ArcBest Corporation (ARCB) 2025 Q2 法說會逐字稿

Ladies and gentlemen, good morning, and thank you for standing by. Welcome to the ArcBest Second Quarter 2025 Earnings Conference Call. (Operator Instructions) As a reminder, this call is being recorded.

各位女士、先生，早安，感謝您撥冗等候。歡迎參加 ArcBest 2025 年第二季財報電話會議。（接線員指示）提醒您，本次通話將被錄音。

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

現在我將把電話交給財務與投資人關係副總裁 Amy Mendenhall 女士。請開始。

Good morning, everyone. I'm pleased to be here today with Judy McReynolds, our Chairman and CEO; Seth Runser, our President; and Matt Beasley, our Chief Financial Officer. Other members of our executive leadership team will also be available during the Q&A session.

各位早安。我很高興今天與我們的董事長兼執行長 Judy McReynolds、總裁 Seth Runser，以及財務長 Matt Beasley 一同出席。在問答環節期間，我們執行領導團隊的其他成員也將在場。

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. 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.

在開始之前，請注意我們今天的部分評論將屬於前瞻性陳述。這些陳述受風險與不確定性影響，相關內容已在我們的財報新聞稿及向美國證券交易委員會（SEC）提交文件中的前瞻性陳述章節詳述。為了提供有意義的比較，我們也將討論若干非 GAAP 財務衡量指標，並已在財報新聞稿的表格中加以列示與說明。

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.

GAAP 與非 GAAP 指標之間的調節表已在簡報投影片的補充資訊章節提供。您可至我們網站 arcb.com 取得本次電話會議的投影片，該投影片亦已包含於我們今天上午稍早提交的 8-K 文件中，或您也可在網路直播中同步觀看。

And now I will turn the call over to Judy.

接下來我將把電話交給 Judy。

Thank you, Amy, and good morning, everyone. I'd like to begin by expressing my sincere appreciation to our employees. Your unwavering commitment to our customers, your pursuit of excellence and your ability to lead through change continue to distinguish ArcBest in a dynamic and competitive industry.

謝謝你，Amy，各位早安。我想先向我們的員工表達由衷的感謝。你們對客戶堅定不移的承諾、對卓越的追求，以及在變革中引領前行的能力，持續讓 ArcBest 在瞬息萬變且競爭激烈的產業中脫穎而出。

Before we dive into the quarter's results, I want to take a moment to reflect on how we think about our business and how we lead through uncertainty. We are now 3 years into a soft rate environment. When I compare today's challenges to those of 2008, a time many of us remember well, the strength and resilience of ArcBest strategy are clear.

在深入本季業績之前，我想花點時間回顧我們如何看待自身業務，以及我們如何在不確定性中領導前進。我們已進入運價疲弱環境的第 3 年。當我把當前挑戰與 2008 年（許多人仍記憶猶新）相比時，ArcBest 策略的強韌與韌性顯而易見。

Our forward-thinking, customer-centric approach, combined with disciplined execution is delivering results. We remain focused on growth, efficiency and innovation. These priorities guide our decisions and investments, enabling us to build agility into our operations and drive meaningful productivity gains.

我們具前瞻性、以客戶為中心的方法，結合嚴謹的執行力，正在帶來成果。我們仍聚焦於成長、效率與創新。這些優先事項引導我們的決策與投資，使我們能在營運中建立敏捷性並推動具意義的生產力提升。

Every dollar we invest, whether in technology, talent or infrastructure is aligned with our strategy and aimed at creating long-term value for our customers, our employees and our shareholders. This strong foundation has positioned us well to navigate continued headwinds.

我們投入的每一美元，無論是用於科技、人才或基礎設施，都與我們的策略一致，並以為客戶、員工與股東創造長期價值為目標。這個堅實的基礎使我們能夠妥善因應持續的逆風。

In the second quarter, the freight environment remained challenging with softness in manufacturing, a sluggish housing market and added uncertainty around the future path of interest rates and tariffs. Despite these pressures, ArcBest executed with discipline and served our customers with excellence through our integrated logistics solutions.

第二季貨運環境仍具挑戰，製造業疲弱、房市低迷，且利率與關稅未來走向的不確定性增加。儘管面臨這些壓力，ArcBest 仍以紀律執行，並透過我們整合式物流解決方案以卓越服務支援客戶。

We generated just over $1 billion in revenue and $45 million in non-GAAP operating income for the quarter. Our investments in innovation and technology continue to pay off. For example, in our ABF business, we're leveraging AI and predictive analytics to optimize labor planning, delivery routing, and dock operations in real time. These tools are reducing costs, improving service and enhancing flexibility across our network.

本季我們創造了略高於 10 億美元的營收，以及 4,500 萬美元的非 GAAP 營業利益。我們在創新與科技方面的投資持續帶來回報。例如，在 ABF 業務中，我們運用 AI 與預測分析，即時最佳化人力規劃、配送路線與碼頭作業。這些工具正在降低成本、提升服務，並增強我們整體網路的彈性。

As a result, the second quarter marked our most productive quarter since 2021. That same proactive mindset guided our response to the recent NMFTA classification update. We anticipated potential disruption and took early strategic action, collaborating with the NMFTA, engaging with customers and applying our costing expertise and freight dimensioning tools to help them navigate

因此，第二季是我們自 2021 年以來生產力最高的一季。同樣的主動思維也引導我們因應近期 NMFTA 分類更新。我們預見可能的干擾並及早採取策略性行動，與 NMFTA 合作、與客戶互動，並運用我們的成本核算專業與貨物尺寸量測工具，協助他們順利因應

the changes with confidence. Many customers also turn to our packaging engineers who are experts in optimizing freight to reduce damage, improve efficiency and lower costs.

這些變更並更有信心地推進。許多客戶也會尋求我們的包裝工程師協助；他們是最佳化貨物包裝的專家，可降低損壞、提升效率並降低成本。

Shifting gears, I'd like to update you on two recent changes to our Board of Directors. We're pleased to welcome Thom Albrecht to the Board. Thom brings over 35 years of transportation and logistics industry experience and currently serves as the Chief Revenue Officer at Reliance Partners.

接著，我想向各位更新董事會近期的兩項變動。我們很高興歡迎 Thom Albrecht 加入董事會。Thom 擁有超過 35 年運輸與物流產業經驗，目前擔任 Reliance Partners 的營收長（Chief Revenue Officer）。

His deep expertise in finance, capital allocation, strategy and insurance as well as his recognition as a 7-time Wall Street Journal All- Star will be a tremendous asset as we continue to execute our long-term strategy and deliver value to our shareholders.

他在財務、資本配置、策略與保險方面的深厚專業，以及他曾 7 度獲選為《華爾街日報》All-Star 的肯定，將在我們持續推動長期策略並為股東創造價值的過程中，成為極大的助力。

Also, after 14 years of dedicated service, Steve Spinner will retire from the ArcBest Board following our October meeting. Steve has been a valued adviser, serving as our Lead Independent Director and a member of the Audit Committee. And I have thoroughly enjoyed working closely with him. His experience leading companies through transformational growth has been especially helpful as ArcBest has transformed into an integrated logistics company.

此外，在 14 年的投入服務之後，Steve Spinner 將於我們 10 月會議後自 ArcBest 董事會退休。Steve 一直是我們珍視的顧問，擔任首席獨立董事並為審計委員會成員。我也非常享受與他密切合作的過程。他帶領企業實現轉型式成長的經驗，對 ArcBest 轉型為整合式物流公司特別有幫助。

On behalf of ArcBest and the Board, I want to thank Steve for his service, leadership and commitment. We continually assess our Board size, composition and balance of skills and characteristics to drive long-term shareholder value, and we expect to announce additional updates in the coming months.

我謹代表 ArcBest 與董事會，感謝 Steve 的服務、領導力與承諾。我們持續評估董事會的規模、組成，以及技能與特質的平衡，以推動股東長期價值；並預期在未來幾個月宣布更多更新。

Finally, as I recently announced, I plan to retire as CEO at the end of the year. Seth Runser will succeed me as ArcBest's next CEO. Seth and I have worked closely together for many years. He is a values-driven leader who consistently delivers results, and I have full confidence in his ability to lead ArcBest into the future. I'll continue to support him and the company as Chairman of the ArcBest Board.

最後，如我近期所宣布，我計畫在年底卸任執行長。Seth Runser 將接任為 ArcBest 下一任執行長。Seth 與我多年來密切合作。他是一位以價值觀為導向的領導者，且一貫能交出成果；我對他帶領 ArcBest 邁向未來的能力充滿信心。我將以 ArcBest 董事會主席身分，持續支持他與公司。

And with that, I'll turn the call over to our CEO-elect and President of ArcBest, Seth Runser, who will share more about our progress and priorities for 2025.

接下來，我將把電話交給我們的候任執行長暨 ArcBest 總裁 Seth Runser，他將分享我們在 2025 年的進展與優先事項。

Thanks, Judy, and good morning, everyone. I'm honored to lead this incredible company and deeply grateful to Judy for her visionary leadership and to the Board for their trust in me. Having been with ArcBest for nearly 18 years, I know this business and this industry well. My time as ABF President gave me a front row seat to the power of our strategy. And now as ArcBest President, after spending time with our customers and teams across the organization, my conviction in that strategy has only grown stronger.

謝謝你，Judy，各位早安。能夠領導這家卓越的公司，我深感榮幸，也非常感謝 Judy 富有遠見的領導，以及董事會對我的信任。我在 ArcBest 服務將近 18 年，對這項業務與產業都非常熟悉。我擔任 ABF 總裁期間，得以近距離見證我們策略的力量。而如今身為 ArcBest 總裁，在與全公司各地的客戶與團隊交流之後，我對該策略的信念更加堅定。

As we've emphasized throughout the year, our 2025 priorities are clear: driving profitable growth, advancing our premium service for customers and focusing on optimization and efficiency. We're making meaningful progress on all fronts.

正如我們今年以來一再強調的，我們 2025 年的優先事項很明確：推動獲利性成長、為客戶提升高端服務，並聚焦於最佳化與效率。我們在各方面都取得了具體進展。

Earlier this year, we realigned resources to better serve our customers and invested in our sales teams, particularly across LTL, Truckload, and Managed Solutions. These changes are already delivering results.

今年稍早，我們重新調整資源配置以更好地服務客戶，並加大對銷售團隊的投資，特別是在 LTL、整車（Truckload）與管理式解決方案（Managed Solutions）方面。這些變革已開始帶來成果。

Our pipeline is stronger with half of the opportunities tied to LTL and significant growth in both managed and truckload. Despite ongoing market headwinds, these internal efforts drove year-over-year shipment growth in our Asset-Based segment in the second quarter. We averaged 21,000 ABF shipments per day, a 6% increase. We added over 100 new core LTL accounts, positioning us well for future upside as the economy improves.

我們的商機管線更為強勁，其中一半的機會與 LTL 相關，且管理式與整車業務皆有顯著成長。儘管市場逆風仍在，這些內部努力推動我們資產型（Asset-Based）部門第二季出貨量年增。我們平均每日 ABF 出貨 21,000 件，成長 6%。我們新增超過 100 個新的核心 LTL 客戶帳戶，隨著經濟改善，這將使我們在未來上行時具備良好定位。

In Truckload, while shipment volumes declined year-over-year, we delivered stronger margins and improved profitability. This reflects deliberate strategic choices, focusing on small and midsized business customers and reducing lower-margin freight. We're reallocating capacity towards more attractive opportunities, and it's paying off.

在整車業務方面，雖然出貨量較去年同期下降，但我們實現了更強的利潤率並提升獲利能力。這反映了我們有意識的策略選擇：聚焦小型與中型企業客戶，並降低低毛利貨量。我們正將運能重新配置至更具吸引力的機會上，而這些作法正在奏效。

Our Managed business continues to gain momentum with double-digit growth in both shipments and revenue. Second quarter Managed revenue reached an all-time high. This success stems from our ability to help customers adapt quickly, whether by shifting distribution strategies, optimizing modes or leveraging our technology and expertise. And because Managed feeds LTL, Truckload and other services, it strengthens the entire ArcBest network. This is the power of our integrated model.

我們的 Managed 業務持續加速成長，出貨量與營收皆呈現雙位數成長。第二季 Managed 營收創下歷史新高。這項成功源自於我們協助客戶快速因應變化的能力，無論是調整配送策略、優化運輸模式，或運用我們的技術與專業。此外，由於 Managed 會帶動 LTL、整車（Truckload）及其他服務，因此也強化了整個 ArcBest 網路。這正是我們整合式模式的力量。

We're also expanding our digital quote pool, a key enabler of our dynamic pricing strategy. With deeper integrations across TMS providers and 3PLs, we've grown daily quote volume to over 200,000 quotes per day. That gives us more opportunities to match the right freight with the right capacity at the right price, sharpening our pricing intelligence and driving incremental profit even in a soft freight environment.

我們也在擴大數位報價池，這是我們動態定價策略的關鍵推動因素。透過與各家 TMS 供應商及 3PL 更深度的整合，我們已將每日報價量提升至每日超過 200,000 筆。這讓我們有更多機會以合適的價格，將合適的貨運與合適的運能進行匹配，強化我們的定價情報，並在疲弱的貨運環境中仍能帶來增量利潤。

Together, these results underscore the strength of our strategy, one built for margin expansion and sustainable profitable growth. We're also driving measurable value through innovation and efficiency. Our city route optimization platform now in Phase 2 and active in over half of our service centers uses AI and historical data to dynamically optimize routes. Planners can now adjust routes with a single click when conditions change, maximizing resource utilization and improving service consistency.

綜合而言，這些成果凸顯了我們策略的強韌性——該策略以擴大利潤率與可持續的獲利成長為核心。我們也透過創新與效率提升，創造可衡量的價值。我們的城市路線最佳化平台目前進入第 2 階段，並已在超過一半的服務中心啟用，運用 AI 與歷史資料動態最佳化路線。當狀況改變時，規劃人員現在可一鍵調整路線，最大化資源利用並提升服務一致性。

Phase 3, now underway in a dozen locations, introduces real-time pickup optimization using AI to predict demand and position drivers where they're needed most. We're also rolling out our dock management system built on Box Technology. This platform enhances visibility into dock operations with real-time dashboards and prioritization tools, streamlining workflows and improving both speed and accuracy.

第 3 階段目前已在十多個據點展開，導入即時取貨最佳化，運用 AI 預測需求並將司機配置到最需要的地方。我們也正在推行以 Box Technology 為基礎打造的碼頭管理系統。該平台透過即時儀表板與優先排序工具，提升對碼頭作業的可視性，簡化工作流程並提升速度與準確性。

As shipment volumes increased in the second quarter, our manpower planning tools helped us respond with agility, aligning labor with demand, while improving operational efficiency. These innovations are part of a broader ecosystem of proprietary tools that support data-driven decision-making from workforce planning to customer service automation. We're embedding intelligence into every layer of our operation.

隨著第二季出貨量增加，我們的人力規劃工具協助我們敏捷應對，使人力與需求對齊，同時提升營運效率。這些創新是更廣泛的自有工具生態系的一部分，支援從人力規劃到客服自動化的資料驅動決策。我們正把智慧嵌入營運的每一層。

We're also seeing strong returns from our investments in people. In the first half of the year, our compliance training teams visited 18 service centers, delivering targeted support that's already driving results. These efforts have contributed to $14 million in cost savings through better process adherence, smarter use of technology and enhanced safety practices.

我們也看到對人才投資帶來的強勁回報。今年上半年，我們的合規訓練團隊走訪了 18 個服務中心，提供具針對性的支援，且已開始帶來成效。這些努力透過更佳的流程遵循、更聰明地運用科技，以及強化安全作法，促成了 1,400 萬美元的成本節省。

Over 230 software installations were paired with in-person training to ensure employees are equipped to succeed. This reflects our broader strategy, invest in people to unlock value. By embedding best practices and ensuring consistent execution, we're building a safer, more efficient operation that supports both service reliability and long-term growth.

超過 230 次軟體安裝皆搭配現場訓練，以確保員工具備成功所需的能力。這反映了我們更廣泛的策略：投資人才以釋放價值。透過導入最佳實務並確保一致的執行，我們正在打造更安全、更高效率的營運，支撐服務可靠性與長期成長。

Our strategy and optimization team led by Christopher Adkins continues to drive high-impact improvements. In the second quarter, the team performed a deep dive on Truckload operations where they identified inefficiencies tied to external load boards. While these boards improve buy rates, they also generate low-value inbound calls. To address this, we enhanced our automated call routing system using AI, prioritizing high-value inquiries and improving carrier support. This boosts productivity and is scalable across the business.

由 Christopher Adkins 領導的策略與最佳化團隊，持續推動高影響力的改善。第二季，團隊深入檢視整車（Truckload）營運，找出與外部貨源看板（load boards）相關的低效率。雖然這些看板能改善採購運價（buy rates），但也會產生大量低價值的來電。為此，我們運用 AI 強化自動來電路由系統，優先處理高價值詢問並改善承運商支援。這提升了生產力，且可在全公司擴大應用。

And importantly, our integrated approach to efficiency is amplifying the capabilities of our people, especially new hires. With intuitive platforms, embedded training and guided workflows, they're ramping up faster and contributing sooner. As these tools continue to scale, we will see even greater opportunity ahead.

更重要的是，我們整合式的效率提升方法正在放大員工的能力，特別是新進人員。透過直覺式平台、內嵌訓練與引導式工作流程，他們能更快上手並更早做出貢獻。隨著這些工具持續擴大規模，我們將看到更大的機會。

Looking forward, we remain focused on disciplined execution, delivering long-term value for our customers, our people and our shareholders. I'm excited to build on the strong foundation Judy laid and continue ArcBest's legacy of innovation and service.

展望未來，我們將持續專注於紀律執行，為客戶、員工與股東創造長期價值。我很期待在 Judy 奠定的堅實基礎上再接再厲，延續 ArcBest 的創新與服務傳承。

With that, I'll turn it over to Matt to walk through the financials in more detail.

接下來，我把時間交給 Matt，請他更詳細說明財務狀況。

Thank you, Seth, and good morning, everyone. Despite ongoing softness in the freight environment, ArcBest delivered solid second quarter results. We saw a sequential improvement in our asset-based operating ratio that was consistent with historical trends and achieved quarterly non-GAAP operating income in the Asset-Light segment for the first time since the second quarter of 2023. These results reflect our disciplined execution and focus on long-term value creation.

謝謝你，Seth，各位早安。儘管貨運環境持續疲弱，ArcBest 第二季仍交出穩健的成績。我們看到資產型業務的營業比率（operating ratio）較前一季改善，符合歷史趨勢；同時，資產輕型（Asset-Light）部門也在自 2023 年第二季以來首次達成單季非 GAAP 營業利益。這些成果反映了我們紀律執行與聚焦長期價值創造。

Taking a closer look at our second quarter performance. Consolidated revenue was $1 billion, down 5% year-over-year. Non-GAAP operating income from continuing operations was $45 million compared to $64 million in the prior year.

更深入看第二季表現。合併營收為 10 億美元，年減 5%。持續營運的非 GAAP 營業利益為 4,500 萬美元，去年同期為 6,400 萬美元。

Our Asset-Based segment saw a $22 million decrease in operating income, while the Asset-Light segment's non-GAAP operating income of $1 million was an improvement of nearly $4 million over last year.

資產型（Asset-Based）部門的營業利益減少 2,200 萬美元；資產輕型（Asset-Light）部門的非 GAAP 營業利益為 100 萬美元，較去年改善近 400 萬美元。

Adjusted earnings per share were $1.36, down from $1.98 in the second quarter of 2024.

調整後每股盈餘為 1.36 美元，低於 2024 年第二季的 1.98 美元。

Now let's discuss our two segments in more detail. Starting with our Asset-Based business. Second quarter revenue was $713 million, per day increase of 1%. ABS operating ratio was 92.8%, an increase of 300 basis points over the second quarter of 2024. ABS operating ratio improved 310 basis points sequentially within the historical range of the 300 to 400 basis point improvement.

接著我們更詳細討論兩個部門。先從資產型（Asset-Based）業務開始。第二季營收為 7.13 億美元，按日計算增加 1%。ABS 營業比率為 92.8%，較 2024 年第二季上升 300 個基點。ABS 營業比率較前一季改善 310 個基點，落在歷史上 300 至 400 個基點改善的區間內。

In the second quarter, daily shipments grew by 6%, while weight per shipment decreased by 1%, resulting in a 4% increase in tons per day compared to the previous year. This growth was driven in part by onboarding new core LTL customers through the commercial initiatives Seth mentioned.

第二季，日均出貨量年增 6%，每票重量年減 1%，使得日均噸數較去年增加 4%。這項成長部分來自於我們透過 Seth 提到的商業計畫，導入新的核心 LTL 客戶。

However, softness in industrial production and housing continues to pressure weight per shipment and profitability. To support shipment growth, we proactively added labor and strategically used purchase transportation and local cartage to supplement network capacity during peak vacation season.

然而，工業生產與住宅市場的疲弱仍持續壓抑每票重量與獲利能力。為支援出貨成長，我們主動增加人力，並在暑期休假旺季策略性地使用外購運輸（purchase transportation）與本地短駁（local cartage）來補充網路運能。

Annual increases in contracted rates for union labor and purchased transportation also contributed to higher operating costs. Still, productivity gains allowed us to onboard new business efficiently and serve our customers with excellence. Despite increased costs, cost per shipment improved both year-over-year and sequentially. We remain disciplined in our pricing strategy, securing deferred increases averaging 4%, a strong outcome in a market where many shippers are focused on cost savings.

工會勞動力與外購運輸合約費率的年度調升，也推升了營運成本。儘管如此，生產力提升讓我們能有效率地導入新業務，並以卓越表現服務客戶。即使成本增加，每票成本仍在年比與季比皆有所改善。我們在定價策略上保持紀律，成功取得平均 4% 的遞延調漲，在許多託運人聚焦節省成本的市場環境中，這是相當強勁的成果。

This speaks to the strength of our customer relationships and the differentiated value we provide. Even as customers evaluate options, we're retaining business and winning new opportunities at rates that support long-term profitability.

這反映了我們客戶關係的強度，以及我們所提供的差異化價值。即使客戶在評估各種選項，我們仍能留住業務並以支持長期獲利的費率贏得新機會。

Revenue per hundredweight declined 3% year-over-year. Excluding fuel surcharges, the decrease was in the low single digits. This was driven by growth in easier to handle freight from core customers, which typically has a lower revenue per hundredweight profile, but is operationally more efficient.

每百磅營收（revenue per hundredweight）年減 3%。若排除燃油附加費，降幅為低個位數。主要原因是核心客戶中較易處理的貨物成長；這類貨物通常每百磅營收較低，但在營運上更有效率。

Additionally, yields were also impacted by fewer shipments in the manufacturing vertical and continued softness in household goods moves due to economic and interest rate conditions.

此外，由於製造業垂直領域的出貨量較少，以及在經濟與利率條件影響下家庭用品搬運需求持續疲弱，收益率（yields）也受到影響。

Turning to July 2025 trends in our Asset-Based business. Daily shipments grew by 2% year-over-year, highlighting continued success in capturing new core business opportunities. The market backdrop drove a 2% decrease in weight per shipment, which resulted in flat daily tonnage levels compared to the same period last year.

接著看我們資產型業務在 2025 年 7 月的趨勢。日均出貨量年增 2%，凸顯我們持續成功掌握新的核心業務機會。市場背景導致每票重量年減 2%，使得日均噸數相較去年同期持平。

On July 14, we announced a general rate increase of 5.9% effective August 4. Historically, ABF's non-GAAP operating ratio improved by about 70 basis points from the second quarter to the third quarter, and we expect third quarter performance to be generally in line with that trend.

7 月 14 日，我們宣布一般運價調漲 5.9%，自 8 月 4 日起生效。歷史上，ABF 的非 GAAP 營業比率從第二季到第三季約改善 70 個基點，我們預期第三季表現大致將符合該趨勢。

Moving on to the Asset-Light segment. Second quarter revenue was $342 million, a daily decrease of 13% year-over-year. Shipments per day were down 7% as we strategically reduced less profitable Truckload volumes, offsetting double-digit growth in our Managed Solutions.

接下來談資產輕量（Asset-Light）業務。第二季營收為3.42億美元，按日計算年減13%。由於我們策略性地縮減獲利較低的整車（Truckload）運量，每日出貨量下降7%，但我們的管理式解決方案（Managed Solutions）出現兩位數成長，部分抵銷了影響。

Revenue per shipment decreased by 7% 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 income of $1 million was an improvement compared to last year's non-GAAP operating loss of $2.5 million. This improvement was driven by our focus on improving margins while reducing our operating costs.

每票出貨營收下降7%，主因為疲弱的貨運市場，以及我們管理式業務成長（其單票貨量較小、每票營收水準較低）。我們的非GAAP營業利益為100萬美元，較去年非GAAP營業損失250萬美元有所改善。此改善來自我們專注提升毛利率，同時降低營運成本。

In July, Asset-light daily revenue was down 7% year-over-year, primarily due to lower revenue per shipment from the soft freight market. Managed continued to show strength, though its smaller shipment sizes contributed to lower revenue per shipment. Overall, volume trends have stabilized with July 2025 shipment counts holding steady year-over-year compared to July 2024.

7月資產輕量業務按日營收年減7%，主要因疲弱貨運市場導致每票營收較低。管理式業務持續展現韌性，但其較小的出貨規模也使每票營收偏低。整體而言，量的趨勢已趨於穩定，2025年7月的出貨票數相較2024年7月年比持平。

Given current conditions, we expect non-GAAP operating income to range from breakeven to $1 million in profit for the third quarter. We continue to take a balanced long-term approach to capital allocation.

在目前環境下，我們預期第三季非GAAP營業利益介於損益兩平至獲利100萬美元。我們將持續以長期且均衡的方式進行資本配置。

Our 2025 capital expenditure guidance of $225 million to $275 million reflects maintenance spending to optimize total cost of ownership and strategic investments that enhance service, efficiency and growth. We currently expect to be at the lower end of that range.

我們對2025年資本支出指引為2.25億至2.75億美元，反映用於維持性支出以最佳化總持有成本（total cost of ownership），以及提升服務、效率與成長的策略性投資。目前我們預期將落在該區間的低端。

In the first half of 2025, we returned over $47 million to shareholders through share repurchases and dividends. We'll remain opportunistic with repurchases based on share price while prioritizing high-returning organic investments and maintaining prudent leverage.

2025年上半年，我們透過庫藏股回購與股利，向股東回饋超過4,700萬美元。我們將依股價情況把握回購機會，同時優先投入高報酬的有機投資並維持審慎的槓桿水準。

Our balance sheet remains strong with approximately $400 million in available liquidity. While external conditions remain dynamic, ArcBest is well positioned for the future. We're focused on what we can control, delivering exceptional service, operating with discipline and making smart strategic decisions that strengthen our business and create long-term value.

我們的資產負債表依然穩健，約有4億美元可用流動性。儘管外部環境仍在變動，ArcBest 仍具備良好未來布局。我們專注於可控事項：提供卓越服務、以紀律化方式營運，並做出明智的策略決策，以強化業務並創造長期價值。

I'll now hand the call back to Judy.

我現在把電話交回給Judy。

Thank you, Matt. I was recently asked what makes ArcBest truly stand out. There are many things that make this company special, but one defining trait rises above the rest, our ability to turn challenges into opportunities. We'll find a way is more than our motto. It's a mindset that drives how we operate, especially in uncertain times.

謝謝你，Matt。最近有人問我，ArcBest 真正突出的地方是什麼。讓這家公司與眾不同的因素很多，但有一項特質凌駕其他：我們能把挑戰轉化為機會。「我們一定找得到方法」不只是口號。這是一種心態，驅動我們的營運方式，尤其在不確定的時期。

In the softer freight market, we've leaned into that mindset by making strategic investments that position us for long-term success. We've enhanced our facilities to support future growth. We've accelerated innovation to improve efficiency and service quality. And most importantly, we've invested in our people, equipping them with the skills, tools and support they need to deliver exceptional value to our customers. These actions not only strengthen our business, they create meaningful returns for our shareholders.

在較疲弱的貨運市場中，我們秉持這種心態，進行策略性投資，讓公司站上長期成功的位置。我們強化了設施以支援未來成長。我們加速創新以提升效率與服務品質。最重要的是，我們投資於人才，提供他們所需的技能、工具與支援，以為客戶創造卓越價值。這些行動不僅強化我們的業務，也為股東帶來具意義的回報。

Before we wrap up, I'm pleased to share an exciting milestone. ArcBest will host its first Investor Day in a decade on September 29. This event will offer a deeper look into our strategic priorities, innovation road map and long-term financial targets that will guide our next phase of growth. We're eager to showcase how ArcBest is delivering value today and building for tomorrow. That concludes our prepared remarks. I'll now turn it over to the operator for questions.

在結束之前，我很高興分享一個令人振奮的里程碑。ArcBest 將於9月29日舉辦十年來首次投資人日（Investor Day）。本活動將更深入介紹我們的策略重點、創新路線圖，以及引領下一階段成長的長期財務目標。我們期待展示 ArcBest 如何在今天創造價值，並為明天打造基礎。以上是我們的預備發言。我現在把時間交給主持人進行提問。

(Operator Instructions)

（主持人說明）

Jordan Alliger with Goldman Sachs.

高盛（Goldman Sachs）的 Jordan Alliger。

One question. So I believe you have some easier comps coming up in your trends year-over-year for August and September revenue per day, tons per day, et cetera. I'm just curious, do you think that could lead to sort of a step-up in the trend line on a year-over-year basis as we move past July and the trends we're seeing there? I mean, could we even see some inflection on revenue per day? Thanks

一個問題。我認為你們在8月與9月的年比趨勢上，按日營收、按日噸數等指標，基期會比較容易。我想請教，你們是否認為在7月之後、隨著我們往前看，年比趨勢線可能會出現某種程度的上移？也就是說，按日營收甚至可能出現一些轉折點（inflection）嗎？謝謝。

Yes. Jordan, this is Matt. So the trends that we saw when we moved from the first quarter to second quarter, we certainly were ahead of history when we look at shipment per day versus the 10-year historical trend. I think, as we look from the second quarter to the third quarter, in large part, just due to the commercial efforts that we have ongoing and the success that we've seen there, I do think that there's some potential to outperform a little bit versus what historical seasonality has been on shipments per day.

是的。Jordan，我是Matt。從第一季到第二季的變化來看，當我們把每日出貨量與10年歷史趨勢相比，我們確實優於歷史表現。我認為，從第二季到第三季，主要因為我們持續進行的商務拓展工作以及目前看到的成效，每日出貨量相較於歷史季節性，確實有一些超越的可能。

Jason Seidl, TD Cowan.

TD Cowan 的 Jason Seidl。

Thanks, operator. Good morning, Judy. Good morning, Seth team.First of all, Seth, congratulations. And then also, I should probably give a little shout out to Thom. I think he's a great addition to your Board.

謝謝，主持人。早安，Judy。早安，Seth 團隊。首先，Seth，恭喜。另外，我也應該向Thom致意一下。我認為他加入你們董事會是很棒的補強。

I wanted to look at, sort of, the push into the SMBs. We've heard that from a lot of other LTL carriers. I was just wondering, is there becoming more price aggression in that area? Or is that just sort of a market that is not as price sensitive as some of maybe the other larger national accounts? And then also sticking on that, is the freight profile different among the SMB customers? And how should we think about that in the model?

我想談談你們推進中小企業（SMB）市場的策略。我們從許多其他LTL承運商也聽到類似說法。我想請問，那個領域的價格競爭是否變得更激進？或者那只是相對不如某些大型全國性客戶那麼價格敏感的市場？另外延伸這點，中小企業客戶的貨物結構（freight profile）是否不同？我們在模型中應該如何看待？

Jason, this is Eddie. Yes, I mean, we are remaining focused, especially with our field sales force on that SMB market, and that really kind of includes the middle market as well. I wouldn't say that there's a different price point with that. Every customer is unique in terms of their business, their location, the competitors in those markets. We like that business because we can build long-term lasting relationships. It's stickier for us.

Jason，我是Eddie。是的，我們仍然保持聚焦，特別是透過我們的前線業務團隊深耕SMB市場，而這其實也包含中型市場（middle market）。我不會說那裡有不同的定價水準。每位客戶在其業務型態、所在地，以及該市場的競爭者等方面都各不相同。我們喜歡這類業務，因為我們能建立長期且持久的關係。對我們而言黏著度更高。

What we excel in from a sales perspective is those relationships. And so that's part of the focus. I mean, historically, SMB middle market, it is less price sensitive than what you would consider with big enterprise customers, especially in the retail space. So we like it from that perspective.

從銷售角度來看，我們最擅長的就是這些關係經營。因此這也是我們聚焦的一部分。歷史上，SMB與中型市場相較於大型企業客戶（尤其是零售領域）確實較不價格敏感。所以從這個角度我們也很喜歡。

Profile really is a mixed bag with those customers. And you can imagine there's a lot of verticals that are represented in the SMB and middle market spaces. So for us, it's just -- it's good business that we feel like we have a value proposition for those customers that will allow us to excel.

至於貨物結構，這些客戶的型態其實很混合。你可以想像，SMB與中型市場涵蓋許多不同的產業垂直領域。因此對我們來說，這就是——我們認為是很好的業務，我們也相信對這些客戶有明確的價值主張，能讓我們表現出色。

Chris Wetherbee, Wells Fargo.

富國銀行（Wells Fargo）的 Chris Wetherbee。

Congrats to Seth and Judy. I wanted to ask about sort of your ability to kind of outgrow the industry. It's been, I think, several months now where you've been able to tap into this pool of freight that appears to be coming at a little bit of a different mix and sort of revenue per shipment dynamic, but it is driving outperformance relative to some of the volume numbers that we're seeing from the

恭喜Seth和Judy。我想問的是你們超越產業成長的能力。我想已經好幾個月了，你們能夠切入一個貨源池（pool of freight），看起來其組合略有不同，且每票營收的動態也有些差異，但它確實推動你們的表現優於我們從

peers. So maybe you could talk a little bit about, sort of, what the freight kind of looks like, where you're getting it from, how deep the pool you think it is and, sort of, how sustainable kind of this outperformance can be over the next couple of quarters? That would be helpful.

同業看到的一些量的數據。所以也許你們可以多談談：這些貨大概長什麼樣子、你們從哪裡取得、你們認為這個貨源池有多深，以及未來幾季這種相對優勢的可持續性如何？這會很有幫助。

Yes. Thanks, Chris. This is Seth here. When we look at our active accounts and cross-sold accounts, they continue to grow, and that's great to see. I continue to have conversations with customers, and they're looking for more solutions. So I think we'll grow across the board in a lot of the areas, because our strategy is really based on finding ways to say yes to customers.

是的。謝謝，Chris。我是 Seth。當我們觀察活躍帳戶與交叉銷售帳戶時，它們持續成長，這點很令人振奮。我也持續與客戶交流，他們正在尋求更多解決方案。因此我認為我們會在許多領域全面成長，因為我們的策略核心就是想方設法對客戶說「可以」。

So when I think about the dynamic mix, we mentioned last quarter, we were over 200,000 quotes per day. We really haven't changed our strategy there on how much we're bringing into the network. What you saw in the second quarter is what you're going to see in the third and fourth quarter as well. Really where we're seeing the outperformance is on the core business mix.

談到動態組合，我們在上季提到，我們每天超過 200,000 份報價。在我們導入網路的量能方面，策略其實沒有太大改變。你們在第二季看到的情況，第三季與第四季也會同樣看到。我們真正看到表現超預期的地方是在核心業務的組合。

We've added over 100 new accounts, and we feel like that's just going to continue to improve as we move forward, because the pipeline is strong, and we just continue to have success by providing that value that Eddie just talked about to our customers.

我們新增了超過 100 個新帳戶，我們認為隨著未來推進，這只會持續改善，因為案源管道很強勁，而且我們持續透過 Eddie 剛才提到的價值提供給客戶，因此不斷取得成功。

So we remain disciplined on profitable growth and improving efficiency to help improve our margin. And that really starts with the service we provide our customers, and we feel like we've made progress there as well. So -- and we think when we look longer term ahead, we think as demand grows and capacity tightens, we'll be well positioned to improve even more with further rate increases and just the business we're bringing in. But we're not waiting on the market to turn. There's just a lot of noise out there, but we're focused on our initiatives, and we're seeing success around all those three pillars that we mentioned in our prepared remarks around growth, efficiency, and innovation.

因此我們在獲利性成長與提升效率以改善利潤率方面，仍然保持紀律。而這一切確實始於我們提供給客戶的服務，我們也覺得在這方面同樣有所進展。所以——我們認為從更長期來看，隨著需求成長、運能收緊，我們將處於有利位置，透過進一步的運價上調以及我們帶進來的業務，來取得更大的改善。但我們不會等市場反轉。外界雜音很多，但我們專注於自身的各項計畫，並且在我們於事先準備稿中提到的三大支柱——成長、效率與創新——上都看到了成果。

So we're positioning ourselves to service our customers with excellence, and we think that's going to continue to lead to growth opportunities.

因此我們正讓自己處於能以卓越水準服務客戶的位置，而我們認為這將持續帶來成長機會。

Daniel Imbro, Stephens Inc.

Daniel Imbro，Stephens Inc.

Seth, congrats on the promotion. And Judy, congrats on retirement. Maybe a follow-up on the LTL pricing side. So you announced the 5.9% GRI a couple of weeks ago. Can you talk about the strategy of maybe why implement that a month earlier this year? What has early customer feedback been since it has been a couple of weeks? And then how much of your business does this GRI cover? Can you just remind us?

Seth，恭喜升遷。Judy，也恭喜退休。我想追問一下 LTL 定價方面。你們在幾週前宣布了 5.9% 的 GRI。能否談談策略：為什麼今年會提前一個月實施？由於已經過了幾週，客戶的早期回饋如何？另外，這次 GRI 涵蓋你們多少業務？可以再提醒我們一下嗎？

Yes. Daniel, this is Eddie again. Yes, this is kind of our typical cycle for general rate increases. I think if you go back far enough, I think there was a general idea that it would happen every year. But on average, it's 10 to 11 months that this cycle is happening. We really do believe that the timing is right for this increase. We're providing exceptional service, value to our customers. Obviously, costs continue to go up, and we have to get better increases to cover those inflationary costs. We feel like we're well positioned with our customers through the solutions we provide them to meet really any of the challenges that they're facing. And so we anticipate this will go off pretty much as our history has shown to be pretty successful.

是的。Daniel，我是 Eddie。是的，這算是我們一般運價調升的典型週期。我想如果回顧得夠久，過去普遍的想法是每年都會發生一次。但平均而言，這個週期大約是每 10 到 11 個月發生一次。我們確實相信這次調升的時點是合適的。我們提供卓越的服務與價值給客戶。顯然成本持續上升，我們必須取得更好的調升幅度來涵蓋這些通膨成本。我們也覺得，透過我們提供的解決方案，我們與客戶之間的定位良好，足以因應他們面臨的任何挑戰。因此我們預期這次會如同過往歷史所示，進展相當順利、且相當成功。

Ravi Shanker, Morgan Stanley.

Ravi Shanker，Morgan Stanley。

Allow me to chime in. Judy, end of an era. We will see you at the Investor Day, but congratulations, and Seth, congrats to you as well. Just kind of, on that same point, if I may, kind of, just in your conversations with your customers, do these volumes you're picking up right now, do they feel sticky? Do they feel transitory and kind of somewhat opportunistic? And also, I suspect your competitors are not going to be sitting back waiting for you to take more share from them. So are you seeing them potentially loosen the purse strings on price and maybe try and come up with some of these volumes as well?

讓我也補充一下。Judy，一個時代的結束。我們會在投資人日見到你，但恭喜你；Seth，也恭喜你。同樣延續這個話題，如果可以的話，想請教你們在與客戶的對話中，目前你們正在承接的這些貨量，感覺是具有黏著度的嗎？還是感覺是短暫的、某種程度上偏機會型的？另外，我猜競爭對手不會坐視你們從他們手上拿走更多市占。所以你們是否看到他們可能在價格上更願意讓利，並試圖把部分貨量也搶回去？

Ravi, it's Seth. I appreciate the kind words there. And there's no doubt the macro remains challenging, and there's a lot of uncertainty out there, but we feel confident in our ability to grow and provide that service to our customers. We feel we're better positioned with our multiple solutions to respond in any environment, and that's exactly what we're seeing in these customer conversations.

Ravi，我是 Seth。謝謝你的好意。毫無疑問，總體環境仍具挑戰，外部不確定性也很高，但我們對自身成長能力以及為客戶提供服務的能力充滿信心。我們認為憑藉多元解決方案，我們在任何環境下的應對能力都更具優勢，而這也正是我們在與客戶對話中所看到的情況。

We act as a strategic adviser, navigate those uncertain times, and that's really what differentiates us from the competition. So what we're seeing in our pipeline numbers and the continued growth, like Eddie mentioned, not every opportunity makes sense for us to bring on. We need to focus on the right price to provide value over the long term. But I've spent a lot of time with customers throughout this year, and it's apparent that they're looking for customer -- or companies who they can trust and partner with to navigate all these challenges.

我們扮演策略顧問的角色，協助在不確定的時期中前行，而這正是我們與競爭對手的差異所在。因此，從我們看到的案源管道數據與持續成長來看，如 Eddie 所提到的，並非每個機會都適合我們承接。我們必須聚焦在正確的價格，以在長期提供價值。但我今年花了很多時間與客戶相處，很明顯他們正在尋找值得信任、能夠合作夥伴關係的客戶——或公司——來共同應對這些挑戰。

So I do think a lot of this business is sticky. A lot of what they're talking to us about as well as cost efficiency and supply chain stability, and that's really what we bring to the table with our solution set. So I've been encouraged that we've been adding new business across all solutions, not just LTL and our customers have had confidence in our service offering. So we view markets like this as opportunities. And we think as we provide that value to customers, it's going to be sticky over the long term.

所以我確實認為其中很多業務具有黏著度。他們與我們討論的很多內容也包括成本效率與供應鏈穩定性，而這正是我們透過解決方案組合所能提供的價值。因此我很受鼓舞的是，我們在所有解決方案上都新增了新業務，不僅僅是 LTL，而且客戶對我們的服務供給也有信心。所以我們把這樣的市場視為機會。我們也認為，只要我們持續為客戶提供價值，長期而言就會具有黏著度。

Brian Ossenbeck with JPMorgan.

Brian Ossenbeck，JPMorgan。

Maybe just, can you expand a little bit more on kind of your service levels and performance tying into the receptivity and stickiness of some of this new freight growth in the GRI that just came out. And then also, Judy, I think, made a few comments on the MSPA transition with some disruptions and perhaps some other issues that you were anticipating. It would be great if you could give a little bit more color on that. Obviously, we saw the larger competitors kind of push out the compliance is not the right word, but at least the implementation of that. So it would be interested to hear your further thoughts on that and the impact for you guys and also the industry.

或許你們可以再多談一點，你們的服務水準與績效如何連結到這次剛公布的 GRI 中，新貨量成長的接受度與黏著度。另外，Judy 我想也提到了一些關於 MSPA 轉換的評論，包含一些干擾以及你們可能預期的其他問題。如果你們能再提供更多細節會很有幫助。顯然我們看到較大的競爭對手把——「合規」可能不是正確用詞——但至少把該項的導入/實施往後延。因此也很想聽聽你們更進一步的看法，以及對你們與整個產業的影響。

Brian, this is Matt Godfrey. I'll start on the service side. And we have a long history of being resilient regardless of the macro. As Judy talked about earlier, we look to turn challenges into opportunities. And you've seen that with the results that we had around efficiency and service in the second quarter. And it's really a collaborative effort, not only internally, our leaders visit our field locations.

Brian，我是 Matt Godfrey。我先從服務面談起。我們長期以來不論總體環境如何，都展現出韌性。如同 Judy 先前提到的，我們會把挑戰轉化為機會。你們在第二季看到我們在效率與服務方面的成果就是例證。而這確實是一項協作成果，不僅是內部協作，我們的主管也會走訪各地營運據點。

We hear from our teams on the tools they need, how they can be more efficient, how we can service our customers better. But it's also collaborative with our customers. I just heard a story this week where we had a customer site visit, walk through a situation they were experiencing. A suggestion was made and the customer is looking to implement that, and it's really going to be a win-win for all parties. And so that's the approach we take on the collaborative side.

我們會聽取團隊對所需工具的回饋、如何提升效率、以及我們如何能更好地服務客戶。但這也包含與客戶的協作。我這週剛聽到一個案例：我們進行了一次客戶現場拜訪，走訪並了解他們正在經歷的情況。我們提出了一項建議，而客戶正打算導入，這將真正成為各方共贏。因此，這就是我們在協作面所採取的方法。

And then, we're also continuing to invest in our optimization initiatives around manpower planning, network visibility, and we continue to deploy our teams of operational experts around the company. And we've seen savings with that group in 2024.

接著，我們也持續投資於圍繞人力規劃、網路可視性等方面的最佳化計畫，並持續在公司各處部署我們的營運專家團隊。我們在2024年已透過該團隊看到成本節省。

We've built on that with over $14 million in savings in 2025. So we have our robust portfolio. We mentioned some of those initiatives earlier around city route optimization. I'm very excited about what Phase 3 will bring on the pickup side, giving our frontline leaders better tools to service our customers. And so the dock software is a big step forward for us, and we're very excited as we continue to roll these out in 2025.

我們在此基礎上於2025年再實現超過1,400萬美元的節省。因此我們擁有強健的專案組合。我們先前提到其中一些計畫，例如城市路線最佳化。我對第3階段在取件端將帶來的成果感到非常振奮，這將為我們的一線主管提供更好的工具來服務客戶。因此，碼頭軟體對我們而言是向前邁出的一大步，我們也非常期待在2025年持續推廣部署。

Brian, this is Seth. On the NMFC change, really, we view this as a positive for the industry. When you condense commodity codes, that will give us the shipments' actual characteristics, and that's going to give -- provide our customers more accurate freight rates upfront.

Brian，我是Seth。關於NMFC的變更，我們確實將其視為對產業的正面因素。當你將商品代碼加以精簡後，就能反映貨件的實際特性，並將—為客戶在一開始就提供更精準的運價。

So we already dimensioned about 98% of our freight, and we really -- we saw this coming. So throughout the first half of this year, we partnered with our customers, talked about the change, made changes to pricing or whatever we needed to do to make sure. So

因此我們已對約98%的貨物完成尺寸量測，而我們也確實—早就預見這件事會發生。所以在今年上半年，我們與客戶合作，溝通這項變更，並視需要調整定價或採取任何必要措施，以確保到位。所以

when the change was implemented, I believe it was last weekend on July 19, our customers weren't surprised. So we saw this change coming years ago. That's why we started developing Box Vision, because that allows us to dimension freight in real time.

當這項變更在我記得是上週末、7月19日實施時，我們的客戶並不意外。我們多年前就看到這項變更即將到來。這也是我們開始開發Box Vision的原因，因為它讓我們能即時量測貨物尺寸。

And also why we did space-based pricing a long time ago as well, because we view the industry continuing to go towards this route. So as far as the actual implementation, we have minor hiccups, but nothing that I would call material in any way, mostly just old bill ladings that just weren't updated with the new NMFC. But really, it's been a non-event because of the way we prepared our customers.

也因此我們很早以前就採用以空間為基礎的定價，因為我們認為產業會持續朝這個方向發展。就實際導入而言，我們有一些小狀況，但沒有任何我會稱之為重大的問題，主要只是一些舊的提單沒有用新的NMFC更新。但整體而言，由於我們事前已讓客戶做好準備，這件事幾乎沒有造成影響。

Scott Group with Wolfe Research.

Wolfe Research的Scott Group。

And again, congrats, Seth, Judy and Thom. The 5% sequential drop in tonnage in July, any context of how that is versus normal? And then just following up on the GRI, right? So there's 2 months of the GRI in Q3 this year. I think last year was 1 month. And typically, it's not been in Q3. So how much does that help the margin in this year versus that normal seasonality? And is that sort of baked into your view of the margin for Q3? Or -- and any other sort of puts and takes to think about that margin versus normal seasonality?

再次恭喜，Seth、Judy和Thom。7月貨運噸數環比下降5%，相較於正常情況有什麼背景脈絡可供參考嗎？接著追問GRI，對吧？所以今年第三季有兩個月會反映GRI。我想去年是一個月。而且通常不會落在第三季。那麼相較於正常季節性，這對今年的利潤率有多大幫助？這是否已納入你們對第三季利潤率的看法？或者—還有其他關於該利潤率相較於正常季節性的利多利空因素可供思考嗎？

Yes. So Scott, this is Matt. On the sequential move, if we look just versus history in July, I would say that what we are seeing is generally in line with the historical performance, maybe just slightly ahead of it. And then I'll let Seth take the next part.

是的。Scott，我是Matt。就環比變動而言，如果只看歷年7月的表現，我會說我們目前看到的情況大致符合歷史表現，甚至可能略優一些。接下來我讓Seth回答後半段。

Yes. And I would say, Scott, when you think about just what happened throughout the second quarter, there was a lot more variability in the daily business volumes than normal. So we saw surges at certain points in the quarter and then the kind of lighter weeks following that. So we're confident, hopefully, if all the trade policies go smoothly, like we've seen some of the announcements recently that we'll see some of that stuff settle down. So as we move into the rest of this quarter, we believe that it's going to be more normalized to match some of those statistics that Matt just said. So we want to make sure that we're evaluating our mix and our labor and make sure that we're in line to move with those freight flows. But we see a more normal seasonal pattern as we move into the third quarter as some of those trade policies start to get resolved.

是的。Scott，我會說，當你回顧第二季整體情況時，每日業務量的波動比平常更大。因此我們在季度中的某些時點看到量的激增，之後又出現相對較淡的幾週。所以我們有信心，也希望如果所有貿易政策都能順利推進—就像我們最近看到的一些公告—我們會看到這些情況逐步趨於平穩。因此，隨著我們進入本季剩餘時間，我們認為將會更趨於常態化，以符合Matt剛才提到的一些統計表現。所以我們要確保在評估我們的組合與人力配置時，能與這些貨物流向保持一致並隨之調整。但隨著部分貿易政策開始獲得解決，我們在進入第三季時看到的是更正常的季節性型態。

Yes. And this is Eddie. The timing of the GRI, again, as I kind of mentioned earlier on the call, this is kind of part of our normal cycle of when we take it. I mean, obviously, the timing of it in the third quarter with historical freight volumes increasing due to peak. I mean, it's a good time to take it. But ultimately, it's because we're providing the value to our customers that we believe they're willing to pay for that. In terms of the impact to the quarter, it's again, our volume of our business subject to GRI is not as great as it was in previous years. So we don't think the impact will be overly great. But obviously, it's needed from a deflationary cost standpoint.

是的。我是Eddie。關於GRI的時點，如同我先前在電話會議中提到的，這算是我們正常週期中會採取的時點之一。當然，第三季的時點在歷史上因旺季而帶動貨量增加。這確實是個適合採取GRI的時機。但歸根結底，是因為我們為客戶提供了價值，我們相信他們願意為此付費。就對本季的影響而言，我們業務中適用GRI的量並不像過去幾年那麼大。因此我們不認為影響會過於顯著。但顯然，從成本通縮的角度來看，這是必要的。

Bruce Chan with Stifel.

Stifel的Bruce Chan。

Congrats to the entire team here. Maybe on the Asset-Light side, it's good to see you back in the black. I know you've been working hard and you gave us some good color on some of the measures that you're taking. I guess my question is, where do you think we are in that process in terms of innings? And can you continue with the double-digit growth numbers that you're seeing in that shipments per employee per day metric? And then, we don't have as much clarity on the historical kind of quarter-to-quarter trends in this business given the changes. So maybe some color on OR trajectory in the business in the back half would be helpful as well.

恭喜整個團隊。關於Asset-Light（輕資產）業務，很高興看到你們重新轉盈。我知道你們一直很努力，也就採取的一些措施提供了很好的說明。我的問題是，就整體進程而言，你們覺得目前進行到第幾局（innings）？以及你們是否能在「每位員工每日出貨量」這項指標上，持續維持目前看到的兩位數成長？另外，由於變更因素，我們對這項業務歷史上的季度間趨勢沒有那麼清楚。因此，如果能補充一些關於下半年該業務OR（營運比率）走勢的看法，也會很有幫助。

Yes. This is Seth, Bruce. Well, when you think about what's going on with Asset-Light, we continue to be affected by the soft freight market and just the excess Truckload capacity, and we've talked about that in the past. We have been encouraged with our Managed

是的。Bruce，我是Seth。當你思考輕資產業務的現況時，我們仍持續受到疲弱的貨運市場以及整體整車（Truckload）運能過剩的影響，這點我們過去也談過。我們對我們的Managed

business. Now it's continued to hit all-time highs for revenue and shipments, and that is operationally good for us and also producing operating income. But we continue to act to strategically reduce some of those less profitable lanes within our Truckload segment.

業務感到鼓舞。目前其營收與出貨量持續創下歷史新高，這在營運上對我們有利，也帶來營業利益。但我們也持續採取行動，策略性地縮減整車業務中部分獲利較低的路線。

We think most of that work is done, but it's going to be a continual optimization process that we go through. And we saw improved margins, reduced employee costs, and we improved productivity by almost 15% within Asset-Light. And we think there's a lot of opportunity ahead as well.

我們認為大部分工作已完成，但這將是一個我們會持續進行的最佳化流程。我們看到利潤率改善、員工成本下降，且在輕資產業務中生產力提升了將近15%。我們也認為未來仍有很大的機會。

Sequentially, it's a lot of the same story with what's going on with the market conditions as we see moving into the third quarter. We think it's going to be just continued excess capacity, but we're going to be focused on what we can control, and that's why we're happy to be back in the black, but we're nowhere near satisfied with where we're at. So we got a lot of different things that we're working on to improve profitability, not only the account base, but also our mix.

就環比而言，隨著我們進入第三季，市場狀況的故事大同小異。我們認為運能過剩仍將持續，但我們會專注在我們能掌控的事情上；這也是為什麼我們很高興能重新轉盈，但我們對目前的狀況遠未感到滿意。因此，我們正在推動許多不同的工作來提升獲利能力，不僅是客戶組合，也包括我們的業務組合（mix）。

We talked about the SMB space earlier. I know Eddie was referencing LTL, but we're also attacking that within the Truckload segment. We've added a lot of sellers in the SMB space within Truckload, and we're seeing them hit their ramp and actually exceed expectations, but we're kind of early innings there. And then really around productivity, we got a lot of different things going on around productivity with AI and optimizing some of the less value calls, categorizing e-mails. There's just a lot of different things.

我們先前談到過 SMB（中小企業）領域。我知道 Eddie 提到的是 LTL（零擔），但我們也在整車（Truckload）業務板塊內推進這一點。我們在整車的 SMB 領域新增了很多業務人員（銷售），我們看到他們逐步爬坡後實際上超出預期，但我們目前仍處於相對早期階段。另外在生產力方面，我們也有很多不同的事情在進行，包括運用 AI 來提升生產力、優化一些價值較低的通話、對電子郵件進行分類。總之有很多不同的項目。

So I think we're still early stages on productivity improvements, and I feel like we can make even greater strides. And then if you fast forward to January, a little bit longer term, I'm excited about Matt coming on, because he just has a perspective and the experience leading the largest brokerage in the United States that I think that's going to benefit us to have that experience on board to take it even further.

所以我認為我們在生產力改善上仍處於早期階段，我覺得我們還能取得更大的進展。再把時間拉長到明年一月，從更長期來看，我對 Matt 的加入感到很興奮，因為他具備一種視角，以及曾領導美國最大貨運經紀公司的經驗；我認為把這些經驗帶進來，將有助於我們把業務推得更遠。

And Bruce, it's Matt. I'll just chime in as well. So like Seth said, we're very proud of the team and the execution in the second quarter, the operating income result. The forward look that we put out today is we expect to be generally in line with that result in the third quarter as well. We put out a range on a non-GAAP basis for operating income for that business from flat to $1 million in operating income for the third quarter.

Bruce，我是 Matt。我也補充幾句。如 Seth 所說，我們對團隊在第二季的表現與執行力，以及營業利益的成果感到非常自豪。我們今天給出的前瞻指引是：我們預期第三季整體上也會大致與該成果一致。我們也在非 GAAP 基礎上，給出該業務第三季營業利益的區間指引，從持平到 100 萬美元的營業利益。

Stephanie Moore with Jefferies.

Jefferies 的 Stephanie Moore。

Good to hear everybody, and looking forward to seeing you all in September. And Judy, I guess, wishing you an official bon voyage, but all good stuff.

很高興聽到各位的分享，也期待九月與大家見面。Judy，我想也正式祝你一路順風（bon voyage），一切都很好。

I wanted to -- if it was possible we could talk a little bit about the puts and takes of costs in the second quarter. I mean, I know that it's been an ongoing investment and journey in terms of efficiency tools around manpower planning, et cetera. You also saw higher shipments per day. So I just wanted to think about how you're managing staffing in this environment. Any thoughts on labor costs into the third quarter?

我想——如果可以的話——我們能否稍微談談第二季成本的增減因素（puts and takes）。我的意思是，我知道在效率工具方面（例如人力規劃等）這一直是一項持續的投資與旅程。你們也看到每日出貨量更高。所以我想了解在這樣的環境下，你們如何管理人員配置。對於第三季的人力成本有什麼看法嗎？

I ask only because the OR improvement was very good, but it was a little bit on the lower end of kind of the range that you laid out. So just trying to kind of walk through those puts and takes, again, and anything that can be learned from the second quarter that we should think about into the third?

我之所以問，是因為 OR（營運比率）的改善非常不錯，但略偏你們先前提出區間的較低端。所以只是想再梳理一次這些成本增減因素，並看看第二季有哪些經驗教訓，是我們在思考第三季時應該納入的？

Stephanie, this is Matt Godfrey. And as we've talked about a little bit, as part of our normal cadence of operations, we manage the use of our internal labor along with outside resources to make sure we optimize service and efficiency for our customers. So as we said, we really like the growth we are seeing, especially with our core LTL customers, and we'll continue to align our resources to continue to service that business at a high level.

Stephanie，我是 Matt Godfrey。如我們先前稍微談到的，作為我們日常營運節奏的一部分，我們會同時管理內部人力與外部資源的使用，以確保為客戶最佳化服務與效率。因此如我們所說，我們非常喜歡目前看到的成長，特別是核心 LTL 客戶的成長；我們會持續調整資源配置，以高水準持續服務這項業務。

So on the network side, we're using our mix management tools, and we make dynamic changes within our operational network to meet those targets. And we've been able to improve our cost per shipment operationally, both year-over-year and sequentially in the Asset-Based network. And so in addition to that, we continue to invest in those optimization tools. We've talked a lot about our hiring strategy to build flex within our network, the ability to flex up to say yes to customers.

在網路端（network side），我們使用組合管理工具（mix management tools），並在營運網路內進行動態調整以達成目標。我們在資產型（Asset-Based）網路中，無論年對年或季對季，都能在營運上改善每票成本（cost per shipment）。此外，我們也持續投資這些最佳化工具。我們也談過很多我們的招募策略，用以在網路中建立彈性，讓我們能夠彈性擴張、對客戶說「可以」。

When they approach us, and we hire in line with that. We've already talked about city route optimization, Phase 2, kind of given one-click optimization tools to our planners so they can deal with real-time conditions. Phase 3 focused on the pickups. And again, working to make our planners better, make their jobs easier, augment their decision-making process while servicing our customers at a high level.

當客戶找上門時，我們會依此進行招募。我們已經談過市區路線最佳化（city route optimization）第二階段，基本上是提供一鍵式最佳化工具給規劃人員，讓他們能因應即時狀況。第三階段則聚焦在取貨（pickups）。同樣地，我們致力於讓規劃人員更強、讓他們的工作更容易，在維持高水準服務客戶的同時，強化他們的決策流程。

So we saw our productivity metrics continue to achieve multiyear highs with the second quarter of '25 being our best quarter since 2021. And we've made a lot of progress. And we know we have more work to do, which is why I continue to be excited about the portfolio of optimization projects we have coming in the pipeline.

因此我們看到生產力指標持續創下多年新高，2025 年第二季是我們自 2021 年以來表現最好的季度。我們已取得很大進展。我們也知道還有更多工作要做，這也是為什麼我仍對我們管線中即將推出的一系列最佳化專案感到興奮。

And Stephanie, this is Matt. I'll just chime in. Matt Beasley, I guess I should say. That was Matt Godfrey. So definitely proud of the ABF team, the execution there, the continued work on the compliance campaigns and the optimization projects. It's great that we've been able to highlight some of that this year, just all the different work, including the technology projects that we've been doing there.

Stephanie，我是 Matt。我也補充一下。我想我應該說我是 Matt Beasley。剛剛那位是 Matt Godfrey。我們確實為 ABF 團隊感到自豪，他們在執行上表現出色，並持續推進合規活動（compliance campaigns）與最佳化專案。很高興今年我們能強調其中一些成果，包括我們在那邊做的各種工作，以及技術專案。

I would say, certainly, we did see a nice step-up in shipments as a result of our commercial efforts that was well executed efficiently on the ABF side. We laid that out in the presentation. You can see that just visually how that's trended over time. And certainly, good performance, but just as you would expect with the step-up in shipments, we've, of course, had a step-up in cost to serve. But on a cost per shipment basis, that performance was great. And then just one other note, we did have approximately a $3 million year-over-year increase in workers' comp costs as well that impacted costs in the second quarter.

我會說，確實，由於我們商務端的努力，我們看到出貨量有不錯的躍升，而 ABF 端也以高效率把它執行到位。我們在簡報中也有說明。你可以從圖表上直觀看到它隨時間的趨勢。整體表現當然不錯，但如你所預期，隨著出貨量躍升，我們的服務成本（cost to serve）也相應上升。不過以每票成本來看，表現非常好。另外補充一點：我們的勞工補償（workers' comp）成本年對年約增加 300 萬美元，也對第二季成本造成影響。

Ken Hoexter with Bank of America.

美國銀行（Bank of America）的 Ken Hoexter。

And Judy and Seth, congrats and Thom on the next phase for each of you. Just want to revisit the messaging here a bit, right? So you've got a big drop in tons per day in June down -- slowed down to 2.8%. Now it's flat in July against somewhat easy comps, right, down double-digit volumes a year ago. So are you suggesting -- is the market getting more competitive? And then Seth, we've seen a shift where you've taken on dynamic freight, you've moved to unloaded, taken it on. Where are we in the mix that you view in the need to take on the dynamic freight versus the core freight?

Judy、Seth，恭喜你們；Thom 也恭喜你進入下一個階段。我想稍微回到這裡的訊息表述，好嗎？你們六月每日噸數（tons per day）大幅下滑——放緩到下滑 2.8%。而在去年同期量能年減兩位數、基期相對容易的情況下，七月現在是持平。所以你們是在暗示——市場競爭變得更激烈了嗎？另外 Seth，我們看到你們的組合出現轉變：你們承接了更多動態貨量（dynamic freight），也轉向承接未卸貨（unloaded）的貨。就你們的觀點，在需要承接動態貨量與核心貨量（core freight）之間的取捨上，我們目前處於什麼位置？

And if, Matt, you said earlier, volumes are outperforming and you're taking yields earlier. Why are we not seeing the margins outperform?

還有，如果 Matt 你先前說量能表現優於預期、而且你們更早開始提升單價／收益（yields），那為什麼我們沒有看到利潤率（margins）也優於預期？

Yes. So Ken, it's Matt. I'll maybe take the first parts of the question there. As it relates to the development of the quarter, you're right. So if you look -- I mean, overall, we were up for the quarter versus historical seasonality on a sequential basis, both for tonnage and shipments per day. We did see in April and May, if you just look versus the trend, a lot of that outperformance was driven by the performance that we saw in April and May.

是的。Ken，我是 Matt。我先回答問題的前半部分。就季度的發展而言，你說得沒錯。如果你看——整體而言，我們本季相較於歷史季節性，在季對季的基礎上，無論噸數或每日出貨量都是上升的。若只看相對於趨勢的表現，我們在四月與五月確實看到一些超預期，而這些超預期主要由四月與五月的表現所帶動。

And so yes, when you look at June, I mean, certainly, that's a peak vacation month. We were prioritizing service in the network just as normal course of business, we're always looking at yield and profitability of accounts. We took some action that had some impact on shipments there, but we think it was the right decision from an overall yield and profitability standpoint. And then just given where the housing market is, certainly, we didn't see the step-up in shipments in June on the U-Pack side that we would normally see just given the softness there.

所以是的，當你看六月時——我的意思是，六月當然是度假高峰月。我們一如既往在網路中優先確保服務；同時，按正常營運流程，我們也一直在檢視各客戶帳戶的收益率（yield）與獲利能力。我們採取了一些行動，對出貨量造成了一定影響，但從整體收益率與獲利能力的角度來看，我們認為那是正確的決策。另外，考量目前房市狀況，我們在 U-Pack 端於六月並沒有看到通常會出現的出貨量躍升，主要是因為需求偏弱。

Ken, this is Seth. On the dynamic question, I just want to make sure that it's clear that the majority of our business is core business, LTL. What we try to do with the transactional business dynamic, and you can include U-Pack and the volume loads in there as well, is we try to maintain consistency in the network and fill that empty capacity and make sure that we're well positioned when the market turns as well.

Ken，我是Seth。關於動態（dynamic）這個問題，我只是想確認大家清楚：我們大部分的業務都是核心業務，也就是LTL（零擔）。我們在交易型業務的動態管理上（也可以把U-Pack和整車量的貨載算進來），是希望維持網路的一致性、填補空置運能，並確保在市場反轉時我們也能處於有利位置。

So as our core business starts to increase, and we feel great about our pipeline, we want to make sure that we're focused on that profitable growth and the mix management. But what you've seen with dynamic in the second quarter is the same thing we've been doing for the past 1.5 years. We don't expect that to change in the future.

因此，隨著我們的核心業務開始成長，而且我們對管線（pipeline）感到非常樂觀，我們要確保聚焦在獲利性成長與組合管理。但你在第二季看到的動態作法，和我們過去1.5年一直在做的是同一件事。我們不預期未來會改變。

So what really is important to understand with what we do at dynamic is we optimize our mix on a daily basis. And in turn, it's based on profit maximization, and that's based on market prices and available capacity we have that's already moving that would otherwise be empty. So peers use -- when you look at our peer group, they use 3PLs to make those adjustments. We are the 3PL. And I think that's the way we go to market, and we believe that's the winning formula.

所以，真正需要理解的是：我們在動態業務上每天都在最佳化我們的組合。而這是以利潤最大化為基礎，並依據市場價格與我們現有正在運行、否則會空載的可用運能來決定。同業——當你看我們的同業群時——他們會用3PL來做這些調整。我們就是3PL。我認為這就是我們的市場進入方式，而我們相信這是致勝公式。

Yes. And then maybe back to your question on pricing. I mean, we feel great about where we are from a pricing perspective. We've got a long history of pricing intelligence and pricing discipline. We continue to focus there. Certainly, we felt like that the 4% increase in contract and deferred for the quarter was a great outcome in the current environment. We -- just assessing the market, felt confident in moving forward with the 5.9% GRI.

是的。然後回到你關於定價的問題。我的意思是，從定價角度來看，我們對目前的位置感到非常滿意。我們在定價情報與定價紀律方面有很長的歷史。我們會持續聚焦在這裡。當然，在目前的環境下，我們覺得本季合約與遞延（deferred）合計4%的調升是很好的成果。我們——在評估市場後——有信心推進5.9%的GRI（一般運價調升）。

And I think generally, you're just seeing just some of the impacts of the market that we find ourselves in. And so certainly, when you look at business coming out of the manufacturing vertical, which tends to generally carry higher revenue per hundredweight and makes up a good portion of our business. We serve that business well. That market that has softened as we move through the year and as the PMI moved back under 50.

而我想整體而言，你看到的只是我們所處市場環境的一些影響。因此，當你看製造業垂直領域的業務時——它通常每百磅收入較高，且占我們業務相當大一部分——我們對那類業務服務得很好。但隨著年度推進、以及PMI回落到50以下，那個市場已經轉弱。

And so we're adding good new profitable business to the network. Some of that comes at a little bit higher revenue per hundredweight, but we still have the highest revenue per hundredweight, revenue per shipment metrics. And like we talked about before, we're executing that well on the cost side, too.

因此我們正在把優質、具獲利的新業務加入網路。其中一部分的每百磅收入會略高一些，但我們仍然擁有最高的每百磅收入、每票貨件收入等指標。而且如同我們先前談到的，我們在成本端的執行也做得很好。

(Operator Instructions)

(接線員指示)

Tom Wadewitz with UBS.

UBS的Tom Wadewitz。

Yes. And also Judy and Seth and Thom as well, congratulations to all three of you. Let's see, I wanted to get -- I don't know if there's been a lot of comment on demand. I know it's kind of tough to read and it continues to be soft. But, are you getting any feedback from customers that is a little more optimistic, whether that be related to just getting beyond getting some trade deals in place and maybe getting a little bit more stability related to tariff or related to the tax bill and some of the kind of quickly realized cash tax savings. I'm just wondering if you're getting any feedback, industrial or retail customers or wherever that's just a little bit more optimistic? Or is that something you wouldn't necessarily expect to hear?

是的。也向Judy、Seth以及Thom三位致賀。我想問——我不確定大家對需求面是否有很多評論。我知道這有點難判讀，而且仍然偏弱。不過，你們是否從客戶那邊得到一些比較樂觀的回饋？例如與貿易協議逐步到位、或與關稅、或與稅改法案相關、以及一些很快就能實現的現金稅（cash tax）節省所帶來的穩定性有關。我只是想知道，你們是否從工業或零售客戶或其他客戶那裡聽到一些比較樂觀的聲音？還是說這本來就不太會聽到？

Tom, this is Eddie. Yes, we've been talking to our customers a lot about the kind of the current environment that they're facing, whether it's tariffs, whether it's just the uncertainty of interest rates and investment, it's really, continues to be kind of a mixed bag. I mean, we have some customers that are still experiencing disruption across their industries. They're having to spend a lot more time and resources to understand the impacts of tariffs specifically.

Tom，我是Eddie。是的，我們一直和客戶大量討論他們所面臨的當前環境，不論是關稅，或是利率與投資不確定性，整體來說仍然是好壞參半。我的意思是，我們有些客戶仍在其產業中經歷擾動。他們必須投入更多時間與資源去理解關稅，特別是關稅的影響。

But some common themes is continued softness, some uncertainty. And when we get to the tariff side, there's been a lot of work to determine, is there a better country to outsource their business. Some are having to cancel orders because of the tariffs. And so it's really important for those customers to be nimble, and that's where I think we come in and we offer great solutions that allows them to handle this environment from a day-to-day standpoint.

但一些共同主題是：持續疲弱、以及一些不確定性。而談到關稅面，大家做了很多工作來判斷是否有更好的國家可以外包其業務。有些人因為關稅不得不取消訂單。因此，對這些客戶而言，保持靈活機動非常重要；而我認為這正是我們能切入之處——我們提供很好的解決方案，讓他們能以日常營運的角度來應對這樣的環境。

I think, when you start talking about long term with the bill that was recently passed, customers' perspective is it's still wait and see. Is this going to -- when did the investment, when does the tax breaks hit? I think, it's still out in the future in terms of what those impacts would be.

我認為，當你開始談到最近通過的法案對長期的影響時，客戶的看法仍是觀望。這會不會——投資何時發生、減稅何時生效？我想，就這些影響而言，仍然是在未來才會顯現。

And Tom, this is Matt. I'll just add on here. I mean, I do think that there is good potential in terms of stimulus from the impacts of the bill. I'll just highlight what we're seeing. So if we look at the first 6 months of the year and the capital spend that we've had from

Tom，我是Matt。我再補充一下。我的意思是，我確實認為，從該法案影響所帶來的刺激來看，具有不錯的潛力。我簡單強調一下我們看到的情況。如果我們看今年前6個月，以及我們的資本支出——從

mid-January through the end of the second quarter and then some of the benefits that are going to flow through on some immediate expensing of R&D, which will have the impacts both on capitalized software and some of the spending that we have in the box area. We see potential cash tax savings from just the first 6 months of the year of around $25 million.

1月中旬到第二季末——再加上一些將透過研發（R&D）立即費用化所帶來的效益，這會同時影響資本化軟體，以及我們在箱體（box）領域的一些支出。我們看到，僅今年前6個月，潛在的現金稅節省約為2,500萬美元。

And so certainly, we're encouraged about where that -- where those changes, where the bonus depreciation may drive spending and then, of course, the knock-on freight impacts from that as well.

因此，當然，我們對這些變化——額外折舊（bonus depreciation）可能帶動支出——以及隨之而來的貨運連帶影響（freight impacts）感到鼓舞。

And that concludes our question-and-answer session. I'll now turn the conference back over to Ms. Amy Mendenhall for closing remarks.

以上結束我們的問答環節。接下來我將把電話會議交回給Amy Mendenhall女士作結語。

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

我只想感謝各位今天加入我們。我們非常感謝各位對ArcBest的關注。祝各位有美好的一天。

And ladies and gentlemen, this concludes today's call, and we thank you for your participation. You may now disconnect.

各位女士、先生，今天的電話會議到此結束，感謝各位的參與。您現在可以掛線。