ArcBest Corp (ARCB) 2025 Q1 法說會逐字稿

Good morning, and thank you for standing by. Welcome to the ArcBest Q1 2025 earnings conference call. During the presentation, all participants will be in a listen only mode. Afterwards, we will conduct a question and answer session. As a reminder, this call is being recorded.

早安，感謝您的支持。歡迎參加 ArcBest 2025 年第一季財報電話會議。演示期間，所有參與者將處於僅聆聽模式。之後，我們將進行問答環節。提醒一下，本次通話正在錄音。

I will now turn it over to Ms. Amy Mendenhall, Vice President, Treasury and Investor Relations. Please go ahead.

現在我將把發言權交給財務和投資者關係副總裁艾米·門登霍爾女士。請繼續。

Good morning, everyone. I’m pleased to be here today with Judy McReynolds, our Chairman and CEO; Seth Runzer, our President; and Matt Beasley Chief Financial Officer. Other members of our executive leadership team will also be available during the Q&A session. Before we begin, please note that some of the comments we make today will be forward looking statements. These statements are subject to risks and uncertainties, which are detailed in the forward looking statements section of our earnings release and SEC filings.

大家早安。我很高興今天能與我們的董事長兼首席執行官朱迪·麥克雷諾茲 (Judy McReynolds)、總裁塞思·倫澤 (Seth Runzer) 和首席財務官馬特·比斯利 (Matt Beasley) 一起來到這裡。我們的執行領導團隊的其他成員也將參加問答環節。在我們開始之前，請注意，我們今天發表的一些評論將是前瞻性的陳述。這些聲明受風險和不確定性的影響，這些風險和不確定性在我們的收益報告和美國證券交易委員會 (SEC) 文件的前瞻性聲明部分中有詳細說明。

To provide meaningful comparisons, we will also discuss certain non GAAP financial measures that are outlined and described in the tables of our earnings release. Reconciliations of GAAP to non-GAAP measures are provided in the 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.

為了提供有意義的比較，我們還將討論收益報告表格中概述和描述的某些非 GAAP 財務指標。簡報幻燈片的附加資訊部分提供了 GAAP 與非 GAAP 指標的對帳。您可以在我們今天早上提交的 8-K 文件中訪問我們網站 arcb.com 上的電話會議幻燈片，也可以透過網路廣播關注。

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. I wanna start by thanking our employees for their unwavering dedication and hard work. Despite challenges in the freight environment driven by soft industrial production and a changing trade policy landscape, I’m proud of our progress and how our team carried out strategic initiatives that have led to significant service improvements and efficiency gains. We remain steadfast in our commitment to creating value for our shareholders and customers through the disciplined execution of our strategy. Our ongoing efforts to drive operational efficiency, leverage innovative solutions, and strengthen customer relationships are a strong foundation for sustained success.

謝謝你，艾米，大家早安。首先我要感謝我們的員工的堅定奉獻和辛勤工作。儘管工業生產疲軟和貿易政策格局變化給貨運環境帶來了挑戰，但我對我們的進步以及我們的團隊如何實施戰略舉措感到自豪，這些舉措已帶來服務顯著改善和效率提高。我們堅定不移地致力於透過嚴格執行我們的策略為我們的股東和客戶創造價值。我們不斷努力提高營運效率、利用創新解決方案並加強客戶關係，為持續成功奠定堅實的基礎。

As our customers navigate changes to US tariffs and trade policies, we’re focused on helping them quickly adapt. It’s more important than ever for shippers to drive efficiencies across every aspect of their supply chain and build flexibility into their operations. Our best comprehensive suite of integrated solutions, innovative technology, and problem solving mentality position us to help customers achieve these efficiencies and build better supply chain. Our managed solution, in particular, does just that. Having been in this industry for a long time, one thing is certain, disruptions are inevitable.

當我們的客戶應對美國關稅和貿易政策的變化時，我們致力於幫助他們快速適應。對於托運人來說，提高供應鏈各個環節的效率並增強營運靈活性比以往任何時候都更加重要。我們擁有最全面的整合解決方案、創新技術和解決問題的思維方式，可以幫助客戶實現這些效率並建立更好的供應鏈。我們的託管解決方案正是這樣做的。從事這個行業很久了，有一件事是肯定的，那就是中斷是不可避免的。

I take great pride in hearing stories from our customers about how our services, solutions, and dedicated teams have helped them overcome real challenges. Recently, we partnered with a leading manufacturer of lighting solutions to modernize their shipping operations. Historically, they use manual processes to route orders and determine warehouse shipping locations. Through our reporting abilities and the automation of key processes like shipment consolidation and routing, we are driving tangible results. In addition to soft benefits, they now project a 5% savings using our managed solution.

當我聽到客戶講述我們的服務、解決方案和專業團隊如何幫助他們克服真正的挑戰時，我感到非常自豪。最近，我們與一家領先的照明解決方案製造商合作，以實現其航運業務的現代化。從歷史上看，他們使用手動流程來安排訂單並確定倉庫發貨地點。透過我們的報告能力以及貨運整合和路線規劃等關鍵流程的自動化，我們正在取得實際的成果。除了軟性收益外，他們現在還計劃使用我們的託管解決方案節省 5% 的成本。

This innovative approach supports their needs and helps them better serve their own customers. It is a perfect example of how we partner with customers and as we always say, when our customers succeed, we succeed. The upcoming NMFC classification changes present another potential disruption to our industry. Years ago, we anticipated that the industry would move towards space based pricing, and ArcBest became the first in the LTL industry to launch this pricing approach. Our long history of capturing accurate dimensions positions well to support customers with these changes.

這種創新方法可以滿足他們的需求並幫助他們更好地服務自己的客戶。這是我們與客戶合作的完美典範，正如我們常說的，當我們的客戶成功時，我們就成功了。即將實施的 NMFC 分類變更將為我們的行業帶來另一個潛在的干擾。幾年前，我們就預測該行業將轉向基於空間的定價，而 ArcBest 成為 LTL 行業中第一個推出這種定價方式的公司。我們長期以來一直致力於捕捉精確尺寸，​​並且能夠很好地支持客戶應對這些變化。

We are proactively working with customers to help them understand the potential impact on their freight profile and successfully navigate new classification codes. Our best foresight regarding the freight industry’s move to space based pricing also led us to develop a mobile dimensioner and ultimately introduce Box Vision, which we announced in February. This innovative three d perception technology transforms forklifts into intelligent mobile dimensioners that provide precise real time freight measurements, images, and detailed shipping insights on the go. The pilot phase of Vox Vision will give us critical data to refine the technology and ensure it delivers significant value. We expect Vox Vision to be a cost effective solution that can easily be adopted and integrated, enhancing transparency and compliance in freight handling workflows.

我們正在積極與客戶合作，幫助他們了解對其貨運狀況的潛在影響，並成功駕馭新的分類代碼。我們對貨運業轉向基於空間定價的最佳預見也促使我們開發了移動尺寸測量儀並最終推出了 Box Vision，我們在二月宣布了這款產品。這種創新的三維感知技術將堆高機轉變為智慧移動尺寸測量儀，可在旅途中提供精確的即時貨運測量、影像和詳細的運輸見解。Vox Vision 的試點階段將為我們提供關鍵數據，以改善技術並確保其發揮巨大價值。我們希望 Vox Vision 成為一種經濟高效的解決方案，可以輕鬆採用和集成，從而提高貨運處理工作流程的透明度和合規性。

Following the pilot period, we are excited to roll this technology out more broadly to the market. We remain deeply committed to continuous improvement across the business and are taking steps to ensure our customers have the right solutions and capacity to meet their needs. Ultimately, our innovative solutions and our team are why our customers come back to us time and time again. Looking ahead, I’m as confident as ever that ArcBest is well positioned to deliver long term value as a leading logistics partner and innovator.

在試點期結束後，我們很高興將這項技術更廣泛地推廣到市場。我們始終堅定地致力於整個業務的持續改進，並正在採取措施確保我們的客戶擁有正確的解決方案和滿足其需求的能力。最終，我們的創新解決方案和我們的團隊是客戶一次又一次回到我們身邊的原因。展望未來，我一如既往地相信，ArcBest 作為領先的物流合作夥伴和創新者，完全有能力實現長期價值。

I’ll now turn the call over to Seth to update you on our progress in key areas of focus for 2025.

現在我將電話轉給塞思，讓他向大家通報我們在 2025 年重點關注領域的進展。

Thanks, Judy, and good morning, everyone. As we discussed last quarter, our priorities for 2025 are driving profitable growth, advancing our premium service for customers and focusing on optimization and efficiency. The recent leadership and organizational changes instituted earlier this year are already fostering increased collaboration across the business, and I’m pleased with the early signs of success.

謝謝，朱迪，大家早安。正如我們上個季度所討論的，我們 2025 年的首要任務是推動獲利成長、為客戶提供優質服務並專注於優化和效率。今年稍早實施的領導層和組織變革已經促進了整個企業的協作，我對早期的成功跡象感到高興。

By addressing workflow bottlenecks, we’ve sped up decision making and streamlined processes with our sales, legal and pricing teams enabling a 31% improvement in the speed of deal execution. We’ve accelerated growth in our sales pipeline with a higher mix of core LTL opportunities and we’re investing in our sales teams particularly to grow our share of small and medium sized business.

透過解決工作流程瓶頸，我們加快了決策速度，並簡化了銷售、法律和定價團隊的流程，使交易執行速度提高了 31%。我們透過增加核心 LTL 機會的組合來加速銷售管道的成長，並且我們正在投資我們的銷售團隊，特別是增加我們在中小型企業中的份額。

Customers increasingly prefer digital engagement and our initiatives to capture new business and service existing customers digitally are paying off. We are now receiving over 200,000 dynamic quote requests from customers each day. More digital quotes give us the opportunity to be more selective in the freight we choose, optimizing our network and profitability. We have seen a 50% increase in revenue per shipment levels for dynamic business since 2020 and we expect even greater profit contributions from this business as we continue to grow our daily quoting opportunities. Through our integrated solutions, we are uniquely positioned to say yes to our customers, addressing their diverse needs and helping them drive efficiencies and manage supply chain uncertainties.

客戶越來越喜歡數位化互動，我們以數位化方式開拓新業務和為現有客戶提供服務的舉措正在取得成效。我們現在每天收到來自客戶的超過 200,000 個動態報價請求。更多的數位報價使我們有機會更有選擇性地選擇貨運，從而優化我們的網路和獲利能力。自 2020 年以來，動態業務的每批貨物收入成長了 50%，隨著我們繼續增加每日報價機會，我們預計該業務將帶來更大的利潤貢獻。透過我們的整合解決方案，我們擁有獨特的優勢，可以滿足客戶的不同需求，幫助他們提高效率和管理供應鏈的不確定性。

Judy highlighted our managed transportation solution, which delivers flexible tailored solutions. We continue to see encouraging demand for this solution, which achieved double digit growth in all time quarterly highs for both shipments and revenue. Our focus on service excellence includes continued investments in shipment visibility, which has led to the majority of our customers now tracking their shipments digitally. This contributes to reduced customer service requests and improved productivity. We’re also advancing solutions like Flex deliveries, which provides customers with a delivery window and a picture of doorstep deliveries for added convenience and transparency.

朱迪重點介紹了我們的託管運輸解決方案，該解決方案可提供靈活的客製化解決方案。我們繼續看到對該解決方案的令人鼓舞的需求，其出貨量和收入均實現了歷史季度最高兩位數的增長。我們注重卓越服務，包括持續投資於貨運可視性，這使得我們的大多數客戶現在都可以透過數位方式追蹤他們的貨運。這有助於減少客戶服務請求並提高生產力。我們也正在推動 Flex 配送等解決方案，該解決方案為客戶提供配送窗口和送貨上門的圖片，以增加便利性和透明度。

Additionally, our appointment optimization project is in its first pilot at select service centers. These initiatives feed valuable data into our optimization tools, enhancing the efficiency of our pickup and delivery routes while elevating the overall customer experience. We continue to prioritize reducing customer churn by strengthening our onboarding efforts.

此外，我們的預約優化項目正在部分服務中心進行首次試點。這些措施為我們的優化工具提供了寶貴的數據，提高了我們的取貨和送貨路線的效率，同時提升了整體客戶體驗。我們將繼續透過加強入職培訓來優先減少客戶流失。

We’ve established a multi department focus group dedicated to aligning resources, analyzing key factors, and recommending actionable changes to improve retention. Additionally, we’re streamlining the onboarding process to identify customer requirements earlier and meet those needs more effectively ensuring a seamless and efficient experience for new customers.

我們成立了一個多部門焦點小組，致力於協調資源、分析關鍵因素並提出可行的變革以提高保留率。此外，我們正在簡化入職流程，以便更早發現客戶需求並更有效地滿足這些需求，確保為新客戶提供無縫且高效的體驗。

We believe this new process will further improve our retention statistics and enhance the customer experience. We are progressing our targeted optimization projects to enhance efficiency and service quality. City route optimization Phase 2 leverages daily demand predictions to streamline pickup routes, allowing us to better accommodate customer requests and enhance service efficiency. Phase three introduces a dynamic routing tool that generates nearly real time automated customized routes while allowing for human adjustments based on local expertise. We’re rolling out these phases strategically starting with the most impactful service centers first.

我們相信這項新流程將進一步改善我們的保留統計數據並增強客戶體驗。我們正在推進有針對性的最佳化項目，以提高效率和服務品質。城市路線優化第二階段利用每日需求預測來簡化取車路線，使我們能夠更好地滿足客戶要求並提高服務效率。第三階段引入了動態路線工具，該工具可以產生幾乎即時的自動客製化路線，同時允許根據當地專業知識進行人工調整。我們將首先從最具影響力的服務中心開始策略性地推行這些階段。

Notably, at our Baltimore service center, implementing this software reduced the manager’s planning hours from four hours to just forty five minutes, allowing for more direct engagement with teams on the dock and less screen time. We continue our campaign of having a team of operational experts visit our facilities to support best practices across our network, driving improved service and efficiency. This highly specialized team carefully evaluates the unique needs of each location and customizes training and software adjustments to ensure optimal outcomes. During the first quarter, training was completed at nine sites resulting in $6,000,000 in savings. Our truckload digital roadmap continues to make steady progress.

值得注意的是，在我們巴爾的摩服務中心，實施該軟體將經理的規劃時間從四小時減少到僅四十五分鐘，從而可以更直接地與碼頭上的團隊互動，減少螢幕時間。我們將繼續組織營運專家團隊訪問我們的設施，以支援整個網路的最佳實踐，推動服務和效率的改善。這個高度專業化的團隊會仔細評估每個地點的獨特需求，並客製化培訓和軟體調整以確保最佳結果。第一季度，九個地點完成了培訓，節省了 6,000,000 美元。我們的整車數位化路線圖繼續穩步推進。

Carrier Portal adoption has reached 22%, while 45% of shipments are now digitally fulfilled. To further enhance efficiency, we’ve launched an inbound call automation pilot aimed at automating routine calls so our teams can focus on servicing more value added customer requests. Additionally, digital quote augmentation is on the rise with further advancements on the horizon. During the first quarter of 2025, these efficiency and optimization projects drove productivity improvements of 1% for Asset Based operations and 24% for Asset Light operations. While these improvements are impressive, we recognize the opportunity to achieve even greater efficiencies in the future.

承運商入口網站的採用率已達到 22%，而 45% 的貨物運輸目前已透過數位化完成。為了進一步提高效率，我們啟動了一項入站呼叫自動化試點，旨在實現例行呼叫的自動化，以便我們的團隊可以專注於滿足更多增值客戶的要求。此外，隨著進一步的進步，數位報價增強正在興起。2025 年第一季度，這些效率和優化項目推動資產型營運的生產力提高了 1%，輕資產營運的生產力提高了 24%。雖然這些改進令人印象深刻，但我們認識到未來還有機會實現更高的效率。

Our strategy and optimization team is tasked with advancing operational excellence and scalable growth. Through job shadowing and a comprehensive review of enterprise processes, the team is identifying opportunities for improvement by leveraging previous successes in technology, compliance campaigns, and optimization initiatives. This team will advance our highest priority initiatives and work to further streamline processes and improve productivity. Disciplined execution and moving with urgency have been central to our efforts this quarter. With these principles guiding our strategy, we are well prepared to meet the evolving needs of our customers in any environment and drive profitable growth.

我們的策略和優化團隊的任務是提高卓越營運和可擴展成長。透過工作追蹤和對企業流程的全面審查，該團隊正在利用先前在技術、合規活動和優化計劃方面的成功經驗來尋找改進的機會。團隊將推進我們最優先的舉措，並致力於進一步簡化流程和提高生產力。嚴謹的執行和緊急的行動是我們本季努力的核心。在這些原則指導我們的策略下，我們已做好充分準備，在任何環境下滿足客戶不斷變化的需求並推動獲利成長。

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

現在我將把話題交給馬特，讓他更詳細地介紹一下財務狀況。

Thank you, Seth, and good morning, everyone. As we navigate the soft industrial economy and challenging truckload market, our focus remains on driving actions that strengthen our business. We have made significant progress in boosting operational efficiency and eliminating unnecessary costs. These efforts position us to adapt effectively to dynamic market conditions while driving long term value creation. Turning to our first quarter results.

謝謝你，塞斯，大家早安。在我們應對疲軟的工業經濟和充滿挑戰的卡車運輸市場時，我們的重點仍然是推動能夠增強我們業務的行動。我們在提高營運效率和消除不必要的成本方面取得了重大進展。這些努力使我們能夠有效適應動態的市場條件，同時推動長期價值創造。談到我們的第一季業績。

Consolidated revenue decreased by 7% from last year’s first quarter to $967,000,000 Non-GAAP operating income from continuing operations was $17,000,000 compared to $43,000,000 in the prior year. Our Asset Based segment saw a $27,000,000 decrease in operating income, while the Asset Light segment’s non GAAP operating loss of $1,000,000 was $4,000,000 better than the prior year. Adjusted earnings per share were $0.51 down from $1.34 in the first quarter of 2024. Now, let’s discuss our two segments in more detail. Starting with our Asset Based business.

綜合收入較去年第一季下降 7% 至 9.67 億美元，非 GAAP 持續經營營業收入為 1,700 萬美元，而前一年為 4,300 萬美元。我們的資產管理部門的營業收入減少了 27,000,000 美元，而輕資產管理部門的非 GAAP 營業虧損為 1,000,000 美元，比前一年減少了 4,000,000 美元。調整後每股收益為 0.51 美元，低於 2024 年第一季的 1.34 美元。現在，讓我們更詳細地討論這兩個部分。從我們的以資產為基礎的業務開始。

First quarter revenue was $646,000,000 a per day decrease of 3%. ABS operating ratio was 95.9%, an increase of three ninety basis points over first quarter 2024. ABS operating ratio also increased three ninety basis points sequentially within the historical range of a 35 to 400 basis point increase. In the first quarter, daily shipments were flat year-over-year, while weight per shipment decreased by 4% resulting in a 4% decrease in tons per day compared to the previous year. This decline is primarily due to industrial weakness as customers are producing less than the current economic environment.

第一季營收為 6.46 億美元，每天下降 3%。ABS 營運比率為 95.9%，較 2024 年第一季增加 3.90 個基點。ABS 營運比率也比上一季增加了 390 個基點，而歷史增幅一般在 35 至 400 個基點之間。第一季度，日貨量與去年同期持平，但每批貨物的重量下降了4%，導致日貨量比去年同期下降了4%。這種下降主要是由於工業疲軟，因為客戶的產量低於當前的經濟環境。

Additionally, higher interest rates and low housing inventory have led to fewer household goods moves, which typically involve heavier shipments. Some higher weight LTL shipments have also shifted to the truckload market with its continued low rate and excess capacity. Despite lower tonnage levels, the volume of shipments remained relatively stable, which meant that labor costs didn’t decrease proportionally with the tonnage declines. However, improved productivity through technology and training helped manage cost while maintaining high service standards. Year-over-year, costs for fuel and repairs decreased, but nonunion healthcare and insurance related expenses increased by $6,000,000 adding 90 basis points to our operating ratio.

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，而家庭用品運輸通常涉及較重的貨物。由於運費持續低迷且運力過剩，一些重量較大的零擔貨物也已轉向整車運輸市場。儘管噸位較低，但出貨量仍然相對穩定，這意味著勞動成本並沒有隨著噸位的下降而相應下降。然而，透過技術和培訓提高生產力有助於控製成本，同時維持高服務標準。與去年同期相比，燃料和維修成本有所下降，但非工會醫療保健和保險相關費用增加了 6,000,000 美元，使我們的營業比率增加了 90 個基點。

We secured an average increase of 4.9% on our contract renewals and deferred pricing agreements during the quarter. Revenue per hundredweight increased by 2% in the first quarter compared to the first quarter of 2024. Price improvements have been partially offset by declining fuel costs. Excluding fuel surcharges, revenue per hundredweight increased in the low to mid single digits year-over-year. The pricing environment remains rational and we are focused on using pricing and operational efficiency improvements to outpace rising costs and enhance our margins.

本季度，我們的合約續約和延期定價協議平均成長了 4.9%。第一季每英擔的營收與 2024 年第一季相比成長了 2%。價格上漲的部分影響被燃料成本的下降所抵銷。不計燃油附加費，每英擔的收入年增了低至個位數。定價環境保持合理，我們專注於利用定價和營運效率改進來超越不斷上漲的成本並提高利潤率。

Turning to April 2025 trends in our Asset Based business, we achieved a 4% year-over-year increase in daily shipments, highlighting our success in capturing new core business opportunities. Despite the market backdrop leading to a 3% decrease in weight per shipment, we saw a 1% increase in daily tonnage levels compared to the same period last year.

回顧 2025 年 4 月我們以資產為基礎的業務趨勢，我們的每日出貨量年增了 4%，突顯了我們在抓住新核心業務機會方面的成功。儘管市場背景導致每批貨物的重量下降了 3%，但與去年同期相比，我們的日貨運量卻增加了 1%。

On the pricing front, we saw a 2% year over year decrease in revenue per hundredweight for April. When excluding fuel surcharges, the decline was less than 1%. This decrease was partly driven by an increase in shipments from core customers with easier to handle freight, which generally have a lower revenue per hundredweight profile but are operationally more efficient.

在定價方面，我們發現 4 月每英擔的收入年減了 2%。若不計燃油附加費，降幅不到1%。這種下降的部分原因是來自核心客戶的出貨量增加，這些客戶的貨物處理起來更容易，通常每英擔貨物的收入較低，但營運效率更高。

Additionally, there was a decline in shipments within the manufacturing vertical where we typically see a higher revenue per hundredweight profile. The ongoing trend of fewer household goods moves influenced by current economic and interest rate conditions also continued to impact our results in April. Historically, ABS non GAAP operating ratio has improved by 300 to 400 basis points from the first to the second quarter and we expect our second quarter operating ratio improvement to remain within this range. Moving on to the Asset Light segment. First quarter revenue was $356,000,000 a daily decrease of 9% year-over-year.

此外，製造業垂直領域的出貨量有所下降，而我們通常認為該領域的每英擔收入較高。受當前經濟和利率狀況影響，家庭用品流通量持續減少的趨勢也持續影響著我們 4 月的業績。從歷史上看，ABS 非 GAAP 營業比率從第一季到第二季提高了 300 到 400 個基點，我們預計第二季的營業比率改善將維持在這個範圍內。繼續討論輕資產部分。第一季營收為 3.56 億美元，年減 9%。

Shipments per day were down 4% as we strategically reduced less profitable truckload volumes, offsetting double digit growth in our managed solution. Revenue per shipment decreased by 6% due to the soft freight market and growth in our managed business, which has smaller shipment sizes and lower revenue per shipment levels. Our non GAAP operating loss of $1,200,000 was an improvement compared to last year’s non GAAP operating loss of $4,700,000 This improvement was driven by our focus on improving margins while reducing operating costs.

由於我們策略性地減少了利潤較低的卡車運輸量，每日發貨量下降了 4%，抵消了我們託管解決方案的兩位數增長。由於貨運市場疲軟以及我們管理的業務的成長（貨運規模較小且每批貨運收入較低），每批貨運收入下降了 6%。我們的非公認會計準則營業虧損為 1,200,000 美元，與去年的非公認會計準則營業虧損 4,700,000 美元相比有所改善，這一改善是由於我們專注於提高利潤率同時降低營運成本。

In April 2025, Asset Light year-over-year daily revenue was down 10% due to fewer shipments from a strategic reduction in less profitable truckload volumes, offsetting the continued strength in managed. Lower revenue per shipment resulted from soft freight market conditions and a higher proportion of managed business with smaller shipment sizes.

2025 年 4 月，由於策略性地減少利潤較低的卡車運輸量導致貨運量減少，Asset Light 的日收入同比下降了 10%，抵消了管理業務的持續強勁增長。由於貨運市場疲軟以及託管業務中小批量貨運量佔比較高，導致每批貨運收入下降。

Given current market conditions, we anticipate a non GAAP operating loss for this segment of between $1,000,000 and $2,000,000 for the second quarter of 2025. I’ll now turn to our long term balanced approach to capital allocation. Our 2025 capital expenditure guidance of $225,000,000 to $275,000,000 reflects maintenance capital spending to optimize our total cost of ownership and strategic capital investments in our highest priority projects.

鑑於目前的市場狀況，我們預計 2025 年第二季該部門的非 GAAP 營運虧損將在 1,000,000 美元至 2,000,000 美元之間。現在我將談談我們長期平衡的資本配置方法。我們 2025 年的資本支出指引為 2.25 億美元至 2.75 億美元，反映了維護資本支出，以優化我們的總擁有成本和最高優先事項項目的策略資本投資。

We are focused on deploying this capital in the most effective way possible to enable growth, improve service and increase efficiencies across our network, and we currently expect to be at the lower end of our capital range for the year. We also acquired leases for two strategically located facilities through the recent yellow property auction process during the quarter, while returning over $24,000,000 to shareholders through both share repurchases and dividends.

我們專注於以最有效的方式部署這些資本，以促進成長、改善服務和提高整個網路的效率，目前我們預計今年的資本將處於較低水準。我們還在本季度透過最近的黃色房地產拍賣程序獲得了兩個位於戰略位置的設施的租約，同時透過股票回購和股息向股東返還了超過 24,000,000 美元。

We will act opportunistically on share repurchases based on share price, balancing organic capital investments while maintaining reasonable leverage levels. Our balance sheet remains strong, and we have approximately $350,000,000 in available liquidity. While external factors can be unpredictable, ArcBest is focused on controlling what we can, serving our customers with excellence, optimizing our operations, and maintaining financial discipline.

我們將根據股價狀況擇機回購股票，平衡有機資本投資，同時維持合理的槓桿水準。我們的資產負債表依然強勁，我們擁有約 3.5 億美元的可用流動資金。雖然外部因素難以預測，但 ArcBest 專注於控制我們所能控制的因素，為客戶提供卓越的服務，優化我們的運營，並保持財務紀律。

I’ll now hand the call back to Judy.

我現在將電話交還給朱迪。

Thank you, Matt. As we move forward, we will continue to adapt to the evolving trade environment, leveraging our strengths to support customers and drive sustainable growth. ArcBest remains well positioned to navigate challenges and capitalize on opportunities, reinforcing our role as a trusted logistics partner. That concludes our prepared remarks.

謝謝你，馬特。在前進的過程中，我們將繼續適應不斷變化的貿易環境，利用我們的優勢支持客戶並推動永續成長。ArcBest 仍然能夠很好地應對挑戰並抓住機遇，鞏固我們作為值得信賴的物流合作夥伴的地位。我們的準備好的演講到此結束。

I’ll turn it over to the operator for questions.

我會將其轉交給接線員以便回答問題。

Daniel Imbro, Stephens Inc.

丹尼爾·伊姆布羅（Daniel Imbro），史蒂芬斯公司

Good morning, everybody. Thanks for taking our questions. Matt, maybe we’ll start a little bit on the near term setup. I think in the filing and your comments, you noted normal seasonality is what 300 to 400 basis points better at ABF. I guess what’s assumed in the sequential change in revenue that’s underpinning that?

大家早安。感謝您回答我們的問題。馬特，也許我們可以先開始做一些近期的安排。我認為在文件和您的評論中，您指出正常的季節性對 ABF 來說要好 300 到 400 個基點。我猜想支撐這現象的收入連續變化的假設是什麼？

Sorry if we missed that in the comment. And then just to put a finer point on the profitability. Beyond revenue, I guess, there any specific cost reductions that you’re targeting due to the macro that’s changing? Or no specific changes happening on the cost structure here as we think about the sequential move through the year? Thanks.

如果我們在評論中遺漏了這一點，我們深感抱歉。然後更詳細地闡述獲利能力。除了收入之外，我想，由於宏觀經濟的變化，您是否有具體的成本削減目標？或者當我們考慮全年的連續變動時，這裡的成本結構沒有任何具體變化？謝謝。

Yeah. Thanks for the question, Daniel. So I’d say just at a high level, we didn’t provide any particular outlook around revenue. But certai nly, said as we see the move from the first quarter to the second quarter, we do expect normal seasonality with that change. With that, you would expect just the normal typical seasonal increases in revenue per day that are a big driver of that improvement in the operating ratio.

是的。謝謝你的提問，丹尼爾。所以我想說，從總體上看，我們沒有提供任何有關收入的具體前景。但可以肯定的是，隨著我們看到從第一季到第二季的轉變，我們確實預計這種變化將帶來正常的季節性。有了它，你就可以預期，每日收入將出現典型的季節性成長，而這正是營業比率改善的重要動力。

And I’d say on the cost side, we’ve got a full portfolio of cost initiatives that continue. Certainly, the compliance campaigns that have continued to be successful for us, Those are continuing at our largest service centers and distribution centers this year. We continue to make sure that we are aligning our workforce to our business levels and have a lot of flexibility there. So I would just say just continued progress on the cost side in line with what you’ve seen from us over the last few years.

我想說，在成本方面，我們有一整套將繼續實施的成本措施。當然，合規活動對我們而言一直很成功，今年這些活動將繼續在我們最大的服務中心和配送中心進行。我們將繼續確保我們的勞動力與我們的業務水平保持一致，並且具有很大的靈活性。因此，我想說的是，成本方面的持續進步與您過去幾年看到的我們的情況一致。

Scott Group, Wolfe Research.

斯科特集團、沃爾夫研究公司。

Hey. Thanks. Good morning. So I think you said March to April, tonnage is up 1% sequentially, but rep per hundredweight down 1% sequentially. Is there any way you could share what, like, the what the normal seasonality is for those two metrics, March, April?

嘿。謝謝。早安.所以我認為您說的是 3 月至 4 月，噸位環比增長 1%，但每英擔的代表量環比下降 1%。能否分享一下三月和四月這兩個指標的正常季節性？

I guess, ultimately, what I’m what I’m trying to understand is we’re we’re in this sort of uncertain, maybe weakening macro backdrop and and tonnage is turning positive for the first time in, you know, a couple of years, but now yields are turning negative. Right? Are are we with the dynamic pricing? Are are we sacrificing some price in order to get volume? Just trying to understand, like,

我想，最終，我想理解的是，我們正處於這種不確定的、可能正在減弱的宏觀背景下，噸位在幾年內首次變為正值，但現在收益率卻變為負值。正確的？我們採用動態定價嗎？我們是否為了獲得銷售而犧牲一些價格？只是想了解一下，

Scott, this is Judy. Good morning. You know, we, when we look at, the opportunities that we have, nothing has changed. You know, we’re we’re very driven by, reviewing the opportunity set, which, by the way, the the pipeline’s up 55% this year because of some of the alignment that we have with our sales and customer solutions teams, which we’re really excited about. But but as we’re looking at those opportunities and evaluating them, we we have a very disciplined approach.

斯科特，這是朱迪。早安.你知道，當我們審視我們所擁有的機會時，一切都沒有改變。您知道，我們非常重視對機會集的審查，順便說一下，由於我們與銷售和客戶解決方案團隊之間的一些協調，今年的管道增長了 55％，我們對此感到非常興奮。但是，當我們尋找這些機會並對其進行評估時，我們採取了非常嚴謹的方法。

We’ve got a strong team. You know, we have the strongest pricing metrics in the industry, and we’re seeing good increases on, you know, the most price sensitive accounts, I think nearly 5%, in the quarter on those. So from a dynamic standpoint.

我們擁有一支強大的團隊。您知道，我們擁有業內最強大的定價指標，而且我們看到，對價格最敏感的帳戶在本季度實現了良好的增長，我認為增長幅度接近 5%。從動態的角度來看。

Eddie, I’ll turn it over to you, see if you have some comments about that as well.

艾迪，我把它交給你，看看你是否也對此有一些評論。

Yeah. Thanks, Judy. From a dynamic standpoint, nothing’s really changed from quarter to quarter, month to month in terms of, you know, how much of that’s contributing to our numbers. If anything, our dynamic prices have improved over time because just as Seth mentioned earlier, you know, our quote pool continues to expand, and that’s given us an opportunity to really optimize, the the shipments that we are able to get from, that that quoting mechanism. So we feel really good about the price levels of dynamic, but really the story of our growth is is just our improvement, to capture more core LTL business.

是的。謝謝，朱迪。從動態角度來看，各季度、各個月對我們的數字的貢獻程度並沒有什麼改變。如果有什麼不同的話，那就是我們的動態價格隨著時間的推移而有所改善，因為正如塞斯之前提到的，我們的報價池不斷擴大，這給了我們一個機會來真正優化我們能夠獲得的貨運量，即報價機制。因此，我們對動態的價格水平感到非常滿意，但實際上，我們的成長故事只是我們的改進，以獲得更多的核心 LTL 業務。

And as Judy mentioned, it’s it’s we’re very disciplined in how we’re pricing that business. It’s profitable for us. It does have some different characteristics of our average, and that’s what’s driving some of the change. But, ultimately, we’re going to make the right decisions on an account by account basis to drive profitable growth for the company.

正如朱迪所提到的，我們對該業務的定價非常嚴格。這對我們來說是有利可圖的。它確實具有一些與我們的平均水平不同的特徵，而這正是推動一些變化的原因。但最終，我們將根據每個帳戶做出正確的決策，以推動公司的獲利成長。

Ari Rosa, Citigroup.

花旗集團的阿里·羅莎 (Ari Rosa)。

Yeah. Hi. Good morning. This is Ben Moore at Citi on for Ari. Thanks for taking our question. Your guide for 300 to 400 bps of improvement sequentially into 2Q, Can you break that out a bit? Is there some headwind to your OR on lower volumes from the tariffs, but offset by your cost outs? In other words, without the tariff headwind, but with your cost outs, how much better than your historical 300 to 400, could you possibly do?

是的。你好。早安.我是花旗銀行的 Ben Moore，代表 Ari 工作。感謝您回答我們的問題。您預計第二季將連續改善 300 至 400 個基點，您能稍微解釋一下嗎？關稅導致的產量下降是否會為您的 OR 帶來一些不利因素，但可以透過成本支出來抵消？換句話說，沒有關稅逆風，但有成本支出，你能做得比歷史上的 300 到 400 好多少？

Well, you know, what what, I would say, Ben, is, you know, with as we develop the disclosure and the and, you know, our view of the OR range and how we feel, you know, that we’re gonna perform against history, it really takes into account all those factors. You know, we we have macro initiative inputs. And, what I’m I’m really proud of is, you know, we have made some, sizable investments, not only, in technology initiatives as we’ve been mentioning, but also, you know, on the equipment side and in some real estate investments. And, you know, those are really, a contributing factor. And, you know, what what I’d like to do is ask Matt Godfrey to talk about the benefits of of what we’re seeing on some of those investments with our equipment and real estate that we put in place.

嗯，本，我想說的是，隨著我們不斷披露信息，以及我們對 OR 範圍的看法，以及我們對我們將如何超越歷史表現的看法，我們確實會考慮到所有這些因素。你知道，我們有宏觀主動投入。而且，我真正感到自豪的是，我們已經進行了一些相當大的投資，不僅是在我們提到的技術計劃方面，而且在設備方面和一些房地產投資方面。而且，你知道，這些確實是促成因素。你知道，我想請馬特·戈弗雷談談我們在設備和房地產方面的一些投資所帶來的好處。

Yeah. Thanks, Judy. And when we look at our real estate portfolio and the investments we’ve made, it’s really strategic and disciplined approach to add capacity to our network. And so it’s been a mix of adding facilities around our distribution centers to add transfer capacity. And in those situations, as Judy mentioned, we’ve seen the expected growth and inefficiency in service that we’ve expected to see.

是的。謝謝，朱迪。當我們審視我們的房地產投資組合和所做的投資時，我們發現增加網路容量確實是一種策略性和嚴謹的方法。因此，我們透過在配送中心周圍增設設施來增加轉運能力。在這些情況下，正如朱迪所提到的，我們看到了預期的成長和服務效率低下。

And those gains in efficiency and service support our strong pricing that Eddie was talking about earlier. And then in locations where we’ve replaced the facility, we’ve moved into larger facility. That’s a long term decision to add capacity to the network, but we’re not adding cost in the short term to continue to service that market. We’ll add the cost to service the business as it comes on. And then also on the equipment side, we’ve been able to bring in equipment at our optimal total cost of ownership model with support.

效率和服務的提升支持了 Eddie 之前談到的我們強勁的定價。然後，在我們更換設施的地方，我們搬進了更大的設施。這是增加網路容量的長期決策，但我們不會在短期內增加成本來繼續服務該市場。隨著業務的開展，我們會增加服務成本。在設備方面，我們能夠以最優的總擁有成本模型引進設備並提供支援。

We’ve seen a reduction, in our maintenance cost again year over year after a significant improvement, in twenty four year over year. So we’d like where we’re at from an equipment and a capacity standpoint to continue to serve our customers well and support growth.

經過二十四年來的顯著改善，我們的維護成本逐年下降。因此，我們希望從設備和產能的角度來繼續為客戶提供良好的服務並支援成長。

Yeah. And Ben, I just want to make sure that everyone has a good understanding of the benefits that are flowing into both the second quarter as we see it and then for the remainder of 2025. And we’re just in the early stages of of some of those. And so, it’s it’s just important to stay focused on that as well as, you know, all the macro noise that’s going on.

是的。本，我只是想確保每個人都充分了解我們所看到的第二季度以及 2025 年剩餘時間帶來的好處。而我們目前還處於其中一些工作的早期階段。因此，重要的是集中精力於此，以及關注正在發生的所有宏觀噪音。

Elliot Alper, TD Cowen.

艾略特·阿爾珀（Elliot Alper），TD Cowen。

Yeah. Thank you. This is Elliot on for Jason Seidl. So contract renewals increased sequentially from 4.5% last quarter to 4.9% in Q1. Can you talk about the pricing environment in LTL right now?

是的。謝謝。這是艾略特 (Elliot) 替補傑森·塞德爾 (Jason Seidl) 上場。因此，合約續約率從上一季的 4.5% 環比上升至第一季的 4.9%。能談談目前 LTL 的定價環境嗎？

Maybe how we should interpret the sequential growth in pricing in an environment that at least so far feels maybe incrementally weaker compared to last quarter and maybe more uncertainty in the macro?

也許我們應該如何解釋價格的連續成長，至少到目前為止，與上一季相比，這種環境可能逐漸減弱，而且宏觀的不確定性可能更大？

Yeah, Elliot. This is Eddie. You know, I think from an overall macro standpoint, we’re still seeing the market be very rational in terms of pricing. There’s really no, what I would say, a peer out there that’s that’s really going after, you know, growth at expensive pricing. You know, I’m really proud of the team and how we’re able to have great conversations with our customers about the value we’re providing them, and I think that’s really why why we’re able to get a good increase with these renewals.

是的，艾略特。這是埃迪。你知道，我認為從整體宏觀角度來看，我們仍然看到市場在定價方面非常理性。我想說的是，實際上沒有哪個同行真正以高昂的價格追求成長。你知道，我為我們的團隊感到非常自豪，也為我們如何能夠與客戶就我們為他們提供的價值進行良好的對話感到自豪，我認為這也是我們能夠透過這些續約獲得良好成長的真正原因。

You know, this this this is in this environment, you know, I think there’s always a a chance that, you know, increases could suffer at the expense of of business, but we’re really not seeing that at this point. You know, customers appreciate the value we’re offering them, and they’re responding appropriately by granting these increases.

你知道，在這種環境下，我認為總是有可能，你知道，成長可能會以犧牲業務為代價，但目前我們還沒有看到這種情況。您知道，客戶很欣賞我們為他們提供的價值，並且他們同意這些增加來做出適當的回應。

Chris Wetherbee, Wells Fargo.

富國銀行的克里斯‧韋瑟比。

Hey, thanks. Good morning, guys. I guess I wanted to hit on weight per shipment. So obviously, we’ve seen some softness there. It sounds like there’s some mixed components going on there with maybe less industrial freight, but we’re seeing levels that are fairly low the long term kind of history of the company. So I guess I’m just kind of curious how you’re thinking about it. If there’s anything you’re doing with either dynamic pricing or the approach to the market that’s influencing this a bit more than just what the market is giving you. Just want to get some sense on how that’s playing out going forward.

嘿，謝謝。大家早安。我想我想要達到每批貨物的重量。顯然，我們看到了那裡的一些疲軟。聽起來那裡有一些混合成分，可能工業貨運量較少，但我們看到，從該公司的長期歷史來看，這一水平相當低。所以我想我只是有點好奇你怎麼想的。如果您採用動態定價或市場方法進行任何操作，其影響將比市場給您的影響更大。只是想了解未來情況會如何發展。

Yeah. Hey, thanks Chris. This is Seth. So obviously, waiting for shipments being impacted by just the softer macro environment and what’s going on as shippers reduce shipment size. We’ve talked in the past about shipping three skids down to two, things like that.

是的。嘿，謝謝克里斯。這是塞思。因此，顯然，等待出貨只會受到較軟的宏觀環境以及托運人減少出貨量的影響。我們過去曾討論過將運輸滑橇從三個減少到兩個，諸如此類的事情。

So although our retention is in a great place, our customers are just simply producing a little bit less than than they have been. That’s kind of the same story we’ve been talking about for a few years now. So although we feel great about those retention stats, we don’t want to lose any customers, which is why we’re investing in that retention team that we mentioned in the beginning in our prepared remarks. But we are impacted a little bit more on weight per shipment because of the U Pack service we offer, which is the housing market and interest rates where they are. It’s resulted in just fewer household good moves.

因此，儘管我們的保留率很高，但我們的客戶的產量只是比以前少了一點。這和我們幾年來一直在談論的故事是一樣的。因此，儘管我們對這些保留統計數據感到很滿意，但我們不想失去任何客戶，這就是我們在準備好的演講中一開始提到的保留團隊進行投資的原因。但由於我們提供的 U Pack 服務，我們對每批貨物的重量影響更大一些，這是由房地產市場和利率決定的。這導致家庭好動次數減少。

Those are generally smaller shipment count, but they’re heavier in nature just as we move. So customers continue to utilize that service just at a reduced rate simply because of where the housing market is. So we’ve talked a little bit about freight, you know, migrating over to truckload due to the excess capacity in the truckload space right now. So nothing new really going on from what we saw in 2024. We think that freight is going to eventually flow back to the LTL space when the market flips.

這些貨物的數量通常較小，但就像我們搬運的一樣，它們的重量實際上更重。因此，客戶會繼續使用該服務，只是價格會降低，這只是因為房地產市場的現狀。因此，我們討論了一些有關貨運的問題，由於目前卡車運輸空間的運力過剩，貨運正在轉向卡車運輸。因此，與我們在 2024 年看到的情況相比，並沒有什麼新情況發生。我們認為，當市場轉變時，貨運最終將流回零擔運輸領域。

But we’ve been encouraged by ultimately what our customers are looking for and that’s efficiency in supply chain in their supply chains and that’s why we continue to be encouraged by our pipeline stats. The change we mentioned in January, we’ve seen the, you know, the pipeline go up 55%. The speed of deal velocity that I mentioned in my prepared remarks are are just impressive, to be honest with you. So customers are ultimately looking for a partner they can trust. And when you think about our history, we’re a hundred and two years old.

但我們最終還是被客戶所尋求的東西所鼓舞，那就是供應鏈的效率，這也是我們繼續受到管道統計數據鼓舞的原因。我們在一月份提到的變化是，我們已經看到管道增加了 55%。說實話，我在準備好的發言中提到的交易速度確實令人印象深刻。因此，客戶最終尋找的是他們可以信賴的合作夥伴。回顧我們的歷史，我們已經有一百零二年的歷史了。

We’ve seen a lot of cycles in our history, a lot of disruptions these last five years, but we’re focused on what’s in our control. And we’re having great momentum with the initiatives, our pipeline, and all these investments that we’ve made. So we’re positioning ourselves for growth now, but also remaining disciplined on our pricing and our costs as we move into the future. So I feel like we have the best team in the industry, and I feel confident in our ability to execute for our customers and our shareholders.

在我們的歷史上，我們見證過許多周期，過去五年也發生過許多動盪，但我們專注於我們能夠控制的事情。我們的舉措、我們的管道以及我們所做的所有投資都發展勢頭強勁。因此，我們現在正在為成長做好準備，但在未來的發展中，我們仍將嚴格控制定價和成本。因此，我覺得我們擁有業內最好的團隊，我對我們為客戶和股東提供服務的能力充滿信心。

Ken Hoester with Bank of America.

美國銀行的肯‧霍斯特。

Hey, great. Good morning. Judy, I hear a lot about the rational or pricing is still rational from you Seth and the team. But if I think about Saia talked about some negative pricing, you’re talking about negative pricing moving into April. TFI talked about using some GRI discounts.

嘿，太棒了。早安.朱迪，我從你和塞思的團隊那裡聽到了很多關於合理或定價仍然合理的說法。但如果我想起 Saia 談到的一些負定價，你談論的是進入四月份的負定價。TFI 談到了使用一些 GRI 折扣。

Maybe just help me understand that. I mean, understand weights are going down and so maybe that’s part of the issue we’re seeing here. But I want to understand because I think that’s what investors are really concerned about is what is going on set to that last answer in terms of the Edge. And then you had a 50% increase in revenue per shipment on the Dynamic business. Is that just doing more spot?

也許只是幫助我理解這一點。我的意思是，了解體重正在下降，所以也許這是我們在這裡看到的問題的一部分。但我想了解，因為我認為投資人真正關心的是 Edge 的最後一個答案是什麼。然後，動態業務的每批貨物收入增加了 50%。那隻是做了更多的點嗎？

How should we think about the shifts there? Because I’m just trying to understand the impacts to the OR, which have been maybe greater than we’ve seen at industry peers in terms of the degradation. Thanks.

我們該如何看待那裡的轉變？因為我只是想了解對 OR 的影響，就退化程度而言，這種影響可能比我們在業內同行中看到的要大。謝謝。

So, hey, Scott. This is Seth again. So, we mentioned the April we did see the 2% decrease in revenue per hundredweight excluding fuel. It’s less than 1%.

那麼，嘿，斯科特。這又是塞斯。因此，我們提到，四月我們確實看到每英擔（不包括燃料）的收入下降了 2%。還不到 1%。

So we talked about, how mix is kind of driving this. Those easier to handle shipments that generally have a lower, revenue per hundredweight profile, but a better operational efficiency. So we mentioned that. I talked about the household goods moving, things like that. Those generally had a higher revenue per hundredweight.

因此我們討論了混合如何推動這一進程。那些較容易處理的貨物通常每英擔的收入較低，但營運效率較高。所以我們提到了這一點。我談到了家居用品搬運之類的事情。這些通常每百磅的收入更高。

So we’re getting impacted a little bit more than our peers, but there’s also the comparison that’s playing into this a little bit. If you look at 2Q ’23 to 2Q ’24, the post yellow disruption and all the things that were going on, our price was up 23% from 2Q ’23 to 2Q ’24. So we got a little bit of comp going in there. Our mix of dynamic shipments remain consistent with prior year and prior quarter. No change in strategy there at really strong prices.

因此，我們受到的影響比同行大一些，但這種比較也起了一定作用。如果你看一下 2023 年第二季度到 2024 年第二季度，在黃色危機之後以及所有正在發生的事情之後，我們的價格從 2023 年第二季度到 2024 年第二季度上漲了 23%。因此我們在那裡得到了一些補償。我們的動態出貨量組合與去年和上一季保持一致。在價格堅挺的情況下，策略並沒有改變。

So I mentioned that more customers want to engage with us digitally. And as our quote pool grows, we in turn end up picking the the shipments that best fit our network that are the most profit optimal as well. So as that quote pool grows, we have more opportunities or swings at the bat, which allows us to make the profit optimal decision as I mentioned. So the new business we’re bringing on, it is incrementally profitable. It’s the right decision for the company.

所以我提到更多的客戶希望透過數位方式與我們互動。隨著我們的報價池不斷擴大，我們最終會選擇最適合我們網路且利潤最優的貨運。因此，隨著報價池的擴大，我們就有了更多機會或機會，這使我們能夠做出我所提到的最佳利潤決策。因此，我們開展的新業務是逐步獲利的。對公司來說，這是一個正確的決定。

And it’s great to see the growth that we achieved in April 4% year-over-year. Was good to see that our strategies and initiatives are paying off. So normally that average sequential OR change Matt mentioned in his opening comments 300 to 400 basis points, we’re expecting to stay in that range because of all the initiatives and all the strategies that we’re we’re enabling to get improved results. So I really like the position we’re in regardless of all the noise in the market. We’re built really for any environment.

我們很高興看到我們 4 月實現了同比增長 4%。很高興看到我們的策略和措施正在取得成效。因此，通常情況下，Matt 在開場白中提到的平均連續 OR 變化為 300 到 400 個基點，我們預計將保持在這個範圍內，因為我們正在採取所有舉措和所有策略來獲得更好的結果。因此，無論市場如何波動，我都非常喜歡我們所處的地位。我們確實適合任何環境。

We stay close to our customers. And when you look at our our revenue stats, 80% of our revenue comes from customers who’ve been with us over ten years. So they’ve been coming to us through this disruption, and we’ve been able to help navigate them. That’s why we think we’re gonna come out on the other side in really good shape. So

我們與客戶保持密切聯繫。如果你查看我們的收入統計數據，你會發現 80% 的收入來自與我們合作超過十年的客戶。因此，他們在這種混亂中來找我們，我們也能夠幫助他們度過難關。這就是為什麼我們認為我們最終會以非常好的狀態走出困境。所以

Jordan Alliger with Goldman Sachs.

喬丹·阿利格與高盛。

Hi. Morning. So in terms of revenue per day, which I think in April you said was down about 1%, I know there’s a lot of puts and takes, but is there any sense from a year over year trend perspective, can it look better or worse from here for the balance of the quarter? And then secondly, again realizing there’s a lot of tariff uncertainty out there, have you specifically heard from customers about changes in behavior or thoughts on pulling back orders particularly in the manufacturing sector? Thanks.

你好。早晨。因此，就每日收入而言，我認為您說的 4 月份每日收入下降了約 1%，我知道這其中有很多不確定因素，但從同比趨勢來看，本季度的餘額會更好還是更糟？其次，再次意識到存在許多關稅不確定性，您是否具體聽取了客戶關於行為變化或撤回訂單的想法，特別是在製造業領域？謝謝。

Yeah. I’ll start by saying just the relationships that we have with our customers, you know, are truly close and, you know, we work in a in a partnership with them, you know, to navigate these challenges. And we were looking back, you know, this this morning, back to 2019, which was a recessionary environment also and thinking about all that’s changed since then, and it’s just really been in a constant state of disruption. So we’ve learned, a lot and and do that well. And you know, I’ll turn it over to Eddie for the specifics, but it is very helpful to us and, beneficial to our shareholders ultimately, the relationships that we have with our customers and the solutions that we bring to bear, you know, especially in in a state of disruption.

是的。首先我想說的是，我們與客戶的關係非常密切，我們與他們合作，共同應對這些挑戰。今天早上，我們回顧了 2019 年，當時也處於經濟衰退時期，我們思考了自那時以來發生的所有變化，發現情況一直處於混亂狀態。因此，我們學到了很多東西，並且做得很好。你知道，我會把具體細節交給 Eddie，但這對我們非常有幫助，最終對我們的股東有利，對我們與客戶的關係以及我們提出的解決方案也有利，你知道，特別是在混亂的狀態下。

But, Eddie, go ahead.

但是，艾迪，繼續吧。

Yeah. Thanks, Judy. You know, this is definitely a a topic that’s top of mind for our customers. We’re having lots of conversations, trying to be there, for our customers to help them navigate through these these challenging times. It’s really a mixed bag, though, what we’re hearing from customers.

是的。謝謝，朱迪。您知道，這絕對是我們的客戶最關心的話題。我們正在進行大量對話，努力為客戶提供幫助，幫助他們度過這些充滿挑戰的時期。然而，我們從客戶那裡聽到的回饋確實好壞參半。

There is a group that’s kinda in a wait and see mode, to to really try to figure out what the the next tweet’s gonna come out and say and and and maybe, you know, are there really gonna be changes across, you know, the different countries? Then there’s another group that, you know, they’re not waiting, and they’ve taken advantage of some inbound or inbound warehousing options, to get their freight moved. That’s given them some great, solutions there. There there are some customers who are just utilizing more domestic manufacturing and supplier options. There are some customers who have implemented surcharges or passed along the higher cost.

有一群人處於觀望狀態，真的想弄清楚下一則推文會說什麼，也許，你知道，不同國家之間真的會改變嗎？還有另一群人，你知道，他們沒有等待，他們利用了一些入站或入站倉儲選項來運輸他們的貨物。這為他們提供了一些很好的解決方案。有些客戶只是利用更多的國內製造和供應商選擇。有些客戶已經實施了附加費或轉嫁了更高的成本。

And then there’s there’s a big group of customers. It’s just business as usual. This is not having a material impact on them right now. Ultimately, you know, there’s we offer our customers a wide range of solutions, and we’re there to support them. And feel like we can help them navigate through any of these challenges.

然後就有了一大群顧客。一切如常。這目前對他們沒有產生實質影響。最終，您知道，我們為客戶提供廣泛的解決方案，並為他們提供支援。並且覺得我們可以幫助他們克服任何這些挑戰。

Bruce Chan with Stifel.

布魯斯陳 (Bruce Chan) 與 Stifel 合作。

This is Matt Milasz on for Bruce. Curious as to the overall retail exposure as a percentage of your enterprise and perhaps how much of that might directly be tied to inbound traffic from China.

這是馬特米拉斯 (Matt Milasz) 為布魯斯主持的節目。好奇的是，整體零售佔貴企業的比例是多少，以及其中有多少可能直接與來自中國的入境流量有關。

Yeah. So, Matt, just overall, I would say it’s it’s around 10%, probably a little bit less in our asset based business and a little bit more in our asset light business. But overall, a significant exposure to the retail sector.

是的。所以，馬特，總的來說，我認為這個比例大約是 10%，對於我們的資產型業務來說可能稍微低一點，而對於我們的輕資產業務來說可能稍微高一點。但整體而言，零售業的曝險很大。

Stephanie Moore, Jefferies.

史蒂芬妮摩爾，傑富瑞集團。

Hi. Good morning. Thank you.

你好。早安.謝謝。

Good morning.

早安.

Two questions. The one maybe, Judy, is a little bit of a higher, you know, big picture question. And to your point, you know, this hundred plus year old company has been through many cycles. Can you talk about some of the levers or or opportunities you can pull and, you know, maybe a more of a stagflation environment? Clearly, you’ve dealt with inflation the last several years, but, you know, in the backdrop of a a relatively more constructive freight environment, at least, you know, back in 2022 and the like. But maybe if we were to see the inflationary pressures persist while even the overall macro environment was a little bit weaker. Thank you.

兩個問題。朱迪，這個問題可能有點高深，你知道，是一個宏觀問題。正如您所說，這家擁有百年歷史的公司已經經歷了許多周期。您能否談談您可以利用的一些槓桿或機會，以及也許更多的是滯脹環境？顯然，過去幾年你一直在應對通貨膨脹，但是，你知道，在貨運環境相對更加積極的背景下，至少在 2022 年左右是這樣。但如果我們看到通膨壓力持續存在，而整體宏觀環境卻稍弱一些，情況可能會有所不同。謝謝。

Yeah. Stephanie, that’s a that’s a great question. And, you know, I’ll just start by by reminding, everyone that that, you know, on the the union labor contract for AVS, we have, certainty on that and we’ve got clarity, you know, that, we’re gonna be in that sort of, 3% range, you know, in terms of cost increases there throughout the contract period. And so that’s that’s a big, influence on the AVF cost or asset based cost, you know, maybe somewhere in the neighborhood of, you know, 55% to 60%, you know, of the cost that we have, for the for that part of our business. But I’ll, you know, turn it over to Seth to talk a little bit more.

是的。史蒂芬妮，這是一個很好的問題。首先我想提醒大家的是，對於 AVS 的工會勞動合同，我們很有把握，而且我們也很清楚，在整個合約期間內，我們的成本增長率將在 3% 左右。所以這對 AVF 成本或基於資產的成本有很大影響，你知道，可能在我們這部分業務的成本中，佔 55% 到 60% 左右。但是，你知道，我會把話題交給賽斯再多談一點。

You know, what I feel like, that that we’re doing is that we have our focus on, you know, operational efficiencies. We also see that improving service levels, you know, for the company. But, you know, we’ve done, some great work, just identifying areas that can be more efficient, and they’re across the organization. And so Seth, do you wanna talk about those?

你知道，我的感覺是，我們正在做的是專注於提高營運效率。我們也看到公司的服務水準正在提高。但是，你知道，我們已經做了一些很棒的工作，只是確定了可以提高效率的領域，而且它們遍布整個組織。那麼塞斯，你想談談這些嗎？

Yeah, Stephanie. I I would add that, you know, when you think about the tremendous opportunity that we have, we view markets like this as opportunity, and we operate markets over [$400,000,000,000] So we have a lot of potential for growth regardless of what’s going on in the macro. So that’s where we’re focused on the revenue side of things and you’ve seen some of the early results of the changes we made. The second is really around efficiency. What Judy mentioned, we’ve been working on a multiyear plan for efficiency within our asset based operation as well as asset light, and we’ve been pleased with the results.

是的，史蒂芬妮。我想補充一點，你知道，當你想到我們擁有的巨大機會時，我們將這樣的市場視為機會，我們運營的市場超過 [400,000,000,000 美元]，因此，無論宏觀形勢如何，我們都有很大的增長潛力。因此，我們重點關注的是收入方面，您已經看到了我們所做改變的一些早期成果。第二個真正與效率有關。正如朱迪所提到的，我們一直在製定一項多年計劃，以提高我們基於資產的運營以及輕資產的效率，我們對結果感到滿意。

And there’s a whole portfolio of projects within both business units utilizing things like AI, machine learning, different tools that we’ve built that have made us more nimble than we’ve ever been in our past. So we feel like we can scale costs, we can increase capacity, we can move with whatever the market brings to us. Really, when you think about what we’ve done around real estate, that’s been a great story. Matt talked about some of the improvements in service and efficiency. It’s great that we were very strategic there and didn’t overspend our capital and make sure that we’re positioning for the future.

兩個業務部門內都有一系列項目，利用人工智慧、機器學習等技術以及我們建構的不同工具，使我們比過去更加靈活。因此，我們覺得我們可以擴大成本，可以提高產能，並且可以隨著市場的變化而改變。真的，當你想到我們在房地產領域所做的事情時，那是一個偉大的故事。馬特談到了服務和效率方面的一些改進。非常好的是，我們在那裡非常有戰略眼光，沒有超支我們的資本，並確保我們為未來做好了準備。

And then when you think about some of the different things going on the asset light side, we made a big improvement on the profit as you saw in our results. And a lot of that has to do with improving the mix of our account base, the profitability there and really that cost control by implementing various technology initiatives which got us to that 24% improvement year over year in productivity. So we’re happy with the progress we’re making, but we’re not satisfied because we know we got a lot of runway and we see it in our front front windshield. So I’m looking forward to what the future holds with the investments that we’re making. Yeah.

然後，當您考慮輕資產方面發生的一些不同事情時，正如您在我們的結果中所看到的那樣，我們的利潤有了很大的提高。這在很大程度上與改善我們的客戶群結構、盈利能力以及透過實施各種技術舉措來控製成本有關，這使我們的生產力同比增長了 24%。因此，我們對所取得的進展感到高興，但我們並不滿足，因為我們知道我們還有很多路要走，而且我們在前擋風玻璃上也看到了這一點。因此，我對我們所做的投資未來將會達到怎樣的成果充滿期待。是的。

And so, Stephanie, you know, when you think about that, all of that in a in environment where, you know, inflation persists, it’s just, I think, a very proactive approach to try to addressing, you know, key cost areas for us that we know that we can we can bring down. And, you know, that’s our expectation, our customers’ expectation, and it helps us, you know, improve margins and and enhance shareholder value as well.

所以，史蒂芬妮，你知道，當你考慮到這一點時，在通貨膨脹持續存在的環境下，我認為這只是一種非常積極主動的方法，試圖解決我們知道可以降低的關鍵成本領域。而且，你知道，這是我們的期望，我們客戶的期望，它可以幫助我們提高利潤率並提升股東價值。

Tom Wadewitz, UBS.

瑞銀的湯姆·韋德維茨（Tom Wadewitz）。

Yeah. Good morning. I don’t think you talked about this. Well, one just, you’ve had on a competitive environment so forth. But maybe within that SMB versus enterprise, are you seeing changes in your mix?

是的。早安.我認為你沒有談論過這個。嗯，首先，你已經處於一個競爭環境等等。但也許在 SMB 與大型企業中，您是否看到了組合的變化？

And you’re seeing more competition for SMB? We’ve heard some of the LTLs talk about that. And then just kind of how you look at that and I think your commentary on demand is it sounds like it’s stable, I guess, if you look at like April versus March. But how do you think about May, June? Like do you think it’s reasonable to expect a seasonal pickup in May and June?

您認為中小企業的競爭越來越激烈了嗎？我們聽到一些 LTL 談論過這個問題。然後你如何看待這一點，我認為你對需求的評論聽起來是穩定的，我想，如果你比較一下四月和三月的情況。但你對五月、六月有什麼看法？您認為預期五月和六月出現季節性回升是否合理？

Or would you say, hey, we’re not overly tariff levered, but that gives us some caution about expecting normal seasonality? Yeah, I appreciate your thoughts on those two. Thank you.

或者你會說，嘿，我們的關稅槓桿率並沒有過高，但這讓我們對正常的季節性預期保持謹慎？是的，我很欣賞你對這兩個人的看法。謝謝。

Hey, Tom. It’s Matt. So overall, the SMB side, certainly, that has been a major focus for us. You know, on the ABS side, we’ve got a large diverse base of customers, including a significant number of SMB customers. There certainly has been a big story on the asset light side, particularly in the truckload business as we’ve really doubled down on our SMB focus and made some significant shifts in the shift the shipment mix there, which has really helped, in terms of our overall profitabil

嘿，湯姆。我是馬特。因此整體而言，中小企業方面無疑是我們關注的重點。您知道，在 ABS 方面，我們擁有龐大且多樣化的客戶群，其中包括大量 SMB 客戶。在輕資產方面確實取得了很大進展，特別是在卡車運輸業務方面，因為我們確實加倍關注中小企業，並在運輸組合的轉變方面做出了一些重大調整，這對我們的整體盈利能力確實有幫助。

As you think about some of the trends from here, you know, we do expect to see, you know, a continued pickup sequentially, you know, as we look forward certainly in shipments, you know, in line with we with what we would expect to see, on a seasonal basis historically. And, certainly, that will drive a revenue per day pickup, which will be a big part of what will be driving the the improvement in our OR, that three to 400 basis point improvement, which again is we expect to be in line with that seasonal with historic seasonality.

當你思考這裡的一些趨勢時，你知道，我們確實希望看到，你知道，持續的環比回升，你知道，正如我們預期的那樣，在出貨量方面，你知道，這與我們預期的歷史季節性情況一致。當然，這將推動每日收入的成長，這將是推動我們 OR 改善的重要因素，即 3 到 400 個基點的改善，我們預計這將與歷史季節性保持一致。

Brian Ossenbeck, JPMorgan.

摩根大通的 Brian Ossenbeck。

Hey, good morning. Thanks for taking the questions. I got a couple of cleanup ones, so I’ll just ask them all in a row pretty short. Matt, low end of the CapEx, don’t know if I heard as to why you’re moving or targeting that direction. If you could provide some more details on that.

嘿，早安。感謝您回答這些問題。我有幾個清理問題，所以我會簡短地連續問他們幾個問題。馬特，資本支出的低端，不知道我是否聽說過你為什麼要朝這個方向發展或瞄準這個方向。如果您能提供更多有關該問題的詳細資訊。

Also with the U Pack versus history, it’s really like we talked about this being low for a while. Maybe you can put some context around that in terms of like where it’s been in prior low points for the housing market. And then lastly with Fox, the pilot I think was paused in 2023. Sounds like you’re getting some benefits from this. So when does that start to become part of EPS and not adjusted? Thank you.

此外，就 U Pack 與歷史而言，確實就像我們談論的那樣，它在一段時間內處於低位。或許您可以對此進行一些背景介紹，例如房地產市場之前的低谷時期。最後是福克斯，我認為試播節目將於 2023 年暫停。聽起來你從中得到了一些好處。那麼什麼時候它開始成為 EPS 的一部分並且不進行調整？謝謝。

Yeah. So Brian, a few different items there, and just want to make sure that I cover them all. But so on the capital front, we certainly took a hard look at capital as we started the year just knowing what the environment was looking like for ’25. Certainly made sure that we were, one, targeting on our our maintenance, projects that those investments kept us in line with our total cost of ownership targets there. Our strategic capital, make sure that we were focusing on the highest priority projects there.

是的。所以布萊恩，那裡有幾件不同的物品，我只是想確保我涵蓋了它們。但在資本方面，我們在年初確實認真審視了資本，因為我們知道 25 年的環境是什麼樣的。當然，我們要確保，首先，我們的目標是我們的維護項目，這些投資使我們與我們的總擁有成本目標保持一致。我們的戰略資本，確保我們專注於那裡最優先的項目。

I’d say as we move through the year, you know, just looking at the pace and timing of those investments this year, and particularly what we expect on the real estate side, I think, in general, our revenue equipment is going to be in line with what our expectations are for the year, but I do think there could be a little bit of a shift on the real estate side.

我想說，隨著我們度過這一年，你知道，只要看看今年這些投資的速度和時機，特別是我們對房地產方面的預期，我認為，總的來說，我們的收入設備將與我們對今年的預期一致，但我確實認為房地產方面可能會有一點轉變。

We also see some opportunity for real estate sales to transpire as we move through the year, just based on some of the property additions, that we’ve made to our portfolio over the last year or so, which could offset the net capital. You know, talking about Box, certainly, that has been a great story. That continues to be something that is customer led and customer driven. Just listening to the feedback for our customers, it answers a lot of the challenges that they’re facing just in terms of labor labor availability, addressing damages.

我們還看到，隨著時間推移，房地產銷售將有機會實現，這僅基於我們在過去一年左右對投資組合進行的一些房地產增加，這可能會抵消淨資本。你知道，談論 Box，當然，這是一個很棒的故事。這仍然是由客戶主導和驅動的。只要聽取客戶的回饋，就能解決他們在勞動力可用性、解決損害方面面臨的許多挑戰。

Certainly, the box vision release that we had a few months ago really addresses some customers’ needs around dimensions and is very timely with the upcoming NMSC changes. And so, yes, we certainly will be looking at that as we move forward and and as we start to scale that business. We’ve got a strong and growing pipeline. But as we continue to make progress on converting those two committed revenue dollars, then we’ll look at the non GAAP presentation there. Trying to remember, I think there might have been one other component of your question.

當然，我們幾個月前發布的盒子視覺確實滿足了一些客戶在尺寸方面的需求，並且與即將到來的 NMSC 變化非常及時。是的，隨著我們不斷前進並開始擴大業務規模，我們肯定會關注這一點。我們擁有強大且不斷成長的管道。但隨著我們在轉換這兩筆承諾收入方面繼續取得進展，我們將專注於非公認會計準則的呈現。努力回想一下，我認為你的問題可能還有另一個組成部分。

UPack. Okay. Yes. So sorry. So that has continued to be a trend.

升級包。好的。是的。非常抱歉。所以一直是一種趨勢。

You know, certainly, we continue to see year over year decreases in that business. We’re we’re certainly focusing on the most profitable aspects of that, and that is still helping our overall tonnage and our overall revenue per hundredweight, but we are still seeing on an absolute volume basis year over year decreases in that business.

你知道，我們確實看到該業務逐年下滑。我們當然專注於最有利可圖的方面，這仍然有助於提高我們的總噸位和每英擔的總收入，但我們仍然看到該業務的絕對銷量逐年下降。

Yeah. And and, Matt, I think, part of the question was around, you know, past, housing market downturns and is this consistent with that? And it absolutely is. I can’t I mean, I’ve been around long enough to think back about the fourth quarter of o six, which was one of those. And, you know, it’s same type of trends.

是的。而且，馬特，我認為，問題的一部分是關於過去的房地產市場低迷，這是否與此一致？事實確實如此。我不能，我的意思是，我已經在這裡待了很長時間了，可以回想一下 06 年的第四節，那就是其中之一。而且，你知道，這是同一類型的趨勢。

But what I’ll say is that team continues to perform at a very high customer satisfaction level and, always has, and that business has been around. It was one of the innovations that we brought to the market, you know, more than twenty years ago, and it’s an excellent product, and is available. This is, one of the reasons why we bring that up in April is because it’s moving season, you know, as we come into it. And there are just some unique things about, I think, the interest rate environment and housing prices and some other things that have kind of stalled that marketplace. But, I actually saw one of the U Pack, shining stars employees on Saturday night, and she’s there.

但我想說的是，該團隊繼續保持著非常高的客戶滿意度，並且一直如此，而且業務也一直存在。這是我們二十多年前推向市場的創新之一，它是一款優秀的產品，而且已經上市。我們之所以在四月提出這個問題，原因之一是因為我們知道，四月正值搬家季節。我認為，利率環境、房價和其他一些因素都是一些特殊因素，導致市場停滯。但是，我確實在周六晚上見到了 U Pack 的一位閃亮之星員工，她就在那裡。

She said that team is ready to go. You know? So, hopefully, there’ll be some interest rate moves, and and we can get back to a little bit more normal activity there. But, anyway so just thought I’d give you that perspective.

她說，隊伍已經準備出發。你知道？因此，希望利率會有所調整，這樣我們就能恢復到更正常的活動。但無論如何，我只是想給你這個觀點。

I will turn the call back over to Amy MendenhaJordell for closing remarks.

我將把電話轉回給艾米·門登哈·喬德爾 (Amy MendenhaJordell) 做最後發言。

Just wanted to thank everyone for joining us today. We certainly appreciate your interest in ArcBest. Have a great day.

我只是想感謝大家今天加入我們。我們非常感謝您對 ArcBest 的關注。祝你有美好的一天。

Ladies and gentlemen, that concludes today’s call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。