ArcBest Corporation (ARCB) 2025 Q4 法說會逐字稿

Good morning, and thank you for standing by. Welcome to the ArcBest fourth quarter 2025 earnings conference call. (Operator Instructions)

早安，感謝您耐心等候。歡迎參加 ArcBest 2025 年第四季財報電話會議。（接線員指示）

As a reminder, this call is being recorded. I will now turn it over to Amy Mendenhall, Vice President, Treasury, and Investor Relations. Please go ahead.

提醒您，本通話將被錄音。現在我將把電話交給財務部資金管理與投資人關係副總裁 Amy Mendenhall。請開始。

Good morning. I'm here today with Seth Runser, our President and CEO; and Matt Beasley, our 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.

早安。今天與我一同出席的有我們的總裁暨執行長 Seth Runser，以及財務長 Matt Beasley。我們的其他高階主管團隊成員也將在問答環節中待命。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以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。

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，我們也將討論若干非 GAAP 財務衡量指標，相關內容已在我們財報新聞稿的表格中列示並說明。GAAP 與非 GAAP 指標之間的調節表載於簡報投影片的「補充資訊」章節。您可至我們網站 arcb.com 取得本次電話會議投影片，亦可在我們今天稍早提交的 8-K 中查閱，或透過網路直播同步觀看。

And now I will turn the call over to Seth.

現在我將把電話交給 Seth。

Thank you, Amy, and good morning, everyone. ArcBest delivered solid fourth quarter and full year results and I want to begin by recognizing the outstanding execution of our entire team. Over the past year, we navigated a prolonged freight recession and ongoing market volatility. Through it all, our people stayed focused and committed to our long-term strategy built around our three pillars: growth, efficiency, and innovation. Throughout the year, we leaned into our strengths, made disciplined decisions, and continued investing in initiatives that set ArcBest apart.

謝謝你，Amy，各位早安。ArcBest 在第四季及全年交出穩健的成果，我想先肯定我們整個團隊出色的執行力。過去一年，我們在漫長的貨運景氣衰退與持續的市場波動中前行。在此期間，我們的同仁始終專注並致力於以三大支柱為核心的長期策略：成長、效率與創新。全年我們發揮自身優勢，做出嚴謹自律的決策，並持續投資於讓 ArcBest 脫穎而出的各項計畫。

As a result, we delivered premium service to our customers, grew daily LTL shipment volumes, restored asset-light profitability, achieved record revenue and shipments in our managed solution, and advanced strategic priorities through technology and optimization projects. These accomplishments demonstrate the resilience and dedication of our team and we're confident that the strong foundation we've built positions us for continued success.

因此，我們為客戶提供優質服務、提升每日 LTL（零擔）出貨量、恢復資產輕量化業務的獲利能力、在我們的管理式解決方案中創下營收與出貨量新高，並透過科技與最佳化專案推進策略重點。這些成果展現了團隊的韌性與投入，我們相信所建立的堅實基礎將使我們具備持續成功的有利條件。

We are also advancing the initiatives we outlined at our Investor Day in September which are designed to help us achieve our long-term targets and deliver greater value to shareholders. As always, our customer-first mindset remains core to our strategy. We will continue listening to our customers' evolving needs in delivering flexible, efficient, and fully integrated solutions that keep them coming back to ArcBest.

我們也正推進在 9 月投資人日所提出的各項計畫，這些計畫旨在協助我們達成長期目標，並為股東創造更大價值。一如既往，「客戶優先」的思維仍是我們策略的核心。我們將持續傾聽客戶不斷演變的需求，提供彈性、高效率且完全整合的解決方案，讓客戶持續選擇 ArcBest。

With our unique focus on innovation and operational excellence, ArcBest remains a trusted partner, ready to help customers navigate whatever comes next. We're excited to officially welcome Mac Pinkerton as Chief Operating Officer of our Asset-Light business. Mac brings deep industry expertise and proven leadership. He will help us build on our momentum drive value for our customers and shareholders and further strengthen our competitive position in this important part of our business.

憑藉我們對創新與營運卓越的獨特聚焦，ArcBest 仍是值得信賴的合作夥伴，隨時準備協助客戶因應接下來的各種變化。我們也很高興正式歡迎 Mac Pinkerton 擔任我們資產輕量化業務的營運長。Mac 具備深厚的產業專業與經驗證的領導力。他將協助我們延續動能，為客戶與股東創造價值，並進一步強化我們在此重要業務領域的競爭地位。

And as part of our ongoing assessment of board size and composition and the skills and capabilities needed for effective oversight, we're also pleased to welcome Anne Bordelon and Bobby George as independent directors. They bring financial expertise and proven leadership in digital transformation that will further strengthen our Board. We also want to thank Kathy McElligott and Fredrik Eliasson for their many years of dedicated service. Their guidance and contributions have been invaluable to ArcBest.

此外，作為我們持續評估董事會規模與組成，以及有效監督所需技能與能力的一部分，我們也很高興歡迎 Anne Bordelon 與 Bobby George 擔任獨立董事。他們帶來財務專業以及在數位轉型方面經驗證的領導力，將進一步強化董事會。我們也要感謝 Kathy McElligott 與 Fredrik Eliasson 多年來的投入與奉獻。他們的指導與貢獻對 ArcBest 而言彌足珍貴。

Now let's review our results for the quarter. In the fourth quarter, asset-based LTL shipments increased 2% year-over-year averaging about 20,000 shipments per day, while seasonal softness and an unusually weak October across the industry impacted volumes. This year-over-year improvement demonstrates the effectiveness of our refined go-to-market strategy and our intentional focus on expanding our core LTL business. By sharpening our approach we're capturing new opportunities while continuing to deliver strong service and greater value to customers, maintaining solid yield performance remains central to our approach. In the fourth quarter, deferred price increases averaged 5%, up from 4.5 in the third quarter.

現在讓我們回顧本季業績。第四季，資產型 LTL 出貨量年增 2%，平均每日約 20,000 票；但季節性走弱以及全產業 10 月異常疲弱，對量能造成影響。這項年增改善顯示我們精進後的市場進入策略奏效，且我們有意識地聚焦擴大核心 LTL 業務。透過更聚焦的方法，我們在持續提供強勁服務與更高客戶價值的同時，掌握新的機會；維持穩健的收益率表現仍是我們方法的核心。第四季，遞延調價平均為 5%，高於第三季的 4.5%。

This improvement reflects the strength of our disciplined pricing approach. We take a rigorous data-driven look at every accountant lane, making adjustments to ensure we're fairly compensated for the service and value we deliver. This discipline supports our long-term financial health and mutually beneficial customer relationships.

這項改善反映我們自律定價策略的強度。我們以嚴謹、數據驅動的方式檢視每一個客戶與運輸路線（lane），並進行調整，以確保我們就所提供的服務與價值獲得合理報酬。這份自律有助於支持我們的長期財務健康，並建立互利的客戶關係。

Shifting to managed solutions. Demand remains high and we delivered double-digit growth in shipments per day again this quarter. This sustained momentum highlights the value our managed offering brings to our customers, navigating today's complex logistics landscape. Truckload performance was another bright spot. Throughout the quarter, we demonstrated strong pricing discipline.

接著談管理式解決方案。需求仍然強勁，本季我們再次實現每日出貨量的雙位數成長。這股持續動能凸顯我們的管理式服務在協助客戶因應當今複雜物流環境方面所帶來的價值。整車（Truckload）表現也是另一個亮點。整個季度，我們展現了強勁的定價自律。

Revenue per ship, and increased 11% year over year, and gross margins on a per shipment basis improved by 17% over the same period. In addition, we grew our business from SMB customers, which diversifies our portfolio and positions ArcBest for additional growth and profitability. Throughout 2025, we made meaningful progress on efficiency and innovation, two pillars of our long-term strategy.

每票營收年增 11%，而以每票計的毛利率較同期提升 17%。此外，我們也擴大來自中小企業（SMB）客戶的業務，這使我們的組合更多元，並讓 ArcBest 具備進一步成長與提升獲利的條件。在 2025 年全年，我們在效率與創新（長期策略的兩大支柱）方面取得了實質進展。

Our continuous improvement training program has now been successfully implemented across approximately 60% of the network. Our dedicated team trains employees on process and safety best practices, deploys new technologies and ensures adoption of new tools. These efforts have delivered $24 million in annual cost savings.

我們的持續改善訓練計畫目前已在約 60% 的營運網路中成功導入。我們的專責團隊訓練員工流程與安全最佳實務，部署新技術並確保新工具的採用落地。這些努力已帶來每年 2,400 萬美元的成本節省。

In addition, we are actively rolling out Phases 2 and 3 of city route optimization which uses AI to reduce manual tasks, improve route planning and maximize asset utilization. Phase 2 and 3 delivered $2 million in savings last year bringing the total savings from the project of $15 million in 2025. These initiatives reflect our commitment to building a more efficient, innovative ArcBest and help offset cost inflation.

此外，我們正積極推動市區路線最佳化的第 2 與第 3 階段，該計畫運用 AI 以減少人工作業、改善路線規劃並最大化資產使用率。第 2 與第 3 階段去年帶來 200 萬美元節省，使該專案在 2025 年的總節省達到 1,500 萬美元。這些計畫反映我們致力打造更高效率、更具創新的 ArcBest，並有助於抵銷成本通膨。

2025 was also a pivotal year for accelerating AI across our organization and advancing on our technology road map. Here are just a few highlights.

2025 年也是我們在全組織加速導入 AI、並推進技術路線圖的關鍵一年。以下僅列舉幾項重點。

In truckload, AI-powered process improvements are helping us make better decisions when covering freight and improving buy rates, delivering $2.5 million in operating income benefit last year. Our truckload carrier portal adoption has reached 32% and more than half of our truckload shipments are digitally augmented.

在整車業務方面，AI 驅動的流程改善正協助我們在承接貨源（covering freight）時做出更佳決策並改善採購運價（buy rates），去年帶來 250 萬美元的營業利益貢獻。我們的整車承運商入口網站採用率已達 32%，且超過一半的整車出貨已透過數位方式強化。

Over 30 AI agents now support document processing, automated quoting, and shipment booking across multiple channels. AVA, our AI-powered virtual agent is transforming customer service by routing inquiries, resolving common issues instantly, and freeing our people to focus on more complex value-added support. Our quote augmentation projects streamline load building and automated 120,000 email quotes in 2025 and enabling faster and more efficient customer responses.

目前已有超過 30 個 AI 代理支援文件處理、自動報價與跨多個渠道的出貨訂艙。AVA（我們的 AI 驅動虛擬代理）正透過分流詢問、即時解決常見問題，並讓同仁能專注於更複雜、具附加價值的支援，從而改變客戶服務模式。我們的報價增強專案可精簡裝載建立流程，並在 2025 年自動化處理 120,000 封電子郵件報價，使客戶回覆更快速且更有效率。

Automated phone options for carriers have cut abandonment rates in half and boosted productivity. Last year, more than 23,000 carriers use our AI phone agent to cover over 7,000 shipments. Through targeted training, 15% to 20% of our office employees now consistently use AI tools in their daily work. And through AI-driven automations, we've eliminated millions of unnecessary emails giving teams more time to focus on what matters most.

針對承運商的自動化電話選項已將放棄率減半並提升生產力。去年，超過 23,000 家承運商使用我們的 AI 電話代理，涵蓋超過 7,000 票貨運。透過有針對性的訓練，我們辦公室員工中有 15% 至 20% 現在在日常工作中持續使用 AI 工具。並且透過 AI 驅動的自動化，我們已消除數百萬封不必要的電子郵件，讓團隊有更多時間專注於最重要的事情。

These efficiency and innovation efforts are delivering tangible results, elevating performance across the organization and helping us counter inflationary pressures. Prioritizing these projects will allow us to grow when the market turns without adding the same level of incremental costs.

這些效率與創新措施正在帶來具體成果，提升全組織的表現，並幫助我們抵禦通膨壓力。優先推動這些專案，將使我們在市場回溫時得以成長，而無需增加同等程度的邊際成本。

And while technology is unlocking new levels of productivity, it's our talented people who make these advancements real. Their expertise, creativity, and commitment continue to drive our success. As I step into the CEO role, my priorities are clear: sharpen our customer focus raise the bar on operational excellence, leverage technology to amplify productivity, and maintain cost discipline that drives profitable growth. I'm excited about the opportunities ahead and honored to lead our team as we continue creating lasting value for our customers, our shareholders and our employees.

而在科技解鎖全新生產力水準的同時，真正讓這些進步落地的是我們優秀的人才。他們的專業、創意與投入持續推動我們的成功。當我接任 CEO 一職時，我的優先事項很明確：強化以客戶為中心、提高營運卓越的標準、運用科技放大生產力，並維持成本紀律以推動獲利成長。我對未來的機會感到振奮，也很榮幸能帶領團隊，持續為我們的客戶、股東與員工創造長期價值。

Before closing, I want to acknowledge the recent severe winter weather that affected much of the country. These conditions disrupted transportation networks across the industry and created challenging circumstances for many of our teams. I'm extremely proud of our people. They acted quickly and continue to work tirelessly to restore full network operations. Safety is our highest priority and the team has responded.

在結束之前，我想提及近期影響全國多數地區的嚴重冬季天氣。這些狀況擾亂了整個產業的運輸網路，並為我們許多團隊帶來艱難的工作環境。我為我們的同仁感到無比自豪。他們迅速採取行動，並持續不懈地努力恢復網路全面運作。安全是我們的最高優先事項，而團隊也已做出回應。

Their dedication ensured we continue serving customers with the reliability they expect from ArcBest even in difficult conditions. I want to extend my sincere thanks to every team member involved in that effort.

他們的投入確保我們即使在艱困條件下，仍能以 ArcBest 一貫的可靠性持續服務客戶。我想向參與這項工作的每一位團隊成員致上誠摯的感謝。

I'll now turn it over to Matt to walk through the financial results for the quarter.

接下來我把時間交給 Matt，請他帶大家回顧本季的財務結果。

Thank you, Seth, and good morning, everyone. Despite continued softness across the freight market, ArcBest delivered solid fourth quarter financial results. Our disciplined approach, operational excellence, and strong execution helped us navigate a challenging environment while continuing to create long-term value for our shareholders. Let's take a closer look at our fourth quarter performance.

謝謝你，Seth，各位早安。儘管貨運市場持續疲弱，ArcBest 仍交出穩健的第四季財務表現。我們的紀律化作法、營運卓越與強勁執行力，協助我們在充滿挑戰的環境中前行，同時持續為股東創造長期價值。讓我們更深入看看第四季的表現。

Consolidated revenue was $973 million, down 3% year over year. Non-GAAP operating income from continuing operations was $14 million compared to $41 million last year. In our Asset-Based segment, non-GAAP operating income decreased $28 million, while asset light achieved breakeven non-GAAP operating results, an improvement of $6 million over last year. Adjusted our non-GAAP earnings per share were $0.36, down from $1.33 in the fourth quarter of 2024.

合併營收為 9.73 億美元，年減 3%。持續營運的非 GAAP 營業利益為 1,400 萬美元，去年同期為 4,100 萬美元。在我們的資產型（Asset-Based）部門，非 GAAP 營業利益減少 2,800 萬美元；而輕資產（Asset-Light）達到損益兩平的非 GAAP 營運結果，較去年改善 600 萬美元。調整後的非 GAAP 每股盈餘為 0.36 美元，低於 2024 年第四季的 1.33 美元。

Turning to our asset-based segment. Fourth quarter revenue was $649 million, which was flat on a per day basis. ABF's operating ratio was 96.2%, a year-over-year increase of 420 basis points. Sequentially, the non-GAAP operating ratio increased 370 basis points due in part to three fewer revenue days. Daily shipments increased by 2% year over year and weight per shipment increased slightly, resulting in nearly a 3% increase in tons per day. This growth was driven in part by onboarding new core LTL business through the commercial efforts Seth mentioned earlier.

接著看資產型部門。第四季營收為 6.49 億美元，以每日口徑計算持平。ABF 的營運比率為 96.2%，較去年同期上升 420 個基點。按季比較，非 GAAP 營運比率上升 370 個基點，部分原因是營收天數少了三天。每日出貨量年增 2%，每票重量小幅增加，使每日噸數增加近 3%。這項成長部分來自於 Seth 先前提到的商務拓展所導入的新核心 LTL 業務。

Revenue per hundredweight declined approximately 3% year over year, both including and excluding fuel surcharges. This decline was primarily driven by reduced shipment activity in the manufacturing vertical, which continues to experience softness.

每百磅營收（Revenue per hundredweight）年減約 3%，無論是否包含燃油附加費皆然。此下滑主要是由於製造業垂直領域的出貨活動減少，而該領域仍持續疲弱。

On the expense side, additional labor to support shipment growth, annual increases in contracted union labor rates and higher equipment depreciation and contributed to increased operating costs. In January, daily shipments increased 3% year over year, weight per shipment increased 5%, and daily tonnage increased 8%. Both the current year and prior year periods were affected by winter weather.

在費用方面，為支援出貨成長而增加的人力、合約工會勞動力費率的年度調升，以及較高的設備折舊等因素，推升了營運成本。1 月份每日出貨量年增 3%，每票重量增加 5%，每日噸數增加 8%。本年度與去年同期皆受到冬季天氣影響。

January 2025 saw lower weight per shipment due in part to reduced mix of truckload-rated shipments. This mix shift contributed to the year-over-year increase in tonnage and the associated decline in revenue per hundredweight. Sequentially, from December to January, weight per shipment remained consistent, while shipments per day declined 3% tonnage per day decreased 4%, largely due to winter weather impacts.

2025 年 1 月每票重量較低，部分原因是按整車（Truckload）計價的出貨占比下降。這種組合變化促成了每日噸數的年增幅，並帶來每百磅營收的下滑。按季比較，從 12 月到 1 月，每票重量維持一致，但每日出貨量下降 3%、每日噸數下降 4%，主要是冬季天氣的影響。

Historically, ABF's non-GAAP operating ratio increases by about 260 basis points from the fourth quarter to the first quarter, we currently expect our first quarter operating ratio to increase by approximately 100 to 200 basis points sequentially, an improvement relative to typical seasonality due in part to a softer-than-normal fourth quarter though still reflective of the current industry environment.

歷史上，ABF 的非 GAAP 營運比率從第四季到第一季通常會上升約 260 個基點；目前我們預期第一季營運比率將按季上升約 100 至 200 個基點，相較典型季節性有所改善，部分原因是第四季表現較正常偏弱，但仍反映當前產業環境。

Now turning to the Asset-Light segment. Fourth quarter revenue was $354 million, a daily decrease of 5% year over year. Shipments per day were up slightly as growth in Managed Solutions offset a strategic reduction in less profitable truckload volumes. Revenue per shipment decreased 6%, reflecting both the soft freight market and the higher mix of managed business, which typically has smaller shipment sizes and lower revenue per shipment.

接著看輕資產（Asset-Light）部門。第四季營收為 3.54 億美元，以每日口徑計算年減 5%。每日出貨量小幅上升，因為受管解決方案（Managed Solutions）的成長抵銷了我們策略性降低獲利較差的整車運量。每票營收下降 6%，反映貨運市場疲弱，以及受管業務占比提高；受管業務通常出貨規模較小、每票營收較低。

On the cost side, SG&A cost per shipment decreased 15%, driven by productivity initiatives and the higher mix of managed business which carries a lower cost to serve. Employee productivity also improved significantly with shipments per person per day, up 19%, and non-GAAP operating results were breakeven for the quarter.

在成本方面，每票的 SG&A 成本下降 15%，主要由生產力提升措施，以及受管業務占比提高（其服務成本較低）所帶動。員工生產力也顯著改善，每人每日出貨量提升 19%，本季非 GAAP 營運結果達到損益兩平。

For the full year, asset-light delivered over $1 million in non-GAAP operating profit, achieved record high employee productivity and reached a historic low in SG&A cost per shipment marking a strong turnaround from 2024s $17 million loss. In January, asset-light daily revenue increased 6% year over year. Shipment growth of 13% was led by our managed business. However, its smaller average shipment size resulted in a lower overall revenue per shipment. For the first quarter, we expect an operating loss of up to $1 million, reflecting typical seasonality in current market conditions.

全年而言，輕資產部門貢獻超過 100 萬美元的非 GAAP 營業利益，創下員工生產力新高，並達到每票 SG&A 成本的歷史新低，較 2024 年 1,700 萬美元虧損呈現強勁反轉。1 月份，輕資產每日營收年增 6%。出貨量成長 13%，主要由我們的受管業務帶動。然而，其較小的平均出貨規模使整體每票營收較低。第一季我們預期營運虧損最多約 100 萬美元，反映在當前市場條件下的典型季節性。

Despite these near-term pressures, we remain committed to maintaining yield discipline, managing costs, and positioning the segment for sustainable long-term profitability. Looking ahead, we remain confident in our strategic direction and in our ability to deliver on the long-term 2028 targets we shared at Investor Day.

儘管短期面臨這些壓力，我們仍致力於維持收益率紀律、控管成本，並讓該部門具備可持續的長期獲利能力。展望未來，我們對策略方向以及達成在投資人日所分享的 2028 年長期目標的能力，仍充滿信心。

When we set those targets, we did not anticipate a significant freight market recovery in 2026. Our focus remains on what we can control, driving productivity, maintaining cost discipline, and positioning ArcBest for sustainable success regardless of external market conditions. Turning to capital allocation. We continue to take a balanced, long-term approach that supports both growth and operational efficiency. From 2022 through 2025, ArcBest made targeted real estate investments as part of our network facility road map, strengthening the foundation for profitable growth.

在設定這些目標時，我們並未預期 2026 年貨運市場會出現顯著復甦。我們仍專注於可控事項：推動生產力、維持成本紀律，並讓 ArcBest 無論外部市場狀況如何都能實現可持續的成功。接著談資本配置。我們持續採取兼顧成長與營運效率的平衡、長期作法。自 2022 年至 2025 年，ArcBest 依據我們的網路設施藍圖進行有針對性的不動產投資，強化獲利成長的基礎。

These investments improve productivity, enhance service quality, and expanding our capacity to meet evolving customer needs. We closed 2025 with $198 million in net capital expenditures, which included $25 million in property sales.

這些投資提升生產力、強化服務品質，並擴大我們滿足不斷演變的客戶需求之能力。我們以 2025 年淨資本支出 1.98 億美元作結，其中包含 2,500 萬美元的不動產出售。

Looking ahead, we expect capital expenditures to be below 5% of revenue, with 2026 net CapEx anticipated in the range of $150 million to $170 million. This reduced spend level reflects fewer real estate purchases and remodels following several years of targeted investments and optimization projects that have made our network more efficient.

展望未來，我們預期資本支出將低於營收的 5%，2026 年淨資本支出（CapEx）預估落在 1.5 億至 1.7 億美元區間。這一較低的支出水準反映出在經過數年聚焦投資與最佳化專案、使我們的網路更有效率之後，不動產購置與整修將減少。

We also anticipate lower spending on revenue equipment in 2026. Our equipment purchases continue to be guided by a robust total cost of ownership model that evaluates equipment pricing and life cycle economics to determine optimal replacement cycles. With equipment costs trending higher, our analysis points to adjusting the timing of certain replacements as the most cost-effective use of capital while still ensuring reliability.

我們也預期 2026 年在營收設備上的支出將降低。我們的設備採購持續以健全的總持有成本（TCO）模型為指引，該模型會評估設備價格與全生命週期經濟性，以決定最佳汰換週期。在設備成本走高之際，我們的分析指出，調整部分汰換時點是在確保可靠性的同時，最具成本效益的資本運用方式。

Importantly, our younger fleet and proactive maintenance program supports performance over an extended horizon even as we optimize investment level. Returning capital to shareholders remains an important priority. In 2025, we returned more than $86 million through share repurchases and dividends. We'll remain opportunistic with repurchases based on share price while continuing to prioritize high-return organic investments and maintaining prudent leverage. ArcBest balance sheet remains strong with approximately $400 million in available liquidity and a net debt-to-EBITDA ratio well below the S&P 500 average.

重要的是，即使我們最佳化投資水準，我們較新的車隊與主動式維護計畫仍能在更長的期間內支撐營運表現。將資本回饋給股東仍是重要優先事項。2025 年，我們透過庫藏股回購與股利發放回饋超過 8,600 萬美元。我們將依股價狀況把握回購機會，同時持續優先投入高報酬的內生成長投資並維持審慎槓桿。ArcBest 資產負債表依然強健，約有 4 億美元可用流動性，且淨負債對 EBITDA 比率遠低於標普 500 平均水準。

This financial strength allows us to navigate uncertainty and capitalize on opportunities as they arrive. As our industry continues to evolve, ArcBest is well positioned to lead. Our disciplined execution, strong financial foundation, and focus on innovation give us confidence in our ability to achieve the long-term targets we set.

這樣的財務實力使我們能在不確定性中前行，並在機會出現時加以把握。隨著產業持續演進，ArcBest 已具備領先的有利位置。我們嚴謹的執行力、穩健的財務基礎與對創新的聚焦，讓我們對達成所設定的長期目標充滿信心。

And our people are at the heart of our success. Their expertise, resilience, and dedication to our customers consistently set ArcBest apart. With that, operator, we're ready to open the call for questions.

而我們的員工是成功的核心。他們的專業、韌性與對客戶的投入，持續讓 ArcBest 脫穎而出。那麼，接線員，我們準備開放提問。

(Operator Instructions) Ken Hoexter, Bank of America.

(接線員指示) 美國銀行（Bank of America）的 Ken Hoexter。

Matt, maybe just to follow up on some of the outlook that you set there or maybe even the January guide or targets you said this morning, tonnage up 8%, revenue under down 8%. Maybe talk about what's going on in the mix change there. You mentioned some of the truckload shipments are disappearing, but yet weight was staying the same. That was a little surprised. So maybe just thoughts on how that's adjusting and the impact to first quarter OR that you said?

Matt，或許就你剛才提出的部分展望、甚至你今天早上提到的一月指引或目標再追問一下：噸位成長 8%，營收卻下降 8%。能否談談其中的組合變化發生了什麼？你提到部分整車（truckload）貨運量正在消失，但重量卻維持不變。這點讓我有點意外。所以想請你談談這個調整的想法，以及你所說對第一季 OR（營運比率）的影響？

Ken, this is Seth. So obviously, this past week was impacted by the strong winter storms throughout the country, and when you think sequentially from December to January, we normally see a step down sequentially. But on a year-over-year basis, we are trending slightly ahead of the historical seasonality. So last year, we had a lower mix of the truckload shipments, which really contributed to the year-over-year increase in tonnage and then the associated changes in revenue per hundredweight.

Ken，我是 Seth。很明顯，過去這一週全國性的強烈冬季風暴造成影響；若從 12 月到 1 月做序列比較，我們通常會看到環比下滑。但以年對年來看，我們的走勢略高於歷史季節性。因此去年整車（truckload）貨運的占比較低，這確實促成了噸位的年對年增加，以及每百磅營收（revenue per hundredweight）的相關變化。

Last January, we had kind of rough weather as well, if you remember, but it was more spaced out throughout the month versus one big storm like we just experienced earlier this week. So our dynamic shipments have been trending a little bit heavier which has contributed to that stronger tonnage level.

如果你還記得，去年 1 月天氣也不太好，但當時是整個月分散發生，而不是像我們本週稍早經歷的這種單一大型風暴。因此，我們的動態貨運（dynamic shipments）趨勢略偏重，進而帶動較強的噸位水準。

We're not targeting any more dynamic than we did in the fourth quarter, but it just continued to trend heavier with that mix there. So that kind of aligns with what we talked about at Investor Day is as that pool grows, we expected the mix to change. So our OR normally increases about 260 basis points sequentially from 4Q to 1Q. We're expecting in that 100 to 200 range that we outlined in our prepared comments. That's better than history, but also reflective of just the weakness that we see in the macro. So we continue to look at our costs and take action to adjust where we can.

我們並沒有比第四季更積極地鎖定更多動態貨運，但在該組合之下，重量趨勢確實持續偏重。因此，這與我們在投資人日所談到的內容一致：隨著那個池子擴大，我們預期組合會改變。通常我們的 OR（營運比率）從第四季到第一季會環比上升約 260 個基點。我們預期會落在我們在事先準備的講稿中所提到的 100 到 200 個基點區間。這比歷史表現更好，但也反映出我們在總體環境中看到的疲弱。因此我們持續檢視成本，並在可行之處採取調整行動。

We want to improve efficiency without inhibiting growth when the market does turn. That's something we've done throughout our entire history. We've invested in labor planning tools that allows us to be very agile, and we're focused on the longer term and believe in the strategy and initiatives we outlined at Investor Day. Our pipeline has continued to strengthen. We got to make sure that the business we bring on is profitable. So we're working through those opportunities where we provide the value at the right price.

我們希望提升效率，同時不在市場回溫時抑制成長。這是我們整個公司歷史一路以來所做的事。我們投資了人力規劃工具，使我們能非常敏捷；我們也著眼長期，並相信我們在投資人日所提出的策略與各項倡議。我們的商機管線持續增強。我們必須確保引進的業務是有利可圖的。因此，我們正推進那些能以合適價格提供價值的機會。

And really, when I think about our company, we're built for any environment because we stay close to our customers, and that's the way we've built this company is to be responsive and say, yes, regardless of the market conditions. So our customers continue to come with us -- come to us with challenges, and we're really focused on what's in our control. And we have good momentum with our initiatives pipeline and we're ensuring we're positioned for growth now and in the future.

而且，當我思考我們公司時，我們能因應任何環境，因為我們與客戶保持緊密連結；我們打造這家公司的一貫方式，就是不論市場狀況如何都能快速回應並說「可以」。因此，我們的客戶持續帶著挑戰來找我們，而我們真正專注於我們可控的部分。我們在各項倡議的商機管線上有良好動能，並確保我們現在與未來都具備成長的有利位置。

Jason Seidl, TD Cowen.

TD Cowen 的 Jason Seidl。

Appreciate the time. Talk a little bit about the mix that you guys always seem to have going on. When can we expect that to sort of normalize? So it's more of an apples-to-apples comparison? Or is this the new norm for you guys where you move around more the typical LTL carrier in terms of your mix?

感謝撥冗。想請你們談談你們似乎一直存在的組合（mix）變化。我們何時可以預期它大致回到正常化？也就是更像蘋果對蘋果的可比性？或者這就是你們的新常態：相較於典型的 LTL 承運商，你們在組合上會更常調整？

Yes. Jason, this is Eddie. Mix has really been something, and you pointed it out, has been something that's been driving our business for several quarters. Really has started when you think about the freight recession we're in our fourth year of that recession. And our business is predominantly manufacturing, industrial, production tied to the housing markets.

是的。Jason，我是 Eddie。組合確實是一個議題；如你所指出的，它已經連續好幾季在驅動我們的業務表現。若回頭看，這其實是從我們所處的貨運衰退開始的——我們正處於這波衰退的第四年。而我們的業務主要集中在製造業、工業，以及與房市相關的生產活動。

And those three verticals have really been impacted. So what we're seeing from an opportunity set is that business does have some softness to it. And that trade out of that business for new business is really what's driving our mix.

而這三個垂直領域都受到明顯影響。因此，從商機集合來看，我們看到這些業務確實有些疲弱。而從這些業務轉出、以新業務替代的過程，正是驅動我們組合變化的主因。

We have a very disciplined pricing approach when it comes to really any opportunity, we look at each account one at a time, make the best decision we can for each account. We try to manage the mix to the best we can to produce the most profit for our company, but some of it is really just back to the macro and what we're experiencing in that macro environment.

在面對任何商機時，我們都有非常嚴謹的定價方法；我們會逐一檢視每個客戶帳戶，為每個帳戶做出我們能做的最佳決策。我們會盡可能管理組合，以為公司創造最大利潤，但其中一部分確實只是回到總體環境，以及我們在該總體環境中所經歷的情況。

So it's hard to predict when that will stabilize. But we're very committed to get the most out of every opportunity and every piece of business that we have to produce the profit that we want that supports our long-term targets.

因此，很難預測何時會趨於穩定。但我們非常致力於把握每一個機會、以及我們所擁有的每一筆業務，來產出我們想要的利潤，以支持我們的長期目標。

Yes, Jason, I would add to that, that our retention has been in a great place, but our customers are just simply producing less because of Eddie mentioned there. So we feel great about our retention staff, but we don't want to lose any customers. So we invested in an onboarding team and a retention team who's focused on keeping these customers on board because the longer-term relationships we have with customers generally the better pricing we achieved with those customers.

是的，Jason，我補充一下：我們的留存一直維持在非常好的水準，但客戶只是因為 Eddie 剛才提到的原因而產量變少。所以我們對留存團隊的表現感到很滿意，但我們不希望流失任何客戶。因此我們投資成立了導入（onboarding）團隊與留存團隊，專注於讓這些客戶持續留在我們這裡，因為我們與客戶的關係通常越長期，就越能在這些客戶身上取得更好的定價。

And also, the housing market continues to be challenged with our U-Pack business and that impacts weight per shipment no changes there on a year-over-year basis, but just something we're going to continue to watch is how in improves.

另外，房市仍持續對我們的 U-Pack 業務造成壓力，並影響每票貨的重量；年對年並沒有變化，但我們會持續觀察其改善情況。

Ravi Shanker, Morgan Stanley.

Ravi Shanker，摩根士丹利。

Maybe just a clarification to kind of when you talk about the Jan trends, are you saying that they are relatively idiosyncratic to you guys just given your comps? Or do you think they're fairly industrywide? And also maybe kind of broadly for the industry, have you noticed any change in the competitive dynamic, especially with kind of speculation that Amazon is going to potentially open up as a third-party LTL carrier later this year?

也許先釐清一下：當你們談到 1 月的趨勢時，你們是說這些情況相對是你們自身較為特殊、主要因為比較基期的關係嗎？還是你們認為這是相當產業普遍的現象？另外，從更廣泛的產業角度來看，你們是否注意到競爭態勢有任何變化，特別是市場上推測 Amazon 可能在今年稍晚以第三方 LTL 承運商的身分對外開放？

Ravi, it's Matt. So on the January dynamic, what I would say, certainly we're feeling the weather impacts that the rest of the industry is feeling, maybe something that's maybe a little bit more specific to us is just that comp for January 2025, where, as Seth mentioned, we had a little bit less of a mix of truckload-rated business in that month. Those tend to be heavier shipments that carry a lower revenue per hundred rate, but obviously a higher revenue per shipment.

Ravi，我是 Matt。關於 1 月的動態，我會說我們確實感受到與產業其他公司一樣的天氣影響；但可能稍微更偏向我們自身的因素，是 2025 年 1 月的比較基期——如 Seth 提到的，那個月我們的整車（truckload）計價業務組合占比稍低。那類貨通常更重、每百磅收入（revenue per hundred）較低，但顯然每票收入較高。

And that was really just specific to some dynamics that we're in play in January of 2025 and we're at a more normalized level. In January 2026, don't really expect any changes on a go-forward basis, but it does influence the year-over-year comp.

那主要只是 2025 年 1 月當時一些特定因素所致，而我們目前已回到較正常的水準。至於 2026 年 1 月，往後我們不太預期會有任何變化，但它確實會影響年對年的比較。

And then Seth, Randy, I don't know if you want to comment.

接著 Seth、Randy，我不確定你們是否想補充。

Yes. On the competitor side of things, we're keeping an eye on what's going on. But really, we focus on what's in our control. And what we continue to hear from customers is they're still facing that general uncertainty around the impacts of tariffs and interest rates and just everything that's going on. So the sentiment out there kind of remains cautious.

是的。在競爭對手方面，我們會持續關注正在發生的事情。但我們真正專注的是我們可控的部分。而我們持續從客戶那裡聽到的是，他們仍在面對關稅與利率影響等各種不確定性，以及目前正在發生的一切。因此，外部情緒整體仍偏謹慎。

But what we focus on is what we can control, as I said. And that's our go-to-market approach as an integrated logistics company aligns well with what customers are talking to us about now. And that's why we've seen that double-digit growth in managed solutions.

但如我所說，我們專注於我們能控制的事情。也就是我們作為整合型物流公司的市場推進（go-to-market）策略，與客戶目前跟我們談到的需求高度契合。這也是為什麼我們在管理式解決方案（managed solutions）看到兩位數成長。

So we have a lot of opportunities because of the markets we operate in. We have a great potential to expand with our current loyal customer base. So we're paying attention to what's going on in the market. but we have a lot of opportunity within our control that we're focused on.

因此，基於我們所處的市場，我們有很多機會。我們也有很大的潛力，能在目前忠誠的客戶基礎上進一步擴張。所以我們會留意市場動態，但我們也有很多在可控範圍內的機會，是我們正在專注的。

Reed Seay, Stephens.

Reed Seay，Stephens。

I know Mac has only been in there for about 25 days at this point, but I'm sure they've been a busy 25 days. I wasn't sure if you shared any insights on maybe some priorities for him coming into Asset-Light, given this is a big part of your guidance that you gave at the Investor Day. So just any insights early insights he has there.

我知道 Mac 到目前為止大概才上任 25 天，但我相信這 25 天一定很忙。我想請教你們是否能分享一些看法：他在加入資產輕量（Asset-Light）業務後，可能有哪些優先事項？因為這是你們在投資人日所給指引中的重要部分。所以想聽聽他目前的一些初步觀察。

Yes. Mac officially started a few weeks ago, as you mentioned, and he's hit the ground running and he's actually in the room with us today. So I'll let him turn it over to him and give his thoughts on his first few weeks here at the company.

是的。如你所說，Mac 幾週前正式到任，他一上任就全速投入，而且他今天也在現場跟我們一起。所以我把時間交給他，請他分享加入公司頭幾週的想法。

Thanks, Seth, and thanks for the question, Reed. Only a few weeks here in here. And I would tell you right now, I'm more excited today than I was three weeks ago. I've had the great pleasure to work for a couple of companies. It's been around over 100 years.

謝謝你，Seth，也謝謝你的提問，Reed。我在這裡才幾週。我可以告訴你，現在的我比三週前更興奮。我有幸在幾家企業工作過。那些公司都有超過 100 年的歷史。

And I think we all know how special that is. And what it takes is a company grounded in a fantastic culture, focused on our customers, our employees, founded in innovation and creativity. And that's something that has been absolutely reaffirmed over the last few weeks. The urgency that this team has relative to improving our TSR is possible.

我想大家都知道那有多特別。而要做到這點，需要一家扎根於卓越文化的公司，專注於客戶與員工，以創新與創意為基礎。而這點在過去幾週已被完全再次印證。這個團隊在提升我們 TSR（股東總報酬率）方面所展現的急迫感，是可以實現的。

So excited to be a part of that. We've got competitive services and a really strong team. I think we all believe the market's going to improve. Regardless of that, we got to continue to perform and grow our business. I'm more confident after the three weeks I've been here will meet our Investor Day targets, and I'm looking forward to making the asset-light business more meaningful in these discussions.

所以我很興奮能成為其中一員。我們有具競爭力的服務，以及非常強的團隊。我想我們都相信市場會改善。不管市場如何，我們都必須持續把績效做好並推動業務成長。在我加入這三週之後，我更有信心我們會達成投資人日的目標，也期待讓資產輕量業務在這些討論中變得更具份量。

Jordan Alliger, Goldman Sachs.

Jordan Alliger，高盛。

So I understand that things are still soft in the manufacturing economy. But as you think ahead for this year, do you see any signposts, whether it be from customers or your own internal thoughts that perhaps we could be at least on a stable and maybe a footing from an inventory standpoint, et cetera, that could lead to a little bit of freight movement on an industry level, not an idiosyncratic ArcBest issue, what you're doing, but just a broader improved health in the demand environment as we move through the year.

我理解製造業景氣仍偏疲弱。但當你們展望今年時，是否看到任何指標——不論是來自客戶端或你們內部的判斷——顯示至少在庫存等面向可能已趨於穩定、甚至開始站穩腳步，從而在產業層面帶動一些貨運量的移動？我指的不是 ArcBest 自身的特殊因素或你們正在做的事情，而是更廣泛地說，隨著今年推進，需求環境的健康度是否有望改善。

Thanks, Jordan. This is Seth. I'll get a start and let Eddie chime in with any additional thoughts. But I've met with a lot of customers on the back half of last year and then also I'll be meeting with quite a bit next week as well. So in the conversations I've had, our customers still are focused on cost reduction, operational efficiency, process improvement and many customers are taking proactive steps to manage the uncertainty, including inventory repositioning supplier renegotiations, moving their supply chain around.

謝謝你，Jordan。我是 Seth。我先開頭，之後再請 Eddie 補充其他想法。我在去年下半年與許多客戶會面，而下週我也會再與不少客戶見面。就我目前的對話來看，我們的客戶仍聚焦在成本降低、營運效率、流程改善；而且許多客戶正採取主動措施來管理不確定性，包括重新配置庫存、重新談判供應商條款、調整其供應鏈布局。

So some of the bright spots that we've seen in the LTL space, there's been some discretionary retail sectors, food and beverage recreational equipment. We've seen some bright spots there in truckload. We've seen that SMB growth that we talked about, and we continue to see some promise there. Expedite, life science continues to be strong for us and a growth opportunity and then when you think about just information technology and everything that's going on around data centers, that's been another part of strength. So we haven't heard much from a demand standpoint.

至於我們在 LTL 領域看到的一些亮點，包括部分選擇性消費零售類別、食品飲料、休閒設備。在整車（truckload）方面，我們看到我們提到的 SMB 成長，並且持續看到一些正向跡象。在加急（Expedite）方面，生命科學對我們而言仍然強勁，也是成長機會；另外，當你想到資訊科技以及資料中心周邊正在發生的一切，那也是另一個強勢領域。因此，從需求面來看，我們目前還沒有聽到太多（明顯改善的訊號）。

In Matt's prepared remarks, he mentioned how our 2026 Investor Day targets didn't expect a great macro standpoint, but that's why we're -- we go to market the way we do is an integrated logistics company. And so we can say yes to our customers, and that's what's allowed our pipeline to be in a great spot. That allows us to be selective about the freight we bring into the network.

在 Matt 的事先準備發言中，他提到我們 2026 年投資人日的目標並未預期宏觀環境會很強勁，但這正是我們——我們之所以以目前方式進入市場，是因為我們是一家整合型物流公司。因此我們能對客戶說「可以」，這也讓我們的商機管道處於非常好的位置。這使我們能夠更有選擇性地決定要把哪些貨運導入網路。

Our core business is growing. Managed Solutions is up double digits and really the opportunities are right in front of us to somewhat Max said in his previous comments, customers trust us. They look to us to navigate these uncertainties and that's why we've continued to see that growth that we've talked about.

我們的核心業務正在成長。Managed Solutions 以雙位數成長，而且機會確實就在眼前；某種程度上如 Max 先前所說，客戶信任我們。他們依賴我們來因應這些不確定性，這也是為什麼我們持續看到我們一直在談的成長。

Eddie, I don't know if you have anything to add?

Eddie，我不知道你是否還有要補充的？

No. Seth, you covered this really well. I would probably just emphasize that I don't know if it's really an industrial signpost that's out there, but our success with managed solutions just gives us a lot of confidence that we're going to be able to continue to navigate through whatever the market ends up being this year. We're having great conversations. Our opportunity set is robust and we're being successful, helping our customers meet the demands of their supply chains.

沒有。Seth，你已經講得很完整了。我可能只想強調，我不確定外界是否真的有什麼工業景氣指標，但我們在 managed solutions 的成功，讓我們對於今年無論市場最後會是什麼樣子、我們都能持續穿越並因應，充滿信心。我們正在進行非常好的對話。我們的機會集合很強勁，而且我們也很成功，協助客戶滿足其供應鏈需求。

Chris Wetherbee, Wells Fargo.

Chris Wetherbee，Wells Fargo。

Maybe a two-part question here. So I guess first, maybe broader comments on the competitive pricing environment and how you guys are seeing things shaping out here as we're moving into early 2026. Obviously, industry volumes have been under pressure for a period of time?

這裡可能有一個兩段式問題。我想先請你們對競爭性的定價環境做一些較廣泛的評論，以及隨著我們進入 2026 年初，你們看到情勢如何發展。顯然，產業運量已經承壓一段時間了？

And then maybe specifically to kind of what you guys are doing from a strategy perspective around mix and volume growth. So 8% increase on the -- in January in terms of volume. I think the guide for the OR in LTL is probably about 200 basis points or so worse on a year-over-year basis.

然後也想更具體地問一下，你們在策略上如何看待組合（mix）與運量成長。就運量而言，1 月增加了 8%。我想你們對 LTL 的 OR 指引，年對年大概差了約 200 個基點左右。

So I guess -- is there a level of volume at this mix that starts to become more accretive from a margin perspective? I guess, how do you think about kind of refilling up the network after a couple of years of volume declines to get to the point where we're actually seeing positive incremental margins on that business?

所以我想問——在這樣的組合下，是否存在某個運量水準，從毛利率角度開始變得更具增益（accretive）？也就是說，在經歷了幾年運量下滑之後，你們如何思考把網路重新填滿，直到我們在該業務上真正看到正向的增量利潤率？

Chris, this is Seth. I'll start on the pricing comment and then have Eddie chime in on the volume side of things. But when I look at our deferred contract renewals in the fourth quarter being up 5%, when you think about the third quarter, we were at 4.5% in the second quarter, we were -- we've continued to strengthen our yield metrics. So as we continue to see success in growing core business from those new customers that we talked about all last year, we see how it reacts operationally in our network, and then we make adjustments.

Chris，我是 Seth。我先談定價的部分，然後請 Eddie 補充運量面的看法。但當我看到我們第四季遞延合約續約（deferred contract renewals）上升 5%，再想想第三季是 4.5%，第二季是——我們的收益率指標持續在強化。因此，隨著我們持續成功地從去年整年談到的新客戶帶動核心業務成長，我們也觀察它在我們網路中的營運反應，並進行調整。

So our strengthening has -- our pricing has continued to strengthen as we've made those adjustments, and that's why you've seen the deferred numbers continue to improve throughout the quarter, and we expect that to continue throughout this year. So we remain disciplined and focused on profitable growth and making sure that we're getting paid for the value that we deliver to our customers.

因此，隨著我們做出這些調整，我們的強化——我們的定價也持續走強，這就是為什麼你看到遞延數字在整個季度持續改善，而我們預期今年也會持續如此。所以我們仍然保持紀律，聚焦於獲利性成長，並確保我們能因交付給客戶的價值而獲得相應報酬。

So we're going to continue to stay focused on disciplined pricing. That's what we're seeing in the market right now as well as discipline among our competitors. But I want to point you back to the longer-term goals, and that is that we want to achieve our revenue per shipment growth outpacing cost per shipment growth by 80 basis points per year, and that's what we're striving to do.

因此我們會持續專注於有紀律的定價。這也是我們目前在市場上看到的情況——我們的競爭對手也展現出紀律。但我想把你拉回到更長期的目標：我們希望每年達成「每票收入（revenue per shipment）成長」超越「每票成本（cost per shipment）成長」80 個基點，而這正是我們努力的方向。

So we're making strategic investments to improve the value that we deliver to customers to be able to command those increases. And I'm really excited about ArcBest View launching in the middle of the year because I think that's going to be industry-leading in terms of visibility and ways to navigate your supply chain from that new customer platform. So we're very focused on it and make sure that we want to continue to get that value that we provide.

因此我們正在進行策略性投資，以提升我們交付給客戶的價值，從而能夠支撐這些調升。我也非常期待 ArcBest View 在年中上線，因為我認為就可視性以及透過這個新客戶平台來協助你掌握並因應供應鏈而言，它將是業界領先。所以我們非常專注於此，並確保我們能持續取得我們所提供價值的回報。

And then Eddie, on the growth side.

接著 Eddie，談談成長面。

Yes. Really on the mix, again, we actively manage our business mix and profile to achieve the best results. We haven't really changed our strategy on the amount of larger LTL shipments or transactional shipments. In fact, it's been very consistent from fourth quarter into the start of January. We did have the issue -- are really the lower volume shipments in January 2025.

是的。就組合而言，我們再次強調，我們會主動管理業務組合與輪廓，以取得最佳結果。我們在較大型 LTL 貨件或交易型（transactional）貨件的比重策略上，其實沒有改變。事實上，從第四季到 1 月初都非常一致。我們確實遇到的問題——其實是 2025 年 1 月的較低運量貨件。

I think that's really what you're seeing when you do a comparison to this January and why that really jumps out. But no strategy change. And really, it's our jobs and yield to get the most out of whatever profile business mix that we have, and we're seeing improvements in that as we go early this year and into 2026.

我想這就是你在拿今年 1 月做比較時所看到的情況，以及為什麼那個數字特別顯眼。但策略沒有改變。而且真正來說，我們的工作就是在既有的業務組合輪廓下，透過作業與收益率（yield）把效益最大化；我們也看到今年初一路到 2026 年，這方面正在改善。

Bruce Chan, Stifel.

Bruce Chan，Stifel。

A lot of conversations here about mix and especially the core business versus the dynamic now. Maybe just wondering if you can give us a sense for the mix or what the balance looks like between those two products in the network right now?

這裡有很多關於組合的討論，尤其是核心業務相對於目前動態的部分。想請教你們是否能讓我們了解一下，目前在網路中這兩種產品的組合，或兩者之間的平衡大概是什麼樣子？

And then maybe just a bit more generally, I don't think we've ever seen the transactional pricing tool as the dynamic pricing tool at work in an up cycle -- just thinking through that scenario, maybe in a hotter market, is there an opportunity to see a pricing tailwind for that business or even prioritize it over core?

然後更一般性地說，我想我們從未在景氣上行循環中，看過交易型定價工具（也就是動態定價工具）實際運作的樣子——如果想像那種情境，在更火熱的市場裡，是否有機會讓該業務出現定價順風，甚至優先於核心業務？

Bruce, this is Seth. So our business is primarily core. We don't disclose the specific mix between transactional and core. It fluctuates from time to time. But as Eddie said, there's no strategy change especially when we look at our sequential numbers there. So transactional business really helps us maintain consistency in the network and allows us to be positioned when the market turns.

Bruce，我是 Seth。我們的業務主要是核心業務。我們不揭露交易型與核心之間的具體組合比例。它會隨時間有所波動。但如 Eddie 所說，策略沒有改變，尤其當我們看那裡的序列數據時。因此，交易型業務確實有助於我們維持網路的一致性，並讓我們在市場反轉時處於有利位置。

So our core business continues to increase. We feel great about our pipeline, and we have multiple wins throughout the business. So we're going to continue to focus on that profitable growth and mix management. But what Eddie said, we optimize our mix on a daily basis, and it's based on profit maximization based on the market prices and what available capacity is. So since launching Dynamic, our price per shipment has increased by 50%. We outlined that at Investor Day. So as that pool grows and you need the same amount of shipments in your network, generally, what happens is the price improves.

所以我們的核心業務持續增加。我們對商機管道感到非常樂觀，而且在整個業務中有多項勝出案例。因此我們會持續專注於獲利性成長與組合管理。但如 Eddie 所說，我們每天都在最佳化組合，依據的是在市場價格與可用產能下的利潤最大化。因此，自從推出 Dynamic 以來，我們的每票價格已提高 50%。我們在投資人日已經說明過。所以當那個池子變大，而你的網路需要相同數量的貨件時，一般而言，會發生的就是價格改善。

Now to your point, we have not had dynamic pricing in a good market environment. But what we expect is our core business that we have good retention on, the price will continue to improve on that business as customers just ship more, and then we're able to have the dynamic actually because the market is better, improve the pricing on that side as well. So a majority of our shipments are published. The dynamic mix has been consistent and we think as the market improves, both sides are going to benefit us.

回到你的觀點，我們在良好的市場環境下尚未真正經歷過動態定價。但我們的預期是，對於我們留存率很高的核心業務，隨著客戶出貨量增加，該業務的價格將持續改善；接著因為市場轉好，我們也能真正運用動態機制，進一步改善那一側的定價。因此，我們的大多數出貨是公布價（published）。動態的組合一直很一致，我們認為隨著市場改善，兩邊都會讓我們受益。

Yes. The only thing I would add, this is Eddie. In an up cycle, we do believe that our core business we would see growth in it, and that growth could come a little choppy at times. It can be big in certain markets, especially driven by certain customers who are experiencing an up cycle faster or harder than others. But the great thing about dynamic is that's going to allow us to really fill in our network where we need, smooth out that choppiness and allow it to really optimize our profit even more.

是的。我唯一想補充的是，我是Eddie。在上行週期中，我們確實相信核心業務會看到成長，而這種成長有時可能會有些起伏不定。在某些市場可能會很大，尤其是由某些客戶帶動，因為他們比其他客戶更快或更強烈地進入上行週期。但動態定價的好處在於，它能讓我們在需要的地方真正填補網路、平滑這種波動，並讓我們更進一步最佳化利潤。

So we would love to have an up cycle with the amount of dynamic quotes that we have today, it would really lead to a more profitable situation for us.

所以，如果在今天我們擁有這麼多動態報價的情況下迎來上行週期，我們會非常樂見，因為那將真正帶來對我們更有利潤的局面。

Brian Ossenbeck, JPMorgan.

Brian Ossenbeck，摩根大通（JPMorgan）。

Just wanted to see, I guess, Seth how the operations are right now after the big store, I guess, maybe another one coming. But how has the recoverability been just operationally? And do you feel like there's some volume that's lost is not coming back? Or have you seen that start to come through after the disruptions?

我想了解一下，Seth，在那次大型風暴之後（我想可能還會再來一場），目前營運狀況如何？就營運面而言，復原能力表現如何？你是否覺得有些流失的貨量不會回來？或者在這些干擾之後，你已經看到貨量開始回流？

And then just maybe as well, just to comment for the full year and maybe the next couple of years, when you think about the footprint you have now, obviously, the CapEx is coming down. It seem like that's more or less equipment. But want to see how you're feeling about the door count, the positions you have in different markets and how that might change for this year?

另外也想請你們就全年以及可能接下來幾年做個評論：當你們考量目前的據點版圖時，顯然資本支出（CapEx）正在下降。看起來那多半是設備方面。但我想了解你們對於門位數（door count）、在不同市場的佈局位置的看法，以及今年這些可能會如何變化？

Yes. Thanks, Brian. I'll start with the weather question, then I'll turn it over to Matt to talk about door count and where we're at from a real estate standpoint. But we always have weather every year or natural disasters and our focus is on our people and making sure that they're safe. We communicate with our customers.

是的。謝謝，Brian。我先回答天氣的問題，接著我會把問題交給Matt，請他談談門位數以及我們在不動產方面的現況。不過我們每年都會遇到天氣或天然災害，我們的重點是我們的人，確保他們安全。我們也會與客戶溝通。

We work through any potential disruption that we have. We did see more weather events in December than historically and that challenge productivity a little bit, but we navigated those events well and service our customers with excellence. So the first three weeks of January, we were trending actually much better than last year because of the weather events last year. But the storm we saw this week was a very large one.

我們會處理任何可能發生的干擾。我們確實看到12月的天氣事件比歷史上更多，這讓生產力受到一些挑戰，但我們很好地應對了這些事件，並以卓越的服務滿足客戶需求。因此，1月前三週的趨勢其實比去年好很多，因為去年也有天氣事件。但我們本週看到的風暴規模非常大。

In terms of service center impact, we think it's going to be one of our worst Januarys in terms of service center closures and the FMCSA actually issued a 40-state waiver that waive dollars of service regulations, which speaks to just the size of the storm. So we dynamically adjust our network to optimize freight movement as part of just regular operations, and we lean into those abilities during this time of disruption.

就服務中心的影響而言，我們認為這可能會是我們最糟的1月之一（以服務中心關閉情況來看）；而FMCSA實際上發布了涵蓋40州的豁免，豁免工時（hours of service）規定，這也反映出這場風暴的規模之大。因此，作為日常營運的一部分，我們會動態調整網路以最佳化貨運流動；在這段干擾期間，我們更會倚重這些能力。

We talked a lot about the tools we've invested in. And the past two winters, we've been able to use those tools to navigate it better than any point in our history. So the investments we've made in recent years and expanding capacity in the network, optimizing our equipment and our fleet that allows us to navigate these storms much more better. So we continue to communicate with customers to make sure that they know where we stand in terms of restoring full network operations.

我們談過很多我們投資的工具。而在過去兩個冬天，我們已能運用這些工具，比我們歷史上任何時候都更好地應對。因此，近年來我們所做的投資——擴充網路容量、最佳化我們的設備與車隊——讓我們能更好地度過這些風暴。所以我們會持續與客戶溝通，讓他們了解我們在恢復全網路正常營運方面的進度。

The OR impact it's baked into our guidance that we provided the cost from that. We still have some potential costs as we're still kind of early stages on the cleanup. But we get winter weather every year. It's in our historical numbers, and we feel like we can outperform it with the tools we've invested in.

營運比率（OR）的影響已納入我們所提供的指引中，也包含了相關成本。由於目前仍在清理的早期階段，我們可能還會有一些潛在成本。但我們每年都會遇到冬季天氣。這已反映在我們的歷史數字中，而我們覺得憑藉已投資的工具，我們能夠表現得更好。

I'll turn it over to Matt to talk about the real estate investments and where we sit from a capacity standpoint.

我把問題交給Matt，請他談談不動產投資，以及我們在產能方面的現況。

Thanks, Seth. And just before I talk about on the real estate side, I want to echo Seth's comments from earlier and really thank our people for their dedication and efforts during these significant times of disruption. As Seth said, we really prioritize safety and our teams have done a tremendous job over the last week, keeping our people safe communicating with our customers and working to restore normal operations so we can deliver a premium and efficient service for our customers.

謝謝，Seth。在我談不動產之前，我想呼應Seth先前的評論，並真誠感謝我們的同仁在這些重大干擾期間的投入與努力。如Seth所說，我們確實把安全放在第一位；過去一週，我們的團隊做得非常出色，確保同仁安全、與客戶保持溝通，並努力恢復正常營運，以便為客戶提供高品質且高效率的服務。

So as we've talked about over the last year, we've added nearly 800 doors to our real estate network. And we feel really good about where we're at from a capacity standpoint. I'm excited that we have a couple of projects that are wrapping up here as we move throughout the first quarter. specifically in Denver that will add significant capacity in that market for growth and provide us a better operational standpoint to operate with efficiency in that market.

如同我們在過去一年所談到的，我們在不動產網路中新增了將近800個門位。就產能角度而言，我們對目前的狀況感到非常滿意。我也很期待，隨著我們進入第一季，有幾個專案將在近期收尾；特別是在丹佛，將為該市場的成長新增顯著產能，並讓我們在該市場的營運更有效率。

So we've been able to be very strategic over the last few years with our investments, and those have been a mix organic builds and new builds in our network and also taking advantage of real estate opportunities in the market. And so just to kind of come back to that, we feel really good about the capacity. We feel really good about what that's done to provide opportunities for growth with our customers, allow us to be more efficient.

因此，過去幾年我們在投資上一直非常有策略；這些投資包含在我們網路中的有機擴建與新建，也包含把握市場上的不動產機會。回到這點，我們對產能非常有信心。我們也很滿意這些投資所帶來的效果：為客戶提供成長機會，並讓我們更有效率。

And we'll continue to evaluate opportunities as they arise and be strategic with the investments that we make so that we can put ourselves in position for further growth.

我們也會持續在機會出現時加以評估，並以策略性方式進行投資，讓我們能站在更進一步成長的有利位置。

Stephanie Moore, Jefferies.

Stephanie Moore，Jefferies。

Maybe touching a little bit on the AI initiatives and other productivity investments that you've made over the last several years. I just wanted to think about it on both an asset-based and asset-light side. If you how you're thinking about leveraging those investments in a recovery? And are you approaching an up cycle differently based on those actions?

我想稍微談一下你們過去幾年在AI計畫與其他生產力投資上的進展。我想從資產型（asset-based）與輕資產（asset-light）兩個面向來看。你們如何思考在復甦期間運用這些投資來放大效益？而基於這些行動，你們在面對上行週期時是否會採取不同的做法？

Thanks, Stephanie. This is Seth here. I want to start with mentioning how we have a very talented internal tech team who spend dedicated time research and innovations, testing them to see what's going to have the biggest impact on our business. And customers need us to run our business efficiently, and we see AI as an option to make that happen. So we see tremendous potential around automating processes with human-assisted interactions.

謝謝，Stephanie。我是Seth。我想先提到，我們有一支非常有才華的內部技術團隊，投入專門時間進行研究與創新，並測試哪些項目會對我們的業務產生最大影響。客戶需要我們高效率地營運，而我們將AI視為實現這一點的一種選項。因此，我們看到在以人為輔助互動（human-assisted interactions）來自動化流程方面，具有巨大的潛力。

And although technology is important, and we're going to talk about it quite a bit, we've always been a tech-forward company. People are who make it happen. So having our people at the center of everything is really important to me. I mentioned a lot of examples in my prepared remarks of projects that we're working on and potential benefits. We're early stage in a lot of that.

儘管科技很重要，而且我們也會談到不少，但我們一直都是一家以科技為先的公司。真正讓一切成真的，是人。因此，讓我們的人才成為所有事情的核心，對我來說非常重要。我在事先準備的發言中提到許多我們正在推動的專案例子以及潛在效益。其中很多仍處於早期階段。

I view 2025 more as a foundational year for us as a from an AI perspective, and we're going to continue to evaluate where AI makes the most sense as well as any technology. Ultimately, first, you have to understand the processes. And then if the processes are right, you use AI to improve them. And you also have to make sure your data is in a good spot.

我把2025年視為我們在AI面向上的奠基之年，我們也會持續評估AI以及任何技術在哪些地方最有意義。最終，第一步你必須先理解流程。接著，如果流程是正確的，就用AI去改善它們。同時你也必須確保你的資料處於良好狀態。

So we invested in our data team back in 2018 and having good data as a strategic advantage for us, and that's why we outlined what we did on our technology road map at Investor Day. So -- and all of our AI initiatives aren't managed separately, they're part of every single initiative that we have. So when you think about everything that we've done for asset-light asset base from an AI perspective, I think that's only going to accelerate. Ultimately, what that does is it allows us to scale without adding the incremental cost when the market does come back.

因此我們早在2018年就投資了資料團隊，並把良好資料視為我們的策略優勢；這也是為什麼我們在投資人日的技術路線圖中說明了我們所做的事情。另外——我們所有的AI倡議並不是分開管理的，而是納入我們每一項倡議之中。所以當你從AI角度去看我們在輕資產資產基礎上所做的一切，我認為只會加速。最終，這讓我們在市場回溫時，能在不增加額外成本的情況下擴張規模。

So I feel like we continue to make progress there, but we're still early stages on a lot of this. Many of the examples I gave in my prepared remarks, we're in the pilot stage, and we're looking forward to a full rollout as we move into 2026.

所以我覺得我們在那方面持續取得進展，但很多事情仍在早期階段。我在事先準備的發言中舉的許多例子，目前都在試點階段，我們期待在邁入2026年時能全面推行。

Tom Wadewitz, UBS.

UBS 的 Tom Wadewitz。

So I guess I'll maybe just give you two questions. So one would just be on pricing dynamic in the market. I think you talked about that pricing that you're realizing it's gotten a little bit better in the last couple of quarters, which is great. But do you think competitive environment in LTL is pretty stable, maybe similar to where it was a year ago? Or you think it's getting a little bit tougher as you're later into a downturn?

我想我可能就問兩個問題。第一個是關於市場的定價動態。我想你提到你們實現的定價在過去幾個季度有稍微改善，這很棒。但你認為LTL的競爭環境相當穩定，可能和一年前差不多嗎？還是你覺得隨著景氣下行進入後段，競爭變得更艱難了一些？

And then maybe just if it's okay, I'll maybe ask another one of Mac, just whether he has any kind of high-level thoughts on kind of how Asset-Light competes, how you fit in the market, what might be good leverage for growth?

另外，如果可以的話，我也想再問 Mac 一個問題：他對輕資產業務如何競爭、你們如何在市場中定位、以及哪些可能是帶動成長的良好槓桿，有沒有任何高層次的看法？

Tom, this is Eddie. Yes, I mean, from a comparison standpoint, I wouldn't characterize really what we're seeing right now, really any different over the last year. mean pricing discipline remains rational within the market. We actually have seen a little less bid activity from customers which actually to me is a good sign. I think last year, that was pretty robust.

Tom，我是 Eddie。是的，從比較的角度來看，我不會把我們現在看到的情況描述為與過去一年有任何真正不同。定價紀律在市場中仍然是理性的。我們其實看到客戶的招標活動稍微少了一些，對我來說這其實是個好跡象。我認為去年那方面相當活躍。

And every time a customer went to bid, it did kind of create an open market, which allowed new carriers to come in to go after some business, which usually they're more aggressive than incumbents who are looking to improve price to cover cost increases.

而每次客戶進行招標，都會有點像是創造了一個公開市場，讓新的承運商有機會進來爭取一些業務；而他們通常會比既有承運商更積極，因為既有承運商往往是想透過提高價格來彌補成本上升。

But recent bid data tells us that it's actually slowing down. So that's an encouraging part to me. Obviously, what we're -- what we try to do from our perspective is really be disciplined with all of our decisions. We evaluate every opportunity on its own merits, and we're looking to get the right price for the value that we're offering to our customers. So from a market standpoint, feel like the market still rational and nothing's really changed there.

但近期的招標資料告訴我們，這其實正在放緩。所以這點讓我覺得鼓舞。當然，從我們的角度來看，我們努力做的是在所有決策上保持紀律。我們會就每個機會本身的優點來評估，並希望就我們提供給客戶的價值取得合理的價格。所以就市場面而言，我覺得市場仍然理性，這方面其實沒有什麼改變。

And I'll let Mac talk about the asset light side.

我讓 Mac 來談談輕資產那一塊。

What I would say just from the outside looking in a three-week perspective of being here is that, one of the things I recognize is that when you think about our asset-light business, specifically our managed solutions is on a growth trend that's far outpacing the marketplace. And I think this team has done a really nice job over the last number of years to build a strong foundation in this space. So when I think about our managed solutions that is really a fully integrated approach to third-party services in the marketplace. We're outpacing a lot of our competitors. I feel really good about that.

我想說的是，從外部角度、以我來這裡三週的觀察來看，我注意到的一點是：當你想到我們的輕資產業務，特別是我們的管理式解決方案（managed solutions），其成長趨勢遠遠超過整體市場。我認為這個團隊在過去幾年在這個領域打下了非常扎實的基礎。所以當我想到我們的管理式解決方案，它其實是對市場上第三方服務的一種完全整合式做法。我們的表現超越了許多競爭對手。我對此感到非常有信心。

From a services perspective, when I think about LTL brokerage, truckload brokerage, our intermodal business, our Global Forwarding business, we're at different points of journey within each one of those services. Each one of them approaches the market a little bit differently. So it's hard for me to say we're going to have a singular approach to that. But I feel really good about how we're positioned in the market. Over the last year, this team has invested fairly significantly within the SMB space.

從服務面來看，當我想到LTL經紀、整車經紀、我們的聯運業務、我們的全球貨運代理（Global Forwarding）業務，我們在每一項服務上都處於不同的發展階段。每一項服務切入市場的方式也略有不同。所以我很難說我們會採取單一一致的做法。但我對我們在市場中的定位感到很有信心。在過去一年，這個團隊在SMB領域投入相當多。

And year-to-date, we're exceeding our expectations from a per person perspective, from a productivity standpoint and certainly across the team. So when I think about our managed business outpacing in that mid-market area and then the investment of SMB and how that's pacing to achieve breakeven in 2025 gives us a really strong foundation to build upon as we move forward.

而今年以來，無論是以人均角度、以生產力表現來看，當然也包括整個團隊層面，我們都超出預期。所以當我想到我們的管理式業務在中型市場領域的成長超越同業，再加上對SMB的投資，以及其進度朝著在2025年達到損益兩平邁進，這讓我們在往前推進時有非常強的基礎可以延伸。

(Operator Instructions) Ari Rosa, Citigroup.

（接線員指示）Citigroup 的 Ari Rosa。

So I'm curious about the longer-term outlook. In the slide deck, you mentioned reaffirming the 2028 financial targets, specifically the EPS of $12 to $15. You mentioned also that 2026 doesn't really anticipate much improvement in the market. So I'm just hoping, obviously, as we look to the back end of 2026, we're going to be closer to 2028, right, only two years out.

我對較長期的展望感到好奇。在簡報中，你提到重申2028年的財務目標，特別是每股盈餘（EPS）12到15美元。你也提到2026年並不預期市場會有太多改善。所以我只是希望了解，顯然當我們看到2026年後段時，我們會更接近2028年，對吧，只剩兩年。

Help us understand like where that inflection comes and where that real acceleration in EPS growth kind of hits and how you see that playing out? What is it that drives that inflection? How much of that is dependent on the macro, how much of it can be achieved kind of through self-help initiatives? And kind of what's the timeline for us to start to see that flow through to EPS?

請幫我們理解那個拐點會出現在哪裡、以及EPS成長真正加速會在何時發生、你們如何看待其演進？是什麼因素驅動那個拐點？其中有多少取決於總體環境，有多少可以透過內部自助（self-help）措施來達成？另外，我們大概什麼時點可以開始看到這些反映到EPS上？

Yes. Thanks, Ari. This is Seth. We have confidence in our long-term view and the targets we outlined in Investor Day. As we mentioned in 2026, we don't see a lot of improvement from a macro standpoint, but we didn't expect that in our targets that we set out.

是的。謝謝你，Ari。我是 Seth。我們對長期觀點以及在投資人日所提出的目標有信心。如同我們提到的，2026年從總體面來看我們不認為會有太多改善，但我們在設定那些目標時本來就沒有預期會有。

So lower interest rates could potentially help us clarity over tariffs, the tax bill, there's a lot of different things going on from the demand standpoint. But also on the supply side, we could see some changes there as well. So we saw sequential increases in PT during the fourth quarter. You've seen all the stories about enforcement actions around ELP and also just what's going on with nondomicile drivers.

因此，較低的利率可能有助於我們釐清關稅、稅改法案等議題；從需求面來看，現在有很多不同的因素在發生。但在供給面，我們也可能會看到一些變化。因此，我們在第四季看到 PT 連續性增加。你也看到了所有關於 ELP 執法行動的報導，以及非本地（nondomicile）駕駛員相關的情況。

But I would say, despite the environment, we're going to continue to focus on what we can control. And the initiatives we outlined in Investor Day around our three strategic pillars of growth, efficiency, innovation, we expect to continue to accelerate on those initiatives as we move through.

但我想說，儘管外部環境如此，我們仍會持續專注於我們能掌控的事情。而且我們在投資人日所概述、圍繞三大策略支柱——成長、效率、創新——的各項倡議，我們預期在推進過程中會持續加速落實。

In the Investor Day, we outlined some potential upside if the macro does improve and Matt can chime in on those next after me. But we see a lot of areas of opportunity ahead of us. Growth, we continue to see our pipeline improve. We think that's going to translate. Mac just mentioned the double-digit increase in managed. If you remember what we talked about, managed feeds our other service lines as well.

在投資人日，我們也概述了若總體環境改善可能帶來的一些上行空間，Matt 會在我之後補充。但我們看到前方有許多機會領域。在成長方面，我們持續看到我們的商機管線改善。我們認為這將會轉化為成果。Mac 剛提到受管理（managed）業務有雙位數成長。如果你還記得我們談過的，managed 也會帶動我們其他服務線。

So as managed grows, we grow LTL. We grow our truckload offering, we grow expedite and then as we improve the value we deliver to our customers, that generally allows us to improve price, which speaks to that revenue per shipment outpacing cost per shipment by 80 basis points.

因此，隨著 managed 成長，我們的 LTL 也會成長。我們的整車（truckload）產品會成長、加急（expedite）也會成長；而當我們提升交付給客戶的價值時，通常也能讓我們提升價格，這也呼應了每票收入（revenue per shipment）比每票成本（cost per shipment）快 80 個基點的成長。

Then the productivity initiatives that we've mentioned throughout this call and in our prepared remarks, we continue to see benefits asset-light at an all-time high in productivity and a low in SG&A cost per shipment. So we expect to continue to make advancements on our strategy, and we believe in the long term and whether we're going to ultimately end up to achieve these targets.

接著是我們在本次電話會議以及事先準備稿中提到的生產力倡議：我們持續看到效益，資產輕（asset-light）業務的生產力創歷史新高，而每票 SG&A 成本則創新低。因此，我們預期會持續在策略上取得進展；我們也相信從長期來看，我們最終將能達成這些目標。

Yes. Ari, this is Matt. I think Seth covered it well. As we laid out at Investor Day, a lot of our targets were built on things that were in our control, cost, productivity yields. Certainly, you see the results in 2025 on all of those fronts, like we talked about when we were contemplating our 2028 targets, we weren't really looking at a significant macro improvement in 2026 as we were building those models, and we continue to feel good about how we're positioned for 2028. Certainly, a lot of momentum across the business.

是的。Ari，我是 Matt。我認為 Seth 已經說得很完整。如同我們在投資人日所說，我們許多目標是建立在我們可控的事項上：成本、生產力、收益率。當然，你在 2025 年已經看到這些面向的成果；就像我們在思考 2028 年目標時談到的，我們在建立那些模型時，並沒有把 2026 年總體環境顯著改善納入主要假設，而我們仍然對 2028 年的布局感到有信心。整體業務動能相當強。

I'm excited about how we're leveraging technology, exciting about continuing to accelerate on the Asset-Light side, certainly very pleased with the result that we saw in the year-over-year improvement in the Asset-Light business in 2025. A lot of projects ongoing around the asset-based business that are continuing to show great results. And so again, really feel good about executing on everything that's within our control, which was the biggest driver of 2028, and we do expect some macro improvement as we exit 2026 and move forward towards 2028.

我對我們如何運用科技感到振奮，也對資產輕業務持續加速感到期待；我們對 2025 年資產輕業務年對年改善的成果也非常滿意。資產型（asset-based）業務方面也有許多專案正在進行，並持續展現很好的成效。因此，再次強調，我們對於把所有可控事項執行到位感到很有信心——這也是推動 2028 的最大驅動因素；而且我們確實預期在 2026 年末、並朝 2028 邁進的過程中，總體環境會有所改善。

Cole Couzens, Wolfe Research.

Cole Couzens，Wolfe Research。

Just to hit on 1Q guidance, given the comp dynamic through the quarter, what are the embedded tonnage and yield assumptions in the 100 to 200 basis points of OR deterioration and maybe just remind us what your typical OR seasonality is into 2Q and given the storm dynamic, is it fair to think that we might be able to outperform that this year?

就第一季（1Q）指引再追問一下：考量本季期間的比較基期（comp）動態，在 OR 惡化 100 到 200 個基點的假設中，隱含的噸位與收益率（yield）假設是什麼？另外也請提醒我們，通常 OR 進入第二季（2Q）的季節性走勢如何？以及考量風暴因素，今年是否可以合理地認為我們可能會優於這個表現？

Cole, it's Matt. So as we look at the first quarter and just where we see the projection going, certainly, like we talked about, there are some dynamics that have been in place in January. And so overall, we would expect the tonnage. The tonnage was up 8% in January. I think you're going to see that moderate as we look at the full quarter, still up and still up relative to history. But something lower than the 8%, probably more like the 4% to 5% range.

Cole，我是 Matt。我們看第一季以及我們對走勢的預估時，當然，如同我們談到的，一月確實存在一些既有的動態因素。因此整體而言，我們預期噸位會……一月噸位成長 8%。我認為當我們看整個季度時，你會看到它趨於溫和，仍然是成長、也仍高於歷史水準。但會低於 8%，可能更接近 4% 到 5% 的區間。

Overall, we expect to continue to see shipment per day growth on a year-over-year basis as we continue to move through the quarter. Again, just some of the costs back to the fourth quarter are helpful as we're thinking about being able to achieve the 100, 200 basis points guide of OR increase versus the historical around 250, 260 basis points. As we look forward from the first quarter to the second quarter, we feel good about how we're positioned in all of the yield and productivity initiatives continuing to come to bear across the business, but probably too early to be specific about what we're expecting at this point in time.

整體而言，隨著我們在本季持續推進，我們預期每日出貨量（shipment per day）將持續呈現年對年成長。同樣地，回到第四季的一些成本因素對我們有幫助，讓我們在思考如何達成 OR 增加 100、200 個基點的指引時更有把握；相較之下，歷史上通常約為 250、260 個基點。展望從第一季到第二季，我們對於收益率與生產力各項倡議在全公司持續發酵、帶來成效的布局感到有信心，但就目前時間點而言，可能還太早去具體說明我們的預期。

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

我們沒有其他問題。我想把電話會議交回給 Amy Mendenhall 做結語。

Thanks to everyone for joining us today. We certainly appreciate your interest in ArcBest. Hope everyone has a great day. Thanks.

感謝各位今天加入我們。我們非常感謝大家對 ArcBest 的關注。祝大家有美好的一天。謝謝。

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

今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。