羅賓遜全球物流 (CHRW) 2024 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the CH Robinson second quarter 2024 conference call. (Operator Instructions) As a reminder, this conference is being recorded, Wednesday, July 31, 2024.

女士們、先生們，下午好，歡迎參加 CH Robinson 2024 年第二季電話會議。（操作員說明）謹此提醒，本次會議將於 2024 年 7 月 31 日星期三進行錄音。

I would now like to turn the conference over to Chuck Ives, Director of Investor Relations.

我現在想將會議交給投資者關係總監 Chuck Ives。

Thank you, Donna, and good afternoon, everyone. On the call with me today is Dave Bozeman, our President and Chief Executive Officer; Arun Rajan, our Chief Strategy and Innovation Officer; Michael Castagnetto, our President of North American Surface Transportation; Mike Zechmeister, our Chief Financial Officer; and Damon Lee, our Incoming Chief Financial Officer.

謝謝唐娜，大家下午好。今天與我通話的是我們的總裁兼執行長 Dave Bozeman； Arun Rajan，我們的首席策略和創新長； Michael Castagnetto，我們的北美地面運輸總裁； Mike Zechmeister，我們的財務長；以及我們即將上任的財務長達蒙李 (Damon Lee)。

I'd 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. Our earnings presentation slides are supplemental to our earnings release and can be found in the investor section of our website at investor.chrobinson.com.

我想提醒您，我們今天的言論可能包含前瞻性陳述。今天簡報中的投影片 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。我們的收益簡報投影片是對收益發布的補充，可以在我們網站 Investor.chrobinson.com 的投資者部分找到。

Our prepared comments are not intended to follow the slides. If we do refer to specific information on the slides, we'll let you know which slide we're referencing. Today's remarks also contains certain non-GAAP measures. And reconciliations of those measures to GAAP measures are included in the presentation. And with that, I'll turn the call over to Dave.

我們準備好的評論並不是為了跟隨幻燈片。如果我們確實引用了幻燈片上的具體信息，我們會告訴您我們引用的是哪張幻燈片。今天的言論也包含某些非公認會計準則措施。簡報中還包括這些措施與 GAAP 措施的調整。然後，我會將電話轉給戴夫。

Thank you, Chuck. Good afternoon, everyone, and thank you for joining us today. Having been in this field for a little over a year now, I'm pleased with the progress we've made on evolving our strategy, improving our execution, and evaluate and enhancing the company's four P's: people, products, processes, and portfolio. We brought in some new leaders and we're arming our people with better tools to execute on our profitable growth strategies.

謝謝你，查克。大家下午好，感謝您今天加入我們。進入這一領域已經一年多了，我對我們在發展策略、提高執行力以及評估和增強公司的 4 個 P（人員、產品、流程和產品組合）方面取得的進展感到滿意。我們引進了一些新的領導者，並為我們的員工提供了更好的工具來執行我們的獲利成長策略。

We're delivering innovative products to provide greater value to our customers and carriers. We're streamlining our processes, applying lean principles, and leveraging generative AI to drive out waste and optimize our cost. And we're making changes to drive focus on the four core modes in our portfolio. All of these changes are aimed at our North Star of generating incremental operating income and delivering higher highs and higher lows over the course of freight market cycles.

我們正在提供創新產品，為我們的客戶和營運商提供更大的價值。我們正在簡化流程，應用精實原則，並利用生成式人工智慧來消除浪費並優化成本。我們正在做出改變，以推動對我們產品組合中四種核心模式的關注。所有這些變化都是為了我們的北極星，即在貨運市場週期中產生增量營業收入並實現更高的高點和更高的低點。

Our second quarter results reflect a higher quality of execution and performance as we continue to implement the new Robinson operating model. And although we continue to fight through an elongated freight recession, we are winning and executing better at this point in the cycle. Our people are delivering exceptional service and enhanced digital experience and differentiated value for our customers and carriers. And I thank the team for their efforts.

隨著我們繼續實施新的羅賓遜營運模式，我們第二季的業績反映出更高的執行品質和績效。儘管我們繼續與長期的貨運衰退作鬥爭，但我們在週期的這一點上取得了勝利並且執行得更好。我們的員工正在為我們的客戶和營運商提供卓越的服務、增強的數位體驗和差異化價值。我感謝團隊的努力。

Our truckload business grew market share for the fourth consecutive quarter, and we took share the right way way with margin improvement in mind. And our adjusted income from operations increased 32% year over year for the full enterprise.

我們的卡車裝載業務的市場份額連續第四個季度增長，我們以正確的方式佔據了份額，並考慮到了利潤率的提高。我們整個企業的調整後營運收入年增 32%。

On our first quarter earnings call, I discussed that we have begun deploying a new operating model that is rooted in lean methodology to improve the level and consistency of our operational execution. Today, I would like to share more about how the Robinson operating model is coming to life, which will hopefully help investors understand how things are evolving.

在我們第一季的財報電話會議上，我討論了我們已經開始部署一種植根於精益方法的新營運模式，以提高我們營運執行的水平和一致性。今天，我想分享更多關於羅賓遜營運模式是如何實現的，這有望幫助投資者了解事情是如何演變的。

The Robinson operating model starts with an enterprise strategy map that lays out the key strategies that we need to execute on to drive profitable growth and improve the operating income of the business. Growth in operating income will come from margin expansion by improving our cost structure and operating leverage and from market share gains by igniting profitable growth and targeted market segments and industry verticals.

羅賓遜營運模式從企業策略地圖開始，該地圖列出了我們需要執行的關鍵策略，以推動獲利成長並提高企業的營業收入。營業收入的成長將來自於透過改善我們的成本結構和營運槓桿來擴大利潤率，以及透過激發獲利成長和目標細分市場和垂直行業來獲得市場份額。

Our enterprise strategy map converts to a balanced scorecard for enterprise and cascades down to strategy maps and scorecards for each division for the functional support areas. These scorecards include the key metrics that each area of the business needs to deliver on and be accountable to. As examples, these metrics may be related to driving growth, meeting customer expectations, optimizing AGP, optimizing cost, managing our talent, or improving our cash conversion cycle.

我們的企業策略地圖轉換為企業平衡記分卡，並級聯為職能支援領域的每個部門的策略地圖和記分卡。這些記分卡包括業務每個領域需要交付和負責的關鍵指標。例如，這些指標可能與推動成長、滿足客戶期望、優化 AGP、優化成本、管理我們的人才或改善我們的現金週轉週期有關。

Through a regular cadence of operating reviews on at least a monthly basis but in some cases, weekly or even daily, scorecard metrics are reviewed and there's a binary view of whether they are on track. The metrics are green if they are on track and red if they're not on track. There is no yellow. We're coaching our people to embrace and attack the red with countermeasures or action plans to solve problems faster, which is driving improvements in execution.

透過至少每月一次（但在某些情況下每週甚至每天）定期進行營運審查，對記分卡指標進行審查，並對其是否步入正軌存在二元觀點。如果指標符合預期，則為綠色；如果指標不符合預期，則為紅色。沒有黃色。我們正在指導我們的員工透過對策或行動計劃來擁抱和攻擊紅色，以更快地解決問題，這正在推動執行力的改進。

This may show up in improvements such as more disciplined pricing, better decisions on the volume that we're seeking, or how we're servicing our customers and carriers. These operating reviews prosecute the problem and not the person, as we want our people to embrace the red as an opportunity for improvement.

這可能會體現在改進方面，例如更嚴格的定價、對我們尋求的數量做出更好的決策，或者我們如何為客戶和營運商提供服務。這些營運審查針對的是問題而不是人，因為我們希望我們的員工將紅色視為改進的機會。

Since we began implementing the new operating model in Q1, we're getting better at being vocally self critical in driving transparency and accountability. And we've been able to shine a light on some aerospace that negatively contributed to our results. We're also getting better at making decisions faster and taking quick action on countermeasures to correct those aerospace and improve our performance.

自從我們在第一季開始實施新的營運模式以來，我們在推動透明度和問責制方面越來越善於進行自我批評。我們已經能夠揭示一些對我們的結果產生負面影響的航空航太領域。我們也越來越擅長更快地做出決策，並迅速採取對策來糾正這些航空航太問題並提高我們的績效。

We are still early in our journey, but the operating model is helping us execute a solid strategy even better. And we expect further improvement as we continue to cascade the new operating models deeper into the organization and as our team continues to embrace it and build operational muscle. I know from my past experiences as of implementing lean operating models, that improvement isn't always linear, and we still have a lot of grass to cut. I'm confident in the team's willingness and ability to drive a higher level of discipline in our operational execution.

我們仍處於起步階段，但營運模式正在幫助我們更好地執行可靠的策略。隨著我們繼續將新的營運模式深入組織中，並且我們的團隊繼續接受它並增強營運能力，我們預計會得到進一步的改進。根據我過去實施精實營運模式的經驗，我知道改進並不總是線性的，而且我們還有很多工作要做。我對團隊在營運執行中推動更高程度紀律的意願和能力充滿信心。

As the global and North American freight markets fluctuate due to seasonal, cyclical, and geopolitical factors, we remain focused on what we can control, including deploying our new operating model, providing best-in-class service to our customers and carriers, gaining profitable share and targeted market segments and delivering tools that enable our customer and carrier facing employees to allocate their time to relationship building and value added solution.

由於全球和北美貨運市場因季節性、週期性和地緣政治因素而波動，我們仍然專注於我們可以控制的事情，包括部署我們的新營運模式，為我們的客戶和承運商提供一流的服務，獲得獲利分享和瞄準細分市場，並提供工具，使我們面向客戶和營運商的員工能夠將時間分配給關係建立和增值解決方案。

Our continued focus on productivity improvements is one part of our plan to address and optimize our enterprise-wide structural costs. We continue to eliminate or automate certain tasks to enable our teams to handle more volume. In 2024, we expect these initiatives will help drive a 15% increase in shipments per person per day in NAST, and a 10% increase in global forwarding, both of which will result in compounded productivity improvements of 32% or better over '23 and '24 combined.

我們持續關註生產力的提高是我們解決和優化整個企業結構成本的計劃的一部分。我們繼續消除或自動化某些任務，以使我們的團隊能夠處理更多的工作量。到2024 年，我們預計這些舉措將有助於推動NAST 中每人每天的發貨量增加15%，全球轉發量增加10%，這兩者都將導致複合生產力比2023 年提高32% 或更高。

We also took an important step yesterday on our journey to get fit fast and focus when we announced that we've reached an agreement to sell our European Surface Transportation business. This move is consistent with our strategy to drive focus on profitable growth in our four core modes of North American truckload and LTL and global ocean and air. Growth needs to be highly scalable within our model to create the most value for our stakeholders.

昨天，當我們宣布已達成協議出售歐洲地面運輸業務時，我們在快速恢復健康和集中精力的旅程中邁出了重要的一步。此舉符合我們推動專注於北美卡車和零擔以及全球海運和空運四種核心模式獲利成長的策略。我們的模型中的成長需要具有高度可擴展性，以便為我們的利害關係人創造最大價值。

As such, our global forwarding and managed services businesses in Europe will continue to execute on the breadth of global services that we provide to customers and that feed our core models. With ongoing efforts to improve the customer experience and our cost-to-serve. We continue to focus on ensuring that will be ready for the eventual the freight market rebound with a disciplined operating model that decouples headcount growth from volume growth and drives operating leverage.

因此，我們在歐洲的全球貨運和託管服務業務將繼續執行我們向客戶提供的廣泛的全球服務，並為我們的核心模式提供支援。不斷努力改善客戶體驗和服務成本。我們繼續專注於確保為最終的貨運市場反彈做好準備，採用嚴格的營運模式，將員工數量增長與貨運量增長脫鉤，並提高營運槓桿。

I'm also excited about the changes that we've made on my senior leadership team. Being able to attract Damon Lee as our new CFO, is a big win for Robinson. With his proven track record of financial discipline while delivering results as an operational leader and strategies with a lean and continuous improvement mindset, I look forward to Damon's for his contributions to our strategy and execution.

我也對我們對高階領導團隊所做的改變感到興奮。能夠吸引達蒙李（Damon Lee）擔任我們的新財務官，對羅賓遜來說是一個巨大的勝利。憑藉他在財務紀律方面的良好記錄，同時作為營運領導者交付成果，並以精益和持續改進的心態制定策略，我期待達蒙為我們的策略和執行做出貢獻。

I'm also greatly appreciative that Mike Zechmeister, graciously agreed to extend his time with us to facilitate a seamless transition for C.H. Robinson and for Damon. I thank Mike for his five years service and dedication to Robinson and wish him the best in his upcoming retirement.

我還非常感謝 Mike Zechmeister 慷慨地同意延長與我們的合作時間，以促進 C.H. 的無縫過渡。羅賓遜和達蒙。我感謝麥克五年來對羅賓遜的服務和奉獻，並祝他在即將到來的退休生活中一切順利。

We also recently announced that Arun Rajan transition from the role of COO to a new role of Chief Strategy and Innovation Officer. This change enables Arun and his team to focus their continued efforts on building our digital and operational capabilities and uphold tight alignment between our business teams and our digital investments.

我們最近也宣布 Arun Rajan 從營運長的職位調任為首席策略和創新長。這項變革使阿倫和他的團隊能夠繼續專注於建立我們的數位和營運能力，並保持我們的業務團隊和數位投資之間的緊密結合。

We're at a pivotal point as a company and with a single threaded leader at the helm of strategy and innovation, we can accelerate efforts already underway to bring industry-leading products, technology, solutions, and ways of working to our company and the global logistics marketplace. Working closely with the senior leadership team, Arun will oversee our enterprise strategy and innovation process from creation to implementation and measure our performance against our strategic goals.

作為一家公司，我們正處於關鍵時刻，有一位單一領導者掌舵策略和創新，我們可以加快已經開展的工作，為我們的公司和客戶帶來行業領先的產品、技術、解決方案和工作方式。物流市場。阿倫將與高階領導團隊密切合作，監督我們的企業策略和創新流程，從制定到實施，並根據我們的策略目標衡量我們的績效。

I have high expectations for how this new role will benefit Robison and all our stakeholders as we continue our transformation. And finally, it's been great to have Michael Castagnetto leading and driving further improvement in our NAST business. He has a proven record of building strong relationships with our people and our customers driving operational excellence and delivering exeptional results.

在我們繼續轉型的過程中，我對這個新角色將如何使 Robison 和我們所有的利害關係人受益抱有很高的期望。最後，很高興 Michael Castagnetto 領導並推動我們 NAST 業務的進一步改進。他在與我們的員工和客戶建立牢固的關係、推動卓越營運並交付卓越成果方面有著良好的記錄。

Michael has joined us on today's call, and I'll turn it over to him now to provide more details on our NAST results.

邁克爾參加了今天的電話會議，我現在將其轉交給他，以提供有關 NAST 結果的更多詳細資訊。

Thanks, Dave, and good afternoon, everyone. It has been extremely energizing to be leading the NAST organization and working with our talented and dedicated team members who are committed to delivering the best solutions and service to our customers and carriers every day. While we're still in the early stages of implementing and adopting the new Robinson operating model, I'm convinced that this approach is just what we need.

謝謝戴夫，大家下午好。領導 NAST 組織並與我們才華橫溢、敬業的團隊成員合作，我們感到非常振奮，他們每天致力於為我們的客戶和營運商提供最佳的解決方案和服務。雖然我們仍處於實施和採用新羅賓遜營運模式的早期階段，但我相信這種方法正是我們所需要的。

Our disciplined execution and accountability has improved more than any other time in my previous '26 years at Robinson and two years in NAST. If it feels different, that's because it is and it's showing up in our results. Supported by our new operating model with our product and tech teams delivering new innovative tools like our recently announced digital matching product, our resilient team of freight experts is responding to the challenging freight environment, and we are reacting quicker and more effectively to provide solutions to our customers and carriers.

我們紀律嚴明的執行力和責任感比我之前在 Robinson 的 26 年和 NAST 的兩年中的任何時候都得到了改善。如果感覺不同，那是因為它確實不同，而且它已經顯示在我們的結果中。在我們新的營運模式以及我們的產品和技術團隊提供新的創新工具（例如我們最近發布的數位匹配產品）的支持下，我們富有彈性的貨運專家團隊正在應對充滿挑戰的貨運環境，我們正在更快、更有效地做出反應，為以下客戶提供解決方案：我們的客戶和營運商。

As a result, our Q2 NAST truckload volume increased approximately 1.5% sequentially and year over year, which outpaced the market indices for the fourth quarter in a row. Within Q2, we saw some seasonal volume strength in June, primarily related to produce season, but overall seasonality was muted in Q2, as shown in the Cass Freight Shipment Index increasing only 0.2% sequentially versus the 10-year average of 6.1% sequential increase excluding the pandemic year of 2020.

因此，我們第二季 NAST 卡車裝載量較去年同期成長約 1.5%，連續第四季超過市場指數。在第二季度中，我們看到6 月出現了一些季節性貨量增長，主要與農產品季節有關，但第二季度的整體季節性表現較弱，如卡斯貨運指數環比僅增長0.2%，而10 年平均為6.1% 環比增長不包括2020年的大流行年份。

Looking ahead to Q3, the 10-year average of the Cass Freight Shipment Index, excluding the pandemic impacted year of 2020, is a 0.4% sequential decline from Q2 to Q3. At this point, it's hard to say whether the muted seasonality that we saw in Q2 will continue into Q3. From a market balance perspective, we continue to be in a drawn out stage of capacity oversupply.

展望第三季度，卡斯貨運指數的 10 年平均值（不包括 2020 年受疫情影響的年份）較第二季至第三季季減 0.4%。目前，很難說我們在第二季看到的溫和季節性是否會持續到第三季。從市場平衡的角度來看，我們仍處於產能過剩的長期階段。

Although carrier attrition is occurring, it remains at a slower pace and not enough to materially impact the overall market. Load to truck ratios did increase in June and put upward pressure on spot rates, but it was largely regional and related to produce volumes in the southern half of the US. In July, however, drive and load to truck ratios have retreated to the level seen in April and May.

儘管營運商流失正在發生，但其速度仍然較慢，不足以對整個市場產生重大影響。6 月的卡車載重比確實有所增加，並對即期運價構成上行壓力，但這主要是區域性的，並且與美國南半部的農產品產量有關。然而，7 月的驅動力和負載與卡車的比率已回落至 4 月和 5 月的水平。

In Q2, we delivered further optimization of volume and adjusted gross profit per truckload, which increased 6.5% sequentially and year over year. The improvement compared to Q2 of last year was driven by improved pricing discipline and revenue management. That lead to better AGP yield within our transactional truckload business as our procurement teams, combined with the intentional usage of digital brokerage capabilities delivered cost of higher advantage versus the market average. These practices are part of our operating structures that are integrated into our operating model and ladder up to the NAST divisional scorecard and ultimately into the enterprise scorecard.

第二季度，我們進一步優化了銷量並調整了每卡車的毛利，環比和同比增長了 6.5%。與去年第二季相比，這一成長是由於定價紀律和收入管理的改善而推動的。這使得我們的採購團隊在交易卡車業務中獲得了更好的 AGP 收益，再加上有意使用數位經紀功能，與市場平均水平相比，帶來了更高的成本優勢。這些實踐是我們營運結構的一部分，已整合到我們的營運模式中，並逐步上升到 NAST 部門記分卡，並最終進入企業記分卡。

In our LTL business, Q1 shipments were also up 1.5% on a year-over-year basis and 3.5% sequentially, driven primarily by strength in our retail consolidation service offering. By leveraging our vast access to capacity, broad range of services and our high level of service, our LTL team continues to onboard a solid pipeline of new business and build on our existing $3 billion LTL business.

在我們的零擔業務中，第一季的出貨量也較去年同期成長 1.5%，較上季成長 3.5%，主要是由於我們的零售整合服務實力強勁。透過利用我們豐富的運能、廣泛的服務範圍和高水準的服務，我們的零擔團隊繼續開發穩固的新業務管道，並以我們現有的 30 億美元零擔業務為基礎。

The strength and unmatched expertise of our people enables us to deliver exceptional service and greater value to our customers. We are investing in our sales organization to maximize our growth opportunities. As an example of the operating model at work, we took actions recently to streamline our sales process and reorganize our sales teams. And the result has been a more effective and quicker engagement with our customers and a greater opportunity for our more experienced salespeople to engage with the right customers.

我們員工的實力和無與倫比的專業知識使我們能夠為客戶提供卓越的服務和更大的價值。我們正在投資我們的銷售組織，以最大限度地提高我們的成長機會。作為實際營運模式的一個例子，我們最近採取了一些行動來簡化我們的銷售流程並重組我們的銷售團隊。結果是我們能夠更有效、更快速地與客戶互動，並為我們經驗豐富的銷售人員提供更多與合適客戶互動的機會。

We've made net additions to and are actively growing our sales team in line with a disciplined and focused approach to capture growth opportunities in targeted customer segments. Our people are single greatest differentiator for us versus the competition. And we are going to continue to lean into this. We may have gotten the balance of people versus tech wrong at certain points in our past, but we've learned and we are getting it right now. We will keep evaluating our results and adjust accordingly going forward.

我們已經淨增並正在積極發展我們的銷售團隊，以遵守紀律和專注的方法來捕捉目標客戶群的成長機會。我們的員工是我們與競爭對手的最大差異。我們將繼續致力於此。在過去的某些時刻，我們可能在人員與技術之間取得了錯誤的平衡，但我們已經吸取了教訓，並且現在正在做到這一點。我們將繼續評估我們的結果並做出相應調整。

From upskilling our people to providing upward mobility and new opportunities, we will continue to lead with our people first. We will support our people with industry leading tech and solutions to enhance their capabilities as we continue to focus on people, process, and technology.

從提升員工技能到提供向上流動和新機會，我們將繼續以員工為先。我們將繼續專注於人員、流程和技術，為我們的員工提供業界領先的技術和解決方案，以增強他們的能力。

I'll turn it over to Rune now, to provide an update on the innovation we're delivering to strengthen our customer and carrier experience, increase AGP yield, and improve operating leverage.

我現在將其交給 Rune，以提供我們正在提供的創新的最新信息，以增強我們的客戶和運營商體驗、提高 AGP 收益並提高營運槓桿。

Thanks, Michael, and good afternoon, everyone. I'm excited about my recent transition into the role of Chief Strategy and Innovation Officer. I'm proud of the team's accomplishments over the past couple of years to build a solid foundation for our digital and operational strategy. Since I joined the organization in the fall of 2021, we have taken a surgical data-driven approach to technology investments to accelerate our digital transformation and deliver financial outcomes.

謝謝邁克爾，大家下午好。我對最近擔任首席策略和創新官一職感到很興奮。我為團隊在過去幾年所取得的成就感到自豪，為我們的數位和營運策略奠定了堅實的基礎。自從我於 2021 年秋季加入該組織以來，我們採取了數據驅動的外科手術方法進行技術投資，以加速我們的數位轉型並實現財務成果。

These efforts have now matured and to digitally oriented operating structures that power core parts of our business, such as digital brokerage, revenue management, and operational excellence teams. The success of these collective efforts has enabled us to transition some of these digitally oriented operating structures into our core operations, thereby enabling me to shift my focus to accelerating actions in support of our broader enterprise strategy and innovation to drive profitable growth.

這些努力現已成熟，並形成了數位化營運結構，為我們業務的核心部分提供動力，例如數位經紀、收入管理和卓越營運團隊。這些集體努力的成功使我們能夠將一些數位化營運結構轉變為我們的核心業務，使我能夠將工作重點轉移到加速行動上，以支持我們更廣泛的企業策略和創新，從而推動獲利成長。

Strategy process is not static. Leveraging our operating model, we will diligently monitor execution towards strategic outcomes and the constantly evolving external landscape to take advantage of opportunities, to accelerate our strategy as we expand our leadership position in the logistics industry. Innovation is at the heart of Robinsons competitive differentiation. We are leading and innovating at scale on our processes and our products for the benefit of both sides of our two-sided marketplace in alignment with our strategy to drive profitable market share growth.

戰略過程不是靜態的。利用我們的營運模式，我們將努力監控策略成果的執行情況和不斷變化的外部環境，以利用機遇，加速我們的策略，擴大我們在物流行業的領導地位。創新是羅賓遜競爭差異化的核心。我們在流程和產品上大規模領先和創新，以實現雙邊市場雙方的利益，符合我們推動獲利性市場份額成長的策略。

As an example, on the carrier side, we've launched an enhanced load matching platform for carriers called Digital Dispatch. This innovative tool utilizes advanced algorithms to match carriers with loads that best fit their needs and provides real-time customized load recommendations right to carrier's phones via text or email.

例如，在承運商方面，我們為承運商推出了增強型負載匹配平台，稱為「數位調度」。這項創新工具利用先進的演算法將營運商與最適合其需求的負載相匹配，並透過文字或電子郵件向營運商的電話提供即時客製化的負載建議。

In addition to enabling carriers to run fewer empty miles Digital Dispatch books loads four times faster than traditional methods on average, transforming hour spend searching into valuable hauling time. Digital Dispatch first became available in February to carriers that own 1 to 10 trucks, and we have plans to expand into larger carriers in the future. For Robinson, we expect this innovative tool to help with the acquisition, retention, and growth of our carrier base and therefore provide cleaner access and capacity for our customers, especially when the market turns.

除了使承運商能夠減少空駛里程外，數位調度書籍的加載速度平均比傳統方法快四倍，將搜尋時間轉化為寶貴的運輸時間。Digital Dispatch 於 2 月首次向擁有 1 到 10 輛卡車的承運商提供，我們計劃將來擴展到更大的承運商。對於羅賓遜來說，我們希望這項創新工具能夠幫助我們收購、保留和發展我們的營運商基礎，從而為我們的客戶提供更清潔的訪問和容量，尤其是在市場轉變時。

On the customer side of the marketplace, we continue to innovate and leverage gen-AI to respond faster than ever to dynamic market conditions with the tools and capabilities we've developed. Last quarter, we shared the example of using Gen-AI to automatically respond to transactional truckload quote e-mails, which drives faster speed to market, increases our addressable demand and reduces manual touches.

在市場的客戶方面，我們不斷創新並利用gen-AI，利用我們開發的工具和功能比以往更快地回應動態的市場狀況。上季度，我們分享了使用 Gen-AI 自動回應交易卡車報價電子郵件的範例，這加快了上市速度，增加了我們的可尋址需求並減少了手動接觸。

Another touch point where we're leading as using Gen-AI to translate orders emails and generate on system orders. With gen-AI, we've been able to reduce the time to generate an order by more than 80%, thereby enabling us to provide faster service to customers and to effectively scale our operations when the market returns to growth.

我們領先的另一個接觸點是使用 Gen-AI 翻譯訂單電子郵件並產生系統訂單。借助 gen-AI，我們能夠將產生訂單的時間縮短 80% 以上，從而使我們能夠為客戶提供更快的服務，並在市場恢復成長時有效地擴大我們的營運規模。

In addition to improving the customer and carrier experience, innovations such as Digital Dispatch And products that leverage the power of gen-AI are designed to improve the employee experience and improve productivity. These productivity improvements serve as a critical input into creating operating leverage. We also continue to increase and rigor and discipline in our pricing and procurement efforts in Q2, resulting in improved AGP yield across the NAST and global forwarding portfolios.

除了改善客戶和營運商體驗之外，數位調度等創新產品以及利用 gen-AI 力量的產品旨在改善員工體驗並提高生產力。這些生產力的提高是創造營運槓桿的關鍵投入。我們也在第二季繼續加強定價和採購工作的嚴格性和紀律性，從而提高了 NAST 和全球貨運組合的 AGP 收益率。

With continued innovation and dynamic pricing and costing, investment and contract management systems, and increasing revenue management rigor, we are responding surgically and faster than ever to dynamic market conditions.

憑藉持續創新、動態定價和成本核算、投資和合約管理系統，以及不斷提高的收入管理嚴格性，我們對動態的市場狀況做出了比以往更快、更精準的反應。

Finally, as Michael mentioned, we believe we are getting the balance of people versus tech right. Getting this balance right includes the active role that our people play from a human in the loop perspective to drive continuous feedback and improvements to our algorithms and gen-AI implementations.

最後，正如邁克爾所提到的，我們相信我們正在實現人員與技術之間的正確平衡。實現這種平衡包括我們的員工從人們參與循環的角度發揮積極作用，以推動對我們的演算法和 gen-AI 實施的持續反饋和改進。

With that, I'll turn the call over to Mike for review of our second-quarter results.

這樣，我將把電話轉給麥克，以審查我們的第二季業績。

Thanks, Arun, and good afternoon, everyone. Disciplined revenue management in the face of continued soft freight market conditions resulted in second quarter total revenues of $4.5 billion in adjusted gross profit, or AGP of $687 million, which was up 3% year over year, driven by a 5% increase in NASH last and a 3% increase in global forwarding on a monthly basis compared to Q2 of last year. Our total company AGP per business day was down 5% in April, up 1% in May and up 15% in June.

謝謝阿倫，大家下午好。面對持續疲軟的貨運市場狀況，嚴格的收入管理導致第二季調整後毛利總收入達到 45 億美元，即 AGP 為 6.87 億美元，同比增長 3%，這得益於去年 NASH 增長 5%與去年第二季相比，全球貨運量較上季成長3%。我們公司每個工作日的 AGP 總額在 4 月下降了 5%，在 5 月上升了 1%，在 6 月上升了 15%。

Overall Q2 AGP results reflect progress on the revenue management initiatives that we'll reference so earlier. The AGP per business day improvement through the quarter also reflects both seasonal increases in freight demand and easier year-over-year comparisons as the quarter progressed. Michael covered the details of our Q2 NASH performance. I'll cover the performance of our Global Forwarding business, where the team has had success at growing the business profitably and been highly engaged with our customers to help them navigate the ongoing conflict in the Red Sea.

第二季 AGP 整體結果反映了我們之前提到的收入管理計劃的進展。本季每個工作日平均平均利潤的改善也反映了貨運需求的季節性成長以及隨著本季的進展更容易進行同比比較。Michael 詳細介紹了我們第二季 NASH 的表現。我將介紹我們的全球貨運業務的績效，該團隊成功地實現了業務的盈利增長，並與我們的客戶高度互動，幫助他們應對紅海持續的衝突。

The transit interruptions in the Red Sea have resulted in vessel rerouting that have extended transit times in Q2. This put a strain on global ocean capacity and created varying levels of port congestion in container shortages. While the Asia to Europe trade lane has been most affected. The impact has also extended to other trade lanes as carriers adjust the geographic placement of vessel capacity based on shipping demand.

紅海的過境中斷導致船隻改道，延長了第二季的過境時間。這給全球海運能力帶來了壓力，並造成了不同程度的港口擁堵和貨櫃短缺。而亞洲至歐洲的貿易通道受到的影響最為嚴重。隨著承運商根據運輸需求調整船舶運力的地理位置，這種影響也延伸到了其他貿易航線。

As we mentioned on our first quarter earnings call, ocean rates had come down from the February peak as capacity was repositioned and new vessel capacity entered the market in May and June. However, ocean rates raise again as capacity tightened. Given our mix of contractual and transactional business, the impact fact of changing market rates generally takes one to two months to flow through to our profit per shipment.

正如我們在第一季財報電話會議上提到的那樣，隨著運力的重新定位以及新船運力在 5 月和 6 月進入市場，海運費已從 2 月的峰值有所下降。然而，隨著運力收緊，海運費再次上漲。鑑於我們的合約業務和交易業務相結合，市場價格變化的影響通常需要一到兩個月的時間才能影響我們每批貨物的利潤。

So even though rates came down from the February peak, our profit per shipment held up through March and into April. As we started realizing the declines in May in the first half of June in the ocean markets rose in May and June are same one to two month lag meant we started realizing the positive impact to our profit per shipment in the second half of June and now into July.

因此，儘管費率較 2 月的峰值有所下降，但我們每批貨物的利潤在整個 3 月和 4 月都保持不變。當我們開始意識到 6 月上半月海洋市場的下降在 5 月和 6 月上漲時，一到兩個月的滯後意味著我們在 6 月下半月開始意識到對每批貨物利潤的積極影響，現在進入七月。

While the Red Sea disruption continues without any clear timeline of when it will be resolved, ocean rates have declined slightly in July but remained elevated compared to 2023. Our team performed well in Q2 with our ocean forwarding AGP increasing 8.6% year over year, driven by a 4% increase in shipments and a 4.5% increase in a AGP per shipment.

儘管紅海擾亂仍在繼續，但沒有明確的解決時間表，7 月海運費略有下降，但與 2023 年相比仍處於較高水平。我們的團隊在第二季度表現良好，海運代理 AGP 同比增長 8.6%，這主要得益於發貨量增長 4% 和每批發貨的 AGP 增長 4.5%。

Sequentially shipments increased 6%, while AGP per shipment declined 2.5%. There are some indications that customers may be pulling forward some of their peak season ocean freight due to ongoing concerns about geopolitical issues and capacity disruptions as well as the potential for labor issues on the East Coast ports of the United States one measure of this is that our ocean volume per business day grew 8% sequentially in June versus May, compared to a 2% sequential decline over the same period last year.

出貨量連續成長 6%，而每批出貨量 AGP 下降 2.5%。有一些跡象表明，由於對地緣政治問題和運力中斷以及美國東海岸港口潛在的勞動力問題的持續擔憂，客戶可能會推遲部分旺季海運，其中一項措施是與5 月相比，6 月份每個工作日的海運量較上季成長了8%，而去年同期則較上季下降了2%。

Time will tell as to whether this pulls from the normal July to September peak season in Ocean. Turning now to enterprise expenses due to personnel expense was $361.2 million, including $9.4 million of restructuring charges related to workforce reductions. Excluding restructuring charges this year than last year our Q2 personnel expenses was $351.8 million down $12.4 million or 3.4% year over year, driven by our continued productivity efforts and partially offset by higher incentive compensation.

時間會證明這是否是正常的七月至九月海洋旺季的結果。現在轉向因人事費用而產生的企業費用為 3.612 億美元，其中包括與裁員相關的 940 萬美元重組費用。不包括今年的重組費用，我們第二季度的人員費用為 3.518 億美元，比去年同期減少 1,240 萬美元，即 3.4%，這得益於我們持續努力提高生產力，但部分被更高的激勵薪酬所抵消。

Our average Q2 head count was down 10% compared to Q2 last year. We continue to expect our 2024 personnel expenses to be in the range of $1.4 billion to $1.5 billion, excluding restructuring, but likely below the midpoint of that range. With that, we expect a slower pace of net headcount reductions in the second half of 2024 compared to the first half.

與去年第二季相比，我們第二季的平均員工人數下降了 10%。我們仍預期 2024 年的人員費用將在 14 億至 15 億美元之間（不包括重組），但可能低於該範圍的中點。因此，我們預計 2024 年下半年淨裁員速度將較上半年放緩。

Moving to SG&A, Q2 expenses were $148.1 million including $5.7 million of restructuring charges, which were driven by reducing our office footprint. Excluding restructuring charges this year and last year, SG&A expenses were $142.4 million, down $12.2 million or 7.9% year over year. The expense reduction was across several expense categories as we continue to eliminate non-value add spending.

SG&A 方面，第二季支出為 1.481 億美元，其中包括 570 萬美元的重組費用，這是由於我們減少辦公室佔地面積而產生的。不包括今年和去年的重組費用，SG&A 費用為 1.424 億美元，年減 1,220 萬美元，即 7.9%。隨著我們繼續消除非增值支出，費用減少涉及多個費用類別。

We continue to expect SG&A expenses for the full year to be in the range of $575 million to $625 million, excluding restructuring charges of likely below the midpoint of that range to SG&A includes depreciation and amortization expense, which we still expect to be $90 million to $100 million in 2024. Effective tax rate in Q2 was 19.4% compared to 14.9% in Q2 last year and was in line with our expectations.

我們仍預計全年的SG&A 費用將在5.75 億美元至6.25 億美元之間，不包括可能低於該範圍中點的重組費用，SG&A 包括折舊和攤銷費用，我們仍預計該費用為9,000 萬美元至6.25 億美元。第二季的有效稅率為 19.4%，而去年第二季的有效稅率為 14.9%，符合我們的預期。

We continue to expect our 2024 full year effective tax rate to be in the range of 17% to 19%. In Q2 our capital expenditure were $19.3 million down 20.6% year over year on more focused technology spending, we now expect 2024 capital expenditures to be towards the lower end of previously provided range of $85 million to $95 million. Now onto the balance sheet.

我們繼續預計 2024 年全年有效稅率將在 17% 至 19% 之間。第二季度，我們的資本支出為 1,930 萬美元，年減 20.6%，因為技術支出更加集中，我們現在預計 2024 年的資本支出將接近先前提供的 8,500 萬美元至 9,500 萬美元範圍的下限。現在進入資產負債表。

We ended Q2 with approximately $925 million of liquidity, comprised of $812 million of committed funding under our credit facilities and a cash balance of $113 million, one key differentiator for Robinson as our financial strength. This allows us to continue investing in improving our capabilities even through this prolonged freight recession.

第二季結束時，我們擁有約 9.25 億美元的流動資金，其中包括我們信貸安排下的 8.12 億美元承諾資金和 1.13 億美元的現金餘額，這是羅賓遜財務實力的關鍵差異化因素。這使我們能夠繼續投資以提高我們的能力，即使在長期的貨運衰退期間也是如此。

As a result, we expect to emerge stronger when the market tightens. Our debt balance at the end of Q2 was $1.6 billion, which was down $127 million from Q2 of last year. Our net debt to EBITDA leverage at the end of Q2 was 2.4 times, down from 2.73 times at the end of Q1, primarily driven by the performance of the business and the resulting decrease in our net debt balance and increase in our trailing 12-month EBITDA as I depart Robinson for retirement.

因此，當市場收緊時，我們預計會變得更強。第二季末我們的債務餘額為 16 億美元，比去年第二季減少了 1.27 億美元。第二季末我們的淨負債與EBITDA 槓桿比率為2.4 倍，低於第一季末的2.73 倍，這主要是由於業務業績以及由此導致的淨債務餘額減少和過去12 個月的增加所致。

I'd just like to add that it couldn't be more proud of the accomplishments of the team, and I couldn't be more excited about the direction of the company feels terrific to be leaving the company in such great hands with a sound strategy, solvable and solid momentum on the business from the deployment of the new operating model to the growth potential from the market segment and vertical focus to the incredible upside of generative AI to enhance the capabilities of our industry leading people, the future looks incredibly bright. I will miss working with the best logistics experts in the business that will be cheering for Robinson as a shareholder best wishes to the entire Robinson team.

我想補充一點，我對團隊的成就感到無比自豪，對公司的發展方向感到無比興奮，將公司交給如此優秀的人管理，感覺非常棒。成長潛力，再到生成式人工智慧的令人難以置信的優勢，以增強我們行業領先人士的能力，未來看起來非常光明。我將懷念與業內最優秀的物流專家一起工作的時光，他們將作為股東為羅賓遜歡呼，並向整個羅賓遜團隊致以最美好的祝愿。

And with that, I'll turn it over to Damon for a few comments.

至此，我將把它交給達蒙徵求一些意見。

Thanks, Mike, and good afternoon, everyone. I'm excited about joining C.H. Robinson and partnering with the rest of the senior leadership team. As we execute on a strong strategic plan, I'm eager to leverage my past experiences and focus on operational excellence to drive improved results and deliver more value for Robinson's shareholders.

謝謝麥克，大家下午好。我很高興加入 C.H.羅賓遜並與其他高階領導團隊成員合作。當我們執行強有力的策略計劃時，我渴望利用我過去的經驗並專注於卓越運營，以推動業績改善並為羅賓遜股東創造更多價值。

I'd also like to reiterate Dave's comments and thank my exact Meister first collaboration and partnership to ensure a seamless transition. The first three weeks of my tenure have been great, and I look forward to talking with all of you as we continue on this exciting journey. I'll turn the call back to Dave now for his final comments. Dave?

我還想重申戴夫的評論，並感謝我與 Meister 的首次合作和夥伴關係，以確保無縫過渡。我上任的前三週過得很好，我期待與大家交談，繼續這趟激動人心的旅程。我現在將電話轉回給戴夫，徵求他的最終意見。戴夫？

Thanks, Damon. I want to commend our people for continuing to embrace the changes that we're making to deliver a higher and more consistent level of performance and for the high quality Q2 results that they delivered in what continues to be a challenging market. As I mentioned earlier, all the changes that we're making are aimed at our North Star of generating incremental operating income and delivering higher highs and higher lows over the course of freight market cycles.

謝謝，達蒙。我要讚揚我們的員工繼續接受我們正在做出的變革，以提供更高、更一致的績效水平，並在仍然充滿挑戰的市場中交付高品質的第二季業績。正如我之前提到的，我們所做的所有改變都是為了我們的北極星，即在貨運市場週期中產生增量營業收入並實現更高的高點和更高的低點。

We will do this by focusing on two main fronts, growing market share and expanding our operating income. Margins will continue to grow market share by leveraging our robust capabilities to power vertical centric solutions by reclaiming share in targeted segments and by expanding our addressable market through value added services and solutions for our customers and carriers that drive new volume to our four core modes will also be more intentional with our go-to market strategy to drive additional synergies and cross-selling across our portfolio will expand our operating income margins by embedding lean practices, removing waste and expanding our digital capabilities.

我們將透過專注於兩個主要方面來實現這一目標：增加市場份額和擴大我們的營業收入。利潤率將繼續擴大市場份額，利用我們強大的能力，透過重新奪回目標細分市場的份額，為以垂直為中心的解決方案提供動力，並透過為我們的客戶和營運商提供增值服務和解決方案來擴大我們的目標市場，從而推動我們四種核心模式的新銷售。 我們也更有意識地制定市場策略，以推動我們整個產品組合的額外協同效應和交叉銷售，這將透過嵌入精益實踐、消除浪費並擴展我們的數位能力來擴大我們的營業利潤率。

This will enable us to strengthen our productivity and optimize our organization structure in order to be the most efficient operator, in addition to the highest value provider, will optimize our gross profit by monitoring and key input metrics and responding faster to aerospace and changing market conditions were countermeasures, innovative technology that improves our execution.

這將使我們能夠提高生產力並優化我們的組織結構，以便成為最高效的運營商以及最高價值的提供商，並將透過監控關鍵輸入指標並更快地響應航空航天和不斷變化的市場條件來優化我們的毛利是提高我們執行力的對策、創新技術。

As we take action on all of these fronts, I'm excited about the work that we're doing to reinvigorate Robinsons, winning culture and to instill discipline with our new operating model, removing would grow at a clock, speed and urgency to seize opportunities and solve problems in order to win now and to be ready for the eventual freight market rebound.

當我們在所有這些方面採取行動時，我對我們正在做的工作感到興奮，這些工作旨在重振羅賓遜，贏得文化，並透過我們的新營運模式灌輸紀律，消除將在時鐘、速度和緊迫性上抓住的成長機會並解決問題，以便贏得現在並為最終的貨運市場反彈做好準備。

And we now have a plan to share more about our strategy, how we'll execute that strategy and the resulting financial targets at a 2024 Investor Day that is scheduled for December 12 in New York City. While there's a lot more work to do, I continue to see an opportunity for the company to reach its full potential and create more shareholder value by improving our value propositions, increasing our market share, accelerating growth, further reducing our structural costs and improving our efficiency, operating margins and profitability. Together, we will win for our customers, carriers, employees and shareholders. This concludes our prepared remarks.

我們現在計劃在定於 12 月 12 日在紐約市舉行的 2024 年投資者日上分享更多有關我們的策略、我們將如何執行該策略以及由此產生的財務目標的資訊。雖然還有很多工作要做，但我仍然認為公司有機會透過改善我們的價值主張、增加市場份額、加速成長、進一步降低結構成本和改善我們的績效來充分發揮潛力並創造更多股東價值。 、營業利潤率和獲利能力。我們將共同為客戶、營運商、員工和股東贏得勝利。我們準備好的演講到此結束。

I'll turn it back to Dan and now for the Q&A portion of the call.

我將把它轉回丹，現在是電話的問答部分。

Thank you. (Operator Instructions) Jonathan Chappell, Evercore ISI.

謝謝。（操作員說明）Jonathan Chappell，Evercore ISI。

Thank you. Good afternoon. If I look at the page 17 in the presentation the first page in the appendix and you have this long dated history of the transportation, AGP margin. It's obviously taken two pretty big step-up sequentially in the last two quarters. When you think about the path forward on the market, sounds like it's still pretty volatile with July we did in June. Is this something that's kind of market independent right now, where do you can see the AGP continue to move higher based on the initiatives that you put in place in the digital processes or at this point?

謝謝。午安.如果我查看簡報中的第 17 頁，即附錄中的第一頁，您將看到運輸、AGP 利潤的悠久歷史。顯然，在過去兩個季度中，它連續兩次取得了相當大的進步。當你思考市場的未來發展方向時，聽起來與 6 月相比，7 月市場仍然相當不穩定。現在這是一種獨立於市場的東西嗎？

Do you really need it the kind of a market tailwind to help you kind of drive it higher above 16 and beyond?

您真的需要市場順風來幫助您將股價推高到 16 以上嗎？

Hey John. These is Dave. Good to hear from you on. Hey, listen, I'm going to Michael first call is going to jump in and add some more color to this. But I really wanted to start and say number one, I'm happy to see Michael and team are drive the of the effects that we operate, the model, which has some of the things that you're seeing with the discipline within the business.

嘿約翰。這是戴夫。很高興收到你的來信。嘿，聽著，我要給邁克爾打第一通電話，他會介入並為此添加更多色彩。但我真的很想說第一，我很高興看到邁克爾和團隊正在推動我們運營的效果，模型，其中有一些你在業務紀律中看到的東西。

And we expect to have to continue to drive that. That discipline. As we said on our comments, there's some -- there's more grass to cut on this, but we're off to a pretty good start of that. But we'll give you some more color around history wise, it will go on for Michael.

我們預計必須繼續推動這一趨勢。那個紀律。正如我們在評論中所說，在這方面還有一些工作要做，但我們已經有了一個很好的開始。但我們會給你更多關於歷史的色彩，麥可的故事將會繼續下去。

Yeah. Thanks, Dave. And again, thanks for the question. As we mentioned in some of our earlier comments, we're really starting to see the leverage of the tools related to our dynamic pricing and costing I come to life over the last couple of quarters. I'm certainly the team has battled through what has been, as we mentioned, continued elongated freight recession.

是的。謝謝，戴夫。再次感謝您的提問。正如我們在之前的一些評論中提到的，我們確實開始看到與我們的動態定價和成本核算相關的工具在過去幾個季度中的作用。正如我們所提到的，我確信團隊已經度過了持續的長期貨運衰退。

And despite that, we're starting to see the efforts come to life. Really when you take the ability to combine those technologically and product advancements with our operating model disciplines that we've been able to enact, we're really starting to be able to respond quicker and more surgically to our customers and really meet the dynamic market conditions patients more effectively.

儘管如此，我們開始看到這些努力變成現實。事實上，當你能夠將這些技術和產品進步與我們已經制定的營運模式規則相結合時，我們真的開始能夠更快、更精準地回應我們的客戶，並真​​正滿足動態市場的需求。地為患者提供條件。

As we think about how we'll continue to do that forward, we still have opportunities to continue to improve as we implement our disciplined pricing strategy throughout the business on. But I think I'd put it most simply in that I think we were making more deliberate and more informed decisions on the freight that we pursue, the manner in which we pursue it.

當我們思考如何繼續做到這一點時，我們仍然有機會繼續改進，因為我們在整個業務中實施嚴格的定價策略。但我想我最簡單地說，我認為我們正在對我們追求的貨運以及我們追求貨運的方式做出更加深思熟慮和更明智的決定。

And then also just as importantly, how we match the right carriers to that freight to create the best transaction for both parties and obviously an improved result for C.H. Robinson.

同樣重要的是，我們如何將合適的承運商與該貨運相匹配，為雙方創造最佳交易，並顯然為 C.H. 帶來更好的結果。羅賓遜。

Okay. Thank you, Mike. Thanks, Dave.

好的。謝謝你，麥克。謝謝，戴夫。

Thank you. Jeff Kauffman, Vertical Research Partners.

謝謝。傑夫考夫曼，垂直研究夥伴。

Thank you, and thank you for taking my question and congratulations just terrific quarter in a difficult environment. It's great to see some of these changes kicking in. Question for Michael. It's your first conference call, you know, there were comments on how capacity hasn't really come out in the brokerage space the way it normally would literally NE and SE.

謝謝您，也感謝您提出我的問題，並祝賀您在困難的環境中度過了出色的季度。很高興看到其中一些變化正在發生。問麥可的問題。這是你的第一次電話會議，你知道，有人評論說經紀領域的產能並沒有像通常的 NE 和 SE 那樣真正顯現出來。

I'm just curious with your out there talking to your customers out of the customer questions changing, given some of the financial strain that some of these smaller competitors of yours have been facing, and do you see any changes in the competitive dynamic in the marketplace?

我只是很好奇，考慮到你們的一些規模較小的競爭對手一直面臨的一些財務壓力，你們在與客戶交談時，客戶問題發生了變化，您是否看到了競爭動態的任何變化？

Thanks, Jeff, really good question. And I think you asked really two things, right? So what's the -- what are we seeing from in terms of a carrier exits related to the marketplace? And then how are customers reacting to that?

謝謝，傑夫，非常好的問題。我認為你實際上問了兩件事，對吧？那麼，從與市場相關的營運商退出來看，我們看到了什麼？那麼客戶對此有何反應呢？

We have seen some acceleration of carrier exits throughout Q2. But as we said, not enough to materially impact the market and really were not seen a change even throughout the quarter that we would see that to start impacting us in the near future. As we talk to customers, it's really twofold. And it's around what is their look at the health of their long term supply chain.

我們看到第二季度營運商退出有所加速。但正如我們所說，這還不足以對市場產生實質影響，而且即使在整個季度中，我們也確實沒有看到任何變化，我們會看到這種情況在不久的將來開始影響我們。當我們與客戶交談時，這實際上是雙重的。這取決於他們對長期供應鏈健康狀況的看法。

And how do they want to set that up and whether they're really looking at more of a short term or long term perspective, I think customers looking for a more long term solution and long term supply chain solution are certainly asking what are we predicting in terms of when the market would change? And when does that inflection come?

他們想要如何設置，以及他們是否真正著眼於短期或長期的觀點，我認為尋求更長期解決方案和長期供應鏈解決方案的客戶肯定會問我們的預測是什麼市場何時會改變？那麼這種改變什麼時候會到來呢？

And then how do we see a supply chain solution that allows them to have a healthy, route guide when the market does come back? When you think about it more transactionally or in a more shorter term, customers are being very aggressive and they're continuing to challenge us to meet them, whether it's in short term RFPs or in the transactional space with aggressive pricing.

那麼我們如何看待供應鏈解決方案，讓他們在市場回歸時擁有健康的路線指南？當你從交易的角度或更短期的角度來考慮這個問題時，客戶會非常積極，他們會繼續挑戰我們滿足他們的要求，無論是在短期 RFP 中，還是在定價激進的交易領域。

Okay. Thank you very much. That's my one.

好的。非常感謝。那是我的。

Thank you. Chris Wetherbee, Wells Fargo.

謝謝。克里斯‧韋瑟比，富國銀行。

Hey, thanks. Good afternoon, guys. Maybe wanted to come at the NAST business a little bit differently and think about kind of profitability through the cycle. So Dave, you talked about higher highs and higher lows. So as we've been in better freight environment, NAST has been able to generate sort of 40% plus type of operating margins. I'm just kind of curious, we saw a nice step forward in the second quarter, but we're in still up, I guess, an uneven freight environment. So otherwise the right, --

嘿，謝謝。下午好，夥計們。也許想以稍微不同的方式對待 NAST 業務，並考慮整個週期的獲利能力。戴夫，你談到了更高的高點和更高的低點。因此，由於我們處於更好的貨運環境中，NAST 已經能夠產生 40% 以上的營運利潤。我只是有點好奇，我們在第二季度看到了一個很好的進步，但我想我們仍然處於一個不平衡的貨運環境中。所以否則正確的是，--

The color on it, it is higher higher, higher lows. And and I definitely would agree with you that it's still a tough freight market out there as we stated in our comments of. But long term, that's still the right way to look at the business. We feel really good about it, especially with the things that we're doing that enacting long term, 40% for NAST of 30% for GF and NAST and that's what we still hold onto it.

它上面的顏色，更高更高，更低更低。我絕對同意你的觀點，正如我們在評論中所說，貨運市場仍然很艱難。但從長遠來看，這仍然是看待業務的正確方式。我們對此感覺非常好，尤其是我們正在做的長期事情，NAST 佔 40%，GF 和 NAST 佔 30%，這就是我們仍然堅持的。

And so that's the right way to look at it. And again, we feel we've got confidence about that and what we're doing on what the market in the market right now. And we're going to continue to have to do two things that we're doing in the tough market right now and be prepared for this are this change in the market when it comes.

所以這是正確的看待它的方式。再說一次，我們覺得我們對此以及我們在目前市場上所做的事情充滿信心。我們將繼續做我們目前在艱難的市場中正在做的兩件事，並為市場的變化做好準備。

Okay. That's helpful. Thanks very much. Appreciate it. You're welcome.

好的。這很有幫助。非常感謝。欣賞它。不客氣。

Thank you. Tom Wadewitz, UBS.

謝謝。湯姆‧瓦德維茨，瑞銀集團。

Yeah, good afternoon. And I would also certainly say congratulations on the good results on how do you think about the progression? I think, Mike, you mentioned by month and the net revenue growth was a lot stronger in June. Should we think of that as a better representation of the growth as you look at July? And if you look forward on or is there something we should be mindful of that would have made June a lot stronger? I think you mentioned that leaves your comp, but to some more thoughts on kind of, you know that greater strength in June and weather that gives us a we'll look forward or if we should be more cautious. Thank you.

是的，下午好。我當然也會對取得的好成績表示祝賀，您如何看待這項進展？我想，麥克，你提到了按月計算，六月的淨收入成長要強勁得多。我們是否應該將其視為 7 月份成長的更好代表？如果你期待或有什麼我們應該注意的事情會讓六月變得更強大？我想你提到這會留下你的補償，但更多的想法，你知道六月的更大力量和天氣給我們帶來了我們的期待，或者我們是否應該更加謹慎。謝謝。

Thanks, Tom. You know, I did make a comment on AGP per day for the enterprise and you're right, we are down 5% in April, up one in May and then up 15% in June. Probably I would point to three things that were we're helping us in that regard know, number one, obviously, our operating model is still coming into its own and I would expect that as time passes, we get better in the performance should reflect that. We also had some seasonal elements we talked about on last quarter.

謝謝，湯姆。你知道，我確實對企業每日 AGP 進行了評論，你是對的，我們 4 月份下降了 5%，5 月份上升了 1，然後 6 月份上升了 15%。也許我會指出三件事，我們在這方面正在幫助我們知道，第一，顯然，我們的營運模式仍在發揮作用，我希望隨著時間的推移，我們的表現會變得更好，這應該反映出那。我們也討論了上個季度的一些季節性因素。

Some was a huge seasonal quarter, but we did see some particularly when you think about produced in the southern part of the United States, you know, so there's a seasonal element there, too. But of course, the comparison was year over year and then there were a little bit easier comps coming into the end of June, the end of the quarter as well.

有些是一個巨大的季節性季度，但我們確實看到了一些，特別是當你想到美國南部生產時，你知道，所以那裡也有季節性因素。但當然，比較是逐年進行的，然後到六月底和季度末時會有一些更容易的比較。

So as you go forward from there, the business continues, I think you see a little bit of difference going on in NAST versus GF on the ocean side of the world. You've got, you know, looks like there might be some pull forward, a key season there and we saw some additional demand, but pricing has come down a little bit to come in on.

因此，當您從那裡繼續前進時，業務仍在繼續，我認為您會看到 NAST 與 GF 在世界大洋一側發生的一些差異。你知道，看起來可能會有一些拉動，這是一個關鍵的季節，我們看到了一些額外的需求，但價格已經下降了一點。

And I think a lot of the pricing that we've seen an evolution is attributable to the issues in the Red Sea. And, you know, presumably over some period of time, those will write themselves and the capacity that exist in the market will kind of stabilize and it will be back to a normal supply demand dynamic. But as we've gone into the quarter, nothing significantly different. And we certainly haven't seen enough data to call any definitive inflection in the marketplace.

我認為我們看到的定價變化很大程度上可歸因於紅海問題。而且，你知道，大概在一段時間內，這些會自行寫入，市場中存在的產能將趨於穩定，並將恢復到正常的供需動態。但當我們進入本季度時，沒有什麼明顯不同。我們當然還沒有看到足夠的數據來判斷市場有任何明確的變化。

Did the read on July looked kind of similar to June. Any thoughts on July?

七月的讀物看起來與六月有點相似嗎？對七月有什麼想法嗎？

Yeah, you know, we've tried to get away from commenting on the first month of the quarter specific months because as you know, we've got to play the full quarter out. We've got to see how the quarter comes in, and we'll certainly give you all the color on the next call.

是的，你知道，我們試圖避免對季度特定月份的第一個月發表評論，因為如你所知，我們必須打完整個季度。我們必須看看本季的情況如何，我們一定會在下次電話會議上為您提供所有資訊。

Okay. Thank you.

好的。謝謝。

Thank you. Scott Group, Wolfe Research.

謝謝。斯科特集團，沃爾夫研究。

Hey, thanks. Good afternoon. So I'm just following up there. I know there's obviously some noise in the forwarding results right now. Just directionally did not see a similar trend in that monthly net revenue in terms of a big acceleration throughout the quarter. And then separately, just with the headcount overall down 10% year over year, down another 3.5% sequentially. How much more there to go on here? Can we can we get I know you've been talking about it, but is there a lot more in terms of volume growth than account down 10%? Can that persist for awhile?

嘿，謝謝。午安.所以我只是跟進那裡。我知道現在轉發結果中顯然存在一些噪音。只是從方向來看，整個季度的月度淨收入並沒有大幅加速的類似趨勢。然後單獨來看，整體員工人數較去年同期下降 10%，較上季又下降 3.5%。這裡還有多少事情要做？我知道您一直在談論這個問題，但就銷售成長而言，是否比帳戶下降 10% 還要多？這種情況能持續一段時間嗎？

Thanks, Scott. This Michael, I'll start. You asked a direct question about NAST and our quarterly results. And and we really saw a much more evened out quarter than maybe the folks in Global Forwarding. Certainly, you know, as the quarter went on, we saw, as we mentioned, comments, muted seasonality to the business. And so while there were some events related to roadshow deck or the holidays, and we saw some short term upticks in spot market, pricing on the team did a really nice job of managing through that. And as we mentioned, implementing our revenue management rigor and operating model.

謝謝，斯科特。這位邁克爾，我來開始。您直接詢問了有關 NAST 和我們季度業績的問題。我們確實看到了一個比全球貨運公司的人員更平穩的季度。當然，你知道，隨著本季的繼續，正如我們所提到的，我們看到了評論，業務的季節性減弱。因此，雖然有一些與路演或假期相關的活動，並且我們看到現貨市場出現一些短期上漲，但團隊的定價在管理這一點方面做得非常好。正如我們所提到的，實施我們嚴格的收入管理和營運模式。

And so I think the team did a really nice job of driving real positive results in all three months of the quarter. In terms of head count, I'll probably pass it over to Mike and maybe a room it from an NAST perspective, we continue to see the benefits of the investments we've made, both in AI and our overall technology. And certainly, we were confident in our efficiency metrics that we've committed to for 2024.

因此，我認為該團隊在本季度的所有三個月中取得了真正積極的成果，做得非常好。就人員數量而言，我可能會將其交給 Mike，或者從 NAST 的角度來看，我們將繼續看到我們在人工智慧和整體技術方面所做投資的好處。當然，我們對 2024 年承諾的效率指標充滿信心。

And where we believe there is still I like the same Dave had, there's still some more drastic cut when it comes to our ability to drive out additional operational effectiveness and efficiency. Yes. Just maybe an additional comment on headcount. Part of your question. So we're going to continue our productivity initiatives to continue to be committed to getting worked out and therefore not needing folks to do that work and really helping our -- focus on value added things that they do.

我們相信，我仍然像戴夫一樣，但在我們提高營運效率和效率的能力方面，仍然存在一些更大的削減。是的。也許只是對員工人數進行補充評論。你的問題的一部分。因此，我們將繼續我們的生產力計劃，繼續致力於鍛鍊身體，因此不需要人們來做這項工作，並真正幫助我們——專注於他們所做的增值工作。

And from so far, year to date in all, as you saw, were down 10% headcount year over year. And so we've done quite a bit there. And what we've talked about and what our plan is for the back half is really a slower pace of net head count reduction than you saw in the first half. And our guidance, you can read through our headcount into our expense guidance and you can see that stabilization in the back half, particularly in personnel.

正如您所看到的，到目前為止，今年迄今為止，員工人數比去年同期減少了 10%。我們在那裡做了很多工作。我們所討論的以及我們下半年的計劃實際上是淨人數減少速度比上半年慢。我們的指導，您可以仔細閱讀我們的員工人數和費用指導，您可以看到後半部分的穩定，特別是在人員方面。

Thank you, guys. Appreciate it.

謝謝你們，夥計們。欣賞它。

Thank you. Ken Hoexter, Bank of America.

謝謝。肯‧霍克斯特，美國銀行。

Hey, great. Good afternoon, Dave and team. Congrats on the on the new plan and the margin gains. And Mike, see good luck as you move on from. Mike I guess just following up on that, that head count some commentary there. If we've heard a lot in the press about significant sales layoffs, is there is that kind of really changing how you are selling or how you're organizing the business? And it is this, I guess now is there a difference in terms of how much is now automated start to finish?

嘿，太棒了。下午好，戴夫和團隊。祝賀新計劃和利潤成長。麥克，祝你繼續前進，祝你好運。麥克，我想只是跟進此事，那裡有一些評論。如果我們在媒體上聽到很多有關銷售人員大幅裁員的消息，那麼您的銷售方式或組織業務的方式是否真的改變了？就是這樣，我想現在在自動化開始到結束的程度方面是否存在差異？

I don't know if you can give numbers on that. And then, Mike, can you also talk about the market? The truckload you mentioned was up 1.5% on tonnage pricing down only 2%. It Are we starting to see that pricing leveling off. Is that kind of flattening out a flattening out in terms of the market? The state of the market.

我不知道你能否給出具體數字。然後，麥克，你能談談市場嗎？你提到的卡車裝載量上漲了 1.5%，而噸位價格僅下降了 2%。我們是否開始看到價格趨於平穩？就市場而言，這種趨平是否是一種趨平？市場狀況。

Yes. Thank thank you again for those questions. Our first from a sales perspective, I think it's really important and we said it earlier, we are actively growing our sales team of what we did during the quarter was really changed the methodology in the process through our operating model to make sure that we're putting the right sales process in place and doing it with the right folks with the right customers.

是的。再次感謝您提出這些問題。我們首先從銷售角度來看，我認為這非常重要，我們之前說過，我們正在積極發展我們的銷售團隊，我們在本季度所做的工作確實改變了我們的營運模式，以確保我們的流程中的方法論我們正在製定正確的銷售流程，並與正確的人員和正確的客戶一起執行。

And so while we had some changes in how we manage that group, our overall sales team throughout the quarter end for year to date and throughout the rest of the year, our anticipation is that we're going to continue to add to that group and pursue growth opportunities where we have those opportunities. Some of it from a pricing perspective?

因此，雖然我們在管理該團隊、整個季度末以及今年剩餘時間內的整體銷售團隊方面發生了一些變化，但我們的預期是我們將繼續向該團隊添加人員，在我們有機會的地方尋求成長機會。其中一些是從定價角度來看的？

No, we've said we're in an elongated freight recession. Pricing has certainly been pretty low. And it's a has been pretty relatively inactive for the quarter. And and and while we think we saw some spot market movement during events or specific weeks during the quarter, nothing that would stick and really nothing that would say there's a market inflection going on and that we think there's an immediate and consistent change to the marketplace.

不，我們說過我們正處於長期的貨運衰退之中。定價肯定相當低。本季相對不活躍。雖然我們認為我們在本季度的事件或特定幾週內看到了一些現貨市場變動，但沒有什麼可以堅持下去，也沒有什麼可以表明市場正在發生變化，而且我們認為市場會立即發生持續的變化。

Thank you. Daniel Imbro, Stephens.

謝謝。丹尼爾·因布羅，史蒂芬斯。

Hey, good evening, guys. Thanks for taking our questions. Dave, I have a follow-up on that? Last question, just about the overall state of the market. We've heard anecdotes of shippers preferring maybe looking at asset-based capacity at this point in the cycle. I'm curious how you see that progressing into the back half. Volume was up nicely in 2Q, but I think you mentioned in routing that fell in July.

嘿，晚上好，夥計們。感謝您回答我們的問題。戴夫，我有後續行動嗎？最後一個問題，關於市場的整體狀況。我們聽說過一些軼事，托運人可能更願意在周期的這個階段考慮基於資產的運力。我很好奇你如何看待後半段的進展。第二季的成交量成長良好，但我想您在路由中提到了 7 月的成交量下降。

So curious if that's any softening in the trends? And then just how you're thinking about overall spot activity in underlying demand as we head into the back half from what you're seeing. Thanks.

很好奇趨勢是否有所減弱？然後，當我們從您所看到的情況進入後半部分時，您如何看待潛在需求的整體現貨活動。謝謝。

Hey, Daniel, this is Michael. Thanks again. Good question. As Dave mentioned, route guide their holding, right? And we're not seeing a lot of freight fall out of those route guides and into the transactional space . And you saw that even in our own ratio as we move from a 65-35 contractual transactional mix to a 70-30. Really I think what we're seeing is customers are being aggressive in how they're planning their route guides. So far, the market is continued to be oversupplied.

嘿，丹尼爾，這是麥可。再次感謝。好問題。正如戴夫所提到的，路線引導他們持有，對嗎？我們並沒有看到大量貨物從這些路線指南中掉入交易空間。您也看到了，即使按照我們自己的比例，我們也從 65-35 的合約交易組合轉變為 70-30。事實上，我認為我們看到的是客戶在規劃路線指南時非常積極。截至目前，市場仍持續供過於求。

So we're seeing those route guides hold, but really, I think it's and we've mentioned this, it's about long term health of those route guide. And that's where we're going to have to lean into our our operating model and revenue management rigor once the market does inflect. But as we mentioned the at least for the foreseeable future, we're not seeing any shoots that would say that that we're in the middle of that right now.

因此，我們看到這些路線指南仍然有效，但實際上，我認為我們已經提到過這一點，這關係到這些路線指南的長期健康狀況。一旦市場發生變化，我們就必須依靠我們的營運模式和嚴格的收入管理。但正如我們所提到的，至少在可預見的未來，我們沒有看到任何拍攝表明我們現在正處於其中。

Thanks for the color.

謝謝你的顏色。

Thank you. Brian Ossenbeck, JPMorgan.

謝謝。布萊恩‧奧森貝克，摩根大通。

Hey, thanks. Afternoon. Appreciate taking the question. I wanted to ask the headcount question maybe a little bit differently. Maybe to Arun or Dave. But do you think you're at the point where you have decoupled headcount from growth, obviously at a constant coming down volumes up, but looking beyond where you are right now, have you reached that point? Do you have line of sight to it? Because typically the model gets a bit margin squeezed on an upturn, so that might help?

嘿，謝謝。下午。感謝接受這個問題。我想問的人數問題可能有點不同。也許是給阿倫或戴夫。但是，您是否認為您已經達到了員工數量與成長脫鉤的程度，顯然數量不斷下降，但超越現在的水平，您是否已經達到了這一點？你能看到它嗎？因為通常模型在經濟好轉時會受到一點利潤擠壓，所以這可能有幫助嗎？

And then, Dave, you can give some quick thoughts just on portfolio, obviously the sale of the surface transportation in Europe, but what do you think -- what are you and the Board discussing from here on out in regards to the portfolio? Thanks.

然後，戴夫，您可以對投資組合給出一些快速的想法，顯然是歐洲地面運輸的銷售，但您認為呢 - 您和董事會從現在開始就投資組合討論什麼？謝謝。

Yeah. Thanks a lot for the question. I'll go and start to answer your question and productivity. So as it relates to productivity at our tech investments are very well lined up. We've delivered 17% productivity improvements and '23, another 15% targeted for this year. Combined those investments give us a very high confidence that we've decoupled at cap volume growth and United in terms of our continued investments, we think there's still opportunity and we will continue to go after that opportunity at '24 and '25.

是的。非常感謝您的提問。我會去開始回答你的問題和生產力。因此，因為它與我們的技術投資的生產力有關，所以它是非常一致的。我們已經實現了 17% 的生產力提升，並在 23 年實現了今年另外 15% 的目標。這些投資相結合，讓我們非常有信心，我們已經在上限數量增長方面與曼聯的持續投資脫鉤，我們認為仍然有機會，我們將在 24 和 25 年繼續抓住這個機會。

But we feel very confident with our investments and the takeout as it relates to touches, which is the most important measure in that context.

但我們對我們的投資和外賣非常有信心，因為它與觸感有關，這是在這方面最重要的衡量標準。

Yeah, Brian, I think on the other part of your question, first of all, thanks for the question. The on a portfolio, if you recall, one of the things that my diagnosis is to really look at the company under the auspices of four P's people, product process and portfolio. And in doing that, that diagnosis we've done, that's actually how we executed on it is to really look and drive for focus. We told you guys to where we fit, fast, focus, and this is really just driving focus within the portfolio and that focuses on our field core modes, and we're getting to what we do well.

是的，布萊恩，我想關於你問題的另一部分，首先，感謝你提出這個問題。如果你還記得的話，在投資組合上，我的診斷之一就是在 4P 人員、產品流程和投資組合的支持下真正審視公司。在這樣做的過程中，我們所做的診斷，實際上就是我們執行的方式，就是真正尋找並驅動焦點。我們告訴你們我們適合、快速、專注的地方，這實際上只是在投資組合中推動焦點，並專注於我們的領域核心模式，我們正在做我們擅長的事情。

And that is some truckload Health deal, ocean and air. This allows us to really drive that down that focus for the company going forward in the best what you're seeing in that. So I think that was the essence of the question.

這是一卡車的健康交易，海運和空運。這使我們能夠真正降低公司的焦點，以您所看到的最好的方式前進。所以我認為這就是問題的本質。

Yeah, maybe I'll just add a couple more points on that. The sale of EST, since you asked about it, but you know, over time we have been proven that we could scale or be consistently profitable when you consider covering portion allocated corporate overhead that goes to the business on EST, which is one of the reasons for the sale.

是的，也許我會再補充幾點。EST 的出售，既然你問過這個問題，但你知道，隨著時間的推移，我們已經證明，當你考慮覆蓋分配給EST 業務的部分分配的公司管理費用時，我們可以擴大規模或持續盈利，這是其中之一出售的原因。

And secondly, I would just make a couple of comments about the size of the business. And you know that EST had a minor impact on our enterprise results. And just to put some numbers to that in Q2, it was about 2% of our enterprise AGP. And, you know, it's in the other all other segment. It's the smallest business unit within that all other segment.

其次，我只想對公司的規模發表一些評論。您知道 EST 對我們的企業績效影響較小。僅舉一些第二季的數據，它大約占我們企業 AGP 的 2%。而且，你知道，它位於其他所有其他部分。它是所有其他細分市場中最小的業務單位。

Great. That's very helpful. Thanks, guys.

偉大的。這非常有幫助。謝謝，夥計們。

Thank you. Christopher Kuhn, Benchmark Company.

謝謝。克里斯多福·庫恩，基準公司。

Yeah, hi, good afternoon. Thanks for taking my question. Dave, can you maybe just again talk about the incentive compensation structure? Has that changed under the new model? And how should we think about the award when sort of the freight market starts to improve?

是的，嗨，下午好。感謝您提出我的問題。戴夫，你能再談談激勵薪資結構嗎？新模式下情況有改變嗎？當貨運市場開始好轉時，我們該如何看待這個獎項？

Yeah. Hey, Christopher, for a good question. Yes, the short answer is yes, it has changed, but I would call it modify this part of our the way that we're operating. And I will tell you that we will continue to tweak our operations to make sure that we're driving and doing the things that were given from an efficiency perspective right now, I would say we feel really good about how we've got that lined up on our overall incentives.

是的。嘿，克里斯托弗，這是一個很好的問題。是的，簡短的回答是肯定的，它已經改變了，但我將其稱為修改我們運作方式的這一部分。我會告訴你，我們將繼續調整我們的運營，以確保我們正在推動和做現在從效率角度給出的事情，我想說，我們對我們如何做到這一點感到非常滿意提高我們的整體激勵措施。

And really, if you think about it where we don't, -- I don't look at it as if hay when the market changes your incentive has to change your you really should be fixing on those things now, which is what we're doing as part of the operating model. So we feel pretty good about the elements of the business that we're doing now that when the market and flex that were already set and ready to go. And so when it comes to the alignment of the organization, we feel pretty good that that doesn't say that we won't continue to tweak some things if we see it, but that's discovery.

事實上，如果你考慮我們不考慮的地方，--我不會把它視為乾草，當市場發生變化時，你的激勵措施必須改變你的行為，你現在真的應該解決這些問題，這就是我們所做的作為營運模式的一部分。因此，當市場和靈活性已經確定並準備就緒時，我們對我們現在所做的業務要素感覺非常好。因此，當談到組織的協調時，我們感覺很好，這並不是說如果我們看到它，我們就不會繼續調整某些東西，但這就是發現。

And that's part of the discipline of the operating model. Michael, anything you would add to that?

這是營運模式規則的一部分。邁克爾，你還有什麼要補充的嗎？

No. I think through the work that Arun mentioned, our ability to disconnect volume growth from headcount growth really gives us that flexibility that from a leader's perspective, I'm hoping that our incentive compensation does increase with the return of the market and we get an opportunity to reward our team of obviously, we think of that most people in the industry, but we've done it in a way that allows us to continue to grow operating leverage throughout each part of the cycle.

不。我認為透過阿倫提到的工作，我們將銷售成長與員工數量成長脫鉤的能力確實為我們提供了靈活性，從領導者的角度來看，我希望我們的激勵薪酬確實隨著市場的回歸而增加，我們獲得了機會為了獎勵我們的團隊，顯然，我們想到了行業中的大多數人，但我們這樣做的方式使我們能夠在整個週期的每個部分繼續提高營運槓桿。

Yeah. And just to put a period on that, I mean, at the end of the day, all of that is going to support our two key themes and that is growing market share and expanding margins. That's that's ultimately what all of this is setting up to do. And I think we are seeing it is some of that operational discipline. We've got a lot more to go and do, and that's what we're going out and do.

是的。我想說的是，歸根結底，所有這些都將支持我們的兩個關鍵主題，即增加市場份額和擴大利潤率。這就是所有這一切最終要做的事情。我認為我們看到的是一些操作紀律。我們還有很多事情要做，這就是我們要出去做的事情。

That's helpful. Thank you very much.

這很有幫助。非常感謝。

Thank you. Stephanie Moore, Jefferies.

謝謝。史蒂芬妮·摩爾，杰弗里斯。

Hi, good afternoon. Thank you. First question is more of a follow-up. I'm just kind of the questions that independent the last couple on AGP on. If you could just talk a little bit if there would be helpful on just how NAST AGP typically looks 2Q to 3Q in this environment. I know that's a very challenging given the environment we're in.

嗨，下午好。謝謝。第一個問題更多的是後續問題。我只是提出了一些獨立於 AGP 上最後幾個問題的問題。如果您能簡單談談 NAST AGP 在這種環境下的 2Q 到 3Q 的典型情況是否會有幫助。我知道考慮到我們所處的環境，這是一個非常具有挑戰性的任務。

But any kind of typical call that would be helpful just to kind of round out the really strong performance in 2Q and then kind of our thoughts on going into 3Q? And then secondly, and more strategic question on with the sale of EST business, would love to get your thoughts on an appetite to explore maybe other strategic sales of other businesses within that enterprise. Thanks.

但是，任何類型的典型電話會議都有助於完善第二季度的真正強勁表現，然後對我們進入第三季度的想法有所幫助嗎？其次，關於 EST 業務銷售的更具策略性的問題，很想了解您對探索該企業內其他業務的其他策略銷售的興趣的想法。謝謝。

Sure, Stephanie, and thanks again for the questions. I'll start and then hand it over to Dave from a NAST perspective, I think I'd point you back to the comments we made about the Casa shipment index. And and you know, normally we do see a slight decline from Q2 to Q3 from a seasonality perspective. But overall, I'd say, you know, we see muted seasonality throughout Q2.

當然，史蒂芬妮，再次感謝您的提問。我將從 NAST 的角度開始，然後將其交給 Dave，我想我會向您指出我們對 ​​Casa 出貨指數所做的評論。而且您知道，從季節性角度來看，通常我們確實會看到第二季到第三季略有下降。但總的來說，我想說，你知道，我們在整個第二季度看到季節性因素。

We're continuing to see that really hard to say whether how far that will head into Q3. And then as Mike mentioned, it's pretty rare that the first month of the quarter gives a great predictor. And so we really want to comment on it much further. But all I'll hand it over to Dave to at the Europe question.

我們繼續看到，很難說這是否會持續到第三季。正如麥克所提到的，本季第一個月能夠給出很好的預測是非常罕見的。所以我們真的想進一步評論它。但我會把歐洲問題交給戴夫。

Yeah. Hey, Stephanie, good to hear from you on just to again, look at portfolio of we're going to always look at our portfolio. I mean, like any company would do. But again, we feel really good about where we are.

是的。嘿，史蒂芬妮，很高興再次收到你的來信，看看我們的投資組合，我們將永遠看看我們的投資組合。我的意思是，就像任何公司都會做的那樣。但同樣，我們對自己所處的位置感覺非常好。

We like our four-quarter modes, truckload, LTL, ocean and air, feel good about those businesses. Feel good about what they're doing, even more importantly on where they're going to go and continue to go. So right now, I would say what you saw was something that we were doing to drive focus. And Mike gave color on a little bit of the on the technicalities of the EST business. But that's just that's the step we took for that.

我們喜歡我們的四季模式、卡車裝載、零擔、海運和空運，對這些業務感覺良好。對他們正在做的事情感到滿意，更重要的是對他們將要去並繼續去的地方感到滿意。所以現在，我想說你所看到的是我們正在做的事情來推動焦點。Mike 對 EST 業務的技術細節做了一些闡述。但這就是我們為此採取的步驟。

And I think that moves of closer to those four core modes. And right now, that's what we feel pretty good about.

我認為這更接近這四種核心模式。現在，這就是我們感覺很好的地方。

Thank you, guys. Appreciate it.

謝謝你們，夥計們。欣賞它。

Thank you. That does conclude our question and answer session. I'll now pass the floor back over to Mr. Ives for closing remarks.

謝謝。我們的問答環節到此結束。現在我將把發言權交還給艾夫斯先生進行閉幕致詞。

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

今天的財報電話會議到此結束。感謝您今天加入我們，我們期待再次與您交談。祝您有個美好的夜晚。

Thank you. Ladies and gentlemen, this does conclude today's event. We thank you for your participation. You may disconnect your lines at this time.

謝謝。女士們、先生們，今天的活動到此結束。我們感謝您的參與。此時您可以斷開線路。