羅賓遜全球物流 (CHRW) 2023 Q1 法說會逐字稿

good afternoon, ladies and gentlemen, and welcome to the C.H. Robinson First Quarter 2023 Conference Call. (Operator Instructions) As a reminder, the conference call is being recorded, Wednesday, April 26, 2023. I would now like to turn the conference over to Chuck Ives, Director of Investor Relations.

女士們先生們，下午好，歡迎來到 C.H.羅賓遜 2023 年第一季度電話會議。 （操作員說明）提醒一下，2023 年 4 月 26 日，星期三，電話會議正在錄製中。我現在想將會議轉交給投資者關係總監查克艾夫斯。

Thank you, Donna, and good afternoon, everyone. On the call with me today is Scott Anderson, our interim Chief Executive Officer; Mike Zechmeister, our Chief Financial Officer; and Arun Rajan, our Chief Operating Officer. Scott and Mike will provide a summary of our 2023 first quarter results and our outlook for 2023. Arun will provide an update on our efforts to improve our efficiency and operating leverage, and then we will open the call up for questions.

謝謝你，唐娜，大家下午好。今天與我通電話的是我們的臨時首席執行官斯科特·安德森 (Scott Anderson)；我們的首席財務官 Mike Zechmeister；和我們的首席運營官 Arun Rajan。 Scott 和 Mike 將提供我們 2023 年第一季度業績的摘要和我們對 2023 年的展望。Arun 將提供我們為提高效率和運營槓桿所做的最新努力，然後我們將公開提問。

Our earnings presentation slides are supplemental to our earnings release and can be found in the Investors section of our website at investor.chrobinson.com. Our prepared comments are not intended to follow the slides. If we do refer to specific information on the slides, we will let you know which slide we're referencing.

我們的收益演示幻燈片是我們收益發布的補充，可以在我們網站 investor.chrobinson.com 的投資者部分找到。我們準備好的評論不打算跟隨幻燈片。如果我們確實參考了幻燈片上的特定信息，我們會讓您知道我們參考的是哪張幻燈片。

I'd also like to remind you that our remarks today may contain forward-looking statements. Slide 2 in today's presentation lists factors that could cause our actual results to differ from management's expectations. And with that, I'll turn the call over to Scott.

我還想提醒您，我們今天的評論可能包含前瞻性陳述。今天演示文稿中的幻燈片 2 列出了可能導致我們的實際結果與管理層預期不同的因素。有了這個，我會把電話轉給斯科特。

Thank you, Chuck. Good afternoon, everyone, and thank you for joining us today. Our Q1 financial results reflect the softening market conditions that have transpired in the freight transportation market over the past 12 months. With shippers continuing to manage through elevated inventories amid slowing economic growth, the balance of supply and demand has shifted from a tight market a year ago to one that is now oversupplied. As spot rates approach the breakeven cost per mile to operate a truck, the market is likely at or near the bottom of the industry cycle, which typically results in capacity exiting the market. Contract rates are also declining as transportation providers adjust to the changing market.

謝謝你，查克。大家下午好，感謝您今天加入我們。我們第一季度的財務業績反映了過去 12 個月貨運市場出現的疲軟市場狀況。在經濟增長放緩的情況下，托運人繼續通過增加庫存來管理，供需平衡已從一年前的市場緊張轉變為現在供過於求的市場。隨著即期費率接近每英里運營卡車的盈虧平衡成本，市場可能處於或接近行業周期的底部，這通常會導致產能退出市場。隨著運輸供應商適應不斷變化的市場，合同費率也在下降。

During this transition, we've continued to increase our focus on delivering an improved customer and carrier experience and a more efficient business model, and we're taking steps to foster profitable growth through cycles.

在此過渡期間，我們繼續更加關注提供更好的客戶和運營商體驗以及更高效的商業模式，並且我們正在採取措施通過週期促進盈利增長。

In his prepared remarks, Arun will provide an update on the progress we're making on increasing the digital execution within the life cycle of a load by streamlining certain processes that are core to our operating model. Mike will give you an update on our continuing restructuring effort. We are executing on the plan that was initiated in November and we're lowering our 2023 personnel expense by $100 million at the midpoint of our guidance. reflecting actions that have already been taken and additional opportunities to further reduce our costs.

在準備好的發言中，Arun 將提供最新進展，介紹我們通過簡化對我們的運營模型至關重要的某些流程，在負載生命週期內增加數字執行方面取得的進展。邁克將向您介紹我們持續重組工作的最新情況。我們正在執行 11 月啟動的計劃，我們將 2023 年的人事費用降低 1 億美元，達到我們指導的中點。反映已經採取的行動和進一步降低成本的額外機會。

As I've transitioned from my role of Board Chair to the interim CEO, I've met with many of our employees who remain highly engaged and motivated to win as we strive to amplify their expertise with new tools. I've also met with several of our customers, and I'm confident in the power of our commercial engine and our ability to deliver superior global services and capabilities and solve complex logistics challenges for our customers while continuing to execute on our sustainable growth strategy.

在我從董事會主席的角色過渡到臨時 CEO 的過程中，我會見了我們的許多員工，他們在我們努力使用新工具擴大他們的專業知識時仍然高度參與並積極爭取勝利。我還與我們的幾位客戶會面，我對我們商業引擎的力量以及我們提供卓越的全球服務和能力以及為我們的客戶解決複雜的物流挑戰同時繼續執行我們的可持續增長戰略的能力充滿信心.

I'll wrap up my opening remarks by providing an update on the search for the new permanent CEO. Jodee Kozlak, the Chair of the Board and former Chief HR Officer at Target is leading the search committee. With the assistance of Russell Reynolds, this role has attracted a strong pool of candidates. The committee is choosing a proven leader with broad operational experience who will accelerate our strategic initiatives and execute on the opportunities ahead for the company. The process is moving along as expected, and the Board anticipates naming the new CEO in the second quarter.

我將通過提供有關尋找新任常任首席執行官的最新信息來結束我的開場白。 Target 董事會主席兼前首席人力資源官 Jodee Kozlak 正在領導搜索委員會。在 Russell Reynolds 的協助下，這個角色吸引了大量的候選人。該委員會正在選擇一位具有廣泛運營經驗的公認領導者，他將加快我們的戰略計劃並為公司抓住未來的機遇。該流程正在按預期進行，董事會預計將在第二季度任命新 CEO。

I, along with the senior leadership team, am actively preparing for a smooth transition to a new leader. Now let me turn it over to Mike for a review of our first quarter results.

我和高級領導團隊正在積極準備順利過渡到新領導。現在讓我把它交給邁克，讓他回顧一下我們第一季度的業績。

Thanks, Scott, and good afternoon, everyone. As Scott mentioned, our Q1 results were impacted by a soft freight market. Prices for surface transportation and global freight forwarding have been declining with the weakening demand and excess capacity.

謝謝，斯科特，大家下午好。正如 Scott 所提到的，我們第一季度的業績受到疲軟的貨運市場的影響。隨著需求疲軟和產能過剩，地面運輸和全球貨運代理的價格一直在下降。

With these macro forces as a backdrop, our first quarter total revenues of $4.6 billion declined 32% compared to our record high of $6.8 billion in Q1 of last year. Our first quarter adjusted gross profit or AGP, was down $221 million or 24.3% compared to Q1 of last year, driven by a 45% decline in Global Forwarding and a 16% decline in NAST. On a sequential basis, total company AGP was down 11%, including a 15% decline in NAST and a 6% decline in Global Forwarding. On a monthly basis compared to Q1 of last year, our total company AGP per business day was down 23% in both January and February and down 27% in March as the typical seasonal acceleration in March did not materialize this year. So far in April, we've experienced similar freight market conditions to those we saw in March.

在這些宏觀力量的背景下，我們第一季度的總收入為 46 億美元，與去年第一季度創下的 68 億美元的歷史新高相比下降了 32%。我們第一季度調整後的毛利或 AGP 與去年第一季度相比下降了 2.21 億美元或 24.3%，這是受全球貨運業務下降 45% 和 NAST 下降 16% 的推動。按順序計算，公司總 AGP 下降了 11%，其中 NAST 下降了 15%，全球貨運下降了 6%。與去年第一季度相比，我們公司每個工作日的總 AGP 在 1 月和 2 月下降了 23%，在 3 月下降了 27%，因為今年 3 月典型的季節性加速並未實現。 4 月到目前為止，我們經歷了與 3 月相似的貨運市場狀況。

In our NAST truckload business, our Q1 volume declined 3.5% on a year-over-year basis. Within Q1, average daily volume in March was weaker than January and February, resulting in a 1% sequential decline in Q1 compared to Q4 of last year. Our AGP per truckload shipment decreased 19% versus Q1 last year, primarily due to a decrease in our transactional or spot market truckload AGP per shipment.

在我們的 NAST 卡車業務中，我們第一季度的銷量同比下降了 3.5%。在第一季度，3 月份的日均成交量弱於 1 月和 2 月，導致與去年第四季度相比，第一季度環比下降 1%。與去年第一季度相比，我們每卡車裝運的 AGP 下降了 19%，這主要是由於我們的交易或現貨市場卡車每裝運 AGP 下降。

During Q1, we had an approximate mix of 70% contractual volume and 30% transactional volume. Routing guide depth of tender in our managed services business, which is a proxy for overall market, declined from 1.7 in the first quarter of last year to 1.2 for the first quarter of this year. which is the lowest level we've seen since the pandemic impacted second quarter of 2020.

在第一季度，我們大約有 70% 的合同量和 30% 的交易量。我們託管服務業務的路由指南招標深度（代表整個市場）從去年第一季度的 1.7 下降到今年第一季度的 1.2。這是自 2020 年第二季度大流行影響以來的最低水平。

The sequential declines in truckload linehaul cost and price per mile that we experienced in Q2 through Q4 of last year continued in Q1. However, the declines in Q1 were the largest that we've seen in over 10 years on a percentage basis. In Q1, we saw a 28.5% year-over-year decline in our average truckload linehaul cost per mile paid to carriers, excluding fuel surcharges. Our average line haul rate or price billed to our customers, excluding fuel surcharges, decreased year-over-year by approximately 27.5%.

我們在去年第二季度到第四季度經歷的卡車運輸成本和每英里價格的連續下降在第一季度繼續。然而，按百分比計算，第一季度的降幅是我們 10 多年來看到的最大降幅。在第一季度，我們發現支付給承運商的平均每英里卡車運輸長途運輸成本同比下降 28.5%，不包括燃油附加費。我們的平均線路運輸費率或向客戶收取的價格（不包括燃油附加費）同比下降約 27.5%。

With the price decline coming off a higher base than cost, these changes resulted in a 20.5% year-over-year decrease in our NAST truckload AGP per mile.

由於價格下降的基數高於成本，這些變化導致我們的 NAST 卡車每英里 AGP 同比下降 20.5%。

Market conditions in our Global Forwarding business were also soft behind weakened demand and plenty of capacity, combined with the extended shutdowns around the Lunar New Year holiday. This contributed to significantly reduced import volumes and prices across the trade lanes for ocean and air freight.

我們的全球貨運業務市場狀況也疲軟，原因是需求疲軟和運力充足，加上農曆新年假期前後停工時間延長。這導致海運和空運貿易通道的進口量和價格大幅下降。

In Q1, Global Forwarding generated AGP of $177.9 million representing a year-over-year decrease of 45% versus the record high for our first quarter last year, which was up 50%. Within these results, our ocean forwarding AGP declined by $111 million or 50% year-over-year compared to 63.5% growth in Q1 of last year.

第一季度，Global Forwarding 產生了 1.779 億美元的 AGP，同比下降 45%，而去年第一季度創下歷史新高，同比增長 50%。在這些結果中，我們的海運 AGP 同比下降 1.11 億美元或 50%，而去年第一季度增長 63.5%。

The Q1 results were driven by a 41.5% decrease in AGP per shipment and a 14.5% decrease in shipments. Despite the soft market, our forwarding business continues to have success adding new customers and strengthening its geographic diversity behind many of the investments made in technology and talent over the past several years. In addition to our strength in the Trans-Pacific trade lanes, our forwarding team generated over 50% of new business AGP from customers outside of the U.S. in Q1.

第一季度的業績是由每批貨物的 AGP 下降 41.5% 和出貨量下降 14.5% 推動的。儘管市場疲軟，但我們的貨運業務繼續成功地增加了新客戶並加強了過去幾年在技術和人才方面進行的許多投資背後的地域多樣性。除了我們在跨太平洋貿易航線上的實力外，我們的貨運團隊在第一季度從美國以外的客戶那裡獲得了超過 50% 的新業務 AGP。

Turning to expenses. Q1 personnel expenses were $383.1 million down $30 million or 7.3% compared to Q1 of last year, primarily due to our cost optimization efforts and lower variable compensation. Our Q1 average head count declined 2% versus Q1 of last year and 4% compared to our Q4 average. As another point of reference, our Q1 ending head count declined approximately 6% compared to the end of Q4.

談到開支。第一季度人事費用為 3.831 億美元，與去年第一季度相比減少 3000 萬美元或 7.3%，這主要是由於我們的成本優化工作和較低的可變薪酬。我們第一季度的平均人數與去年第一季度相比下降了 2%，與第四季度的平均水平相比下降了 4%。作為另一個參考點，與第四季度末相比，我們的第一季度末人數下降了約 6%。

Our cost optimization and restructuring efforts that began in Q4 of last year continued into Q1 as we found more opportunities to help ensure a more competitive and sustainable long-term cost structure. As we indicated on our Q4 earnings call, we continue to expect our head count to decline throughout 2023, as we streamline processes and leverage technology to allow our industry-leading talent to focus on more important work like growing the business.

我們從去年第四季度開始的成本優化和重組工作一直持續到第一季度，因為我們發現了更多機會來幫助確保更具競爭力和可持續性的長期成本結構。正如我們在第四季度財報電話會議上指出的那樣，我們繼續預計整個 2023 年我們的員工人數將會減少，因為我們會簡化流程並利用技術讓我們的行業領先人才能夠專注於更重要的工作，例如發展業務。

As a result of the progress on these cost optimization efforts, we are now lowering our personnel expense guidance for 2023 by an additional $100 million at the midpoint. We now expect our 2023 personnel expenses to be in the range of $1.45 billion to $1.55 billion, compared to our previous guidance of $1.55 billion to $1.65 billion. This updated guidance excludes the Q1 restructuring expense and additional restructuring costs that we expect to incur during the year. Excluding the restructuring charges in 2022 and 2023, the midpoint of our updated 2023 guidance for personnel expenses is now down approximately 12% year-over-year. These expense reductions are primarily long-term structural cost reductions with a lesser amount attributable to softer market conditions that we referred to earlier.

由於這些成本優化工作取得了進展，我們現在將 2023 年的人事費用指導值中點再降低 1 億美元。我們現在預計我們 2023 年的人事費用將在 14.5 億美元至 15.5 億美元之間，而我們之前的預期為 15.5 億美元至 16.5 億美元。這一更新後的指引不包括我們預計在年內發生的第一季度重組費用和額外重組費用。不包括 2022 年和 2023 年的重組費用，我們更新的 2023 年人事費用指南的中點現在同比下降約 12%。這些費用減少主要是長期結構性成本減少，其中少量歸因於我們之前提到的疲軟市場條件。

Moving on to SG&A. Q1 expenses of $141.5 million were down $5.9 million compared to Q1 of last year primarily due to a decrease in credit losses and a reduction of purchased services, including temporary labor. We continue to expect our 2023 SG&A expenses to be about $575 million to $625 million. 2023 SG&A expenses are expected to include approximately $90 million to $100 million of depreciation and amortization expense.

轉到 SG&A。第一季度的支出為 1.415 億美元，與去年第一季度相比減少了 590 萬美元，這主要是由於信貸損失減少以及購買服務（包括臨時工）減少所致。我們繼續預計我們 2023 年的 SG&A 費用約為 5.75 億美元至 6.25 億美元。 2023 年的 SG&A 費用預計將包括約 9000 萬至 1 億美元的折舊和攤銷費用。

As you recall from our Q4 earnings call, we committed to $150 million of net cost savings by Q4 of this year compared to the annualized run rate of Q3 last year. Our updated total operating expense guidance for 2023 now represents approximately $300 million of net cost savings compared to the annualized run rate in Q3 last year.

正如您在我們的第四季度財報電話會議上回憶的那樣，與去年第三季度的年化運行率相比，我們承諾到今年第四季度節省 1.5 億美元的淨成本。與去年第三季度的年化運行率相比，我們更新後的 2023 年總運營費用指南現在可以節省大約 3 億美元的淨成本。

As mentioned earlier, the majority of the expense reductions are expected to be long-term structural changes to our cost base. Q1 interest and other expense totaled $28.3 million, up $14.1 million versus Q1 last year. Q1 of 2023 included $23.5 million of interest expense, up $9 million versus the prior year due to higher variable interest rates. Q1 results also included a $9.6 million loss on foreign currency revaluation and realized foreign currency gains and losses, up $8.1 million compared to Q1 last year, driven by the translation impact of the various foreign currency-denominated intercompany exposures that we had in Q1.

如前所述，預計大部分費用削減將是我們成本基礎的長期結構性變化。第一季度利息和其他費用總計 2830 萬美元，比去年第一季度增加 1410 萬美元。由於浮動利率較高，2023 年第一季度包括 2350 萬美元的利息支出，比上年增加 900 萬美元。第一季度的業績還包括 960 萬美元的外幣重估損失和已實現的外幣損益，與去年第一季度相比增加了 810 萬美元，這是由於我們在第一季度遇到的各種以外幣計價的公司間風險敞口的換算影響所致。

As a reminder, our FX impacts are predominantly noncash gains and losses, which is why we're not actively hedging them to reduce volatility. Our Q1 tax rate came in at 13.5% compared to 18.4% in Q1 of 2022. The lower tax rate was driven primarily by the incremental tax benefits that we typically see from stock-based compensation deliveries in Q1 as well as additional U.S. tax credits and incentives in proportion to the lower pretax income. We continue to expect our 2023 full year effective tax rate to be 19% to 21%, assuming no meaningful changes to federal state or international tax policy.

提醒一下，我們的外匯影響主要是非現金收益和損失，這就是為什麼我們沒有積極對沖它們以減少波動性。我們第一季度的稅率為 13.5%，而 2022 年第一季度為 18.4%。較低的稅率主要是由於我們通常從第一季度基於股票的薪酬交付中看到的增量稅收優惠以及額外的美國稅收抵免和激勵與較低的稅前收入成比例。我們繼續預計 2023 年全年有效稅率為 19% 至 21%，假設聯邦州或國際稅收政策沒有發生重大變化。

Q1 net income was $114.9 million and diluted earnings per share was $0.96. Adjusted or non-GAAP earnings per share, excluding the $3.7 million of restructuring charges, was $0.98, down 52% compared to Q1 of 2022, which was up 60% versus the prior year.

第一季度淨收入為 1.149 億美元，每股攤薄收益為 0.96 美元。調整後或非 GAAP 每股收益（不包括 370 萬美元的重組費用）為 0.98 美元，比 2022 年第一季度下降 52%，而 2022 年第一季度比上年增長 60%。

Turning to cash flow. Q1 cash flow generated by operations was $254.5 million compared to $13.9 million of cash used in Q1 of 2022. The $268.5 million year-over-year improvement was driven by a $235 million sequential decrease in net operating working capital in Q1 driven by the declining cost and price of ocean and truckload in our model. Conversely, Q1 of last year included a $289 million sequential increase in net operating working capital as costs and prices were rising.

轉向現金流。第一季度運營產生的現金流為 2.545 億美元，而 2022 年第一季度使用的現金為 1390 萬美元。2.685 億美元的同比增長是由於成本下降導致第一季度淨運營營運資本連續減少 2.35 億美元以及我們模型中海運和卡車的價格。相反，隨著成本和價格的上漲，去年第一季度的淨運營資本環比增加了 2.89 億美元。

Over the past 3 quarters, as the cost and price of purchased transportation has come down, we have realized a benefit to working capital and operating cash flow of more than $1.2 billion. That benefit highlights some of the inherent resilience in our model.

在過去的 3 個季度中，隨著購買運輸的成本和價格下降，我們實現了超過 12 億美元的營運資金和運營現金流收益。這一優勢凸顯了我們模型中的一些內在彈性。

In Q1, our capital expenditures were $27 million compared to $26.2 million in Q1 of last year, and we continue to expect our 2023 capital expenditures to be in the range of $90 million to $100 million. We returned $125 million of cash to shareholders in Q1 through $73.4 million of cash dividends and $51.2 million of share repurchases. The cash returned to shareholders exceeded net income but was down 50% versus Q1 last year driven by the $101 million of cash used to reduce our debt.

第一季度，我們的資本支出為 2700 萬美元，而去年第一季度為 2620 萬美元，我們繼續預計 2023 年的資本支出將在 9000 萬至 1 億美元之間。我們在第一季度通過 7340 萬美元的現金股息和 5120 萬美元的股票回購向股東返還了 1.25 億美元的現金。返還給股東的現金超過了淨收入，但由於用於減少債務的 1.01 億美元現金，與去年第一季度相比下降了 50%。

Now on to the balance sheet highlights. As we have demonstrated through the ups and downs of the highly cyclical freight market, the strength of our balance sheet and business model makes us a reliable partner for our customers and allows us to invest through the cycle. Our customers value the stability and reliability that we provide as they work to optimize their transportation needs. We ended Q1 with approximately $1.5 billion of liquidity comprised of $1.22 billion of committed funding under our credit facilities and a cash balance of $239 million. Our debt balance at the end of Q1 was $1.87 billion, down $293 million versus Q1 last year.

現在進入資產負債表亮點。正如我們在高度週期性貨運市場的起起伏伏中所證明的那樣，我們資產負債表和商業模式的實力使我們成為客戶可靠的合作夥伴，並使我們能夠通過週期進行投資。我們的客戶重視我們在優化其運輸需求時提供的穩定性和可靠性。第一季度結束時，我們的流動資金約為 15 億美元，其中包括 12.2 億美元的信貸額度承諾資金和 2.39 億美元的現金餘額。我們在第一季度末的債務餘額為 18.7 億美元，比去年第一季度減少了 2.93 億美元。

Our net debt-to-EBITDA leverage at the end of Q1 was 1.39x, up from 1.29x at the end of Q4. Our capital allocation strategy includes maintaining an investment-grade credit rating to allow us to optimize our weighted average cost of capital. With the anticipated earnings reduction in 2023, we have reduced our debt to deliver our leverage targets. As you would expect, the cash that we used to reduce debt generally reduces the amount of cash available for share repurchases. Over the long term, we remain committed to growing our cash dividend in alignment with our long-term EBITDA growth. Our dividends and share repurchase program are important levers to enhance shareholder value, as is delivering quality customer service more efficiently than anyone in the marketplace.

我們在第一季度末的淨債務對 EBITDA 槓桿率為 1.39 倍，高於第四季度末的 1.29 倍。我們的資本配置策略包括維持投資級信用評級，以優化我們的加權平均資本成本。隨著 2023 年預期收益減少，我們減少了債務以實現我們的槓桿目標。如您所料，我們用於減少債務的現金通常會減少可用於股票回購的現金數量。從長遠來看，我們仍然致力於根據我們的長期 EBITDA 增長來增加現金股息。我們的股息和股票回購計劃是提高股東價值的重要槓桿，比市場上任何人都更有效地提供優質的客戶服務。

With that, I'll turn the call over to Arun to walk through our efforts to strengthen our customer and carrier experience and improve our efficiency and operating leverage.

有了這個，我將把電話轉給 Arun，介紹我們為加強客戶和運營商體驗以及提高效率和運營槓桿所做的努力。

Thanks, Mike, and good afternoon, everyone. As I mentioned on our last earnings call, we've increased our focus on opportunities to streamline processes that are core to scaling our operating model. Streamlining these processes will enable us to decouple volume and head count growth and drive increased productivity while simultaneously improving the customer experience and service levels.

謝謝，邁克，大家下午好。正如我在上次財報電話會議上提到的那樣，我們更加關注簡化流程的機會，這些流程對於擴展我們的運營模式至關重要。簡化這些流程將使我們能夠將數量和人數增長分開並推動提高生產力，同時改善客戶體驗和服務水平。

Shipments per person per day is a key metric that we use to measure our productivity improvements, and we achieved a 4% sequential improvement in Q1 as we progress towards our goal of 15% year-over-year improvement by the end of Q4 of 2023. In order to reach our 2023 goal, we have accelerated the digital execution of critical touch points in the life cycle of a load.

每人每天的出貨量是我們用來衡量生產力提高的關鍵指標，隨著我們朝著到 2023 年第四季度末同比提高 15% 的目標前進，我們在第一季度實現了 4% 的環比提高. 為了實現我們2023年的目標，我們加快了負載生命週期中關鍵接觸點的數字化執行。

In Q1, the progress we made was primarily driven by increasing the automation of in-transit tracking and appointment-related tasks. Increased digitization and automation are key elements of delivering a superior customer experience as well as operating leverage. These efforts include operationalizing our information advantage at scale by giving customers insights on price and coverage and providing features to carriers that improve their utilization and cash flow.

在第一季度，我們取得的進展主要是由於提高了在途跟踪和預約相關任務的自動化程度。數字化和自動化程度的提高是提供卓越客戶體驗和運營槓桿的關鍵要素。這些努力包括通過向客戶提供有關價格和覆蓋範圍的見解以及為運營商提供可提高其利用率和現金流的功能來大規模實施我們的信息優勢。

Streamlining processes and improving productivity creates operating leverage. Operating leverage gives us the pricing flexibility to unlock and accelerate market share growth while delivering on our long-term operating margin targets.

簡化流程和提高生產力創造了經營槓桿。經營槓桿為我們提供了定價靈活性，以釋放和加速市場份額增長，同時實現我們的長期經營利潤率目標。

With that, I'll turn the call back over to Scott now for his final comments.

有了這個，我現在將把電話轉回給斯科特，聽取他的最後評論。

Thanks, Arun. As inflationary pressures continue to weigh on global economic growth and freight markets present cyclical challenges, the competitive landscape has changed. With lower available demand, the competition for volume is intense, and shippers are looking for stable and innovative logistics partners. We've shown the strength of our model through cycles. Our balance sheet continues to be strong, and we plan to continue investing in initiatives that we expect to provide innovative solutions and generate long-term profitable growth.

謝謝，阿倫。隨著通脹壓力繼續拖累全球經濟增長，貨運市場呈現週期性挑戰，競爭格局已經發生變化。由於可用需求較低，貨量競爭激烈，托運人正在尋找穩定和創新的物流合作夥伴。我們已經通過循環展示了我們模型的優勢。我們的資產負債表繼續強勁，我們計劃繼續投資於我們期望提供創新解決方案並產生長期盈利增長的計劃。

At the same time, we're continuing to evolve our organization to bring greater focus to our highest strategic priorities, including keeping the needs of our customers and carriers at the center of what we do while lowering our overall cost structure. We expect this initiative will continue to drive improvements in our customer and carrier experience and amplify the expertise of our people, all of which we expect to drive market share gains and growth and lead to improved returns for our shareholders.

與此同時，我們正在繼續發展我們的組織，以更加關注我們的最高戰略優先事項，包括將客戶和運營商的需求置於我們工作的中心，同時降低我們的整體成本結構。我們預計這一舉措將繼續推動我們的客戶和運營商體驗的改善，並擴大我們員工的專業知識，我們希望所有這些都將推動市場份額的增長和增長，並為我們的股東帶來更高的回報。

After my first 100 days in this role, I'm even more excited about C.H. Robinson's opportunities in future. We have some of the best people in the logistics industry, and they're dedicated to solving challenges for our customers. As a result of the exceptional service that our people provide to customers during the period of extended market disruption, our customer experience scores are very high, and we're having more strategic customer discussions about our ability to provide an integrated service solution. So while the near-term freight environment presents some challenges, our differentiated value proposition and strength of our people, processes and technology provide many opportunities.

在我擔任這個角色的第一個 100 天之後，我對 C.H. 更加興奮。羅賓遜未來的機會。我們擁有物流行業最優秀的人才，他們致力於為我們的客戶解決挑戰。由於我們的員工在長期市場中斷期間為客戶提供的卓越服務，我們的客戶體驗得分非常高，並且我們正在就我們提供集成服務解決方案的能力進行更具戰略性的客戶討論。因此，儘管近期的貨運環境帶來了一些挑戰，但我們差異化的價值主張以及我們的人員、流程和技術實力提供了許多機會。

This concludes our prepared comments. And with that, I'll turn it back to Donna for the Q&A portion of the call.

我們準備好的評論到此結束。有了這個，我會把它轉回 Donna 進行電話的問答部分。

(Operator Instructions) Today's first question is coming from Jack Atkins of Stephens.

（操作員說明）今天的第一個問題來自斯蒂芬斯的傑克阿特金斯。

So I guess, Arun, maybe this one is for you, but Scott or Mike, if you want to chime in, please do. But I guess I'd be curious to get your take on how you're looking at the market for the balance of the year. It sounds like April is trending kind of in the same ballpark as March, if I understood your comment correctly. But if I think back to the last time you guys updated us, the thought was maybe the market would be troughing sometime in the second quarter and then beginning to see some improvement in the back of the year. Any sort of update to that view? Any update to what your customers are telling you about sort of their business plans? I think that would be really helpful. I'll stop there and hand it back.

所以我想，Arun，也許這個適合你，但是 Scott 或 Mike，如果你想插話，請插話。但我想我很想知道您對今年餘下時間市場的看法。如果我對您的評論理解正確的話，聽起來 4 月的趨勢與 3 月大致相同。但如果我回想起你們上次更新我們的情況，我的想法是市場可能會在第二季度的某個時候觸底，然後在今年年底開始出現一些改善。該視圖有任何更新嗎？您的客戶告訴您的有關他們的商業計劃的任何更新？我認為這真的很有幫助。我會在那裡停下來把它還回去。

Yes. Thanks, Jack. This is Scott. Why don't we have Mike kick that off, and then I'll give a little color on customer sentiment.

是的。謝謝，傑克。這是斯科特。我們為什麼不讓 Mike 開始呢，然後我將對客戶情緒進行一些分析。

Yes. Thanks for the question, Jack. And obviously, the market here that we're experiencing is a pretty soft market. We're seeing pretty good competitiveness, particularly on the truckload side on the bids that we're involved with. We've been able to maintain our win percentage is actually up this year in Q1 over last year. It was up in Q4 over last year. So I think we're competing effectively. But what we're seeing inside those bids are reduced total demand. So the customers are just not seeing the volumes that they've had in the past, and that's reflective of this soft freight market environment. .

是的。謝謝你的問題，傑克。顯然，我們正在經歷的市場是一個非常疲軟的市場。我們看到了相當好的競爭力，特別是在我們參與的投標中的卡車運輸方面。今年第一季度，我們能夠保持我們的勝率實際上高於去年。它在去年第四季度有所上升。所以我認為我們正在有效競爭。但我們在這些出價中看到的是總需求減少。因此，客戶只是沒有看到他們過去擁有的數量，這反映了這種疲軟的貨運市場環境。 .

There's still -- a lot of customers are still working through inventories. They're not running the plants as aggressively as they have in the past. So we're seeing a pretty soft market overall.

還有 - 許多客戶仍在處理庫存。他們不像過去那樣積極地經營這些工廠。因此，我們看到整體市場相當疲軟。

When we look at our NAST business in Q1, I think there are a few themes that I'd point to there, I think we feel like we grew share despite being down 3.5% on truckload. And that's really with respect to the brokers, the 3PLs out there. I think we did a pretty good job. We also got improved productivity, and we talked about that 4% improved productivity against that 15% shipments per person per day target for the year. And we did that in a soft market. It's generally a little bit easier to get productivity enhancements when the volume is really roaring, but we're able to do that in a soft market.

當我們審視第一季度的 NAST 業務時，我認為我會指出一些主題，我認為儘管卡車載量下降了 3.5%，但我們感覺我們的份額有所增長。這真的是關於經紀人，那裡的 3PL。我認為我們做得很好。我們還提高了生產力，我們談到了 4% 的生產力提高，而今年的目標是每人每天 15% 的出貨量。我們在疲軟的市場中做到了這一點。當交易量真正飆升時，提高生產力通常會更容易一些，但我們能夠在疲軟的市場中做到這一點。

And the last thing we talked about was our customer service, and we really felt like we had best-in-class customer service there. So the theme is our overall soft market. You talked about how we described April relative to the quarter. When we look at enterprise AGP per shipment or enterprise AGP per day, we certainly had a better January and February than we did in March.

我們最後談到的是我們的客戶服務，我們真的覺得我們在那裡擁有一流的客戶服務。所以主題是我們整體的軟市場。您談到了我們如何相對於本季度描述 4 月。當我們查看每批貨物的企業 AGP 或每天的企業 AGP 時，1 月和 2 月的情況肯定比 3 月好。

But again, if you kind of translate that over to the truckload business, we were -- our volume is down 3.5 in the quarter. And April kind of has played out similar to where we were in March. So probably market share gaining within the brokerage universe but certainly down versus our original expectations driven primarily by the soft market that we're experiencing.

但同樣，如果你將其轉化為卡車運輸業務，我們 - 我們的銷量在本季度下降了 3.5。 4 月份的表現與我們 3 月份的情況類似。因此，經紀領域的市場份額可能會增加，但肯定會低於我們最初的預期，這主要是由我們正在經歷的疲軟市場驅動的。

And inside, I'll talk a little bit, I guess, too, about the contract environment. One of the, I think, changes that we've seen in the contract business versus Q4 was, if you go back and look at Q4, customers were about half bids at 12 months and about half bids that were less than 12 months. As we got into Q1, those RFPs were really more leaning into 12 months. And so we've gone all the way up to about 3/4 of 12 months in those. And you could say that, that might be the customers seeing bottom here trying to lock in rates that are lower but that's another kind of data point indication of where we're seeing the market. So with that, I don't know, Scott, if you have any more you want to say.

在裡面，我想我也會談談合同環境。我認為，我們在合同業務中看到的與第四季度相比發生的變化之一是，如果你回頭看看第四季度，客戶在 12 個月時大約有一半的出價，而在不到 12 個月的時候大約有一半的出價。當我們進入第一季度時，那些 RFP 實際上更傾向於 12 個月。因此，我們已經一路走到了 12 個月的 3/4 左右。你可以這麼說，這可能是客戶在這裡看到底部試圖鎖定較低的利率，但這是我們看到市場的另一種數據點指示。因此，Scott，我不知道你是否還有其他想說的。

Yes, Jack, maybe just a little customer feedback. I've been lucky to be in probably about 20 meetings in the last 1.5 months with our top customers. I would say sentiment is pretty consistent with what you're hearing with retailers and sort of higher levels of inventory. But it's really dependent by vertical. There are areas of strength. Automotive, health care are some.

是的，傑克，也許只是一點客戶反饋。在過去的 1.5 個月裡，我很幸運能夠與我們的頂級客戶舉行大約 20 次會議。我想說的是，市場情緒與你從零售商那裡聽到的情況以及庫存水平較高的情況非常一致。但它確實取決於垂直。有力量的領域。汽車，醫療保健是一些。

I would say a common theme of these meetings, too, is just sort of the longer-term partnership aspect of working with Robinson and us helping them solve their logistics challenges going forward with our full portfolio. So the one thing we're doing in a softer market is we're really leaning into customer engagement and face-to-face meetings.

我想說這些會議的一個共同主題也是與羅賓遜合作的長期合作夥伴關係方面，我們幫助他們解決他們在未來的物流挑戰以及我們的全部產品組合。因此，我們在疲軟的市場中做的一件事就是我們真正傾向於客戶參與和麵對面的會議。

The next question is coming from Stephanie Moore of Jefferies.

下一個問題來自 Jefferies 的 Stephanie Moore。

Scott, I wanted to maybe get a little bit more color around the ongoing CEO search. I do think that in general, the market would like to see some certainty here. Now that it's been, call it, several months of this evaluation process, if you could just provide any update of what expertise you, the Board are looking for in the new CEO in the evaluation of candidates, maybe some that might have specific brokerage experience or just transportation experience as well as the view of someone who might have experience outside of transportation entirely, just maybe how the Board is thinking about these factors.

斯科特，我想對正在進行的 CEO 搜尋工作有更多的了解。我確實認為，總的來說，市場希望在這裡看到一些確定性。現在，這個評估過程已經進行了幾個月，如果你能提供任何關於你的專業知識的最新信息，董事會正在尋找新 CEO 評估候選人，也許是一些可能具有特定經紀經驗的人或者只是交通經驗以及可能完全沒有交通經驗的人的觀點，也許董事會是如何考慮這些因素的。

Sure. Stephanie, as I've mentioned in my prepared comments, the process is moving as expected and we expect to name the new CEO here in this quarter. The pool of candidates is diverse and strong. Board is looking for a proven leader, seasoned executive, really with an operational expertise and someone who can drive positive change inside Robinson. I would say the search committee and the Board is also committed to finding the right leader and we believe we're coming to the conclusion of that process. And part of what I'm doing with the senior leadership team is really making decisions and not pausing on anything. So we set this up for success for the new leader and that leader can move quickly once announced.

當然。斯蒂芬妮，正如我在準備好的評論中提到的那樣，這個過程正在按預期進行，我們預計將在本季度在這裡任命新的首席執行官。候選人的數量是多樣化的和強大的。董事會正在尋找一位久經考驗的領導者、經驗豐富的高管、真正具有運營專業知識並且能夠在 Robinson 內部推動積極變革的人。我想說的是，遴選委員會和董事會也致力於尋找合適的領導者，我們相信我們即將完成該流程。我與高級領導團隊一起做的部分工作是真正做出決定，而不是在任何事情上停下來。因此，我們為新領導者的成功做好了準備，並且該領導者一旦宣布就可以迅速採取行動。

Great. And then lastly, I appreciate the additional color that you gave in response to Jack's question about what's going on in the NAST business. But maybe you could give us some color about what's going on in the Global Forwarding cycle. I think it started to deteriorate a bit earlier. Is there an opportunity for that to also rebound a bit faster, too. Any color there would be helpful.

偉大的。最後，我感謝您在回答 Jack 關於 NAST 業務中發生的事情的問題時給出的額外顏色。但也許你可以給我們一些關於全球轉發週期中發生的事情的顏色。我認為它開始惡化的時間有點早。是否有機會也能更快地反彈一點。那裡的任何顏色都會有所幫助。

Yes. I think there has been softness certainly in both ocean and air that we've seen. Most recently, over the past few weeks, there are some green shoots of more positive news and demand volume and shipments and whatnot. But I think it's too early to call that a trend. I think the market has really been soft, and you've seen the pricing come down as a result of that softness pretty much across the board.

是的。我認為我們所看到的海洋和空氣中肯定存在柔軟性。最近，在過去的幾周里，出現了一些更積極的消息、需求量和出貨量等方面的萌芽。但我認為將其稱為趨勢還為時過早。我認為市場真的很疲軟，而且你已經看到由於這種疲軟幾乎全面導致價格下降。

I would add, Stephanie, we've been very active in the RFQ process with customers back to sort of that strategy of leaning in. And obviously, peak season coming, we'll be prepared for that. And if it is soft, we'll also be in a position to adjust cost in that business. as we see fit.

我要補充一點，斯蒂芬妮，我們在 RFQ 流程中一直非常活躍，客戶回到了那種傾斜的策略。顯然，旺季即將到來，我們會為此做好準備。如果它是軟的，我們也將能夠調整該業務的成本。我們認為合適。

The next question is coming from Jason Seidl of Cowen.

下一個問題來自 Cowen 的 Jason Seidl。

I wanted to talk a little bit about the cycle. I know you mentioned that you think we're sort of getting close to it in terms of the North American truckload bottom, if we will. What do you guys need to do to prepare for that in terms of your mix of business? And then if you can comment on where you think we're at with the cycle there in ocean?

我想談談這個週期。我知道你提到過你認為我們在北美卡車底部方面已經接近它，如果我們願意的話。就您的業務組合而言，你們需要做些什麼來為此做準備？然後，您是否可以評論一下您認為我們在海洋中的循環所處的位置？

Yes. I mean one of the things that we do is we forecast pricing in the marketplace. If you go to our website, and we give you a look at what we think the market is going to be, and right now, from a pricing standpoint, we kind of feel like we're probably at the bottom or very near the bottom of the spot market. When you think about the contract market, the contract pricing will follow the spot market. So there's still some downward pressure on pricing within the contract market as those -- the contracts that were a year old come to reprice. And so there's still a little bit of that going on.

是的。我的意思是我們所做的其中一件事是預測市場定價。如果你訪問我們的網站，我們會告訴你我們對市場的看法，現在，從定價的角度來看，我們覺得我們可能處於底部或非常接近底部的現貨市場。當您考慮合約市場時，合約定價將跟隨現貨市場。因此，合同市場的定價仍然存在一些下行壓力——一年前的合同開始重新定價。因此，仍有一些事情正在發生。

I think on the ocean air side, we're just getting to the end or nearing the end of the annual rebidding cycle on pricing in that market. I think our team has been pretty encouraged. In that business, we've been able to grow share here over the past few years. And that market is one that we participated pretty effectively in both ocean and air. We brought on some talent. We've had some technology advances, and we've had some geographic expansions and some verticals that we've gone into, too.

我認為在海洋航空方面，我們剛剛結束或接近該市場定價的年度重新招標週期結束。我認為我們的團隊受到了極大的鼓舞。在該業務中，我們在過去幾年中已經能夠在這裡增加份額。這個市場是我們在海洋和空中都非常有效地參與的市場。我們引進了一些人才。我們取得了一些技術進步，我們也進行了一些地理擴張和一些垂直領域。

So I think we feel pretty good about the customer engagement there. We feel pretty good about the bid process. And coming out of this last round, I think we feel optimistic that we'll be able to continue to grow share in the market on both ocean and air.

所以我認為我們對那裡的客戶參與度感覺很好。我們對投標過程感覺很好。最後一輪結束後，我認為我們對能夠繼續擴大海運和空運市場份額感到樂觀。

That's good color. Just a quick follow-up. And so you mentioned if I were a customer and I go online, if I'm looking at sort of base pricing for truckload in the back half of the year, you guys would be forecasting that up from current levels then.

這個顏色好只是快速跟進。所以你提到如果我是客戶並且我上網，如果我正在尋找今年下半年卡車裝載的基本定價，那麼你們會預測從當前水平開始。

Yes. Down -- we're kind of feeling like we're at the low now. We feel like that will come up as we go through the year and probably end the year higher than where we're at. Obviously, on that, I'm talking -- what we've got on the website is our spot market. And like I said, price and contract follows the spot market. So as those contracts reprice, those will come along with it.

是的。低落——我們感覺我們現在處於低谷。我們覺得隨著我們度過這一年，這種情況會出現，並且可能會在今年結束時高於我們所處的位置。顯然，關於這一點，我說的是——我們在網站上看到的是我們的現貨市場。就像我說的，價格和合同跟隨現貨市場。因此，隨著這些合同重新定價，這些合同也會隨之而來。

The next question is coming from David Zazula of Barclays.

下一個問題來自巴克萊銀行的 David Zazula。

Could you comment on the LTL market a little bit? I noticed you had outperformed at least some of the indices we've tracked on volumes. What you're doing to drive share in that space and where you think the LTL market will go heading forward.

您能否對零擔市場做一些評論？我注意到您的表現至少優於我們跟踪的一些指數。您正在做什麼來推動該領域的份額以及您認為 LTL 市場將向前發展的方向。

Yes. On the LTL side, we've reported Q1 volumes down 5%. That was lower than our expectations going in, but that market also faces a similar softness that we're seeing across the board. What we've talked about on our LTL business has been the impact of a couple of large customers that we lost during the pandemic that we've had to lap. But we feel good about the automation that we've been able to bring to that business and our effectiveness at getting out there and competing from a margin standpoint, that business kind of runs a little bit with fuel prices. So that's the one part of our business where margins are improved when fuel is up and come down a little when fuel comes down.

是的。在 LTL 方面，我們報告第一季度的銷量下降了 5%。這低於我們的預期，但該市場也面臨著我們全面看到的類似疲軟。我們在 LTL 業務上談論的是我們在大流行期間失去的幾個大客戶的影響，我們不得不放棄這些客戶。但我們對我們能夠為該業務帶來的自動化以及我們走出去並從利潤率的角度進行競爭的有效性感到滿意，這種業務有點受燃料價格影響。所以這是我們業務的一部分，當燃料上升時利潤率會提高，而當燃料下降時利潤率會略有下降。

And so as we comp last year, from a fuel perspective, I think in Q1, we were down about $3 on impact on fuel, and so there's a little bit of that margin going on there. But overall, we feel like we've been able to compete there despite the results coming in softer than we originally expected.

因此，當我們去年進行比較時，從燃料的角度來看，我認為在第一季度，我們對燃料的影響下降了大約 3 美元，所以那裡有一點利潤。但總的來說，儘管結果比我們原先預期的要疲軟，但我們覺得我們能夠在那裡競爭。

Arun, and then quick, you mentioned some automation initiatives. I guess can you talk to the extent you have on any feedback you've gotten from customers that are resistant in what you do and to maybe help customers along with the initiatives you're implementing.

Arun，然後很快，您提到了一些自動化計劃。我想你能談談你對你從客戶那裡得到的任何反饋的程度，這些反饋對你所做的事情有抵抗力，並且可能會幫助客戶以及你正在實施的計劃。

Yes. Good question. So most of the automation that we're doing actually should have extreme customer benefit. Much of what we're doing is automation on the carrier side or internally as it relates to appointment-related tasks. And where customers have -- so on the customer side, where customers have systems or scheduling systems that we can integrate with to do appointments, that's great, and/or they allow us to reach into their systems via automation and book and schedule appointments.

是的。好問題。所以我們正在做的大部分自動化實際上應該有極大的客戶利益。我們正在做的大部分工作是運營商方面或內部的自動化，因為它與預約相關的任務有關。在客戶擁有的地方 - 所以在客戶方面，客戶擁有我們可以與之集成以進行約會的系統或計劃系統，這很好，和/或他們允許我們通過自動化進入他們的系統並預訂和安排約會。

Ultimately, it's a cost savings for them as well, so they don't really push back at all. And as it relates to in-transit tracking and track and trace, most of that -- the heavy lifting is about -- it's not really heavy lifting. It's about like self-server carriers, ultimately, right? Carriers now have the ability with better and hardened technology to self-serve as it relates to giving us visibility to their locations, which then gives us greater confidence that we can relay back to our customers around service performance.

最終，這對他們來說也是一種成本節約，所以他們根本不會退縮。由於它涉及在途跟踪和追踪，其中大部分 - 繁重的工作 - 這並不是真正的繁重工作。最終就像自助服務運營商一樣，對嗎？運營商現在有能力使用更好和更堅固的技術進行自助服務，因為這與讓我們了解他們的位置有關，這讓我們更有信心可以將服務性能反饋給我們的客戶。

So ultimately, on both sides of the marketplace, we haven't really found significant pushback on the activities that we're currently working on.

因此，最終，在市場的兩邊，我們並沒有真正發現對我們目前正在進行的活動的重大阻力。

The next question is coming from Chris Wetherbee of Citigroup.

下一個問題來自花旗集團的 Chris Wetherbee。

Wanted to maybe talk a little bit about some of the cost initiatives that you guys are working on. I know you've upsized your cost-out goals for the year. I'm wondering, maybe particularly on the personnel side, we could maybe break that down between heads and then maybe incentive comp if that is part of it or if incentive comp is excluded from the numbers. Just wondering if you want to start there.

想談談你們正在進行的一些成本計劃。我知道您已經提高了今年的成本支出目標。我想知道，也許特別是在人員方面，我們可以將其分解為負責人，然後可能是激勵補償，如果這是其中的一部分，或者如果激勵補償被排除在數字之外。只是想知道你是否想從那裡開始。

Yes. Sure, Chris. So we talk about the $300 million cost savings relative to the commitment that we have put out there on our last call. And just to recap that, we had originally said we were going to do $150 million net annualized cost savings, and we use the base on that as Q3 expenses from last year, which were about $600 million. So you annualize that $600 million, that's $2.4 billion. Midpoint of our new guidance is $2.1 billion. That's how you get the $300 million of overall savings. And then what you saw in the guidance that we put out there was $100 million reduction in 2023 on the midpoint of our personnel expense.

是的。當然，克里斯。因此，我們談論的是相對於我們在上次電話會議上做出的承諾，節省了 3 億美元的成本。回顧一下，我們最初表示我們將每年節省 1.5 億美元的淨成本，我們以此為基礎作為去年第三季度的支出，約為 6 億美元。因此，您將這 6 億美元年化，即 24 億美元。我們新指引的中點是 21 億美元。這就是您如何獲得 3 億美元的總體節省。然後你在我們發布的指南中看到，到 2023 年，我們的人事費用中點減少了 1 億美元。

When you get into the composition of that, we do have some tailwind from normalized incentive for our folks. And then we also -- going forward, our annual salary increases go into effect in March. And so they didn't impact Q1 fully, just the end of it. And so that will be a little bit of a headwind going forward for us on the expense side. But the primary force behind the personnel expense guidance change was our staffing.

當你進入其中時，我們確實從對我們員工的標準化激勵中得到了一些幫助。然後我們 - 展望未來，我們的年度加薪將於 3 月生效。所以他們並沒有完全影響第一季度，只是結束了。因此，在費用方面，這對我們來說會有點不利。但人事費用指導變化背後的主要力量是我們的人員配置。

And so we've made really nice progress on our staffing in Q4 and in Q1. We ended -- if you look at ending head count in Q1, we were about 16,400, which is down about 1,000 from where we were at the end of Q4. And if you went back to Q3, we're down about 1,500 from where we were in Q3. And so we talked about the fact that we needed to get out there and kind of fix our cost structure from a long-term perspective.

因此，我們在第四季度和第一季度的人員配置方面取得了非常好的進展。我們結束了——如果你看看第一季度末的人數，我們大約有 16,400 人，比第四季度末減少了大約 1,000 人。如果你回到第三季度，我們比第三季度下降了大約 1,500。所以我們談到了這樣一個事實，即我們需要走出去，從長遠的角度來修復我們的成本結構。

And I think we've done a pretty decent job of both rightsizing for some of the expense escalation that we had when the market was hot and the volumes required more service, frankly, because times are tenuous. And so we had to correct for that a little bit. And then just looking at the long-term cost structure that we need to be competitive going forward, we really felt like we needed to do some things there, and we did. And all along, we've had really good work on streamlining our processes and putting automation in to really allow our people to do more value-added tasks, things that they want to do more, getting rid of some of the work that is less desirable and building that toolbox for them so that they can focus on growing our business profitably with the great tool box to support them.

而且我認為我們已經做了相當不錯的工作，因為坦率地說，因為時間很脆弱，所以我們在市場火爆和數量需要更多服務時對我們的一些費用升級進行了合理化。所以我們不得不對此進行一些糾正。然後看看我們需要在未來保持競爭力的長期成本結構，我們真的覺得我們需要在那裡做一些事情，我們做到了。一直以來，我們在簡化流程和實現自動化方面做得非常好，真正讓我們的員工能夠完成更多增值任務，他們想做更多的事情，擺脫一些不太重要的工作理想並為他們構建該工具箱，以便他們可以專注於使用強大的工具箱來支持他們盈利地發展我們的業務。

Chris, this is Scott. I'll just add on to that because 1 of the things we've really worked with the senior leadership team on the last 90 days is taking complexity out of the organization and simplifying things and as we all know, an important part of strategy is also deciding what you say no to and concentrating resources in areas of the highest impact.

克里斯，這是斯科特。我只是補充一點，因為在過去 90 天裡，我們與高級領導團隊真正合作的事情之一是消除組織的複雜性並簡化事情，眾所周知，戰略的一個重要部分是還要決定你拒絕什麼，並將資源集中在影響最大的領域。

So simply put, we're really focused on reducing spend by focusing on the things that matter most. And part of this is the right thing to do for the business for the decade ahead but also, as I talked about before, to really give the new CEO of platform to move quickly. And I'm really proud of the work the senior team has done, and they're tough decisions. But I think we're going to see a benefit for all of our stakeholders going forward.

簡而言之，我們真正專注於通過關注最重要的事情來減少支出。這部分是為未來十年的業務做的正確事情，而且正如我之前所說的那樣，真正讓平台的新 CEO 迅速採取行動。我為高級團隊所做的工作感到非常自豪，他們是艱難的決定。但我認為我們將看到所有利益相關者在未來都受益。

Okay. That's extremely helpful color, so I appreciate you guys running me through that. And then -- and maybe a quick follow-up to sort of transitioning a bit to the Global Forwarding business. There has been some signs of life off of a very low bottom in terms of spot rates on the ocean side over the course of the last couple of weeks. I think some other players have had maybe better success with contracting relative to the beginning of the contracting season for this year relative to what the spot market might suggest. I don't know if those are that's sort of how you guys are thinking about that market as you move into the spring season as we're going through that annual shipping contracting season. Is that something that you've seen? Or is it continuing to sort of follow the path of the spot market?

好的。這是非常有用的顏色，所以我很感謝你們幫我解決這個問題。然後 - 也許是快速跟進，以某種方式過渡到全球貨運業務。在過去幾週的過程中，就海洋一側的即期匯率而言，已經出現了一些非常低的底部的生命跡象。我認為，相對於現貨市場可能暗示的情況，其他一些球員在今年合同季節開始時的合同可能取得了更好的成功。我不知道這些是否就是你們在進入春季時對市場的看法，因為我們正在經歷一年一度的航運合同季節。那是你見過的東西嗎？還是繼續走現貨市場的道路？

Yes. We're getting to the end of that process to reestablish contracts for the year, and I think the team feels pretty good about it for a variety of reasons. And the upgrade and technology that we've had in Global Forwarding has really helped our connection with customers and helped us in terms of success. We rolled out Navisphere 2.0 in that space. That rollout was completed in January, and the customers are reacting positively to that. We're exceeding our expectations on monthly average users, track of trace usage, data quality, feature usage by customers.

是的。我們即將結束今年重新簽訂合同的過程，我認為出於各種原因，團隊對此感覺非常好。我們在 Global Forwarding 中的升級和技術確實幫助我們與客戶建立了聯繫，並幫助我們取得了成功。我們在該領域推出了 Navisphere 2.0。該部署於 1 月份完成，客戶對此反應積極。我們超出了我們對月平均用戶、跟踪使用情況跟踪、數據質量、客戶功能使用情況的預期。

So what they're getting is they're more -- they're getting more customized reporting capabilities, data insights, analytics to support decisions. And I think those are the kind of things that have helped us get closer to customers and get the attention of some new customers. And so that's despite the soft market. Like you say, there is some reason here in the last few weeks to think maybe there's some positive news there. But like I said, not enough to call it a trend, but I think our team is more excited about the engagement they have with the customers and the attention that they're getting in some of the new verticals and geographies as well to feel good about their continuation of the share gains that they've seen over the past few years.

所以他們得到的是更多——他們正在獲得更多定制的報告功能、數據洞察力、支持決策的分析。我認為這些都是幫助我們拉近與客戶的距離並引起一些新客戶注意的事情。因此，儘管市場疲軟。就像你說的，過去幾週這裡有一些理由認為那裡可能有一些積極的消息。但就像我說的，這還不足以稱之為趨勢，但我認為我們的團隊對他們與客戶的互動以及他們在一些新的垂直領域和地區獲得的關注以及感覺良好感到更加興奮關於他們在過去幾年中看到的份額收益的延續。

The next question is coming from Bruce Chan of Stifel.

下一個問題來自 Stifel 的 Bruce Chan。

Maybe if I could just follow up here on the commentary around Navisphere 2.0. I mean, I know it's still very early in the deployment. But when you think about it, is this a tool that we need to start seeing EBIT conversion or profit per head start to close the gap with some of your best-in-class peers? What's sort of the time line for that process, if you don't mind sharing some color there?

也許我可以在這裡跟進有關 Navisphere 2.0 的評論。我的意思是，我知道它仍處於部署初期。但是，當您考慮一下時，我們是否需要這個工具來開始看到 EBIT 轉換或人均利潤開始縮小與一些一流同行的差距？如果您不介意在那里分享一些顏色，該過程的時間表是怎樣的？

Yes. Let me take a cut at that, and Arun might have a couple of comments as well. So the Navisphere 2.0, while it helps with efficiency, it's really more to help us engage with the customers in a more constructive way to help solve some of the problems that they have, make sure they're getting data the way they want it. We've had some other technology enhancements on the GF side around being able to quote more efficiently, which is important in the bidding process.

是的。讓我插話一下，Arun 可能也有一些評論。所以 Navisphere 2.0，雖然它有助於提高效率，但實際上更多的是幫助我們以更具建設性的方式與客戶互動，幫助解決他們遇到的一些問題，確保他們以他們想要的方式獲取數據。我們在 GF 方面進行了一些其他技術改進，以便能夠更有效地報價，這在投標過程中很重要。

And so while that -- some of that tech is rolling out, the game plan on the Global Forwarding side is not unlike the game plan on the NAST side which a little further behind, I would say, in Global Forwarding with a lot more upside due to the complexities associated with that market when you think about languages, currencies, customs and rules and laws as you get goods transported around the world.

因此，儘管其中一些技術正在推出，但全球轉發方面的遊戲計劃與 NAST 方面的遊戲計劃並沒有什麼不同，後者稍微落後一點，我想說，在全球轉發方面有更多的上升空間由於與該市場相關的複雜性，當您在世界各地運輸貨物時考慮語言、貨幣、習俗以及規則和法律。

So I think really good upside there. But that technology investment has been going on and will continue to go on in the feature enhancements and benefits that we were talking about with Navisphere 2.0 really growth more than efficiency, but we do have efficiency investments around as well.

所以我認為那裡真的很好。但這項技術投資一直在進行，並將繼續進行，以實現我們在 Navisphere 2.0 中談論的功能增強和優勢，真正的增長超過效率，但我們確實也有效率投資。

Yes. So to kind of elaborate when you reference Navisphere 2.0 or online 2.0, that's really more about customer self-service capabilities. And so it's more about customer engagement, customer retention and growth, to Mike's point. As it relates to productivity, there are a whole set of activities similar to how we're doing in transit tracking automation and self-serve and we're doing appointment-related task automation and NAST to drive up productivity.

是的。因此，當您引用 Navisphere 2.0 或在線 2.0 時，請詳細說明一下，這實際上更多地與客戶自助服務功能有關。因此，在邁克看來，更多的是關於客戶參與、客戶保留和增長。因為它與生產力有關，所以有一整套活動類似於我們在運輸跟踪自動化和自助服務方面所做的，我們正在進行與約會相關的任務自動化和 NAST 以提高生產力。

Global Forwarding has similar activities as it relates to how a given file, we call it the metric we track internally, is something along the lines of shipments per person per day. It's files per person per day, and we have various activities or underlying initiatives similar to NAST to unlock productivity there. So I'd say that's a little bit decoupled from the reference to Navisphere 2.0.

Global Forwarding 有類似的活動，因為它涉及給定文件（我們稱之為我們內部跟踪的指標）如何與每人每天的發貨量相關。它是每人每天的文件，我們有各種類似於 NAST 的活動或基礎計劃來釋放那裡的生產力。所以我想說這與對 Navisphere 2.0 的引用有點脫鉤。

Okay. That's fair commentary. And if I could just push a little bit more on that. When I think back to, call it, 2016, 2017, after APC and a spate of other acquisitions that you did in Global Forwarding, I think the commentary there was that still a new and growing organization, there were still a lot of efficiency and productivity that was left to extract. And here we are in 2023, and we're kind of back to the same sort of EBIT conversion ratios. So what makes you confident that this time around, you've got the right (inaudible).

好的。這是公平的評論。如果我能再多推動一點。當我回想起來，稱之為 2016 年、2017 年，在 APC 和你在 Global Forwarding 進行的一系列其他收購之後，我認為當時的評論是，這仍然是一個新的、不斷發展的組織，仍然有很多效率和留下來提取的生產力。到了 2023 年，我們又回到了同樣的息稅前利潤轉換率。那麼，是什麼讓您確信這一次您做對了（聽不清）。

Yes. Let me start, and again, I'll let Arun make some comments as well. The team has been growing share. We've been happy with the progress that they've been making talked about, new geographies. They're currently the top 3 ocean forwarder from China to the U.S., from India to the U.S., U.S. to Oceania. They've made progress in the Europe to U.S. trade lanes. They achieved the #4 ranking there in Q1, just expanded geographically into the Middle East, opened an office there in Dubai in mid-February and picked up customers really all around the world, not just Trans-Pacific, but Europe, Southeast Asia, Oceana, Latin America, India, et cetera.

是的。讓我再次開始，我也會讓 Arun 發表一些評論。該團隊的份額一直在增長。我們對他們一直在談論的新地區取得的進展感到滿意。他們目前是中國到美國、印度到美國、美國到大洋洲的前三名海運代理。他們在歐洲到美國的貿易通道上取得了進展。他們在第一季度在那裡排名第 4，剛剛將地域擴張到中東，2 月中旬在迪拜開設了辦事處，真正吸引了世界各地的客戶，不僅是跨太平洋地區，還有歐洲、東南亞、大洋洲、拉丁美洲、印度等。

So the team has been doing a pretty good job. And the journey to optimization there is -- it's -- there's a lot of runway there. It's a complex marketplace, and there's a lot of ability to streamline processes and automate and get ourselves to an efficiency level that we want to. So I think the performance has been good. I think the runway is pretty solid there, too.

所以團隊一直做得很好。那裡的優化之旅 - 它 - 那裡有很多跑道。這是一個複雜的市場，有很多能力可以簡化流程和自動化，並使我們自己達到我們想要的效率水平。所以我認為表現很好。我認為那裡的跑道也很堅固。

Yes. To add to what Mike said, I think there are probably a couple of other factors that are relevant. There was probably a lot of work around foundational technology investments that had to happen over time, onboarding some of the acquisitions onto our platform.

是的。補充一下 Mike 所說的，我認為可能還有其他一些相關因素。隨著時間的推移，可能有很多圍繞基礎技術投資的工作，將一些收購納入我們的平台。

I will say that over the recent past, call it the past 12, 24 months, there's been heightened scrutiny around connecting technology investments to actual unlock of either productivity or revenue leakage or whatever else. And so I'd say the discipline or the data-driven discipline around investment priorities and linking it back to outcomes has probably gained heightened focus over the last year or 2.

我要說的是，在最近的過去，也就是過去的 12、24 個月裡，人們對將技術投資與實際解鎖生產力或收入流失或其他任何方面聯繫起來進行了更嚴格的審查。因此，我想說圍繞投資優先級並將其與結果聯繫起來的紀律或數據驅動的紀律可能在過去一兩年中得到了高度關注。

The next question is coming from Jordan Alliger of Goldman Sachs.

下一個問題來自高盛的 Jordan Alliger。

You referenced, I think, the bottom of the cycle in a few different ways. And one of the things I think you talked about was spot prices approach operating breakeven costs. It will start taking out capacity. I'm just curious your thoughts on how quick the processes could be, especially given demand. And then maybe what's been your experience from your carrier partners? Have you seen anything in that regard?

我認為，您以幾種不同的方式提到了周期的底部。我想你談到的其中一件事是現貨價格接近運營盈虧平衡成本。它將開始消耗容量。我只是很好奇您對流程的速度有多快的想法，尤其是在滿足需求的情況下。那麼也許您從運營商合作夥伴那裡獲得的經驗是什麼？你在這方面看到過什麼嗎？

Yes. Thanks, Jordan. A couple of comments there. We do think that the pricing is getting to the point where capacity you would think would start coming out of the market. When we look at new carrier sign-ups, they're down pretty significantly down about 50% year-over-year in the quarter and sequentially down by 1/3 as well. So that's usually an indication of things slowing down, but the cost for carriers with labor rates, insurance rates and fuel has become more expensive and if they purchased a truck here in the last few years, that was probably more expensive, too.

是的。謝謝，喬丹。那裡有一些評論。我們確實認為定價已經到了你認為產能開始退出市場的地步。當我們查看新的承運人簽約時，他們在本季度同比下降了 50% 左右，環比下降了 1/3。所以這通常表明事情正在放緩，但對於人工費率、保險費率和燃料的承運人來說，成本變得更加昂貴，如果他們在過去幾年在這裡購買卡車，那可能也更昂貴。

So I think it's probably fair to say that we're on the verge of some capacity coming out truckload for sure. I'll give you some interesting maybe information around the cycle, too. So there are no guarantees in terms of forecasting when the cycle is -- when they will come and go from peak to trough. But if you look at the last 3 cycles in the U.S. and you're looking at AGP per shipment, we've seen some similarity in the duration of those cycles. So if you looked at the time between the last 3 peak quarters, it was 3 to 3.5 years. And if you looked at the time between the troughs, it was also 3 to 3.5 years. And so you're talking about 6 to 7 quarters between the peak and trough or vice versa.

因此，我認為可以肯定地說，我們正處於卡車裝載能力的邊緣。我也會給你一些關於週期的有趣信息。因此，就週期的預測而言，無法保證——它們何時會從高峰到低谷。但是，如果您查看美國最近的 3 個週期，並且查看每批貨物的 AGP，我們就會發現這些週期的持續時間有一些相似之處。所以如果你看一下最近 3 個高峰季度之間的時間，就是 3 到 3.5 年。如果你看一下波谷之間的時間，也是 3 到 3.5 年。所以你說的是高峰和低谷之間的 6 到 7 個季度，反之亦然。

Now no way to know if this freight cycle is going to follow suit. But our last peak in truckload AGP per shipment was 7 quarters from Q4 of 2018 to Q3 2020. And so again, history repeated itself 6 to 7 quarters from our last peak, which was Q2 of 2022. And then we'd be talking about Q4 this year or Q1 of next year as the trough on an AGP per shipment kind of basis.

現在沒有辦法知道這個貨運週期是否會效仿。但我們上一次裝運卡車 AGP 的峰值是從 2018 年第四季度到 2020 年第三季度的 7 個季度。因此，歷史再次從我們的上一個峰值（即 2022 年第二季度）重演了 6 到 7 個季度。然後我們會談論今年第四季度或明年第一季度作為每批貨物 AGP 的低谷。

The next question is coming from David Vernon of Bernstein.

下一個問題來自伯恩斯坦的大衛弗農。

The rate or month per mile on your truckload Slide 6 there, being down 28%, that's kind of well ahead of some of the benchmark indices that you follow from CAS and some of the other third-party stuff. Can you give us a sense for how much of the book is getting repriced at this level right now? And what does that mean kind of from a go-forward perspective? Are we going to be stabilizing at these levels? Or is there still some more maybe pain to take as this truck cycle reaches its trough?

你的卡車載重率或每月每英里的幻燈片 6 下降了 28%，這遠遠領先於你從 CAS 和其他一些第三方東西中遵循的一些基準指數。您能告訴我們現在有多少本書在這個水平上重新定價嗎？從前瞻性的角度來看，這意味著什麼？我們會穩定在這些水平嗎？或者當卡車週期到達低谷時，是否還有更多可能需要承受的痛苦？

Yes. We reprice our contracts all throughout the year, tend to be a little bit heavier in Q4 and Q1. So call it, 60% gets repriced in Q4 and Q1 and the other 40% in Q3 -- in Q2 and Q3. So you kind of think about it that way. I think what was interesting when we're looking at price per mile and cost per mile this quarter in comparison to last year was just how much the decline was on a percentage basis. So we were -- as we kind of pointed out there, we're down 27.5% on a rate per mile and 28.5% on a cost per mile. And so when you look at year-over-year, those are the largest that we've seen in over a decade.

是的。我們全年都對我們的合約進行重新定價，在第四季度和第一季度往往會稍微重一些。這麼說吧，60% 在第四季度和第一季度重新定價，另外 40% 在第三季度 - 第二季度和第三季度重新定價。所以你有點這樣想。我認為，當我們查看本季度與去年相比的每英里價格和每英里成本時，有趣的是百分比下降了多少。所以我們 - 正如我們在那裡指出的那樣，我們的每英里費率下降了 27.5%，每英里成本下降了 28.5%。因此，當您逐年查看時，這些是我們十多年來看到的最大的。

Sequentially, it was the fifth straight quarter that price per mile came down and also the fifth straight quarter that cost per mile came down, and that's after the run-up that we saw for 7, 8 quarters prior to that. So that's the way we're seeing it play out.

隨後，這是每英里價格連續第五個季度下降，也是每英里成本連續第五個季度下降，這是在我們看到之前 7、8 個季度的上漲之後。這就是我們看到它發揮作用的方式。

Okay. And then maybe just as a quick follow-up. You don't give us some of the same detail in terms of the buy and sell rates for the forwarding business understand different moods, more complicated. But I guess as you think about the rate at which your customer rates are coming down and correcting what the publicly available indices we will be looking at, is that spreads also widening a little bit? Or are we getting to a point where your forwarding business is -- has caught up to where sort of market rates are today?

好的。然後可能只是快速跟進。你沒有給我們一些相同的細節，在買賣價格方面，對於貨運代理業務理解不同的情緒，更複雜。但我想當你考慮客戶利率下降的速度並糾正我們將要查看的公開可用指數時，價差是否也在擴大一點？或者我們是否已經達到您的貨運業務 - 已經趕上今天的市場價格？

Yes. Like we kind of said that business gets rebid, repriced here, and we've been going through that. And hard to say where you've hit bottom, that -- especially on the ocean side, you have a capacity issue there that's got to play out in terms of there's certainly capacity coming into the market there. And there's a little bit coming out, but not as much as coming in. And so how that plays out is yet to be seen, particularly considering the macro environment and what's there in demand.

是的。就像我們說的那樣，企業會在這裡重新報價、重新定價，我們一直在經歷這些。很難說你在哪裡觸底，特別是在海洋一側，你有一個容量問題必鬚髮揮作用，因為那里肯定有容量進入市場。並且有一點出來，但沒有進來那麼多。因此，這將如何發揮作用還有待觀察，特別是考慮到宏觀環境和需求。

The market is looking at the possibility of a recession here for the remainder of the year. Obviously, that impacts demand. And so that supply/demand kind of play in the ocean business is a little bit harder to call at this point in how pricing will get reflected there.

市場正在研究今年剩餘時間經濟衰退的可能性。顯然，這會影響需求。因此，在定價將如何反映在那裡的這一點上，海洋業務中的供求關係有點難以預測。

And on the air side?

在空中呢？

Yes, similar dynamics on the air side. I wouldn't say much different there except for the capacity situation is obviously a little bit different. But it will key off the macro demand environment, and that, I think, is yet to be seen.

是的，空中方面也有類似的動態。除了容量情況明顯有點不同外，我不會說那裡有什麼不同。但這將關閉宏觀需求環境，我認為這還有待觀察。

We're showing time for 1 last question today. The final question is coming from Ken Hoexter of Bank of America.

今天我們將展示最後 1 個問題的時間。最後一個問題來自美國銀行的 Ken Hoexter。

Great. Scott, maybe just -- how do you think about the core brokerage? I know you had some questions in the prepared remarks on the timing of the CEO. But should C.H. be moving to more automation and less people intensive? I guess I want to understand your thoughts on the design for the company and where you think it's headed.

偉大的。斯科特，也許只是——你如何看待核心經紀業務？我知道你在準備好的關於首席執行官時間安排的評論中有一些問題。但應該 C.H.正在轉向更多的自動化和更少的人員密集？我想我想了解您對公司設計的想法以及您認為它的發展方向。

Yes, Ken, great question. I think it's a combination of both. I think the technology amplifies the expertise of our people and our ability for our people to drive continued growth and drive operating leverage for the business, and grow without adding headcount is one of the key things to what we're doing. So to me, we're on a path to have multiple wins win for our customers, win for our carriers and a win for our people when we do this the right way.

是的，肯，好問題。我認為這是兩者的結合。我認為這項技術增強了我們員工的專業知識和我們員工推動持續增長和推動業務運營槓桿的能力，並且在不增加員工人數的情況下實現增長是我們正在做的事情之一。所以對我來說，當我們以正確的方式做到這一點時，我們正在走上一條為我們的客戶、為我們的運營商和我們的員工贏得多重勝利的道路。

But I guess to take it a step further, do we see a reshaping of it, where we're seeing big layoffs to shift the dynamic of that balance in the near term?

但我想更進一步，我們是否看到它的重塑，我們看到大規模裁員以在短期內改變這種平衡的動態？

No. I think one of the things that Robinson is so strong at is our commercial engine. And I think one of the things we have to do is leverage the technology. We've seen that in terms of how we compete against our technology competitors. So this is an additive game, a 1 plus 1 equals 4 or 5. And one of the things Arun is doing and part of our cost reduction strategy here is also to drive costs out of areas and take complexity out of the organization to drive it towards the right things that grow the business and grow margin.

不，我認為羅賓遜最擅長的事情之一就是我們的商業引擎。我認為我們必須做的一件事就是利用這項技術。我們已經在與技術競爭對手的競爭中看到了這一點。所以這是一個加法遊戲，1 加 1 等於 4 或 5。Arun 正在做的事情之一，也是我們降低成本戰略的一部分，也是將成本從領域中移除，並從組織中移除複雜性來推動它朝著正確的方向發展業務並增加利潤。

That's helpful to understand. And then just a follow-up, on the capacity exits, I guess there are a lot of peers that are focused on -- you mentioned the digital peers focused on positive and profitable volume growth in taking share. Maybe can you just spend a minute talking about the competitive dynamic in the market right now?

這有助於理解。然後只是後續行動，關於容量退出，我想有很多同行都關注 - 你提到數字同行專注於積極和有利可圖的銷量增長。也許你能花一分鐘時間談談現在市場上的競爭動態嗎？

Yes, I'll make a couple of comments there, Ken. So I mentioned that the competitiveness seems to have heated up, particularly on the brokerage side here. And we could certainly go out and get more volume, but we're committed to getting profitable volume. And so we are not interested in getting into any kind of competitive situation that would lead us to issues with negative loads or chasing that kind of volume.

是的，我會在那裡發表一些評論，Ken。所以我提到競爭似乎已經升溫，特別是在經紀方面。我們當然可以出去獲得更多的銷量，但我們致力於獲得盈利的銷量。因此，我們對進入任何會導致我們出現負負載問題或追逐那種數量的競爭情況不感興趣。

So we've been pretty disciplined there. We've got really good pricing engines. We feel like we've got great understanding in the market. And so we feel like we can compete pretty effectively there with our data advantage and our people and connectivity to the customers in a way that will continue to be able to make strides both on a market share gain standpoint and against our margin targets.

所以我們在那裡一直很有紀律。我們有非常好的定價引擎。我們覺得我們對市場有很好的了解。因此，我們覺得我們可以憑藉我們的數據優勢、我們的人員以及與客戶的連接性，以一種能夠繼續在市場份額增長和我們的利潤率目標方面取得長足進步的方式，在那裡進行相當有效的競爭。

Thank you. At this time, I'd like to turn the floor back over to Mr. Ives for closing comments.

謝謝。現在，我想將發言權轉回 Ives 先生以徵求結束意見。

Yes. Thank you, everyone, for joining us today. That concludes today's earnings call, and we look forward to talking to you again. Have a great evening.

是的。謝謝大家今天加入我們。今天的財報電話會議到此結束，我們期待再次與您交談。祝你有個愉快的夜晚。

Ladies and gentlemen, thank you for your participation. This concludes today's event. You may disconnect your lines.

女士們，先生們，感謝你們的參與。今天的活動到此結束。您可以斷開線路。