羅賓遜全球物流 (CHRW) 2025 Q2 法說會逐字稿

Good afternoon ladies and gentlemen, and welcome to the C.H. Robinson second-quarter 2025 conference call. (Operator Instructions) As a reminder, this conference is being recorded Wednesday, July 30, 2025. I would now like to turn the conference over to Chuck Ives, Senior Director of Investor Relations.

女士們、先生們，下午好，歡迎參加 C.H. Robinson 2025 年第二季電話會議。（操作員指示）提醒一下，本次會議將於 2025 年 7 月 30 日星期三進行錄製。現在，我想將會議交給投資者關係高級總監 Chuck Ives。

Thank you, Paul, and good afternoon, everyone. On the call with me today is Dave 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，保羅，大家下午好。今天與我一起通話的有我們的總裁兼首席執行官戴夫·博茲曼 (Dave Bozeman)、我們的北美地面運輸總裁邁克爾·卡斯塔涅托 (Michael Castagnetto)、我們的首席戰略和創新官阿倫·拉詹 (Arun Rajan) 以及我們的首席財務官達蒙·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. Today's remarks also contain certain non-GAAP measures, and reconciliations of those measures to GAAP measures are included in the presentation.

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。我們的收益簡報投影片是收益報告的補充，可在我們網站 investor.chrobinson.com 的投資者專區找到。今天的發言也包含某些非公認會計準則 (non-GAAP) 指標，這些指標與公認會計準則 (GAAP) 指標的對帳表已包含在簡報幻燈片中。

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. When the current transformation of C.H. Robinson began in early 2024 with the implementation of a new lean operating model, we recognize that some people had doubts and didn't understand how this would enable the company to change its trajectory.

謝謝你，查克。大家下午好，感謝大家今天的參與。當 C.H. Robinson 目前的轉型於 2024 年初開始實施新的精實營運模式時，我們意識到有些人心存疑慮，不明白這將如何幫助公司改變發展軌跡。

Now with six consecutive quarters of consistent outperformance through the disciplined execution of the strategy that we shared at our 2024 Investor Day, there is no doubt in our minds that we are on the right path to deliver sustainable outperformance in all market cycles. I'm proud of the Robinson team for embracing our new operating model and the discipline needed to improve our say-do ratio and to generate higher highs and higher lows across market cycles.

現在，透過嚴格執行我們在 2024 年投資者日上分享的策略，我們已經連續六個季度保持持續優異表現，我們毫不懷疑，我們正走在正確的道路上，能夠在所有市場週期中實現可持續的優異表現。我為羅賓遜團隊感到自豪，他們接受了我們的新營運模式和必要的紀律，以提高我們的言行比率，並在整個市場週期中創造更高的高點和更高的低點。

Our people consistently demonstrate that they are the industry's best logisticians with the value that they bring to our customers and carriers, and they are excited about the transformation happening at Robinson and the momentum that we have.

我們的員工始終如一地證明，他們是業內最優秀的物流專家，他們為我們的客戶和承運商帶來了價值，他們對羅賓遜正在發生的轉變以及我們所擁有的發展勢頭感到興奮。

We are not waiting for a market recovery to improve our financial results and the strategies that our Robinson team is executing are not only working, but they are built to be effective in any market environment.

我們不會等待市場復甦來改善我們的財務業績，我們的羅賓遜團隊正在執行的策略不僅有效，而且在任何市場環境下都有效。

We're still in the early innings of our transformation journey. We have demonstrated our ability to responsibly grow market share and expand margins at the same time. This has enabled us to approach our mid-cycle operating margin targets despite operating in an elongated trough of the freight cycle. We are accelerating our progress by harnessing and scaling the evolving power of AI to drive automation across the pool's life cycle of the load.

我們的轉型之路仍處於初期階段。我們已經證明了我們有能力負責任地同時擴大市場份額和利潤率。儘管我們處於貨運週期的長期低谷中，但這使我們能夠接近中期營業利潤率目標。我們正在利用和擴展不斷發展的人工智慧的力量來推動整個池負載生命週期的自動化，從而加速我們的進步。

Our industry-leading innovations not only enhance the service and value we deliver to our customers, but also improve our operational performance by automating tasks that free up our talented people to focus on more strategic, high-value work.

我們領先業界的創新不僅增強了我們為客戶提供的服務和價值，而且透過自動化任務提高了我們的營運績效，使我們的人才能夠專注於更具策略性、高價值的工作。

We are pioneering new ways to eliminate tasks, augment our capabilities and supercharge our talented people with industry-leading technology that materially elevates the customer and carrier experience and our lean operating model enables us to do this in a disciplined way that delivers the most value to all of our stakeholders. And you can expect the next chapters of this company's evolution to be just as exciting as the last 18 months.

我們正在開拓新的方式來減少任務，增強我們的能力，並利用行業領先的技術為我們的人才提供動力，從而大大提升客戶和承運人的體驗，而我們的精益運營模式使我們能夠以規範的方式做到這一點，從而為所有利益相關者提供最大的價值。您可以期待該公司發展的下一章將與過去 18 個月一樣令人興奮。

Shifting to our Q2 results. In NAST, we outgrew the market again in both truckload and LTL, while expanding gross margins and improving productivity year over year and sequentially. In Global Forwarding, we continue to win new business and improve the yield of our portfolio by beginning to implement the revenue management disciplines that we've been utilizing in NAST for over a year.

轉向我們的第二季業績。在 NAST 領域，我們的整車和零擔運輸業務再次超越了市場，同時毛利率逐年擴大，生產力也逐年提高。在全球貨運代理業務中，我們開始實施在 NAST 中已經使用了一年多的收入管理原則，從而繼續贏得新業務並提高投資組合的收益率。

We also optimized our global forwarding expenses through further increases in productivity. Overall, we delivered a 21% year-over-year increase in our enterprises Q2 income from operations and we will continue to lean into the self-help initiatives that enabled our Q2 market share growth and margin expansion.

我們也透過進一步提高生產力來優化全球轉發費用。總體而言，我們企業第二季的營業收入年增了 21%，我們將繼續依靠自助措施來實現我們第二季的市佔率成長和利潤率擴大。

From a macro standpoint, fluid trade policies continue to create uncertainty, making planning activities more difficult for our over 83,000 customers around the world. For some of them, tariffs caused them to reduce their import volumes.

從宏觀角度來看，不斷變化的貿易政策不斷帶來不確定性，使我們全球超過 83,000 名客戶的規劃活動更加困難。對其中一些國家來說，關稅導致他們減少了進口量。

For instance, when US tariffs on Chinese goods increased to 145% in April, numerous retailers, limited imports to only essentials needed for fall like back-to-school products. Others accelerated shipments to beat tariff deadlines from Southeast Asia and some stuck to their standard peak season schedules, taking a more wait-and-see approach.

例如，當美國4月將中國商品的關稅提高到145%時，許多零售商將進口限制在秋季所需的必需品上，例如返校產品。其他公司則加快了發貨速度，以趕在東南亞的關稅截止日期之前發貨，而一些公司則堅持其標準的旺季計劃，採取了更為觀望的態度。

Although we're approaching the traditional retail peak season for ocean, the industry may not see traditional peak volumes as some retail customers are working through inventories and being highly selective and strategic about bringing in only the essential products they must import.

儘管我們即將迎來海運的傳統零售旺季，但該行業可能不會出現傳統的峰值量，因為一些零售客戶正在處理庫存，並且高度選擇性和策略性地只引進他們必須進口的必需產品。

We saw this dynamic with back-to-school ordering. And that trend is continuing as uncertainty about trade deals continues to shape customer behavior. But these periods of volatility reinforced C.H. Robinson's value proposition. There is a flight to quality right now, and that is Robinson.

我們在返校訂單中看到了這種動態。由於貿易協定的不確定性持續影響客戶行為，這種趨勢仍在持續。但這些動盪時期強化了 C.H. Robinson 的價值主張。現在有一支追求品質的隊伍，那就是羅賓遜。

Customers need a partner who not only understand how to navigate increasing complexity but who can also partner with them to solve their unique supply chain challenges, especially amid persistent uncertainty and change.

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，還要能夠與他們合作解決其獨特的供應鏈挑戰，尤其是在持續的不確定性和變化中。

We've been doing this for over a century. And with our scale, breadth of services, differentiated experience and financial stability, we are built to lead through disruption and to help our customers adapt just as quickly as we do to changing market dynamics.

我們已經這樣做了一個多世紀。憑藉我們的規模、廣泛的服務、差異化的經驗和財務穩定性，我們能夠在變革中引領潮流，並幫助我們的客戶像我們一樣快速適應不斷變化的市場動態。

During the quarter, we continued to lead the industry in this era of digital enablement, including expanding our suite of cutting-edge self-serve digital solutions to enable faster and more effective navigation of our global trade complexities. Our new US tariff impact analysis tool empowers US importers to assess their overall duty exposure and drill down to the SKU level for precise cost analysis.

在本季度，我們繼續在數位化賦能時代引領產業，包括擴展我們的尖端自助數位解決方案套件，以便更快、更有效地應對全球貿易的複雜性。我們新的美國關稅影響分析工具使美國進口商能夠評估其總體關稅風險，並深入 SKU 層級進行精確的成本分析。

We also saw a surge in demand for our ACE import intelligence tool, a proprietary self-serve compliance platform that gives importers greater visibility and control over their customs data. Together, these two tools provide an unmatched view into both historical compliance and future-facing tariff strategy, helping importers manage every stage of the import life cycle with precision.

我們還發現對我們的 ACE 進口情報工具的需求激增，這是一個專有的自助合規平台，可以讓進口商更好地了解和控制他們的海關數據。這兩種工具共同提供了對歷史合規性和麵向未來的關稅策略的無與倫比的洞察，幫助進口商精確管理進口生命週期的每個階段。

Additionally, in Q2, we announced the expansion of our proven item-level solutions to all global customers, offering unmatched visibility and control over every SKU across their supply chains. These tools built on years of experience with complex global shippers reduce blind spots, increase agility and deliver measurable savings.

此外，在第二季度，我們宣布將我們成熟的專案級解決方案擴展到所有全球客戶，為其供應鏈中的每個 SKU 提供無與倫比的可視性和控制力。這些工具建立在多年與複雜的全球托運人打交道的經驗之上，可以減少盲點、提高靈活性並實現可衡量的節省。

In today's volatile environment, scaling this capability reinforces our leadership in digital logistics and our ability to connect data-driven insights with real-world execution. We'll continue to help our customers strategize on how to make their supply chains most efficient and cost effective.

在當今動盪的環境中，擴展這項能力可以增強我們在數位物流領域的領導地位以及將數據驅動的洞察力與現實世界的執行相結合的能力。我們將繼續幫助我們的客戶制定策略，使他們的供應鏈最高效、最具成本效益。

Our strategic initiatives remain on track. We've been preparing for a variety of market scenarios, and we're intensifying our strategic focus or market outgrowth, gross margin expansion and operating leverage improvement. And while we are not immune to global market dynamics, we remain confident in our strategy and our people.

我們的策略舉措仍在按計劃進行。我們一直在為各種市場情景做準備，並且我們正在加強我們的策略重點或市場成長、毛利率擴張和經營槓桿改善。儘管我們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。

Their consistent, disciplined execution of our strategy, supported by the Robinson operating model makes us stronger, and we'll stay focused on providing differentiated service to our customers and carriers. I'll turn it over to Michael now to provide more details on our NAST results.

在羅賓遜營運模式的支持下，他們始終如一、嚴格地執行我們的策略，使我們變得更加強大，我們將繼續專注於為我們的客戶和營運商提供差異化的服務。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 Q2 and further optimized our volume, resulting in year-over-year expansion of our gross and operating profit margin.

謝謝，戴夫，大家下午好。正如戴夫所提到的，NAST 團隊在第二季度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。

Once again, we delivered this outperformance in the midst of a historically long freight recession, underscoring the strength and resilience of our model and people. For more context, the cash freight shipment index declined on a year-over-year basis for the 11th consecutive quarter in Q2 and was down 3.4%.

在歷史上持續時間最長的貨運衰退中，我們再次取得了優異的業績，彰顯了我們的模式和員工的實力和韌性。更具體地說，第二季現金貨運指數連續第 11 季年減，下降 3.4%。

Our overall mass volume, on the other hand, increased approximately 1% year-over-year. Truckload volume was flat year-over-year and OTL volume was up approximately 1.5%. All of these outpaced the Cass index. Sequentially, truckload volume per business day grew approximately 4.5% and LTL volume per business day grew 2.5%.

另一方面，我們的整體成交量較去年同期成長了約 1%。卡車運輸量與去年同期持平，OTL運輸量成長約1.5%。所有這些都超過了卡斯指數。環比而言，每個工作日的卡車運輸量增加了約 4.5%，每個工作日的零擔運輸量增加了 2.5%。

At the same time, the 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 an 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，這反映出運力的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 a cost of higher advantage.

在我們的營運模式的支持下並配備業界領先的工具，我們的貨運專家團隊繼續以定價紀律和更高的成本優勢來應對充滿挑戰的貨運環境。

All of this led to improvement in the AGP yield in both our truckload business and our LTL business, resulting in an 80 basis point year-over-year improvement in our NAST gross margin. Our team continues to actively assess the market and optimize for the most effective combination of volume and margin to enhance earnings performance.

所有這些都提高了我們的整車業務和零擔業務的 AGP 收益率，從而使我們的 NAST 毛利率比去年同期提高了 80 個基點。我們的團隊持續積極評估市場並優化交易量和利潤的最有效組合，以提高獲利表現。

With strategic agility built into our model, we have the flexibility to pivot toward volume or margin as market dynamics evolve, making disciplined data-driven adjustments in real time. All while staying focused on long-term value creation.

憑藉我們模型中內建的策略敏捷性，我們可以隨著市場動態的變化靈活地轉向銷售或利潤，即時進行基於數據的嚴謹調整。同時始終專注於長期價值創造。

We're also making smarter 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. Additionally, these digital capabilities have enabled us to increase our NAST shipments per person per day at a double-digit pace over the past two-plus years, and that momentum continued in Q2.

我們也更聰明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。此外，這些數位化能力使我們在過去兩年多的時間裡以兩位數的速度增加了每人每天的 NAST 出貨量，而這一勢頭在第二季度繼續保持。

Since the end of 2022, we have delivered a more than 35% increase in productivity. This enhanced efficiency is not only lowering our cost to serve, but it is also elevating the customer experience by enabling faster, more reliable service. As a result of executing on our strategies, our NAST operating margin of approximately 38% in Q2 increased both year over year and sequentially.

自 2022 年底以來，我們的生產力提高了 35% 以上。效率的提高不僅降低了我們的服務成本，而且還透過提供更快、更可靠的服務提升了客戶體驗。由於執行了我們的策略，我們第二季度的 NAST 營業利潤率約為 38%，年成長且環比成長。

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.

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。

In line with our disciplined and focused approach to capture growth opportunities in targeted customer segments, we recently announced the expansion of our ISO certification, which enhances our ability to meet rigorous quality standards in the health care logistics sector.

為了遵循我們在目標客戶群中抓住成長機會的嚴謹而專注的方法，我們最近宣布擴大 ISO 認證，這增強了我們滿足醫療保健物流領域嚴格品質標準的能力。

We've also adapted our solutions to match our customers' supply chain needs and invested in capabilities such as drop trailer, cross-border, short haul and Robinson managed solutions and we will continue to deliver the industry-leading solutions and flexibility that only a scale broker can provide to customers and carriers.

我們還調整了我們的解決方案以滿足客戶的供應鏈需求，並投資於拖車運輸、跨境運輸、短途運輸和羅賓遜管理解決方案等功能，我們將繼續提供只有規模經紀人才能為客戶和承運商提供的行業領先解決方案和靈活性。

In what continues to be a challenging marketplace, our people are relentlessly driving improved results, powered by their unwavering commitment to our customers and carriers and fueled by the growing adoption of the Robinson operating model and cutting-edge tools.

在持續充滿挑戰的市場中，我們的員工堅持不懈地追求更好的業績，這得益於他們對客戶和承運商的堅定承諾，以及羅賓遜營運模式和尖端工具日益普及的推動。

With that, I'll turn it over to Arun 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.

接下來，我將把時間交給阿倫，讓他介紹我們正在採取的創新措施，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 Q2, we continue to disrupt from within to transform our business to better serve our customers and to widen our competitive moat. In line with the strategy that we laid out at our 2024 Investor Day, we are scaling several innovations, including our fleet of secure proprietary AI agents across every aspect of the extensive quote-to-cash life cycle of an order and to more modes and customers.

謝謝，邁克爾，大家下午好。在第二季度，我們繼續從內部進行顛覆，轉變業務，以更好地服務我們的客戶並拓寬我們的競爭優勢。按照我們在 2024 年投資者日制定的策略，我們正在擴展多項創新，包括我們的安全專有 AI 代理團隊，涵蓋訂單廣泛的報價到現金生命週期的各個方面以及更多模式和客戶。

One recently announced example is a new AI agent that helps shippers automate the process of classifying LTL freight under a new national system. In the AI agents first few months, it has been determining the freight class and code for about 2,000 orders a day and it has reduced the processing time from 10 minutes or more per shipment to 10 seconds or less.

最近宣布的一個例子是一個新的人工智慧代理，它可以幫助托運人在新的全國系統下實現零擔貨物分類過程的自動化。在人工智慧代理商投入使用的最初幾個月裡，它每天可以確定大約 2,000 個訂單的貨運類別和代碼，並將每批貨物的處理時間從 10 分鐘或更長時間縮短到 10 秒或更短。

The AI agent can also handle hundreds of LTL shipments at once and determine the freight classification for all of them simultaneously. Our customers' freight gets on the road faster, and our people can devote more time to the work that our customers value most, helping them manage disruptions and operate their supply chains more strategically.

人工智慧代理商還可以同時處理數百個零擔貨物，並同時確定所有貨物的貨運分類。我們客戶的貨物可以更快地上路，我們的員工可以投入更多時間到客戶最重視的工作中，幫助他們管理中斷並更有策略地運作他們的供應鏈。

Another way that we continue to disrupt from within is by leveraging and scaling the use of game-changing AI technology, such as agentic AI to power new capabilities that are backed by our unmatched data and scale.

我們繼續從內部進行顛覆的另一種方式是利用和擴大改變遊戲規則的人工智慧技術的使用，例如代理人工智慧，以支援由我們無與倫比的數據和規模支援的新功能。

The advanced reasoning capabilities of Agentic AI expands the boundaries of what's possible for process automation by adding the ability to autonomously perform complex tasks without the explicit instructions that GenAI requires.

Agentic AI 的高階推理能力擴展了流程自動化的可能性邊界，它增加了自主執行複雜任務的能力，而無需 GenAI 所需的明確指示。

As we continue to improve our service with cost-efficient AI task agents that listen, learn and act all day, every day, Agentic AI has the ability to ignite a revolution and empower systems to think, adapt and act differently, enabling us to deliver fast, accurate and personalized service at scale and in any market.

隨著我們繼續利用具有成本效益的人工智慧任務代理來改進我們的服務，這些代理可以全天候地傾聽、學習和行動，Agentic AI 有能力引發一場革命，使系統能夠以不同的方式思考、適應和行動，使我們能夠在任何市場大規模地提供快速、準確和個性化的服務。

All of these innovations are reducing the amount of time it takes for us to respond to a quote or for a tendered load to be accepted, thereby providing a better customer experience. Additionally, our proprietary AI is supporting our market share and margin expansion initiatives.

所有這些創新都減少了我們響應報價或接受投標貨物所需的時間，從而提供了更好的客戶體驗。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。

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. The continued advancement of our AI is powering our dynamic pricing and costing and we are responding more surgically and faster than ever to dynamic market conditions by performing more frequent price discovery.

我們的人工智慧提供的更快的速度使我們能夠回應更多的報價並贏得更多的業務，從而擴大我們的市場份額。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，透過更頻繁的價格發現，我們能夠比以往更精準、更快速地應對動態市場狀況。

Along with our operating model rigor and our revenue management practices, this is contributing to the gross margin improvement that we're delivering. Through the same rigor, we've also improved our ability to manage the short-term gross margin compression that typically comes with a spot rate inflection, such that we are confident in our ability to shorten the time and reduce the impact of any margin compression compared to historical spot rate inflections.

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。透過同樣的嚴格要求，我們也提高了管理通常伴隨現貨匯率變動而來的短期毛利率壓縮的能力，因此，與歷史現貨匯率變動相比，我們有信心縮短時間並降低任何利潤率壓縮的影響。

Over a 12-month time frame, we expect a stronger demand and/or reduction of excess capacity that leads to a spot rate inflection to outweigh any short-term margin compression that may occur. In this regard, we believe our outperformance will continue as spot rates inflect.

在 12 個月的時間範圍內，我們預計更強勁的需求和/或過剩產能的減少將導致現貨價格的變動，從而超過可能出現的任何短期利潤率壓縮。在這方面，我們相信，隨著現貨價格的變化，我們的優異表現將會持續下去。

Finally, the growing automation across our quote-to-cash life cycle, whether it be 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. Our ability to leverage evolving technology has played a key role in our greater than 35% productivity increase since the end of 2022. And we expect to create further operating leverage as evergreen productivity improvements continue in 2025, and beyond.

最後，從報價到現金的整個生命週期中，無論是報價、訂單輸入、低價投標、預約安排或其他手動任務，自動化程度的不斷提高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。我們利用不斷發展的技術的能力在我們自 2022 年底以來生產率提高 35% 以上的過程中發揮了關鍵作用。隨著 2025 年及以後生產力的持續改進，我們預計可以創造進一步的營運槓桿。

The advancements that we're bringing to our customer supply chains, such as automation powered by AI, 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.

我們為客戶供應鏈帶來的進步，例如由人工智慧驅動的自動化，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第三方物流公司都多。

To date, our tech and AI investments have been over-indexed and asked where we could get the greatest leverage. Where we're now putting more emphasis on deploying the same playbook in global forwarding and expect to generate further improvements in that business to enable us to achieve our 30% operating margin target.

到目前為止，我們的技術和人工智慧投資已經過度指數化，並被問到我們可以在哪裡獲得最大的槓桿。我們現在更加重視在全球貨運中部署相同的策略，並期望在該業務上取得進一步的改進，以使我們能夠實現 30% 的營業利潤率目標。

Ultimately, we are focused on three items that are key to our strategy. Transforming the customer and carrier experience to elevate our service offering and drive growth, delivering business model scalability, and driving gross margin and operating margin expansion. Technology continues to evolve, and we have and will continue to disrupt from within to stay at the forefront of that evolution.

最終，我們專注於對我們策略至關重要的三個項目。改變客戶和營運商的體驗，以提升我們的服務水準並推動成長，提供業務模式的可擴展性，並推動毛利率和營業利潤率的擴大。技術不斷發展，我們已經並將繼續從內部進行顛覆，以始終處於技術發展的前沿。

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

說完這些，我將把電話轉給達蒙，讓他回顧我們的第二季業績。

Thanks, Arun, and good afternoon, everyone. As you've heard today, Q2 marked another step forward in executing on the strategic initiatives aimed at our North Star of growing operating income. This was driven by market share growth, ongoing AGP optimization, disciplined cost management and evergreen productivity initiatives.

謝謝，阿倫，大家午安。正如您今天所聽到的，第二季度標誌著我們在執行旨在實現營業收入成長的北極星的策略性舉措方面又向前邁進了一步。這是由市場份額的成長、持續的 AGP 優化、嚴格的成本管理和持續的生產力計劃所推動的。

Even as overall market volumes declined, we improved the quality of our volume and AGP through market share gains, disciplined capacity procurement and effective revenue management. Total AGP was up $5.8 million year-over-year despite a $15 million decline due to the sale of our European Surface Transportation business.

即使整體市場容量下降，我們仍然透過增加市場份額、嚴格的容量採購和有效的收入管理提高了容量和平均毛利率的品質。儘管由於出售歐洲地面運輸業務而導致 AGP 總額下降 1,500 萬美元，但 AGP 總額仍比去年同期增加 580 萬美元。

The overall AGP increase was driven by a 3% increase in NAST and a 1.9% increase in global forwarding. On a monthly basis, compared to Q2 of last year, our total company, AGP, per business day was down 5% in April, up 5% in May and up 2% in June.

AGP 整體成長是由 NAST 成長 3% 和全球轉發成長 1.9% 推動的。按月計算，與去年第二季相比，我們公司整體（AGP）每個工作日 4 月下降了 5%，5 月上漲了 5%，6 月上漲了 2%。

From an expense standpoint, our total operating expenses declined $32 million or 6.3% year over year. Q2 personnel expenses were $335.3 million, including $3.9 million of charges related to workforce reductions. Excluding these charges, our Q2 personnel expenses were $331.4 million, down $20.3 million due to our continued productivity and cost optimization efforts, the divestiture of our European Surface Transportation business and a nonrecurring benefit of approximately $6.3 million from certain actions taken within Q2.

從費用角度來看，我們的總營運費用年減了 3,200 萬美元，即 6.3%。第二季人事費用為 3.353 億美元，其中包括 390 萬美元的裁員相關費用。除這些費用外，我們第二季度的人事費用為 3.314 億美元，下降了 2030 萬美元，這歸因於我們持續的生產力和成本優化努力、歐洲地面運輸業務的剝離以及第二季度採取的某些行動產生的約 630 萬美元的非經常性收益。

Our average head count was down 11.2% year over year in Q2 and was down 3.7% sequentially, reflecting our dynamic workforce planning process that enables us to quickly adapt to changing market conditions. Based on our strong cost controls and productivity improvements through the first half of the year, and the visibility we have into the back half.

我們第二季的平均員工人數較去年同期下降 11.2%，較上季下降 3.7%，這反映了我們動態的勞動力規劃流程，使我們能夠快速適應不斷變化的市場條件。基於我們上半年強而有力的成本控制和生產力改進，以及我們對下半年的預見性。

We are lowering our guidance for 2025 personnel expenses to be in the range of $1.3 billion to $1.4 billion, compared to our prior range of $1.375 billion to $1.475 billion. This reflects our disciplined approach to managing our cost structure and our ability to drive efficiency while positioning the organization for long-term growth, while remaining committed to further decoupling of head count from volume.

我們將 2025 年人事費用預期下調至 13 億美元至 14 億美元之間，而先前的預期為 13.75 億美元至 14.75 億美元。這反映了我們管理成本結構的嚴謹方法和提高效率的能力，同時為組織的長期成長做好準備，同時繼續致力於進一步將員工數量與數量脫鉤。

With low to mid-teen turnover rates, we are well positioned to manage headcount, primarily through natural attrition, if needed. Our Q2 SG&A expenses were $142 million. Excluding $0.4 million of other charges related to the divestiture of our European Surface Transportation business, SG&A expenses of $141.6 million were down $0.8 million year over year.

由於員工流動率處於低至中等水平，我們有能力管理員工隊伍，如果需要的話，主要透過自然減員的方式。我們第二季的銷售、一般及行政費用為 1.42 億美元。不計與剝離歐洲地面運輸業務相關的 40 萬美元其他費用，銷售、一般及行政費用為 1.416 億美元，年減 80 萬美元。

We are also lowering our guidance for 2025 SG&A expenses to be in the range of $550 million to $600 million compared to our prior range of $575 million to $625 million. This guidance includes 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.

我們也將 2025 年銷售、一般及行政費用指導價從先前的 5.75 億美元至 6.25 億美元下調至 5.5 億美元至 6 億美元之間。該指引包括 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 Q2. Our effective tax rate for the quarter was 21.4%. We still expect our 2025 full year effective tax rate to be in the range of 18% to 20%. We generated $227.1 million in cash from operations in Q2, and our capital expenditures were $20.2 million. We still expect our full year capital expenditures to be $65 million to $75 million.

轉回 Q2。本季我們的有效稅率為 21.4%。我們仍然預計 2025 年全年有效稅率將在 18% 至 20% 之間。我們第二季的營運現金流為 2.271 億美元，資本支出為 2,020 萬美元。我們仍預期全年資本支出為 6,500 萬至 7,500 萬美元。

From a balance sheet perspective, we ended Q2 with approximately $1.22 billion of liquidity comprised of $1.07 billion of committed funding under our credit facilities and a cash balance of $156 million. Our net debt-to-EBITDA leverage at the end of Q2 was 1.40 times, down from 1.54 times at the end of Q1. 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，我們在第二季結束時擁有約 12.2 億美元的流動資金，其中包括我們信貸安排下承諾的 10.7 億美元資金和 1.56 億美元的現金餘額。我們第二季末的淨負債與 EBITDA 槓桿率為 1.40 倍，低於第一季末的 1.54 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 in maintaining an investment-grade credit rating, our financial strength and improved leverage ratio enabled us to return approximately $161 million of cash to shareholders in Q2 through $85.8 million of share repurchases and $74.9 million of dividends. Compared to last year, our improved leverage ratio has led to a higher likelihood of continued share repurchases in the current year.

雖然我們的資本配置策略仍然以維持投資等級信用評級為基礎，但我們的財務實力和改善的槓桿率使我們能夠在第二季度透過 8,580 萬美元的股票回購和 7,490 萬美元的股息向股東返還約 1.61 億美元現金。與去年相比，我們的槓桿率提高，使得今年繼續回購股票的可能性更高。

As we continue to build on our momentum, our Q2 financial results further validate the transformation underway at C.H. Robinson. With the disciplined execution driven by a Robinson operating model and the strength of our strategies to outperform in any market environment. I'm confident in our trajectory, and I'm energized by what lies ahead.

隨著我們繼續保持發展勢頭，第二季度的財務業績進一步驗證了 C.H. Robinson 正在進行的轉型。憑藉羅賓遜營運模式驅動的嚴格執行以及我們策略的強大實力，我們能夠在任何市場環境中表現出色。我對我們的發展軌跡充滿信心，並對我們的未來充滿信心。

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 remain focused on executing our self-help initiatives, to strengthen our market share, expand our margins and enhance the level of service we deliver to our customers and carriers. These efforts are central to our strategy to create long-term sustainable value and to lead the logistics industry forward.

謝謝，達蒙。正如您從我們今天的評論中了解到的那樣，我們仍然專注於執行我們的自助計劃，以加強我們的市場份額，擴大我們的利潤率並提高我們為客戶和運營商提供的服務水平。這些努力對於我們創造長期永續價值和引領物流產業向前發展的策略至關重要。

I'm proud of the work we have done over the past two years to stand up a new operating model and to get fit, fast and focused. Our cost structure is in a much better position with greater than 35% productivity gains delivered since 2022, and we're continuing to drive further process improvements to enhance our service and increase our overall operating leverage.

我對我們在過去兩年中建立新的營運模式以及保持健康、快速和專注的工作感到自豪。我們的成本結構更加優化，自 2022 年以來生產力提高了 35% 以上，並且我們將繼續推動進一步的流程改進，以增強我們的服務並提高我們的整體營運槓桿。

As lean tools are deployed more broadly across our organization, our teams are becoming more increasingly equipped to identify root causes of problems, implement countermeasures and drive meaningful improvements. That's how we've consistently delivered outperformance for six consecutive quarters, and how we'll continue to do so regardless of market conditions or cycle.

隨著精實工具在我們組織內得到更廣泛的部署，我們的團隊越來越有能力識別問題的根本原因、實施對策並推動有意義的改進。這就是我們連續六個季度保持優異業績的原因，而且無論市場狀況或週期如何，我們都將繼續保持優異業績。

This outperformance does not happen because you are one of the pack. This is a new and different Robison. And our difference sets us further and further apart from the pack. Our transformation is structural and technological.

這種優異表現並不是因為你是其中之一。這是一個全新的、不同的羅賓遜。我們的差異使我們與其他人之間的差距越來越大。我們的轉型是結構性轉型和技術性的轉型。

We're redefining what it means to be a logistics company. Leading from the front with cutting-edge technology, leveraged by the best logisticians in the game and moving faster than ever to shape the future of the supply chain.

我們正在重新定義物流公司的意義。利用尖端技術引領潮流，由業內最優秀的物流專家提供支持，以比以往更快的速度塑造供應鏈的未來。

And as we lead our industry and stay on offense with our AI strategy, we are excited about the future. Our advanced AI and machine learning technology is improving our gross margins by allowing us to better align capacity and pricing to the specific needs of our customers and to specific market conditions.

隨著我們引領產業並繼續推動人工智慧策略，我們對未來充滿期待。我們先進的人工智慧和機器學習技術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產能和定價，從而提高我們的毛利率。

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 of our people's plates, freeing them up to do more strategic work and to reach more customers, garner more wallet share and move up the value stack by leveraging our growing capabilities.

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單調、重複的任務，使他們能夠從事更具策略性的工作，接觸更多客戶，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。

I want to thank our people for their relentless efforts to provide exceptional service to our customers and carriers. We're embracing the Robinson operating model and continuing to execute with discipline. I'm confident in the team's ability to drive a higher a more consistent level of operational execution and keep pushing the bar higher on our financial performance across market cycles.

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。我們採用羅賓遜營運模式並繼續嚴格執行。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。

As I reflect on my first two years leading this great company, I'm proud of how we're building on a 120-year legacy of grit, innovation and a relentless focus on the customer. From the beginning, Robinson has been grounded in delivering a great customer experience. And that foundation remains core to how we will grow and lead in the future.

當我回顧領導這家偉大公司的頭兩年時，我為我們在 120 年的勇氣、創新和對客戶的不懈關注的基礎上繼續前進而感到自豪。從一開始，羅賓遜就致力於提供卓越的客戶體驗。這個基礎仍然是我們未來成長和領導的核心。

But we also have hard work to do to evolve, to push our mindset to deliver more value, sharpen our execution, solve problems quickly and differentiate through speed, simplicity and clarity. We've made great progress on our transformation journey, and we're seeing the results, not just in stronger earnings, but in how we improve execution, innovate fast and elevate the customer and carrier experience.

但我們也需要努力發展，推動我們的思維方式提供更多價值，提高我們的執行力，快速解決問題，並透過速度、簡單和清晰來實現差異化。我們在轉型過程中取得了巨大進展，我們看到了成果，不僅僅是獲利增加，還包括我們如何改善執行、快速創新以及提升客戶和營運商體驗。

We've reinvigorated a winning culture, and we're getting our swagger back, but we're not resting on our laurels. We will continue to disrupt ourselves and this industry to lead with purpose, move with urgency and build a company that future generations will be just as proud to inherit. The message is clear. C.H. Robinson is not just transforming, we're leading. We are the new disruptor, and we're on track to drive sustainable outperformance across market cycles.

我們重新建立了成功的文化，重新獲得了自信，但我們並沒有滿足於現狀。我們將繼續突破自我，打破產業界限，以目標引領，以緊迫感行動，打造一家讓子孫後代同樣自豪的公司。訊息很明確。C.H. Robinson 不僅在轉型，還在引領。我們是新的顛覆者，我們正朝著在整個市場週期中實現永續優異表現的方向前進。

That concludes our prepared remarks. I'll turn it back to Paul 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保羅。

Thank you. We'll now be conducting a question-and-answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。（操作員指示）

Thank you. Chris Weatherby, Wells Fargo.

謝謝。富國銀行的克里斯‧韋瑟比。

Yeah, hey, thanks good afternoon guys. Dave, I'm sitting here looking at the operating margins of NAST at 38%, improving, as you noted, kind of getting you towards your mid-cycle goals at what appears to be sort of the bottom of the market.

是的，嘿，謝謝大家下午好。戴夫，我坐在這裡看到 NAST 的營業利潤率為 38%，正如你所說，這一數字正在提高，這在某種程度上讓你在市場似乎處於底部的時候朝著你的中期目標邁進。

So I guess, as you start to think about what's possible with the business, I don't know if you've rethought what you think the potential opportunity is on the margin side. It just seems like productivity is moving faster than we had maybe expected. So just would hope if you could expand a little bit upon what you think the potential of NAST margins and just overall margins for the business could be over time?

所以我想，當您開始思考業務的可能性時，我不知道您是否重新考慮過利潤方面的潛在機會。看起來生產力的發展速度比我們預期的還要快。因此，我只是希望您能稍微詳細說明一下您認為 NAST 利潤率的潛力以及業務的整體利潤率隨著時間的推移會達到什麼程度？

Hey, Chris, good to hear from you. Listen, no, you're right. First of all, we feel really good about our productivity. I mean it's been in 2.5 years at 35% on where we're going. And we look at that as evergreen productivity.

嘿，克里斯，很高興收到你的來信。聽著，不，你是對的。首先，我們對自己的生產力感到非常滿意。我的意思是，我們已經花了 2.5 年的時間完成了 35% 的目標。我們將其視為常青生產力。

As part of our operating model. It doesn't surprise us as far as how we're moving up the stack on our productivity. And what we really feel good about is as we continue our journey we're jumping into our technology, which will only enhance our productivity as we go forward.

作為我們營運模式的一部分。對於我們如何提高生產力，這並不令我們感到驚訝。我們真正感到高興的是，隨著我們繼續前行，我們將利用我們的技術，這只會提高我們前進的生產力。

Now we're not discounting the macros. It's still a tough environment out there, but the way we look at it is it's a higher high and higher low, and we're going to continue to drive that productivity.

現在我們不會忽視宏。外面的環境仍然很艱難，但我們的看法是，高點越來越高，低點也越來越高，我們將繼續提高生產力。

I have Michael maybe expand a little bit more just on NAST overall margins where we are in the cycle. But as I said, we feel really good about where we are and kind of what we talked about at Investor Day as well, which is why we kind of gave that range of the $350 million to $450 million overall. Michael, you can expand.

我讓邁克爾稍微擴展一下我們所處的周期中的 NAST 整體利潤率。但正如我所說的，我們對目前的狀況以及我們在投資者日談論的內容感到非常滿意，這就是為什麼我們給出了 3.5 億美元到 4.5 億美元的總體估值範圍。邁克爾，你可以展開說一下。

Hey, Chris, again, thanks for the question. I think Dave hit it. First and foremost, I'd say we believe our productivity gains and the movement we've made in our margins are evergreen, and we expect to continue to challenge ourselves through the operating model to find additional productivity next week, next month, next quarter, you name it.

嘿，克里斯，再次感謝你的提問。我認為戴夫擊中了它。首先，我想說，我們相信我們的生產力成長和利潤率的變動是永恆的，我們希望繼續透過營運模式挑戰自己，以便在下週、下個月、下個季度等任何時候都能提高生產力。

I'll go back to some of the comments Arun made, we do think there's some additional unlock in the world of Agentic AI. We've been industry leading in maybe the first generation of AI and applying that to our business, but we think there's another round of unlocks that we're just in the early innings on just starting to get our arms around.

我將回顧 Arun 所做的一些評論，我們確實認為 Agentic AI 世界中還有一些額外的解鎖。我們可能在第一代人工智慧領域處於行業領先地位，並將其應用於我們的業務，但我們認為還有另一輪解鎖，我們才剛開始著手。

And so we feel really good one, really proud of the team's performance in a continued difficult environment. But two, I do believe there's some opportunity for us, whether the market changes or not, right? We believe we can continue to get better at what we're doing and really excited about the work our teams are doing together, Arun's team and our team in NAST, just really a lot of great stuff in front of us.

因此，我們感到非常高興，對球隊在持續困難的環境中的表現感到非常自豪。但第二，我確實相信，無論市場是否有變化，我們都還有機會，對嗎？我們相信，我們可以繼續做得更好，並且對我們的團隊、Arun 的團隊和我們在 NAST 的團隊共同開展的工作感到非常興奮，我們面前確實有很多偉大的事情。

Appreciate it. Thanks guys.

非常感謝。謝謝大家。

Thank you. Richa Harnain, Deutsche Bank.

謝謝。德意志銀行的 Richa Harnain。

Hey, everyone. Thanks for the time and very impressive results here, echo Chris' sentiment at the bottom of the cycle, kind of getting these types of margins is quite impressive. Maybe you can talk about there remains this non skepticism about the ability for C.H. Robinson replicate or augment on such success in the event of an up cycle. I know you've talked about this ad nauseam in the past, but maybe you can update our views and share.

嘿，大家好。感謝您抽出時間，這裡的結果令人印象深刻，這與克里斯在周期底部的情緒相呼應，獲得這種類型的利潤是相當令人印象深刻的。也許您可以談談，在上升週期中，對於 C.H. Robinson 複製或增強這種成功的能力，人們仍然存在懷疑。我知道您過去已經多次談論過這個廣告，但也許您可以更新我們的觀點並分享。

As we've seen volume growth this quarter, margins still expand at a very strong amount. Maybe this speaks to is another example of how you'll continue to sort of rebut that? But yeah, just all the thoughts you can share around that would be helpful.

正如我們看到的本季銷售成長一樣，利潤率仍然大幅成長。也許這是您將如何繼續反駁這一點的另一個例子？但是是的，您分享的所有想法都會有所幫助。

Yes, good to hear from you. This is Dave. The -- we look at this, and we've been saying, as you pointed out, one, we feel fundamentally really good about, one, where we are in this cycle. But I will tell you, we feel even better that when the market snaps back that we'll be in pole position to continue to drive what you're seeing and that will be energized even more based on our operating model and the technology that Michael just spoke about and that Arun spoke about as well.

是的，很高興收到你的來信。這是戴夫。我們看著這個，我們一直在說，正如你所指出的，第一，我們從根本上感到非常滿意，第一，我們處於這個週期中的位置。但我要告訴你，我們感覺更好，當市場復甦時，我們將處於有利位置，繼續推動你所看到的事情，並且基於我們的運營模式和邁克爾剛才談到的技術以及阿倫也談到的技術，我們將獲得更大的活力。

The key thing that we've always talked about and we said it before, is we are fundamentally a different company structurally where we were yesterday, be in 2018 to where we are now. Structurally, we put that in place in how we operate, the discipline we operate with and the execution that we go after with an evergreen continuous improvement approach. And so when the market goes back, we think that we'll be in a really good position. I'll call out that -- we've always point to our global forwarding business as that kind of canary in the coal mine.

我們一直在談論並且之前也說過的關鍵一點是，從結構上來說，我們與昨天（2018 年）的公司和現在的公司已經完全不同。從結構上講，我們將其融入我們的營運方式、營運紀律以及我們透過持續改進的方法所追求的執行中。因此，當市場回升時，我們認為我們將處於非常有利的地位。我要指出的是——我們一直將我們的全球貨運業務視為煤礦中的金絲雀。

Last year, we saw global forwarding grow each quarter while taking down expenses. This business goes through our same operating model and didn't have the benefit of the technology improvements that we put in NAST.

去年，我們看到全球貨運量每季都在成長，同時費用也在下降。這項業務採用與我們相同的營運模式，但並未受益於我們在 NAST 中實施的技術改進。

So it kind of gives you a headline within that business of what's to come when we start really driving a market rebound within NAST. So we feel like we're positioned extremely well for the rebound. Damon, do you want to expand on that?

因此，當我們開始真正推動 NAST 市場反彈時，它會為您提供該行業未來的頭條新聞。因此，我們感覺我們已經為反彈做好了充分的準備。達蒙，你想進一步解釋嗎？

Yeah. Thanks, Dave, Rich, I would just say that the way we always answer that question is the processes that we have driven efficiency to, that we've brought technology to. They are fundamentally different, right? They're completely changed. And so therefore, there's no need to have the same level of human touch on those processes when the market enters a new stage of recovery, right?

是的。謝謝，戴夫、里奇，我只想說，我們回答這個問題的方式總是透過我們提高效率、引入技術的過程來實現的。它們本質上是不同的，對嗎？他們完全變了。因此，當市場進入復甦的新階段時，這些流程中不需要同樣程度的人為幹預，對嗎？

And so for us, it's not even a question of do you add back head count to support the volume. There's just no need to add that head count back, right? The processes are fundamentally changed. So I'd say that is point number one.

因此對我們來說，這甚至不是一個是否增加員工數量來支持產量的問題。根本就沒必要再增加人數，對吧？流程發生了根本性的變化。所以我認為這是第一點。

Point number two is, as we've talked about many times, I mean our operating model doesn't let us plateau. It doesn't let us get stale on productivity. It drives continuous improvement consistently, and that's no different in the decoupling of our headcount, right? If you think about what's fundamental to our productivity. It is driving efficiency in our processes.

第二點是，正如我們多次談到的，我們的營運模式不會讓我們停滯不前。它不會讓我們的生產力停滯不前。它始終如一地推動著持續改進，這與我們的員工人數脫鉤也沒有什麼不同，對嗎？如果你思考一下什麼對我們的生產力至關重要。它正在提高我們流程的效率。

It's using technology to replace those human touches. And our operating model make sure that's a continuous flow of improvement. So I think we've been pretty consistent on our answer. We fundamentally believe the processes that we've automated are -- they're different, and therefore, don't require the same level of human interaction that they did yesterday, and therefore, we're highly confident when the market does recover that we'll see great operating leverage as part of that recovery.

它利用科技取代人為的接觸。我們的營運模式確保了持續改善。所以我認為我們的答案是相當一致的。我們從根本上相信，我們實現自動化的流程是不同的，因此不需要像昨天那樣進行相同程度的人機交互，因此，我們非常有信心，當市場復甦時，我們將看到巨大的營運槓桿作為復甦的一部分。

Thank you. Ariel Rosa, Citi Group.

謝謝。花旗集團的 Ariel Rosa。

Hi, this is Ben Mohr of Citi on for Ari Rosa. Congrats on a great quarter. As the biggest freight broker, you see everything across your industry. And I wanted to get your take on trucker capacity related to freight broker technology. As you know, trucker capacity has been extremely elevated. It's remained elevated for three years as FMCSA carrier registrations, this June are still at COVID highs from 2022, and net adds are even above exits in 2Q.

大家好，我是花旗銀行的 Ben Mohr，代表 Ari Rosa。恭喜本季取得優異成績。作為最大的貨運經紀人，您可以了解整個行業的一切。我想了解您對與貨運代理技術相關的卡車司機能力的看法。眾所周知，卡車司機的運能已經大大提高。由於今年 6 月的聯邦汽車運輸安全管理局 (FMCSA) 承運商註冊量仍處於 2022 年 COVID 疫情高位，且第二季度淨增數量甚至高於退出數量，該數字已連續三年保持高位。

And this is happening even as truckers should deplete their COVID savings and transports loan impairments are on the rise. There's this growing narrative that broker technologies enabling owner-operator carriers to stay around longer and that may be a key behind the overcapacity issue that's been pressuring rates. And this is broker tech, not just you and your largest competitors, but the 25,000 smaller brokers enabling small owner-operator carriers to find loads to better match their costs.

儘管卡車司機的 COVID 儲蓄已經耗盡，運輸貸款減損也在不斷增加，但這種情況仍在發生。越來越多的證據表明，經紀技術使自營承運商能夠存活更長時間，這可能是造成運力過剩並給費率帶來壓力的關鍵因素。這就是經紀人技術，不只是您和您的最大競爭對手，還有 25,000 家小型經紀人，使小型自營承運商能夠找到更能匹配其成本的貨物。

Like the Uber apps driven a proliferation of gig drivers to overtake large taxi medallion companies. What are you seeing in terms of broker tech of smaller brokers that you come up against? And do you believe this might be a key behind the overcapacity issue pressuring rates that keeps persisting?

就像 Uber 應用程式推動了零工司機數量的激增，從而超越了大型計程車牌照公司。就您所遇到的小型經紀商的經紀技術而言，您看到了什麼？您是否認為這可能是產能過剩問題持續存在並造成利率壓力的關鍵因素？

Hey, [Bruce], this is Michael. Thanks for the question. I think, one, certainly, there's been a democratization of kind of freight brokerage tech over the last couple of years, and there are plenty of folks offering capabilities out to smaller brokers. But there's a couple of things that I would say we believe pretty strongly.

嘿，[布魯斯]，我是麥可。謝謝你的提問。我認為，首先，在過去幾年裡，貨運經紀技術已經民主化，有很多人向小型經紀商提供服務。但我想說，有幾件事我們非常堅信。

And one, our data and information advantage and scale continues to drive opportunities for us in that space. From your question on, is it enabling carriers to stay in longer. I wouldn't say that's the case. We've seen a decline not only in the number of brokers, but also in capacity exits. And as we said in our prepared comments, we are seeing a bit better balance in the marketplace.

首先，我們的數據和資訊優勢和規模繼續為我們在該領域帶來機會。從您的問題來看，它是否能夠讓承運人停留更長時間。我不認為情況是這樣。我們不僅看到經紀人數量的下降，而且產能退出的數量也在下降。正如我們在準備好的評論中所說，我們看到市場平衡有所改善。

But really, I think our ability to match the right freight to our carriers is unmatched in the industry. and our ability to match our customer supply chain needs with that ability to match with carriers is what's driving our success, right? We believe that there is a clear differentiation between what we do in the marketplace and our competition, whether that competition or assets, large brokers or small brokers.

但實際上，我認為我們將合適的貨運與承運商相符的能力在業界是無與倫比的。我們將客戶供應鏈需求與承運商匹配的能力結合起來的能力是我們成功的動力，對嗎？我們相信，我們在市場上所做的事情與我們的競爭對手之間存在明顯的區別，無論是競爭對手還是資產、大型經紀商還是小型經紀商。

And so I'm not sure I would agree maybe with your sentiment on that being a driver of keeping capacity in the marketplace. But certainly, I would acknowledge the democratization of freight brokerage tech, but we believe our tech stack, combined with our people, is a clear differentiator for us in the marketplace.

因此，我不確定我是否同意你的觀點，認為這是維持市場產能的驅動力。但當然，我承認貨運經紀技術的民主化，但我們相信，我們的技術堆疊與我們的人員結合，是我們在市場上的明顯差異化因素。

Yeah. All right, just to add on to that, the -- we have seen a burn down, as you probably have as well with brokers as well, about 18%-plus now over the last 1.5 years, 2 years. So there's a burn down of brokers. And as Michael said, on the carrier side, we see some of that as well. So, it's interesting. We stay focused on what we're doing, but it's a tough market out there for a number of individuals, both carriers and brokers.

是的。好的，補充一點，我們已經看到了下降趨勢，就像經紀人的情況一樣，在過去的 1.5 年、2 年裡，下降幅度約為 18% 以上。因此，經紀人數量銳減。正如邁克爾所說，在運營商方面，我們也看到了一些這樣的情況。所以，這很有趣。我們專注於我們正在做的事情，但對於許多個人（包括承運人和經紀人）來說，這是一個艱難的市場。

Great. Thanks so much.

偉大的。非常感謝。

Thank you. Scott Group, Wolfe Research.

謝謝。斯科特集團、沃爾夫研究公司。

Hey, Thanks afternoon. I was wondering if there's any color you can give us on NAST and forwarding trends and to start Q3 or any way how to think about just normal seasonality, if there's such a thing for Q3? And then maybe just separately on the head count piece.

嘿，下午好，謝謝。我想知道您是否可以為我們提供關於 NAST 和轉發趨勢以及第三季的介紹，或者如何考慮正常的季節性，如果第三季有這樣的情況？然後也許只是單獨統計人數。

Just do we contemplate -- should we contemplate some additional reductions in the back half of the year? And at what point do we just sort of reach a natural sort of limit in terms of where -- how much more there is to go here? Thank you.

我們是否應該考慮——我們是否應該考慮在今年下半年進一步削減一些開支？那麼，在什麼時候我們才會達到自然的極限呢──還有多少可以去呢？謝謝。

Hey Scott, this is Michael. Thanks for the question. I'll speak from a NAST perspective first. Q3 historically is sequentially pretty flat to Q2. And so that's just what I'd say from kind of an industry standard and even our historical numbers.

嘿，史考特，我是麥可。謝謝你的提問。我先從 NAST 的角度來講。從歷史上看，第三季與第二季相比持平。這就是我從行業標準甚至歷史數據的角度所說的。

From a productivity perspective, or head count perspective. What I'd say is we're going to keep holding ourselves to the challenge that Damon, Dave and Arun have mentioned, which is we're going to get more productive every day, every week, every month.

從生產力角度或員工人數角度來看。我想說的是，我們將繼續迎接達蒙、戴夫和阿倫提到的挑戰，那就是我們每天、每週、每月都要提高工作效率。

Now some of that comes in direct head count changes. Some of it comes in how we handle a quote-to-cash life cycle. There's tons of opportunities for us to improve the way we run and operate our business. But I don't believe I would buy maybe the idea that there's a limit. I think there's a ton of unknown.

現在其中一些是直接的員工人數變化。其中一些涉及我們如何處理報價到現金的生命週期。我們有大量的機會來改善我們的經營和經營業務的方式。但我不認為我會接受有限制的想法。我認為還有很多未知數。

The world of AI and now agentic AI is going to create opportunities for us to again shift the way we manage business and create value for our customers and for our people. And so I would not buy into the idea that we're going to run into a hard floor in that aspect. And so that's where I'd answer from a NAST productive.

人工智慧和現在的代理人工智慧的世界將為我們創造機會，再次改變我們管理業務的方式，為我們的客戶和員工創造價值。因此，我不認為我們會在這方面遇到困難。這就是我從 NAST 角度做出的答案。

I'll hand it over to Damon, the GF side.

我會把它交給 GF 方面的 Damon。

Yeah. And Scott, I'll just kind of end my thoughts on productivity, then I'll give you some market commentary on forwarding. Yeah, I agree with everything, Michael. I'd say the way I would think about our productivity is, as I mentioned before in previous comments, right, it's an evergreen approach, right? We expect productivity every month, every quarter, every year, right? That's a baseline expectation.

是的。史考特，我只是想結束我對生產力的思考，然後我會給你一些關於轉發的市場評論。是的，我同意一切，邁克爾。我想說，我思考生產力的方式是，正如我之前的評論中提到的那樣，這是一種常青的方法，對嗎？我們期望每個月、每季、每年都能夠取得成果，對嗎？這是一個基本預期。

In addition to that, there are going to be milestones where technology evolves or processes evolves and we'll get productivity even on top of that evergreen productivity that's driven by our operating model. So as Michael said, we really don't see any future of a plateau and productivity for us, right? Our operating model is going to drive us to incremental evergreen productivity.

除此之外，隨著技術進步或流程改進，我們還會取得里程碑式的進步，甚至在由我們的營運模式驅動的常青生產力之上，我們也會獲得更高的生產力。所以正如邁克爾所說，我們真的看不到任何未來的穩定和生產力，對嗎？我們的營運模式將推動我們實現漸進式常青生產力。

The evolution of our technology is going to drive us to that step function productivity. So -- as Dave has mentioned, we've mentioned often, we're in the early innings of our transformation, and that early innings applies to the productivity journey we're on as well.

我們的技術的進步將推動我們實現這一階梯式生產力。所以——正如戴夫所提到的，我們也經常提到，我們正處於轉型的早期階段，而這個早期階段也適用於我們正在進行的生產力之旅。

Specifically to Q3 for global forwarding, as you know, we don't give guidance. But what I will tell you is I'll start by framing Q2 and then work into Q3. Certainly for Q2, April was the bottom of our volume due to the tariff wars and the level of tariffs in the quarter that we started out with. We did see volume rebound in May and June but it wasn't a significant rebound, certainly not enough to offset the pressure that we saw in April. So as you go into Q3, I think there's just still a lot of uncertainty.

具體到第三季度的全球轉發，如您所知，我們沒有提供指導。但我要告訴你的是，我將從建造 Q2 開始，然後再進入 Q3。當然，對於第二季度來說，由於關稅戰和我們本季開始時的關稅水平，4 月是我們交易量的最低點。我們確實看到 5 月和 6 月的銷量出現反彈，但反彈並不明顯，當然不足以抵消 4 月份的壓力。因此，當進入第三季度時，我認為仍然存在許多不確定性。

As you see every day in the headlines, right, there's still many trade negotiations still pending. The levels of tariff outcomes related to those negotiations are still pending. So I think the tariff front creates a lot of uncertainty for Q3, and I'd say in the second half of the year.

正如你每天在頭條新聞中看到的那樣，仍有許多貿易談判懸而未決。與這些談判相關的關稅水準結果仍未確定。因此，我認為關稅問題為第三季以及下半年帶來了許多不確定性。

And then I think the unknown on top of that from a macro perspective is what will consumer confidence be? And what will that ultimately derive from a GDP perspective? So I think that's the equation. I think we've all got a balance for the second half is what pressure are tariffs going to create from an overall demand perspective. And can that be offset by consumer confidence in GDP growth, right? I think that's the equation we're all starting to run through our models for the second half of the year.

然後我認為從宏觀角度來看，最大的未知數是消費者信心會如何？從 GDP 角度來看，這最終會得到什麼結果？所以我認為這就是等式。我認為，我們對下半年的情況已經有了大致的了解，從整體需求角度來看，關稅將會帶來什麼樣的壓力。這能被消費者對 GDP 成長的信心所抵銷嗎？我認為這是我們在下半年開始通過模型運行的方程式。

Thank you.

謝謝。

Thank you. Tom Wadewitz, UBS.

謝謝。瑞銀的湯姆·韋德維茨（Tom Wadewitz）。

Yeah, good afternoon and congratulations on the strong results, against a tough freight backdrop. I apologize if you were to comment on this or some overlapping calls. But -- how do you think about the operating margin, I guess, in that the kind of target of 40% or mid, I don't know, mid-cycle target, however you frame it exactly.

是的，下午好，祝賀您在艱難的貨運背景下取得的強勁業績。如果您對此或一些重疊的通話發表評論，我深表歉意。但是——我想，您如何看待營業利潤率，那種 40% 的目標或中間，我不知道，中期目標，無論您如何具體制定它。

You're getting pretty close and nice improvement towards that. Is that something that's kind of around the corner? Or how do you think about, I guess, ability to achieve that in a week what remains, call it, a soft freight market, however you want to frame it?

你已經非常接近目標並且取得了很大的進步。這是即將發生的事嗎？或者我想，您如何看待在一周內實現這一目標的能力，剩下的就是所謂的疲軟貨運市場，無論您想如何建立它？

And then on the gross margin for NAST and further improvement, is there a ceiling on that? Or is that -- how do you think about what that can get to that's just been a really favorable progression in the gross margin in NAST as well? Thank you.

那麼關於 NAST 的毛利率以及進一步的改善，是否有上限？或者說——您認為這會為 NAST 的毛利率帶來什麼真正有利的進展？謝謝。

Hey, Tom, thank you. This is Michael. I'll take the gross margin side, and then I'll let Damon speak a bit to the operating margin side. We've been pretty consistent over the last couple of quarters around how we view gross margin volume, the optionality we have to really maximize the combination of that regardless of market. I think what we're getting better is adding intentionality to our optionality, right? So we know what freight is the right freight for our customers, for our carriers.

嘿，湯姆，謝謝你。這是邁克爾。我將談談毛利率方面，然後讓達蒙談談營業利潤率方面。在過去的幾個季度中，我們對毛利率的看法一直非常一致，無論市場如何，我們都必須真正最大化毛利率的組合。我認為我們正在取得的進步是在我們的可選性中添加意向性，對嗎？因此，我們知道哪種貨運對我們的客戶和承運人來說是合適的。

We know there are some key areas. We talked about our value equations, whether it's verticals for specific customers or capabilities like short haul or drop trailer or other places. And so I think every -- just as we've been talking, productivity is evergreen, so is our expectation of the improvement of our pricing models, our cost of hire models, our team's interaction with those models and how they're getting better at identifying the right freight for us to go pursue.

我們知道有一些關鍵領域。我們討論了我們的價值方程式，無論是針對特定客戶的垂直領域，還是短途運輸、拖車運輸或其他地方的能力。所以我認為，正如我們一直在談論的那樣，生產力是永恆的，我們對定價模型、租賃成本模型、我們的團隊與這些模型的互動以及它們如何更好地識別適合我們去追求的貨運的改進的期望也是如此。

And I also do think that customers are -- Dave mentioned in his comments, there's a flight to quality. And I think customers are identifying the value we're bringing in the marketplace. And so I don't necessarily know if I'd say again, I don't like using the word limit anywhere. But I think there is an opportunity for us to continue to refine the combination of volume and margin that we're producing to keep driving growth for the business and value for our customers.

而且我確實認為，客戶——戴夫在他的評論中提到，正在追求品質。我認為客戶正在認可我們為市場帶來的價值。因此，我不一定知道我是否會再說一遍，我不喜歡在任何地方使用字數限制。但我認為我們有機會繼續完善產量和利潤的組合，以繼續推動業務成長並為客戶創造價值。

Yeah, Tom, I'm going to hand it to Damon. I just -- I do want to highlight the fact that the team is doing a really exceptional job in a super tough market. I mean this is -- we're seeing all of this, and I think you all agree that we're well over three years here and with that pressure that's on there.

是的，湯姆，我要把它交給達蒙。我只是——我確實想強調這樣一個事實：在這個極其艱難的市場中，該團隊確實做得非常出色。我的意思是——我們都看到了這一切，我想你們都同意我們在這裡已經三年多了，並且承受著這樣的壓力。

But how we're operating in that discipline that the team is operating with it's just something that's fundamentally different. And we do like to look at that and say, that there's a separation there. I mean how we're operating, how we go about it, how we're trying to separate ourselves out from competition. I give the team a lot of credit for that and it's a lot of hard work in really a tough environment.

但是，我們如何按照團隊所遵循的紀律來運作，這是根本不同的。我們確實喜歡觀察這一點並說，那裡存在分離。我的意思是我們如何運作，我們如何做事，我們如何努力使自己在競爭中脫穎而出。我對此給予團隊很大的讚揚，他們在非常艱苦的環境中付出了很多努力。

So again, we don't discount it. We just get up every day and go do it. But I just didn't want to discount the fact that, it's a tough market out there, but this team is kind of innovating through that. And it's just a different way of how we're thinking about it and executing. But Damon, you can add a little bit.

因此，我們再次強調，我們不會低估這一點。我們每天起床就去做這件事。但我只是不想忽視這樣一個事實，那就是這是一個艱難的市場，但這支團隊正在透過這種市場進行創新。這只是我們思考和執行的不同方式。但是達蒙，你可以添加一點點。

Yes. So Tom, I would just round this out with saying, look, we feel really good about the margins we delivered in Q2, what we've delivered in the first half of 25% as we've said every time we get an opportunity, we feel really good about our Investor Day commitments for 2026.

是的。所以湯姆，我只想總結一下，你看，我們對第二季度實現的利潤率感到非常滿意，上半年我們實現了 25% 的利潤率，正如我們每次有機會時所說的那樣，我們對 2026 年投資者日的承諾感到非常滿意。

Now with that said, right, we won't slow the momentum, right? So there is no cap on what we think we can do, but we are confident in what we've committed to. I think Michael touched on this on the gross margin level. I'll touch on it on the operating margin level is we've got a lot of optionality between volume and profitability, right? And so we don't want to back ourselves into a corner on limiting that optionality, right?

現在說了這麼多，對吧，我們不會放慢這個勢頭，對吧？因此，我們認為我們能夠做的事情沒有上限，但我們對我們所承諾的事情充滿信心。我認為邁克爾在毛利率水平上談到了這一點。我會談到營業利潤率水平，我們在銷量和盈利能力之間有很多可選性，對嗎？所以我們不想因為限制這種可選性而陷入困境，對嗎？

So every day, every month, every hour in some cases, we're playing the optimization gain between market share growth and margin optimization through gross and operating, we feel good about that optionality. So I'll just reiterate, we feel really good about the 40% for NAST at mid-cycle. We certainly won't use that as a cap and performance allows us to exceed that we will, but we also don't want to give up the optionality we have between market share outgrowth and profitability.

因此，在某些情況下，每天、每月、每小時，我們都在透過總收入和營運收入在市佔率成長和利潤率優化之間尋找優化收益，我們對這種可選性感到滿意。因此，我只想重申一下，我們對 NAST 在中期週期的 40% 感到非常滿意。我們當然不會將其作為上限，業績可以讓我們超越這一上限，但我們也不想放棄市場份額成長和獲利能力之間的可選性。

Okay, great. Thank you.

好的，太好了。謝謝。

Thank you.

謝謝。

Thank you. Bruce Chan, Stifel.

謝謝。布魯斯陳（Bruce Chan），Stifel。

Hey, good afternoon, everyone. It's been a long day. So happy to see these results. Appreciate that. And I think the success that you've had this quarter kind of has me maybe drawing about some longer-term possibilities. So maybe on that front and thinking about M&A, it's been a little while since you've added to the portfolio.

嘿，大家下午好。這真是漫長的一天。看到這些結果真是太高興了。非常感謝。我認為本季的成功或許讓我想到了一些長期的可能性。因此，也許從這方面考慮，考慮到併購，你已經有一段時間沒有增加投資組合了。

You've made some good progress over the past few quarters with optimizing the current business but we've also had a lot of changes to trade patterns and shipper needs. So maybe just talk about the appetite here for inorganic growth and any places in the portfolio or geographic pockets or lanes, especially in global forwarding that you might see some opportunities, especially in what I'd call a buyers' market here?

過去幾個季度，我們在優化當前業務方面取得了一些進展，但我們的貿易模式和托運人需求也發生了很大變化。因此，也許只是談論一下對無機增長的興趣以及投資組合或地理區域或通道中的任何地方，特別是在全球貨運中，您可能會看到一些機會，特別是在我所說的買方市場中？

Yeah. Thanks for the question, Bruce. What I would say, and I think it served us well certainly in my 12 months with the company, right, is we have a very disciplined capital allocation model. And as you can see from our results, the organic opportunities we have internal certainly are attractive, right, and certainly get top billing from an investment perspective. So I'll just recap our allocation strategy, and I'll touch on M&A as I go through that. So certainly maintaining our investment-grade balance sheet is a top priority.

是的。謝謝你的提問，布魯斯。我想說的是，而且我認為在我為公司工作的 12 個月裡，它對我們非常有益，因為我們擁有一個非常嚴謹的資本配置模型。從我們的結果可以看出，我們內部的有機機會確實很有吸引力，對吧，而且從投資角度來看肯定是最重要的。因此，我將簡單回顧我們的分配策略，並在回顧過程中談到併購。因此，維持我們的投資等級資產負債表無疑是重中之重。

Maintaining and growing our dividend is a top priority, as I mentioned just now, Arun and team have a very deep deck of opportunities. That's why we keep talking about early innings because the organic pipeline of opportunities is very deep, and they're very high ROI opportunities. So they certainly command a large portion of our allocation because the return is there. And then certainly, M&A and buyback become part of that equation.

維持和增加我們的股息是重中之重，正如我剛才提到的，阿倫和他的團隊擁有非常豐富的機會。這就是為什麼我們一直在談論早期階段，因為機會的有機管道非常深，而且它們是投資回報率非常高的機會。因此，他們肯定佔據了我們分配的很大一部分，因為回報就在那裡。當然，併購和回購成為這個等式的一部分。

As you've seen, we have bought back stock in Q1 and Q2. There's certainly a higher probability this year than there was last year on a continuation of that buyback. And make no mistake, we're kicking the tires on inorganic opportunities. I would say every week, right? So we're certainly not dormant on looking at inorganic opportunities.

正如您所看到的，我們在第一季和第二季回購了股票。今年繼續進行回購的可能性肯定比去年更高。毫無疑問，我們正在努力尋找無機機會。我想說的是每週，對嗎？因此，我們當然不會對無機機會保持警覺。

But as Dave has reminded, every investor we talk to and many of you, we're not going to make a mistake on M&A, right? It will be the right acquisition. And when it is the right acquisition, we'll pull the trigger. But in the meantime, we feel like we have a really good capital allocation strategy and the organic opportunities that have yielded great growth and margin benefits are still plentiful and that continues to be a focus.

但正如戴夫提醒的那樣，我們交談過的每一位投資者以及你們中的許多人，我們不會在併購上犯錯誤，對嗎？這將是一次正確的收購。當收購時機成熟時，我們就會採取行動。但同時，我們覺得我們有一個非常好的資本配置策略，帶來巨大成長和利潤效益的有機機會仍然很多，這仍然是我們關注的重點。

Okay. Makes a lot of sense. Thank you.

好的。很有道理。謝謝。

David Hicks, Raymond James.

大衛希克斯、雷蒙詹姆斯。

Oh, good afternoon. Thanks for taking the question. I just wanted to -- I know it's a smaller part of the business, but I wanted to hit on customs because it's outsized impact in the quarter with record gross profit. And I think the most absolute growth among your service lines this quarter.

噢，下午好。感謝您回答這個問題。我只是想——我知道這只是業務中較小的一部分，但我想談談海關，因為它對創紀錄的毛利本季產生了巨大影響。我認為這是本季你們服務系列中絕對成長最快的。

Can you maybe unpack kind of what's driving the strength? Is it more of a transitory benefit from tariff complexity and elevated compliance needs? Are you seeing more kind of structural improvements from here as long as tariffs are in place?

您能否解釋一下推動這種力量的因素是什麼？這是否只是關稅複雜性和合規性要求提高帶來的暫時好處？只要關稅仍然存在，您是否會看到更多結構性改善？

Yeah. Thank you for the question, David. What I would say is, look, we pride ourselves on being able to meet our customers where they're at, both on a global offering perspective as well as a full suite of offerings as well as it relates to customs and duties. And as you can imagine, we've had a lot of activity in the custom space with all of the uncertainty and just range of variability that's going on.

是的。謝謝你的提問，大衛。我想說的是，我們很自豪能夠根據客戶的需求提供他們所需的服務，無論是從全球供應角度還是從全套服務角度，以及與海關和關稅相關的服務。正如您所想像的，我們在客製化領域開展了大量活動，其中充滿了不確定性和變化範圍。

And certainly, that's benefited us. We've been able to benefit our customers by offering them a key value-added offering during this period of time, and we've benefited from that offering. What I would say is the sustainability of the customs performance is highly dependent on the tariff environment, right?

毫無疑問，這對我們有益。在此期間，我們透過向客戶提供關鍵的增值產品使客戶受益，並且我們也從中獲益。我想說的是，海關績效的可持續性在很大程度上取決於關稅環境，對嗎？

And so I don't think any of us know where that's exactly going to land in the next 6 to 12 months. I think the one thing we can probably be confident in is that the customs complexity is probably not going to go away in entirely, right?

因此我認為我們中沒有人知道未來 6 到 12 個月內具體會發生什麼。我認為我們可以確信的一件事是，海關的複雜性可能不會完全消失，對嗎？

There's going to be some level of advanced customs level and complexity as we go forward, and we'll certainly benefit from that complexity in that volume. So what I'd say is there's no way to guarantee would the Q2 levels of customs continue into the future. We believe our customs activity will continue to be elevated. To what level will depend on the tariff environment going forward.

隨著我們前進，海關水平和複雜性將達到一定程度，我們肯定會從這種複雜性中受益。所以我想說的是，沒有辦法保證第二季的海關水準是否會持續下去。我們相信我們的海關活動將繼續加強。具體到什麼水準將取決於未來的關稅環境。

All right, great. I appreciate the time.

好的，太好了。我很感激你抽出時間。

Jeff Kaufman, Vertical Research Partners.

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

Thank you very much. Well, first of all, congratulations. These are terrific results in a tough environment. I'm just kind of curious, and I think, David, you mentioned this in your earlier commentary, about some of the opportunities you were seeing in the market. But I'm just kind of wondering how is the table shifting with all the uncertainty out there? And what new opportunities are you seeing for the company that maybe weren't as visible six to nine months ago.

非常感謝。嗯，首先，恭喜你。在艱苦的環境下取得如此出色的成績。我只是有點好奇，大衛，我想你在之前的評論中提到你在市場上看到的一些機會。但我只是有點好奇，在如此不確定的情況下，情況會如何改變？您認為公司有哪些新的機會，這些機會在六到九個月前可能還不明顯。

Hey Jeff, I just want to clarify in the comments. I think your opportunities that we spoke of. It's really about our continuous improvement opportunities of the company that we have. I mean Damon just spoke to the potential inorganic versus organic opportunities, and I think you covered that fairly well.

嘿傑夫，我只是想在評論中澄清一下。我認為我們談到了你的機會。這實際上與我們公司持續改進的機會有關。我的意思是，達蒙剛才談到了潛在的無機機會與有機機會，我認為你對此進行了相當好的闡述。

I'll have Arun talk a bit more about something we're really excited about as we continue on this journey. And on how it kind of separates us on how we're looking at the company overall structurally. But Arun, you want to expand a bit on that opportunity.

在我們繼續這段旅程的過程中，我將讓阿倫再多談談一些讓我們真正興奮的事情。以及我們如何從整體結構上看待公司。但是阿倫，你想稍微擴大一下這個機會。

Yeah. You heard both -- well, everyone here has talked about gross margins and operating margins and how much opportunity we have going forward. And the opportunity lies in the way we've approached this, we've used things like machine learning and traditional software engineering techniques to drive dynamic pricing and dynamic costing, so algorithmic pricing and costing and yield management to drive all of our productivity improvements at 35% over the last couple of years.

是的。你們都聽到了——好吧，這裡的每個人都談論了毛利率和營業利潤率以及我們未來有多少機會。機會在於我們處理這個問題的方式，我們使用機器學習和傳統軟體工程技術來推動動態定價和動態成本核算，因此演算法定價和成本核算以及收益管理在過去幾年中推動我們的生產力提高了 35%。

And so the way we think about it is we need -- we are and we will continue to disrupt from within with technology. We've been doing it with all the tools that were available, traditional software engineering, data science, GenAI, I think the big opportunity on the horizon for us to continue that evergreen productivity and continued optionality on gross margin and volume trade-offs is Agentic AI.

因此，我們對此的看法是，我們需要——我們正在並將繼續利用科技從內部進行顛覆。我們一直在使用所有可用的工具，包括傳統軟體工程、數據科學、GenAI，我認為，讓我們繼續保持常青生產力並在毛利率和產量權衡上繼續保持選擇性的巨大機會是 Agentic AI。

We're well set with all the investments that we've done in the past few years to build our muscle. That combined with our operating model creates a significant opportunity going forward.

我們已經為過去幾年來增強實力而進行的所有投資做好了充分準備。這與我們的營運模式相結合，創造了重大的未來機會。

Yeah Jeff, I would just add kind of tagging on to what Dave was talking about is a lot of times, look, we have a great success on productivity. It shows up in our margins. It gets most of the attention I think the one thing that our efforts doesn't always get highlighted is the ability to outgrow the market, right? So certainly, all of the technology improvements, all of the productivity improvements they've also improved our ability to serve the customer.

是的，傑夫，我只是想補充戴夫所說的內容，很多時候，看，我們在生產力方面取得了巨大的成功。它出現在我們的邊緣。它得到了最多的關注，我認為我們的努力並不總是得到強調的一件事就是超越市場的能力，對嗎？因此，當然，所有的技術改進、所有的生產力改進也提高了我們服務客戶的能力。

We're able to get the more quotes than we ever got to before. We can provide a better service level to the customer. And all that has led to our ability to outgrow the market. So as Michael spoke to earlier, we outgrew the Cass index for both truckload and LTL on the quarter. That's been a continued trend now for many, many quarters. And that's a little bit of a narrative that gets lost as the outgrowth, right?

我們能夠獲得比以前更多的報價。我們可以為客戶提供更好的服務水準。所有這些都使我們有能力超越市場。正如邁克爾之前所說的那樣，本季度我們的卡車和零擔運輸指數都超過了卡斯指數。這種趨勢已經持續很多個季度了。這是一種隨著發展而逐漸消失的敘述，對嗎？

So if you think about everything that Robinson team has been able to deliver, certainly, we've benefited greatly from the productivity at the operating margin level. But all the effort around revenue management, around price optimization, cost to higher optimization that's benefited our gross margins.

因此，如果您考慮羅賓遜團隊所能提供的一切，那麼毫無疑問，我們從營業利潤率水平的生產力中受益匪淺。但是，圍繞著收入管理、價格優化、成本優化所做的所有努力都有利於我們的毛利率。

And then on top of that, it's unlocked potential on being able to outgrow the market as well. So it's really -- our strategy is allowing us to win on both growth, gross margin and operating margin. And as Arun just spoke to, a lot of that was on the back of GenAI. We think Agentic AI is the next phase of that kind of breakthrough productivity. So we're really excited about what the next 12 to 18 months holds.

除此之外，它還釋放了超越市場的潛力。所以實際上——我們的策略讓我們在成長、毛利率和營業利潤率方面都取得了成功。正如阿倫剛才所說，其中很大一部分都依賴 GenAI。我們認為 Agentic AI 是此類突破性生產力的下一階段。因此，我們對未來 12 到 18 個月的發展感到非常興奮。

Thank you very much.

非常感謝。

Thanks, Jeff.

謝謝，傑夫。

Thank you. Jonathan Chappell, Evercore ISI.

謝謝。喬納森·查佩爾（Jonathan Chappell），Evercore ISI。

Thank you. Good afternoon. Kind of on that same thesis, but maybe outside of your core knitting a little bit. You've done so much with what C.H. Robinson had when you arrived as a new management team, we're seeing some brokers really kind of increase their interest in financial offerings now.

謝謝。午安.有點像是同一個論點，但可能有點超越你的核心思想。當您作為新管理團隊加入 C.H. Robinson 時，您為該公司做出了巨大貢獻，我們看到一些經紀人現在對金融產品的興趣確實有所增加。

And I'm sure you have some, but can you just remind us about your capabilities of some of the financial offerings, fintech, so to speak? And is there a competitive advantage that you see either getting bigger in that or maybe just kind of keeping to your core knitting?

我相信您有一些，但是您能否提醒我們您在一些金融產品（例如金融科技）方面的能力？您認為這方面的競爭優勢是否能夠進一步擴大，或只是保持您的核心業務？

Hey, John, this is Michael. Appreciate the question. We announced certainly Robinson Financial probably been just over a year ago -- probably was just a year ago. But it was really around driving value to the carrier community. If you're a carrier getting paid accurately quickly, getting access to the right freight, getting -- keeping your trucks moving, all of those together create an ecosystem that we think is the best in the industry.

嘿，約翰，我是麥可。感謝你的提問。我們宣布羅賓遜金融 (Robinson Financial) 的消息可能就在一年前了——可能就在一年前。但它的真正目的是為營運商社群創造價值。如果您是承運商，能夠快速且準確地獲得付款、獲得正確的貨運、保持卡車正常運轉，那麼所有這些共同創造了一個我們認為是業內最好的生態系統。

And so admittedly, while we had the most loads off for anybody in the industry, I think we had the best people and logisticians to match that freight up. But we were missing that extra component of adding that financial support to the carrier.

因此，不可否認，雖然我們的卸貨量是業內最多的，但我認為我們擁有最優秀的人員和物流人員來匹配這些貨物。但我們缺乏為航空公司增加財政支持的額外要素。

And that's really why we announced our partnership with Triumph about a year ago, and now we're offering industry-leading carrier payment programs and other financial services, and we expect those services to evolve and continue to develop.

這就是我們大約一年前宣布與 Triumph 合作的原因，現在我們提供業界領先的營運商支付計劃和其他金融服務，我們預計這些服務將會持續發展。

We want to be a place that carriers choose to move their equipment. And we believe the combination of services we offer with the most freight to offer really gives us, again, another point of differentiation in the marketplace.

我們希望成為承運商選擇的設備搬運地點。我們相信，我們提供的服務與最多的貨運量的結合確實讓我們在市場上再次脫穎而出。

Great. Thanks, Michael.

偉大的。謝謝，麥可。

Thank you. This concludes our question-and-answer session. I'd like to hand the call back over to Chuck Ives for any closing comments.

謝謝。我們的問答環節到此結束。我想將電話轉回給查克艾夫斯 (Chuck Ives)，讓他發表最後的評論。

Yeah, that concludes today's call. Thank you, everyone, for joining us today. We look forward to talking to you again, and have a great evening.

好的，今天的通話到此結束。感謝大家今天加入我們。我們期待再次與您交談，並祝您度過一個愉快的夜晚。

Thank you again for your participation. You may now disconnect.

再次感謝您的參與。您現在可以斷開連線。