羅賓遜全球物流 (CHRW) 2012 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the C.H. Robinson second-quarter 2012 conference call. At this time all participants are in a listen-only mode. Following today's presentation, the instructions will be given for the question-and-answer session. (Operator Instructions). As a reminder this conference is being recorded today Tuesday, July 24, 2012.

下午好，女士們先生們，歡迎來到 C.H. Robinson 2012 年第二季電話會議。此時所有參與者都處於只聽模式。今天的演講結束後，將給予問答環節的說明。（操作員說明）。謹此提醒，本次會議將於 2012 年 7 月 24 日星期二錄製。

I would now like to turn the conference over to Angie Freeman, C.H. Robinson's Vice President of Investor Relations. Please go ahead, Ms. Freeman.

我現在想把會議交給 Angie Freeman，C.H.羅賓遜投資者關係副總裁。請繼續，弗里曼女士。

Thank you, Douglas. On our call today will be John Wiehoff, CEO and Chad Lindbloom, CFO. John and Chad will provide some prepared comments on the highlights of our second-quarter performance and we will follow that with a question-and-answer session. We are asking that callers -- as is our usual practice -- that callers limit themselves to two questions so that we can accommodate as many people as possible today.

謝謝你，道格拉斯。執行長 John Wiehoff 和財務長 Chad Lindbloom 出席我們今天的電話會議。約翰和乍得將就我們第二季業績的亮點提供一些準備好的評論，隨後我們將舉行問答環節。我們要求來電者——正如我們的慣例——來電者只回答兩個問題，以便我們今天能夠容納盡可能多的人。

Please note that there are presentation slides that accompany our call to facilitate our discussion. The slides can be accessed in the Investor Relations section of our website which is located at chrobinson.com. John and Chad will be referring to the slides in their prepared comments.

請注意，我們的電話會議附帶簡報幻燈片，以方便我們的討論。您可以在我們網站的投資者關係部分存取這些幻燈片，該網站位於 chrobinson.com。約翰和查德將在他們準備好的評論中提到這些幻燈片。

Finally, I would like to remind you that comments made by John, Chad or others representing C.H. Robinson may contain forward looking statements which are subject to risks and uncertainties. Our SEC filings contain additional information about factors that could cause actual results to differ from management's expectations. And with that I will turn it over to John.

最後，我想提醒大家，John、Chad 或其他代表 C.H. 的人所發表的評論。羅賓遜可能包含前瞻性陳述，這些陳述有風險和不確定性。我們向 SEC 提交的文件包含更多有關可能導致實際結果與管理層預期不同的因素的資訊。然後我會把它交給約翰。

Thank you, Angie, and thanks to everybody who has taken the time to listen in to our call. So in our prepared comments as Angie said we'll start with slide three on our prepared deck that summarize our overall financial results for second quarter. The key metrics that we focus on -- our total revenues grew 9.2% for the quarter. Net revenues grew 1.8%.

謝謝你，安吉，也感謝所有花時間收聽我們電話的人。因此，在我們準備好的評論中，正如安吉所說，我們將從準備好的幻燈片中的第三張投影片開始，總結我們第二季的整體財務表現。我們關注的關鍵指標—本季我們的總營收成長了 9.2%。淨收入成長 1.8%。

I will discuss more about it later but in general that margin compression of net revenues growing slower than total revenues is a common theme throughout all of our different services. Our income from operations grew 2.7% and our EPS grew at 6%. Chad will make some more comments later about our variable business model and our operating expenses; but in general we were pleased that we were able to grow our EPS faster than our net revenues.

我稍後將對此進行更多討論，但總的來說，淨收入成長速度慢於總收入的利潤率壓縮是我們所有不同服務的共同主題。我們的營運收入成長了 2.7%，每股收益成長了 6%。查德稍後將對我們可變的商業模式和營運費用發表更多評論；但總的來說，我們很高興我們的每股盈餘成長速度快於淨收入成長速度。

As in the past, I am going to make a few prepared comments for each of our individual service lines. But before we move off of the enterprise result, I wanted to touch on what I believe is a common theme for our second-quarter results across all of our transportation services. There really is the theme of our underlying capacity providers looking pretty aggressively to drive price increases, and at the same time our customer base that we are working with being as focused as ever on supply-chain savings and cost reductions and not very receptive to meaningful price increases based on overall economic conditions and how they are managing their supply chains more aggressively, which resulted in us across all service lines really some pretty meaningful margin compression that was pretty systemic for us.

和過去一樣，我將對我們的每條服務線發表一些準備好的評論。但在我們討論企業業績之前，我想談談我認為我們所有運輸服務第二季業績的共同主題。這確實是一個主題，我們的底層產能提供者非常積極地尋求推動價格上漲，同時我們正在合作的客戶群一如既往地關注供應鏈節省和成本降低，並且不太接受有意義的建議。價格上漲是基於整體經濟狀況以及他們如何更積極地管理供應鏈，這導致我們所有服務線的利潤率確實受到了一些非常有意義的壓縮，這對我們來說是相當系統性的。

It is not a new topic. We have talked about it the last couple of quarters, but it was as anticipated. And we talked about the early days of April on our last call that that margin compression really continued across all service line -- again driven largely we believe by the overall environment and macro effects. And as I go through each individual service lines, I will try to comment more specifically on what we are seeing and how we think it might be impacting us. But that is clearly kind of the connecting theme that we would mention.

這不是一個新話題。我們在過去幾個季度已經討論過這個問題，但它正如預期的那樣。我們在四月初的最後一次電話會議上談到，所有服務線的利潤率壓縮確實在持續下去——我們相信這在很大程度上是由整體環境和宏觀影響所推動的。當我瀏覽每個單獨的服務線時，我將嘗試更具體地評論我們所看到的以及我們認為它可能對我們產生的影響。但這顯然是我們要提到的連結主題。

Moving on into page 4 and the overall transportation results. There you see the total net revenues being roughly flat for the quarter, a volume growth in almost all service lines that I will get into more specifically offset by that net revenue margin compression that I referenced. On the bottom half of that slide our 10-year or historical net revenue margin percentage shows that for the quarter we had 14.9% net revenue margin for the quarter and transportation. We have talked a lot in the past about how these margins fluctuate and all the various things that could impact them. And while we expected margin compression off of the highs of 2009 and all of the economic circumstances that created that, I think it is fair to say that this margin compression cycle has been longer and more significant than we might have anticipated. So while it is not uncommon for our business model to see supply costs rising faster during periods of time than we are able to pass through to our customers, again, this has been a fairly significant and fairly long part of the cycle down to a 10-year low of 14.9% for the quarter.

繼續進入第 4 頁，了解整體運輸結果。在那裡你可以看到本季的總淨收入大致持平，幾乎所有服務線的銷售成長，我將更具體地討論，這被我提到的淨收入利潤率壓縮所抵消。在該投影片的下半部分，我們的 10 年或歷史淨收入利潤率百分比顯示，本季我們的季度和運輸淨收入利潤率為 14.9%。過去我們已經討論過很多關於這些利潤如何波動以及可能影響它們的各種因素。雖然我們預計利潤率會從 2009 年的高點以及造成這種情況的所有經濟環境中回落，但我認為可以公平地說，這個利潤率壓縮週期比我們預期的更長、更嚴重。因此，雖然我們的業務模式在一段時間內供應成本上升速度超過我們能夠傳遞給客戶的速度的情況並不少見，但這仍然是周期中相當重要且相當長的部分，下降到 10本季度14.9%為年內最低水平。

Moving on to page 5, then, for our truck results. As a reminder our truck category includes both truckload and less-than-truckload. Net revenue combined for the two declined 0.5% in the second quarter. We were happy with volume increases of 10% in truckload and 17% in LTL. Again following the theme of cost pressures on the truckload side the capacity that we rely heavily on, the medium and small carriers continued to experience a fair amount of cost pressure and as we disclosed our net cost for the quarter were up 3% on the truckload compared to second quarter of last year with customer prices being up about 1%.

然後，轉到第 5 頁，查看我們的卡車結果。提醒一下，我們的卡車類別包括卡車裝載和零擔卡車。第二季兩家公司的淨收入合計下降了 0.5%。我們對卡車裝載量增加 10% 和零擔運輸量增加 17% 感到滿意。再次遵循卡車裝載成本壓力的主題，即我們嚴重依賴的運力，中小型承運商繼續承受相當大的成本壓力，正如我們披露的那樣，本季度的卡車裝載淨成本增長了 3%與去年第二季度相比，客戶價格上漲了約1%。

While we have talked in the past and it remains true that we have slightly a higher growth with our larger customers, where we tend to have more dedicated, more committed pricing relationships, there was probably some impact to our margin compression based on the changing mix of business and the alignment with those larger customers as well as some mix change around the length of haul with that shortening a little bit. So there is probably some contributing factors that were maybe specific to our mix of business and our customer base around the opportunity for price increase versus the supply side on the trucks. But overall, we feel like it is the general environment of price increasing and price pressure on the supply-side versus much less receptivity to it on the customer side.

雖然我們過去曾談過，但我們與大客戶的成長仍然略高，我們往往在這些客戶中擁有更專注、更堅定的定價關係，但基於不斷變化的組合，我們的利潤率壓縮可能會受到一些影響業務量和與大客戶的協調，以及圍繞運輸距離的一些組合變化，稍微縮短了一點。因此，可能存在一些特定於我們的業務組合和客戶群的影響因素，這些因素圍繞著卡車供應方面的價格上漲機會。但總體而言，我們認為這是供應方價格上漲和價格壓力的整體環境，而客戶方對此的接受程度要低得多。

Similarly when you go into the LTL business, as I am sure many of you know, general trends of pricing on the supply side upward as they come off of some very difficult economic times from a couple of years ago. So that industry continues to look for some pretty meaningful price increases and while we were able to pass along a little bit more of the price increases there it is difficult to come up with a price -- precise percentage because of all of the different tariffs and try and to get a clean comparison. We also did have net revenue margin compression on the LTL side.

同樣，當你進入零擔業務時，我相信你們很多人都知道，隨著幾年前經歷了一些非常困難的經濟時期，供應方定價的總體趨勢是向上的。因此，該行業繼續尋求一些相當有意義的價格上漲，雖然我們能夠傳遞更多一點的價格上漲，但由於所有不同的關稅和費用，很難得出精確的價格百分比。嘗試進行清晰的比較。我們在零擔方面也確實有淨收入利潤率壓縮。

Moving then to slide six and our intermodal results. We had a net revenue decline of 7.8% for the quarter, again comprised of single-digit volume growth, mid single-digit offset by some margin compression. Again as many of you are probably aware, the rails have generally been looking for some pretty meaningful cost increases that have been put towards us in our pricing. And while we have had some success passing those through, again, there was probably some mix shift where we have been working more with larger customers on a more dedicated basis in intermodal. But in general, the theme was that the supply side costs are rising faster than our volume and our price increases to our customers would allow, resulting in some net revenue margin compression and in this case a net revenue decline.

然後轉到第六張投影片和我們的聯運結果。本季我們的淨收入下降了 7.8%，其中銷量成長同樣是個位數，中間個位數的成長被一些利潤率壓縮所抵消。正如你們中的許多人可能知道的那樣，鐵路公司通常一直在尋求一些相當有意義的成本增加，這些成本增加已在我們的定價中向我們提出。雖然我們在這些方面取得了一些成功，但可能再次出現了一些混合轉變，我們在多式聯運方面更加專注地與大客戶合作。但總的來說，主題是供應方成本的成長速度快於我們的產量和我們向客戶提供的價格上漲所允許的速度，導致一些淨收入利潤率壓縮，在這種情況下淨收入下降。

Another comment on there that is worth mentioning is we have talked in the past about how we have begun to ramp up with some dedicated or owned container capacity to help us be more effective on those larger commitments in the intermodal world. If you recall in the past we had 350 short-term leased containers, along with 500 owned containers. We recently purchased an additional 500 containers that will take the place of the 350 short-term leased ones that we will be turning in throughout the remainder of the year. So by the end of the year we should have 1,000 owned containers in place which is the foundation of a fleet that we are building.

另一個值得一提的評論是，我們過去曾討論過我們如何開始增加一些專用或自有貨櫃運力，以幫助我們更有效地履行多式聯運領域的更大承諾。如果你還記得，過去我們有 350 個短期租賃貨櫃，以及 500 個自有貨櫃。我們最近額外購買了 500 個貨櫃，以取代我們將在今年剩餘時間內提交的 350 個短期租賃貨櫃。因此，到今年年底，我們應該擁有 1,000 個自有貨櫃，這是我們正在建造的船隊的基礎。

Again, it represents a fairly small percentage somewhere around 15% to 20% of our total intermodal volume at this point. But we believe it has been an effective tool to help us grow our intermodal business.

同樣，目前它只占我們聯運總量的 15% 至 20% 左右。但我們相信它是幫助我們發展多式聯運業務的有效工具。

Moving on then to page 7 for the air and ocean results. Our results in the global forwarding world are probably a little less representative of overall industry trends simply because our business there remains smaller, with less market share and more concentration in fewer customers and fewer carriers. So some customer-specific changes around growth or mix can have a bigger impact.

然後轉到第 7 頁查看空氣和海洋結果。我們在全球貨運代理領域的業績可能不太能代表整個行業趨勢，這僅僅是因為我們的業務規模仍然較小，市場份額較少，並且更加集中於較少的客戶和較少的承運商。因此，圍繞成長或組合的一些特定於客戶的變化可能會產生更大的影響。

But in general on the ocean side, the theme holds true around some meaningful cost increase that resulted in us increasing pricing -- in this case more of a neutral net revenue margin effect, but challenging to grow volume in a difficult industry environment.

但總的來說，在海洋方面，圍繞著一些有意義的成本增加，導致我們提高定價的主題是正確的——在這種情況下，更多的是中性的淨收入利潤率效應，但在在困難的產業環境中增加銷量具有挑戰性。

On the air side, there's one area where we do see meaningful price decreases. I think the common theme here is that customers are looking aggressively for lower cost options in managing the cost in their supply chain more aggressively. So in the business that we see, a lot less tendency to ship via more expensive air mode and more shift towards ocean. So while our air volume was able to increase with significant price decreases in both the industry and with our customer relationships, while our net revenue margin percentage improved the overall absolute dollars of net revenue declined for the quarter by 7.5%.

在航空方面，我們確實看到一個領域的價格大幅下降。我認為這裡的共同主題是，客戶正在積極尋找更低成本的選擇，以更積極地管理供應鏈中的成本。因此，在我們看到的業務中，透過更昂貴的空運方式運輸的趨勢要少得多，而更多地轉向海運。因此，雖然我們的風量能夠隨著行業和客戶關係的價格大幅下降而增加，但我們的淨收入利潤率有所提高，本季淨收入的整體絕對美元下降了 7.5%。

Moving on to page 8, the other logistic services continues to represent one of the bright spots of higher growth for us. As a reminder these net revenues include our transportation management services and customs brokerage which are the two largest categories. This source of net revenue has increased up to 4.5% of our net revenue for the quarter and it is representative of the trend towards more outsourced services and growth in transportation management services. So while that customer and overall pricing environment has put some net revenue margin compression on our traditional transportation services, it is that same environment that is creating a lot of demand and pipeline of services for us in this area, we're working with customers more collaboratively, we are finding better opportunities to provide management services in the form of technology and analytical tools that can help our customers achieve the savings and the directional projects that they have in place.

翻到第 8 頁，其他物流服務仍是我們高速成長的亮點之一。提醒一下，這些淨收入包括我們的運輸管理服務和報關服務，這是最大的兩個類別。這項淨收入來源占我們本季淨收入的 4.5%，代表了更多外包服務和運輸管理服務成長的趨勢。因此，雖然客戶和整體定價環境對我們的傳統運輸服務造成了一些淨收入利潤率壓縮，但正是同樣的環境為我們在這一領域創造了大量的需求和服務管道，我們正在與客戶更多地合作透過合作，我們正在尋找更好的機會以技術和分析工具的形式提供管理服務，幫助我們的客戶實現節省和他們現有的定向項目。

So we feel good about our results here as well as the outlook for higher growth and continued opportunity in this. And as we have stated in previous periods. in addition to the growth and the net revenues of 4.5% of our consolidated net revenues that are represented by this category, there are also a lot of relationship connectivity to the underlying transportation services in those same accounts. So that when we look at a broader definition of outsourced services and integrated solutions it already exceeds more than 10% of our net revenue.

因此，我們對我們的業績以及更高成長的前景和持續的機會感到滿意。正如我們在前幾期中所說的那樣。除了該類別所代表的成長和淨收入占我們合併淨收入的 4.5% 之外，這些帳戶中還存在與基礎運輸服務的許多關係連結。因此，當我們考慮外包服務和整合解決方案的更廣泛定義時，它已經超過了我們淨收入的 10% 以上。

Moving onto page 9 and our sourcing results. Again, another one of the positive highlights for the quarter. We continue to see progress in terms of growing our business and coming up against some of the more normal comparisons as we have talked about some loss business over the last couple of years. Last September we announced an acquisition of a company called Timco that is primarily focused on the melon business. We had very nice growth during the quarter in that business and are very positive about the future prospects for it.

前往第 9 頁和我們的採購結果。這又是本季的另一個積極亮點。我們在業務成長方面繼續取得進展，並進行了一些更正常的比較，因為我們在過去幾年中談到了一些虧損業務。去年九月，我們宣布收購一家名為 Timco 的公司，該公司主要專注於甜瓜業務。我們在本季這項業務取得了非常好的成長，並且對其未來前景非常樂觀。

So a more -- return to more normal comparisons and activity in our traditional sourcing business, along with an acquisition that we feel good about, gave some nice results for the quarter. The margins for the quarter again do change and fluctuate in the sourcing business similar to transportation as primarily driven by the product mix and the seasonality of the different crops that we sell and distribute.

因此，我們傳統採購業務中更正常的比較和活動的回歸，以及我們感覺良好的收購，為本季帶來了一些不錯的業績。本季採購業務的利潤率再次發生變化和波動，與運輸類似，這主要是由產品組合以及我們銷售和分銷的不同作物的季節性驅動的。

Moving on to slide 10 and our payment services. Again, this represents our wholly owned subsidiary, T-Chek. Net revenues up 8.1% for the quarter. The net revenue growth was driven by increased transaction in our fuel services, MasterCard and permitting businesses that are all part of the menu of services under T-Chek's payment services.

繼續看投影片 10 和我們的支付服務。同樣，這代表我們的全資子公司 T-Chek。本季淨收入成長 8.1%。淨收入成長是由我們的燃油服務、萬事達卡和許可業務的交易量增加所推動的，這些業務都是 T-Chek 支付服務的服務菜單的一部分。

Those are my overall comments on our services. I will turn it over to Chad for some comments on our financial statements, and then I'll come back and close with some thoughts on forward-looking and where we go from here.

這些是我對我們服務的整體評價。我會將其轉交給乍得，徵求對我們財務報表的一些評論，然後我會回來並提出一些關於前瞻性和我們下一步發展的想法。

Thank you, John. Slide 11 shows our summarized income statement and I would like to highlight a few things contained in that income statement.

謝謝你，約翰。投影片 11 顯示了我們總結的損益表，我想強調該損益表中包含的一些內容。

As John mentioned we feel very good and are pleased that we continue to operate very efficiently. Overall, our operating expenses grew slightly slower than our net revenue in the second quarter.

正如約翰所提到的，我們感覺非常好，並很高興我們繼續有效地運作。整體而言，第二季我們的營運費用成長略慢於淨收入。

In the second quarter of 2012, while our average headcount increased 9% compared to last year, our personnel expense decreased. That was due to a reduction in some of our incentive compensation and equity compensation programs that are based on growth and earnings. During the quarter, our stock-based compensation expense was approximately $6.8 million in 2012, compared to $10.1 million in the second quarter of 2011.

2012年第二季度，雖然我們的平均員工人數比去年增加了9%，但我們的人員費用卻有所下降。這是由於我們減少了一些基於成長和收益的激勵薪酬和股權薪酬計劃。在本季度，我們 2012 年的股票薪資費用約為 680 萬美元，而 2011 年第二季度為 1,010 萬美元。

Growth in other operating expenses was driven by increases in many different categories including travel and entertainment, claims and depreciation and amortization. While we have been operating extremely efficiently, we have also been continuing our focus on long-term growth of the Company. Our people are focused on sales and have been traveling more. We will continue to invest in technology to support our long-term growth and efficiency, which has driven the majority of the increase in depreciation and amortization.

其他營運支出的成長是由許多不同類別的成長所推動的，包括旅行和娛樂、索賠、折舊和攤提。在我們營運效率極高的同時，我們也持續關注公司的長期成長。我們的員工專注於銷售，並且經常出差。我們將繼續投資技術以支持我們的長期成長和效率，這推動了折舊和攤銷的大部分成長。

During the quarter, we had a decrease in our provision for doubtful accounts. This was driven partially by a partial collection of the customer that we had a large reserve for last quarter and an overall improvement in the quality and aging of our receivable portfolio. We have continued to follow our consistent methodology for assessing our reserve requirements and are extremely comfortable with the current level of our accounts receivable reserves.

本季度，我們的呆帳撥備已減少。這部分是由於我們上季度有大量儲備的客戶的部分收款以及我們應收帳款組合的品質和帳齡的整體改善。我們繼續遵循一致的方法來評估我們的準備金要求，並對我們目前的應收帳款準備金水準感到非常滿意。

Moving on to slide 12. We continue to have a strong balance sheet with cash and investments of approximately $240 million and no debt. Our net CapEx for the quarter including the investments (inaudible) was $7.5 million. As John mentioned earlier we have decided to expand our intermodal container fleet to 500 additional containers that he mentioned will cost a total of approximately $6 million. $2.8 million of that $6 million is in our second-quarter CapEx. The remainder will be paid for in the third quarter.

繼續看投影片 12。我們繼續擁有強勁的資產負債表，現金和投資約 2.4 億美元，無債務。我們本季的淨資本支出（包括投資）（聽不清楚）為 750 萬美元。正如約翰之前提到的，我們決定將我們的多式聯運貨櫃船隊擴大到 500 個貨櫃，他提到這將總共花費約 600 萬美元。這 600 萬美元中的 280 萬美元用於我們第二季的資本支出。剩餘部分將在第三季支付。

Previously we told you we expected our 2012 CapEx to be in the range of $40 million to $45 million. That estimate did not include these containers so we now expect our CapEx to be more in the range of $46 million to $51 million.

之前我們告訴過您，我們預計 2012 年的資本支出將在 4000 萬美元至 4500 萬美元之間。該估計不包括這些集裝箱，因此我們現在預計我們的資本支出將在 4600 萬美元至 5100 萬美元之間。

A couple of comments on our share repurchases. As we have always -- as we have discussed with you many times in the past, we use share repurchases as a variable way to return excess capital to shareholders. We continued this practice during the second quarter of 2012. During the second quarter of most years, including this year, investment and working capital increases as our gross revenue seasonally increase. This increase in working capital reduces the amount of money we have available for share repurchases. However, during the quarter -- during the second quarter of 2012, we did repurchase approximately 637,000 shares at an average price of $59.23.

關於我們的股票回購的一些評論。正如我們過去多次與您討論的那樣，我們使用股票回購作為向股東返還多餘資本的可變方式。我們在 2012 年第二季繼續了這種做法。在大多數年份的第二季度，包括今年，投資和營運資本隨著我們的總收入季節性增長而增加。營運資金的增加減少了我們可用於股票回購的資金量。然而，在 2012 年第二季度，我們以平均價格 59.23 美元回購了約 637,000 股股票。

And now I'll turn it back to John for some closing prepared comments.

現在我將把它轉回給約翰，以獲得一些準備好的結束評論。

So, looking at the slide 13, our current period comments and summary starting with the data points that we have shared about July. As we look at our business and try to understand what information will be helpful to understand the trends in the business and where we think we are headed, we believe it still remains very difficult to try to forecast or guide given the short-term nature of our procurement cycle and kind of the day-to-day volatility in the business.

因此，請看投影片 13，我們從 7 月分享的數據點開始對本期評論和總結進行了總結。當我們審視我們的業務並試圖了解哪些資訊有助於了解業務趨勢以及我們認為我們的發展方向時，我們認為，鑑於業務的短期性質，嘗試預測或指導仍然非常困難我們的採購週期以及業務的日常波動。

So we continue to believe that sharing actual information that is more current is probably the best way to share what is on our mind and discuss the trends in the business. We did try to enhance a little bit the net revenue disclosures up to the current period to try to help you with that.

因此，我們仍然相信，分享最新的實際資訊可能是分享我們的想法和討論業務趨勢的最佳方式。我們確實嘗試稍微加強了當前期間的淨收入披露，以試圖幫助您解決這一問題。

So similar to what we have talked about in the past, the North American truck load volume growth through yesterday was 11%. Our net revenue per business day declined by 1.5%. If you look at the data below that that is showing for the current year through yesterday at July 23, we had approximately $6.7 million net revenue per business day and that compares with $6.8 million per business day last year for the first 25 days of July. So that is where the 1.5% decline would come from. The additional data point to try to provide a little more context around how the quarter is starting out and how comparisons might shape up. So, the net revenue per business day for the entire third quarter last year was $6.6 million per day.

與我們過去討論過的情況類似，截至昨天北美卡車裝載量增加了 11%。我們每個工作日的淨收入下降了 1.5%。如果您查看以下截至昨天 7 月 23 日顯示的本年度數據，我們每個工作日的淨收入約為 670 萬美元，而去年 7 月前 25 天的每個工作日淨收入為 680 萬美元。這就是 1.5% 下降的原因。額外的數據點試圖提供更多關於本季如何開始以及比較可能如何形成的背景資訊。因此，去年整個第三季每個工作日的淨收入為每天 660 萬美元。

So you can see while it started out last year at $6.8 million for the first 25 days in July, the average for the quarter was $6.6 million, this year starting out at $6.7 million. Last July was our most challenging comparison in terms of the net revenue per business day. One additional data point is that this year's third quarter has one fewer business day than last year.

因此，您可以看到，雖然去年 7 月前 25 天的起始價格為 680 萬美元，但該季度的平均價格為 660 萬美元，今年起始價格為 670 萬美元。就每個工作日的淨收入而言，去年七月是我們最具挑戰性的比較。另外一個數據是，今年第三季比去年少了一個工作天。

I think while there is a number of data points there, probably the core message is that the net revenue margin compression that I talked about earlier really has carried over into July. But we also believe that perhaps the comparisons are going to ease a little bit as the second half of the year goes on. Who knows where the market forces will go and whether -- how they will actually end up comparing? But that is what we know today.

我認為雖然有很多數據點，但核心資訊可能是我之前談到的淨收入利潤率壓縮確實已經延續到了 7 月。但我們也相信，隨著下半年的持續，這種比較也許會有所緩和。誰知道市場力量會走向何方，以及它們最終會如何進行比較？但這就是我們今天所知道的。

So when we step back and look at the business and say where we go from here, how do we do -- see things, how are we managing the business today, I guess the first question is when do we find a bottom on the margin compression cycle? As I mentioned earlier it is not uncommon that our supply cost would rise faster than we were able to pass them through. But this is a little bit longer and more severe than we have seen. And so there is question around that margin compression and where the bottom of the cycle would be.

因此，當我們退後一步，審視業務並說我們從這裡走向何方、我們如何做——看待事物、我們今天如何管理業務時，我想第一個問題是我們什麼時候才能找到利潤的底部壓縮週期？正如我之前提到的，我們的供應成本上升速度超過我們承受能力的速度並不少見。但這比我們看到的要長一些，也更嚴重一些。因此，圍繞利潤率壓縮以及週期底部在哪裡存在疑問。

Traditionally at least, when we reach that margin stabilization, our earnings growth would generally move back more towards volume percentage type increases. It can obviously fluctuate for various reasons. But that would be kind of the core expectation when we get there. If we can get some margin relief or margin expansion that obviously will help us a lot in the future. But I will say that our overall perspective in how we are managing the business is hoping for that margin stabilization or improvement, but also managing to the extent that it doesn't occur or that it doesn't occur in the near future that we are prepared to manage our business and grow our earnings under more difficult margin comparisons.

至少從傳統上來說，當我們實現利潤率穩定時，我們的獲利成長通常會更多地回歸到銷售百分比類型的成長。顯然，它可能會因各種原因而波動。但這將是我們到達那裡時的核心期望。如果我們能夠獲得一些利潤減免或利潤擴張，這顯然對我們未來有很大幫助。但我要說的是，我們對業務管理的總體看法是希望利潤率穩定或改善，但也要設法確保這種情況不會發生或在不久的將來不會發生。準備好在更困難的利潤率比較下管理我們的業務並增加我們的收入。

And when I talk about that, it is things like investing in the sales and account management initiatives that we have to drive market share. We feel pretty good about some of the bargain share gains and the different services that we have had. And I feel like it is the right strategy to continue to try to take market share.

當我談論這一點時，我們必須透過投資銷售和客戶管理計劃來提高市場份額。我們對一些便宜的份額收益和我們所擁有的不同服務感到非常滿意。我覺得繼續嘗試佔領市場佔有率是正確的策略。

It is challenging to grind out small earnings increases while we are having this sort of margin compression. But we feel like it is the right thing to do to continue to position the business for the long term and build on those relationships that we have.

在我們面臨這種利潤壓縮的情況下，實現小幅獲利成長是一項挑戰。但我們認為繼續對業務進行長期定位並建立在我們現有的關係基礎上是正確的做法。

We are hiring people and investing more in training than we have at any point in our history. We are expanding our service offerings and integrating our services and transforming the business to where customers want more services to help them manage their supply chain more holistically. We are emphasizing heavily our pricing and profitability disciplines. While we are aggressively going after market share, we have the best receivable aging metrics we have had in a long time. Our operating income as a percent of net revenue is at new highs.

我們正在招募人員並在培訓方面投入比歷史上任何時候都多的資金。我們正在擴大我們的服務範圍，整合我們的服務，並將業務轉型為客戶需要更多服務的地方，以幫助他們更全面地管理供應鏈。我們非常強調我們的定價和獲利能力紀律。雖然我們積極追求市場份額，但我們擁有長期以來最好的應收帳款帳齡指標。我們的營業收入佔淨收入的百分比創下新高。

So we feel very good that we are continuing to have a good discipline around going after market share, but making sure that it is profitable growth. And as we have reminded you on several calls in the past, while margin percentage matters a lot, ultimately the productivity and the efficiency and the automation that is in the freight can result in operating income that is equally good on less margin freight if it is more efficient business. So when we go through periods of margin compression like this it really does drive us to invest in technology and productivity and different processes that we think will continue to benefit us for the long run. So we are spending more on technology this year than we have at any point in our past and we are very focused on monitoring the turnover and people and productivity initiatives to make sure that our workforce stays motivated and stays focused on evolving with the customers in the marketplace.

因此，我們感覺非常好，我們將繼續在追求市場份額方面保持良好的紀律，但同時確保獲利成長。正如我們過去在幾次電話中提醒您的那樣，雖然保證金百分比很重要，但最終，貨運中的生產率、效率和自動化可以帶來與利潤率較低的貨運同樣好的營業收入，如果更有效率的業務。因此，當我們經歷這樣的利潤壓縮時期時，它確實促使我們投資於技術和生產力以及我們認為從長遠來看將繼續使我們受益的不同流程。因此，今年我們在技術上的支出比過去任何時候都多，我們非常注重監控營業額、人員和生產力計劃，以確保我們的員工保持積極性，並專注於與客戶一起發展。市場。

So as I said earlier I would summarize our attitude by grinding out small earnings increases while our margins are compressing, hoping for stabilization or relief at some point in the future market cycle and making all the investments that we think are good long-term choices to help us grow our business and be successful even if we don't get that margin help.

因此，正如我之前所說，我會總結我們的態度，在我們的利潤率不斷壓縮的同時，我們會堅持小幅盈利增長，希望在未來市場週期的某個時刻實現穩定或緩解，並進行我們認為是良好長期選擇的所有投資。即使我們沒有獲得利潤幫助，也可以幫助我們發展業務並取得成功。

Those are the end of the prepared comments and with that we will open it up for questions.

這些是準備好的評論的結尾，我們將開放提問。

(Operator Instructions). William Greene, Morgan Stanley.

（操作員說明）。威廉‧格林，摩根士丹利。

John, you had a good synopsis there right at the end that makes a lot of sense with a lot of strategic initiatives you are trying to put in place. One question that comes up though a lot when I have discussions on the name, though, is what can Robinson specifically due to change the growth trajectory now? Right, so I understand that you are making investments and that sets you up for a better outcome later when the macro gets better, but it sounds like every time it comes back to okay but the macro if it doesn't improve there is not much we can do.

約翰，你在最後有一個很好的概要，這對於你試圖實施的許多策略舉措來說非常有意義。不過，當我討論這個名字時，經常出現的一個問題是，羅賓遜現在能具體因什麼而改變成長軌跡呢？是的，所以我知道你正在進行投資，這會讓你在宏觀經濟好轉時獲得更好的結果，但聽起來每次都會恢復正常，但如果宏觀經濟沒有改善，那就沒有太大作用我們可以做的。

But I'm not sure that is what you are trying to say. Do you have any thoughts on that if it can be done outside of macro?

但我不確定這就是你想說的。如果可以在巨集之外完成，您對此有什麼想法嗎？

I think there are some short-term things that we could possibly do to improve our short-term earnings, but I don't know that that would be the right thing to do for the long term. You can always be more aggressive on pricing at the risk of the relationship or we probably could do some cost-cutting or some other things that would improve our short-term earnings, but I really do think we are staying pretty focused on the long-term investments and while we are spending more on people and spending more on technology and making investments in containers and a lot of these things, we are opening offices in Europe despite all of the economic uncertainty because we continue to believe that there is a really good long-term opportunity for us there.

我認為我們可以採取一些短期措施來提高短期收益，但我不知道從長遠來看這是否是正確的做法。你總是可以在定價上採取更積極的態度，冒著關係的風險，或者我們可能可以採取一些削減成本或其他一些措施來提高我們的短期收益，但我確實認為我們仍然非常關注長期 -定期投資，雖然我們在人員和技術上投入更多，並在集裝箱和許多其他方面進行投資，但儘管存在經濟不確定性，我們仍在歐洲開設辦事處，因為我們仍然相信，有一個非常好的機會在那裡對我們來說是長期的機會。

We are also looking at acquisitions and other things that maybe could help us grow a little bit faster in the shorter term like the Timco acquisition did on the sourcing piece of it. So it is not that we are not trying to improve it in the short term, but we clearly have a bias towards the longer term approach.

我們還在考慮收購和其他事情，這些事情也許可以幫助我們在短期內更快地發展，就像 Timco 收購在採購方面所做的那樣。因此，並不是我們沒有嘗試在短期內改進它，而是我們顯然偏向長期方法。

Okay. That's fair. You mentioned the investment in automation. And if I remember correctly, and you can correct me if number is wrong, but I thought about 5% of your loads are tendered and matched electronically. Is there a step function we could get? Could you see this number be 15, 20, 25% or so of loads tendered electronically such that we could have a whole step function change in the way we perceive operating margins?

好的。這還算公平。您提到了對自動化的投資。如果我沒記錯的話，如果數字錯誤，你可以糾正我，但我認為大約 5% 的貨物是透過電子方式投標和匹配的。我們可以得到階躍函數嗎？你能看到這個數字是電子招標負載的 15%、20%、25% 左右嗎？這樣我們就可以在我們感知營運利潤的方式上進行一個整體的函數改變？

I'm having trouble remembering what step that was that's 5%. Because I think our electronic tender of load tendering in from the customers is probably closer to 30%.

我很難記住 5% 是哪一步。因為我認為我們的電子招標中來自客戶的負載招標可能接近30%。

Yes I thought it was a match, the electronic match, but maybe I have got that number off.

是的，我以為這是一場比賽，電子比賽，但也許我已經得到了那個數字。

The 5% is we have some pre-existing in a very limited amount of our capacity when we commit to certain programs that the customer will go off contractually hire those carriers as well. That type of relationship will probably continue to grow but it's got a pretty limited application today of where it makes sense.

5% 是指當我們承諾執行某些計劃時，我們的容量非常有限，客戶也將按照合約僱用這些運營商。這種類型的關係可能​​會繼續發展，但如今它的應用範圍相當有限。

But when you look at things like our LTL automation, a lot of those transactions end up being no touch because we have each carriers, each common carriers' rates in our system and we automatically pick the rates that will meet the service requirement of the customer. So we have been making many different technology enhancements to LTL, to truckload to try to integrate with more of those customers, try and integrate with our carriers. In addition to the prepurchase capacity we also have grown where with some of our carrier -- truckload carriers that we can tender them a load offer electronically and they can respond electronically.

但是，當您查看像我們的LTL 自動化這樣的東西時，許多交易最終都是無接觸的，因為我們的系統中有每個承運商、每個公共承運商的費率，我們會自動選擇滿足客戶服務要求的費率。因此，我們一直在對零擔、整車運輸進行許多不同的技術增強，試圖與更多的客戶整合，嘗試與我們的承運商整合。除了預購能力之外，我們還與我們的一些承運商（卡車承運商）一起發展，我們可以向他們提供電子裝載報價，他們可以以電子方式回應。

I am not quite sure what that percentage is. So there's many different productivity initiatives driven by technology. And a lot of them are electronic interfaced EDI and other electronic communication methods but I don't have any real new stats to give you.

我不太確定這個百分比是多少。因此，科技驅動了許多不同的生產力計劃。其中很多是電子介面 EDI 和其他電子通訊方法，但我沒有任何真正的新統計數據可以提供給您。

Yes. But I guess it still comes back to the kind of margin improvement that you have seen over the last 10 years. It is going to be difficult to repeat that even with these productivity initiatives.

是的。但我想它仍然會回到過去 10 年中看到的那種利潤率改善的狀態。即使採取了這些生產力舉措，也很難重複這一點。

Yes, we are pretty consistent about things. We went from under 30 to over 40. We are not going to say that type of expansion -- or we can't see it today at least where that type of the expansion would be possible in the future. But as we've mentioned in some previous calls, yes, we could get up into the mid-40s. But and maybe even higher if we didn't care about growth. This business is constantly balancing growth and efficiency.

是的，我們在事情上非常一致。我們從30歲以下變成了40歲以上。我們不會說這種類型的擴張——或者我們今天看不到這種類型的擴張，至少在未來可能會出現這種類型的擴張。但正如我們在之前的一些電話中提到的，是的，我們可以到 40 多歲。但如果我們不關心成長的話，可能會更高。該業務不斷平衡成長和效率。

Yes. That makes a lot of sense. Thank you for the time. Appreciate it.

是的。這很有意義。謝謝你的時間。欣賞它。

Justin Yagerman, Deutsche Bank.

賈斯汀‧雅格曼，德意志銀行。

Good afternoon. John, you mentioned that you -- this is a;ready a longer period of margin compression than you would have expected and given experience in past cycles. So I guess with double-digit volume growth not translating to similar types of net revenue, at what point do you actually say, okay, maybe this is the systemic environment from a capacity standpoint where I am not getting the leverage that I need and I have got to reevaluate the volume versus the price dynamic that we are pushing with our workforce?

午安.約翰，你提到，你準備好比你預期的更長的利潤壓縮期，並考慮到過去週期的經驗。因此，我想，兩位數的銷售成長並不能轉化為類似類型的淨收入，您實際上在什麼時候會說，好吧，從產能的角度來看，也許這就是系統環境，我沒有獲得我所需的槓桿作用，而且我是否必須重新評估我們與員工一起推動的數量與價格動態？

I would like to think we are doing that every day when we look at those account management strategies that I emphasized and when I talked about sort of systemic margin compression, that margin compression really is across all the freight, the existing freight, the new freight. So we are very comfortable that this 10% volume increase that we got came at comparable margins to the core business that we had before and there is even a fair amount of churn within that core business through rebidding and different transportation cycles.

我想，當我們查看我強調的那些帳戶管理策略時，當我談到某種系統性利潤壓縮時，我們每天都在這樣做，這種利潤壓縮確實涉及所有貨運，現有貨運，新貨運。因此，我們感到非常滿意的是，我們獲得的 10% 的銷售成長與我們之前的核心業務的利潤率相當，而且透過重新投標和不同的運輸週期，核心業務中甚至存在相當多的流失。

So, the way we think about the business and the profitability and the elasticity of pricing is looking at account-based profitability around the total margin and the total workload that managing that freight entailed and the labor and cost that we have associated with it. And that is a very fluid perpetual process that we are adjusting literally daily around pushing back on our customers if we need more automation and more help to be able to keep that freight profitable. So we are doing that every day.

因此，我們考慮業務、盈利能力和定價彈性的方式是圍繞總利潤和管理貨運所需的總工作量以及與之相關的勞動力和成本來考慮基於帳戶的盈利能力。這是一個非常流暢的永久流程，如果我們需要更多的自動化和更多的幫助來保持貨運盈利，我們每天都會圍繞這個流程進行調整，以阻止我們的客戶。所以我們每天都在做這件事。

Yes, if I think about it in terms of my business if I have a trader who is taking losses in dealing with customers, they will get stopped out at a certain point. Are you micromanaging it to that point on a regional basis where, if the customer is running you over too many times, do you start pushing back in a very big way?

是的，如果我從我的業務角度考慮，如果我有一個交易者在與客戶打交道時遭受損失，他們就會在某個時候被止損。您是否在區域層級進行微觀管理，如果客戶多次催促您，您是否會開始大力反擊？

Absolutely. And as we have talked before, every single day we lose money on some of the loads that we move, but some of them are growth investments, some of them are bundled freight commitments with other good freight and every office, every zone, every manager is continually looking at the profitability of the freight and trying to reprice or decline freight where they have to, honor commitments where we have made. It is a very fluid perpetual thing. And we are not losing on a significantly higher percentage of the loads today than several years ago. It is compression across the board based on the macro environment.

絕對地。正如我們之前所說，每天我們都會在運輸的一些貨物上虧損，但其中一些是增長投資，其中一些是與其他優質貨運以及每個辦公室、每個區域、每個經理捆綁在一起的貨運承諾我們持續關注貨運的獲利能力，並在必要時嘗試重新定價或降低貨運，履行我們所做的承諾。這是一個非常流動、永恆的事。今天我們損失的負載比例並沒有比幾年前高很多。是基於宏觀環境的全面壓縮。

But we feel like our day-to-day account management and pricing disciplines are very consistent and very reliable like they have been in the past. It is just that the market has not given us the same spread that we have had in other periods.

但我們覺得我們的日常帳戶管理和定價規則與過去一樣非常一致且非常可靠。只是市場沒有提供我們與其他時期相同的價差。

Is it that the market is just moving away that much faster and you guys aren't reacting fast enough? And then I guess in terms of midseason as we go into the back half of the year is it maybe just a contractual issue and we are about to get some relief as July 1 brings new pricing across the board with many of your contractual customers?

是不是市場的變化速度太快而你們的反應不夠快？然後我想，就季中而言，當我們進入今年下半年時，這可能只是一個合約問題，隨著 7 月 1 日為許多合約客戶帶來全面的新定價，我們將得到一些緩解？

No, I know I think our results are very consistent with every other industry data point we have seen in that the carrier base especially that we rely very heavily on, the medium and small carriers, continue to feel a lot of economic pressure. There is a lot of churn, there's no new -- not much new capacity coming into the marketplace and they are very aggressive looking for price increases because it is still a challenging economic environment for them with a fairly balanced freight environment.

不，我知道我認為我們的結果與我們看到的所有其他行業數據點非常一致，因為我們非常依賴的運營商基礎，特別是中小型運營商，繼續感受到很大的經濟壓力。有許多流失，沒有新的運能進入市場，他們非常積極地尋求價格上漲，因為對他們來說，在貨運環境相當平衡的情況下，這仍然是一個充滿挑戰的經濟環境。

Shippers, on the other hand, are dealing with all of the economic uncertainty and looking for cost savings ideas and the supply chain as aggressively as possible and, really, one of the things that we have discussed a lot the last couple of quarters is that I think traditionally a lot of the easy market share gains and high-margin freight for the third-party providers like ourselves comes from the growth in the freight. And the unplanned and surge and seasonal freight that is difficult for a shipper to manage and in this environment there hasn't been a lot of that.

另一方面，托運人正在應對所有的經濟不確定性，並儘可能積極地尋找節省成本的想法和供應鏈，實際上，我們在過去幾個季度討論過的事情之一是我認為傳統上像我們這樣的第三方供應商的許多輕鬆的市佔率成長和高利潤運費都來自於運費的成長。托運人很難管理計劃外、激增和季節性貨運，在這種環境下，這種情況並不多。

So the market share has come more out of the existing customer relationships and making you more aggressive price commitments like keeping rates flat to retain or increase your volume when you know you are going to have a couple of percent increases on the supply side. It's a very typical example of the types of market pressure and squeeze that we are under today. And yet we know that through more automation that we can be very profitable on that freight and, as market conditions change, hopefully see some margin expansion or improvement as we go forward.

因此，市場份額更多來自現有的客戶關係，並使您做出更積極的價格承諾，例如當您知道供應方面將增加幾個百分點時，保持費率不變以保留或增加您的銷售量。這是我們今天所面臨的市場壓力和擠壓類型的一個非常典型的例子。然而我們知道，透過更多的自動化，我們可以在貨運上獲得非常豐厚的利潤，並且隨著市場條件的變化，希望在我們前進的過程中看到一些利潤率的擴大或改善。

All right, well, that is really helpful color. Thanks for much for the time.

好吧，這確實是一種很有幫助的顏色。非常感謝您抽出時間。

Thank you.

謝謝。

Thom Albrecht, BB&T.

湯姆·阿爾布雷希特，BB&T。

Good afternoon, everyone. Chad, I wanted to get two things. What was the amount of the doubtful account collection and did you have any lower bonus cash accruals? I know you mentioned the stock base and then I have a bigger picture question.

大家下午好。查德，我想要兩件事。可疑帳戶收款金額是多少？您的獎金現金應計額是否較低？我知道你提到了股票基礎，然後我有一個更大的問題。

Okay. The specific collection of the specific reserve we talked about last quarter we collected about a third of that which was $600,000. The total bad debt expense for the quarter was actually a negative $1.3 million. The rest of that positive variance came from the improvement of the quality of both the customers in our portfolio on an overall basis as well as an improvement of the aging in the older bucket where we apply a higher percentage of reserve requirements to the dollars that are outstanding.

好的。我們上個季度談到的特定準備金的具體徵收，我們徵收了大約三分之一，即 60 萬美元。該季度的壞帳支出總額實際上為負 130 萬美元。其餘的正面差異來自於我們投資組合中客戶整體品質的提高，以及舊桶老化的改善，其中我們對美元應用了更高百分比的準備金要求。傑出的。

So we had a couple of significant customers that had improved ratings both from DMB and some of the credit rating services. So we drove them to the higher quality percentages of reserves as well as things just getting better and collected quicker in those older buckets of receivables.

因此，我們有一些重要客戶的 DMB 和一些信用評級服務的評級都提高了。因此，我們推動他們獲得更高品質的準備金百分比，並且在那些較舊的應收帳款中情況變得更好並更快地收集。

And about the --

還有關於——

On the cash bonuses, our core bonus program is based on a percentage of earnings of a branch. So some people's cash bonuses went down and some people's have gone up depending on the adjustments to their bonus contracts whether they got more or less point. And then how well is their branch performing compared to a year ago.

在現金獎金方面，我們的核心獎金計畫是基於分支機構收入的一定百分比。因此，有些人的現金獎金下降了，有些人的現金獎金上升了，這取決於他們的獎金合約的調整，無論他們得到的分數是多還是少。與一年前相比，他們的分支機構的表現如何。

Within these specific incentive-based programs that we talked about that are based on growth in earnings, there's both the restricted stock program and there is also a -- what we call the growth pool. So if a branch grows above -- the general rule is, if a branch grows above 20% there's an incremental bonus that kicks in. There's far fewer branches that are reaching that additional cash bonus program that we call the growth pool internally.

在我們討論的這些基於收益成長的具體激勵計劃中，既有限制性股票計劃，也有我們所說的增長池。因此，如果一個分支增長超過 20%，一般規則是，如果一個分支增長超過 20%，就會獲得增量獎金。能夠達到我們內部稱之為增長池的額外現金獎勵計劃的分支機構要少得多。

Okay. That's helpful. And then, the bigger picture question was so by year-end the intermodal container fleet will be about 1,000 units. Do you foresee a situation where you are going to need to have this buildout over the next two or three years, to perhaps 4,000 or 5,000 containers. I think any time we hear of a company adding containers, we wonder if you only have density on day one when you buy them and then you need several thousand to consistently have density in the railyards across the country.

好的。這很有幫助。然後，更大的問題是，到年底，聯運貨櫃船隊將達到約 1,000 輛。您是否預見到在未來兩三年內需要擴建至 4,000 或 5,000 個貨櫃的情況？我想，每當我們聽說一家公司增加貨櫃時，我們都會想知道，您是否只在購買貨櫃的第一天就有密度，然後您需要數千個貨櫃才能在全國各地的鐵路站保持一致的密度。

So as you look out will you be able to profitably run this business or are you going to need to have a big ramp of several thousand containers?

那麼，當您觀察時，您是否能夠盈利地經營這項業務，或者您需要擁有數千個集裝箱的大型坡道？

I think we have talked about this before but the equipment that we have in place today is all committed to the BNSF and because that fleet today is much more concentrated in fewer lanes in one region of the country, we feel very good about having the density and the execution to be successful with it. The commitment that we have made to date on containers is focused lanes with committed customers where we can be more successful in managing those relationships. We will expand it if we can continue to gain customer commitments that we can match with it. But one of the things that we have said thus far in our intermodal growth is that we want to try to preserve that container component as a smaller percentage of our capacity needs do that we can match it with customers and not have that be the driver of our growth.

我想我們之前已經討論過這一點，但我們今天擁有的設備全部致力於 BNSF，並且由於今天的車隊更加集中在該國某個地區的較少車道上，因此我們對擁有密度感到非常滿意以及成功的執行。到目前為止，我們在容器方面所做的承諾是專注於忠誠的客戶，這樣我們就可以更成功地管理這些關係。如果我們能夠繼續獲得與之相匹配的客戶承諾，我們將擴大它。但到目前為止，我們在多式聯運成長中所說的一件事是，我們希望盡量保留貨櫃組件，因為我們的運力需求只佔較小的比例，這樣我們就可以將其與客戶相匹配，而不是讓它成為我們的驅動力。我們的成長。

So we are not anticipating any time soon getting to the size fleet where our container purchases or equipment are what is driving our growth and enabling increased capacity. We really want to grow it more selectively in certain lines and match it to customer-specific commitments. And then, use the pooled equipment to grow our business and to manage the fluctuations in the volume.

因此，我們預計不會很快達到規模船隊的規模，我們的貨櫃採購或設備將推動我們的成長並提高運力。我們確實希望在某些產品線中更有選擇性地發展它，並將其與客戶特定的承諾相匹配。然後，使用共用設備來發展我們的業務並管理數量的波動。

Very helpful. Thank you for that explanation.

很有幫助。謝謝你的解釋。

Tom Wadewitz, J.P. Morgan.

湯姆·瓦德維茨，摩根大通。

Good afternoon. Wanted to ask you a bit about the compensation trends and just try to figure out how much they can fall. I guess if I look at the -- you drive compensation incentive comp by the pace of growth you had fairly slow earnings growth in the quarter. What would you if you stayed at that pace for a couple more quarters, would you see in absolute terms that that personnel expense would fall further? I guess it fell about 3.5% second quarter versus first. Or are you actually kind of close to what would be a threshold level payout that wouldn't fall any further?

午安.我想向您詢問一些有關薪酬趨勢的問題，並嘗試弄清楚薪酬可能會下降多少。我想，如果我看一下——你按照成長速度推動薪酬激勵補償，那麼本季的獲利成長相當緩慢。如果您再保持這個速度幾個季度，您會看到人員費用的絕對值會進一步下降嗎？我估計第二季比第一季下降了約 3.5%。或者您實際上是否已經接近不會進一步下降的支付門檻水準？

I am thinking about all the different compensation programs that are out there. But if our growth rate stayed relatively consistent with where it is today and our head count stayed relatively consistent with where it is today, I would say that this quarter would be -- that the third quarter could be similar to the second quarter.

我正在考慮現有的所有不同的薪酬計劃。但如果我們的成長率與今天的水平保持相對一致，並且我們的員工數量與今天的水平保持相對一致，我想說這個季度將會是——第三季度可能與第二季度相似。

Okay. So you would -- if you had 5% earnings growth in third quarter similar to what you had in the second quarter and you didn't change head count, your comp in benefit would be stable. You wouldn't see incentive fall further?

好的。所以你會——如果你第三季度的盈利增長與第二季度相似，並且你沒有改變員工人數，你的收益將保持穩定，並且你的收入增長了 5%。您不會看到激勵進一步下降嗎？

It varies a lot. It would depend on how we got to that consistent revenue growth or consistent earnings growth depending on which branch this grew by how much and which business line grew by how much. Because there are different varying levels and incentives branch by branch.

變化很大。這將取決於我們如何實現持續的收入成長或持續的獲利成長，這取決於哪個分支成長了多少以及哪個業務線成長了多少。因為各部門都有不同的等級和激勵措施。

Right. Yes, I know, trying to frame a complex thing into a simple I guess a simple framework which maybe is tough to do.

正確的。是的，我知道，試圖將一個複雜的事物建構成一個簡單的框架，我想這可能很難做到。

We just have so many different programs out there -- and that react differently. But -- the broader compensation framework is designed to try to keep personnel expense as a consistent percentage of net revenue. It is really on an annual basis where a lot of the bonus pools and equity vesting and different things are calculated annually. So from a year-to-year basis it is easier to make some assumptions about what personnel would do under different circumstances. But from quarter to quarter it is challenging because if the growth rate is accelerating or decelerating the accruals might be doing the same and it gets tougher to compare to it.

我們有太多不同的程序，而且它們的反應也不同。但是，更廣泛的薪酬框架旨在努力使人員費用佔淨收入的比例保持一致。實際上是按年度計算的，每年都會計算很多獎金池和股權歸屬以及不同的事情。因此，從每年的情況來看，更容易對人員在不同情況下會做什麼做出一些假設。但從一個季度到另一個季度，這都具有挑戰性，因為如果成長率加速或減速，應計費用可能會發生相同的變化，並且與之比較變得更加困難。

Right. Okay. Then a second question it seems like there are some -- it would appear to be some competitive pressures with more private carriers and then some of the asset-based carriers doing brokerage. I know that is not a new thing this quarter, but it seems like that has been developing, I don't know, past couple of years I suppose. Do you think that shippers have maybe figured out a way to take advantage of that and put more of the pricing risk, manage their rates a bit better and put more of the capacity constraints and pricing risk on the broker. It just seems like the dynamic has kind of changed and so you see this volume growth but you just see an unusual rate pressure situation.

正確的。好的。第二個問題似乎是存在一些 - 這似乎是與更多私人運營商以及一些從事經紀業務的基於資產的運營商之間的競爭壓力。我知道這在本季並不是什麼新鮮事，但我不知道，我想這似乎是在過去幾年裡一直在發展的。您是否認為托運人可能已經找到了一種方法來利用這一點，並承擔更多的定價風險，更好地管理他們的費率，並將更多的容量限制和定價風險交給經紀人。看起來動態已經發生了一些變化，所以你看到了交易量的增長，但你只是看到了不尋常的利率壓力情況。

Do you think that might be the case and you think that type of dynamic might continue just related to more competition brokerage?

您是否認為情況可能如此，並且您認為這種動態可能會持續下去，只是與更多競爭經紀業務有關？

I think there's a lot of interrelated dynamics including the one that you just described and it is really difficult to quantify or assess what impact any of them as having. The big theme that I tried to talk about in the prepared comments is just sort of the collective shipper mindset which is probably dangerous to even try to generalize about that. But when you think about willingness to expedite freight or would you wait another day to ship it if you don't like the price or would you make three more phone calls yourself or do you think you got a competitor who is maybe as capable now?

我認為有很多相互關聯的動態，包括您剛才描述的動態，並且很難量化或評估其中任何一個所產生的影響。我在準備好的評論中試圖談論的大主題只是集體托運人的心態，即使試圖對此進行概括也可能是危險的。但是，當您考慮是否願意加快貨運，或者如果您不喜歡這個價格，您是否會再等一天發貨，或者您會自己再打三個電話，還是您認為您現在有一個可能有能力的競爭對手？

You know there's a whole bunch of different reasons why a shipper may or may not accept a rate increase. And competition is one of them.

您知道托運人可能會或可能不會接受費率上漲的原因有很多。競爭就是其中之一。

But for the most part is the cost pressure and how they are running their business. We think probably the lead variable is how they are thinking about service and inventory and expedited charges and whether they will roll the shipment over to the next day or make three more phone calls before they will except the price. And when you get into an extended period of a balanced market with static route guides and shippers who are trying to keep inventories down and really manage costs down, it just kind of tightens everything up to where there is not a lot of unplanned freight or margin opportunity.

但最主要的是成本壓力以及他們的業務運作方式。我們認為，主要變數可能是他們如何考慮服務、庫存和加急費用，以及他們是否會將發貨推遲到第二天，或者在價格之外再打三通電話。當你進入一個長期的平衡市場，有靜態路線指南和托運人試圖降低庫存並真正降低成本時，它只會收緊一切，直到沒有大量計劃外運費或利潤機會。

And then of course, you have got 10,000 plus competitors like there has always been. And when the market tightens up like that, everybody starts looking for share in each other's pocket rather than the growth in the unplanned opportunities. So yes, it feels like it is a lot pricier and more competitive during that part of the market cycle. I am sure there is some real growth or some real changes in the third-party presence in the market as well, too, but when we have been asked about it in the past, our general feeling is there's nothing radically different or nothing revolutionary in it. It is more competitive because there's not as much growth going on and the environment is different and that is what we feel kind of the lead variable in that complex web of factors is -- including the one that you mentioned.

當然，一如既往，你還有 10,000 多名競爭對手。當市場如此收緊時，每個人都開始尋找彼此口袋裡的份額，而不是計劃外機會的成長。所以，是的，在市場週期的這一部分，感覺它的價格更高，更具競爭力。我確信市場上的第三方存在也有一些真正的增長或一些真正的變化，但是當我們過去被問到這個問題時，我們的總體感覺是沒有什麼根本不同或沒有任何革命性的東西。它。它更具競爭力，因為沒有那麼多的成長，而且環境不同，這就是我們認為複雜因素網路中的主要變數——包括你提到的那個。

Right. Okay. Thank you for the time. I appreciate the insights.

正確的。好的。謝謝你的時間。我很欣賞這些見解。

Nate Brochmann, William Blair & Company.

內特·布羅赫曼，威廉·布萊爾公司。

Good evening. Wanted to talk along those lines of market share gains, John, in terms of, obviously your volume numbers have picked up pretty nicely and definitely evidence of some market share pick-up there. Is that coming from a couple of large wins, things that you have been working on for a while or have you seen any increase in any spot activity? Or like you said is it more just kind of maybe going down the channel and grinding it out a little bit harder than maybe you had been?

晚安.約翰，想沿著這些市佔率成長的思路來談談，顯然你們的銷售數字已經相當不錯地上升，絕對是市佔率上升的證據。這是來自幾項重大勝利，還是您已經努力了一段時間的事情，或者您是否看到任何現場活動增加？或者就像你說的，這是否比你以前更努力地沿著通道走下去並磨練它？

We have seen for the last year or so slightly higher growth rates in our top 1,000 or top 2,000 customers which are generally the larger companies and generally are larger customers. And we hope and think that's part of this expanding relationship and continued trust and reliance on our model and our service levels and all that. So we are growing and taking share a little bit disproportionate to the larger more committed accounts and, as I have talked on past calls, in general that comes with a longer term, more committed pricing relationship as well too, which gives us a little bit less short-term repricing capabilities. But the growth of the share has come across the board and there has been a lot of new customer activity and we do have more sales people than ever just looking for accounts of all shapes and sizes.

去年左右，我們發現我們的前 1,000 名或前 2,000 名客戶的成長率略高，這些客戶通常是較大的公司，而且通常是較大的客戶。我們希望並認為這是這種不斷擴大的關係以及對我們的模式和服務水平等的持續信任和依賴的一部分。因此，我們的成長和份額與更大、更忠誠的客戶有點不成比例，正如我在過去的電話中談到的那樣，一般來說，這也伴隨著更長期、更忠誠的定價關係，這給了我們一點短期重新定價能力較低。但份額的成長是全面性的，並且出現了許多新的客戶活動，而且我們確實有比以往更多的銷售人員，只是在尋找各種形狀和規模的客戶。

And just real quick with that. In those longer-term committed relationships are you extending past the typical one-year timeframe that you historically had done?

真的很快。在那些長期忠誠的關係中，您是否已經超越了您過去所做的典型的一年時間範圍？

No.

不。

Okay. And my second question was seeing the nice growth in the logistics business, can you kind of remind us again --? I mean, I know a lot of that is just pure fee-based in terms of the consulting arrangements. But is that able to drive some additional revenue back to the core truckload business of other pieces of the business?

好的。我的第二個問題是看到物流業務的良好成長，您能否再次提醒我們—？我的意思是，我知道其中很多只是純粹基於諮詢安排的收費。但這是否能夠為其他業務的核心整車業務帶來一些額外收入？

We believe it does; so the largest single source of fee-based income in our management services is the transportation management fees where shippers are paying us in essence technology fees or fees for the utilization of our system to help manage their freight. It is a separate relationship, separate pricing, separate contracting. But when we have a relationship like that with a shipper and are able to seat their entire transportation data better and consult with them on supply-chain savings or other return on investment type programs, we can oftentimes give more exposure to our transportation capabilities and participate in a bid in a more efficient way and be there to help them solve any transportation needs in a more automated or efficient way.

我們相信確實如此；因此，我們管理服務中收費收入的最大單一來源是運輸管理費，托運人向我們支付實質上的技術費或使用我們的系統來幫助管理其貨運的費用。這是一種單獨的關係、單獨的定價、單獨的合約。但是，當我們與托運人建立了這樣的關係，並且能夠更好地掌握他們的整個運輸數據並就供應鏈節省或其他投資回報類型計劃與他們進行協商時，我們通常可以更多地了解我們的運輸能力並參與以更有效率的方式出價，並以更自動化或更有效率的方式幫助他們解決任何運輸需求。

So, with those customers where we have those management relationships our underlying freight activity can expand or contract and we see some of each. But in aggregate, we feel like it is a net plus and that our freight relationships have grown better where we have a broader integrated relationship with the customer.

因此，對於那些與我們有管理關係的客戶，我們的基礎貨運活動可以擴大或收縮，我們看到了其中的一些。但總的來說，我們覺得這是一個淨增值，而且我們與客戶建立了更廣泛的綜合關係，我們的貨運關係也得到了更好的發展。

Great. Thank you very much. Appreciate that.

偉大的。非常感謝。感謝。

Ken Hoexter, Bank of America.

肯‧霍克斯特，美國銀行。

Good afternoon. Just a follow up there, are -- do I understand you are locking in the pricing so should we not expect a re-expansion on that net revenue growth from the -- or net revenue margin from that for 14%, 15% range back to the 16% range? Just understanding if you are locking in those longer term rates?

午安.只是一個後續行動，我是否理解你們正在鎖定定價，所以我們是否應該期望淨收入增長從——或淨收入利潤率重新擴大到 14%、15% 的範圍？到16%的範圍？只是了解您是否鎖定了這些長期利率？

I think in more pure transactional business where it's the customer is tendering the loads daily or there's not a longer term commitment, we can adjust to the market conditions daily or whenever we see appropriate. With a lot of the larger account it flows more on an annual bid cycle every time it comes up. We can reassess the pricing and we hope that longer term our margins can improve or increase over time. But that is typically more a three-months, six-months, at some point in the future where there is the opportunity to address the customer pricing on more of the freight that with those larger customers. So the lag time and the delays in repricing to the customer are different than with more transactional freight.

我認為，在更純粹的交易業務中，客戶每天都會招標，或者沒有長期承諾，我們可以每天或在我們認為合適的時候根據市場狀況進行調整。對於許多較大的帳戶來說，每次出現時，每年投標週期的流量都會更多。我們可以重新評估定價，我們希望從長遠來看，我們的利潤率能夠隨著時間的推移而改善或增加。但這通常是三個月、六個月，在未來的某個時候，有機會解決與那些大客戶相比更多貨運的客戶定價問題。因此，向客戶重新定價的延遲時間和延遲與交易性貨運不同。

So locking in business in hopes of when the market rolls you have a chance to reprice it?

那麼鎖定業務，希望當市場滾動時，您有機會重新定價嗎？

Yes. Building the relationship and improving our connectivity with them, taking market share with that customer, helping them in a more holistic way and then as market conditions change, hopefully our margins can normalize as well.

是的。建立關係並改善我們與他們的聯繫，獲得該客戶的市場份額，以更全面的方式幫助他們，然後隨著市場條件的變化，希望我們的利潤率也能正常化。

So to that point you mentioned what has gone on in July that the volume is up 11% but net revenues 1.5%. Can you flesh that out a little bit? What are you seeing in the dynamics there? What are you -- I'm sorry -- and then kind of what we should see, I guess, in a decelerating economy and you're accelerating that share because of those large customer relationships. How should we look at that split with the volumes up, but the net revenues declining.

到目前為止，您提到了 7 月份的情況，銷量增長了 11%，但淨收入增長了 1.5%。能具體說明一下嗎？您在動態中看到了什麼？你是什​​麼——我很抱歉——然後，我想，在經濟減速的情況下，我們應該看到什麼，而由於這些龐大的客戶關係，你正在加速這一份額。我們應該如何看待銷量上升但淨收入下降的情況。

So, the data points midmonth are always a little fluid. I would say that the general message in our July disclosure is that not a lot has changed. Really if you look at the volume growth and the margins, we have got a little bit more difficult comparison. We have one fewer business days, but that in general we are having significant market share and volume gains, but it is coming at the -- with margin compression. Where it goes from here it really depends upon what happens starting tomorrow with the collective pricing decisions and psyche of 50,000 carriers and 35,000 shippers and how they respond to economic growth and freight demand and what happens tomorrow.

因此，月中的數據點總是有點不穩定。我想說的是，我們 7 月披露的整體資訊是，變化不大。事實上，如果你看看銷量成長和利潤率，我們會發現比較起來有點困難。我們的工作日減少了，但總的來說，我們的市場份額和銷量都在大幅增長，但隨著利潤率的壓縮，這一點即將到來。接下來的走向實際上取決於從明天開始會發生什麼，以及 50,000 家承運商和 35,000 家托運人的集體定價決策和心態，以及他們如何應對經濟成長和貨運需求以及明天會發生什麼。

But, Chad, to that point are you saying that accelerate? I just want to understand what message you are sending with giving that to date in July. I know you have done it in the past, but are we seeing that compression accelerate from where you were last quarter?

但是，查德，到目前為止，您是在說加速嗎？我只是想了解您在 7 月發布的消息傳遞了什麼訊息。我知道您過去曾經這樣做過，但我們是否看到壓縮速度比上個季度有所加快？

No, not necessarily. Last quarter when we gave the stats I think volume was up 10 and net revenue up 1. So yes there is a slight acceleration of that, but it's not -- it is really more of the continuation of the same where our carrier prices are rising slightly faster than our prices to our customers.

不，不一定。上個季度，當我們給出統計數據時，我認為銷量增長了10，淨收入增長了1。所以，是的，這一趨勢略有加速，但事實並非如此——這實際上更多的是我們的營運商價格上漲的情況的延續。比我們向客戶提供的價格略快。

And that slight change is probably driven more by comparison differences than any business decisions we have made in the last 23 days.

這種細微的變化可能更多是由比較差異驅動的，而不是我們在過去 23 天內做出的任何業務決策。

I'm sorry, John, can you say it again? Because of what?

對不起，約翰，你能再說一次嗎？因為什麼？

That slight change is likely more driven by comparison changes from July of a year ago versus any business decision we have made in the last 23 days around pricing our margins.

這一微小的變化可能更多是由於與去年 7 月相比的變化與我們在過去 23 天內圍繞利潤定價做出的任何業務決策的比較所致。

Okay so it is not getting more aggressive with the pricing?

好吧，那麼它的定價不會變得更激進嗎？

No.

不。

Matt Troy, Susquehanna.

馬特·特洛伊，薩斯奎哈納。

This is Bascome Majors in for Matt this afternoon. Historically your business models work very well when the TL capacity tightness and service failures start to become commonplace at primary carriers. I know you briefly alluded to this earlier, but I was hoping you could give us a little more detailed color on where the supply demand balance is today versus -- or even how close you have come to this disruptive environment which has paid dividends for you in the past?

這是今天下午馬特的巴斯科姆專業賽。從歷史上看，當 TL 容量緊張和服務失敗開始在主要運營商中變得司空見慣時，您的業務模型就會運作良好。我知道您之前曾簡要提到過這一點，但我希望您能給我們提供更詳細的信息，說明當前的供需平衡情況，甚至您距離這種為您帶來紅利的顛覆性環境有多近在過去？

Based on the service metrics that we have in both our transportation management business and in our core freight services, we still see the market as fairly balanced. There isn't a lot of service failures. There isn't a lot of depth to the route guide would be the most relevant metric that we would talk about where customers who have structured programs for how they tender their freight, how deep are they going in their carrier selections, the vast majority of the time those route guide depths are still less than 1.5 which means the majority of the time the carrier at the top of the route guide is getting the load, based on a balanced market, which is why in our freight services we would continue to try to position ourselves near the top of the route guide commitment. Because that is the best place to be in a balanced market to make sure you are getting access to the freight and moving what you can.

根據我們在運輸管理業務和核心貨運服務的服務指標，我們仍然認為市場相當平衡。服務失敗的情況不多。路線指南沒有太多深度，這將是我們要討論的最相關的指標，這些客戶已經制定瞭如何提供貨運的結構化計劃，他們在承運人選擇方面的深度如何，絕大多數這些路線指南深度仍然小於1.5 的時間，這意味著在平衡市場的基礎上，大多數時候位於路線指南頂部的承運人正在獲得負載，這就是為什麼在我們的貨運服務中我們會繼續嘗試將​​我們自己定位在路線指南承諾的頂端。因為這是平衡市場中最好的地方，以確保您能夠獲得貨運並盡可能地運輸。

There's lot of things that could happen that could change that balance. The continued contraction of supply and the lack of ordering of new equipment will continue to put pressure on that supply side, any kind of economic growth or change on the shipper side or the freight side of it. But it needs -- we feel like there needs to be some sort of more meaningful economic transition on either the demand or the supply side to really change the environment that has been out there for more than a couple of years now.

有很多事情可能會發生，改變這種平衡。供應的持續收縮和新設備訂購的缺乏將繼續給供應方、托運方或貨運方的任何經濟成長或變化帶來壓力。但它需要——我們認為需要在需求或供應方面進行某種更有意義的經濟轉型，以真正改變已經存在了幾年多的環境。

Can you recall a time in the past when you have had a supply-side driven disruption that really drove this type of revenue growth at your business?

您還記得過去一次供應方驅動的中斷真正推動了您的業務的這種類型的收入成長嗎？

Not like this. I think probably the biggest supplies -- the truckers could probably answer better, but from our perspective at least what feels a little bit unique this time is just coming out of that 2009 timeframe with all of the financial crisis. That, since then, the change in leverage, the access to financing, the lack of new equipment orders, the fear of driver shortages, the regulatory pressures on hours of service and the cost increases from emission rules. You put all of that supply-side stuff together and it does feel like we have been talking for several years that the dynamics around how and when new capacity will be added and what cost it will be added at is a little bit unique or maybe fairly unique in terms of this type of the cycle.

不是這樣的。我認為可能是最大的供應——卡車司機可能會更好地回答，但從我們的角度來看，至少這次感覺有點獨特的是 2009 年金融危機的時間框架。從那時起，槓桿率的變化、融資管道的變化、新設備訂單的缺乏、對司機短缺的擔憂、服務時間的監管壓力以及排放規則帶來的成本增加。你把所有供應方的東西放在一起，確實感覺我們已經討論了好幾年了，圍繞如何以及何時增加新產能以及增加成本的動態有點獨特，或者可能相當就此類循環而言是獨一無二的。

Ben Hartford, Robert W. Baird.

本·哈特福德，羅伯特·W·貝爾德。

Good evening. I guess, first, just to summarize what you have been talking about as it relates to some of the productivity gains on a per employee basis, I'm wondering if you can provide some framework to think about transactions for employee over the course of the past three or four, five years' period of time and then frame it kind of thinking about what you think the annual productivity gains on a transaction per employee basis can be over the next similar time period, over the next three to five years?

晚安.我想，首先，只是總結一下您一直在談論的內容，因為它與每個員工的一些生產力提高有關，我想知道您是否可以提供一些框架來考慮員工在整個過程中的交易過去三、四年、五年的時間，然後思考一下您認為在接下來的類似時間段（未來三到五年）中，以每位員工的交易為基礎的年生產力收益會是多少？

Right. We don't have and haven't really disclosed any hard stats on transactions per person and one of the reasons is a transaction is not a transaction. So you look at the different modes of transportation and services that we provide. For instance, somebody can do probably up to five times as many LTL shipments as they can do truckloads. So it is -- it takes a lot of detail and a lot of things that we analyze internally.

正確的。我們沒有也沒有真正披露過任何關於每人交易的硬統計數據，原因之一是交易不是交易。因此，您可以查看我們提供的不同運送方式和服務。例如，某人可以處理的零擔運輸量可能是卡車裝載的五倍。確實如此——這需要大量的細節和我們內部分析的大量內容。

So as far as how many transactions per person are we doing, it really depends on the mode. A lot of the times even within a mode if there can be people who can do 10 truckloads if the -- if it is consistent freight, it is tendered electronically, they have a consistent carrier following or it can take all day to do one load. Hopefully if it takes all day to one load we are making 10 times as much money or net revenue on that load as we are on each of the 10 loads.

因此，就我們每人進行多少筆交易而言，這實際上取決於模式。很多時候，即使在一種模式下，如果有人可以裝 10 輛卡車，如果貨運一致，以電子方式提交，他們有一致的承運人跟踪，或者可能需要一整天的時間才能裝完一車貨物。如果一個負載需要一整天的時間，我們希望在該負載上賺取的收入或淨收入是 10 個負載中每個負載的 10 倍。

So it really gets a lot more complex than that in looking at net revenue or at the transactions per person. We use more net revenue per person and operating income per person and how are we doing on managing those, and then where is the compensation expense as a percentage of net revenue. So when we really look at internal productivity it is far more driven on net revenue per person than it is on transactions per person. And the ultimate measure is really operating income to net revenue when you look at efficiency in our opinion.

因此，它確實比查看淨收入或人均交易要複雜得多。我們使用更多的人均淨收入和人均營業收入，以及我們在管理這些方面做得如何，然後補償費用佔淨收入的百分比是多少。因此，當我們真正審視內部生產力時，人均淨收入的驅動力遠大於人均交易量的驅動力。我們認為，當你考慮效率時，最終的衡量標準其實是營業收入與淨收入之比。

That's fair. And, John, earlier you had talked about you had mentioned Europe as an opportunity. I know that you have got some new leadership over there. You opened an office recently. Are we in front of an accelerated period of expansion or opportunity in that market? Or is this just a natural evolution developing your service offerings over in that region?

這還算公平。而且，約翰，您之前曾提到歐洲是一個機會。我知道你們那裡有了一些新的領導階層。您最近開設了一家辦事處。我們是否正面臨該市場的加速擴張期或機會？或者這只是您在該地區開發服務產品的自然演變？

We have been offering truckload services in Europe for about 20 years and the growth rate has slowed more recently because of some of the economic strain and slower environment there. But we did just recently relocate one of our executives to Amsterdam to help really lead a greater pace of investments and growth. We are going to open offices a little bit more aggressively and we feel like again over the next 10 or 20 years that there is a really good opportunity to replicate our surface transportation offerings and really grow that business, disproportionate to what is happening in the market.

我們在歐洲提供卡車裝載服務已有大約 20 年的歷史，但由於那裡的經濟壓力和環境放緩，最近增長率有所放緩。但我們最近才將一位高階主管調往阿姆斯特丹，以幫助真正加快投資和成長步伐。我們將更加積極地開設辦事處，我們再次感到，在未來 10 或 20 年裡，有一個非常好的機會來複製我們的地面交通產品並真正發展該業務，這與市場上正在發生的情況不成比例。

That is another example of where we are taking a pretty long-term approach towards it. It is not the greatest environment to really be trying to invest more aggressively and taking market share for reasons that we talked about earlier. But we do feel like our service, our truckload service especially, is working well and that there is a lot of opportunity for longer term market share gains. And we have ramped up our commitment to it this year.

這是我們採取相當長期的方法的另一個例子。由於我們之前討論過的原因，這並不是真正嘗試更積極投資並奪取市場份額的最佳環境。但我們確實覺得我們的服務，尤其是整車服務運作良好，並且有很多機會獲得長期市場份額。今年我們加大了對此的承諾。

Thomas Kim, Goldman Sachs.

托馬斯金，高盛。

Peter Nesvold, Jefferies.

彼得·內斯沃爾德，杰弗里斯。

This is Tavio Headley in for Peter Nesvold. Thanks for taking my call. So what has to happen for yields to move in your favor? Do we need to tip into a loose market?

我是塔維奧·黑德利 (Tavio Headley)，替補彼得·內斯沃爾德 (Peter Nesvold)。感謝您接聽我的電話。那麼，要怎麼做才能讓收益率朝向對您有利的方向發展呢？我們需要進入寬鬆的市場嗎？

I think I mentioned earlier that there is a couple of things that could happen, but it is some combination of movement on either the supply or the demand side and that could either be the continued contraction of capacity and more severe shortages that really start to cause shippers to take a different attitude towards expedited or incremental freight charges. Or it could be new supply coming in that changes the dynamics and loosens the market as you suggest.

我想我之前提到過，有幾件事可能會發生，但這是供應或需求方面的某種變化的組合，可能是產能的持續收縮和更嚴重的短缺，真正開始導致托運人對加急或增量運費採取不同的態度。或者，正如您所建議的，新的供應可能會改變動態並放鬆市場。

The more likely thing in the short term historically at least has been a more aggressive change on the freight demand side. That is an easier needle to move in the short term just in terms of some sort of peak season or accelerated freight demand that would cause a change in that balance market condition that we have had for a few years.

至少從歷史上看，短期內更有可能發生的事情是貨運需求方面發生更積極的變化。就某種旺季或貨運需求加速而言，短期內更容易採取行動，這將導致我們幾年來的平衡市場狀況改變。

So, unfortunately we are out of time. That will have to be our last question. We apologize we couldn't get to everybody today.

所以，不幸的是我們沒有時間了。這將是我們的最後一個問題。我們很抱歉今天無法聯繫到所有人。

Thank you for participating in our second-quarter 2012 conference call. This call will be available for replay in the Investor Relations section of the C.H. Robinson Website at chrobinson.com.

感謝您參加我們 2012 年第二季的電話會議。本次電話會議將在 C.H. 的投資者關係部分重播。羅賓遜網站：chrobinson.com。

It will also be available by dialing 800-406-7325 and entering the passcode 455-6404, pound. If you have additional questions please call me, Angie Freeman, at 952-937-7847. Thank you.

也可以撥打 800-406-7325 並輸入密碼 455-6404（磅）來使用。如果您還有其他問題，請致電我 Angie Freeman，電話：952-937-7847。謝謝。