羅賓遜全球物流 (CHRW) 2025 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the C.H. Robinson first-quarter 2025 conference call. (Operator Instructions) As a reminder, this conference is being recorded, Wednesday, April 30, 2025.

女士們、先生們，下午好，歡迎來到 C.H.羅賓遜 2025 年第一季電話會議。（操作員指示）提醒一下，本次會議將於 2025 年 4 月 30 日星期三進行錄製。

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

現在，我想將會議交給投資者關係高級總監 Chuck Ives。請繼續。

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

謝謝你，唐娜，大家下午好。今天與我一起通話的是我們的總裁兼執行長 David Bozeman；我們的北美地面運輸總裁 Michael Castagnetto 我們的首席策略和創新官 Arun Rajan；以及我們的財務長 Damon Lee。

I'd like to remind you that our remarks today may contain forward-looking statements. Slide 2 in today's presentation list 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.carobinson.com. 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 referring to.

我想提醒大家，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。我們的收益簡報幻燈片是對我們的收益發布的補充，可以在我們網站 investor.carobinson.com 的投資者部分找到。我們準備的評論並不是為了遵循幻燈片。如果我們確實參考了投影片上的具體訊息，我們會告訴您我們指的是哪張投影片。

Today's remarks also contain certain non-GAAP measures, and reconciliations of those measures to GAAP measures are included in the presentation.

今天的發言還包含某些非公認會計準則 (non-GAAP) 指標，並且在簡報中還包含了這些指標與公認會計準則 (GAAP) 指標的對帳。

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

說完這些，我會把電話轉給戴夫。

Thank you, Chuck. Good afternoon, everyone, and thank you for joining us today. Our Q1 results reflect progress in the disciplined execution of the strategy that we shared at our Investor Day in December. To take market share and expand our margins, we are not waiting for a market recovery to improve our financial results and the strategies that the Robinson team is executing are relevant in any market environment.

謝謝你，查克。大家下午好，感謝大家今天的參與。我們第一季的業績反映了我們在 12 月投資者日分享的策略的嚴格執行方面取得的進展。為了佔領市場份額並擴大利潤率，我們不會等待市場復甦來改善我們的財務業績，羅賓遜團隊正在執行的策略在任何市場環境下都是適用的。

In NAST, we outgrew the market in Q1 in both truckload and LTL, while expanding gross margins and improving productivity, both year over year and sequentially. In Global Forwarding, we continue to win new business and optimize our expenses through further increases in productivity. Overall, we delivered a 39% year-over-year increase in our enterprises Q1 income from operations. And regardless of the market environment, we will continue to lean into the self-help initiatives that enabled our Q1 market share growth and margin expansion.

在 NAST 領域，我們在第一季的整車運輸和零擔運輸業務成長均超過了市場，同時毛利率和生產率均同比和環比都有所提高。在全球貨運方面，我們繼續贏得新業務，並透過進一步提高生產力來優化我們的開支。整體而言，我們企業第一季的營業收入年增了39%。無論市場環境如何，我們都將繼續依靠自助措施來實現我們第一季的市佔率成長和利潤率擴大。

This includes continuing to arm our industry-leading talent with innovative tools to help us materially elevate the customer and carry experience. We are innovating to harness the power of artificial intelligence and driving automation across the full life cycle of a loan, which gives our customers better service, while also helping us improve our performance by automating tasks, they free up our talented people to work on more strategic and higher value work.

這包括繼續為我們行業領先的人才提供創新工具，以幫助我們實質地提升客戶和體驗。我們正在進行創新，利用人工智慧的力量，推動貸款整個生命週期的自動化，為我們的客戶提供更好的服務，同時透過自動化任務幫助我們提高績效，讓我們的人才能夠從事更具策略性和更高價值的工作。

Our people have further embraced our new operating model and the discipline needed to generate higher highs and higher lows across market cycles. Despite a challenging freight market, they like the transformation happening at Robinson and the momentum that we have. The vast experience of our resilient employees and the value they bring to our customers and carriers are reflected in our Q1 results.

我們的員工進一步接受了我們的新營運模式以及在市場週期中創造更高高點和更高低點所需的紀律。儘管貨運市場充滿挑戰，但他們喜歡羅賓遜的轉變以及我們所擁有的發展勢頭。我們堅韌的員工的豐富經驗以及他們為我們的客戶和營運商帶來的價值反映在我們的第一季業績中。

More recently, the new tariffs and fluid trade policies have created market uncertainty and a lack of clarity, making planning activities more difficult and causing many customers to adopt a wait-and-see approach until they understand the impact on consumer spending and global demand. Some customers have paused or reduced their purchases from suppliers in China in order to reduce their tariff exposure, causing ocean bookings out of China to decline in Q2.

最近，新的關稅和流動的貿易政策造成了市場不確定性和缺乏清晰度，使規劃活動更加困難，並導致許多客戶採取觀望態度，直到他們了解對消費者支出和全球需求的影響。一些客戶為了降低關稅風險，暫停或減少了從中國供應商的採購，導致第二季中國海運訂貨量下降。

For years, we have been helping our customers diversify their supply chains to be able to source products from multiple countries. And for C.H. Robinson, while we're proud of our strength in the Transpacific trade line, we have also diversified the global lanes that we serve to make our business more resilient and less dependent on certain trade lanes.

多年來，我們一直致力於幫助客戶實現供應鏈多樣化，以便能夠從多個國家採購產品。對於 C.H.羅賓遜，我們為自己在跨太平洋貿易航線上的實力感到自豪，同時我們也對我們服務的全球航線進行了多元化，以使我們的業務更具彈性，減少對某些貿易航線的依賴。

For example, prior to the pandemic, approximately 35% of our ocean and air volume in Global Forwarding was generated from the China to US trade lane. In 2024, that percentage decline to less than 25% due to higher growth in trade lines serving Europe, Southeast Asia, Oceania, and India.

例如，在疫情爆發之前，我們全球貨運中約有 35% 的海運和空運量來自中國至美國的貿易航線。到 2024 年，由於服務歐洲、東南亞、大洋洲和印度的貿易航線成長較快，這一比例將下降至 25% 以下。

While we are certainly not immune to global market dynamics, we remain confident in our strategy and our people. Nothing about the current environment changes that. The continued disciplined execution of our strategy, supported by the Robinson operating model will make us stronger, and we'll stay focused on providing differentiated service to our customers and carriers.

雖然我們當然無法免受全球市場動態的影響，但我們仍然對我們的策略和員工充滿信心。當前的環境並沒有改變這一點。在羅賓遜營運模式的支持下，我們將繼續嚴格執行策略，這將使我們更加強大，我們將繼續專注於為我們的客戶和營運商提供差異化服務。

Periods of volatility reinforce our value proposition. Customers need a partner who understands not only how to navigate increasing complexity but also how to partner with them to solve their unique supply chain challenges, even amid uncertainty and change. We have the scale, breadth, and differentiated experience to navigate through uncertainty as well as the financial stability and operational agility to adapt to changing market dynamics and to help our customers do the same. So we'll continue to help our customers strategize on how to make their supply chains most efficient and cost effective.

波動時期強化了我們的價值主張。客戶需要的合作夥伴不僅要懂得如何應對日益複雜的情況，還要懂得如何與他們合作解決其獨特的供應鏈挑戰，即使是在充滿不確定性和變化的情況下。我們擁有規模、廣度和差異化經驗來應對不確定性，同時擁有財務穩定性和營運靈活性來適應不斷變化的市場動態並幫助我們的客戶也做到這一點。因此，我們將繼續幫助我們的客戶制定策略，使其供應鏈最高效、最具成本效益。

We're a top freight forwarder and multiple trade lines around the world, and we handled well over 1 million customs transactions a year. So C.H. Robinson is well versed in navigating tariff changes, and we have proprietary technology that aids us in doing so. We'll continue to use our unmatched expertise, unrivaled scale, and tailored solutions to help our customers strategize on how to make their supply chains most efficient and cost effective in this environment.

我們是全球頂尖的貨運代理公司，擁有多條貿易線路，每年處理超過 100 萬筆海關交易。所以 C.H.羅賓遜非常擅長應對關稅變化，並且我們擁有可以幫助我們做到這一點的專有技術。我們將繼續利用我們無與倫比的專業知識、無與倫比的規模和量身定制的解決方案來幫助我們的客戶制定策略，使他們的供應鏈在這種環境下最高效、最具成本效益。

If that means the origin or destination of their freight changes, we can adapt to that change due to our global footprint. If supply chains increased their production in the US, we'll be ready because we move more truckload freight than anyone in North America. We are a key partner in helping shippers rethink and shift supply chains while also being able to help them execute those new strategies, helping us move further up the value stack. And while we've been preparing for a variety of market scenarios, we're also intensifying our strategic focus on market outgrowth, gross margin expansion, and operating leverage improvement.

如果這意味著他們的貨物的原產地或目的地發生變化，我們可以憑藉我們的全球影響力來適應這種變化。如果供應鏈在美國增加產量，我們就會做好準備，因為我們運輸的卡車貨物比北美任何人都多。我們是幫助托運人重新思考並轉變供應鏈的關鍵合作夥伴，同時也能夠幫助他們執行這些新策略，幫助我們進一步提升價值。在我們為各種市場情況做準備的同時，我們也在加強對市場成長、毛利率擴大和經營槓桿提高的策略關注。

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

現在我將把話題交給邁克爾，讓他提供有關我們的 NAST 結果的更多詳細資訊。

Thanks, Dave, and good afternoon, everyone. As Dave mentioned, the NAST team delivered market share growth in both truckload and LTL in Q1 and further optimized our volume, resulting in year-over-year expansion of our gross and operating profit margin. This outperformance was accomplished in the midst of a historically long freight recession.

謝謝，戴夫，大家下午好。正如戴夫所提到的，NAST 團隊在第一季實現了整車和零擔運輸市場份額的成長，並進一步優化了我們的運輸量，使我們的毛利率和營業利潤率同比增長。這一優異表現是在歷史上貨運業長期衰退的背景下實現的。

The Q1 cash freight shipment index was down 6.3% year over year and down 3.5% sequentially. Our overall NAST volume, on the other hand, declined by only 1% year over year and was up 2% sequentially, despite there being one less business day. Truckload volume was down 4.5% year over year and was up 3.5% sequentially. LTL volume grew 1% year over year and 1.5% sequentially. All of these KPIs outpaced the market indices.

第一季現金貨運指數年減6.3%，季減3.5%。另一方面，儘管工作日減少了一個，但我們的整體 NAST 交易量比去年同期僅下降了 1%，環比增長了 2%。卡車運輸量年減 4.5%，季增 3.5%。零擔貨運量年增 1%，季增 1.5%。所有這些 KPI 都超過了市場指數。

At the same time, that market volumes have declined, load-to-truck ratios are higher than they were a year ago, and route guide depth in our managed solutions business has increased over the past year, reflecting a continued exit of capacity that has brought us closer to better balance in the market. The result of this has been a year-over-year increase in the truckload linehaul cost per mile, excluding fuel surcharges.

同時，市場容量有所下降，載貨卡車比率高於一年前，而我們託管解決方案業務中的路線指南深度在過去一年中有所增加，反映出運力的持續退出，使我們更接近市場更好的平衡。其結果是每英里卡車幹線運輸成本（不包括燃油附加費）同比增長。

Supported by our operating model and armed with industry-leading tools, our team of freight experts continues to respond to the challenging freight environment with pricing discipline and the cost of higher advantage delivered by our procurement teams and the growing usage of our digital brokerage capabilities. All of this led to improvement in the AGP yield within both our transactional and our contractual truckload business and in our LTL business, resulting in a 140-basis-point year-over-year improvement in our NAST gross margin.

在我們的營運模式的支持下，並藉助業界領先的工具，我們的貨運專家團隊繼續透過定價紀律、我們的採購團隊提供的更高成本優勢以及我們數位經紀能力的日益普及來應對充滿挑戰的貨運環境。所有這些都提高了我們的交易和合約整車業務以及零擔業務的 AGP 收益率，從而使我們的 NAST 毛利率同比提高了 140 個基點。

Our team continues to dynamically assess the best combination of volume and margin to improve our earnings. We know we have optionality to pivot towards more volume or more margin depending on the market conditions and we are making adjustments multiple times per month, week, and day while maintaining our discipline.

我們的團隊持續動態評估銷售和利潤的最佳組合，以提高我們的收益。我們知道，根據市場情況，我們可以選擇轉向更多的交易量或更高的利潤，我們每個月、每周和每天都會進行多次調整，同時保持我們的紀律。

Our execution has improved greatly over the past year. We're making better use of our proprietary digital capabilities and getting actionable data into the hands of our freight experts faster, enabling them to make better decisions and to capture the optimal freight for us. These digital capabilities, which Arun will expand on shortly, have also enabled us to increase our NAST shipments per person per day at a double-digit pace over the past two years, and this continued in Q1. Through higher productivity and lowering our cost to serve, our NAST operating margin of 34.3% in Q1 increased both year over year and sequentially.

在過去的一年裡，我們的執行力有了很大的提升。我們正在更好地利用我們專有的數位功能，並更快地將可操作的數據交到我們的貨運專家手中，使他們能夠做出更好的決策並為我們獲取最佳貨運。這些數位化能力（Arun 很快就會對其進行擴展）也使我們在過去兩年中以兩位數的速度增加了每人每天的 NAST 出貨量，並且這種增長在第一季繼續保持。透過提高生產力和降低服務成本，我們第一季的 NAST 營業利潤率為 34.3%，年比和季比均有所成長。

Regardless of market conditions, 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 and carriers. In line with the disciplined and focused approach to capture growth opportunities in targeted customer segments, we have invested in our sales organization and in capabilities such as drop trailer, cross-border, and Robinson Managed Solutions, and we will continue to deliver industry-leading solutions to customers and carriers. Through their commitment to our customers and carriers and by embracing the C.H. Robinson operating model and innovative tools, our people are delivering improved results in a challenging marketplace.

無論市場狀況如何，我們仍然專注於我們能夠控制的事情。我們的員工及其無與倫比的專業知識使我們能夠為客戶和承運商提供卓越的服務和更大的價值。為了遵循嚴謹而專注的方法來抓住目標客戶群中的成長機會，我們投資了銷售組織以及拖車運輸、跨境和羅賓遜託管解決方案等能力，並將繼續為客戶和承運商提供業界領先的解決方案。透過對我們的客戶和承運人的承諾以及對 C.H. 的擁抱。羅賓遜營運模式和創新工具，我們的員工在充滿挑戰的市場中取得了更好的表現。

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 and improve our gross margin and operating leverage.

現在我將把時間交給阿倫，讓他介紹我們正在進行的創新，以加強我們的客戶和營運商體驗，並提高我們的毛利率和營運槓桿。

Thanks, Michael, and good afternoon, everyone. In Q1, we continued to disrupt from within to transform our business to better serve our customers and to lead the industry forward. In line with the strategy that we laid out at Investor Day in December, we are scaling our fleet of proprietary GenAI agents across the quote-to-cash life cycle and to more modes and customers.

謝謝，邁克爾，大家下午好。第一季度，我們繼續從內部進行顛覆，轉變業務，以更好地服務客戶，並引領產業向前發展。按照我們在 12 月投資者日制定的策略，我們正在擴大專有 GenAI 代理隊伍，涵蓋從報價到現金的生命週期以及更多模式和客戶。

As we recently announced, our AI agents have now performed more than 3 million shipping tasks, including over $1 million in price quotes and more than 1 million orders processed. We've also quickly scaled the use of GenAI in our LTL business and in Q1, our orders AI agent took care of as many LTL orders as it did truckload orders. All of these improvements are reducing the amount of time it takes us to respond to a quote or for a tendered load to be accepted, thereby providing a better and more uniform customer experience.

正如我們最近宣布的那樣，我們的人工智慧代理現在執行了超過 300 萬次運輸任務，其中包括超過 100 萬美元的報價和超過 100 萬個訂單的處理。我們也迅速擴大了 GenAI 在 LTL 業務中的使用，在第一季度，我們的訂單 AI 代理處理的 LTL 訂單數量與整車訂單數量一樣多。所有這些改進都減少了我們響應報價或接受投標貨物所需的時間，從而提供更好、更統一的客戶體驗。

Additionally, our proprietary AI is supporting our market share and margin expansion initiatives. First, the faster speed provided by our AI has enabled us to respond to more quotes and win more business, thereby augmenting our market share growth.

此外，我們的專有人工智慧正在支援我們的市場份額和利潤擴張計劃。首先，人工智慧提供的更快速度使我們能夠回應更多報價並贏得更多業務，從而促進我們的市場份額成長。

Second, the continued advancement of our AI is powering our dynamic pricing and costing, and we're responding more surgically and faster than ever to dynamic market conditions by performing more frequent price discovery, and enhancing the quality of pricing that we deliver. Along with our operating model rigor and our revenue management practices, this is contributing to the gross margin improvement that we're delivering.

其次，我們人工智慧的持續進步為我們的動態定價和成本核算提供了動力，透過更頻繁地進行價格發現，並提高我們提供的定價質量，我們能夠比以往更精準、更快速地應對動態市場狀況。加上我們嚴謹的營運模式和收入管理實踐，這有助於我們實現毛利率的提高。

And third, the growing automation across our quote-to-cash life cycle, whether it be in quoting, order entry, low tenders, appointment scheduling, or other manual tasks creates business model scalability. This enables us to decouple head count growth from volume growth and to create greater operating leverage.

第三，從報價到現金的整個生命週期的自動化程度不斷提高，無論是在報價、訂單輸入、低價投標、預約安排或其他手動任務中，都創造了業務模型的可擴展性。這使我們能夠將員工數量成長與數量成長脫鉤，並創造更大的營運槓桿。

Generative AI played a key role in our greater than 30% productivity increase from 2023 and 2024, and we expect to continue increasing our productivity in 2025 and beyond to create further operating leverage.

生成式人工智慧在我們 2023 年和 2024 年生產力提高 30% 以上的過程中發揮了關鍵作用，我們預計在 2025 年及以後將繼續提高生產力，以創造進一步的營運槓桿。

Despite numerous AI announcements by others in the market, customers are not satisfied with subscale technology. They are looking for innovations that can be implemented on a large scale to achieve measurable benefits. The advancements that we are bringing to our customer supply chains, such as automation powered by GenAI have significant impact due to our scale and our information advantage, which comes from moving more truckload freight than anyone in North America and doing more LTL shipments than any other 3PL.

儘管市場上其他公司已經發布了許多人工智慧產品，但客戶對子尺度技術並不滿意。他們正在尋找能夠大規模實施並獲得可衡量效益的創新。我們為客戶供應鏈帶來的進步，例如由 GenAI 驅動的自動化，由於我們的規模和資訊優勢而產生了重大影響，這種優勢來自於我們運輸的整車貨物比北美任何人都多，並且零擔貨運量比任何其他 3PL 都多。

But as I've noted before, a digital-only approach has proven to be ineffective in the logistics industry due to the level of complexity and variation in freight characteristics that necessitate human expertise. The active role that our people play from a human in the loop perspective cannot be understated, and we are leveraging their deep domain expertise to provide feedback and to improve our algorithms on a regular basis.

但正如我之前提到的，由於貨運特性的複雜性和多變性需要人類的專業知識，純數位化方法已被證明在物流行業中是無效的。從人類參與的角度來看，我們的員工所發揮的積極作用不可低估，我們正在利用他們深厚的領域專業知識來提供回饋並定期改進我們的演算法。

Ultimately, we are innovating and disrupting from within to deliver on three items that are key to our strategy: transforming the customer and carrier experience to elevate our offering and drive growth, delivering business model scalability, and driving gross margin and operating margin expansion.

最終，我們從內部進行創新和顛覆，以實現我們策略的三個關鍵目標：改變客戶和營運商體驗，以提升我們的產品和推動成長，實現業務模式的可擴展性，並推動毛利率和營業利潤率的擴大。

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

說完這些，我將把電話轉給達蒙，讓他回顧我們的第一季業績。

Thanks, Arun, and good afternoon, everyone. As you've heard today, we've made further progress in Q1 on the strategic initiatives aimed at our North Star of improving operating income. This was driven by market share growth continued optimization of our AGP, and a reduction in cost through our operational discipline and productivity initiatives, which increased our operating leverage.

謝謝，阿倫，大家午安。正如您今天所聽到的，我們在第一季針對提高營業收入的北極星策略舉措方面取得了進一步的進展。這是由市場份額的成長、我們 AGP 的持續優化以及透過我們的營運紀律和生產力措施降低成本所推動的，這提高了我們的營運槓桿。

Despite declines in market volume, our market share gains, revenue management, and disciplined procurement of capacity improve the quality of our volume and our AGP, which was up $15.4 million year over year, driven by a 5.3% increase in NAST and a 2.5% increase in Global Forwarding.

儘管市場容量有所下降，但我們的市場份額有所增長，收入管理以及嚴格的運力採購提高了我們的容量和平均毛利率 (AGP)，同比增長 1,540 萬美元，這得益於 NAST 增長 5.3% 和全球貨運增長 2.5%。

On a monthly basis, compared to Q1 of last year, our total company AGP per business day was up 14% in January, up 1% in February, and down 2% in March. It's worth noting that this trend was attributable to more challenging comps as the quarter progressed and the absolute amount of AGP per business day increased sequentially in both February and March.

按月計算，與去年第一季相比，我們公司每個工作日的平均毛利總額 1 月份增長了 14%，2 月份增長了 1%，3 月份下降了 2%。值得注意的是，這一趨勢歸因於隨著季度的進展，業績更具挑戰性，並且 2 月和 3 月每個工作日的 AGP 絕對量均連續增加。

From an expense standpoint, our total operating expenses declined $34 million or 6.5% year over year. Q1 personnel expenses were $348.6 million, including $1.2 million of expenses related to the divestiture of our European Surface Transportation business. Excluding these charges, our Q1 personnel expenses were $347.4 million, down $23.8 million due to our continued productivity and cost optimization efforts.

從費用角度來看，我們的總營運費用年減了 3,400 萬美元，即 6.5%。第一季人事費用為 3.486 億美元，其中包括與剝離歐洲地面運輸業務相關的 120 萬美元費用。除這些費用外，我們的第一季人事費用為 3.474 億美元，由於我們持續的生產力和成本優化努力而下降了 2,380 萬美元。

Our average headcount in Q1 was down 11% compared to Q1 of last year. We continue to expect our 2025 personnel expenses to be $1.375 billion to $1.475 billion. This includes an assumption that our headcount will be relatively flat with our Q1 ending headcount. Although we have a dynamic workforce planning process that can adjust to changing market conditions, and we remain committed to further decoupling headcount from volume. With low to mid-teen turnover rates, we can use attrition substantially to manage headcount if needed.

與去年第一季相比，我們第一季的平均員工人數下降了 11%。我們繼續預計 2025 年人事費用將達到 13.75 億美元至 14.75 億美元。這包括一項假設，即我們的員工人數將與第一季末的員工人數相對持平。儘管我們擁有能夠適應不斷變化的市場條件的動態勞動力規劃流程，但我們仍然致力於進一步將員工數量與工作量脫鉤。由於員工流失率處於低至中等水平，如果需要，我們可以大量使用自然減員來管理員工數量。

Our Q1 SG&A expenses were $147.7 million, and included $7.4 million of charges, primarily related to a lease impairment charge as part of subletting a portion of our Kansas City regional center. Excluding these charges, SG&A expenses of $140.3 million were down $6.3 million year over year. We still expect our 2025 SG&A expenses to be $575 million to $625 million, including depreciation and amortization of $95 million to $105 million. Although most of our SG&A expenses are subject to inflation, we expect continued cost improvements to partially offset the inflationary impact.

我們第一季的銷售、一般及行政費用為 1.477 億美元，其中包括 740 萬美元的費用，主要與轉租堪薩斯城區域中心部分業務所產生的租賃減損費用有關。不包括這些費用，銷售、一般及行政費用為 1.403 億美元，年減 630 萬美元。我們仍預期 2025 年銷售、一般及行政費用為 5.75 億美元至 6.25 億美元，其中包括 9,500 萬美元至 1.05 億美元的折舊和攤提。儘管我們的大部分銷售、一般和行政費用都會受到通貨膨脹的影響，但我們預計持續的成本改善將部分抵消通貨膨脹的影響。

Shifting back to Q1. Our effective tax rate for the quarter was 13.7%. Our tax rate is typically lower in the first quarter of the year due to the incremental tax benefits from stock-based compensation deliveries that occur in Q1. We still expect our 2025 full-year effective tax rate to be in the range of 18% to 20%.

轉回 Q1。本季我們的有效稅率為 13.7%。由於第一季股票薪酬交付帶來的增量稅收優惠，我們的稅率在每年第一季通常較低。我們仍然預計 2025 年全年有效稅率將在 18% 至 20% 之間。

We generated $106.5 million in cash from operations in Q1, and our capital expenditures were $16.1 million. We now expect our full-year capital expenditures to be $65 million to $75 million compared to our previous guidance of $75 million to $85 million.

我們第一季的營運現金流為 1.065 億美元，資本支出為 1,610 萬美元。我們現在預計全年資本支出為 6,500 萬至 7,500 萬美元，而先前的預期為 7,500 萬至 8,500 萬美元。

From a balance sheet perspective, we ended Q1 with approximately $1.16 billion of liquidity, comprised of $1.03 billion of committed funding under our credit facilities and a cash balance of $130 million. Our net debt to EBITDA leverage at the end of Q1 was 1.54 times, down from 1.61 times at the end of Q4. Our financial strength continues to be a key differentiator in our industry as it enables us to continue investing in the bottom of the freight cycle and improving our capabilities.

從資產負債表的角度來看，我們在第一季結束時擁有約 11.6 億美元的流動資金，其中包括我們信貸安排下承諾的 10.3 億美元資金和 1.3 億美元的現金餘額。我們第一季末的淨負債與 EBITDA 槓桿率為 1.54 倍，低於第四季末的 1.61 倍。我們的財務實力仍然是我們行業的關鍵差異化因素，因為它使我們能夠繼續投資於貨運週期的底部並提高我們的能力。

While our capital allocation strategy remains grounded and maintaining an investment-grade credit rating. Our financial strength and improved leverage ratio enabled us to return $175 million of cash to shareholders in Q1 through $97.5 million of share repurchases and $77.5 million of dividends.

我們的資本配置策略依然穩健，並維持投資等級信用評等。我們的財務實力和改善的槓桿率使我們能夠在第一季透過 9,750 萬美元的股票回購和 7,750 萬美元的股息向股東返還 1.75 億美元現金。

Overall, our Q1 financial results are another proof point of the transformation occurring at C.H. Robinson. With the disciplined execution that the new Robinson operating model demands and with our strategies to drive outperformance in any market environment, I'm optimistic about our runway for further improvement.

總體而言，我們的第一季財務表現是 C.H. 正在發生轉型的另一個證明。羅賓遜。憑藉新羅賓遜營運模式所要求的嚴格執行以及我們在任何市場環境下推動卓越表現的策略，我對我們進一步改進的前景充滿信心。

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

說完這些，我會把電話轉回給戴夫，請他發表最後的評論。

Thanks, Damon. As you gathered from our comments today, we're laser-focused on our self-help initiatives to increase our market share and to expand our margins while elevating our level of service to our customers and carriers to raise the bar in the logistics industry. Given the current market environment, I'm grateful for the actions we've taken over the past two years to stand up a new operating model and to get fit, fast, and focused.

謝謝，達蒙。正如您從我們今天的評論中了解到的那樣，我們專注於自助舉措，以增加我們的市場份額並擴大我們的利潤率，同時提高我們為客戶和承運商提供的服務水平，以提高物流行業的標準。鑑於當前的市場環境，我很感激我們在過去兩年中採取的行動，建立了新的營運模式，並變得健康、快速和專注。

Our cost structure is in a much better position with greater than 30% productivity delivered over that time frame and we're making further process improvements in 2025. We're moving with much greater speed, both in how we're innovating and responding to customers and carriers but also in how we're identifying root causes and implementing countermeasures as lean tools are delivered and talk to more of our people.

我們的成本結構處於更有利的位置，在此期間生產力提高了 30% 以上，並且我們將在 2025 年進一步改進流程。我們正在以更快的速度前進，不僅在如何創新和響應客戶和運營商方面，而且在如何識別根本原因和實施對策方面，隨著精益工具的交付和與更多員工的交流。

And we've driven greater focus of the organization through industrial proning through initiatives such as deprecating our small parcel services and the sale of our Europe Surface Transportation business.

我們也透過採取諸如停止小包裹服務和出售歐洲地面運輸業務等舉措，透過工業化轉型，提高了組織的關注度。

And as we lead our industry in AI tech innovation, we are seeing the benefits and are excited about the future. Our advanced AI and machine learning technology is improving our gross margins, while allowing us to better align our capacity and pricing to the specific needs of our customers and to specific market conditions.

隨著我們在人工智慧技術創新方面引領產業，我們看到了其帶來的好處，並對未來充滿期待。我們先進的人工智慧和機器學習技術正在提高我們的毛利率，同時使我們能夠更好地根據客戶的特定需求和特定的市場條件調整我們的產能和定價。

These superior dynamic costing and pricing capabilities will be even more important when we eventually see a turn in overall freight demand. Our technology is lifting mundane repetitive tasks off our people's plates, contributing to a greater than 30% increase in productivity and efficiency over two years.

當我們最終看到整體貨運需求出現轉變時，這些卓越的動態成本和定價能力將變得更加重要。我們的技術正在減輕員工的重複性工作負擔，在兩年內將生產力和效率提高了 30% 以上。

Our proprietary generative AI tech, which is breaking new ground in the industry, it's making an especially big impact because it's able to perform tasks that define automation for decades. That frees our people to do more strategic work and enables us to reach more customers, garner more wallet share through our full range of services and move up the value stack by leveraging our growing capabilities.

我們專有的生成式人工智慧技術正在業界開闢新天地，它之所以產生特別大的影響，是因為它能夠執行定義自動化數十年的任務。這使我們的員工可以從事更具策略性的工作，並使我們能夠接觸到更多的客戶，透過我們的全方位服務獲得更多的錢包份額，並透過利用我們不斷增長的能力來提升價值。

And finally, we're making it easy to do business with C.H. Robinson. We have a people plus tech approach. Customers can choose the experience they want with us, whether that's taking advantage of our digital platforms or interacting directly with one of our team members.

最後，我們讓與 C.H. 做生意變得更容易。羅賓遜。我們採取的是「人加技術」的方法。客戶可以選擇他們想要的體驗，無論是利用我們的數位平台還是直接與我們的團隊成員互動。

Fundamentally, this is still a people business. And our customers say the number one reason they work with us is our people. I want to thank our people for their relentless efforts to provide exceptional service to our customers and carriers for embracing the Robinson operating model and continuing to execute with discipline and for continuing to support each other as we navigate a changing marketplace. I'm confident in the team's ability to drive a higher and more consistent level of operational execution and to keep pushing the bar higher on our financial performance across market cycles.

從根本上來說，這仍然是一項與人有關的事業。我們的客戶表示，他們與我們合作的首要原因是我們的員工。我要感謝我們的員工不懈努力，為我們的客戶和承運商提供卓越的服務，感謝他們接受羅賓遜營運模式，繼續嚴格執行紀律，並在我們應對不斷變化的市場時繼續相互支持。我相信團隊有能力推動更高、更一致的營運執行水平，並在整個市場週期中不斷提高我們的財務績效標準。

We've built a resilient organization with a multi-horizon strategy that looks around corners and is underpinned by an operating model that provides stability by mandating execution of the strategy. I believe the strategies, disciplines and practices that we have implemented at Robinson can endure through a prolonged freight recession, through a market inflection and through any part of the freight cycle.

我們建立了一個具有彈性的組織，其多視野策略可以放眼各個角落，並以透過強制執行策略來提供穩定性的營運模式為基礎。我相信，我們在羅賓遜實施的策略、紀律和實踐能夠經受長期的貨運衰退、市場轉變以及貨運週期的任何階段。

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

我們的準備好的演講到此結束。現在我將把電話會議的問答部分交還給唐娜。

(Operator Instructions) Jon Chappell, Evercore ISI.

（操作員指示）Jon Chappell，Evercore ISI。

Good afternoon. It's Alex Johnson on for Jon Chappell. Maybe a sort of maintenance type of question first, if I can. At some of the trucking companies and other trucking-related companies commented on weather impacts in the month of March, in particular, I don't think I heard you comment on whether, I know volatility in weather and trucking market can have an impact. Just wondering if you saw any of that, how you would sort of crane that?

午安.亞歷克斯·約翰遜 (Alex Johnson) 代替喬恩·查佩爾 (Jon Chappell)。如果可以的話，也許首先會問一些維護類型的問題。一些卡車運輸公司和其他卡車運輸相關公司對三月的天氣影響發表了評論，特別是，我認為我沒有聽到您對天氣和卡車運輸市場的波動是否會產生影響發表評論。只是想知道，如果您看到其中任何一個，您會如何將其吊起？

Yeah. Alex, this is Dave. Good to hear from you. We see all types of impact, obviously, with weather. That's something we see. But the key is how we're really driving towards we're really driving towards the impact of that weather. And we've kind of moved to inputs versus output. So that's the key for us. So allowing us to really hit that right upfront versus kind of waiting for that impact and then seeing that. That's kind of the key to our operating model. It's really that speed and immediate visibility.

是的。亞歷克斯，這是戴夫。很高興收到你的來信。顯然，我們看到了天氣帶來的各種影響。這是我們親眼所見的。但關鍵在於我們如何真正應對這種天氣的影響。我們已經轉向輸入與輸出。所以這對我們來說是關鍵。因此，我們可以提前真正實現這一目標，而不是等待其產生影響，然後再看到效果。這是我們營運模式的關鍵。它確實具有速度和即時可見性。

But I'll ask Michael to share a few more details on specifically but we're seeing our operating model manifest in how we handle things like weather. But Michael?

但我會請麥可具體分享一些細節，但我們看到我們的營運模式體現在我們如何處理天氣等問題上。但是麥可？

Yeah, Alex, thanks for the question. I think what we saw in Q1 was certainly weather impact in January, weather impacted March to the marketplace. And certainly, as carriers exit, we're seeing that events like weather impacts or other short-term events do have an outsized impact on short-term pricing or short-term impacts to the marketplace. But I think what we showed in Q1 and we see it in our results is the improvement in our operating model and our tools has allowed us to react to those incidents much more aggressively and I'd say, proactively as opposed to reactively.

是的，亞歷克斯，謝謝你的提問。我認為我們在第一季看到的肯定是一月份的天氣影響，三月的天氣影響了市場。當然，隨著承運商的退出，我們看到天氣影響或其他短期事件確實對短期定價或短期市場產生了巨大影響。但我認為，我們在第一季所展示的以及在我們的結果中看到的是我們的營運模式的改進，我們的工具使我們能夠更積極地應對這些事件，我想說，是主動而不是被動。

And so while certainly, January -- over January, as an example, you had some pretty big storm impacts last year, and we still had a pretty difficult January from a storm impact in this year, but our results were different. And it's really how are we getting these tools into our people's hands? How do we get ahead of these events? And then really that combination of how our commercial and capacity folks working together with our customers and carriers to build solutions.

因此，雖然可以肯定的是，以去年 1 月為例，我們遭受了一些相當大的風暴影響，而今年 1 月我們仍然經歷了相當艱難的風暴影響，但我們的結果有所不同。我們究竟該如何將這些工具交到我們的人民手中？我們如何才能預防這些事件的發生？然後，我們的商業和產能人員將與我們的客戶和營運商一起合作建立解決方案。

So did the events happen? Yes. So I think the team did an incredible job of managing through them, and I think that showed through our numbers in the quarter, yes, also.

那麼事件真的發生了嗎？是的。所以我認為團隊在管理方面做得非常出色，而且我認為這也反映在我們本季的數據中。

Yeah. And I'd just say I was happy to see that it was somewhat of a non-event, I'm happy that our people are building their muscle up around dealing with this, Alex. So thanks for the question.

是的。我想說我很高興看到這只是一件無關緊要的事情，我很高興我們的人民正在努力解決這個問題，亞歷克斯。感謝您的提問。

Thank you very much. I'll get back in queue for more outlook type of question. Thank you.

非常感謝。我將返​​回隊列以了解更多有關展望類型的問題。謝謝。

Chris Wetherbee, Wells Fargo. Chris, your line is live.

富國銀行的克里斯‧韋瑟比。克里斯，你的線路已通電。

Jeff Kauffman, Vertical Research Partners.

傑夫·考夫曼（Jeff Kauffman），Vertical Research Partners 的合夥人。

Thank you very much. Well, first of all, congratulations. It's a terrific result in a tough environment. I'd like to hone in a little bit, maybe it's the tail wagging the dog here, but I want to hone in a little bit on the international markets and global forwarding. You're one of the top NVOCCs out of China, Southeast Asia to the US. There's a talk about customers shifting from air to ocean, and there's a talk about what happens if these tariffs go or if they don't, and who knows what the answer is. But can you kind of talk through some of the scenario planning that you've done on the scenarios you see and how that could potentially affect the forwarding division, particularly the ocean from Southeast Asia, the US?

非常感謝。嗯，首先，恭喜你。在艱難的環境下取得如此出色的成績。我想深入一點，也許這是本末倒置，但我想在國際市場和全球貨運方面深入一點。你們是從中國、東南亞到美國的頂級無船承運人之一。有討論說客戶正從空運轉向海運，也有討論說如果這些關稅取消或不取消會發生什麼，誰知道答案是什麼。但是，您能否談談您針對所看到的情況所做的一些情境規劃，以及這些情境規劃可能會對貨運部門產生什麼影響，特別是對來自東南亞和美國的海運產生什麼影響？

Yeah. Thanks for the question, Jeff. I think you kind of summarized it well, right? There's a lot going on in the international space. Right now, I would say that there's changes almost every week, in some weeks, there's multiple changes that certainly created a lack of clarity for our customers. And so certainly, that's where Robinson's value proposition shows up best when there's chaos and there's lack of clarity, our advanced capabilities, our breadth of services really allows our customers to do scenario planning and what if planning at a different scale and a different level.

是的。謝謝你的提問，傑夫。我認為您總結得很好，對嗎？國際上發生了很多事情。現在，我想說幾乎每週都會有變化，在某些星期，會有多個變化，這肯定會給我們的客戶帶來不明確的感受。因此，當出現混亂和不清晰的情況時，羅賓遜的價值主張就得到了最好的體現，我們先進的能力和廣泛的服務確實使我們的客戶能夠進行情景規劃，並在不同的規模和不同的層面上進行假設規劃。

Now, as we've talked about on other calls there's been a trend for many years now, really post-COVID of near-shoring and fringing and just overall migration away from dedication to China and just having a more diverse supply chain to more of Southeast Asia to India to other trade lanes. We're certainly seeing that be a benefit to our customers. And certainly, China is still an impact to their business flow. But certainly, the diversification of their efforts over the last several years post-COVID has lessened that impact on their supply chain.

現在，正如我們在其他電話會議上討論的那樣，多年來一直存在一種趨勢，即新冠疫情之後的近岸外包和邊緣化趨勢，以及整體上不再專注於中國，而是擁有更加多樣化的供應鏈，更多地轉向東南亞、印度和其他貿易航線。我們確實看到這對我們的客戶有益。當然，中國仍然對他們的業務流動產生影響。但可以肯定的是，在新冠疫情爆發後的過去幾年裡，他們的努力多樣化已經減輕了對其供應鏈的影響。

One thing just to note for Robinson is certainly, we're not immune to density of trade lanes either. And we've worked hard over the last several years to lessen our dependence on the Transpacific trade lane as well. That used to be 35% of our Global Forwarding business. It's now 25% post pandemic. So we've even seen the benefits of that diversification away from specific trade lanes and density of train lanes over that time as well.

羅賓遜需要注意的一點是，我們也無法免受貿易航線密度的影響。過去幾年來，我們也一直在努力減少對跨太平洋貿易航線的依賴。這曾經占我們全球貨運業務的35%。疫情過後，這一比例現已達到 25%。因此，我們甚至看到了這種遠離特定貿易航線和火車航線密度的多樣化帶來的好處。

So what I would say is what I led with is certainly times like this is when Robinson really shows up as a value-added partner to our customers. We've seen that historically, and we've certainly seen that as tariffs. We look at tariffs as just another disruption for our customers, another market disruption but we've had several disruptions over the years, right? You've had disruptions in the South China Sea. You've had the port strikes. Those disruptions all show up slightly differently but they're all disruptions to the supply chain.

所以我想說的是，在這樣的時刻，羅賓遜確實展現出了作為我們客戶的增值合作夥伴的作用。我們在歷史上已經看到過這種情況，而且我們確實將其視為關稅。我們認為關稅只是對我們客戶造成的另一個幹擾，又一次市場幹擾，但這些年來我們已經遇到過幾次幹擾了，對吧？南海出現了混亂。你們遭遇了港口罷工。這些中斷雖然表現略有不同，但都是對供應鏈的中斷。

And certainly, our customers have been diversifying to limit those disruptions on the impact of their business, and they've certainly partnered with us on creative solutions to lessen that impact as well.

當然，我們的客戶一直在進行多元化經營，以限制這些中斷對其業務的影響，並且他們也與我們合作，尋找創造性的解決方案來減輕這種影響。

So what I would say is certainly, we've seen a lot of that city with customers partner with us on various ways of diversification. And I think that's bode well for our ability to move up the value stack with a lot of our key customers.

所以我想說的是，我們確實看到很多來自城市的客戶與我們透過各種方式進行多元化合作。我認為這預示著我們有能力與許多關鍵客戶一起提升價值。

Just to clarify your comments, and thank you for that answer. For the purposes of our modeling, I guess my takeaway and what you're saying is we've downshifted Transpacific a little bit, and it's possible that Southeast Asia, the Rest of World could offset some of the decline from Southeast Asia to US. But would tariffs result in higher customs revenue as a result and we should think about maybe customs, get some support here and then make your own assumptions on, Arun, on ocean?

只是為了澄清您的評論，感謝您的回答。為了我們的建模目的，我想我的結論和你所說的是，我們已經稍微降低了跨太平洋航線的航程，而東南亞和世界其他地區可能會抵消從東南亞到美國的部分下降。但是關稅是否會導致更高的海關收入，我們應該考慮海關，在這裡獲得一些支持，然後對海洋做出自己的假設，阿倫？

Yes. So certainly on your first comment, we agree that's an accurate understanding of my comment. On the customs activity, certainly, we've seen an uptick in customs activity. And certainly, we're an expert in that area and in that field. And so certainly, that has been an area of increased interest with our customers, and certainly, we're able to provide that service and value for them.

是的。因此，對於您的第一條評論，我們同意這是對我的評論的準確理解。就海關活動而言，我們確實看到海關活動增加。當然，我們是該領域和該領域的專家。因此，這無疑是我們的客戶越來越感興趣的領域，我們當然能夠為他們提供這方面的服務和價值。

Okay. Thank you.

好的。謝謝。

Brian Ossenbeck, JPMorgan.

摩根大通的 Brian Ossenbeck。

Good afternoon. Thanks for taking the question. Maybe I just wanted to -- I'll give you both at once. Just can you give us any sense of what April looks like so far? I know you typically don't do that, but we're obviously not really typical sort of market. So anything there would be helpful.

午安.感謝您回答這個問題。也許我只是想——我會同時給你兩者。您能告訴我們到目前為止四月的情況嗎？我知道你通常不會這樣做，但我們顯然不是典型的市場。所以那裡的任何東西都會有幫助。

And then maybe for Michael, do you think we're finally starting to get to the point where truckload capacity starts to exit and stays out or at least starts to accelerate in that trend? Are you seeing any signs of that? And it does seem like perhaps we've got some more volatility with tariffs and the import cliff if it does arrive, that could potentially accelerate that, but of course, lower fuel prices are throwing a lifeline out there as well. So just wanted to see thoughts on April and then if you've got any color on capacity and where that's headed. Thank you.

那麼對於邁克爾來說，您是否認為我們最終開始達到卡車運力開始退出並保持退出或至少開始加速的趨勢？您看到任何這樣的跡象了嗎？而且看起來，如果關稅和進口懸崖真的到來，我們可能會面臨更多的波動，這可能會加速這一進程，但當然，較低的燃料價格也為我們提供了一條生命線。所以只是想看看大家對四月的看法，以及對產能和未來走向有什麼看法。謝謝。

Brian, thanks for the question. Listen, you're right. We don't typically provide guidance on kind of volume, AGP or earnings into April here. But historically, Q2 is seasonally stronger quarter. It's like usually plus 5% sequentially due to higher freight demand in certain verticals.

布萊恩，謝謝你的提問。聽著，你是對的。我們通常不會在此提供 4 月份交易量、AGP 或收益的指導。但從歷史上看，第二季是季節性較強的季度。由於某些垂直行業的貨運需求較高，因此通常會較上季成長 5%。

As we're coming into food and beverage, produce, home and garden and as the weather improves. There are several factors that will impact whether we see normal seasonality in Q2 including whether consumer confidence and spending are strong enough to support those key verticals that I just talked about.

隨著我們進入食品和飲料、農產品、家居和花園領域，天氣也逐漸好轉。有幾個因素會影響我們在第二季度是否能看到正常的季節性，包括消費者信心和支出是否足夠強勁，以支持我剛才談到的那些關鍵垂直行業。

The first month of the quarter, as we look at it, is really a good predict of the quarter. So that's what we typically don't comment on it. However, we might be able to give a little bit of color, and I'll ask Michael to weigh in here a bit of it. But that's how we typically kind of view this.

從我們的角度來看，本季的第一個月確實可以很好地預測本季的情況。所以我們通常不會對此發表評論。然而，我們也許可以提供一些顏色，我會請麥可在這裡稍微權衡一下。但我們通常都是這樣看待這個問題的。

Yeah. So Dave is correct. Second quarter usually is sequentially better than Q1 to the numbers that Dave mentioned. But it's a unique quarter in that April is sequentially lower than March and then it kind of increases through May into June as we get some seasonal impacts and just based on our customer mix. What we've seen is -- we've seen that sequential decrease from March into April, but less than it was last year. And so we continue to think that the work we're doing is allowing us to meet customers where they need to be met.

是的。所以戴夫是正確的。從戴夫提到的數字來看，第二季通常比第一季更好。但這是一個特殊的季度，因為四月份的銷售額比三月低，然後從五月到六月有所上升，因為我們受到一些季節性影響，並且僅基於我們的客戶組合。我們看到的是——從三月到四月，我們看到了連續的下降，但比去年的下降幅度要小。因此，我們繼續認為，我們所做的工作使我們能夠滿足客戶的需求。

And as Damon mentioned in his answer previously, I think it's a statement for NAST as well, the volatility that we're seeing in the marketplace is creating an opportunity for customers to lean into Robinson and the value we bring to the complexity of supply chains that people are dealing with right now. I think there is a move to quality in terms of what we're bringing to the marketplace, our stability, our people, our capabilities, those type of things. And so we feel good that the work we're doing in Q1, we expect it to be positive with the work we're doing in Q2.

正如達蒙之前在回答中提到的那樣，我認為這也是對 NAST 的聲明，我們在市場上看到的波動為客戶創造了一個機會，讓他們可以依靠羅賓遜，並利用我們為人們現在正在處理的複雜供應鏈帶來的價值。我認為，就我們向市場提供的產品、我們的穩定性、我們的員工、我們的能力等而言，我們正在朝著品質邁進。因此，我們對第一季所做的工作感到滿意，我們預計它會對第二季的工作產生積極影響。

Your second question related to carrier capacity. Yes, we're continuing to see capacity exit the marketplace. No, we're not seeing necessarily market inflections in any meaningful and sustainable way from a costing perspective. I mentioned earlier, you see it during events. You see it during short-term impacts where those events are having pretty significant spikes due to the fact that I think there's a little bit less surplus in the marketplace than there maybe has been in the past.

您的第二個問題涉及承運人運力。是的，我們繼續看到產能退出市場。不，從成本角度來看，我們並沒有看到任何有意義且可持續的市場變化。我之前提到過，您會在活動期間看到它。您可以在短期影響中看到這一點，這些事件會出現相當顯著的峰值，因為我認為市場上的盈餘可能比過去少了一點。

And so the hope would be as demand comes back that we'd see more of an inflection versus an event but we haven't seen that. I do think your comment -- though about what does some of the uncertainty due to overall demand and how would that impact capacity exits, your comments are probably inaccurate reflection of what a carrier is looking at, right? Pricing is not improving in a meaningful way. Some costs are improving from their perspective. But at this point, there's been nothing that would say we're seeing a true inflection in the market and that we're continuing to somewhat bounce along the bottom we've been on for a while.

因此，我們希望隨著需求的回升，看到更多的轉折點而不是事件，但我們還沒有看到。我確實認為您的評論——儘管關於由於總體需求而產生的一些不確定性以及這將如何影響容量退出，但您的評論可能不能準確反映承運人所關注的情況，對嗎？定價並未顯著改善。從他們的角度來看，一些成本正在改善。但目前，還沒有任何跡象表明我們看到了市場的真正轉折點，也沒有任何跡象表明我們正繼續在已經處於一段時間的底部反彈。

Right. Makes sense. Thanks, guys.

正確的。有道理。謝謝大家。

Ken Hoexter, Bank of America.

美國銀行的肯‧霍克斯特 (Ken Hoexter)。

Hey, good afternoon. Dave, I guess earlier, you talked about the AGP deceleration, right, so from 14% in January down to minus 2 in March. Can we talk about that? Because I know you said it was just tougher comps. Is there -- is that tariff implications, your thoughts on as pricing stays weak here, the opportunity to ramp that up? And I guess you lowered CapEx. I guess, is that just looking at, again, same thing the market deceleration. Is there something more to that? Maybe just your thoughts on the backdrop here?

嘿，下午好。戴夫，我想你之前談到了 AGP 減速，對吧，也就是從 1 月的 14% 下降到 3 月的負 2%。我們可以討論一下這個嗎？因為我知道你說過這只是更艱難的比賽。這是否會影響關稅？您認為，由於這裡的價格仍然疲軟，是否有機會提高價格？我猜你降低了資本支出。我想，這只是再次檢視市場減速這同樣的事情。還有什麼其他的事嗎？也許只是您對這裡的背景的想法？

Yeah, Ken, I'll take that one. This one is Damon. Certainly, I wouldn't read into anything on the month-to-month sequentials that we went through in the prepared statements. I think you had -- as we referenced in the statements, right, I think you certainly had tougher comps as the months went on but we don't believe that signals anything of significance, right? So I think that's more just noise in some of the monthly comps. So yes, nothing there that I would focus on.

是的，肯，我會接受這個。這個人就是達蒙。當然，我不會去深究我們在準備好的報表中所討論的逐月連續情況。我認為您有 - 正如我們在聲明中提到的那樣，對，我認為隨著時間的推移，您的業績肯定會更加糟糕，但我們不認為這表明了任何重要的事情，對嗎？所以我認為這只不過是一些月度比較中的噪音而已。是的，那裡沒有什麼值得我注意的。

On CapEx -- so on CapEx, look, I think it's just more as we're looking at the outlook, we felt that was a more appropriate range just based on the initiatives of the year and where we see the year shaping up.

關於資本支出 - 所以關於資本支出，看，我認為這只是我們在看前景時，我們認為這是一個更合適的範圍，僅基於今年的舉措以及我們對今年發展情況的預測。

What I will tell you is all of the initiatives that support our strategic initiatives are fully funded, and they're certainly not part of tightening that range. I would say as part of tightening that range was really items we view as discretionary that had some fungibility and timing, and those we've reprioritized. But just to reiterate again, none of the initiatives needed to support our -- another CapEx needed to support our strategic initiatives have been impacted by that range change.

我要告訴你們的是，所有支持我們戰略舉措的計劃都得到了充足的資金，而且它們肯定不會縮小這一範圍。我想說，縮小範圍的一部分實際上是我們認為具有一定可替代性和時間性的可自由支配的項目，以及我們重新確定優先順序的項目。但再次重申，支持我們戰略計劃所需的任何舉措——另一項資本支出均未受到該範圍變化的影響。

I guess if I could just -- David, if I can just follow up on the first part. I guess I'm just trying to balance out what's going on with contract pricing in the middle of bid season here. I was trying to ask like how do you balance that, I guess, with the spot we've seen spot really come in, given the weakness in the market. Are you seeing that weakness? Are you able to take advantage? Are we seeing AP that should reaccelerate given that? I'm trying to understand the back I'll turn it over to Michael to give you some color there.

我想如果我可以的話——大衛，如果我可以跟進第一部分。我想我只是想平衡一下投標季節中期合約定價的情況​​。我想問的是，考慮到市場疲軟，您如何平衡這一點以及我們所看到的現貨真正進入市場的情況。你看到那個弱點了嗎？你能利用這個優勢嗎？有鑑於此，我們是否會看到 AP 重新加速？我正在嘗試理解背後的原因，我會把它交給邁克爾，讓他給你一些解釋。

Yeah. I'll turn it to Michael to give you some color there.

是的。我會把它交給邁克爾，讓他給你一些顏色。

Yeah. So I think you're right. We're seeing contractual rates improve I'd call it minimally year over year when we look at it. We're continuing to be in a highly competitive environment. Pricing is very aggressive in the marketplace but we are seeing the ability to get some small increases on contractual.

是的。所以我認為你是對的。我們看到合約費率正在提高，從目前的情況來看，我認為它至少比去年同期有所提高。我們繼續處於高度競爭的環境。市場上的定價非常激進，但我們看到合約價格能夠小幅上漲。

You're right, the transactional market continues to be very, very competitive. And depending on the time of the month or depending on the week, there is some weeks less freight than before, and we're battling for that free.

你說得對，交易市場競爭仍然非常激烈。根據月份的不同時間或週數，有些星期的貨運量會比以前少，我們正在爭取免費貨運量。

We feel good, though, if you look at NAST top-line margins, we were able to maintain and grow that throughout the quarter. And really, I think, deliver what is what we've talked about, that optionality of the best combination of volume and margin for our business but we're going to continue to keep testing that. And we test it every month, weekday and a couple of times a day. And I think we found the right combination for what Q1 marketplace gave us, and we'll will adapt depending on what Q2 brings us.

不過，我們感覺很好，如果你看看 NAST 的營業利潤率，你會發現我們能夠在整個季度維持並成長這個利潤率。事實上，我認為，實現我們所談論的，即為我們的業務提供數量和利潤的最佳組合的選擇，但我們將繼續對此進行測試。我們每個月、每個工作日以及每天都會測試幾次。我認為我們找到了 Q1 市場為我們帶來的正確組合，並且我們將根據 Q2 為我們帶來的變化進行調整。

But generally, I think you described it right. contractual market, very small improvements, transactional market, really competitive environment, and we're being very selective.

但總的來說，我認為你的描述是正確的。合約市場，非常小的改進，交易市場，真正競爭的環境，我們非常挑剔。

But like I said before, I think customers are recognizing the value we're bringing to the marketplace. And so ideally, we're moving more transactions to not just a price transaction, right? We're moving up the value stack and bringing more and more capabilities and services to that customer. And I think we're seeing that in our results.

但就像我之前說過的，我認為客戶已經意識到我們為市場帶來的價值。因此，理想情況下，我們會將更多的交易轉變為不僅僅是價格交易，對嗎？我們正在提升價值體系並為客戶帶來越來越多的功能和服務。我認為我們已經在結果中看到了這一點。

Yeah. And Ken, I'll just add to that, just kind of put a bow on it is we don't view the outgrowth in Q1 as unique. We view that as our target condition, and we expect that outgrowth every quarter. Now as Michael mentioned, every quarter has different characteristics. Every quarter has different dynamics, and we have to react to those different dynamics to deliver that outgrowth. But we don't view Q1 as unique. We expect that. That's the baseline expectation going forward.

是的。肯，我還要補充一點，我們不認為第一季的成長是獨一無二的。我們將此視為我們的目標條件，我們預計每個季度都會實現這一成長。正如邁克爾所提到的，每個季度都有不同的特點。每個季度都有不同的動態，我們必須對這些不同的動態做出反應，以實現成長。但我們並不認為第一季是獨一無二的。我們期待這一點。這是未來的基本預期。

Thanks for the time, guys. Appreciate it.

謝謝大家的時間。非常感謝。

Tom Wadewitz, UBS.

瑞銀的湯姆·韋德維茨（Tom Wadewitz）。

Hi, good afternoon. So I'll give you the two upfront. So just on head count, I think the sequential decline was a bit greater than we were anticipating. So I just wanted to see if you could give us a sense of does that keep moving down or we think stable going forward?

嗨，下午好。所以我會提前給你這兩個。因此，僅從人數來看，我認為連續下降的幅度比我們預期的要大一些。所以我只是想看看您是否能告訴我們，這種趨勢是否會繼續下降，還是我們認為未來會保持穩定？

And then I guess to the comments you had about volume and approach to the market. I mean, we heard some things that maybe CH is getting more aggressive in the market and just going after volume a bit harder. And you saw a pretty impressive amount of improvement in gross margin and profitability over the past 1.5 years. So it kind of makes sense, you could shift. But I wonder if that is the case. And if so, is there also a move to maybe leverage the transportation management capability, the TMC and say, hey, we can bundle a bit. And win some brokerage business leveraging the transportation management as well. So I guess kind of two different questions there. Thank you.

然後我想談談您對市場數量和方法的評論。我的意思是，我們聽到一些消息說，也許 CH 在市場上變得更加積極，並且更加努力地追求銷售。在過去的一年半里，您會看到毛利率和獲利能力有了相當顯著的提高。所以這很有道理，你可以轉變。但我不知道事實是否如此。如果是這樣，是否也可以採取某種措施來利用運輸管理能力、TMC，然後說，嘿，我們可以捆綁一點。並利用運輸管理贏得一些經紀業務。所以我猜這裡有兩個不同的問題。謝謝。

Yes, Tom, I'll start. I'd say part of that headcount being further down than you were expecting is related to EST, right? So the divestiture of that business certainly came with came with the headcount exiting that business as well, right? So part of that comp comparison on head count that looks a little unique is related to EST.

是的，湯姆，我先開始了。我想說，員工人數比您預期的要少，這部分與 EST 有關，對嗎？因此，該業務的剝離肯定也伴隨著員工的退出，對嗎？因此，員工人數比較中看起來有點獨特的部分與 EST 有關。

What I would say broader on headcount is, look, we're dynamically managing our personnel expense and our head count frequently. No different than as Michael mentioned, on price and cost of higher we have a dynamic model that we do workforce planning consistently on and productivity is a key KPI of ours as we've demonstrated the 30% over the last two years of productivity.

關於員工人數，我想說的是，我們正在動態地管理我們的人事費用和員工人數。正如邁克爾所提到的那樣，在價格和成本方面，我們有一個動態模型，我們始終如一地進行勞動力規劃，生產力是我們的一個關鍵績效指標，正如我們在過去兩年中證明的，生產力提高了 30%。

We expect evergreen productivity going forward. So just to kind of bring that to a conclusion. I think the trend difference you see on head count there is heavily influenced by the exit of EST. But we are actively managing head count based on the market environment that we're in with the Air 2 driving evergreen productivity going forward.

我們預計未來生產力將持續成長。所以只是為了得出一個結論。我認為，你所看到的人員數量趨勢差異很大程度上受到了 EST 退出的影響。但我們正在根據所處的市場環境積極管理員工數量，Air 2 將推動未來的常青生產力。

Yeah, and this is Michael. The second half of that question regarding aggressive in the marketplace. I think we're being smarter in the marketplace. I think we're putting the tools into our people's hands more often, better information. I think our people are making the right decisions more often and you see that in the fact that we're outpacing the market but we're also managing our top-line margins and bottom-line margins.

是的，這是邁克爾。這個問題的後半部涉及市場侵略性。我認為我們在市場上變得更加聰明了。我認為我們正在更頻繁地向人們提供工具和更好的資訊。我認為我們的員工做出正確決策的次數越來越多，這一點從我們領先於市場這一事實中可以看出，我們也在管理我們的營業利潤和利潤。

Your last question or comment around RMS and the role of how that fits our Robinson Managed Solutions. I'm probably more excited about that business and the combination of value propositions we bring from the former TMC team and the RMS team now in whole combined with NAST, and what we're bringing to the marketplace I can tell you, we're seeing really strong response from customers about that value proposition. And I'm probably, like I said, as excited as I've been around the growth opportunities that, that value proposition and service we bring that is very unique to Robinson to the marketplace.

您的最後一個問題或評論是關於 RMS 以及它如何適應我們的 Robinson 託管解決方案。我可能對這項業務以及我們從前 TMC 團隊和 RMS 團隊（現在與 NAST 合併）帶來的價值主張的組合以及我們為市場帶來的東西更感興趣，我可以告訴你，我們看到客戶對這一價值主張的強烈反應。正如我所說的那樣，我可能對羅賓遜為市場帶來的成長機會、價值主張和服務感到非常興奮。

This is Dave. Yes. I was going to say just to accentuate that, too. Again, I can't stress enough, like what you're seeing is a manifestation of our strategy coming off of our Investor Day I think we were pretty clear that our goal was to really take market share and expand our margins. And I'm proud of what the team is doing by doing that. So it's a balance for us at Robinson.

這是戴夫。是的。我只是想強調這一點。再次強調，我再怎麼強調也不為過，就像您所看到的是我們投資者日策略的體現一樣，我認為我們非常清楚，我們的目標是真正佔領市場份額並擴大利潤率。我為團隊的所作所為感到自豪。所以對我們羅賓遜來說，這是一種平衡。

And every day, we look at that on everything we're doing to really take that market share up and drive those margins. So what these guys are doing is kind of doing that balance. And I think leveraging what our technology is part of what you're seeing in the marketplace and Arun, I don't if you want to add to that.

每天，我們都會關注我們所做的一切，以真正提高市場份額並提高利潤率。所以這些人所做的就是實現這種平衡。我認為利用我們的技術是您在市場上看到的一部分，阿倫，我不知道您是否想補充這一點。

Yeah, Tom, I think it's worth saying that kind of reiterating what Michael and Dave just said, our algorithmic -- real-time algorithmic pricing and costing capabilities enable us to make adjustments constantly continuously. So this point that this notion that we don't go after volume from volume, say, but we have objectives around market outgrowth. And our algorithms are continuously discovering the right sweet spot to deliver on that. So that's one piece of it.

是的，湯姆，我認為值得重申一下邁克爾和戴夫剛才所說的話，我們的演算法——即時演算法定價和成本核算能力使我們能夠不斷地進行調整。所以，我們的觀點是，我們不會追求數量的增加，而是圍繞市場成長設定目標。我們的演算法正在不斷尋找實現這一目標的最佳點。這就是其中的一部分。

And again, on Managed Services, I think we all -- I would just echo that -- it is directly in line with what Dave discussed around moving up the value stack, and Michael discussed about moving up the value stack. It's core to our strategy on how we leverage Managed Services to feed other businesses.

再次，關於託管服務，我想我們所有人——我只是想重複這一點——這與戴夫關於提升價值堆疊的討論以及邁克爾關於提升價值堆疊的討論完全一致。我們如何利用託管服務來支援其他業務是我們的策略核心。

Yeah. And Tom, just to summarize it, then we'll let you ask your follow-up there is we just like to always remind everyone, right? Our strategy is about outgrowing the market. expanding gross margins, and expanding operating margins, right? Q1 was a great demonstration of that on all fronts.

是的。湯姆，我來總結一下，然後我們讓你問後續問題，我們只是想一直提醒大家，對吧？我們的策略是超越市場。擴大毛利率，擴大營業利益率，對嗎？Q1 在各方面都很好地證明了這一點。

And so to your question about getting more aggressive in the market. I think we're always aggressive in the market. I think we just make sure we make high-quality decisions on what freight we take. And we have tremendous optionality and in that decision-making process.

所以關於你關於在市場上變得更加積極的問題。我認為我們在市場上始終是積極進取的。我認為我們只是確保對所承運的貨物做出高品質的決策。在決策過程中，我們擁有極大的選擇權。

As Michael said, we're getting smarter every quarter. We're still in the early innings of many of our evolutions in tech development. So I think we're going to continue to get smarter. And I think you'll continue to see the results reflect that.

正如邁克爾所說，我們每季都會變得更加聰明。我們仍處於許多技術發展變革的早期階段。所以我認為我們會變得越來越聰明。我認為你會繼續看到結果反映這一點。

Yeah. I guess just a short follow-up to make sure I understand it. I mean, it seems pretty interesting to leverage the RMS capability and used to be the and combine that in brokerage in maybe a way that you didn't do in the past. So I think that's my understanding is this is new and this is -- it seems like a pretty interesting labor to drive growth. Is that right to think of it as a new approach, putting those two together? Or am I not -- or is that something you did in the past?

是的。我想只需進行簡短的跟進以確保我理解了它。我的意思是，利用 RMS 功能似乎非常有趣，並且曾經以過去沒有做過的方式將其與經紀業務結合。所以我認為我的理解是，這是一種新的工作，而且這似乎是一項推動成長的非常有趣的工作。將這兩者結合起來，是否可以將其視為一種新方法？或者我不是——或者那是你過去做過的事情？

No, I think you're correct with our strategy. As Dave mentioned, One Robinson at our Investor Day, we had historically operated them as separate entities and there was crossover where I would say it happened circumstance, and we're being much more deliberate about bringing that combined value to the marketplace. And we're listening to customers. Certainly, we're meeting customers where they want to be met. If they want to be met under certain terms, we will meet them there. But I can tell you, bringing the full value and capabilities of Robinson has been really positively received.

不，我認為你對我們的策略的看法是正確的。正如戴夫在投資者日上提到的那樣，我們過去一直將 One Robinson 作為獨立實體來運營，並且存在交叉，我想說這種情況發生了，我們正在更加慎重地將這種合併價值帶入市場。我們正在傾聽客戶的意見。當然，我們會在客戶希望見面的地方與他們見面。如果他們希望在特定條件下會面，我們就會在那裡與他們會面。但我可以告訴你，充分發揮羅賓遜的價值和能力確實受到了正面的評價。

Yes. And Tom, you've been here since we started this transformation a couple of years ago in which that diagnosis was really around people, product, process and portfolio.

是的。湯姆，自從我們幾年前開始進行這項轉型以來，你就一直在這裡，我們的診斷實際上是圍繞著人員、產品、流程和投資組合進行的。

And as we went deeper in that, one of them was really looking at what we were going to do with TMC and driving this kind of One Robinson approach. And ultimately, through some really thoughtful work driving into a comprehensive strategy.

隨著我們對此進行更深入的研究，其中一位真正關注的是我們將如何與 TMC 合作並推動這種「一個羅賓遜」的方法。最終，透過一些真正深思熟慮的工作，制定出全面的策略。

This is what you're seeing, which is the One Robinson approach around RMS. So very deliberate, very purposeful about how we're going to market with that. And that certainly is early innings, but I like the momentum that I'm seeing so far in driving it.

這就是您所看到的，即圍繞 RMS 的 One Robinson 方法。因此，我們非常慎重、非常有目的地考慮如何利用這一點進行行銷。這當然只是初期階段，但我喜歡目前所看到的推動力。

Okay, great. Thank you for your time.

好的，太好了。感謝您抽出時間。

You're welcome. Thanks for your question.

不客氣。謝謝你的提問。

Bascome Majors, Susquehanna.

巴斯科姆梅傑斯，薩斯奎漢納。

Arun, you're still obviously generating quite a bit of progress with some of the tech projects on both the net revenue line and the operating expense line or operating efficiency within NAS. Can you talk about on both the pricing driven items that are helping you on the net margin and some of the efficiency-driven items that are helping you on your operating efficiency. What inning or other analogy are you are on some of those projects?

阿倫，顯然，您在一些技術項目上仍然取得了相當大的進展，無論是在淨收入方面，還是在營運費用方面，還是在 NAS 內的營運效率方面。您能否談談幫助您提高淨利潤的定價驅動項目以及幫助您提高營運效率的一些效率驅動項目。您在其中一些專案中處於什麼階段或其他類比？

And maybe, Dave, if you could cap off that discussion? I know continuous improvement never ends and lean, but how deep into this do you need to be before we more in the continuous improvement stage versus the stair step improvement it looks like you're continuing to see here. Thank you.

戴夫，你能結束這次討論嗎？我知道持續改善永無止境，精益生產也永無止境，但是在我們進一步進入持續改進階段而不是逐步改進之前，您需要對此進行多深入的研究，看起來您在這裡會繼續看到這種改進。謝謝。

Yeah. Bascome, thanks for the question. Let's break that down and start with Arun. and then I'll come back and answer the second part of the question here.

是的。巴斯科姆，謝謝你的提問。讓我們來分析一下，從阿倫 (Arun) 開始。然後我會回來回答問題的第二部分。

Yeah. Bascome, the way I would describe it is we published these productivity targets the last couple of years, and we've delivered them. We delivered over 30% productivity in both NAST and Global Forwarding. And if you go back one year on that, it's actually over 40% productivity. I don't think we can sustain that level of productivity improvement. However, the tools and technologies keep improving.

是的。巴斯科姆，我是這樣描述的：我們在過去幾年裡公佈了這些生產力目標，並且我們已經實現了它們。我們在 NAST 和 Global Forwarding 方面實現了超過 30% 的生產力。如果回顧一年前的情況，生產力實際上超過了 40%。我認為我們無法維持這種水準的生產力提升。然而，工具和技術不斷改進。

We've got a agentic AI capabilities and GenAI capabilities. There's this evergreen component. I'd say like it's -- it won't stop. We will continue to deliver productivity improvements every year. I think you should just think of it as evergreen.

我們擁有代理 AI 能力和 GenAI 能力。這是常青的組成部分。我想說的是——它不會停止。我們每年都會持續提高生產力。我認為你應該把它看作是常青樹。

In terms of gross margin and in terms of gross margin, I'd say it's the same way. And then frankly, I would connect it all back to the waterfall that Damon presented at Investor Day, right? So if you're thinking about how much more runway we have where we have enough runway to deliver on the 2026 targets we talked about at Investor Day, and it won't stop there.

就毛利率和毛利率而言，我會說是一樣的。然後坦白說，我會將這一切與達蒙在投資者日展示的瀑布聯繫起來，對嗎？因此，如果你想想我們還有多少跑道，我們有足夠的跑道來實現我們在投資者日談到的 2026 年目標，而且它不會止步於此。

Yeah. I think, Bascome, this -- when it comes to these transformations and lean transformations, I can't tell you how proud I am of the team. This is you get hit with a lot on these transformations, particularly the lean transformations. And they're doing a really nice job at learning and driving this.

是的。我認為，巴斯科姆，當談到這些轉變和精益轉變時，我無法告訴你我對這個團隊有多自豪。您會在這些轉型中遭遇許多打擊，尤其是精實轉型。他們在學習和推動這方面做得非常好。

And so it's really about this discovery, it's about innovation. You hit on it. It is about continuous improvement. But the key being Damon said this, I said this, we continue to say it. We're going to have continuous improvement throughout the market cycle.

所以這其實與這項發現有關，與創新有關。你成功了。這是關於持續改進。但關鍵是達蒙這麼說，我也這麼說，我們繼續這麼說。我們將在整個市場週期中不斷改進。

So be it at the low part of the cycle or be it at the mid-cycle or high, the expectation at Robinson is that we continue to have continuous improvement no matter what, because it's an improved everyday type of mentality that we have. And so the 30% compound in two years, that's great.

因此，無論是在週期的低谷期，還是在週期的中期或高峰期，羅賓遜的期望是，無論如何，我們都會繼續不斷進步，因為這是我們每天都在改進的心態。因此，兩年內複合成長率達到 30%，這很​​棒。

Now we said, obviously, you won't have that double-digit type of improvement but there will be continuous improvement. Every day, even as the cycle comes up, fast part of lean operating systems, and that's what we're building here at Robinson.

現在我們說，顯然，你不會有兩位數的改進，但會有持續的改進。每天，即使週期出現，精益作業系統的快速部分，這就是我們在羅賓遜所建構的。

Yeah. Bascome, I would just add that part of our operating rhythm, part of our policy deployment one of our key measures we manage is the health of our funnel. That funnel being all the ideas we have around productivity, around pricing, around cost of hire all of our initiatives. And so certainly, one of those KPIs is keeping the funnel full, right? So we don't just fill the funnel and then let it run out, right? One of those KPIs is ensuring that we're adding projects, ideas interrogations into our process every single week, every single month, right? So the health of that funnel of ideas is really at the DNA of how we keep the continuous improvement flowing really forever within the company.

是的。巴斯科姆，我想補充一點，作為我們營運節奏的一部分，作為我們政策部署的一部分，我們管理的關鍵指標之一就是我們的漏斗的健康狀況。這個漏斗包含了我們關於生產力、定價、僱用成本以及所有計劃的所有想法。所以，當然，其中一個 KPI 就是保持漏斗滿載，對嗎？所以我們不會只是填滿漏斗然後讓它用完，對嗎？其中一個關鍵績效指標是確保我們每週、每月都會將專案、想法詢問加入我們的流程中，對嗎？因此，這種思想漏斗的健康狀況實際上取決於我們如何在公司內部維持持續改善的 DNA。

Thank you all.

謝謝大家。

Chris Wetherbee, Wells Fargo.

富國銀行的克里斯‧韋瑟比。

Hey, thanks, guys. Good afternoon. Maybe a little bit of a bigger picture question. As we look out over the course of the next couple of months, we could be seeing some softness certainly from an import perspective, and that might be coming through in both your Global Forwarding, but also maybe your NAST businesses as well.

嘿，謝謝大家。午安.這也許是一個更大層次的問題。展望未來幾個月，從進口角度來看，我們可能會看到一些疲軟，這可能體現在您的全球貨運業務中，也可能體現在您的 NAST 業務中。

I guess, as you think about what we're just talking about with productivity optionality, I guess, how do you think maybe about positioning the business for the next couple of quarters? I wouldn't expect you to do something overly dramatic, but I guess as you see that opportunity where maybe volume is a little bit softer, are there some other levers you can pull on the productivity side, a little shorter term that could generate potential savings down the road here?

我想，當您思考我們剛才談論的生產力可選性時，您會如何考慮未來幾季的業務定位？我不會指望你做出過於戲劇性的事情，但我想，當你看到這個機會，也許交易量會稍微低一些，在生產力方面，你是否可以利用一些其他的槓桿，在短期內，可以在未來產生潛在的節省？

Yeah. Chris, thank you for the question. Look, I would say, look, the most important levers that we have are the ones that we're executing every day, every week, every month, right? The -- what I think is really the backbone of our strategy is it works in all cycles of the market, right? It works when there's disturbances, it works when there's inflections. It just works, right? And we've demonstrated that over the last five quarters.

是的。克里斯，謝謝你的提問。聽著，我想說，我們擁有的最重要的槓桿是我們每天、每週、每個月都在執行的槓桿，對嗎？我認為我們策略的真正支柱是它適用於市場的所有週期，對嗎？當有乾擾時它就起作用，當有語調變化時它就起作用。它確實有效，對吧？過去五個季度我們已經證明了這一點。

So I'd say, first of all, the most important levers we have are to continue to do what we're doing on making wise decisions on the volume we take, which has enabled us to outgrow the market. The optionality and speed of decision-making that we have on optimizing our pricing and our cost to higher decisions.

所以我想說，首先，我們最重要的槓桿是繼續做我們正在做的事情，對我們的交易量做出明智的決定，這使我們能夠超越市場。我們在優化定價和更高決策成本方面擁有可選性和決策速度。

And then we just -- we never stop looking at ways to improve our efficiency. From an operating margin expansion perspective, right? I mean every day, we come up with a different idea on how to drive efficiency through automation, eliminating processes that don't add value, simplifying processes that are too complex.

然後我們就——我們從未停止尋找提高效率的方法。從營業利益率擴張的角度來看，對嗎？我的意思是，我們每天都會提出不同的想法，如何透過自動化來提高效率，消除那些不增加價值的流程，簡化過於複雜的流程。

So what I'd say is that the biggest levers we have are the ones we're already executing, right? So we'll just continue to execute those levers in the face of whatever the market conditions do give us. Just a reminder, certainly, two-thirds of our operating expenses are personnel expenses.

所以我想說的是，我們擁有的最大槓桿就是我們已經在執行的槓桿，對嗎？因此，無論市場狀況如何，我們都將繼續執行這些手段。需要提醒的是，我們的營運費用的三分之二當然是人員費用。

And as I mentioned earlier, we do have a dynamic workforce planning process, right? We have KPIs as part of our operating review that don't allow us to go red and stay red from a productivity perspective. So we'll be actively managing our personnel expenses, both headcount related and head count adjacent regardless of what the market unfolds and gives us.

正如我之前提到的，我們確實有一個動態的勞動力規劃流程，對嗎？我們將 KPI 作為營運審查的一部分，從生產力角度來看，這不允許我們出現赤字並持續赤字。因此，無論市場如何發展，我們都會積極管理我們的人事費用，包括與員工人數相關的費用和與員工人數相鄰的費用。

Okay. That's helpful. Appreciate it. Thank you.

好的。這很有幫助。非常感謝。謝謝。

Thank you. I would like to turn the floor over to Chuck for closing remarks.

謝謝。我想請查克做最後發言。

Thank you all for joining us today. We look forward to talking to you again, and have a great evening.

感謝大家今天的參與。我們期待再次與您交談，並祝您度過一個愉快的夜晚。

This concludes today's teleconference. You may disconnect your lines at this time, and thank you for your participation.

今天的電話會議到此結束。此時您可以斷開您的線路，感謝您的參與。