ArcBest Corp (ARCB) 2024 Q3 法說會逐字稿

Good morning. I'm here today with Judy McReynolds, Chairman and CEO; Seth Runser, President; and Matt Beasley, Chief Financial Officer. We also have other members of our executive leadership team available for the Q&A session.

早安.今天我和董事長兼執行長朱迪·麥克雷諾茲 (Judy McReynolds) 一起來到這裡。賽斯‧倫瑟，總裁；和財務長馬特·比斯利。我們還有其他執行領導團隊的成員參加問答環節。

Before we begin, please note that some of the comments we'll make today will be forward-looking statements. These statements are subject to uncertainties and risks, which are detailed in the forward-looking section of our earnings release and SEC filings. To provide meaningful comparisons, we will discuss certain non-GAAP financial measures during this call. These measures are outlined and described in the tables of our earnings release.

在開始之前，請注意，我們今天發表的一些評論將是前瞻性陳述。這些陳述受到不確定性和風險的影響，我們的收益發布和美國證券交易委員會文件的前瞻性部分對此進行了詳細說明。為了提供有意義的比較，我們將在本次電話會議中討論某些非公認會計準則財務指標。這些措施在我們的收益發布表格中進行了概述和描述。

Reconciliations of GAAP measures to non-GAAP measures discussed in this call are also provide an additional information section of the presentation slides. You can access the conference call slide deck on our website at arcb.com, in our 8-K filed earlier this morning or follow along on the webcast.

本次電話會議中討論的 GAAP 衡量標準與非 GAAP 衡量標準的調整也提供了簡報投影片的附加資訊部分。您可以在我們的網站 arcb.com 上、今天早上早些時候提交的 8-K 中存取電話會議幻燈片，或關注網路廣播。

And now I will turn the call over to Judy.

現在我將把電話轉給朱迪​​。

Thank you, Amy, and good morning, everyone. -- our commitment to our strategic pillars of growth, efficiency and innovation and continue to invest in our people, solutions and technologies as we position ArcBest to capitalize on today's opportunities and those that arise as the freight cycle improves.

謝謝艾米，大家早安。 ——我們致力於成長、效率和創新等策略支柱，並持續投資於我們的人員、解決方案和技術，讓 ArcBest 能夠充分利用當今的機會以及隨著貨運週期改善而出現的機會。

Our people are at the heart of our success. By providing them with the right tools, training and support, we enhance their ability to deliver exceptional value to our customers and shareholders. This year, our investments in training have not only enabled our workforce to succeed, but we have also seen savings, significant cost savings. For example, the operations experts deployed to our largest ABF facilities have already saved us $7 million this year, with more savings anticipated as we expand these efforts into 2025.

我們的員工是我們成功的核心。透過為他們提供合適的工具、培訓和支持，我們增強了他們為客戶和股東提供卓越價值的能力。今年，我們對培訓的投資不僅使我們的員工取得了成功，而且我們還看到了節省，顯著的成本節省。例如，部署到我們最大的 ABF 設施的營運專家今年已經節省了 700 萬美元，隨著我們將這些努力擴展到 2025 年，預計還會節省更多。

It's crucial that we have the right people in the right roles and investments in our leadership team and employees guarantee a deep bench of talent for the future. Last year -- excuse me, last quarter, we promoted Seth to President of ArcBest; and Matt Gorey to ABF President. Recently, we announced that upon Michael Newcity's retirement, Dennis Anderson will succeed him as Chief Strategy and Innovation Officer. Dennis is a forward-thinking leader with a deep amending of our customers and employees challenges. He has been instrumental in driving significant improvements to our digital tools contributing to our number one Mastio ranking for the most useful website.

至關重要的是，我們要讓合適的人擔任合適的角色，並對我們的領導團隊和員工進行投資，以確保未來擁有深厚的人才儲備。去年——對不起，上個季度，我們晉升 Seth 為 ArcBest 總裁；馬特·戈里 (Matt Gorey) 擔任 ABF 主席。最近，我們宣布 Michael Newcity 退休後，Dennis Anderson 將接替他擔任首席策略和創新長。丹尼斯是一位具有前瞻性思維的領導者，能夠深入解決我們的客戶和員工面臨的挑戰。他在推動我們數位工具的重大改進方面發揮了重要作用，為我們的 Mastio 在最有用網站中排名第一做出了貢獻。

And speaking of Mastio, we are proud to receive external recognition for our hard work in the 2024 survey results, where ABF exceeded the industry benchmark standard for service and ranked number one or number two in half of the categories surveyed. These rankings affirm our status as a premium provider that customers trust and rely on. I am proud of how we listen and collaborate across our organization to be responsive to our customers' needs.

說到 Mastio，我們很自豪能夠在 2024 年的調查結果中獲得外部對我們辛勤工作的認可，其中 ABF 超出了行業服務基準標準，並在一半的調查類別中排名第一或第二。這些排名證實了我們作為客戶信任和依賴的優質提供者的地位。我為我們如何在整個組織內傾聽和協作以回應客戶的需求而感到自豪。

As we navigate a dynamic landscape, our commitment to delivering shareholder value remains unwavering. Each and every day, we make decisions to enhance our capabilities and drive sustainable growth.

當我們在充滿活力的環境中前進時，我們對提供股東價值的承諾仍然堅定不移。我們每天都做出決策來增強我們的能力並推動永續成長。

And now I'll turn it over to Seth, and Seth will discuss some of the key initiatives that are propelling us forward.

現在我將把它交給塞斯，塞斯將討論一些推動我們前進的關鍵舉措。

Thanks, Judy, and good morning, everyone. As I step into my new role, I've had the pleasure of meeting with teams across the organization to identify ways to unlock additional value and drive efficiency. I'm inspired by our employees' engagement and dedication to our customers and our company. We remain committed to managing what's within our control delivering industry-leading service and operating our business efficiently. Despite the challenging macro environment, I am confident in our ability to grow and deliver on our strategic priorities.

謝謝朱迪，大家早安。當我踏入新角色時，我很高興與整個組織的團隊會面，以確定釋放額外價值和提高效率的方法。我們的員工對客戶和公司的投入和奉獻精神讓我深受鼓舞。我們仍然致力於管理我們控制範圍內的事情，提供業界領先的服務並有效地經營我們的業務。儘管宏觀環境充滿挑戰，但我對我們發展和實現策略重點的能力充滿信心。

My confidence stems from our strong customer ongoing service improvements and progress on facility expansions and investments in innovation. Our high customer retention underscores the effectiveness of our relationships and satisfaction of our customers. In addition, we have a strong pipeline that represents substantial opportunity for top line growth. We carefully evaluate each opportunity to ensure we create value for the customers while producing the returns that our shareholders expect. Our managed transportation solution is leading the way with double-digit shipment growth.

我的信心源於我們強大的客戶持續的服務改進以及設施擴建和創新投資方面的進展。我們的高客戶保留率凸顯了我們關係的有效性和客戶滿意度。此外，我們擁有強大的產品線，為收入成長提供了巨大的機會。我們仔細評估每一個機會，以確保為客戶創造價值，同時產生股東期望的回報。我們的管理運輸解決方案以兩位數的出貨量成長引領潮流。

This solution helps customers optimize their supply chains, and it's clear that efficiency driving solutions are more valued than ever.

此解決方案可協助客戶優化其供應鏈，很明顯，效率驅動解決方案比以往任何時候都更有價值。

I'm encouraged to see that this growing and the customer agreements we are securing now are more than 5x larger on average than those from five years ago. Our revamped onboarding process is improving customer attention and lowering our cost to serve. As more customers opt for managed solutions, we grow both our top line and bottom lines.

我很高興看到這種成長以及我們現在獲得的客戶協議平均比五年前增加了 5 倍以上。我們改進的入職流程正在提高客戶注意力並降低我們的服務成本。隨著越來越多的客戶選擇託管解決方案，我們的營收和利潤都在增加。

As we've mentioned before, ABF's LTL on-time service is the best it has been in five years. We have made significant improvements to shipment visibility with approximately 30% better accuracy on our ETA calculations, reducing customer inquiries 19%. As Judy commented on already, our focus on continuous improvement and serving our customers with excellence as reflected in the recent recognition by Mastio. Superior service drives future growth and a win-win outcome on pricing. While I'm proud of the progress we've made, we are not sitting still.

正如我們之前提到的，ABF 的零擔準時服務是五年來最好的。我們顯著改進了發貨可視性，預計到達時間計算準確度提高了約 30%，客戶詢問減少了 19%。正如 Judy 已經評論過的那樣，我們專注於持續改進並為客戶提供卓越服務，Mastio 最近的認可就反映了這一點。卓越的服務推動未來的成長和定價上的雙贏。雖然我對我們所取得的進步感到自豪，但我們並沒有坐以待斃。

We have more work to do. We are progressing on our long-term ABF facility road map and strategically adding capacity. We opened three newly remodeled facilities from the yellow auction, which added nearly 80 doors and replaced current locations. We're wrapping up the addition of 66 stores in Chicago. And in early 2025, we plan to complete a facility expansion in San Bernardino, California, which will add another 40 doors of capacity in a growth market.

我們還有更多工作要做。我們正在製定長期 ABF 設施路線圖並策略性地增加產能。我們開設了黃色拍賣場中的三個新改建的設施，增加了近 80 個門並取代了目前的位置。我們即將完成在芝加哥新增 66 家商店的工作。我們計劃在 2025 年初完成加州聖貝納迪諾的設施擴建，這將在成長市場中再增加 40 個產能。

These updated facilities and door additions will enable us to handle more freight with improved productivity and better service.

這些更新的設施和門的增加將使我們能夠處理更多的貨物，提高生產力並提供更好的服務。

In addition to our facility expansion, we are investing in equipment and technology to further improve our results. New equipment investments ensure our fleet remains one of the youngest and most efficient in the industry. In the third quarter of 2024, our repairs and maintenance costs were $5 million lower than last year's third quarter. A modern fleet reduces our total cost of ownership and underscores our dedication to operational excellence and long-term sustainability. New dock management software provides employee level visibility into productivity.

除了設施擴建之外，我們還在設備和技術方面進行投資，以進一步改善我們的績效。新設備投資確保我們的機隊仍然是業內最年輕、最高效的機隊之一。2024 年第三季度，我們的維修和維護成本比去年第三季減少了 500 萬美元。現代化的機隊降低了我們的總擁有成本，並強調了我們對卓越營運和長期永續發展的奉獻精神。新的碼頭管理軟體提供員工層級的生產力可見性。

Having this tool in the hands of our frontline managers enables quicker action and provides consistency in our processes and service.

一線經理掌握此工具可以更快採取行動，並保證我們的流程和服務的一致性。

We have also developed advanced labor planning tools, which will enable us to forecast labor needs more accurately, ensuring we have the right people in the right places at the right times, drive productivity and supporting our growth objectives. You've heard us discuss our city route optimization project at ABF before, and we are expanding into the next two phases, which will use AI to predict daily demand and optimize our pickup routes. These have been in pilot for three months with the rollout plans to begin in the fourth quarter.

我們還開發了先進的勞動力規劃工具，這將使我們能夠更準確地預測勞動力需求，確保我們在正確的時間在正確的地點擁有正確的人員，提高生產力並支持我們的成長目標。您之前聽說過我們在 ABF 討論過我們的城市路線優化項目，我們正在擴展到接下來的兩個階段，其中將使用人工智慧來預測日常需求並優化我們的接送路線。這些已經試運行了三個月，計劃在第四季開始推出。

For our truck solution, we have developed a self-serve carrier portal with features like lane matching and auto offer negotiation, which is resonating with our truckload carriers. We are already seeing a 13% adoption rate, which is ahead of our original targets, and we should grow as more features are added. I'm pleased that we are wrapping up the implementation of TriumphPay, a third-party solution for carrier payments and invoice auditing. This technology will reduce manual tests and fraud, improve our carrier partner experience and allow for scalable growth. These investments in facilities, technology, equipment and innovation are contributing to a year-over-year productivity improvement of 20% for asset light and 6% for asset based.

對於我們的卡車解決方案，我們開發了一個自助承運商門戶，具有車道匹配和汽車報價協商等功能，這與我們的卡車承運商產生了共鳴。我們已經看到了 13% 的採用率，這超出了我們最初的目標，隨著更多功能的添加，我們應該會成長。我很高興我們即將完成 TriumphPay 的實施，這是一個用於運營商付款和發票審核的第三方解決方案。該技術將減少手動測試和欺詐，改善我們的營運商合作夥伴體驗並實現可擴展的成長。這些對設施、技術、設備和創新的投資使輕資產生產力年增了 20%，基於資產的生產力提高了 6%。

Our company has evolved tremendously over the past several years. And as you can see, we are intelligently investing for the future to benefit our customers and shareholders.

在過去的幾年裡，我們公司取得了巨大的發展。正如您所看到的，我們正在為未來進行明智的投資，以使我們的客戶和股東受益。

I'll now turn it over to Matt to go through the financials in greater detail.

我現在將把它交給馬特，讓他更詳細地了解財務狀況。

Thank you, Seth, and good morning, everyone. The third quarter presented another period of softer demand for our industry. The truckload market continues to face challenges, and we are comparing to a strong third quarter in 2023 for our asset-based segment, which saw higher business levels as we help customers navigate market disruptions.

謝謝你，賽斯，大家早安。第三季是我們產業需求疲軟的另一個時期。卡車裝載市場持續面臨挑戰，我們將資產型細分市場與 2023 年第三季的強勁表現進行比較，在我們幫助客戶應對市場混亂的過程中，該細分市場的業務水平有所提高。

Consolidated revenue decreased by 6% from last year's third quarter to $1.1 billion. Non-GAAP operating income from continuing operations was $55 million compared to $75 million in the prior year. Our asset-based segment saw a $19 million decrease in non-GAAP operating income, while the asset-light segment's non-GAAP operating loss of $4 million was unchanged. Adjusted earnings per share were $1.64, down from $2.31 in the third quarter of 2023.

綜合營收較去年第三季下降 6%，至 11 億美元。非公認會計準則持續經營業務的營業收入為 5,500 萬美元，而前一年為 7,500 萬美元。我們的資產部門的非 GAAP 營業收入減少了 1,900 萬美元，而輕資產部門的非 GAAP 營業虧損為 400 萬美元，沒有變動。調整後每股收益為 1.64 美元，低於 2023 年第三季的 2.31 美元。

Now let's discuss our two segments in more detail. Starting with our asset-based business. Second quarter revenue was $710 million, a per day decrease of 6%. ABS non-GAAP operating ratio 91%, an increase of 220 basis points year-over-year and 120 basis points sequentially.

現在讓我們更詳細地討論這兩個部分。從我們的資產業務開始。第二季營收為 7.1 億美元，每日下降 6%。ABS 非 GAAP 營運率為 91%，較去年同期成長 220 個基點，較上季成長 120 個基點。

Our August 8-K highlighted expected sequential operating ratio performance of flat to a 50 basis point increase. September weight per shipment was lower than expected and was the largest contributor to the higher-than-expected operating ratio. In addition, higher insurance costs added 40 basis points to the operating ratio sequentially. In the third quarter, daily shipments saw a slight decline of less than 1% on a year-over-year basis. However, weight per shipment decreased by 11%, resulting in an 11% decrease in tons per day compared to the previous year.

我們的 8 月 8-K 報告強調，預計連續營運比率表現將持平至成長 50 個基點。9月每船重量低於預期，是開工率高於預期的最大原因。此外，較高的保險成本使營業比率比上季增加了 40 個基點。第三季日均出貨量較去年小幅下降，降幅不到1%。然而，每批貨物的重量下降了11%，導致每天的噸數比去年減少了11%。

This decline is primarily due to broad industrial weakness as customers are producing less in the current economic environment. Additionally, higher interest rates and low housing inventory have led to fewer household goods moves, which typically involve heavier shipments.

這一下降主要是由於在當前經濟環境下客戶產量減少，導致工業普遍疲軟。此外，較高的利率和較低的房屋庫存導致家庭用品運輸減少，而這通常涉及大量運輸。

Some higher weight LTL shipments have also shifted to the truckload market with its continued low rates and excess capacity. It's also worth noting that some of our shipments related to yellow's bankruptcy in the third quarter of 2023 were project related, while others shifted to other providers over the past year. Revenue per hundredweight increased by 7% in the third quarter. On September 9, we implemented a 5.9% general rate increase, and we secured an average increase of 4.6% on our contract renewals and deferred pricing agreements during the quarter.

由於費率持續較低且運力過剩，一些重量較大的零擔運輸也已轉向卡車裝載市場。另外值得注意的是，我們在 2023 年第三季與 Yellow 破產相關的部分出貨是與專案相關的，而其他出貨則在過去一年中轉移到了其他提供者。第三季每英擔收入成長了 7%。9 月 9 日，我們實施了 5.9% 的總體利率上漲，並確保本季合約續約和遞延定價協議平均上漲 4.6%。

Price improvements were partially offset by decline in fuel costs. Excluding fuel surcharges, revenue per hundredweight increased in the high single digits year-over-year. The pricing environment remains rapid, and we are focused on using pricing and operational efficiency improvements to outpace rising costs and enhance our margins.

價格上漲被燃料成本下降部分抵銷。不計燃油附加費，每英擔收入較去年同期出現高個位數成長。定價環境仍然快速，我們專注於利用定價和營運效率的改進來超越成本上升並提高利潤。

Changes in the wage rate under our union contract took effect on July 1, and benefits increased August one for a combined increase of approximately 2.7%. This equates to approximately $8 million in additional costs for the third quarter. Despite lower the volume of shipments remained relatively stable, which meant that labor costs didn't scale proportionately to tonnage declines. However, improved productivity through technology and training help mitigate increased contract costs while maintaining high service standards. Cost for fuel, and purchase transportation were all lower on a year-over-year basis, but insurance costs increased by $6 million, adding 100 basis points to our operating ratio year-over-year.

我們工會合約下的工資率變化於 7 月 1 日生效，福利增加於 8 月 1 日，總計增幅約 2.7%。這相當於第三季約 800 萬美元的額外成本。儘管出貨量下降，但仍相對穩定，這意味著勞動成本並未與噸位下降成比例。然而，透過技術和培訓提高生產力有助於減輕合約成本的增加，同時維持高服務標準。燃料成本和採購運輸成本年比均有所下降，但保險成本增加了 600 萬美元，使我們的營運比率比去年同期增加了 100 個基點。

On Page 15 of our slide deck, you'll see that our trailing 12-month non-GAAP operating ratio stands at 90.1%. This marks a 780 basis point improvement since 2016, highlighting the success of our strategic initiatives. In October 2024, ArcBest's asset-based segment experienced lower shipment and tonnage levels compared to the same period last year. This decrease is primarily attributed to the exceptionally strong performance in October 2023, which was driven by additional business at higher prices following the cyberattack on a competitor that tighten capacity.

在我們投影片的第 15 頁上，您會看到我們過去 12 個月的非 GAAP 營運率為 90.1%。這標誌著自 2016 年以來提高了 780 個基點，凸顯了我們策略舉措的成功。2024年10月，ArcBest的資產業務部門的出貨量和噸位水準與去年同期相比有所下降。這一下降主要歸因於 2023 年 10 月的異常強勁表現，這是由於競爭對手受到網路攻擊導致產能收緊後，以更高的價格增加了更多業務。

As we serve our customers during this market disruption, in October of last year, we achieved an 8.1% year-over-year increase in billed revenue per hundredweight. This October, our results were impacted by weak industrial production, disruptions from hurricanes and strike. Despite these challenges, pricing remains rational. The decrease in revenue per hundredweight is also influenced by lower fuel prices. Excluding fuel surcharges, revenue per hundredweight remained flat year-over-year.

去年 10 月，當我們在市場混亂期間為客戶提供服務時，每英擔計費收入年增了 8.1%。今年十月，我們的業績受到工業生產疲軟、颶風和罷工的影響。儘管存在這些挑戰，定價仍然合理。每英擔收入的下降也受到燃料價格下降的影響。不計燃油附加費，每英擔收入較去年同期持平。

From September to October, tonnage per day remained flat. We expect the year-over-year decrease in revenue that we saw in October to moderate throughout the rest of the quarter, resulting in a total expected year-over-year decrease in revenue per day for the quarter in the mid-single digits.

9月至10月，日均噸位維持穩定。我們預計 10 月的營收年減將在本季剩餘時間內放緩，從而導致本季每日營收預計將年減幅度為中個位數。

Historically, the average sequential change in the asset-based operating ratio from the third quarter to the fourth quarter has ranged from a 100 basis point to a 200 basis point increase. With continued softness in the manufacturing environment in truckload markets, we currently expect to be on the high end of the historical range.

從歷史上看，從第三季度到第四季度，資產營運比率的平均環比變化幅度為100個基點至200個基點。隨著卡車市場製造環境持續疲軟，我們目前預計將處於歷史範圍的高端。

Moving on to the asset-light segment. Third quarter revenue was $385 million, a day -- decrease of 10% year-over-year. Shipments per day were down less than 1% and revenue per shipment decreased by 9%, due to the soft freight market and growth in our managed business, which has smaller shipment sizes and lower revenue per shipment lots.

轉向輕資產領域。第三季營收為 3.85 億美元，年減 10%。由於貨運市場疲軟以及我們管理業務的成長（出貨規模較小且每批收入較低），每日出貨量下降了不到 1%，每批發貨收入下降了 9%。

Our managed solutions set a record in September for both volumes and margins as we onboarded new customers and grew with existing accounts. We maintain our focus on reducing operating expenses and improved employee productivity. However, the non-GAAP operating loss of $4 million shows that our business continues to be impacted by current market conditions.

隨著我們吸引新客戶並隨著現有客戶的成長，我們的託管解決方案在 9 月創下了銷售和利潤的記錄。我們始終致力於降低營運費用和提高員工生產力。然而，400 萬美元的非 GAAP 營運虧損表明我們的業務繼續受到當前市場狀況的影響。

Our MoLo acquisition contained an earnout feature based on EBITDA targets through 2025. Due to current market conditions, the estimated contingent consideration liability for the earnout was reduced by $92 million in the third quarter. This is reflected as a reduction to expense in our GAAP operating income results, but has been excluded from non-GAAP results to better represent normal operations. In October, we saw a 3% year-over-year decline in shipments per day and a 10% decrease in revenue per shipment. Sequentially, from September to October, shipments per day decreased by 6% and revenue per shipment rose by 4% as we implemented strategic pricing adjustments.

我們對 MoLo 的收購包含基於 2025 年 EBITDA 目標的獲利功能。由於當前的市場狀況，預計第三季獲利的或有對價負債減少了 9,200 萬美元。這反映為我們的 GAAP 營業收入結果中的費用減少，但已從非 GAAP 結果中排除，以更好地代表正常營運。10 月份，我們發現每日出貨量年減 3%，每出貨收入下降 10%。隨後，從 9 月到 10 月，由於我們實施了策略性定價調整，每日出貨量下降了 6%，每出貨量收入增加了 4%。

Given the current market conditions, we anticipate a non-GAAP operating loss between $5 million and $7 million for the fourth quarter. Our asset-light offerings played in our overall strategy as customers seek long-term logistics partners for all their transportation needs. We continue to reduce costs and better align resources to match business levels. We are maintaining our pricing discipline and strategically reducing less profitable freight when appropriate. These initiatives are a top priority as we focus on returning the asset-light segment to profitability.

鑑於目前的市場狀況，我們預計第四季的非 GAAP 營運虧損將在 500 萬至 700 萬美元之間。當客戶尋求長期物流合作夥伴以滿足其所有運輸需求時，我們的輕資產產品在我們的整體策略中發揮了作用。我們繼續降低成本並更好地調整資源以匹配業務水平。我們將維持定價紀律，並在適當的時候策略性地減少利潤較低的貨運。這些舉措是我們的首要任務，因為我們專注於使輕資產領域恢復盈利。

Turning to capital allocation. Year-to-date through September, we returned $65 million to shareholders through share buybacks and dividends. We ended the third quarter with a net cash position and roughly $500 million in available liquidity. The capital expenditure estimate for the year has been revised downward to approximately $300 million, primarily due to lower expected spending on real estate. Our strong financial position and strategic investments in technology has significantly enhanced our operational efficiencies.

轉向資本配置。今年迄今，截至 9 月份，我們透過股票回購和股利向股東返還了 6,500 萬美元。第三季結束時，我們擁有淨現金部位和約 5 億美元的可用流動資金。今年的資本支出預估已下調至約 3 億美元，主要是因為房地產預期支出下降。我們強大的財務狀況和對技術的策略投資顯著提高了我們的營運效率。

We plan to build on this success as we continue to innovate and position ourselves for sustained growth.

我們計劃在這一成功的基礎上繼續創新並為持續成長做好準備。

I'll now hand it back to Judy.

我現在把它還給朱迪。

Thank you, Matt. Our team continues to show incredible resilience and adaptability. Their hard work and dedication have been pivotal in driving significant improvement. I want to extend my heartfelt thanks to our customers, employees and shareholders for their continued support and trust. We are committed to building on this momentum and delivering even greater value in the future.

謝謝你，馬特。我們的團隊繼續表現出令人難以置信的韌性和適應性。他們的辛勤工作和奉獻精神對於推動重大改進至關重要。我衷心感謝我們的客戶、員工和股東一直以來的支持和信任。我們致力於在這股動能的基礎上再接再厲，在未來創造更大的價值。

That concludes our prepared remarks, and I'll turn it over to the operator for questions.

我們準備好的發言就到此結束，我將把它交給接線員提問。

(Operator Instructions) Jason Seidl, TD Cowen.

（操作員說明）Jason Seidl，TD Cowen。

Question, you talked about a rational pricing environment. It seems like you're still doing pretty well about getting that 4.6%. Has it trended lower throughout the quarter? Has it trended higher? Has it sort of sort of stayed that same that 4.6%?

問，您談到了合理的定價環境。看來你在獲得 4.6% 方面仍然做得很好。整個季度呈下降趨勢嗎？它有走高的趨勢嗎？它是否保持在 4.6% 不變？

Can you just give us some perspective on that? .

您能給我們一些對此的看法嗎？。

Jason, this is Chris Warner. I would say there wasn't necessarily a trend up or down. It was pretty consistent by month throughout the quarter. And I know we already talked about -- we took a 5.9% general rate increase on September 9. Had really good retention of that customer base that impacts around 20% of our revenue.

傑森，這是克里斯華納。我想說不一定有上升或下降的趨勢。在整個季度中，每個月的情況都非常一致。我知道我們已經討論過——我們在 9 月 9 日將總體利率提高了 5.9%。很好地保留了影響我們收入約 20% 的客戶群。

So good results there. The 4.6% in the third quarter, really pleased with that result. I think year-to-date, we're right at about 5%, which at that rate, we're outpacing just the inflationary costs that we're experiencing in the business. So really just continue to work on that, making sure that our price is a good -- in a good place for the value that we're providing our customers.

那裡的結果很好。第三季 4.6%，我們對這個結果非常滿意。我認為今年迄今為止，我們的成長率約為 5%，以這個速度，我們剛剛超過了我們在該行業中經歷的通貨膨脹成本。因此，我們需要繼續努力，確保我們的價格合理，符合我們為客戶提供的價值。

That makes sense. And you said you had really good retention. Is it -- would you describe the retention as normal?

這是有道理的。你說你的保留率非常好。您認為保留率是正常的嗎？

I think we've seen some positive trends in retention with our customers. Our customers are challenged with the environment that they're in. So -- but we're able to position ourselves as a logistics company to serve them and to improve their efficiency. With our managed business, we see really strong customer retention there as we're able to serve them not just through our asset-based solution, but also through other solutions as well to help them optimize their supply chains.

我認為我們在保留客戶方面看到了一些積極的趨勢。我們的客戶面臨著他們所處環境的挑戰。因此，我們能夠將自己定位為一家物流公司，為他們提供服務並提高他們的效率。透過我們的託管業務，我們看到了非常強大的客戶保留率，因為我們不僅能夠透過基於資產的解決方案為他們提供服務，還能夠透過其他解決方案幫助他們優化供應鏈。

Ravi Shanker, Morgan Stanley.

拉維‧尚克，摩根士丹利。

Great to see the traction in Mastio. But the question is, is some of the service improvement probably coming at too higher cost? Or kind of how long does it take to get recognition for your service improvement, both in the form of price and share?

很高興看到 Mastio 的牽引力。但問題是，某些服務改進是否可能會導致成本過高？或者您的服務改進需要多長時間才能獲得價格和份額的認可？

Ravi, this is Matt Godfrey. Yes, I appreciate you calling out the success we've seen around the Mastio. And when we think about that success, it really speaks to the high level of execution by our teams in the field and our DSY employees to serve our customers with a high level of excellence. And it also speaks to our teams here as we listen to our comers and understand our customer needs, spending time on the right initiatives and investments to give are our leaders in the field the right tools to serve our customers well and reduce our costs. So not only have we increased our efficiency, we've seen continued improvements in our productivity.

拉維，這是馬特·戈弗雷。是的，我很感謝您稱讚我們在 Mastio 周圍看到的成功。當我們想到這項成功時，它確實說明了我們的現場團隊和 DSY 員工的高水準執行力，為我們的客戶提供了高水準的卓越服務。當我們傾聽來者的聲音並了解客戶的需求，花時間在正確的計劃和投資上，為我們該領域的領導者提供正確的工具來為我們的客戶提供良好的服務並降低我們的成本時，它也對我們的團隊有所啟發。因此，我們不僅提高了效率，而且生產力不斷提高。

So when you think about that and where we fell on the Mastio falling on that fair value line, I think it really speaks to that we've been able to increase the service level to our customers and do it efficiently so that we're keeping our costs in line. So I expect those trends to continue to -- as we move forward because what excites me the most is while we've rolled out a lot of initiatives aimed at our service and productivity levels. We have a lot still to do. Seth mentioned what we're rolling out additional phases of our city route optimization here as we get into the fourth quarter. And we have several initiatives in 2025 that will continue to impact our results positively.

因此，當你想到這一點以及我們在 Mastio 上落在公允價值線上的情況時，我認為這確實說明我們已經能夠提高對客戶的服務水平並高效地做到這一點，以便我們保持我們的成本一致。因此，我預計這些趨勢將繼續下去——隨著我們的前進，因為最讓我興奮的是我們推出了許多旨在提高服務和生產力水平的舉措。我們還有很多事情要做。塞思提到，進入第四季後，我們將推出城市路線優化的其他階段。2025 年，我們將採取多項舉措，繼續對我們的業績產生正面影響。

Jordan Alliger, Goldman Sachs.

喬丹·阿利格，高盛。

So I think you indicated revenue per day will get less negative as we move through the quarter and settling it down mid-single digits. Well, is this more volume driven? Is it yield driven? And what does it imply as we move through the balance of the quarter from a volume perspective?

因此，我認為您表示，隨著本季的進行，每日收入的負數將會減少，並將其穩定在個位數左右。那麼，這是更多的銷量驅動嗎？是收益率驅動的嗎？當我們從銷售的角度來看本季的餘額時，這意味著什麼？

Sure. Yes. So Jordan, thanks for the question. This is Matt. So it really is the impact, and we highlighted it a little bit, but certainly, we did see just in October of last year, an increase in volumes and an increase in pricing that was somewhat contained in October as we serve customers through the cyber attack that happened on a competitor last year.

當然。是的。喬丹，謝謝你的提問。這是馬特。所以這確實是影響，我們強調了一點，但當然，我們確實在去年 10 月看到了銷量的增加和價格的上漲，這在 10 月份有所體現，因為我們通過網絡為客戶提供服務去年發生在競爭對手身上的襲擊事件。

And so I would say it's in all of those categories that you mentioned. So certainly, overall, when we're looking at revenue per day, we do expect that to moderate, improve as we move into November and December. And I would say in some of the other, at least on a year-over-year basis, the comps get easier really across the board. So both on a pricing and a volume perspective, we expect both of those stats to improve as we move through November and December.

所以我想說它屬於你提到的所有類別。因此，總體而言，當我們考慮每日收入時，我們確實預計隨著進入 11 月和 12 月，這一數字將會放緩並有所改善。我想說的是，在其他一些方面，至少在逐年的基礎上，比較確實全面變得更容易。因此，從定價和銷售的角度來看，我們預計隨著 11 月和 12 月的到來，這兩項統計數據都會有所改善。

Daniel Imbro, Stephens.

丹尼爾·因布羅，史蒂芬斯。

Judy, maybe we can unpack the ABF results a little bit more would be great. I think you talked in your prepared remarks, but the mid-quarter, you expected OR kind of flat to up 50 basis points, it came in 120 basis points sequentially. You mentioned September wafer shipment, I guess, the biggest driver. So could we impact maybe that weight per shipment move lower? What is driving that big of setdown?

Judy，也許我們可以進一步解壓 ABF 結果，那就太好了。我認為您在準備好的演講中談到了這一點，但在季度中期，您預計 OR 會持平，上漲 50 個基點，但它連續上漲了 120 個基點。我猜你提到了 9 月份晶圓出貨量，這是最大的推動因素。那麼我們是否可以影響每批貨物的重量降低？是什麼導致瞭如此大的降價？

Obviously, it was more than you expected. And when do you think we start to see that stabilize? What are you hearing out there? When would you expect it to stabilize, I guess, as you look forward on weight per shipment?

顯然，這超出了你的預期。您認為我們什麼時候開始看到這種穩定？在外面聽到什麼？我想，當您期待每批貨物的重量時，您預計什麼時候會穩定下來？

Daniel, this is Christopher. So that weigh per shipment difference that we're seeing from a year-over-year standpoint, it's related to a couple of things that we commented on. One was just the truckload environment. Just as that continues to be prices are low in that area, you do see just some LTL business that historically is LTL and it's moving on truckload. The other thing that we're just seeing in our managed business that we're able to help optimize our customer supply chain by bundling some LTL shipments into truckload.

丹尼爾，這是克里斯多福。因此，從同比的角度來看，我們看到的每批貨物的重量差異與我們評論的幾件事有關。其中之一就是卡車裝載環境。正如該地區的價格持續走低一樣，您確實會看到一些零擔業務，歷史上是零擔業務，並且正在卡車運輸中進行。我們在託管業務中看到的另一件事是，我們能夠透過將一些零擔貨物捆綁到卡車上來幫助優化我們的客戶供應鏈。

And so there's some mode optimization going on in the network or in really in the industry. I think as the market turns, you could see some of that business transition back from truckload to LTL. That's one area. And I know that we commented earlier on in the script, just the household goods moving business. Just that's not as strong as it historically has been given just the higher interest rates.

因此，網路或產業中正在進行一些模式優化。我認為隨著市場的轉變，你可能會看到一些業務從卡車裝載轉向零擔運輸。那是一個區域。我知道我們之前在劇本中評論過，只是家居用品搬運業務。只是這種影響並不像歷史上更高的利率那麼強勁。

So homeowner mobility isn't as strong as we've historically seen. And that business tends to be heavier weight per shipment as well. So those are two kind of key areas that are pushing our weight per shipment lower than what we would historically see there.

因此，房主的流動性並不像我們歷史上看到的那麼強。而且該業務的每批貨物重量往往也較重。因此，這兩個關鍵領域使我們每批貨物的重量低於我們歷史上看到的重量。

Yes. And Daniel, this is Matt. I would just say it also was just kind of just a difference versus our expectations, particularly for September when we were calibrating that mid-quarter update. And so we were just expecting to see a little bit of improvement in weight per shipment, just that -- just didn't come through, I think, likely just given the macro backdrop that we're looking at now.

是的。丹尼爾，這是馬特。我只想說，這也與我們的預期有所不同，特別是在 9 月份，當時我們正在校準季度中期更新。因此，我們只是期望看到每批貨物的重量略有改善，但我認為，考慮到我們現在正在考慮的宏觀背景，這可能沒有實現。

Ken Hoexter, Bank of America.

肯‧霍克斯特，美國銀行。

I guess sticking on that weight per shipment. I don't know if this is for Seth or Judy, but it seems like a larger decline versus peers or just kind of run rate now at a much lower level than you've historically done, I think you used to run around above 1,300 pounds. Is there -- is that just economic? Is there something changing in the mix? And then we didn't really hear much about the mix of transactional versus core this quarter.

我想每次發貨都會堅持這個重量。我不知道這是否適用於Seth 或Judy，但與同行相比，似乎有更大的下降，或者只是現在的運行率比您歷史上的水平低得多，我認為您過去的運行率大約在1,300以上磅。這只是經濟上的嗎？混合中有什麼變化嗎？然後，本季度我們並沒有真正聽到太多有關事務型與核心型混合的信息。

Can you describe what's going on within the network now? And kind of where does that stand?

您能描述一下網路中現在發生的情況嗎？那這到底是怎麼回事呢？

Yes. So this is Seth. So when we look at weight per shipment, what's going on, really, what we were trying to highlight with revenue and weight per shipment in our 8-K as October is unusually from a comp standpoint. We think that's going to normalize on the front side, so as we move through the rest of the quarter. But really where we're focused right now is on revenue growth, both across the business, but LTL specifically to your question, and we've seen our pipeline increase pretty decently, but what we're focused on in the pipeline is making sure that those opportunities are profitable for our business.

是的。這就是賽斯。因此，當我們查看每批貨物的重量時，實際上，我們試圖透過8-K 中的收入和每批貨物的重量來強調，從比較的角度來看，10 月份的收入和每批貨物的重量是不同尋常的。我們認為，隨著本季剩餘時間的推移，這種情況將會在前端正常化。但我們現在真正關注的是整個業務的收入成長，特別是針對你的問題的零擔，我們已經看到我們的管道成長得相當不錯，但我們在通路中的重點是確保這些機會對我們的業務有利可圖。

Our retention rates have been in a really good spot, and growth really comes down to that survive your customers. And we were happy to see the results there on the Mastio side. Our claims numbers continue to be in a good spot. So we think we're bringing value to our customers.

我們的保留率一直處於非常好的位置，成長實際上取決於客戶的生存。我們很高興看到 Mastio 方面的結果。我們的索賠數字繼續保持良好狀態。所以我們認為我們正在為客戶帶來價值。

The second piece is the more efficient we are, the better our customers, obviously. And we feel like that also impacts the price we deliver to our customers, the more we can reduce our cost to serve. So I feel like as we move forward, there's not something structurally changing. There is the macro impact and things that are going on, but we're focused on things in our control. And we feel pretty good about the pipeline that's coming in and the growth that we're going to see as we move to kind of the strange comp period.

第二點是，顯然我們的效率越高，我們的客戶就越好。我們認為這也會影響我們提供給客戶的價格，我們越能降低服務成本。所以我覺得隨著我們的前進，結構上並沒有改變。有宏觀影響和正在發生的事情，但我們專注於我們控制的事情。我們對即將到來的管道以及當我們進入某種奇怪的補償期時我們將看到的增長感覺非常好。

Yes. And Ken, it's Matt. I'd just highlight retention remains high, and we can really see this across the business. But particularly when we're looking in our managed business and our asset like I said, we're managing the entirety some of our customers' logistics spend. I mean, we're just seeing weight retent levels be down.

是的。肯，是馬特。我想強調的是，保留率仍然很高，我們可以在整個企業中看到這一點。但特別是當我們像我說的那樣審視我們的託管業務和資產時，我們正在管理客戶的全部物流支出。我的意思是，我們只是看到體重保留水平下降。

We're stopping to make hiccups and we might be picking up two pallets now instead of three pallets. And so again, it's high retention on the customer side, just a little bit smaller shipment sizes when we're coming to pick them up.

我們正在停下來打嗝，我們現在可能會拿起兩個托盤而不是三個托盤。再說一次，客戶的保留率很高，只是當我們來提貨時，發貨量會小一些。

Yes. And Ken, you also mentioned -- this is Seth again. You mentioned the mix of dynamic, the majority of our business is core. And transactional or dynamic business really helps us just maintain consistency in the network, fill empty capacity. Our core business continues to increase.

是的。肯，你也提到過──這又是賽斯。你提到的動態組合，是我們大部分業務的核心。事務性或動態業務確實可以幫助我們保持網路的一致性，填補空容量。我們的核心業務持續成長。

and that's where we're seeing the growth in our pipeline. So you'll see that continue to normalize as we move past this unusual comp in October.

這就是我們看到管道增長的地方。因此，當我們在 10 月度過這個不尋常的競爭時，您會看到這種情況繼續正常化。

Tom Wadewitz, UBS.

湯姆‧瓦德維茨，瑞銀集團。

I appreciate that -- I guess this is a little bit of a follow-up on Ken's on the dynamic pricing. So I think you don't like to give us precisely what the mix of dynamic pricing is versus core LTL. But can you give us kind of a ballpark of what that looks like? Is it 10% dynamic and 90% LTL? Or just so we kind of have a sense of what -- how that looks.

我很欣賞這一點——我想這有點像是肯的動態定價的後續行動。因此，我認為您不想向我們提供動態定價與核心零擔的具體組合。但可以跟我們大概介紹一下情況嗎？是 10% 動態和 90% LTL 嗎？或者只是讓我們對它看起來是什麼樣子有一定的了解。

It sounds like maybe that's been stable, but I wanted to see if you could give any further comments on that.

聽起來也許這已經穩定了，但我想看看你是否可以對此發表任何進一步的評論。

Yes, Tom, this is again, we -- the majority of our business is core. We don't disclose that specific mix between transactional and core. Really, what that does, like I said, was position us to maintain consistency in the network, especially during these slower times. And we've seen the core continue to improve.

是的，湯姆，這又是我們——我們的大部分業務都是核心業務。我們不會透露事務性和核心之間的具體組合。實際上，正如我所說，這使我們能夠保持網路的一致性，尤其是在這些較慢的時期。我們看到核心不斷改進。

When you look at weight per shipment, our transactional or dynamic shipments, they're generally heavier and that contributes to some of the weight per shipment changes that you see. But really, what we're focused on is the profitable growth mix management and making sure that we're delivering excellent service to our customers. What's important to understand is we optimize our mix on a daily basis, and it's based on profit maximization based on the market prices and available capacity. And that's a daily exercise we've seen and you've seen the improved results. If you look over the longer term, that these tools have given us some flexibility in the network that we haven't had before.

當您查看每批貨件的重量（我們的交易貨件或動態貨件）時，它們通常較重，這會導致您看到的每批貨件的重量發生一些變化。但實際上，我們關注的是獲利成長組合管理，並確保我們為客戶提供優質的服務。重要的是要了解我們每天都會優化我們的組合，並且它基於基於市場價格和可用產能的利潤最大化。這是我們看到的日常練習，您也看到了改進的結果。如果你從長遠來看，這些工具為我們的網路提供了一些前所未有的靈活性。

Okay. And I guess related to that, can you give a little more perspective on like how much of the shift to truckload is affecting. It sounded like that might be having an effect on the mix as well. Like how big of a move is that? Is it seems like -- is that a couple of points shift of volume to truck?

好的。我想與此相關的是，您能否提供更多關於轉向卡車裝載的影響有多大的觀點。聽起來這也可能對混音產生影響。比如說這個舉動有多大？看起來是不是——卡車的體積發生了幾個點的變化？

Or what's the magnitude of that?

或者說其規模有多大？

Tom, it's Christopher. I don't know that we have a clear line of thought exactly how much that is. I'll just say again, through our managed business, we see that, that is having an impact. And I'd say just that we're prepared to manage the business regardless of how much that shift is. And just through our daily management of pricing and through the mix of our business and just through our the large pipeline that we've discussed, we're prepared in any environment, but I don't have really a clear plans on how much that impact is.

湯姆，這是克里斯多福。我不知道我們是否有一個清晰的思路，具體是多少。我再說一遍，透過我們管理的業務，我們看到，這正在產生影響。我只想說，無論轉變有多大，我們都準備好管理業務。透過我們的日常定價管理，透過我們的業務組合，透過我們討論過的大型管道，我們在任何環境下都做好了準備，但我並沒有真正明確的計劃影響群島

We know it's not in an impact because we see it, we actually help our customers to do it, but I don't have a specific number there.

我們知道這不會產生影響，因為我們看到了它，我們實際上幫助我們的客戶做到了這一點，但我沒有具體的數字。

Our next question comes from Brian Ossenbeck from JPMorgan.

我們的下一個問題來自摩根大通的布萊恩·奧森貝克。

So you mentioned that there is an impact in the quarter from hurricanes and port strikes and some of the other disruptions. I just wanted to see if you could put a little bit more context around that. And then maybe just as a quick follow-up. Can you just talk a little bit more about the weight per shipment and yield dynamics in October. I know the tougher comp.

因此，您提到本季受到颶風、港口罷工以及其他一些幹擾的影響。我只是想看看你能否提供更多背景資訊。然後也許只是作為一個快速的後續行動。能多談談十月份每批貨物的重量和產量動態嗎？我知道更艱難的比賽。

It's skinning it a little bit, but I wouldn't have thought to see yields ex fuel flat with weight per shipment is still down 6%. So is that going to normalize as you go forward? And maybe you can give a little more context around that as well.

它有點剝皮，但我沒想到看到燃料產量持平，每批貨物的重量仍然下降了 6%。那麼隨著你的前進，這種情況會正常化嗎？也許你也可以提供更多相關背景資訊。

Sure. So just to comment on the hurricane and port strikes. We saw some impact in late September from those events. September started off stronger and then weakened beyond what we would normally see in September, just thinking about it being end of quarter month. So it wasn't as strong as we'd like to see.

當然。所以只是對颶風和港口襲擊發表評論。九月下旬，我們看到了這些事件的一些影響。9 月開始走強，然後走弱，超出了我們通常在 9 月看到的情況，考慮到現在是季度末。所以它沒有我們希望看到的那麼強大。

And then you saw some impact from hurricanes in October as well. Just from some service areas being closed. And then when they reopened, we saw some of that demand pull back, but I don't know that it recovered to the level that we would like to see. And then just from a weight per shipment perspective in October, I would just encourage you to look at more sequential trends rather than year-over-year. There's just some abnormalities that we've already discussed in October of last year.

然後你也看到了十月颶風的一些影響。只是一些服務區域被關閉。然後當它們重新開放時，我們看到一些需求回落，但我不知道它是否恢復到我們希望看到的水平。然後，僅從 10 月每批貨物重量的角度來看，我只是鼓勵您專注於更多的連續趨勢，而不是同比趨勢。我們在去年 10 月就已經討論過一些異常情況。

So if you look at September, to October. It's more normal trends. And I think as we get into November and December, you're going to see some normalization there, but just we had an odd month last October as it relates to a cyber event last year that we've discussed.

所以如果你看看九月，到十月。這是更正常的趨勢。我認為，當我們進入 11 月和 12 月時，您會看到一些正常化，但去年 10 月我們經歷了一個奇怪的月份，因為它與我們去年討論過的網路事件有關。

Right. And then from a deal perspective, though, I guess, it's still down 3% sequentially. Is that on an inclusive of fuel perspective or is that excluding fuel?

正確的。但從交易角度來看，我猜它仍然比上一季下降了 3%。這是從包含燃料的角度來看還是不包括燃料？

Yes. Yes, I think it was -- I think we commented that it was minus 3%, September to October, that was with fuel. And then without fuel, I think we said it was flat.

是的。是的，我認為是——我想我們評論說，9 月到 10 月，燃油的影響是負 3%。然後沒有燃料，我想我們說它是平的。

But we also commented that it was profile related.

但我們也評論說這與個人資料相關。

That's right.

這是正確的。

Yes. I mean -- and I think that it's just -- there's just a different mix as we enter the month of October. But I feel like that when we're looking across what we see in third quarter and into fourth quarter, we're not seeing a dramatic change in the yield environment. In fact, we feel like it's still in a good place and rational. I think we've seen some of the competition continue to raise rates and announce that publicly.

是的。我的意思是——我認為這只是——當我們進入十月時，會有不同的組合。但我覺得，當我們回顧第三季和第四季的情況時，我們沒有看到收益率環境發生巨大變化。事實上，我們覺得它仍然處於一個好的位置並且合理。我認為我們已經看到一些競爭對手繼續提高費率並公開宣布。

And that's all really good as far as we're concerned.

就我們而言，這一切都非常好。

Sorry, I say -- correct me, the minus 3, I think that was with and without fuel sequential.

抱歉，我說 - 糾正我，負 3，我認為這是有和沒有燃料的順序。

Yes.

是的。

Chris Wetherbee, Wells Fargo.

克里斯‧韋瑟比，富國銀行。

Maybe I want to pick up on some of those truckload comments. I guess I'm curious, as you think about sort of significant differences in the pricing environment in both truckload and LTL, if the sort of normal back and forth that we've seen through previous cycles, will hold this time in particular? What do you need to see on the truckload side to be able to have some of that volume come back? And then if I could squeeze in kind of a unrelated follow-up. Just on the asset-light side, I guess, obviously, it looks like the fourth quarter is maybe looking at another operating loss.

也許我想了解其中一些評論。我想我很好奇，當你想到卡車裝載和零擔定價環境中的顯著差異時，我們在之前的周期中看到的那種正常的來回是否會在這次特別持續？您需要在卡車裝載方面看到什麼才能使部分數量恢復？然後我是否可以擠出一些不相關的後續行動。就輕資產方面而言，我想顯然第四季可能會出現另一次營運虧損。

I guess, can we get a sense of what needs to and to kind of get that business moving in the right direction? Is it at this point just simply an improvement in the cycle? Or are there other levers that you can pull, particularly on the cost side that can improve profitability there?

我想，我們能否了解需要什麼以及如何才能使業務朝著正確的方向發展？此時此刻僅僅是周期的改進嗎？或者是否還有其他可以利用的槓桿，特別是在成本方面，可以提高獲利能力？

Chris, this is Seth. I'll answer your first question on the truckload migrating and how it goes back and forth between channels. The truckload market still has too much capacity, and that's driven rates down as we're all aware. That's caused some of the shipments on the fringe in that kind of 7,500 to 20,000 range kind of to shift to truckload. And I think that freight probably works better in an LTL environment, and that's going to shift back when the market normalizes.

克里斯，這是賽斯。我將回答您關於卡車裝載遷移以及它如何在渠道之間來回的第一個問題。卡車裝載市場的運能仍然過多，眾所周知，這導致運價下降。這導致一些 7,500 至 20,000 輛範圍內的邊緣貨物轉向卡車裝載。我認為貨運在零擔運輸環境中可能效果更好，當市場正常化時，這種情況將會恢復。

That shift is really maybe more pronounced this time versus previous cycles because we've just never seen the level of truckload capacity under the market as we did in '21 and '22 throughout the pandemic.

與之前的周期相比，這次的轉變確實可能更加明顯，因為我們從未像 21 和 22 年整個大流行期間那樣看到市場下的卡車裝載能力水平。

So truckload carriers really don't like to do multi-stop loads. So I think that freight is ultimately going to shift back to the LTL market when the market does turn. So what gives me a lot of confidence and positivity as we've continued to invest in our fleet during this time that we can handle those heavier loads as they can make their way back into the LTL market.

所以卡車承運商確實不喜歡進行多站裝載。因此，我認為當市場出現轉變時，貨運最終將回歸零擔市場。因此，是什麼給了我很大的信心和積極性，因為我們在這段時間裡繼續投資我們的車隊，我們可以處理那些較重的負載，因為它們可以重新進入零擔市場。

On the asset-light side, I feel like we can get asset-light profitability to part of my confidence is we -- as I've moved into this new role, we've really focused on different ways we can do that, and we started evaluating it closely. And the first is really we need to improve the profitability of our account base. We've been challenged by the macro, as you know, but -- we've developed some tools recently within the last quarter that allows us to take deep dive into account level profitability, and also to the lane level. So we started to take those actions. And you heard Matt in his prepared comments talk about the pricing actions, but we have more work to do, and we think we got a lot of runway there.

在輕資產方面，我覺得我們能夠獲得輕資產盈利能力，這是我信心的一部分——當我擔任這個新角色時，我們確實專注於實現這一目標的不同方式，並且我們開始仔細評估它。首先，我們確實需要提高客戶群的獲利能力。如您所知，我們受到了宏觀的挑戰，但是 - 我們最近在上個季度開發了一些工具，使我們能夠深入考慮水平盈利能力以及車道水平。所以我們開始採取這些行動。你聽到馬特在他準備好的評論中談到了定價行動，但我們還有更多的工作要做，我們認為我們在那裡有很多跑道。

The second is the mix of our business within truckload is more heavily weighted towards enterprise, and we're trying to get the mix more to focus on SMB middle market as much to kind of increased that amount of business simply because it's more profitable. We've invested in a team of about 50 people that are focused on growing middle market and SMB, and we're seeing early signs of success there to get our mix in a better spot. The third is really around cost control. We took some additional actions in mid to third -- mid- to late third quarter, and we expect to see that going to take themselves in, but we're constantly looking cost and the way we can control based off the revenue level that we're given because we don't want to impact future growth opportunities. So it's a delicate balance, but I feel like we're really focused in that area.

第二個是我們的卡車業務組合更偏重於企業，我們正在努力讓組合更專注於中小企業中間市場，以增加業務量，因為它更有利可圖。我們投資了一個大約 50 人的團隊，專注於不斷增長的中端市場和中小企業，我們看到了成功的早期跡象，使我們的組合處於更好的位置。第三是真正圍繞成本控制。我們在第三季度中到第三季度中到後期採取了一些額外的行動，我們希望看到這些行動能夠發揮作用，但我們不斷地關注成本以及我們可以根據我們的收入水平進行控制的方式。所以給這些，是因為我們不想影響未來的成長機會。所以這是一個微妙的平衡，但我覺得我們真的專注於這個領域。

The fourth is really around managed solutions. That service has resonated with our customers. We've seen double-digit growth. It is contributing positive operating income to our results. So we feel like we're going to continue to grow there.

第四個實際上是圍繞託管解決方案。這項服務引起了我們客戶的共鳴。我們看到了兩位數的成長。它為我們的業績貢獻了積極的營業收入。所以我們覺得我們將繼續在那裡發展。

And the last is really around efficiency. We saw productivity improve 20% asset-light. We have a really good road map of future improvements that carry forward loadbard automation, all the AI tool we're working on, we feel like efficiency is going to be in a really good spot. And really, we've continued to focus on our people. We feel like we have the best people and getting them the training and tools they need to execute on the business will get asset light to a better spot.

最後一個實際上是關於效率的。我們看到輕資產生產效率提高了 20%。我們有一個非常好的未來改善路線圖，可以推進 loadbard 自動化，我們正在開發的所有人工智慧工具，我們覺得效率將處於一個非常好的位置。事實上，我們一直持續關注我們的員工。我們覺得我們擁有最優秀的人才，為他們提供執行業務所需的培訓和工具將使輕資產達到更好的效果。

Scott Group, Wolfe Research.

斯科特集團，沃爾夫研究。

So I want to come back to the yield backdrop. I'm just not sure I'm fully understanding because I totally get there's a tougher -- a bit of a tougher comp in October. But to go from high single-digit yield growth to flat and maybe November, December up a little bit, but weight per shipments down, which should be helping yield. You've talked about the GRI, the renewals. I guess I'm just not sure why the reported yield trends are just ex fuel are slowing so much?

所以我想回到收益率背景。我只是不確定我是否完全理解，因為我完全明白十月份會有更艱難的比賽。但要從高個位數的收益率成長轉為持平，也許 11 月、12 月會略有上升，但每批出貨量下降，這應該有助於收益率。您談到了 GRI 的更新。我想我只是不確定為什麼報告的產量趨勢只是燃料減慢這麼多？

Scott, this is Matt. I mean certainly, we've talked about some of the year-over-year dynamics on the sequential dynamics from September to October. There just are some profile impacts. And so actually weight per shipment was up from September to October. And then we saw a little bit of a decrease in length of haul.

斯科特，這是馬特。我的意思當然是，我們已經討論了 9 月至 10 月連續動態的一些同比動態。只是有一些形象影響。因此，從 9 月到 10 月，每批貨物的實際重量都有所增加。然後我們看到運輸長度略有減少。

And again, I think that's not really indicative of any broader trends related to pricing, it's just more some of the freight mix that we saw in and its impact on pricing.

再說一遍，我認為這並不能真正表明與定價相關的任何更廣泛的趨勢，它只是我們看到的一些貨運組合及其對定價的影響。

And maybe just bigger picture, right? So we've got tonnage down yield maybe flattening out margins. I think your guidance implies down like 500 basis points or something year-over-year. Do we just need to wait for like the truckload market to tighten in ISM and we're sort of stuck with this for the time being? Or is there stuff we can do to start seeing margin improvement again in '25 irrespective of the cycle turning better?

也許只是更大的圖景，對吧？因此，我們的噸位下降，產量可能會壓平利潤率。我認為你的指導意味著同比下降 500 個基點或類似的水平。我們是否只需要等待 ISM 中的整車市場收緊，而我們暫時就陷入困境？或者，無論週期是否好轉，我們是否可以採取一些措施，在 25 年開始再次看到利潤率改善？

Scott, this is Seth. We believe we can improve ROR on the asset base side, and it really comes down to a few areas that we're focused on. Revenue growth, obviously, will help. That's been a headwind. And when that becomes a tailwind, that would be great.

斯科特，這是賽斯。我們相信我們可以提高資產基礎方面的報酬率，這實際上取決於我們關注的幾個領域。顯然，收入成長會有所幫助。這是一個逆風。當這成為一股順風時，那就太好了。

But what gives me a lot of encouragement is the growth in our pipeline. We've seen our core business continue to improve with our service levels improving. Our retention rates are in a good place. Our customers are just shipping less instead of giving us three, they're giving us two and that's why you're seeing that weight per shipment piece. But growth really comes down to that service you provide, and we've made some great strides over the past year to get to a better spot, get back to where we've historically been, and we hear from our customers that, that is what they're feeling as well.

但給我很大鼓勵的是我們管道的成長。我們看到我們的核心業務不斷改善，服務水準不斷提高。我們的保留率處於一個很好的位置。我們的客戶只是減少了運輸量，而不是給我們三件，而是給了我們兩件，這就是為什麼您會看到每件貨物的重量。但成長確實取決於您提供的服務，在過去的一年裡，我們取得了一些巨大的進步，達到了更好的水平，回到了我們歷史上的位置，我們從客戶那裡聽到，他們也有什麼感受。

And that really helps us continue to grow.

這確實有助於我們繼續成長。

The next is efficiency. We've talked about city optimization. We're getting ready to roll out those next two phases. The new doc software rollout is going well as well. That's given us visibility that we have.

其次是效率。我們談到了城市優化。我們正準備推出接下來的兩個階段。新的文件軟體的推出也進展順利。這讓我們擁有了可見性。

The team of experts that we deployed that we mentioned in our opening comments, they're really just getting started. We've only done a few facilities. We still have the whole network to go and we have a very detailed road map of efficiency gains we can make. That's a large cost basis. So we think we can -- although we've hit a multiyear high on efficiency, we feel like we got a lot of runway there.

我們在開場白中提到的我們部署的專家團隊，他們實際上才剛開始。我們只做了一些設施。我們仍然有整個網路的發展，我們有一個非常詳細的提高效率的路線圖。這是一個很大的成本基礎。所以我們認為我們可以——儘管我們的效率已經達到了多年來的最高點，但我們感覺我們還有很多空間。

Real estate investments, they're really centered around where we see opportunities for growth, efficiency and service in each case where we've opened a facility or added capacity. We've seen efficiency gains in the double digits, also seeing growth opportunities or we wouldn't be investing in those areas. So that's been a great win for us. We've added about 800 doors this year, but these aren't 1-year decisions. These are multiyear decisions, which is why we invest in these type of cycles, so we can be positioned when things turn around.

房地產投資實際上是圍繞我們在開設設施或增加產能的每種情況下看到的成長、效率和服務機會的地方。我們看到了兩位數的效率提升，也看到了成長機會，否則我們不會在這些領域進行投資。所以這對我們來說是一場偉大的勝利。今年我們增加了大約 800 扇門，但這些並不是一年內做出的決定。這些都是多年決策，這就是我們投資此類週期的原因，這樣我們就可以在情況好轉時定位。

The fourth is around equipment. We really have made sure to maintain a new fleet, keep the uptime in a good spot, and it also is helping us from a cost perspective. We saw about $4.7 million reduction in our fleet cost. And really, I mentioned our people when I was speaking earlier, but we have spent an enormous amount of time with our people in the field, bringing them into our corporate headquarters, training them up and we've seen those results directly impacted in our efficiency numbers, our service numbers, and that's why I feel like we'll get asset-based still are to a better spot as well.

第四是圍繞裝備。我們確實確保了維護一支新機隊，保持良好的正常運作時間，而且從成本角度來看，這也對我們有所幫助。我們的車隊成本減少了約 470 萬美元。事實上，我在早些時候發言時提到了我們的員工，但我們在該領域花費了大量時間與我們的員工一起，將他們帶到我們的公司總部，對他們進行培訓，我們已經看到這些結果直接影響了我們的業務。

Bruce Chan, Stifel.

布魯斯·陳，斯蒂菲爾。

Just want to follow up on some of the asset-light commentary. If you can maybe help us to parse the results by service. I know we don't have the same reporting granularity that we used to. So any color on whether some of the nonbrokerage businesses are contributing positively? Or are those also loss making?

只是想跟進一些輕資產評論。如果您可以幫助我們按服務解析結果。我知道我們的報告粒度與過去不同。那麼，對於一些非經紀業務是否做出了積極貢獻，有什麼看法嗎？或者這些也是虧損的嗎？

And then just a quick follow-up here. I don't know if I missed it, but I think you talked about some of the pricing actions in brokerage. Does that imply that we need to wait for that contract repricing cycle to see maybe some positive contribution from that segment?

然後在這裡進行快速跟進。我不知道我是否錯過了，但我認為您談到了經紀行業的一些定價行為。這是否意味著我們需要等待合約重新定價週期才能看到該細分市場的一些積極貢獻？

Bruce, it's Matt. So on the asset-light side, you're right, we don't provide server line level details. But certainly, I would say the biggest two contributors. One is just the truckload brokerage pricing environment that we've talked about. But on the positive side, we certainly are seeing strong contributions from our managed service line, which is contributing positively to the overall operating income result.

布魯斯，是馬特。因此，在輕資產方面，您是對的，我們不提供伺服器線路層級的詳細資訊。但當然，我會說最大的兩個貢獻者。一是我們討論過的整車經紀定價環境。但從積極的一面來看，我們確實看到了我們的託管服務線的強勁貢獻，這對整體營業收入結果做出了積極貢獻。

And then as it relates to pricing. I don't know, Steven, if you want to comment at all on just maybe kind of what we might expect to see or what that timing might look like.

然後是與定價相關的。史蒂文，我不知道你是否想對我們可能期望看到的情況或時間安排發表評論。

Yes. I think as market conditions improve, you'll obviously see opportunities for prices to improve. But prior to that, I mean we're -- as Seth mentioned, we are looking at lane level, customer level, pricing. We want to make sure that we're compensated for the service we provide. So we're doing that on a regular basis.

是的。我認為隨著市場狀況的改善，您顯然會看到價格上漲的機會。但在此之前，我的意思是，正如塞斯所提到的，我們正在考慮車道等級、客戶等級和定價。我們希望確保我們提供的服務能夠得到補償。所以我們定期這樣做。

And so we'll continue to focus on any area of improved net revenue as we kind of work towards an improved macro environment.

因此，隨著我們努力改善宏觀環境，我們將繼續專注於淨收入改善的任何領域。

Okay. So just not to harp on it too much, but it sounds like that would probably be a later in 2025 kind of time frame for that lotto profitability there? Is that fair?

好的。所以不要過多地談論它，但聽起來這可能是在 2025 年晚些時候，樂透盈利的時間範圍？這樣公平嗎？

Well, the other thing that Seth mentioned is the mix of business, we think about segments, and we are seeing growth outside of maybe the contract area. So we have opportunities to improve there as well, and we can do that ahead of the cycle. So again, the cycle helps as the macro gets better, that helps us, but we have opportunities to improve outside of just a macro improvement. And we're focused on those areas. We've got our people focus there, and we're making progress.

好吧，賽斯提到的另一件事是業務組合，我們考慮了細分市場，我們看到了合約領域之外的成長。因此，我們也有機會在這方面進行改進，並且我們可以在周期之前做到這一點。因此，隨著宏觀經濟的好轉，這個週期也會有所幫助，這對我們有幫助，但除了宏觀經濟的改善之外，我們還有機會進行改進。我們專注於這些領域。我們的員工專注於此，我們正在取得進展。

Ariel Rosa, Citi.

阿里爾·羅莎，花旗銀行。

This is Ben Mohr on for Ari here at Citi. Following up on Scott's margin outlook, looking to '25 for your LTL, just wanted to get your thoughts on your historical average sequential seasonality for OR, based on what we estimate looking at your last 10 years, Q1, on average, up 100 to 200 basis points, Q2 down 400 basis points, Q3 down 100 basis points, 4Q up 100 to 200 basis points. And your business has changed over time with your space-based pricing, your service and culture initiative you mentioned your city route optimization. I wanted to get your sense, is this reasonable? Can you give us better ranges?

我是花旗銀行的 Ben Mohr 代表阿里 (Ari) 發言。根據 Scott 的利潤展望，您的 LTL 的預期為“25”，只是想了解您對 OR 的歷史平均連續季節性的看法，根據我們對您過去 10 年第一季度的估計，平均增長 100 至200個基點，第二季下降400個基點，第三季下降100個基點，第四季上升100至200個基點。隨著時間的推移，您的業務隨著基於空間的定價、您提到的城市路線優化的服務和文化舉措而變化。我想聽聽你的感受，這樣合理嗎？您能給我們更好的範圍嗎？

Or what are what's your takes on beating those in 2025?

或者您對 2025 年擊敗這些目標有何看法？

Yes. So Ben, I appreciate the question. I think we've hit on a lot of the key themes, and I think Seth has done a good job just highlighting the focus in the ABF business. I mean, we feel like we're focusing on what we can control. We're in a great spot from a service perspective, on-time perspective, productivity perspective, feel great about our pipeline and how that's developing for next year.

是的。本，我很欣賞這個問題。我認為我們已經觸及了很多關鍵主題，而且我認為 Seth 做得很好，突出了 ABF 業務的重點。我的意思是，我們覺得我們正在專注於我們可以控制的事情。從服務角度、準時角度、生產力角度來看，我們處於一個很好的位置，對我們的管道以及明年的發展感覺很好。

Certainly, we can talk about what we've experienced historically quarter-to-quarter over the last 10 years. And certainly, we have that history and it's available, and we can talk through it in some more detail later if that's helpful. But certainly, we continue to be focused on just continuing to achieve pricing outcomes that are, one, just reflective of the great value that we're providing to our customers. And again, a lot of that's being reflected in the results that you're seeing from Mastio this year and really achieving some great improvement over the cost items that we're seeing in those increases on a year-over-year basis, and we feel good of where that's headed.

當然，我們可以談論過去 10 年中每個季度的歷史經歷。當然，我們有這段歷史並且可以使用，如果有幫助的話，我們可以稍後更詳細地討論它。但當然，我們繼續專注於繼續實現定價結果，第一，這只是反映了我們為客戶提供的巨大價值。再說一遍，其中許多都反映在您今年從 Mastio 看到的結果中，並且與我們在同比增長中看到的成本項目相比，確實取得了一些巨大的改進，我們對未來的發展方向感覺良好。

Stephanie Moore, Jefferies.

史蒂芬妮·摩爾，杰弗里斯。

Maybe sticking on the margin front. If you could just talk about the puts and takes of the 3Q to 4Q margin guide, clearly called out the weaker top line environment. But maybe if you could kind of talk through whether it's wage inflation, insurance, but also what productivity initiatives you have underway to maybe offset some of that pressure. And then kind of taking a step further to come in a little bit better than -- what we're leading to see.

也許堅持在邊緣前沿。如果您可以只談論第三季至第四季利潤率指南的看跌期權和賣出選擇權，請明確指出較弱的營收環境。但也許你可以談談是否是薪資上漲、保險，以及你正在採取哪些生產力措施來抵消部分壓力。然後再向前邁出一步，比我們現在看到的更好。

So thanks, Stephanie. So certainly, there's not the items in the quarter, like we had in the third quarter, we had an annual increase for our union wage and benefits. And so I think we've done a good job just highlighting today how we're focused on the cost side, and we're going to continue that focus and finish out the year strong there. And so I do think that just in terms of where the expectation is for the quarter. That's just based on where we see the macro backdrop developing here over the next couple of months.

謝謝，斯蒂芬妮。當然，本季的項目不會像第三季那樣，我們的工會薪資和福利每年都會增加。因此，我認為我們今天做得很好，只是強調了我們如何專注於成本方面，我們將繼續這一重點，並在這一年中表現強勁。所以我確實認為這只是就本季的預期而言。這只是基於我們對未來幾個月宏觀背景發展的看法。

And so to the extent that, that ends up in a stronger place than what we're seeing right now, we could see some improvement. But again, I think we're going to continue to see dividends paid on all the projects that we've been talking about on the productivity efficiency side, both as we exit the year and as we head into 2025.

因此，在某種程度上，最終會比我們現在看到的情況更強大，我們可以看到一些改進。但我再次強調，無論是今年結束還是進入 2025 年，我們將繼續看到我們一直在談論的生產力效率方面的所有項目都獲得紅利。

Stephanie, I just want to be sure that we're thinking about the -- I guess, the way that we're going to market and the opportunity set that we have, we've talked a lot today about our pipeline, and we've also talked about the macro and various initiatives that we have to try to gain ground both in growth and efficiencies. And I just think it's really important for us to be able to relate to you the confidence level that we have in our ability to engage with customers in constructive ways, even in a weaker environment. We don't take our foot off the gas pedal because of steepness in the economy. In fact, the positioning that we have really helps us and especially our customers to navigate through these things. So we're talking about all the insights we have.

史蒂芬妮，我只是想確保我們正在考慮——我想，我們進入市場的方式以及我們擁有的機會集，我們今天已經談論了很多關於我們的管道，並且我們還談到了宏觀和我們必須努力在在成長和效率方面取得進展的各種措施。我只是認為，即使在較弱的環境下，我們也能以建設性的方式與客戶互動，我們對此充滿信心，這對我們來說非常重要。我們不會因為經濟情勢的嚴峻而鬆開油門踏板。事實上，我們的定位確實有助於我們，尤其是我們的客戶解決這些問題。所以我們正在談論我們擁有的所有見解。

It's because we're doing business with customers in different ways, whether it's in our managed offering or somewhere else in the business. But what I love is our ability to navigate around into the solutions that are going to work best for customers in this kind of environment. And we are seeing a lot of success there. The pipeline that we have in managed and LTL and truckload are all really strong and growing in momentum. And we have a lot of that in late stage.

這是因為我們以不同的方式與客戶開展業務，無論是在我們的託管產品中還是在業務的其他地方。但我喜歡的是我們能夠找到最適合這種環境中客戶的解決方案。我們在那裡看到了很多成功。我們的管理、零擔和整車運輸管道都非常強大，並且勢頭強勁。我們在後期有很多這樣的事情。

So as we close out this year and into next year, I feel like we're really strongly positioned to say yes, and to help our customers navigate to the best solutions they can possibly have to help their business.

因此，當我們今年結束並進入明年時，我覺得我們確實有能力說“是”，並幫助我們的客戶找到他們可能擁有的最佳解決方案來幫助他們的業務。

Our next question comes from Jason Seidl from TD Cowen.

我們的下一個問題來自 TD Cowen 的 Jason Seidl。

Appreciate you guys squeezing me back here. Look, I hate to beat a dead horse, but I'm going to have to break out the crop here. Can you help me with a little bit of the details behind your increase sequentially in your weight per shipment that you mentioned and the decrease in your length of haul? Because I'm just trying to sort of level set where you're at because you pushed through those nice GRI at 5.9%, and then you're getting 4.6% on your contractual business. So I would have assumed ex fuel even on a sequential move that you would have been a lot better with those yield numbers.

感謝你們把我擠回這裡。聽著，我討厭死馬當活馬醫，但我必須在這裡破土而出。您能否幫我提供您提到的每批貨物重量連續增加以及運輸距離減少背後的一些細節？因為我只是想設定您所處的水平，因為您已經完成了 5.9% 的良好 GRI，然後您的合約業務獲得了 4.6%。因此，我會假設即使在連續移動的情況下，即使在連續移動的情況下，這些產量數字也會好得多。

And I would love to see you hear sort of like what was the big shift in your freight on a sequential basis?

我很高興看到您聽到類似於您的貨運量連續發生重大變化的信息？

Yes. Jason, this is Christopher again. So sequential to October, it's one thing that we haven't talked a lot about is just the weather effect that happened in September. And there's some underlying trends of having -- if you close the service center down for a few days and once you reopen it, it's something that we've just observed is that those customers -- they may have had some freight that they were about to ship one pallet now that they've reopened now they ship two pallets. So just on some profile dynamics that the external factors influence on those areas, sequentially, September to October, you think about those impacted areas had a higher weight per shipment.

是的。傑森，這又是克里斯多福。十月之後，我們沒有過多談論的一件事就是九月發生的天氣影響。有一些潛在的趨勢 - 如果你關閉服務中心幾天，一旦重新開放，我們剛剛觀察到的是，這些客戶 - 他們可能已經收到了一些他們想要的貨物現在他們已經重新開放，現在只運送一個托盤，現在他們運送兩個托盤。因此，僅根據外部因素影響這些地區的一些概況動態，從 9 月到 10 月，您會認為這些受影響的區域每批貨物的重量較高。

So you just have some mix changes that I would say were abnormal sequentially September to October, that is influencing that revenue per hundredweight stat. And again, we just are managing our business day-to-day to make sure we're getting the best results really regardless of the profile that we have. And revenue per hundredweight is one yield stat. But obviously, we're looking at the core profitability of the business -- and that's not really the end all be all of the profitability of our business.

因此，您只是進行了一些混合變化，我認為這些變化在 9 月到 10 月期間是不正常的，這會影響每英擔收入的統計數據。再說一次，我們只是在日常管理我們的業務，以確保無論我們的情況如何，我們都能真正獲得最佳結果。每英擔收入是一項產量統計。但顯然，我們正在關注業務的核心盈利能力 - 這並不是我們業務的全部盈利能力的真正終點。

No, I understand that. I was just trying to -- for you guys to put some numbers around the weight per shipment increase and your length of hole decline. Do you have any sequential numbers for us so we can sort of get a sense of how bad the mix was?

不，我明白。我只是想給你們一些關於每批貨物重量增加和孔長度下降的數字。您是否有任何連續的數字給我們，以便我們可以了解混音有多糟糕？

Yes. I mean, I think we can talk about it in a little more detail. I mean the really -- those numbers are not significant. I mean we're talking about a low single-digit increase in weight per shipment and in the low single-digit decrease in Lithopaul. Again, and I think there's some of these dynamics that Chris talked about that we think probably contributed to that.

是的。我的意思是，我想我們可以更詳細地討論一下。我的意思是，這些數字其實並不重要。我的意思是，我們正在討論每批貨物的重量有低個位數的增長，而 Lithopaul 的重量有低個位數的下降。再說一次，我認為克里斯談到的一些動態我們認為可能促成了這一點。

But no big trend or as it relates to pricing just with the sequential September to October move.

但沒有大趨勢，或因為它與 9 月至 10 月連續走勢的定價有關。

Brian Ossenbeck, JP Morgan.

布萊恩‧奧森貝克，摩根大通。

Maybe if you can just walk through sort of the changes in the CapEx spend, I think real estate went down a little bit as well as equipment. Is that sort of just normal true-up through the end of the year? Are you taking a different sort of approach there? And then I guess on the back of that, obviously, the rest of the Yelp facilities are still up for auction. So anything there that we should expect you to look at or potentially pick up here in the next round?

也許如果你能大致了解資本支出的變化，我認為房地產和設備都略有下降。到年底這只是正常的調整嗎？您是否採取了不同的方法？然後我想，顯然，Yelp 的其餘設施仍在拍賣中。那麼，我們應該期望您在下一輪中看到或可能會在這裡發現什麼？

Yes, Brian. So as it relates to CapEx, I would say on the equipment side, we expect been consistent with what we had laid out for the year. On the real estate side, there were some opportunistic purchases that we were considering and that we thought might come to market. And so those have been delayed a little bit. We're still looking at opportunistically making some purchases in some markets where it makes sense.

是的，布萊恩。因此，就資本支出而言，我想說在設備方面，我們預計與我們今年的計劃保持一致。在房地產方面，我們正在考慮一些機會主義的購買，我們認為這些購買可能會進入市場。所以這些都被延後了一些。我們仍在考慮在一些有意義的市場上機會主義地進行一些購買。

And then as it relates to the yellow process, I'll let Matt Godfrey maybe just comment a little bit on that and what we might be hoping to see there.

然後，由於它與黃色過程有關，我可能會讓馬特·戈弗雷對此以及我們可能希望在那裡看到的內容發表一些評論。

Yes. Thanks, Matt. So as Seth mentioned, we acquired four yellow facilities in the previous auction. We've opened three of those already, and we'll bring the last one online in the fourth quarter. And those facilities have been positive contributors to our efficiency, service and capacity in those markets.

是的。謝謝，馬特。正如塞斯所提到的，我們在先前的拍賣中獲得了四個黃色設施。我們已經開放了其中三個，我們將在第四季度將最後一個上線。這些設施對我們在這些市場的效率、服務和能力做出了積極貢獻。

And we really appreciate what our people have done to transition facilities and not have any disruptions for our customers. And so as you mentioned, the second phase of the auction is about to kick off. indications of interest were due last month. We've submitted our interest in a few locations and these are locations that we were interested in previously, and we're just really waiting the next steps in the auction process on how that will move forward.

我們非常感謝我們的員工為過渡設施所做的一切，並且沒有對我們的客戶造成任何干擾。正如你所提到的，第二階段的拍賣即將開始。有意向的跡像已於上個月到期。我們已經提交了對幾個地點的興趣，這些是我們之前感興趣的地點，我們只是在等待拍賣過程的下一步，以了解如何前進。

Ari Rosa, Citi.

阿里·羅莎，花旗銀行。

Yes, this is Ben again for Ari. Just going back to LTL margin and touching on what Ravi asked about on your Mastio survey, you're showing tremendous, really fantastic improvement across the board. Damage, shortage, on-time, pickups deliveries and especially building accuracy where you're better than a number of your peers, which is very important for all of these for volume and pricing in upcoming quarters. I wanted to ask how much do you attribute these to your various initiatives? You're training your culture service, your city route optimization, others?

是的，這又是阿里的本。回到 LTL 利潤並觸及 Ravi 在 Mastio 調查中詢問的內容，您在各方面都表現出了巨大的、非常出色的進步。損壞、短缺、準時、提貨交付，尤其是在您比許多同行更好的地方建立準確性，這對於所有這些對於未來幾季的銷售和定價都非常重要。我想問您在多大程度上將這些歸功於您的各種舉措？您正在培訓文化服務、城市路線優化等？

And then more importantly, how much runway is there left? You mentioned on a lot of these you're done with the first phase out of three phases. So there's two more phases. Does this mean roughly about 66% more runway for all or most of these initiatives for service improvement, which could get you more volume, more margin?

更重要的是，還剩下多少跑道？您在很多方面都提到您已經完成了三個階段中的第一階段。所以還有兩個階段。這是否意味著所有或大部分服務改進舉措的跑道要多出大約 66%，從而可以為您帶來更多銷售和利潤？

Yes, Ben, this is Seth. I'll start, and then I'll have Matt Godfrey chime in as well. So we think all of the things that you mentioned around efficiency, ultimately improved service, but when we look, we feel like we do have quite a bit of runway there. We went back to our historical position on the Mastio. We always exceeded industry benchmarks for 19 of the last 20 years.

是的，本，這是賽斯。我先開始，然後馬特·戈弗雷也插話。因此，我們認為您提到的所有事情都圍繞著效率，最終改善了服務，但當我們看到時，我們覺得我們確實有相當多的跑道。我們回到了 Mastio 上的歷史位置。過去 20 年中有 19 年我們始終超越產業基準。

In 2023, we hired a lot of new people. We've got a lot of new process. Just a lot of things happened. So we listen to our customers, and we responded very quickly to get back on track and move back into the position where we've historically been. So the initiatives that we did I would say, improved service on the tactical side.

2023年，我們僱用了許多新員工。我們有很多新流程。剛剛發生了很多事。因此，我們傾聽客戶的意見，並迅速做出反應，回到正軌並回到我們歷史上的位置。所以我想說，我們採取的措施改善了戰術方面的服務。

Now we're focused on kind of holistically like website, ETAs, visibility into customer supply chain, a lot of the work around efficiency, which Matt will mention, is also going to improve that. So I feel like we still have quite a bit of runway to go because even though we're in a great position, we ultimately -- our goal is to be number one in the Mastio because we think that translates to better growth and better price from our customers.

現在我們的重點是網站、預計到達時間、客戶供應鏈的可見性，以及馬特將提到的許多圍繞效率的工作，也將改善這一點。所以我覺得我們還有很長的路要走，因為即使我們處於有利地位，我們最終的目標是成為 Mastio 領域的第一，因為我們認為這會帶來更好的成長和更好的價格來自我們的客戶。

Yes. And to follow up there. I appreciate your question on City route optimization and trying to understand the percentage of runway. I think when -- the way to think about that is -- the first phase of city route optimization had the largest impact is going to have the bulk of the impact. But we are excited about Phase 2 and Phase 3 and really Phase 2 around pickup optimization.

是的。並跟進那裡。我很欣賞你關於城市路線優化的問題並試圖了解跑道的百分比。我認為，思考這個問題的方式是，城市路線優化的第一階段產生最大影響的時候，將會產生大部分影響。但我們對第二階段和第三階段以及圍繞皮卡優化的第二階段感到興奮。

Not only is there an efficiency runway there. But when you think about the most important thing as it relates to the Mastio Survey and pickups being high on that list. We think it will have a really positive impact for our customers on the pickup process. So we're pretty excited about that.

那裡不僅有一條效率跑道。但是，當您考慮最重要的事情時，因為它與 Mastio Survey 相關，並且皮卡在該列表中名列前茅。我們認為這將對我們的客戶提貨流程產生真正正面的影響。所以我們對此感到非常興奮。

Some other things that we are working on that we're going to begin piloting here later this year around appointments and optimizing that process. That's something our people, I spend a lot of time on it, something our customers rely on us for. It's a service that they find value in our offering, and we really want to make that process easier for our people and our customers. And then another thing we're working on around line optimization, again, another project focused on service and efficiency. We've made some gains this year kind of in the early stages on that, and we're really excited about what's to come on that as well.

我們正在做的其他一些事情，我們將在今年稍後開始圍繞預約和優化流程進行試點。這是我們的員工、我在這方面花了大量時間的事情，也是我們的客戶依賴我們的事情。他們在我們提供的服務中發現了價值，我們真的希望讓我們的員工和客戶更輕鬆地完成這個過程。然後，我們正在圍繞生產線優化開展另一件事，這又是另一個專注於服務和效率的專案。今年我們在早期階段已經取得了一些進展，我們對即將發生的事情也感到非常興奮。

So we think we have a pretty significant runway, not only to improve our service, but to increase our efficiency at the same time.

因此，我們認為我們擁有一條非常重要的跑道，不僅可以改善我們的服務，還可以同時提高我們的效率。

Our last question today will come from Scott Group from Wolfe Research.

今天我們的最後一個問題將來自沃爾夫研究公司的斯科特小組。

I just had a longer-term question on the pension side. I know no immediate impact, and it's still -- the final ruling still to be determined. But -- does the outcome of the yellow pension withdrawal liability, how does that -- how do you think that impacts your long-term pension contributions in any way? If they have to pay bigger withdrawal liabilities, does that help? Or how do you think about that?

我只是有一個關於退休金的長期問題。我知道不會立即產生影響，而且最終裁決仍有待確定。但是，黃色退休金提款責任的結果是否會影響您的長期退休金繳款？如果他們必須支付更大的提款負債，這有幫助嗎？或者你對此有何看法？

Scott, we've watched these issues and monitor them for decades. And what our obligation is, is just to pay in the hourly rate that we negotiate based on the hours worked. And so we have that negotiated. Obviously, through 2028, but also a larger impact here was the American Rescue Plan that put in place a lot of funding and really has positively impacted the most distressed multi-employer pension funds. So I think -- I don't know what the dollars are going to be related to this other settlement.

斯科特，我們幾十年來一直關注並監控這些問題。我們的義務只是按照我們根據工作時間協商的小時費率支付費用。我們就這樣進行了協商。顯然，到 2028 年，美國救援計畫也產生了更大的影響，該計畫投入了大量資金，確實對最陷入困境的多雇主退休基金產生了積極影響。所以我想——我不知道美元與另一項和解有什麼關係。

But my feeling is that those won't be significant to the overall situation that we're in today. And so I feel like that every five years, we negotiate the rates here, and the fact that the American Rescue plan better funded the most distressed funds puts us in a place that's better than we were before that law was enacted. And I think that's the way to think about it because we're just planning to continue to do the same things that we've always done, and it's continued to put us in a more reasonable place. And large increases in pension, we haven't seen anything like that since 2013. So more than a decade, we've been in a position where the hourly rates we pay are more than adequate to address our situation.

但我的感覺是，這些對我們今天所處的整體局勢並不重要。因此，我覺得每五年，我們都會在這裡協商費率，事實上，美國救援計劃更好地為最困難的基金提供資金，這使我們處於比該法律頒布之前更好的境地。我認為這就是思考這個問題的方式，因為我們只是計劃繼續做我們一直在做的事情，這繼續讓我們處於一個更合理的位置。退休金大幅增加，自 2013 年以來我們從未見過這樣的情況。因此，十多年來，我們支付的小時工資足以解決我們的情況。

And so that's the way I think about it. It's just something that we obviously have to stay close to and monitor, but it's not a negative for us as we see it.

這就是我的想法。這顯然是我們必須密切關注和監控的事情，但正如我們所見，這對我們來說並不是負面的。

We have no further questions. I would like to turn the call back over to Amy Mendenhall for closing remarks.

我們沒有其他問題了。我想將電話轉回給艾米·門登霍爾 (Amy Mendenhall)，讓其致閉幕詞。

Thank you for joining us today. We appreciate your interest in ArcBest. Hope everyone have a great day.

感謝您今天加入我們。我們感謝您對 ArcBest 的興趣。希望每個人都有美好的一天。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。