羅賓遜全球物流 (CHRW) 2024 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the CH Robinson third-quarter 2024 conference call. (Operator Instructions)

女士們、先生們，下午好，歡迎參加羅賓遜物流 2024 年第三季電話會議。（操作員說明）

As a reminder, this conference is being recorded, Wednesday, October 30, 2024.

謹此提醒，本次會議將於 2024 年 10 月 30 日星期三進行錄製。

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; and Damon Lee, our 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；以及我們的財務長達蒙李 (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 Investors 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.

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。今天的評論還包含某些非公認會計原則措施，而這些措施與公認會計原則措施的調節也包含在簡報中。

And with that, I'll turn the call over to Dave.

然後，我會將電話轉給戴夫。

Thank you, Chuck. Good afternoon, everyone, and thank you for joining us today. I'd first like to acknowledge the challenges that many communities are facing after the recent hurricanes that hit the Southeastern US. Many of our employees were impacted, and I'm proud of the incredible support that our company and our employees provided to help those in need and our customers. The commitment and compassion are truly inspiring, and it makes me extremely proud to be part of this team.

謝謝你，查克。大家下午好，感謝您今天加入我們。我首先要承認最近颶風襲擊美國東南部後許多社區面臨的挑戰。我們的許多員工都受到了影響，我為我們的公司和員工為幫助有需要的人和我們的客戶提供的令人難以置信的支持感到自豪。這種承諾和同情心確實鼓舞人心，讓我非常自豪能成為這個團隊的一員。

Turning to the quarter, I'm pleased with our third-quarter results that reflect continued improvement in our execution as we continue to deploy our new operating model. We are raising the bar even in a historically prolonged freight recession, with strong execution and disciplined volume growth across divisions while delivering exceptional service for our customers and carriers.

談到本季度，我對我們第三季度的業績感到滿意，這反映出我們在繼續部署新的營運模式的過程中，執行力不斷提高。即使在歷史上長期的貨運衰退中，我們也透過強有力的執行力和嚴格的跨部門銷售成長，同時為我們的客戶和承運人提供卓越的服務，不斷提高標準。

I want to thank our people, one of our greatest competitive advantages, for their relentless efforts to embrace our new operating model and execute in a fit, fast, and focused way so we can keep pushing that bar higher. Due to a focus on constantly testing market conditions and optimizing yield, we improved the quality of our product in Q3 and continue to expand our NAST gross profit margin.

我要感謝我們的員工，這是我們最大的競爭優勢之一，他們堅持不懈地努力接受我們的新營運模式，並以合適、快速和專注的方式執行，以便我們能夠不斷提高標準。由於專注於不斷測試市場狀況和優化產量，我們在第三季度提高了產品質量，並繼續擴大 NAST 毛利率。

We also continue to push our efficiency to higher levels in both NAST and Global Forwarding, and we remain on track to deliver greater than 30% compound growth in productivity over the two-year period from the end of 2022 to the end of 2024. Michael will cover the NAST results in a little bit, but I'd like to give our Global Forwarding team some recognition as well.

我們也持續將 NAST 和全球貨運的效率提升到更高水平，我們仍有望在 2022 年底至 2024 年底的兩年內實現生產力複合成長超過 30%。Michael 將稍後介紹 NAST 的結果，但我也想對我們的全球轉發團隊給予一些認可。

In Q3, the team continued to be nimble and highly engaged with our customers to help them navigate various market disruptions and to provide excellent service. This resulted in a 7% year-over-year increase in our ocean shipments and a 20% [increase] in our air tonnage. At the same time, they've embraced the rigor and the discipline driven by our operating model, and they've decoupled headcount growth from volume growth, reduced their headcount by more than 10% year over year, and lowered their cost to serve.

在第三季度，團隊繼續保持靈活並與客戶高度互動，幫助他們應對各種市場混亂並提供優質的服務。這導致我們的海運噸位年增 7%，空運噸位年增 20%。同時，他們接受了我們營運模式驅動的嚴謹和紀律，將員工數量成長與銷售成長脫鉤，員工數量較去年同期減少了 10% 以上，並降低​​了服務成本。

This improved operating leverage, combined with elevated ocean rates resulted in a 230% year-over-year increase in Global Forwarding's Q3 adjusted income from operations. This combined with our improvements in NAST gross margin, productivity, and operating leverage resulted in a 75% increase in our enterprise Q3 adjusted income from operations.

營運槓桿的改善，加上海運費的上漲，導致 Global Forwarding 第三季調整後的營運收入年增 230%。再加上 NAST 毛利率、生產力和營運槓桿的改善，我們的企業在第三季調整後營運收入成長了 75%。

Our new operating model has changed how we discover and inspect root cause issues and quickly implement countermeasures to improve the level of our operational execution. The reliability of our operating reviews continues to increase as we leverage our data-rich environment to inform our decision-making and enhance our competitive differentiation.

我們新的營運模式改變了我們發現和檢查根本原因問題並快速實施對策以提高營運執行水準的方式。隨著我們利用豐富的數據環境為我們的決策提供資訊並增強我們的競爭優勢，我們營運審查的可靠性不斷提高。

At an organizational level, we continue to cascade the operating model deeper into the organization and build operational muscle at various levels of the enterprise to deliver on our strategic roadmap. As part of this effort, an evolving toolkit is being used by our employees in the form of problem resolution, balanced scorecard reviews, daily management, and value stream mapping to name a few.

在組織層面，我們持續將營運模式深入組織中，並在企業各個層面建立營運力量，以實現我們的策略路線圖。作為這項工作的一部分，我們的員工正在使用不斷發展的工具包，其形式包括問題解決、平衡記分卡審核、日常管理和價值流程圖繪製等。

Empowering our people with the Robinson operated model is creating a flywheel of performance, talent development, and accountability that is evolving our culture to be driven by progress, execution, and proactive problem identification and resolution. This has shown up in improvements such as more disciplined pricing and better decisions on the volume that we're seeking. 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 our team continues to embrace this new way of operating.

透過羅賓遜營運模式賦予我們的員工權力，正在創造一個績效、人才發展和問責制的飛輪，從而不斷發展我們的文化，使其由進步、執行力以及主動發現和解決問題所驅動。這已經體現在改進中，例如更嚴格的定價和對我們尋求的數量做出更好的決策。我們仍處於旅程的早期階段，但營運模式正在幫助我們更好地執行堅實的策略，隨著我們的團隊繼續接受這種新的營運方式，我們預計會得到進一步的改進。

As I've said before, I know from my past experiences of implementing lean operating models that improvement isn't always linear, but I'm confident in the team's willingness and ability to drive a higher and more consistent level of discipline in our operational execution.

正如我之前所說，根據我過去實施精益運營模式的經驗，我知道改進並不總是線性的，但我對團隊在運營中推動更高、更一致的紀律水平的意願和能力充滿信心。 。

As freight markets continue to 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 in targeted market segments, streamlining our processes, applying lean principles, and leveraging generative AI to drive out waste and optimize our cost.

由於貨運市場因季節性、週期性和地緣政治因素而持續波動，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，在目標市場中獲得獲利份額細分市場，簡化我們的流程，應用精實原則，並利用生成式人工智慧來消除浪費並優化我們的成本。

We also continue to focus on ensuring that we'll be ready for the eventual freight market rebound with a disciplined operating model that responsibly grows market share, decouples headcount growth from volume growth, and drives operating leverage.

我們也持續致力於確保我們為最終的貨運市場反彈做好準備，採用嚴格的營運模式，負責任地增加市場份額，將員工數量成長與貨運量成長脫鉤，並提高營運槓桿。

I'll turn it over to Michael now to provide more details on our NAST results.

我現在將其轉交給 Michael，以提供有關 NAST 結果的更多詳細資訊。

Thanks, Dave, and good afternoon, everyone. Supported by our new operating model and armed with innovative tools, our team of freight experts is responding to the challenging freight environment, and we are acting more quickly and more effectively to provide solutions to our customers and carriers and to improve the quality of our volume.

謝謝戴夫，大家下午好。在我們新的營運模式的支持下，並配備創新工具，我們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、更有效地採取行動，為我們的客戶和承運商提供解決方案，並提高我們的貨運品質。

In Q3, we delivered further optimization of our adjusted gross profit per truckload, which increased 21% year over year and 5% sequentially. Compared to a year ago, the improvement is being driven by better pricing discipline in new management process that we've stood up and a cost of higher advantage delivered by our procurement teams and the growing usage of our digital brokerage capabilities. All of this led to significant improvement in the AGP yield within our transactional truckload business and a 180-basis-point improvement in our NAST gross margin.

第三季度，我們進一步優化了調整後的每卡車毛利，年增 21%，季增 5%。與一年前相比，這種改進是由我們建立的新管理流程中更好的定價規則、我們的採購團隊提供的更高優勢成本以及我們的數位經紀能力的不斷使用所推動的。所有這些都導致​​我們的卡車交易交易業務的 AGP 收益率顯著提高，並且 NAST 毛利率提高了 180 個基點。

From a volume standpoint, we continue to be in a prolonged freight recession, as Dave mentioned. The cash freight shipment index was down 2.8% year over year in Q3. And except for the pandemic year of 2020, the Q3 index was the lowest Q3 reading the industry has seen since 2010. In this environment, our total NAST volume increase (technical difficulty) executive board. This is a 2.5% increase in LTL volume and a 3.5% decrease in truckload volume.

正如戴夫所提到的，從貨運量的角度來看，我們仍然處於長期的貨運衰退之中。第三季現金貨運指數較去年同期下降2.8%。除2020年疫情爆發的年份外，第三季指數是該產業自2010年以來最低的第三季指數。在這樣的環境下，我們NAST執行董事會總成交量增加（技術難度）。零擔運輸量增加了 2.5%，卡車裝載量減少了 3.5%。

Our team is continuously testing the best combination of volume and margin to deliver the quality of earnings that we're targeting. We know we have the optionality to increase our volume when the conditions are right. But right now, our tests are showing us that pursuing volume beyond what we delivered wouldn't result in sufficient profit. We are ready to pivot when it makes sense to do so, but we're going to maintain our discipline.

我們的團隊不斷測試銷售量和利潤的最佳組合，以實現我們目標的獲利品質。我們知道，當條件合適時，我們可以選擇增加產量。但現在，我們的測試表明，追求超出我們交付量的數量不會帶來足夠的利潤。我們已經準備好在有意義的時候進行調整，但我們將保持我們的紀律。

From a market balance perspective (technical difficulty) continue to be in a drawn-out stage of capacity oversupply. Although carrier attrition is occurring, it remains at a slower pace and not enough to materially impact the overall market. After experiencing some upward pressure during produce season, load-to-truck ratios retreated to 4:1 or lower for most of Q3.

從市場平衡角度（技術難度）來看，仍處於產能過剩的長期階段。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。在經歷了生產季節的一些上行壓力後，第三季的大部分時間，裝載與卡車的比率回落至 4:1 或更低。

Looking ahead, Q4 is typically a seasonally weaker quarter compared to Q3. The 10-year average of the cash freight shipment index, excluding the pandemic impacted year of 2020, reflects a 3.3% sequential decline from Q3 to Q4. As Dave said, we remain focused on what we can control. Our people and their unmatched expertise enable us to deliver exceptional service and greater value to our customers.

展望未來，與第三季相比，第四季通常是季節性疲軟的季度。現金貨運指數的 10 年平均值（不包括 2020 年受疫情影響的年份）反映出第三季至第四季環比下降 3.3%。正如戴夫所說，我們仍然專注於我們可以控制的事情。我們的員工及其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。

In line with the disciplined and focused approach to capture growth opportunities in targeted customer segments, we have invested in our sales organization, and we will continue to support our people with industry-leading tech and solutions to enhance their capabilities.

為了抓住目標客戶群的成長機會，我們採取了嚴格而集中的方法，對銷售組織進行了投資，並將繼續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。

As we recently announced, one of those solutions is our growing drop trailer offering, which is nearly a $1 billion business for us. The breadth of our carrier network and the associated trailer pool provides us with the flexibility to customize a drop trailer program for our customers and to best meet their needs. And we're now the fourth largest drop trailer provider in North America. We'll continue to lean into this offering and our other capabilities to responsibly capture market share growth.

正如我們最近宣布的，這些解決方案之一是我們不斷成長的拖車產品，這對我們來說是一項近 10 億美元的業務。我們廣泛的承運商網絡和相關的拖車池使我們能夠靈活地為客戶定制拖車計劃並最好地滿足他們的需求。我們現在是北美第四大拖車供應商。我們將繼續依靠這項產品和我們的其他能力，以負責任的方式抓住市場份額的成長。

I'll turn it over to Arun 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.

我現在將其轉交給 Arun，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. In the third quarter, we continued to make progress on a number of important fronts, including scaling our process innovations and our use of generative AI. From a process standpoint, we continue to increase the rigor and discipline in our pricing and procurement efforts, resulting in improved AGP yields across our portfolio.

謝謝邁克爾，大家下午好。第三季度，我們繼續在許多重要領域取得進展，包括擴大流程創新和產生人工智慧的使用。從流程的角度來看，我們不斷提高定價和採購工作的嚴格性和紀律性，從而提高了整個產品組合的 AGP 收益率。

With continued innovation in our digital brokerage and dynamic pricing and costing, we're responding surgically and faster than ever to dynamic market conditions. On an annual basis, we're now generating over 215 million algorithm-driven spot rates across truckload and LTL, enabling digital connectivity for our customers. And by way of continuous experimentation, we're performing more frequent price discovery and enhancing the quality of the pricing that we deliver.

隨著我們在數位經紀業務以及動態定價和成本會計方面的不斷創新，我們能夠比以往更快地對動態的市場狀況做出精確的反應。目前，我們每年產生超過 2.15 億個由演算法驅動的整車和零擔即期費率，為我們的客戶提供數位連接。透過不斷的實驗，我們正在執行更頻繁的價格發現並提高我們提供的定價的品質。

The continuous learning of our algorithms is not just to experimentation but also from the active role that our people play from a human-in-a-loop perspective to drive continuous feedback to our algorithms on a regular basis in the form of export market adjustments.

我們演算法的持續學習不僅僅是實驗，還來自我們的員工從人機循環的角度發揮的積極作用，以出口市場調整的形式定期推動對我們演算法的持續回饋。

Our revenue management discipline and tools are also contributing to our improved yield management. As we focus on optimizing yield, our teams are armed with intelligence and surgical countermeasures that can be taken to implement a disciplined pricing strategy based on individual customer value propositions.

我們的收入管理準則和工具也有助於我們改善收益管理。當我們專注於優化產量時，我們的團隊配備了情報和外科對策，可以根據個人客戶價值主張實施嚴格的定價策略。

We also continue to scale our use of GenAI across the life cycle of an order, whether being used to automate customer quoting, order entry, low tenders, appointment scheduling or other manual tasks. Our GenAI tools and capabilities are enabling us to respond faster than ever to customers and carriers and to dynamic market conditions.

我們也繼續在訂單的整個生命週期中擴展 GenAI 的使用，無論是用於自動化客戶報價、訂單輸入、低價投標、預約安排或其他手動任務。我們的 GenAI 工具和功能使我們能夠比以往更快地回應客戶和營運商以及動態的市場條件。

The reduction of manual touches by the growing use of our GenAI tools is freeing up time that our customer and carrier-facing employees can devote to relationship building exception management and value-added solutioning. In addition to improving the customer and carrier experience, GenAI is contributing to our productivity gains and will enable us to effectively scale our operations when the market returns to growth.

透過越來越多地使用我們的 GenAI 工具，減少了手動操作，從而為我們面向客戶和營運商的員工騰出時間來致力於建立關係、異常管理和增值解決方案。除了改善客戶和營運商體驗之外，GenAI 還有助於提高我們的生產力，並使我們能夠在市場恢復成長時有效地擴大業務規模。

Our productivity is on track to our 2024 goals, which will enable us to increase our NAST and Global Forwarding shipments per person per day by more than 30% over the two-year period of 2023 and 2024.

我們的生產力正在朝著 2024 年的目標邁進，這將使我們能夠在 2023 年和 2024 年的兩年期間將每人每天的 NAST 和全球貨運量增加 30% 以上。

Our productivity improvements won't end in 2024, and they serve as critical inputs into our plan to create further operating leverage. This is a core part of our enterprise strategy, along with responsibly growing market share and expanding gross margin to greater operational discipline and innovative technology that improves our execution. I look forward to our upcoming Investor Day where we'll go deeper on these strategies.

我們的生產力提升不會在 2024 年結束，它們是我們創造進一步營運槓桿計畫的關鍵投入。這是我們企業策略的核心部分，同時負責任地增加市場份額和擴大毛利率，以加強營運紀律和創新技術來提高我們的執行力。我期待著即將到來的投資者日，我們將更深入地探討這些策略。

With that, I'll turn the call over to Damon for a review of our third-quarter results.

這樣，我將把電話轉給達蒙，以審查我們的第三季業績。

Thanks, Arun, and good afternoon, everyone. This quarter, we delivered significant year-over-year improvement in operating income, driven by an increase in adjusted gross profit, or AGP, while controlling costs through our productivity initiatives and thereby driving higher operating leverage, disciplined revenue management, and procurement of capacity in the face of continued soft freight market conditions, improved the quality of our volume and benefited our AGP, which was up $100 million or 15.8% year over year.

謝謝阿倫，大家下午好。本季度，在調整後毛利（AGP）成長的推動下，我們的營業收入同比顯著提高，同時透過我們的生產力計劃控製成本，從而推動更高的營運槓桿、嚴格的收入管理和產能採購面對持續疲軟的貨運市場狀況，我們提高了貨量質量，並使我們的AGP 受益，年增1 億美元，即15.8%。

On a monthly basis, compared to Q3 of last year, our total company AGP per business day was up 13% in July, up 18% in August and up 11% in September. Within our two largest businesses of NAST and Global Forwarding, AGP, operating income, and adjusted operating margin all improved on both a year-over-year and a sequential basis. And while elevated ocean rates are benefited in our forwarding business, the continued discipline that our people are showing as they embrace our operating model has enabled both businesses to be more fit, fast, and focused and to grow operating margins.

按月計算，與去年第三季相比，我們公司每個工作日的 AGP 總額在 7 月份增長了 13%，在 8 月份增長了 18%，在 9 月份增長了 11%。在我們最大的兩大業務 NAST 和 Global Forwarding 中，AGP、營業收入和調整後營業利潤率均較去年同期有所改善。雖然海運費的上漲使我們的貨運業務受益，但我們的員工在接受我們的營運模式時所表現出的持續紀律使兩家公司變得更加適應、快速和專注，並提高了營運利潤。

As we look forward, Q4 is typically a seasonally weaker quarter from a volume and gross profit perspective. Michael mentioned the typical sequential volume decline that the trucking market experiences in the fourth quarter.

展望未來，從銷售量和毛利的角度來看，第四季通常是季節性疲軟的季度。麥可提到了第四季度貨運市場經歷的典型的連續銷售下降。

From a global forwarding perspective, there are several indications that customers pulled forward some of their peak season ocean freight due to the ongoing concerns about geopolitical issues and capacity disruptions, including the Red Sea conflict and the potential for labor disruptions at the East Coast and Gulf Coast ports of the US. This could dampen ocean demand in Q4. Additionally, ocean rates have steadily declined since early July.

從全球貨運的角度來看，有多種跡象表明，由於對地緣政治問題和運力中斷的持續擔憂，包括紅海衝突以及東海岸和海灣地區勞動力中斷的可能性，客戶推遲了部分旺季海運美國沿海港口。這可能會抑制第四季的海洋需求。此外，自七月初以來，海運費穩定下降。

Given the mix of contractual and transactional volume in our ocean business, the impact of changing market rates generally takes one to two months to flow through to our average profit per shipment.

考慮到我們的海運業務的合約量和交易量的混合，市場費率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平均利潤。

Consequently, we began to see the negative impact from declining rates in our profit per shipment in September, and we expect this to continue in Q4. From an expense standpoint, our total operating expenses, excluding a loss on the planned sale of our European Surface Transportation business and other restructuring charges, were down $3.2 million year over year.

因此，我們開始看到 9 月每次出貨利潤率下降的負面影響，我們預計這種情況將在第四季度持續下去。從費用角度來看，我們的總營運費用（不包括計劃出售歐洲地面運輸業務的損失和其他重組費用）比去年同期減少了 320 萬美元。

Q3 personnel expenses were $361.6 million, including $2.9 million of restructuring charges related to workforce reductions. Excluding restructuring charges in the current and prior year, our Q3 personnel expenses were $358.6 million, up $18 million, or 5.3%. This was driven by an increase in incentive compensation related to improved financial results and was partially offset by our continued productivity and cost optimization efforts.

第三季人事費用為 3.616 億美元，其中包括與裁員相關的 290 萬美元重組費用。不包括本年和前一年的重組費用，我們第三季的人員費用為 3.586 億美元，增加 1,800 萬美元，即 5.3%。這是由於與財務績效改善相關的激勵薪酬增加所推動的，但我們持續的生產力和成本優化努力部分抵消了這一影響。

Our average Q3 headcount was down 9.6% compared to Q3 last year. We continue to expect our 2024 personnel expenses, excluding restructuring, to be below the midpoint of a $1.4 billion to $1.5 billion range. This includes an expectation that headcount will be relatively flat in Q4 compared to the end of Q3.

與去年第三季相比，我們第三季的平均員工人數減少了 9.6%。我們仍預期 2024 年的人員費用（不包括重組）將低於 14 億至 15 億美元範圍的中點。這包括預計第四季度的員工人數與第三季末相比將相對持平。

Moving to SG&A. Q3 expenses were $193.6 million, including a $57 million loss on the planned sale of our European Surface Transportation business, or EST, and $1.5 million of other restructuring charges. Excluding these, SG&A expenses were $135 million, down $21.3 million or 13.6% year over year. The expense reduction was across several expense categories as we continued to eliminate non-value-added spend.

轉向 SG&A。第三季支出為 1.936 億美元，包括計劃出售歐洲地面運輸業務 (EST) 的 5,700 萬美元虧損，以及 150 萬美元的其他重組費用。排除這些費用，SG&A 費用為 1.35 億美元，年減 2,130 萬美元，即 13.6%。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 now expect SG&A expenses for the full year, excluding the planned sale of EST and restructuring charges to be toward the low end of the guidance range of $575 million to $625 million. SG&A expenses include depreciation and amortization, which we still expect to be $90 million to $100 million in 2024. Our effective tax rate in Q3, excluding the planned sale of EST and restructuring charges, was 24.2%.

我們現在預計全年的 SG&A 費用（不包括計劃的 EST 銷售和重組費用）將接近指導範圍的下限，即 5.75 億美元至 6.25 億美元。SG&A 費用包括折舊和攤銷，我們預計 2024 年仍將達到 9,000 萬至 1 億美元。我們第三季的有效稅率（不包括計劃的 EST 銷售和重組費用）為 24.2%。

This results in a year-to-date tax rate of 20.8%, and we now expect our 2024 full-year effective tax rate to be in the range of 18% to 20%. Our capital expenditures in Q3 were $17.3 million, bringing our year-to-date total to $59.1 million. We now expect 2024 capital expenditures to be $75 million to $85 million compared to the previously provided guidance of toward the lower end of $85 million to $95 million.

這導致年初至今的稅率為 20.8%，我們現在預計 2024 年全年有效稅率將在 18% 至 20% 的範圍內。第三季的資本支出為 1,730 萬美元，使年初至今的資本支出總額達到 5,910 萬美元。我們現在預計 2024 年的資本支出將為 7,500 萬美元至 8,500 萬美元，而先前提供的指引為 8,500 萬美元至 9,500 萬美元的下限。

From a balance sheet perspective, we ended Q3 with approximately $1 billion of liquidity, comprised of $860 million of committed funding under our credit facilities and a cash balance of $132 million. Our financial strength continues to be a key differentiator in our industry as it enables us to continue investing and improving our capabilities even through a prolonged freight recession. As a result, we expect to emerge stronger when the market tightens.

從資產負債表的角度來看，我們第三季末擁有約 10 億美元的流動資金，其中包括我們信貸安排下的 8.6 億美元承諾資金和 1.32 億美元的現金餘額。我們的財務實力仍然是我們行業的關鍵區別因素，因為它使我們能夠繼續投資和提高我們的能力，即使在長期的貨運衰退中也是如此。因此，當市場收緊時，我們預計會變得更強。

Our debt balance at the end of Q3 was $1.56 billion, and our net debt to EBITDA leverage at the end of Q3 was 2.08 times, down from 2.4 times at the end of Q2. This was primarily driven by the performance of the business and the resulting increase in our trailing 12-month EBITDA as well as a decrease in our net debt balance. Overall, our Q3 financial results are a testament to our execution with a focus on margin expansion and discipline on how we run the company.

第三季末我們的債務餘額為 15.6 億美元，第三季末我們的淨債務與 EBITDA 槓桿率為 2.08 倍，低於第二季末的 2.4 倍。這主要是由於業務業績以及由此導致的過去 12 個月 EBITDA 的成長以及淨債務餘額的減少所推動的。總體而言，我們第三季的財務表現證明了我們的執行力，重點是利潤率擴張和公司營運方式的紀律。

I'm optimistic about where we're going, and I look forward to meeting many of you at our upcoming Investor Day. With that, I'll turn the call back to Dave for his final comments.

我對我們的發展方向感到樂觀，並期待在即將到來的投資者日見到你們中的許多人。之後，我會將電話轉回給戴夫，徵求他的最終意見。

Thanks, Damon. As we strive to get more fit, fast, and focus and deliver higher highs and higher lows over the course of market cycles, I'm pleased with our improving execution at the bottom of the free cycle. I want to commend our people for continuing to learn and embrace the changes that the new operating model is driving. We're making better and faster decisions on capturing the right freight at the right price to deliver a higher quality of volume and financial results.

謝謝，達蒙。當我們努力變得更健康、更快速、更專注，並在市場週期中創造更高的高點和更高的低點時，我對我們在自由周期底部的執行力的提高感到滿意。我要讚揚我們的員工不斷學習並接受新營運模式所帶來的改變。我們正在做出更好、更快的決策，以正確的價格獲取正確的貨運，以提供更高品質的數量和財務表現。

As I've mentioned before, all the changes we're making are aimed at our North Star of generating incremental operating income. We will do this by focusing on growing market share and expanding our gross and operating margins. We'll continue to grow market share by reclaiming share in targeted segments by leveraging our robust capabilities to power customer-centric solutions and by expanding our addressable market through value-added services and solutions for our customers and carriers to drive new volume to our four core modes.

正如我之前提到的，我們所做的所有改變都是為了實現增加營業收入的北極星。我們將透過專注於增加市場份額以及擴大毛利率和營業利潤率來實現這一目標。我們將繼續擴大市場份額，透過利用我們強大的能力來支援以客戶為中心的解決方案，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，從而為我們的四個客戶帶來新的銷售量，從而重新奪回目標細分市場的份額。

We'll also be more intentional with our go-to-market strategy to drive additional synergies and cross-selling across our portfolio. We'll optimize our gross profit by monitoring key input metrics and responding faster to air states and changing market conditions with countermeasures and innovative technology that improves our execution.

我們也將更有意識地制定市場策略，以推動我們的產品組合產生額外的協同效應和交叉銷售。我們將透過監控關鍵輸入指標並透過提高執行力的對策和創新技術更快地響應空氣狀態和不斷變化的市場條件來優化我們的毛利。

And we'll expand our operating income margins by embedding lean practices removing waste and expanding our digital capabilities. This will enable us to strengthen our productivity and optimize our organization structure to be the most efficient operator in addition to the highest value provider.

我們將透過嵌入精益實踐、消除浪費和擴展我們的數位能力來擴大我們的營業利潤率。這將使我們能夠提高生產力並優化我們的組織結構，成為除了最高價值的提供者之外的最高效的運營商。

While there's a lot more work to do, I'm pleased with the progress we've made on evolving our strategy and improving our execution by instilling discipline with our new operating model. We're arming our people with better tools and moving with greatest 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. We'll share more about our strategy, how we'll execute that strategy, and the resulting financial targets at our upcoming 2024 Investor Day on December 12.

雖然還有很多工作要做，但我對我們透過在新的營運模式中灌輸紀律來發展策略和提高執行力方面取得的進展感到高興。我們正在用更好的工具武裝我們的員工，並以最快的速度和緊迫感採取行動，抓住機遇，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。我們將在 12 月 12 日即將舉行的 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。

This concludes our prepared remarks. I'll turn it back to Donna now for the Q&A portion of the call.

我們準備好的演講到此結束。我現在將其轉回給唐娜，以進行電話問答部分。

(Operator Instructions) Tom Wadewitz, UBS.

（操作員說明）Tom Wadewitz，UBS。

Let's see, and nice to see the strong results. I wanted to see if you could give a little more comment on maybe how we might think about the NAST operating margin and gross margin in 4Q. I think there were -- you said maybe stable headcount sequentially and talked about cash freight shipments index, the normal sequential decline. But I just wanted to see if you could give any thoughts on kind of improvement or deterioration sequentially.

讓我們看看，很高興看到強勁的結果。我想看看您是否可以就我們如何看待第四季度 NAST 營業利潤率和毛利率發表更多評論。我認為，您說員工數量可能會連續穩定，並談到現金貨運指數，即正常的連續下降。但我只是想看看你是否可以對順序的改進或惡化提出任何想法。

And then another, I guess, related to those, how do we think about key drivers in '25 for those two metrics for NAST gross margin and operating margin? Does it become more market-driven? Or is there still a lot left for CH Robinson to do that's truly company-specific?

我想，與這些相關的另一個問題是，我們如何看待 25 年 NAST 毛利率和營業利益率這兩個指標的關鍵驅動因素？它變得更加市場驅動嗎？或者，CH Robinson 是否還有很多工作要做，真正針對公司具體情況？

Tom, this is Michael. Thank you very much for the question. I think as we said earlier, we're really proud of the work the team has done to be really disciplined in how we've managed a pretty tough part of this cycle. We continue to believe that our industry-leading costing and pricing engines gives us an opportunity to keep doing the work we're doing and keep that measurement moving forward as we look in terms of our expectations of operating margin and leverage. Really, we're going to continue to control what we can control in terms of the marketplace.

湯姆，這是麥可。非常感謝你的提問。我認為正如我們之前所說，我們對團隊所做的工作感到非常自豪，他們在如何管理本週期中相當艱難的部分方面非常嚴格。我們仍然相信，我們行業領先的成本計算和定價引擎使我們有機會繼續開展我們正在做的工作，並在我們考慮營業利潤和槓桿率的預期時保持這一衡量標準向前發展。事實上，我們將繼續控制我們能夠控制的市場。

And from an internal perspective, we have a lot of confidence in the productivity initiatives that we've implemented and really have enacted more of an evergreen mentality that we're going to continue to work and drive for constant improvement. We've set some pretty lofty goals for the last two years in terms of a combined 30% improvement of productivity, and we feel we're on path for that throughout the rest of 2024. And beyond that, certainly, we expect those numbers to slow a bit.

從內部角度來看，我們對我們已經實施的生產力計劃充滿信心，並且真正體現了一種常青的心態，我們將繼續努力並推動不斷改進。過去兩年，我們設定了一些相當崇高的目標，即生產力合計提高 30%，我們認為我們將在 2024 年剩餘時間內實現這一目標。當然，除此之外，我們預計這些數字會稍微放緩。

You just can't maintain that high level of a drive. But we have expectations of ourselves to get better, whether it's each quarter or into 2025.

你就是無法保持那麼高的驅動力。但我們期望自己能夠變得更好，無論是每季還是 2025 年。

Yeah. Tom, this is Dave. Just to add on to that, continue to -- I like the muscle that we're building and that we're seeing where the team is getting smarter every day and wiser every day as we continue to deploy the model problem solving is going throughout the organization. This will help as we continue to prepare ourselves for the rebound.

是的。湯姆，這是戴夫。除此之外，繼續——我喜歡我們正在建立的力量，我們看到團隊每天都變得更加聰明，隨著我們繼續部署解決問題的模型，我們的團隊每天都變得更加聰明。這將有助於我們繼續為反彈做好準備。

And as Michael said, our mentality is continuous improvement every day and certainly every year, and so it's a never stopped game for us at this point in the cycle, which is a really, really tough cycle. So I'm super proud of the team and how they're standing up on the higher highs, higher lows, and certainly the higher lows right now.

正如邁克爾所說，我們的心態每天都在不斷進步，當然每年都在不斷進步，所以在這個週期的這一點上，這對我們來說是一場永不停息的比賽，這是一個非常非常艱難的周期。因此，我為這個團隊以及他們如何在更高的高點、更高的低點，當然還有現在的更高低點上站起來感到非常自豪。

Jon Chappell, Evercore ISI.

喬恩·查佩爾，Evercore ISI。

Dave, you said before, the processes are never ending. But you've also mentioned a couple of times that they're non-linear, either a point as we get we're looking at SG&A at the low end of your range with the personnel expenses at the low end of the range you set out earlier this year. Is there a point where it just becomes more difficult to garner any more productivity and margin expansion without getting some help from a broader market volume tailwind?

戴夫，你之前說過，這個過程永無止境。但您也多次提到它們是非線性的，無論是我們得到的這一點，我們都在您設定的範圍的低端考慮SG&A，而人員費用則在您設定的範圍的低端今年早些時候推出。如果沒有更廣泛的市場成交量的幫助，是否會變得更加難以獲得更多的生產力和利潤成長？

Yeah, Jon, good to hear from you. No, you're right. This thing continues to go. What we said before is -- and again, I can't tell you how proud I am of the team with the 15% last year and exceeding that and then in another 15% from a NAST perspective this year and continue to drive that. But the way we look at it is, even as you go into the out years, there will always be continuous improvement.

是的，喬恩，很高興收到你的來信。不，你是對的。這件事還在繼續。我們之前說過的是——再說一次，我無法告訴你我對去年取得15% 的團隊感到多麼自豪，並且超過了這一數字，今年從NAST 的角度來看，又取得了15% 的成績，並繼續推動這一目標。但我們看待它的方式是，即使你進入了過去的歲月，總會有持續的改進。

Now certainly, Jon, we want that market rebound to happen. But the mentality that we have is control which you can control, and that's just continuous improvement on processes and things that we do every day. So even in a rebound market, you should still always continually improve with the model that we have and that's some of the tech that we've leaned into.

喬恩，現在我們當然希望市場反彈會發生。但我們的心態是你可以控制的控制，這就是對我們每天所做的流程和事情的持續改進。因此，即使在反彈市場中，您仍然應該不斷改進我們擁有的模型，這也是我們所依賴的一些技術。

So I'll have Arun jump in here as well. But it's a good question, and it's a different question on how we looked at it yesterday versus how we look today on our mentality of continuous improvement.

所以我也會讓阿倫跳到這裡。但這是一個很好的問題，這是一個不同的問題，我們昨天如何看待它與我們今天如何看待我們持續改進的心態。

Yeah. Yeah, Jon, to Dave's point, this notion of evergreen improvements, whether it be productivity gross margin expansion or volume growth, we have a number of strategic initiatives that power all of them. And there's always new technology or new capabilities that power them. So as an example on productivity, yes, we made a ton of progress already.

是的。是的，喬恩，就戴夫的觀點而言，這種常青改進的概念，無論是生產率毛利率擴張還是銷量增長，我們都有許多戰略舉措來推動所有這些舉措。總有新技術或新功能為它們提供動力。作為生產力的一個例子，是的，我們已經取得了巨大的進步。

However, there's still opportunity with GenAI and new technologies that come out. So I think that's the way to think about it. Each of these things have additional strategic initiatives and momentum going to 2025 and forward.

然而，GenAI 和新技術的出現仍然存在機會。所以我認為這就是思考這個問題的方式。每一件事都有到 2025 年及未來的額外策略舉措和動力。

Brian Ossenbeck, JPMorgan.

布萊恩‧奧森貝克，摩根大通。

Maybe this one is for Michael. When you look at the market, obviously, it was a bit tight in July and then has come back in to really be sub seasonal and still kind of soft when you look at the broader truckload market. So what are you looking at in terms of conditions and what do we need here to see the market turn?

也許這是給邁克爾的。當你觀察市場時，顯然，7 月有點緊張，然後又回到了真正的次季節性，當你觀察更廣泛的卡車市場時，仍然有點疲軟。那麼，您對條件的看法是什麼？

We saw price above cost per mile on a year-over-year basis. I mean in the past, that's meant different things. But as we look forward to an improvement in inflection, what are you looking for? And what's sort of your best guess when we might start to see that?

我們看到價格同比高於每英里成本。我的意思是在過去，這意味著不同的事情。但是，當我們期待詞形變化的改進時，您在尋找什麼？當我們開始看到這一點時，您的最佳猜測是什麼？

Brian, thanks for the question. And I think you're asking the question we're all trying to figure out exactly when that's going to happen. You described the quarter pretty accurately, right? We had some tightness in the market in July. It definitely softened and gave ground throughout the rest of the quarter.

布萊恩，謝謝你的提問。我認為你問的問題是我們都在努力弄清楚這一切何時會發生。您對本季的描述非常準確，對嗎？七月份的市場有些緊張。在本季度剩餘的時間裡，這種情況肯定會軟化並讓步。

And we are continuing to see capacity exit. But as we said earlier, it's not exiting at the rate that's creating an inflection in the marketplace. And if you look back at traditional cycles, and we're not in what I'd call a traditional cycle at this point is far into the low end of the cycle for this long. You need a demand inflection to truly get the market to repair.

我們繼續看到產能退出。但正如我們之前所說，它的退出速度並沒有造成市場的變化。如果你回顧一下傳統週期，你會發現我們現在還沒有處於我所說的傳統週期，在這麼長的時間裡，我們已經進入了週期的低端。你需要需求的轉變才能真正修復市場。

I think continued capacity exits will help the market stabilize. And we've been bouncing along the bottom for a while here, but we're still not to a point where I'd say it's stable. Really, for us to see a true market inflection, we're going to need to see more demand really more reaction from that customer base of longer-term consistent demand increases.

我認為持續的產能退出將有助於市場穩定。我們已經在底部反彈了一段時間，但我們仍然沒有達到我所說的穩定的程度。事實上，為了讓我們看到真正的市場變化，我們需要看到更多的需求，真正來自客戶群對長期持續需求成長的更多反應。

And we see small pockets. We feel really good about how we're positioning ourselves with our customers to be ready for that, how we're positioning ourselves with our carriers to be ready for that. And to Dave's point, we think our team has done a really good job managing through this extended freight recession, but we're not seeing right now a whole lot of customer activity that would say this has a shorter end.

我們看到小口袋。我們對如何與客戶一起做好準備，以及如何與營運商一起為此做好準備感到非常滿意。對於戴夫的觀點，我們認為我們的團隊在應對這場長期的貨運衰退方面做得非常好，但我們現在沒有看到大量的客戶活動表明這種情況的結局較短。

And so we're really planning to do what David said, which is we're going to deliver higher lows during this part of the cycle. And we think we're in a really good spot to react when that inflection does happen.

因此，我們確實計劃按照大衛所說的去做，即我們將在周期的這一部分創造更高的低點。我們認為，當這種變化確實發生時，我們處於做出反應的最佳位置。

Jeff Kauffman, Vertical Research Partners.

傑夫考夫曼，垂直研究夥伴。

Congratulations. I know you talked a little bit about the pull forward, but I'd just like to dig a little deeper into that in that of the revenue growth a pretty extreme revenue growth in 3Q. What's your best guess at how much of that improvement would have represented pull forward? And if we were to try to think about is the market normalizing in the fourth quarter or through the first quarter of the year, what kind of pullback do you think we could see outside the normal season now?

恭喜。我知道您談到了一些關於提前的問題，但我想更深入地探討第三季營收成長的情況，這是一個相當極端的營收成長。您對這種改進在多大程度上代表了前進的最佳猜測是多少？如果我們嘗試考慮市場是否會在第四季度或今年第一季正常化，您認為我們現在在正常季節之外可能會看到什麼樣的回檔？

Yeah, Jeff. Hey, thanks for the question here. Jeff, it's something that we've been examining and talking through. What I would tell you is that the pull through, and because obviously we have Global Forwarding and NAST, you have to kind of break this down a bit.

是的，傑夫。嘿，謝謝你在這裡提問。傑夫，這是我們一直在研究和討論的事情。我要告訴你的是，因為顯然我們有全球轉發和 NAST，所以你必須稍微分解。

Number one, we don't -- I'm going to tell you, it's not material from a pull-forward perspective. Now the two businesses are a bit different. Like from Global Forwarding, you could say that there was some pull forward that we would have saw in that business. We don't necessarily see that in truckload per se. So it's two different businesses that we look at here.

第一，我們不——我要告訴你，從前拉的角度來看，這並不重要。現在這兩家業務有點不同。就像 Global Forwarding 一樣，你可以說我們在該業務中看到了一些推動力。我們不一定會在卡車裝載量中看到這一點。所以我們在這裡關注的是兩個不同的業務。

So I'm kind of calling it like non-material and truckload and a bit because of how shippers were looking at it on Global Forwarding that we had to manage. So you can understand the complexities there, but that's how I would say it. I don't know if, Michael, you would add on to that, but --

所以我稱它為非物質和卡車裝載，有點因為托運人在我們必須管理的全球貨運中如何看待它。所以你可以理解其中的複雜性，但我就是這麼說的。我不知道邁克爾你是否願意補充這一點，但是--

No, I would just add -- Jeff, this is Damon, that Q4 for both businesses is typically a seasonally weaker quarter. And so you'll certainly have that dynamic factor in as well from a sequential basis.

不，我只是補充一下 - 傑夫，這是達蒙，這兩家公司的第四季度通常是季節性疲軟的季度。因此，您肯定也會按順序考慮動態因素。

So I guess where I'm going is there was a $300 million sequential revenue pickup on a gross revenue basis, give or take, could we be looking at the fourth quarter, it looks a lot more like the second quarter. I was just looking for a little guidance in terms of how material of that $300 million jump. What do you think is normalization?

因此，我想我的目標是，在總收入的基礎上，連續收入將成長 3 億美元，不管是多少，我們可以看看第四季嗎，它看起來更像第二季。我只是想尋求一些關於 3 億美元跳躍的實質內容的指導。您認為什麼是常態化？

Yeah. I don't know that I'd go that far, Jeff and see that. I mean, if you look at, again, rates for Global Fin, they're going to start slowing down and following into seasonality, as Damon said.

是的。我不知道我會走那麼遠，傑夫並看到這一點。我的意思是，如果你再次觀察 Global Fin 的利率，你會發現它們將開始放緩並跟隨季節性變化，正如達蒙所說。

So again, we're looking at this every day, and I understand how you're trying to look at modeling it as well. It's just the market that we're in, and we're dealing with that market that we're in and executing to what we can control there. So I wouldn't say, though, that it would follow kind of a 2Q thing. .

再說一遍，我們每天都在關注這個問題，我也理解您如何嘗試對其進行建模。這只是我們所處的市場，我們正在處理我們所處的市場並執行我們可以控制的事情。所以我不會說它會遵循第二季的事情。。

Ken Hoexter, Bank of America.

肯‧霍克斯特，美國銀行。

Hey, good afternoon and great job in benefiting from the ocean and forwarding rate inflection. I guess my question would be on if we get inflection in spot -- not when we get, but when I guess, when it approaches, how do you think that impacts the business in the new operating model? Does it make you more fluid? Should we expect your ability to fluctuate with spot rates to be a bit quicker?

嘿，下午好，從海洋和轉發率變化中受益，做得很好。我想我的問題是，我們是否會出現轉折點——不是我們何時出現，而是當我猜，當它接近時，您認為這會如何影響新營運模式中的業務？它會讓你更流暢嗎？我們是否應該期望您隨即期匯率波動的能力更快一些？

And then I guess to follow on that, are you seeing any of those signs in the firming between the rates and costs at this point or not yet?

然後我想接下來，您是否看到了利率和成本之間的任何跡象？

Ken, thank you for the question. This is Michael. I think the first -- I'll break it down into both sides. So on the first side, I think the new operating model will do all the things you asked, which is, will it give us better capabilities, information, and speed in which we act 100%, right?

肯，謝謝你的提問。這是邁克爾。我認為第一個——我會把它分成兩部分。所以，在第一方面，我認為新的營運模式會做你要求的所有事情，也就是說，它會給我們更好的能力、資訊和速度，讓我們100%採取行動，對嗎？

And that's really what we're working with the team on is how do we take our industry-leading data and information set and get it into their hands faster and more effectively. And I think we're doing that better than we ever have. That's positioning us to be ready for that market inflection and more importantly, to be having those conversations with our customers in advance of the market inflection around how we want to handle that.

這就是我們與團隊合作的真正目的，就是如何將業界領先的數據和資訊集更快、更有效地交到他們手中。我認為我們在這方面做得比以往任何時候都更好。這使我們能夠為市場變化做好準備，更重要的是，在市場變化之前與我們的客戶就我們希望如何處理這個問題進行對話。

We do scenario planning, both on the capacity and customer side throughout to understand the best way to handle what an inflection could look like, whether it's a quick spike or more of a long drawn-out increase, and we feel we're really ready for either scenario.

我們在容量和客戶方面進行場景規劃，以了解處理拐點的最佳方式，無論是快速峰值還是長期增長，我們覺得我們真的準備好了對於任何一種情況。

In terms of the second question, are we seeing signs of that? The short answer is no. We're seeing good activity from our teams, building good relationships feel we're winning in the contractual space, picking up wallet share. But the truth is route guides are performing incredibly well -- there's not a lot of freight that's flowing out of that into the transactional spot market. And in that spot market, it's incredibly competitive.

關於第二個問題，我們是否看到了這個跡象？簡短的回答是否定的。我們看到我們的團隊進行了良好的活動，建立了良好的關係，感覺我們在合約領域獲勝，贏得了錢包份額。但事實是，路線指南的表現非常好——沒有大量貨運從路線指南流入現貨交易市場。在那個現貨市場上，競爭非常激烈。

And I think we're doing the right job to be disciplined in that space to win the right freight for us and for our customers that we service it correctly, really proud of our NPS scores are the highest we've seen in years. And I think that's a reflection of the team's work and making sure that we -- the freight we do land, we execute, we deliver when and how our customers want to. But the truth is that there's not been a whole lot of market activity that would say there's a whole lot of inflection and certainly not in Q3 and really we're not expecting much in Q4.

我認為我們正在做正確的工作，在這個領域遵守紀律，為我們和我們的客戶贏得正確的貨運，我們正確地提供服務，我們為我們的 NPS 分數是多年來所見的最高水平感到非常自豪。我認為這反映了團隊的工作，並確保我們——我們的貨物著陸、我們執行、我們在客戶想要的時間和方式交付。但事實是，並沒有大量的市場活動表明存在大量的拐點，當然不是在第三季度，實際上我們對第四季度的期望並不高。

Yeah, Ken, I wanted to pile on a little bit there what Michael said. But really going back to the beginning of your question, I just want to -- and I don't -- I'm sure you meant it this way as well. I mean, one, we did benefit from rates in global forwarding because that's the market. But it's really important to understand and break that apart.

是的，肯，我想補充一點麥可所說的話。但實際上回到你問題的開頭，我只是想——但我不想——我相信你也是這麼想的。我的意思是，第一，我們確實從全球轉運的費率中受益，因為這就是市場。但理解並分解它確實很重要。

Super proud of that team because this operating model isn't just a NAST operating model or a particular division. It's a company operating model. And so the work that's going on in our business within Global Forwarding, just like NAST, is one where we're working to decouple headcount growth and volume growth. So there is a level of discipline that, I would say, that's there today that we benefited from and grown from and how we run that business. That's efficiency in evergreen that -- and I'm sure you've seen that. I just want to call that out.

我為這個團隊感到非常自豪，因為這個營運模式不僅僅是 NAST 營運模式或特定部門。這是一種公司營運模式。因此，我們在全球貨運業務中正在進行的工作，就像 NAST 一樣，是我們致力於將員工數量增長和數量增長脫鉤的工作。因此，我想說，今天我們從經營業務的方式中受益並成長，有一定程度的紀律。這就是常青樹的效率——我相信你已經看到了。我只是想大聲疾呼。

And then secondly, for the NAST team, these guys were extremely hard in a super, super tough market. And the discipline that Michael was talking about and the operating model principles that these guys are running on daily from speed of decision to daily execution and discipline of what they take really does speak of forward looking. And that discipline won't go away when the market starts to inflect as well.

其次，對於 NAST 團隊來說，這些人在超級非常艱難的市場中非常努力。麥可所談論的紀律以及這些人每天所遵循的營運模式原則，從決策速度到日常執行以及他們所採取的措施的紀律確實談到了前瞻性。當市場開始改變時，這種紀律也不會消失。

So hats off to both operating divisions just from a disciplined perspective. I just wanted to make that clear, that is just not maybe all rate in GF and is certainly discipline in execution in NAST that sets us up for where this market decides to go.

因此，從嚴格的角度向兩個營運部門致敬。我只是想澄清這一點，這可能不是 GF 的全部，而且肯定是 NAST 的執行紀律，它使我們為這個市場決定走向的方向做好了準備。

Scott Group, Wolfe Research.

斯科特集團，沃爾夫研究。

So when I look at your chart with truckload pricing and cost, pricing has turned a little positive year over year, cost still a little negative. And if I think back on prior cycles, I feel like it's usually where the cost goes positive first and you get squeezed a little bit and then eventually catch up.

因此，當我查看您的整車定價和成本圖表時，定價逐年變得有點積極，成本仍然有點消極。如果我回顧之前的周期，我覺得通常是成本首先變為正數，然後你受到一點擠壓，然後最終趕上。

So I guess I'm wondering, why do you think it's a little different this time? And does this mean in your mind, when we get that eventual inflection, we won't get squeezed? And so if you're right, that costs are up, spot costs up 9% next year, do you think you would outpace that with price?

所以我想我想知道為什麼你認為這次有點不同？在你看來，這是否意味著當我們最終得到變化時，我們不會受到擠壓？因此，如果你是對的，成本上漲了，明年現貨成本上漲 9%，你認為你的價格會超過這個水準嗎？

Yeah, Scott, thanks for the question. I think on the short term, minor moves in our overall costing are driven by a lot of factors. But I do think we're making good decisions on how we price freight, both in the contractual and spot markets that we're pricing it more intelligently, more specifically to the characteristics of the customer, the characteristics of the load. And I think it's more reflective of a better and more intelligent pricing process.

是的，斯科特，謝謝你的提問。我認為從短期來看，我們整體成本的小幅變動是由許多因素所驅動的。但我確實認為我們在如何定價運費方面做出了正確的決定，無論是在合約市場還是現貨市場，我們都更明智地定價，更具體地根據客戶的特徵和負載的特徵。我認為這更能反映更好、更聰明的定價流程。

As we think about going forward, listen, any change in the market will still feel a squeeze. The key for us is to do it better and get through it faster than we have in the past. And so we're anticipating that when that change happens. And certainly, we're hoping it happens as much as anybody, right?

當我們思考未來時，聽著，市場的任何變化仍然會感到壓力。對我們來說，關鍵是比過去做得更好、更快度過難關。所以我們預計當這種變化發生時。當然，我們和任何人一樣希望它發生，對吧？

The idea, though, is that our team is better planned, better situated to have intelligent conversations with our customers and really plan out what is a solution that gets them to where they need to be to manage their supply chains. This is obviously an extremely long elongated freight recession. And so it makes those conversations a bit more unique.

不過，我們的想法是，我們的團隊可以更好地規劃，更好地與客戶進行明智的對話，並真正規劃出什麼是解決方案，使他們能夠管理他們的供應鏈。這顯然是一場極為漫長的貨運衰退。因此，這使得這些對話變得更加獨特。

We're now into our second and sometimes third contractual pricing period in this low end of the cycle, which is usually not the case. And so that changes those conversations with customers. And we feel really good that the team is having intelligent conversations.

我們現在進入了周期低端的第二個、有時是第三個合約定價期，但通常情況並非如此。這改變了與客戶的對話。我們對團隊正在進行明智的對話感到非常高興。

But as we mentioned before, we have the optionality to handle this in a couple of different ways. And we're constantly testing how to do that, both in the current market and where the market will go. And I've been here almost 27 years. And I can tell you, I think we're putting the best information in our people's hands than we ever have.

但正如我們之前提到的，我們可以選擇透過幾種不同的方式來處理這個問題。我們不斷測試如何做到這一點，無論是在當前市場還是市場未來的方向。我在這裡已經快 27 年了。我可以告訴你，我認為我們正在將最好的資訊交給我們的人民，這是我們從未有過的。

And I think they're in the best position they've ever been so that when this market inflects, sure, we're going to feel it like anybody would. But I think we're going to get through those conversations more intelligently and quicker than we have in the past.

我認為他們處於有史以來最好的位置，因此當這個市場發生變化時，當然，我們會像任何人一樣感受到它。但我認為我們將比過去更明智、更快地完成這些對話。

Daniel Imbro, Stephens Inc.

丹尼爾·因布羅，史蒂芬斯公司

Maybe one on the personnel cost side. I think on the quarter, head count was down 1% sequentially, but adjusted personnel costs were still up about 2% sequentially and then back to growing year over year. I guess the question, is this a new model where it's fewer heads, but it's higher comp per head. And so we're past the period of personnel cost declining, and should we expect total personnel exit to continue increasing in the coming quarters, especially if we do any market tightness and you have to add back people?

也許是人員成本的一個。我認為本季員工人數較上季下降了 1%，但調整後的人員成本仍較上季成長約 2%，然後又恢復年成長。我想問題是，這是一個新模型，它的人頭更少，但人均報酬更高。因此，我們已經過了人員成本下降的時期，我們是否應該預期未來幾季的人員退出總數將繼續增加，特別是如果我們出現市場緊張並且必須重新增加人員？

Thanks for the question, Daniel. So certainly, we're not in a situation where cost per head is going up versus historical trends. The dynamic you're seeing in Q3 is related to variable compensation. So as our financial results improve, the variable compensation goes along with that.

謝謝你的提問，丹尼爾。因此，當然，我們並沒有處於人均成本相對於歷史趨勢上升的情況。您在第三季看到的動態與可變薪酬有關。因此，隨著我們的財務表現改善，可變薪酬也會隨之改善。

So the trend that we've illustrated and talked about around evergreen productivity and decoupling headcount from volume is still very much in place, and the volatility you saw in Q3 is purely related to variable compensation.

因此，我們已經說明和討論的圍繞常青生產力和將員工數量與數量脫鉤的趨勢仍然非常到位，並且您在第三季度看到的波動純粹與可變薪酬相關。

Is variable compensation per broker out there, though, going to continue? So if we have periods of strong profitability, there will always be a higher incentive compensation. So total comp overhead still goes up?

不過，每個經紀人的可變薪酬還會持續嗎？因此，如果我們有強勁獲利能力的時期，總會有更高的激勵性薪酬。那麼總的補償費用仍然在增加嗎？

I think it's relative to the sequential comps and I think it's relative to our own expectation of performance.

我認為這與順序比較有關，並且與我們自己對錶現的預期有關。

Chris Wetherbee, Wells Fargo.

克里斯‧韋瑟比，富國銀行。

I wanted to ask on [back heads] specifically. So I think we've seen kind of eight or nine quarters in a row of sequential declines there, and maybe the guidance is kind of flattening out for the fourth quarter. I guess as we think about it, conceptually, are we getting to the point where you now feel like with the technology you've enabled the productivity initiatives, we're at the right kind of equilibrium between the freight market and where you sit from a resource perspective?

我想具體問一下[後腦勺]。因此，我認為我們已經看到連續八個或九個季度連續下降，也許第四季的指引會趨於平緩。我想，當我們從概念上思考這個問題時，我們是否已經達到了這樣的程度：您現在感覺透過已經實現生產力計劃的技術，我們在貨運市場和您所處的位置之間處於正確的平衡狀態資源視角？

I don't know if that's too presumptions, but want to get a sense of kind of how you think about it. Or can there be incremental legs lower in terms of maybe broadly resources if the freight market doesn't respond positively as we move into 2025?

我不知道這是否過於假設，但想了解您的想法。或者，如果在進入 2025 年時貨運市場沒有做出積極反應，那麼就廣泛的資源而言，是否會出現增量下降？

Yeah. Thank you, Chris. This is Michael. I think what you're seeing with us is the continued work we've had as we've enacted the productivity work we've implemented technology improvements and system improvements, whether it's a combination of GenAI or just process improvement through our teams getting better at what they do.

是的。謝謝你，克里斯。這是邁克爾。我認為您在我們這裡看到的是我們在實施生產力工作時所持續開展的工作，我們已經實施了技術改進和系統改進，無論是GenAI 的組合還是只是透過我們的團隊變得更好來進行流程改進他們所做的事情。

I think we're past maybe the historical head count declines because of the market declines. We're in headcount workforce planning because we're getting better at what we're doing. And the operating model is allowing us to really look at our business differently. And so I would say we have an expectation that we are going to decouple headcount from volume growth as we go forward. And as the market continues or changes, we expect ourselves to drive continuous productivity improvements.

我認為，由於市場下滑，我們可能已經過去了歷史上員工人數下降的情況。我們正在進行員工隊伍規劃，因為我們正在做得更好。這種營運模式讓我們能夠真正以不同的方式看待我們的業務。因此，我想說，我們預計，隨著我們的前進，我們將把員工數量與銷售成長脫鉤。隨著市場的持續或變化，我們期望自己能夠推動生產力的持續提高。

And certainly, I don't think that's linear. I think as we've seen with technology, GenAI, as an example for us this year has really been an unlock that a year ago when we were planning this year, we probably weren't counting on at the level that it's impacted us. And so I think the team is going to continue to identify opportunities, attack those opportunities that bring the biggest return.

當然，我認為這不是線性的。我認為，正如我們在技術方面看到的那樣，GenAI 作為我們今年的一個例子，確實是一個解鎖，一年前，當我們計劃今年時，我們可能不會指望它對我們的影響程度。因此，我認為團隊將繼續尋找機會，抓住那些能帶來最大回報的機會。

And so I think we'll see continuous improvement in our productivity, and I'll probably let headcount be what it needs in terms of how we're handling the volume of the current part of the cycle. But I wouldn't say that we've hit a floor, but I'd also say we're going to continue to make sure we do it under the eye of smart discipline within our operating model and doing it with an eye on a continuous improvement mentality within productivity.

因此，我認為我們將看到我們的生產力不斷提高，而且我可能會根據我們如何處理週期當前部分的數量而讓員工數量達到所需的數量。但我不會說我們已經觸底，但我也想說，我們將繼續確保我們在營運模式中的明智紀律的監督下做到這一點，並著眼於生產力中的持續改進心態。

Yeah, Chris, this is Dave. Just to add on there, Mike and team are doing a nice job at continuing to grow the model. I mean this is what happens as we continue to scale our model throughout our organization and scaling left and right and down. And it really allows the teams to discover, inspect and it allows our people to really start to do what we're known for, and that's spending that time with the customer solving problems, right?

是的，克里斯，這是戴夫。補充一點，麥克和團隊在繼續發展模型方面做得很好。我的意思是，當我們繼續在整個組織中擴展我們的模型並向左、向右和向下擴展時，就會發生這種情況。它確實讓團隊能夠發現、檢查，並且讓我們的員工真正開始做我們所熟知的事情，那就是花時間與客戶解決問題，對嗎？

And taking away those medial tasks -- and so the point here is from the conversation earlier, there's going to always be improvement in discovery and productivity in our mindset and in our culture now. and how we manage headcount is just like Michael So what you're hearing is a change in the way that we operate the company. And that's why it's so important to understand the model and how we operate that every day. So I just wanted to jump in there.

去掉這些醫療任務——所以這裡的要點是從之前的談話來看，現在我們的思維方式和文化中的發現和生產力總是會提高。我們管理員工的方式就像麥可一樣，所以你聽到的是我們經營公司的方式改變了。這就是為什麼理解這個模型以及我們每天如何運作它是如此重要。所以我只是想跳進去。

Ari Rosa, Citi.

阿里·羅莎，花旗銀行。

I was hoping you guys could address some of the changing competitive dynamics in your industry. We've seen, obviously, this quarter brought a merger or an acquisition, if you will, between two top 10 brokers. I wanted to get your thoughts on how that might impact the industry.

我希望你們能夠解決所在產業中一些不斷變化的競爭動態。顯然，我們已經看到，本季兩家十大經紀商之間發生了合併或收購（如果你願意的話）。我想了解您對這可能如何影響該行業的想法。

And then also, we've heard some of the truckload carriers talk about a shift in business away from brokers and towards asset-based carriers. I'm curious if you're seeing that. If you could corroborate that and just your thoughts on if that continues and what that looks like if the freight cycle tightens.

此外，我們還聽到一些整車運輸公司談論業務從經紀人轉向基於資產的運輸公司。我很好奇你是否看到了。如果您能證實這一點，請談談您對這種情況是否持續以及貨運週期收緊情況的看法。

Yeah, good. Thanks for the question. I think we'll break this down a little bit. Obviously, what you're seeing in the market and some of the moves you're probably talking about with RXO and Coyote, listen, that's something that's going to happen within the market.

是的，很好。謝謝你的提問。我想我們會稍微分解一下。顯然，您在市場上看到的情況以及您可能正在談論的 RXO 和 Coyote 的一些舉動，聽著，這將是市場內發生的事情。

I think as we continue to go in this market, there's going to be puts and takes, and you've seen that here in the last several months. For us, it's about making sure we're controlling what we can control in that marketplace. And I feel like we're on the right path to do that, driving the fit, fast, focus for Robinson at our scale still being in the pole position within the industry. I think we're taking the right path on doing that.

我認為，隨著我們繼續進入這個市場，將會出現看跌期權和賣出期權，你在過去幾個月已經看到了這一點。對我們來說，這是為了確保我們能夠控制我們在該市場中可以控制的東西。我覺得我們正走在正確的道路上，推動羅賓遜在我們的規模上保持健康、快速、專注，在行業中仍處於領先地位。我認為我們正在採取正確的道路。

But I think as we look forward, I'm going to have Michael jump in on the second part of your question because we do need to kind of break that down, hopefully, so.

但我認為，當我們展望未來時，我將讓邁克爾介入你問題的第二部分，因為我們確實需要對此進行分解，希望如此。

Yeah. Thanks, Ari. The second part in terms of are we seeing a shift towards asset versus broker for higher in the for-hire space. Traditionally, you see movement in the low end of the cycle towards the asset. But we feel really good about how we're competing in the marketplace. We feel really strong about the wallet share gains we're making in the contractual space.

是的。謝謝，阿里。第二部分是，我們看到在出租領域，資產相對於經紀人的轉變，以獲得更高的收益。傳統上，您會看到週期低端向資產的移動。但我們對我們在市場上的競爭方式感到非常滿意。我們對合約領域取得的錢包份額收益感到非常強烈。

I think we've been pretty honest about how we're attacking the transactional space and being disciplined and making sure that we serve our customers by haul in the right freight that fits for them and our carriers. And so while I think that's a normal part of the cycle, we're not seeing that that is a competitive disadvantage right now.

我認為我們非常誠實地對待我們如何進攻交易領域並遵守紀律，並確保我們透過運送適合他們和我們的承運人的正確貨物來為客戶提供服務。因此，雖然我認為這是週期的正常部分，但我們目前並沒有看到這是一個競爭劣勢。

As I mentioned earlier, our drop program, which is something we've been talking about more is almost $1 billion and something we believe allows us to behave as an asset in an asset-light manner but in a space that's traditionally an asset space, and we feel really good about our ability to keep bringing those solutions to customers.

正如我之前提到的，我們一直在談論的下降計劃接近 10 億美元，我們相信這使我們能夠以輕資產的方式表現出資產的行為，但在傳統上是資產領域的領域，我們對不斷為客戶提供這些解決方案的能力感到非常滿意。

We're also really confident that supply chains are not getting less complex. They're getting more complex. And so customers are looking for companies that can flex, can move, can react, and really meet them where they need to be met. And I feel really good about our team being able to deliver that every day. And that will be in the form of whatever it takes, whether it's truckload, LTL, drop, you name it.

我們也非常有信心供應鏈不會變得不那麼複雜。它們變得越來越複雜。因此，客戶正在尋找能夠靈活、能夠移動、能夠做出反應並真正滿足他們需求的公司。我對我們的團隊每天都能實現這一目標感到非常高興。這將採取任何形式，無論是卡車裝載、零擔運輸、空運，凡是你能想到的。

And so good question. But I feel this is not an abnormal thing in this part of the cycle, but we feel really good about our ability to compete in this space.

這麼好的問題。但我覺得這在周期的這一部分並不是一件不正常的事情，但我們對我們在這個領域的競爭能力感到非常滿意。

Yeah, Ari, and just to put a period on that, when we look at our four walls, I mean, there's just a number of ROI, high ROI opportunities that we can go attack and that's what we're doing. And I think that's really where you have to focus before tackle the organic before you really have to get the inorganic there. So that's how we're looking at it. We feel pretty good about it.

是的，阿里，只是為了強調這一點，當我們看看我們的四面牆時，我的意思是，只有很多投資回報率、高投資回報率的機會，我們可以去攻擊，這就是我們正在做的事情。我認為這確實是你在處理有機物之前必須重點關注的地方，然後你才真正必須在那裡獲得無機物。這就是我們的看法。我們對此感覺很好。

Jason Seidl, Cowen.

賈森·塞德爾，考恩。

Dave, Michael, team, congrats on the good quarter. Wanted to go back to your comments about algorithmic pricing, and it sounds like you guys are using it selectively. I wanted to get a sense of what we should expect going forward. And how does the freight through that algorithmic pricing look from AGP margin perspective compared to your legacy business?

戴夫、邁克爾，團隊，祝賀這個季度的出色表現。想回到你對演算法定價的評論，聽起來你們正在選擇性地使用它。我想了解我們未來該期待什麼。與您的傳統業務相比，從 AGP 利潤率的角度來看，透過該演算法定價的運費如何？

Yeah. So good question, Jason. Our algorithmic pricing, everything we do, whether it's algorithmic pricing or not anchors back to our revenue management goals and our overall strategy. So we have a certain gross margin percentage of strategy across our different modes and channels. It doesn't really matter.

是的。問得好，傑森。我們的演算法定價，我們所做的一切，無論是否是演算法定價，都取決於我們的收入管理目標和整體策略。所以我們在不同的模式和通路上都有一定的毛利率百分比的策略。這並不重要。

Ultimately, we're kind of optimizing to our overall strategic goals. Having said that, there's obviously greater opportunity on the algorithmic side on both things like price discovery and cost discovery and more real-time signals and supply and demand.

最終，我們正在優化我們的整體策略目標。話雖如此，在價格發現和成本發現以及更多即時訊號和供需等方面，演算法方面顯然有更大的機會。

So there's greater opportunity there in terms of sort of market pricing and so on. However, everything still kind of ties back to a disciplined approach anchored on our operating model to our revenue management strategy.

因此，在市場定價等方面存在更大的機會。然而，一切仍然與以我們的營運模式和收入管理策略為基礎的嚴格方法聯繫在一起。

Jason, the only thing I'd probably add from my perspective is that the nature of the industry requires us to have a pricing engine to meet customers because so much of our pricing is digitally connected, and it's not possible for humans to react in the right amount of time to make sure we're getting as many quotes out to customers as we need. But all of our pricing, even our algorithmic pricing really feeds into that human in the loop mentality that we've built in.

傑森，從我的角度來看，我可能要補充的唯一一點是，行業的本質要求我們有一個定價引擎來滿足客戶，因為我們的定價大部分都是數位連接的，人類不可能在足夠的時間來確保我們向客戶提供所需的盡可能多的報價。但我們所有的定價，甚至我們的演算法定價，都確實融入了我們內建的「人在循環」心態。

And so pricing the load is the first step, and then it really flows into our teams, our systems, our operating model, our ability to serve customers. And so I think it gives us a really good starting point for how we began a transaction with the customer, but then it really becomes a tool for our team to deliver industry-leading service and capabilities. But you can't operate in today's scaled freight environment without a pricing engine that is driven by hopefully the best algorithms in the industry, and we feel pretty good about what we have.

因此，對負載進行定價是第一步，然後它才會真正融入我們的團隊、我們的系統、我們的營運模式以及我們服務客戶的能力。因此，我認為它為我們如何開始與客戶進行交易提供了一個非常好的起點，但隨後它真正成為我們團隊提供業界領先的服務和功能的工具。但是，如果沒有由業內最好的演算法驅動的定價引擎，您就無法在當今規模化的貨運環境中運營，我們對我們所擁有的感到非常滿意。

Stephanie Wissink, Jefferies.

史蒂芬妮·威辛克，傑弗里斯。

I wanted to -- I actually think you brought up a good point earlier, your color around needing to see a demand inflection for the freight market to truly repair and maybe just a lack of underlying momentum in the market is actually a really fair assessment.

我想——我實際上認為你早些時候提出了一個很好的觀點，你的觀點是需要看到貨運市場的需求拐點才能真正修復，也許只是市場缺乏潛在動力實際上是一個非常公平的評估。

So if this is what continues and we don't, in fact, see this demand inflection next year or for a lot of next year, what is your playbook? What are the next steps or levers that can be pulled to continue the current momentum and then drive growth?

因此，如果這種情況持續下去，而事實上我們在明年或明年的大部分時間裡看不到這種需求拐點，那麼您的策略是什麼？下一步可以採取哪些措施或槓桿來延續當前動能並推動成長？

Yeah. Thanks, Stephanie. I'll speak for the NAST part of it, and then maybe Dave wants to speak for the enterprise overall. I think the playbook is pretty simple, which is we're going to control we can control. We're going to run our operating model.

是的。謝謝，斯蒂芬妮。我將代表 NAST 部分發言，然後戴夫可能想代表整個企業發言。我認為劇本非常簡單，就是我們要控制我們可以控制的。我們將運行我們的營運模式。

We've got really good pricing discipline. Like I've mentioned a couple of times, we're putting those tools and capabilities into the best people in the industry. And we feel we can deliver results in this market or in a different type market.

我們有非常好的定價紀律。正如我多次提到的，我們正在將這些工具和能力賦予業內最優秀的人才。我們認為我們可以在這個市場或不同類型的市場中取得成果。

We have growth opportunities ahead of us. We believe we can continue to take share and outperform the market. And whether or not that comes from continued elongation of the current situation or a market inflection. I'm not lowering the expectation of what our team accomplishes we continue to expect ourselves to move up the value stack with our customers.

我們面前有成長機會。我們相信我們能夠繼續佔據市場份額並跑贏大盤。以及這是否來自當前情勢的持續延長或市場的拐點。我並沒有降低對我們團隊所取得的成就的期望，我們繼續期望自己能夠與客戶一起提升價值體系。

We're going to recapture business in the transactional space and really continue to win business in key verticals. And so would I think myself, the team, and probably everybody here want a market inflection just because I think it's a lot more energetic market to do business in? Sure. But we feel pretty good about our ability to deliver results, and as Dave has mentioned, continue to deliver higher lows in a tough market and get ready for higher highs in the future.

我們將重新奪回交易領域的業務，並真正繼續贏得關鍵垂直領域的業務。那麼我是否認為我自己、團隊以及可能這裡的每個人都希望市場發生變化，只是因為我認為這是一個更有活力的市場來做生意？當然。但我們對自己取得成果的能力感到非常滿意，正如戴夫所提到的，繼續在艱難的市場中創造更高的低點，並為未來更高的高點做好準備。

Stephanie, just -- I don't know, we're at time. I'll just put period on that. And that is, listen, this is why Robinson is in the pole position. I think with our balance sheet and the ability to invest in a tough market and continue to invest like we've done. It gives us the strength.

史蒂芬妮，只是——我不知道，我們準時了。我就說一下吧。也就是說，聽著，這就是羅賓遜處於杆位的原因。我認為憑藉我們的資產負債表以及在艱難的市場中投資並像我們一樣繼續投資的能力。它給了我們力量。

We've got the biggest data set and a number of things that if this is a prolonged market. We're going to continue to improve with our operating discipline. We're going to continue to have a positive balance sheet that allows us to invest and then get ourselves set for when this thing starts to inflect. So thanks for the question. And again, we feel really good about where we are.

如果這是一個長期的市場，我們擁有最大的數據集和許多東西。我們將繼續改進我們的營運紀律。我們將繼續擁有積極的資產負債表，使我們能夠進行投資，然後為事情開始發生變化做好準備。謝謝你的提問。再說一次，我們對自己所處的位置感覺非常好。

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

好的。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。

Ladies and gentlemen, this concludes today's event. You may disconnect your lines or log off the webcast at this time and enjoy the rest of your day.

女士們、先生們，今天的活動到此結束。此時，您可以斷開線路或登出網路廣播，享受剩下的一天。