資於員工，並每天實踐核心價值。

Before I hand the call over to Matt, I'd like to offer a few observations about what we're seeing in each of our business segments. In our Asset-Based segment, the current LTL market dynamics are contributing to improved trends. Our team continues to respond nimbly to evolving market dynamics in real time, pivoting quickly to fill our network in the most profitable way. In our Asset-Light business, while we are growing customers and shipment volumes, we are not immune to market conditions and continue to work to find efficiencies.

在我把電話交給 Matt 之前，我想先分享幾點我們在各業務部門所觀察到的情況。在資產型（Asset-Based）部門，目前 LTL 市場動態正促成趨勢改善。我們的團隊持續即時靈活回應不斷變化的市場動態，迅速調整，以最有利可圖的方式填滿我們的網路。在輕資產（Asset-Light）業務方面，雖然我們的客戶數與出貨量正在成長，但我們也無法免於市場環境影響，並持續努力尋找效率提升空間。

We have managed down costs, and our team has done a great job of growing our customer base and shipment count. Our ability to help customers navigate market disruption over the past few months has demonstrated the strength of our highly experienced team and our broad suite of integrated logistics solutions. We were there for our customers to help them think holistically about their supply chains while providing a service offering not available from pure-play operators, and we continue to see opportunities to expand our relationships with existing customers.

我們已降低成本，而團隊在擴大客戶基礎與提升出貨件數方面表現出色。過去幾個月，我們協助客戶應對市場干擾的能力，展現了我們高度資深團隊與廣泛整合式物流解決方案組合的實力。我們在客戶需要時挺身而出，協助他們以更整體的角度思考供應鏈，同時提供純粹單一業者（pure-play operators）無法提供的服務內容；我們也持續看到擴大與既有客戶關係的機會。

And now I'll turn it over to Matt to take you through the quarter in greater detail.

現在我把電話交給 Matt，請他更詳細地帶各位回顧本季表現。

Thank you, Judy, and good morning, everyone. I'll provide an overview of the quarter and give an update on our balance sheet and capital deployment plans. Consolidated revenue from continuing operations was $1.1 billion for the quarter, down 9% year-over-year. On a non-GAAP basis, consolidated operating income was $75 million, down 43% and adjusted third quarter earnings per diluted share was $2.31. While our consolidated results reflect a softer overall market than last year, we have benefited by having the right capacity options and expertise to serve customers during this period of market disruption and have also seen results from our cost savings and efficiency initiatives.

謝謝你，Judy，各位早安。我將概述本季表現，並更新我們的資產負債表與資本配置計畫。持續營運的合併營收本季為 11 億美元，年減 9%。以非 GAAP 基礎計，合併營業利益為 7,500 萬美元，年減 43%；第三季調整後稀釋每股盈餘為 2.31 美元。雖然我們的合併結果反映出相較去年整體市場較為疲弱，但我們受惠於在此市場干擾期間具備合適的運能選項與專業以服務客戶，同時也看見成本節省與效率提升計畫帶來的成效。

In the Asset-Based business, revenue was $741 million, down 4% year-over-year on a daily basis, and non-GAAP operating income was $83 million. Overall, pricing remains rational and has been strengthened by recent market events. For Asset-Based customer contract renewals and deferred pricing agreements negotiated during the third quarter, we secured a 4% average increase. The benefit of our cost and efficiency efforts in this segment included a reduction in purchase transportation, cartage and equipment rental costs.

在資產型（Asset-Based）業務方面，營收為 7.41 億美元，以每日基礎計年減 4%，非 GAAP 營業利益為 8,300 萬美元。整體而言，定價仍維持理性，並因近期市場事件而有所強化。就資產型客戶合約續約以及第三季協商的延後定價協議而言，我們取得平均 4% 的調漲幅度。本部門成本與效率措施的效益包括：降低外購運輸（purchase transportation）、短駁（cartage）及設備租賃成本。

The third quarter non-GAAP Asset-Based operating ratio of 88.8% reflects a sequential improvement of 400 basis points compared to second quarter, which is particularly noteworthy because our new labor agreement added approximately 350 basis points of cost relative to second quarter. Excluding that increase, our sequential operating ratio improvement was approximately 750 basis points. That impressive result did not happen by accident, and I'm proud of the way our team came together over the last few months to serve our customers during a time of market disruption while remaining focused on cost and efficiency.

第三季資產型（Asset-Based）非 GAAP 營業比率為 88.8%，較第二季按季改善 400 個基點；這點尤其值得注意，因為新的勞動協議相較第二季約增加 350 個基點的成本。若排除該成本增加，我們的按季營業比率改善約為 750 個基點。這樣令人印象深刻的成果並非偶然，我為過去幾個月團隊在市場干擾期間齊心協力服務客戶、同時仍專注於成本與效率的表現感到自豪。

I'm also pleased to report that we have carried this momentum into the fourth quarter. Excluding periods impacted by the pandemic, the average sequential change in ArcBest Asset-Based operating ratio from the third quarter to the fourth quarter during the prior 10 years has been an increase of 100 to 300 basis points. Despite this historical trend, after considering the impacts of the market disruption, recent commercial successes, a general rate increase and cost reduction efforts, the Asset-Based operating ratio is expected to modestly decrease from third quarter 2023 to fourth quarter 2023.

我也很高興報告，我們已將這股動能延續到第四季。排除受疫情影響的期間，在過去 10 年中，ArcBest 資產型（Asset-Based）營業比率從第三季到第四季的平均按季變動通常會增加 100 到 300 個基點。儘管有此歷史趨勢，但在考量市場干擾的影響、近期商務上的成功、一般運價調漲（general rate increase）以及降本措施後，預期資產型營業比率將從 2023 年第三季到 2023 年第四季小幅下降。

Transitioning to Asset-Light. Third quarter daily revenue decreased 17% year-over-year. This was primarily due to lower revenue per shipment. The segment had a non-GAAP operating loss for the quarter of $4 million. We provided preliminary Asset-Light business trends for October 2023 and the Form 8-K exhibit to the press release filed this morning, and operating statistics in that business continue to reflect a softer market compared to last year.

接著談輕資產（Asset-Light）。第三季每日營收年減 17%，主要原因是每票出貨收入下降。本部門本季非 GAAP 營業虧損為 400 萬美元。我們已在今天上午提交的新聞稿之 Form 8-K 附件中，提供 2023 年 10 月輕資產業務趨勢的初步資訊，而該業務的營運統計數據仍反映出相較去年市場較為疲弱。

Net capital expenditures totaled $155 million for the first 9 months of the year, and we currently expect net capital expenditures in the range of $270 million to $285 million for the full year, which is slightly lower than our previous estimate last quarter. Our Class 8 tractor orders remain in place, and we currently expect to receive all ordered road tractors by the end of the year.

今年前 9 個月的淨資本支出合計為 1.55 億美元；目前我們預期全年淨資本支出將落在 2.70 億至 2.85 億美元區間，較上一季我們先前的估計略低。我們的 Class 8 牽引車訂單仍維持不變，且目前預期在年底前可收到所有已訂購的公路牽引車。

ArcBest's cash balance and total liquidity remained at strong levels. As of the end of the third quarter, we had a net cash balance of $98 million, an improvement of $36 million since the end of last year. Total liquidity stands at approximately $581 million. And despite rising rates, the composite interest rate on ArcBest outstanding debt at the end of the recent quarter was 3.3%. Our solid financial position and strong balance sheet position us well for the future. Our capital allocation strategy includes organic capital investment and new equipment purchases, real estate additions and upgrades and technology investments, which will enable us to continue serving our customers with excellence now and into the future.

ArcBest 的現金餘額與總流動性維持在強勁水準。截至第三季末，我們的淨現金餘額為 9,800 萬美元，較去年底增加 3,600 萬美元。總流動性約為 5.81 億美元。且儘管利率上升，ArcBest 於最近一季季末之未償債務加權綜合利率為 3.3%。我們穩健的財務狀況與強健的資產負債表使我們在未來具備良好定位。我們的資本配置策略包括有機資本投資與新設備採購、不動產增建與升級，以及科技投資，這些將使我們能在現在與未來持續以卓越水準服務客戶。

We are monitoring the market for external growth opportunities to enhance our business, and we are returning capital to shareholders while targeting investment-grade credit metrics. So far this year through yesterday, our settled share repurchases and dividends paid have returned approximately $86 million of capital to shareholders. Based on those share repurchases, approximately $48 million remains available under the current repurchase authorization for future common stock purchases.

我們正持續關注市場上的外部成長機會以強化業務，同時在以投資等級信用指標為目標的前提下，將資本回饋給股東。截至今年至昨日為止，我們已完成結算的庫藏股回購與已支付股利，合計約回饋股東 8,600 萬美元的資本。依據上述回購，目前在既有回購授權下，未來可用於普通股買回的額度約剩 4,800 萬美元。

In conclusion, I'm excited about our future. We are helping guide our customers through the current market with a century of experience under our belt. Our proven ability to excel across different cycles is a testament to our resilience and our strategy and our robust balance sheet stands out, especially when customers are in search of stability in uncertain times.

總結而言，我對我們的未來感到振奮。我們憑藉百年經驗，協助客戶在當前市場中前行。我們在不同景氣循環中持續卓越的能力，證明了我們的韌性與策略；而我們強健的資產負債表更是格外突出，尤其在不確定時期客戶尋求穩定之際。

Now I'll turn the call over to Seth to discuss our Asset-Based business.

接下來我把電話交給 Seth，請他說明我們的資產基礎（Asset-Based）業務。

Good morning. I am pleased to report ABF grew daily shipments during the quarter over 1% year-over-year, while aggressively managing costs and focusing on efficiency without limiting growth. With a large amount of capacity leaving the market, customers came to us to keep their freight moving. This helped in achieving a more optimal mix of freight in our network, which improved profitability. In short, we've been able to reduce costs, while improving service.

各位早安。我很高興報告，ABF 本季每日出貨量年增超過 1%，同時在不限制成長的前提下，積極控管成本並聚焦效率。隨著大量運能退出市場，客戶轉向我們以確保其貨物持續運行。這有助於在我們的網路中達成更理想的貨物組合，進而提升獲利能力。簡而言之，我們在改善服務的同時，也成功降低成本。

As Matt said, we have reduced costs in purchased transportation, cartage and rental equipment, and we continue to enhance dashboards for our leaders, which provides real-time visibility to business and productivity levels. This enables our team to quickly and effectively take action to ensure we are using our resources in the most effective manner.

如 Matt 所說，我們已降低外購運輸、短途接駁（cartage）與租賃設備的成本，並持續強化提供給主管的儀表板，使其能即時掌握業務與生產力水準。這讓團隊能迅速且有效地採取行動，確保我們以最有效的方式運用資源。

As we enter our 101st year, we continue to transform ABF through innovation, investment and an intense focus on quality. For the past 2 years, we've been working to improve some foundational systems and processes. We've completed over a dozen initiatives to improve our operation, and we have many more in progress. You can see the results of these efforts and the sequential improvement in our operating ratio, but our continuous improvement journey is ongoing. We are a high-quality carrier, and that means our product must be high quality. I'm pleased with our progress, but we still have more work to do.

在邁入第 101 年之際，我們持續透過創新、投資以及對品質的高度專注來轉型 ABF。過去 2 年，我們一直致力於改善一些基礎系統與流程。我們已完成十多項提升營運的計畫，且仍有更多正在進行中。你可以看到這些努力的成果，以及我們營運比率的逐季改善，但我們的持續改善旅程仍在進行。我們是一家高品質的承運商，而這意味著我們的產品必須是高品質的。我對目前的進展感到滿意，但仍有更多工作要做。

In closing, I want to highlight our approach to managing our shipment levels and optimizing our network. Our long history of using data to make decisions and the sheer amount of data we have enables us to optimize our business daily. And our levers of using dynamic pricing and U-Pack to fill empty capacity are key strategic differentiators. I'm grateful for the collaboration between our teams in the third quarter, where we quickly adapted to the market to increase our mix of core business. Through our facility investments, we have added over 200 doors this year and plan to add more than 500 additional between now and the first quarter of 2025. Our focus remains on service, efficiency and profitable growth, and we're not slowing down.

最後，我想強調我們管理出貨量與最佳化網路的方法。我們長期以來運用數據做決策，加上我們擁有龐大的數據量，使我們能每日最佳化業務。而我們運用動態定價以及 U-Pack 來填補閒置運能的槓桿，是關鍵的策略差異化。我很感謝第三季團隊之間的協作，我們迅速因應市場以提升核心業務的組合。透過設施投資，我們今年已新增超過 200 個裝卸門（doors），並計畫在現在到 2025 年第一季之間再新增超過 500 個。我們仍聚焦於服務、效率與獲利性成長，而且不會放慢腳步。

Now I'll turn the call over to Steven.

接下來我把電話交給 Steven。

Thanks, Seth, and good morning, everyone. In the Asset-Light business, truckload margins remained soft, but we grew shipments despite weak demand and even achieved record shipment levels for our managed transportation business as we help customers navigate market disruption, which is a testament to the strength of our solutions and deep customer relationships.

謝謝你，Seth，各位早安。在資產輕（Asset-Light）業務方面，整車（truckload）利潤率仍偏疲弱，但即使需求不振，我們仍提升了出貨量；同時，我們的管理式運輸（managed transportation）業務更創下出貨量新高，因為我們協助客戶因應市場動盪，這也證明了我們解決方案的實力與深厚的客戶關係。

As Matt mentioned, we've been aggressively managing costs and continue to look for ways to further align costs with business levels and improve efficiency. While market disruptions continue, our breadth of integrated solutions positions us well to serve customers. Our managed transportation in our -- using our managed transportation solution, we were able to help shippers who were impacted by the reduction in LTL capacity. We partnered with them to understand their supply chain needs and help them avoid the capacity constraints others may have experienced.

如 Matt 所提，我們一直積極控管成本，並持續尋找進一步讓成本與業務水準更一致、提升效率的方法。儘管市場干擾仍在，我們整合式解決方案的廣度使我們能更好地服務客戶。我們的管理式運輸——透過我們的管理式運輸解決方案，我們得以協助因 LTL（零擔）運能下降而受影響的託運人。我們與他們合作以了解其供應鏈需求，並協助他們避免其他人可能遭遇的運能限制。

We offer creative solutions using multiple modes to keep our customers' supply chains moving, resulting in a better outcome for our customer. And as customers have seen significant disruptions in the market, our stability and financial strength are differentiators. Customers need a partner they can count on, and we are well positioned to meet their needs.

我們運用多種運輸模式提供具創意的解決方案，讓客戶的供應鏈持續運轉，為客戶帶來更好的結果。且當客戶在市場中看到顯著干擾時，我們的穩定性與財務實力就是差異化因素。客戶需要一個可依賴的夥伴，而我們已做好準備以滿足其需求。

Now back to Judy for some final thoughts.

接下來回到 Judy，請她做一些最後的補充。

Thank you, Steven. Our success has been deeply tied to the ongoing pursuit of our mission to connect and positively impact the world to solving logistics challenges. We live this mission to the fullest this quarter as we navigated and successfully responded to industry disruptions. We are well positioned to understand and address customer needs with powerful capabilities and the deep expertise of a trusted team. As we look to the future, we are confident that this strong position and a keen focus on our 3 strategic pillars of growth, efficiency and innovation will enable us to accelerate from here.

謝謝你，Steven。我們的成功與持續追求使命密不可分：連結世界並以正向方式影響世界，協助解決物流挑戰。本季在我們因應並成功回應產業干擾的過程中，我們將此使命發揮得淋漓盡致。我們具備強大的能力與值得信賴團隊的深厚專業，已做好準備理解並回應客戶需求。展望未來，我們有信心，這樣的強勢定位以及對三大策略支柱——成長、效率與創新——的高度聚焦，將使我們能從此加速前進。

This concludes our prepared remarks, and we'll now open the call up for questions.

以上為我們預先準備的發言內容，接下來我們將開放提問。

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

好的。Frank，我想我們已準備好開始回答問題。

(Operator Instructions) Our first question comes from Ravi Shanker with Morgan Stanley.

（接線員指示）我們的第一個問題來自 Morgan Stanley 的 Ravi Shanker。

So when everybody in the space is looking at the volume and revenue opportunities, you guys crush it on costs, which was truly remarkable to see. Can you just unpack that a little bit more? Was this just operating leverage from getting more density with more volumes coming into the network? Or these explicit cost actions that were in the pipeline for a while? Are there more to come? I think the #1 question on people's mind this morning is asking how sustainable is this? So I would love to get there, please?

當同業都在看量與營收機會時，你們在成本控管上表現非常出色，看到這點真的很令人驚豔。能否再多拆解一下？這主要是因為更多貨量進入網路、密度提升所帶來的營運槓桿？還是一些已經規劃一段時間、正在推進的明確成本措施？後續還會有更多嗎？我想今天早上大家心中第一個問題是：這樣的表現有多可持續？所以我很希望能談到這點，謝謝。

Yes, thanks for the question, Ravi. And it's a good one. We saw the opportunity to better address our costs as we were adding people over the years of 2022 and 2021 and making sure that we had them to proficient productivity levels and a good experience and that sort of thing. And we've always, in the past, used variable costs such as purchase transportation, cartage and rent equipment to help facilitate our growth needs. But as we were finalizing our labor deal, looking at the proficiency level of our people and just the backdrop of the economy and the opportunity set, we saw a better answer and really got focused on reducing some of those variable costs and making sure that we had the right business mix as we were going into the third quarter.

是的，謝謝你的問題，Ravi。這是個好問題。當我們在 2022 年與 2021 年這些年持續增聘人員時，我們看到了更好處理成本的機會，並確保人員達到熟練的生產力水準、擁有良好的工作體驗等等。過去我們一向使用外購運輸、短途接駁（cartage）與租賃設備等變動成本來支援成長需求。但在我們完成勞動合約、檢視人員熟練度，以及考量整體經濟背景與機會集合時，我們看到了更好的答案，並真正聚焦於降低部分變動成本，同時確保在進入第三季時擁有正確的業務組合。

Great. And so is this considered to be like a onetime reset? Or do you think there's kind of more to come in the pipeline?

了解。那這是否可視為一次性的重置？還是你認為後續管線中還會有更多動作？

Well, what I think is we're always adjusting, and we're wanting to make sure that we have the right resources serving the best business mix. And I think the Asset-Based team does a great job of that, along with working with our sales opportunities and our yield managers. We really see this as an ongoing effort to make sure that our resources that we're deploying are the most efficient and effective, while also just having a keen focus on serving our customers well.

我認為我們一直都在調整，並希望確保以正確的資源去服務最佳的業務組合。我認為資產基礎（Asset-Based）團隊在這方面做得很好，也會與我們的銷售機會以及收益管理（yield）團隊合作。我們把這視為一項持續性的工作，確保我們所部署的資源最有效率、最有效能，同時也保持高度專注，持續把客戶服務好。

Our next question comes from Jason Seidl with TD Cowen.

下一個問題來自 TD Cowen 的 Jason Seidl。

I wanted to ask a quick question on some of the October trends. Did you guys see any benefit from the cyber-attack at SDs? And then if I look at cost real quickly, if you exclude labor, are you guys starting to see a little bit of a deterioration in sort of the inflationary cost environment?

我想快速問一下 10 月的一些趨勢。你們是否因 SDs 的網路攻擊而受惠？另外，如果我快速看成本，若排除勞動成本，你們是否開始看到通膨成本環境有些惡化？

Jason, this is Christopher Adkins. I'll report on the cyber as it relates to our business. We did see an influx of some of that business, the first couple of weeks of October. And largely, that was from customers, existing customers of ABF that we're able to help them during that time of disruption. Since then, that has largely gone back to the carrier that was handling that previously. But we're still -- even apart from that, seeing substantial growth in our core business. As we've talked about, that business is still up 20% in October and compared to June of '23.

Jason，我是 Christopher Adkins。我來說明網路攻擊對我們業務的影響。10 月前兩週我們確實看到部分業務湧入，主要來自 ABF 的既有客戶，我們能在那段干擾期間協助他們。此後，這些業務大多已回到先前承接的承運商。不過即便撇除這點，我們仍看到核心業務有顯著成長。如我們所談到的，該業務在 10 月相較於 2023 年 6 月仍成長 20%。

Okay. That's good color and on the cost side?

好的。這些資訊很有幫助，那在成本方面呢？

Yes, I would say on the -- this is Seth. I would say on the cost side, we're starting to see some things normalize, but there's other areas like trailers, for example, or the cost is still inflated versus historical averages. But we are seeing some things start to normalize quite a bit on the cost side.

是的，我會說在——我是 Seth。我會說在成本方面，我們開始看到有些項目正在回歸正常，但也有其他領域，例如拖車，成本相較於歷史平均仍然偏高、仍處於膨脹狀態。不過我們確實看到在成本端有些項目開始相當程度地正常化。

Yes. I would -- one, just recent conversation that I've been in. I think the insurance market, they're pretty hardened right now. And so we're working through the answer there, but that's going to be one that we're watching just to highlight it.

是的。我會——第一，就我最近參與的一些對話來看，我認為保險市場目前相當緊縮。因此我們正在釐清那邊的解法，但那會是我們要持續關注的一項，我只是特別提出來提醒一下。

Our next question comes from Ken Hoexter with BofA.

我們的下一個問題來自美國銀行（BofA）的 Ken Hoexter。

So just two questions. Shipments were up 4% year-over-year in October. Thoughts on your capacity availability now. How much can you handle the growth you talked about adding 500 doors between now and '25?And then I guess on the financial side, to Ravi's question, what changed from targeting flat OR to up 400 basis points? I mean you gave mid-quarter updates. I'm just wondering on that cost side to the permanency question he's asking what changed from your point of view, aside from yellow bankruptcy, which you knew by that point just to see the sustainability of those costs?

我有兩個問題。10 月的出貨量年增 4%。想請教你們目前的運能可用性如何？你們提到在現在到 2025 年之間新增 500 個門點（doors），你們能承接多少你們所談到的成長？另外在財務面，延續 Ravi 的問題，為什麼從原本目標 OR 持平，變成 OR 上升 400 個基點？你們在季度中也有提供更新。我只是想了解，就他問的成本是否具永久性這點，你們的觀點有哪些改變？除了 Yellow 破產之外——那在當時你們應該已經知道——想了解這些成本的可持續性。

Ken, this is Matt. So maybe I'll start with your last part of your question, and then I'll turn it over to Seth to cover the first part. Certainly, we saw continued momentum through the quarter. And so you could see that in how we talked about it. So when we were talking on the call in July, we were talking about being able to target a flat OR even after the impacts of the new contract. Then we roll forward to the update that we provided in August, and that's when we're really starting to see the impact of the cost and efficiency measures that we have put in place. Certainly, the market impacts are really starting to be felt. And so at that point in time, we were saying that we thought we could not only overcome those increased costs, but actually should be able to show some modest improvement in the OR. And certainly, that momentum just continued to carry into September. And so that's ultimately what resulted in the ability to be able to improve it by 400 basis points sequentially.

Ken，我是 Matt。也許我先回答你問題的後半段，然後再請 Seth 回答前半段。當然，我們在整個季度看到動能持續延續，你也可以從我們的說法中看出來。7 月那通電話時，我們談到即使在新合約影響之後，我們仍可把目標設定為 OR 持平。接著到 8 月我們提供的更新時，我們真的開始看到我們已經推動的成本與效率措施所帶來的影響。當然，市場面的影響也開始明顯浮現。因此在那個時間點，我們表示我們不僅能克服那些增加的成本，甚至應該能在 OR 上呈現一些小幅改善。而且那股動能確實持續延伸到 9 月。最終也就促成了我們能夠在序列上改善 400 個基點。

And then I'd say that kind of progression really spells out plus in conjunction with the GRI that was put in early in October for us to continue that momentum into the fourth quarter, which is why we said that we think we can see potentially a decrease sequentially into the fourth quarter as well.

此外，我會說這樣的進展，再加上我們在 10 月初實施的 GRI，使我們能把這股動能延續到第四季，這也是為什麼我們說我們認為第四季也有可能在序列上再下降。

And then I'll turn it over to Seth to cover the first part.

接著我把問題交給 Seth 來回答前半段。

Yes. So when I think about excess capacity in the market, it really comes down to 4 different things. The first is people, and we feel pretty good that we're properly staffed for our current business levels, and we continue to replace attrition in strategic locations. We have a good line of sight on our growth pipeline. So -- and we feel like we can bring on labor much easier and quicker than we did throughout the pandemic, which is a good thing. So I feel pretty good about people.

是的。當我思考市場上的閒置運能時，主要可歸結為四件事。第一是人力，我們對於以目前業務量來看的人力配置相當有信心，而且我們也持續在策略性地點補足自然流失。我們對成長管線有很清楚的能見度。因此——而且我們覺得現在招募人力比疫情期間更容易、更快速，這是好事。所以在人力方面我感覺相當不錯。

On the equipment front, we continue to invest in the fleet, like we have for many years. We have one of the newest fleets on the road. Our fleet is slightly bigger, and we're working on getting some of those higher-cost units out now, but we could pivot for growth, but I really don't see any concerns on equipment capacity for growth.

在設備方面，我們持續像多年來一樣投資車隊。我們擁有道路上最新的車隊之一。我們的車隊規模略大一些，我們也正在把一些成本較高的單位汰換掉；若要因應成長我們也可以調整，但我真的看不出設備運能會成為成長的疑慮。

The third is real estate. We've been working on our long-term real estate plan for the past 2 or 3 years. You need to be positioned well ahead of the cycle from a real estate perspective, and we have a mature network. And we believe we're positioned well in those key markets. This year alone, we've opened up a new facility in Camp Hill, Pennsylvania. We expanded our San Antonio site. We moved into a new Phoenix facility, so we're doing a lot of things on the real estate front. So we feel good about where we are there as well, and we got more coming next year as well.

第三是房地產。我們在過去 2 到 3 年一直在推動長期的房地產規劃。從房地產角度，你必須在景氣循環之前就先布局，而我們擁有成熟的網路。我們相信在那些關鍵市場我們的布局很到位。光是今年，我們就在賓州 Camp Hill 開了一個新據點；我們擴建了聖安東尼奧的場站；我們搬進了鳳凰城的新設施，所以在房地產方面我們做了很多事。因此我們對那邊的狀況也很有信心，而且明年也還會有更多進展。

And then the fourth really is productivity. So the more productive you are, the more freight you can handle for the same cost. So in my opening comments, I talked about the transformation at ABF and how we're really focused on technology and optimization to ensure that we're as efficient as possible. So we completed a lot of initiatives, but we have a lot more still to do. So with all that said, the investments in network visibility and our optimization tool set, we have capacity for growth, and we can flex that up or down based on what the markets do and what opportunities we see in front of us.

第四則是生產力。你越有生產力，就能以相同成本處理更多貨量。在我開場的評論中，我談到 ABF 的轉型，以及我們如何聚焦在科技與最佳化，以確保我們盡可能有效率。我們已完成許多計畫，但仍有更多要做。綜合來說，透過在網路可視性與最佳化工具組上的投資，我們具備成長的運能，而且可以依市場走勢與我們眼前看到的機會，彈性地上調或下調。

Great. And if I could squeeze in a follow-up to that. Just the tech investment real quick. The tech investments are still broken out as one-timers. It seems like those are continuous and ongoing. Should that just be part of ongoing business at some point?

很好。如果我可以再追問一下。關於科技投資很快問一下：科技投資仍被拆分為一次性項目，但看起來這些是持續且長期進行的。這些是否應該在某個時間點就納入日常營運的一部分？

Well, Ken, I think we spoke to that in the 8-K with respect to ABF. And so what we're seeing there is as we've moved the team back to conventional operation in Kansas City and in Salt Lake City, and we've previously done that in Indianapolis. You will -- as you go forward, it will be all in regular operations because we're no longer piloting in those other areas. We do continue to have our innovations costs broken out and continue that same treatment where we're piloting for new customers with Vaux. We're doing some things there that are very new and innovative and with our customers just gaining some momentum in pilot type environments. And so we're continuing that cost. But at the same time, we're really excited about the prospects for a new revenue stream from that business and look forward to telling you more about that as we enter into 2024.

Ken，我想我們在 8-K 中就 ABF 的部分有談到。就我們目前看到的情況，隨著我們把團隊在堪薩斯市與鹽湖城恢復到傳統作業模式——而我們先前也已在印第安納波利斯完成——你會看到，往後這些都會納入正常營運，因為我們不再在那些其他區域進行試點。我們確實仍把創新相關成本單獨列示，並維持相同處理方式，因為我們正透過 Vaux 為新客戶進行試點。我們在那邊做的是非常新且具創新性的事情，並且與客戶一起在試點型環境中逐步累積動能。因此我們會持續投入那部分成本。同時，我們也對該業務帶來新的營收來源前景感到非常興奮，並期待在邁入 2024 年時與你分享更多。

Our next question comes from Scott Group with Wolfe Research.

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

So I want to just ask on the OR commentary on Q4. So back to Ken's point. So you said modest improvement in Q3, you ended up with 400 basis points of improvement. You're saying modest again. What is that -- what's the right range to be thinking about when you talk about modest sequential improvement? I just want to see if you have a finer point around that.

我想問一下你們對第四季 OR 的評論。回到 Ken 的觀點，你們說第三季是小幅改善，但最後是改善了 400 個基點。你們現在又說是小幅改善。當你們說序列上的「小幅」改善時，合理的區間應該怎麼看？我只是想確認你們是否能給更精確一點的說法。

Yes. So thanks, Scott. I would say we were very pleased with the performance in the third quarter. Like I mentioned, we're carrying that momentum into the fourth. We didn't really guide to a specific range. But as I say, we think about modest now, we probably think of it in the context of maybe a 100, potentially up to 200 basis point improvement, something in that range.

是的，謝謝你，Scott。我會說我們對第三季的表現非常滿意。如我提到的，我們把這股動能帶進第四季。我們並沒有針對特定區間提供指引。但如果現在談到「小幅」，我們大概會以約 100 個基點、最多可能到 200 個基點的改善來理解，大概是那樣的範圍。

Okay. Very helpful. And then when I -- the pricing renewals improved from 3% to 4%. I think we're all trying to figure out like how big of a deal is this yellow bankruptcy? How much is the market really changing? Does 4% feel like that's the right number? Is that a number that you'd expect to accelerate further as you get into Q4 and 2024? What's the pricing strategy right now?

好的，很有幫助。接著，當我——續約定價從 3% 改善到 4%。我想大家都在試著判斷 Yellow 破產到底有多大的影響？市場到底改變了多少？4% 這個數字你們覺得合理嗎？你們預期進入第四季與 2024 年會再加速嗎？目前的定價策略是什麼？

Scott, this is Christopher. So really from the third quarter benefit from the disruption was really a mix impact of annually improving the mix of getting more core business, which tends to be more profitable business for us, and it's more profitable for many reasons. Price is one of those, but also productivity and efficiency, there's improvement or opportunities there for us to do to handle that efficiently. In the 4%, really, we think our core business is at a really good place, and we want to maintain that long term, and we want to be offering fair prices to our customers for the service that we're providing. So we're really trying to overcome inflation through pricing and through efficiency gains. So I don't know that you'll necessarily see acceleration there in our core business, but we are always optimizing the mix to get the right mix to get the best op income result.

Scott，我是 Christopher。第三季因市場擾動帶來的效益，主要是組合（mix）改善的影響：我們年度性地取得更多核心業務，而核心業務對我們而言通常是更高獲利的業務，且其獲利性來自多個原因。價格是其中之一，但生產力與效率也有改善，或說我們有機會以更有效率的方式去承接與處理。在 4% 這點上，我們認為我們的核心業務目前處在很好的位置，我們希望長期維持這樣的狀態，也希望就我們提供的服務，向客戶提供公平的價格。因此我們主要是透過定價與效率提升來克服通膨。所以我不確定你會在核心業務上看到一定的加速，但我們會持續最佳化業務組合，以取得正確的組合，讓營業利益（op income）結果最佳。

Our next question comes from Jack Atkins with Stephens.

我們的下一個問題來自 Stephens 的 Jack Atkins。

So I guess I just would like to maybe double-click a little bit on some of the actions in the third quarter, and it's very encouraging to see it flowing through to the bottom line. But I guess when you think about the improvements that you saw specifically on the purchased transportation side, Judy, both expenses -- excuse me, rents and PT were improved pretty significantly sequentially. Can you maybe give us a couple of specific examples of actions you took there to improve those costs?

我想我希望能更深入一點了解第三季的一些行動，看到這些反映到最終獲利非常令人鼓舞。但我想問的是，當你們思考你們在外購運輸（purchased transportation）方面看到的改善時，Judy，兩項費用——不好意思，是租賃（rents）和外購運輸（PT）在序列上都有相當顯著的改善。你能否給我們幾個更具體的例子，說明你們採取了哪些行動來降低那些成本？

Sure. I'm going to let Seth answer that question.

當然。我會讓 Seth 來回答這個問題。

Yes. So I would say on the city cartage side, that's where our drivers are going out and delivering freight every day, pickup and delivery type drivers. Christopher mentioned that shift in mix and that more consistent published core business gave us greater productivity, but also point to some of the technology that we've used, which is City Route Optimization, which Judy mentioned in her opening comments. We've seen a pretty material return from that, using AI, machine learning, a lot of our internal tech to optimize those drivers going out full and also coming back full. We still have 2 more phases of that coming. So really, when you think about cartage, the more productive you are, the more you can reduce that external cost, and that's going to provide a better service to our customers by getting an ABF driver delivering and picking up their freight. So we expect that to continue as we move through the fourth quarter and into the future because we know it's a better option on cost.

是的。所以我會說在城市短途轉運（city cartage）這一端，這就是我們的司機每天外出配送貨物的地方，也就是提貨與送貨類型的司機。Christopher 提到組合的轉變，以及更一致、已公布的核心業務讓我們的生產力更高；同時也要提到我們使用的一些技術，也就是 Judy 在開場評論中提到的「城市路線最佳化」（City Route Optimization）。我們從中看到了相當可觀的回報，運用 AI、機器學習，以及許多內部技術，來最佳化這些司機外出時滿載、回程也滿載。我們還有另外 2 個階段即將推出。所以實際上，當你想到短途轉運時，你越有生產力，就越能降低外部成本，而這也會透過讓 ABF 的司機來送貨與提貨，為客戶提供更好的服務。因此，我們預期隨著我們進入第四季並展望未來，這種情況會持續，因為我們知道在成本上這是更好的選擇。

As far as just PT over the road, we have a lot of our own drivers where we were able to swap that. But when we look at the mix of business that we were handling and that shift in core, that really changed some of the lanes it was moving. So we were able to optimize the way our road drivers move as well with some of those network visibility tools that I mentioned. So we expect those cost actions to continue throughout the fourth quarter just as how we continue to transform the way we operate.

至於純粹的長途（over the road）的 PT，我們有很多自有司機，因此我們能夠進行替換。但當我們看我們所處理的業務組合以及核心業務的那個轉變時，確實改變了貨物流動的一些路線（lanes）。因此，我們也能運用我提到的那些網路可視化工具，來最佳化我們長途司機的運行方式。所以我們預期這些成本措施會在第四季持續推進，正如我們持續轉型我們的營運方式一樣。

Okay. That's really encouraging to see. And I guess maybe shifting gears and asking about the Asset-Light segment for a moment. I know there have been a lot of changes there over the last couple of years through the acquisition of MoLo. But I think the fact that you guys are generating an operating loss there. And I would imagine that probably continues into the fourth quarter. I mean, at what point do we start seeing some more cost out taking place there in an effort to flex down the cost structure? Typically, you think about these Asset-Light businesses as having a pretty variable cost structure. And I'm just sort of curious, should we see -- are there options to maybe take some additional costs out there just given how challenging the business backdrop is?

好的。看到這點真的很令人鼓舞。我想也許換個話題，先問一下 Asset-Light（輕資產）部門。我知道過去幾年透過收購 MoLo，那邊有很多變化。但我想你們在那裡出現營業虧損這件事——我想像這可能會延續到第四季。我的意思是，到什麼時候我們會開始看到那邊有更多的成本削減，以便讓成本結構更具彈性地下調？一般來說，你會認為這些輕資產業務的成本結構相當可變。我只是有點好奇，在目前這麼具挑戰的業務環境下，我們是否應該看到——是否有選項可以在那邊再多拿掉一些成本？

Yes. For us on Asset-Light, I mean, what we're seeing right now is customers are really seeing what we do in the Asset-Light space is bringing a lot of value to their supply chain. And the market is such that prices are down obviously. And so we're not immune to that. But at the same time, we want to keep a structure in place that allows us to capitalize when the market turns. So our view on that is we're just trying to strike the right balance. We obviously look for ways to improve efficiency and at times, reduce cost. But at the same time, we want to be balanced in what we do there so that we can be responsive when the market improves. And so that's how we think about it, and we'll continue to manage it that way as we go into the rest of the quarter and then into next year.

是的。就我們的 Asset-Light 而言，我的意思是，我們現在看到的是，客戶確實感受到我們在輕資產領域所做的事情，能為他們的供應鏈帶來很大的價值。而市場狀況是價格顯然在下滑，所以我們也不可能不受影響。但同時，我們希望保留一個架構，讓我們在市場反轉時能夠把握機會。因此，我們的看法是要努力取得適當的平衡。我們當然會尋找提升效率、並在某些時候降低成本的方法；但同時，我們也希望在那邊的作法保持平衡，這樣當市場改善時我們才能迅速回應。所以我們就是這樣思考的，並且在本季剩餘時間以及進入明年時，會持續以這種方式管理。

I think the customer side of that is just the truckload is a very sought-after solution by our customers, and it just works well within our integrated solution set. And so we want to stay well positioned, as Steven said.

我認為從客戶端來看，整車（truckload）是一個非常受客戶青睞的解決方案，而且它在我們的整合式解決方案組合中運作得很好。所以我們希望保持良好的定位，如 Steven 所說。

Our next question comes from Chris Wetherbee with Citigroup.

我們的下一個問題來自花旗集團（Citigroup）的 Chris Wetherbee。

I wanted to ask quickly on sort of the approach to pricing. So I guess prior to the yellow bankruptcy, there was a little bit more work being done in the transactional part of the business. And I guess I'm curious, as you think about the path forward, how much transactional activity is going to occur relative to your sort of core book of contractual business? So we've seen shipments come down. It seems like there's a mix profile change that's occurring. But at the same time, the transactional market probably has improved quite a bit sequentially. So I just want to get a sense of how you think about that approach going forward?

我想快速問一下關於定價策略的做法。我想在 Yellow 破產之前，你們在業務中較偏交易型（transactional）的部分做了更多工作。我好奇的是，當你們思考未來的路徑時，相對於你們以合約為主的核心業務（core book of contractual business），交易型活動會發生多少？我們看到出貨量下降，似乎也出現了組合結構的變化。但同時，交易市場可能按季來看改善了不少。所以我只是想了解一下，你們如何看待未來的做法？

Sure, Chris, this is Christopher. So I would say it largely depends. So it depends on our network, where our capacity is, where our investments have been made. It depends on the market prices. It depends on the competitive landscape. All those factors play into that decision-making process. And the good thing is we're making a decision on a daily basis. And so our operations, sales and yield teams are coordinating daily, regularly communicating to figure out what is the optimal mix in our network, and that changes day-to-day, and we're prepared and agile to respond to the needs of the customer.

當然，Chris，我是 Christopher。所以我會說這在很大程度上取決於多個因素：取決於我們的網路、我們的產能在哪裡、我們的投資落在哪裡；取決於市場價格；取決於競爭態勢。所有這些因素都會影響決策流程。好的一點是，我們是以每日為單位在做決策。因此，我們的營運、銷售與收益管理（yield）團隊每天協同運作、定期溝通，來找出在我們網路中最優的組合；而這會隨著每天而變化，我們也已準備好並且具備敏捷性，能回應客戶的需求。

Okay. So I guess it's fair to suggest that if we see -- if there were softness in the market last -- we saw in the first half of the year that maybe you have a slightly different approach to the way that you try to manage it. I think there was a desire to sort of add some volume in a pretty challenging market. Would that still be the approach that you think about? Or it would be more price dependent this time around?

好的。所以我想可以這樣說：如果我們看到——如果市場出現疲弱，就像去年——我們在今年上半年看到的那樣，也許你們在管理方式上會採取稍微不同的做法。我認為當時在相當具挑戰的市場中，有一種想要增加一些量的意圖。這次你們仍會這樣思考嗎？還是這次會更取決於價格？

Yes. So I think it all depends, like I said, on the marketplace, but I'd say in the third quarter, like Seth has already talked about, we did reduce a lot of those variable costs with cartage, rental and different variable costs that we've done. So we will continuously monitor that and make sure that, that transactional business is covering any additional variable costs that we're bringing on.

是的。所以我認為一切都取決於市場狀況；但我會說在第三季，正如 Seth 已經談到的，我們確實透過短途轉運（cartage）、租賃（rental）以及其他不同的變動成本，降低了很多這類變動成本。因此，我們會持續監控，並確保那部分交易型業務能夠覆蓋我們新增的任何額外變動成本。

That's helpful. And just one quick follow-up on the cost side. Just how do you think about headcount going forward? Do you guys have sort of what you need? Do you think that there's potential efficiencies here? Or just sort of general comments about headcount going forward would be great.

這很有幫助。再就成本端追問一個：你們如何看待未來的人力編制（headcount）？你們是否已經具備所需的人力？你們覺得是否還有潛在的效率空間？或是對未來人力編制的一般性評論都可以。

Yes. I would say we continue to hire in strategic markets where we see growth opportunities as we want to provide great service to our customers. When you look at our turnover and attrition stats, they're some of the lowest in the industry. So that's a great thing. Our people stay around for a long time, which is great for our customers and our people. But this is really a location-by-location decision that we make based on the opportunities that we see in front of us. So throughout the pandemic, the last 2.5 years, it was more challenging to bring in labor, but we've seen that soften quite a bit.

是的。我會說我們會在看到成長機會的策略性市場持續招募，因為我們希望為客戶提供很好的服務。當你看我們的離職率與流失（attrition）統計，它們是業界最低之一，這是很好的事情。我們的人員會待很久，這對客戶與我們的同仁都很好。但這其實是我們依據眼前看到的機會、逐個據點（location-by-location）做出的決策。所以在疫情期間、過去 2.5 年，招募勞動力更具挑戰，但我們看到這種情況已經明顯緩和。

So we have a good pipeline of labor that we kind of have sitting on the sidelines, so we're positioned and ready to go. But we're constantly looking at daily almost like Christopher talked about with our mix decisions and business that we bring in. So with those network visibility tools I talked about earlier, we know where we need labor, and we know 6 months in advance where we need labor. So that gives us a lot of tools to say, let's make a decision now for what we see coming in the future. And that's different from what we've had in the past.

所以我們有一個不錯的人力管道（pipeline），某種程度上是先在旁待命，因此我們已就位並準備好啟動。但我們也幾乎每天都在持續檢視——就像 Christopher 談到我們的組合決策與我們引入的業務一樣。因此，透過我先前提到的那些網路可視化工具，我們知道哪裡需要人力，也知道提前 6 個月哪裡會需要人力。這給了我們很多工具，讓我們可以說：針對我們看到的未來需求，現在就做決策。這與我們過去的情況不同。

Our next question comes from Tom Wadewitz with UBS.

我們的下一個問題來自瑞銀（UBS）的 Tom Wadewitz。

Wanted to see if you could offer some thoughts on just kind of underlying freight trends. I think both on the LTL side and then also it seems like in the Asset-Light business, you're seeing a bit of further deterioration in volume in October. And so I don't know if you think that's just market getting weaker or if that's a function of any change in approach. So yes, some thoughts on market trends.

想看看你是否能分享一些對於基本貨運趨勢的看法。我想包括 LTL 端，以及看起來在 Asset-Light 業務中，你們在 10 月的量又進一步惡化了一些。所以我不確定你們認為那只是市場變得更弱，還是你們策略做法有任何改變所致。所以，是的，想聽聽對市場趨勢的看法。

So I mean, I'd say that the overall backdrop is one that we've seen the manufacturing sector, it's been in decline. We've seen that decline, I guess, lessen a little bit in the latest report. We feel like that the destocking cycle is coming to an end. And so you still see a little bit of that softness. And so I'd say, we see the potential for that to become a catalyst. Certainly, we've had very specific market catalysts in the LTL space as it relates to capacity that had been a tailwind there. But I think if we move forward, we see some recovery in the manufacturing sector, we see a move towards restocking, then those could be additional tailwinds just more broadly across the business.

所以我的意思是，我會說整體背景是：我們看到製造業部門一直在下滑。我想在最新的報告中，我們看到那個下滑幅度稍微收斂了一點。我們覺得去庫存（destocking）循環正接近尾聲，因此你仍會看到一些疲弱。所以我會說，我們看到這有可能成為一個催化劑。當然，在 LTL 領域，就產能而言，我們曾有非常特定的市場催化因素，對那邊形成順風。但我認為往前看，如果我們看到製造業部門回升、看到轉向補庫存（restocking），那麼這些就可能成為更廣泛、橫跨整體業務的額外順風。

What about on the Asset-Light side and in truckload, it seems like that's -- the trend in that spend seems to be getting a little bit worse looking at the October shipments?

那 Asset-Light 端以及整車（truckload）呢？看起來——從 10 月出貨量來看，那邊的支出趨勢似乎變得更差了一點？

Yes. I mean, Steven can talk to it a little bit more. I'd say, overall, we've been seeing increases in market share and increases in shipments, but we certainly remain focused on profitability. Maybe Steven can talk about what that's looking like in October?

是的。我是說，Steven 可以再多談一點。整體而言，我們看到市占率提升、出貨量增加，但我們當然仍然專注於獲利能力。也許 Steven 可以談談 10 月的情況看起來如何？

Yes. Some of that is just a function of us making sure that we're disciplined around price and that we're getting value for the services we provide. But there's still tremendous opportunity there. We're seeing lots of opportunities. We're just being careful about how we think about bringing on new business. And so that's reflected a little bit in what we're seeing in October, but still see lots of opportunity for growth, and that's what we're focused on.

是的。其中一部分只是我們確保在定價上保持紀律，並且能為我們提供的服務取得相應價值的結果。但那裡仍然有巨大的機會。我們看到很多機會。我們只是更謹慎地思考如何承接新業務。因此，這在我們 10 月看到的情況中有些反映出來，但我們仍然看到很多成長機會，而這正是我們專注的方向。

Right. Okay. And just one quick follow-up on price. I think how long does it take you to kind of get through the book such that the stronger pricing environment would be fully reflected? It seems like you're showing a little bit of further momentum on price in October. I know you got the GRI. But how do you think about kind of the timing where that we might see further acceleration in price in the asset -- in the LTL business?

好的。那再快速追問一下價格。我想問的是，你們大概需要多久才能把整個客戶合約組合（book）跑完，讓較強的定價環境能完全反映出來？看起來你們 10 月的價格動能又更進一步。我知道你們有做 GRI（一般費率調升）。但你們怎麼看待時間點：我們何時可能在資產型——在 LTL 業務上看到價格進一步加速？

Sure. So the way I think about it, Tom, this is Christopher, is that a large portion of our business that is in the core business is subject to our annual contract negotiations. So as you think about that, those agreements are typically good for 1 year, for 12 months. So we'll work through around 1/4 of that business each quarter, if that makes sense.

當然。Tom，我的看法是——我是 Christopher——我們核心業務中有很大一部分是受年度合約談判影響的。所以你這樣想：這些協議通常有效期為 1 年，也就是 12 個月。因此，如果這樣說得通的話，我們每一季大約會處理其中約 1/4 的業務。

So you potentially could continue to see accelerating price for a couple more quarters?

所以你們可能還會在接下來幾季持續看到價格加速？

Sure. Yes, I think that's fair. The prices will always be increasing as our costs go up, the cost of doing business goes up. And so yes, I would expect that to continue.

當然。是的，我覺得這樣說很合理。隨著我們的成本上升、經營成本上升，價格總是會上調。所以是的，我預期這會持續下去。

Our next question comes from Jordan Alliger with Goldman Sachs.

下一個問題來自高盛（Goldman Sachs）的 Jordan Alliger。

I was wondering if you could discuss the sort of freight redistribution. What I mean is, do you think you could see some additional share opportunities in the quarters ahead, perhaps some of your peers or competitors out there maybe took on too much perhaps struggling with service? I mean, does that pose opportunity for you?

我想請你們談談所謂的貨量重新分配（freight redistribution）。我的意思是，你們是否認為未來幾季可能會看到一些額外的市占機會？也許你們的一些同業或競爭對手承接了太多貨量，可能在服務上遇到困難？我的意思是，這是否會為你們帶來機會？

Sure. Yes. I think that definitely does pose an opportunity. I don't know that I'm seeing a big issue with service in the marketplace necessarily. I think the freight has landed with the carriers that it will immediately following the disruption. Now shippers and carriers are working through each of those deals to make sure those carriers are making sure that business fits in their network well and it's priced appropriately and the shippers are making sure that they're getting the service and the price that makes sense for their business. But I think that's a case-by-case basis that shippers and carriers will continue to work through, make sure that they have the right relationships. We're also seeing there's an interest in diversifying the carrier portfolio of shippers, which I think positions us really well with our managed solutions that we're not just an Asset-Based player. If they have issues with sole sourcing with one carrier, that leads really well into our managed solutions hands.

當然。是的，我認為這確實帶來機會。我不確定我是否看到市場上有很大的服務問題。我認為在中斷事件之後，貨量已經落到那些承運商手上，並且短期內就會維持在那裡。現在，託運人與承運商正在逐一處理每一筆交易，確保承運商確認這些業務能很好地融入其網路、且定價適當；同時託運人也確保他們獲得符合其業務需求的服務與價格。但我認為這會是逐案處理，託運人與承運商會持續磨合，確保建立正確的合作關係。我們也看到託運人有意分散其承運商組合，我認為這讓我們的管理式解決方案（managed solutions）處於非常有利的位置，因為我們不只是資產型（Asset-Based）業者。如果他們在單一承運商獨家採購（sole sourcing）上遇到問題，這就非常適合導入我們的管理式解決方案。

Okay. And then just a follow-up just on like freight characteristics, mix. Obviously, weight per shipment right now is impacted by certain factors as you transition your business to this core LTL. Can you maybe talk a little bit about weight per shipment trends as you look ahead into next year? Does that start to normalize or rebalance?

好的。接著追問一下貨物特性、組合。顯然，目前每票貨重（weight per shipment）受到一些因素影響，因為你們正把業務轉向核心 LTL。你們能否談談展望明年時，每票貨重的趨勢？它會開始正常化或重新平衡嗎？

Yes. So that's a good question. I do think that there are just some dynamics like Christopher said, on the dynamic side, we definitely target freight based on certain characteristics and how it works best from a profitability standpoint. So there has been a little bit of an impact all the way just as we transition a little bit in our mix. And then there's probably just a little bit of a broader macro backdrop as again, there's been a little bit of weakening in manufacturing, and we've been going through the destocking that probably contributes just broadly to some overall declines on late.

可以。這是個好問題。我確實認為，正如 Christopher 所說，在動態（dynamic）業務那一側，我們會依據某些特性來鎖定貨源，從獲利能力角度看哪些最合適。因此，隨著我們的組合稍微轉換，確實對整體造成了一些影響。另外，可能也有一些更廣泛的總體背景因素：製造業略有走弱，而我們也正經歷去庫存（destocking），這可能在更廣泛層面上導致整體（運量）出現一些下滑。

Christopher, I don't know if there'd be anything else that you'd add on those drivers.

Christopher，我不確定你是否還想就這些驅動因素補充什麼。

Yes. And that dynamic business, we've talked about, it tends to be larger, heavier freight and as your mix changes that transition from the heavier stuff to the lighter core stuff will have an impact on our weight per shipment pulling it down.

是的。那個我們談過的動態業務，通常是體積更大、重量更重的貨。當你的組合改變、從較重的貨轉向較輕的核心貨時，就會對我們的每票貨重造成影響，使其下滑。

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

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

Congratulations on a very solid quarter. A couple of questions. Just one clarification on the Tom Wadewitz's question. I think what Tom was going after was the trend in July, August, September in the Asset-Light business was shipments per day up about 3% to 4%. And then suddenly in October, that drops to down 6%. And the answer was, oh, well destocking ending, so things are getting better, but it doesn't seem to explain that big drop from September to October. So I guess I was just wondering because that surprised me a little bit. Is this a function of the restructuring that you were doing on the Asset-Light side? So this is really our go-forward rate? Is October a bit of an anomaly, and we probably shouldn't read that way on fourth quarter? Or was there a material step down in the Asset-Light market that caused October to be what it was?

恭喜你們交出非常穩健的一季。我有幾個問題。先就 Tom Wadewitz 的問題做個釐清。我想 Tom 想問的是：在資產輕（Asset-Light）業務方面，7、8、9 月的每日出貨量大約成長 3% 到 4%，但到了 10 月突然變成下滑 6%。回答是說，喔，去庫存結束，所以情況在改善，但這似乎無法解釋從 9 月到 10 月那麼大的落差。所以我想問，因為這讓我有點意外。這是否是你們在資產輕端進行重整（restructuring）的結果？也就是說，這其實是我們未來的運行水準？還是 10 月有點異常，我們不應該用它來解讀第四季？或者是資產輕市場本身出現了實質性的下台階，才導致 10 月會是那樣？

Well, I mean, again, for us, I don't know that I would read too much into it in terms of maybe where we're headed in future quarters. We still see a tremendous opportunity. We're connecting well with customers. The service resonates well. And so we're -- we see opportunities to continue to grow. But at the same time, we feel like we're at the near the bottom or at the bottom of the kind of pricing market. And so we're being careful about what we're doing in bids and that type of thing. And I think you could see that kind of show up in October, but we feel like that's going to turn, it's going to come back, and we'll be in a better opportunity to grow and add volume. So I don't see that as a trend that will continue. But we've got to work within the given market. And so that's kind of how we're thinking about it going forward.

嗯，我的意思是，對我們而言，我不確定是否應該從中解讀太多、用來推論未來幾季的走向。我們仍然看到巨大的機會。我們與客戶的連結很順，服務也很有共鳴。因此——我們看到持續成長的機會。但同時，我們覺得目前的定價市場接近底部或就在底部，所以我們在投標（bids）以及這類事情上會更謹慎。我想你可能會在 10 月看到這點的反映，但我們認為那會扭轉、會回來，而我們將有更好的機會去成長並增加量。所以我不認為那會是會持續的趨勢。但我們必須在既定的市場環境下運作。這就是我們對未來的思考方式。

We've also continued to see growth in the other areas in Asset-Light. We're seeing managed and some of our other services, we're starting to add more volume at a higher rate. So there's some good things going on across Asset-Light. But again, for me, I want to make sure that we're just making good decisions about price and how we think about the business that we're bringing on, and you can see a little bit of that in October.

我們也持續看到資產輕其他領域的成長。我們看到管理式（managed）以及我們的一些其他服務，開始以更高的速度增加更多量。所以資產輕整體有一些正向進展。但對我來說，我想確保的是：我們在價格上、以及對於我們要承接的業務類型，能做出好的決策，而你在 10 月可以看到其中一點反映。

One thing to take note of is the managed part of that, that you're talking about. We don't reflect that in the shipment count that's disclosed, and there is momentum. There is momentum there, and we referenced it. We do that just for clarity around the shipment level. So primarily what you're seeing when you see that statistic is truckload and to some extent, the expedite trends, which right now are very challenging. And the point that I think Steven is making is that we're a little bit more focused on making sure that these customers that we're doing business with over the little bit longer term here are right for us, we're right for them, and there's value in the relationship. And that doesn't speak to the opportunity being less at all because we have robust opportunities across all of our solutions, and we're excited about that.

有一點值得注意的是你提到的管理式那一部分。我們沒有把它反映在所揭露的出貨量（shipment count）中，而且那裡確實有動能。我們也提到了那個動能。我們這麼做只是為了讓出貨量層級的口徑更清楚。因此，當你看到那個統計數字時，你主要看到的是整車（truckload），以及在某種程度上看到加急（expedite）的趨勢，而目前這兩者都非常具挑戰性。我想 Steven 要表達的重點是：我們更專注於確保在接下來較長一段時間內，與我們往來的這些客戶適合我們、我們也適合他們，而且這段關係有其價值。這完全不代表機會變少，因為我們在所有解決方案上都有很強的機會，我們也對此感到興奮。

Judy, thank you. And that gives me a lot more clarity. So I appreciate that. Just one follow-up on Asset-Light and then one quick question on Asset-Based. So the OR, as we measure it, and I know we can argue whether that's the best way to look at this or not, is down about 450-ish basis points year-on-year and about 300 of that is explained with the purchased transportation going from 84% to 87% of revenue. What's causing that other 150 basis points? Because as much as asset base was a great positive surprise in the quarter, I think Asset-Light was a bit of a disappointment. Is it because expedited is down and you do have overhead costs associated with that? What would explain that 150-ish basis point decline not related to purchased transportation?

Judy，謝謝你。這讓我清楚很多，我很感謝。再追問一個資產輕問題，然後再快速問一個資產型問題。就 OR（營運比率）而言——以我們的衡量方式，我知道也可以爭論這是不是最佳看法——年對年大約改善了 450 個基點，其中約 300 個基點可由外購運輸（purchased transportation）占營收比重從 84% 升到 87% 來解釋。那另外約 150 個基點是什麼原因造成的？因為資產型本季是很大的正向驚喜，但我覺得資產輕有點令人失望。是因為加急業務下滑，而你們有與之相關的間接費用（overhead costs）嗎？什麼能解釋那約 150 個基點、且與外購運輸無關的下滑？

Well, I mean, I think that what we're doing is, as Steven said, just continuing to have investments in people and resources to serve that growth opportunity. And I think just as you look at the overall results, you see that. Now I'll say this, we've addressed that to some extent with some of the facility decisions that we've made, and you see the impact of those, and we're continuing to look for other ways to be more efficient. One thing we haven't talked about yet on this call is just a focus on the small and medium-sized business segment. We see a real opportunity there for both growth and improved margins in Asset-Light. And we're working on that. That will be an impact in 2024, perhaps in the second half of it, but something that's in our line of sight.

嗯，我的意思是，我認為我們正在做的事情，正如Steven所說，就是持續在人才與資源上投資，以支援那個成長機會。我想從整體結果來看，你也能看到這一點。現在我會這麼說：我們已經在某種程度上透過我們所做的一些設施決策來處理這個問題，你也看到了那些決策帶來的影響，而我們也持續在尋找其他提高效率的方法。這通電話上我們還沒談到的一點，是我們對中小企業（SMB）客群的聚焦。我們在那裡看到一個真正的機會，能同時帶來成長並提升Asset-Light的利潤率。我們正在推進這件事。這會在2024年產生影響，可能是在下半年，但這是我們已經看得到、在視野範圍內的事情。

Okay. And then last follow-up. I know you were talking about the 500 doors by 2025, and there's a big real estate opportunity with some of these yellow properties that are coming to market. As we're thinking about capital spending for 2024, I know you mentioned that there was -- I think it was $60 million of catch-up from '22 that was in this year's number. Could we probably see a little more spend on real estate as opposed to operating equipment in '24? And I know you haven't come out with the '24 CapEx, but as we're thinking about modeling, could we see kind of a pull back to the mid-200s normally, but maybe something closer to this year, if we add in real estate potential for next year?

好的。那最後一個追問。我知道你們談到2025年前要達到500個據點（doors），而且隨著一些Yellow的資產（properties）進入市場，房地產方面有很大的機會。當我們思考2024年的資本支出時，我知道你提到今年的數字裡包含了——我想是來自2022年的6,000萬美元補支出（catch-up）。那麼在2024年，我們是否可能會看到在房地產上的支出相對於營運設備更多一些？我也知道你們尚未公布2024年的CapEx，但就建模來看，我們是否會看到通常回落到2億多美元中段的水準，但如果把明年房地產的潛在機會加進去，可能會更接近今年的水準？

Yes. So Jeff, certainly, I think there will be over the coming months, opportunities on the real estate side in the LTL space. I'd say just generally, our 2024 plan and thoughts on capital are still coming together and probably too early to give an overall picture of that at this point.

是的。所以Jeff，當然，我認為在接下來幾個月，LTL領域的房地產端確實會有一些機會。一般來說，我們對2024年的計畫以及資本配置的想法仍在整合中，現在要給出整體輪廓可能還太早。

Our next question comes from Stephanie Moore with Jefferies.

下一個問題來自Jefferies的Stephanie Moore。

So I think you guys do a really good job of kind of managing your shipments throughout the cycle. You obviously talked a lot about the usage of dynamic LTL freight. Can you talk maybe about what you're thinking regarding a normalized shipments per day? And then do you think 3Q represents kind of an optimal mix for you guys? Or do you think there's more to do here given the disruption in the market?

我認為你們在景氣循環中管理貨運量（shipments）做得非常好。你們也明顯談了很多關於動態LTL貨運的使用。你們能否談談對「常態化」的每日出貨量（normalized shipments per day）是怎麼想的？另外，你們覺得第三季（3Q）對你們而言代表一個最佳組合（optimal mix）嗎？還是考量到市場的擾動（disruption），你們覺得還有更多可以做的？

Yes. Stephanie, this is Christopher. I'll start. I think I'll reference maybe near term. I think Seth had some longer-term plans you could speak to. But on the near term, right now, we're targeting around 20,500 shipments per day on a daily basis, but that varies like again, day-to-day, week-to-week based on the opportunities that are in our pipeline and what the current capacity situation is.

是的，Stephanie，我是Christopher。我先開始。我可能先談近期；我想Seth可以談一些較長期的規劃。就近期而言，目前我們的目標是平均每天大約20,500票出貨（shipments per day），但這會像我剛才說的，依據我們管線中的機會以及目前的產能狀況，在日與日、週與週之間有所變動。

Seth, do you want to speak to the long term?

Seth，你要談談長期嗎？

Yes. I would just say we're constantly trying to optimize our mix, but also leave potential for growth. So we're open to that growth, and we're investing in that growth when you think about the people, the facilities we talked about, the efficiency measures that we've taken, that's really all to position us for long-term growth. So we feel like we'll continue to do that as long as the opportunities are there and profitable for us.

好的。我會說我們一直在嘗試最佳化我們的組合，同時也保留成長的可能性。因此我們對成長是開放的，而且當你想到我們談到的人員、設施，以及我們採取的效率措施時，我們也在為這個成長投入；這些都是為了讓我們在長期成長上做好定位。所以只要機會存在且對我們而言有利可圖，我們就會持續這麼做。

Got it. And maybe just as a follow-up and kind of taking a step back here, it does seem that this quarter demonstrates you guys really kind of firing on all cylinders, whether it's the mix. You have good pricing coming in. You noted, obviously, you already have this mature terminal network. And then kind of the last point, we clearly can see a lot of these productivity actions are kind of coming through very nicely, while I think we all can agree it's still a pretty weak freight environment. So all those things considered, do you think you can deliver kind of a sustainable 8-handled OR going forward just based on all these factors?

了解。那再追問一下、稍微拉高一點來看，這一季看起來你們確實是各方面都運轉得很順，不論是組合。你們有不錯的定價進來。你們也提到，顯然你們已經有成熟的場站（terminal）網路。然後最後一點，我們也清楚看到許多生產力提升的行動正非常順利地反映出來；同時我想大家都同意，貨運環境仍然相當疲弱。綜合這些因素，你們認為未來是否能夠持續交付大約8字頭的OR（operating ratio，營業比率）？

Yes. I mean, Stephanie, I think that's certainly what we're targeting. I think one of the things that's interesting about this environment is that if you look at the underlying macro weakness, you can compare it back to some pretty rough periods, you hear comparisons back to '09, maybe even in the spring of 2020. And we can see that through some of the other solutions as well as the Asset-Based solution, but the unique and really helpful opportunity that we have is to address this disruption with our customers that resulted from the yellow bankruptcy and other things that have gone on in the marketplace. And so I feel like that it's not only dealing with the macro weakness, but seizing on an opportunity to help our customers navigate this disruption.

是的。我的意思是，Stephanie，我認為那當然是我們的目標。我覺得這個環境有趣的一點是，如果你看底層的總體（macro）疲弱程度，你可以把它拿來跟一些相當艱難的時期相比，你會聽到有人拿來跟2009年相比，甚至可能是2020年春季。我們在其他一些解決方案以及Asset-Based解決方案中也能看到這點；但我們獨特且非常有利的機會，是去因應這個擾動，並協助客戶處理因Yellow破產以及市場上其他事件所造成的變化。因此我覺得這不只是應對總體疲弱，同時也是把握機會，幫助客戶在這種擾動中找到路徑。

And we've highlighted in some of our prepared comments, but I really want to highlight this for you is just the ability to say yes to a customer. And it might be a business that runs through the Asset-Based network, but it could also be a better fit for managed that runs with other LTL carrier partners or truckload optimization work that we're doing. And it's just a good model in a period of disruption, which seems to be happening a lot more often. So if we navigate all of that well, we're in the 80s in an environment like that. We know we have a lot of other innovations and tech opportunities for improvement. I'm excited about our future, and we're very focused on getting even better. And I just want you to hopefully see that with the execution of our team in this quarter.

而且我們在一些事先準備的發言中已經強調過，但我真的想再特別強調給你的是：我們有能力對客戶說「可以」。這可能是一筆走Asset-Based網路的業務，但也可能更適合由我們的managed業務來承接，透過其他LTL承運商夥伴來運作，或是我們正在做的整車（truckload）最佳化工作。這在擾動期間是一個很好的模式，而這種擾動似乎越來越常發生。所以如果我們把這一切都處理得好，在這樣的環境下我們能做到80多的OR。我們也知道還有很多其他創新與科技機會可以改善。我對我們的未來感到興奮，我們也非常專注於變得更好。我希望你能從我們團隊在本季的執行表現中看到這一點。

Frank, I think we've got time for one more question.

Frank，我想我們還有時間再問最後一個問題。

Our next question comes from Bruce Chan with Stifel.

下一個問題來自Stifel的Bruce Chan。

This is Andrew Cox on for Bruce. We just wanted to ask about how you guys are thinking about the portfolio of businesses and services? What still might be missing from the portfolio and where do you guys see opportunities to add services or breadth? And should we expect the current revenue mix between Asset and Asset-Light to hold for the next few years? Or are you expecting some sort of change?

我是代替Bruce的Andrew Cox。我們想問一下你們如何看待你們的業務與服務組合（portfolio）？這個組合裡還可能缺少什麼？你們在哪些地方看到可以增加服務或擴大廣度的機會？另外，我們是否應該預期未來幾年Asset與Asset-Light之間目前的營收組合會維持不變？還是你們預期會有某種變化？

Andrew, this is Dennis. Great question. We really like the mix of capabilities that we have right now. I mean that -- I think we've talked in previous quarters about and talked on this call about our managed business and really leaning into that. We expect growth out of truckload and certainly growth out of asset base as well. So we like the mix that we bring to customers today. And certainly, investments in those areas are where we're focused.

Andrew，我是Dennis。這是個好問題。我們非常喜歡目前擁有的能力組合。我的意思是——我想我們在前幾季以及這通電話上都談過我們的managed業務，並且確實在加大投入。我們預期整車（truckload）會成長，當然Asset-Based也會成長。所以我們喜歡今天帶給客戶的這個組合。而且我們的投資重點也確實放在這些領域。

And then your other question about how we should expect the mix to evolve over time. We expect that mix really over a long period of time to look more like our customers spend. And so when you think about the size of these markets and how customers spend on freight and transportation, we expect that we're going to continue to grow the mix toward that Asset-Light business even as Asset-Based grows. So that's what I would say about -- happy about the capabilities that we have and then we expect on a long trajectory, really to start looking more and more like the market spend.

至於你另一個問題：我們應該如何預期這個組合隨時間演變。我們預期在很長一段時間裡，這個組合會更像客戶的支出結構。因此當你想到這些市場的規模，以及客戶在貨運與運輸上的支出方式時，我們預期即使Asset-Based也在成長，我們仍會持續把組合往Asset-Light業務的方向提高。所以我會這麼說——我們對目前的能力很滿意，而我們也預期在長期軌跡上，會越來越像市場的支出結構。

Okay. Well, thank you. I think this concludes our call. We appreciate you joining us. Thank you very much.

好的。謝謝。我想這就結束我們的電話會議了。感謝各位加入。非常謝謝。

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.

今天的電話會議到此結束。感謝各位的參與，並請各位掛線。祝大家有美好的一天。