羅賓遜全球物流 (CHRW) 2026 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the C.H. Robinson second quarter 2026 conference call. (Operator Instructions) As a reminder, this conference is being recorded Wednesday, July 29, 2026. I would now like to turn the conference over to Chuck Ives, Senior Director of Investor Relations.

各位女士、各位先生，下午好，歡迎參加 C.H. Robinson 2026 年第二季電話法說會。（接線員指示）提醒各位，本次會議於 2026 年 7 月 29 日（星期三）錄音。現在我想把會議交給投資人關係資深總監 Chuck Ives。

Thank you, operator, 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. I'd like to remind you that our remarks today contain forward-looking statements.

謝謝接線員，各位下午好。今天與我一同出席電話會議的有：總裁暨執行長 Dave Bozeman；北美地面運輸總裁 Michael Castagnetto；策略與創新長 Arun Rajan；以及財務長 Damon Lee。我想提醒各位，我們今天的發言包含前瞻性陳述。

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.chrobinson.com. Today's remarks also contain certain non-GAAP measures, and reconciliations of those measures to GAAP measures are included in the presentation. With that, I'll turn the call over to Dave.

今天簡報的第 2 頁列示可能導致實際結果與管理層預期不同的因素。我們的盈餘簡報投影片為盈餘新聞稿之補充，可於我們網站 investor.chrobinson.com 的「投資人」專區取得。今天的發言亦包含若干非 GAAP 衡量指標，且這些指標與 GAAP 指標之調節表已納入簡報中。接下來我把電話交給 Dave。

Thank you, Chuck. Good afternoon, everyone, and thank you for joining us today. I want to begin by thanking 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. These efforts contributed to the high-quality earnings we reported today.

謝謝你，Chuck。各位下午好，感謝今天加入我們。我想先感謝我們的同仁不懈努力，為客戶提供卓越服務；也感謝承運商採納 Robinson 營運模式並持續以紀律執行。這些努力促成了我們今天所公布的高品質盈餘表現。

When I became CEO three years ago, we committed to delivering higher highs and higher lows across freight market cycles. Our second quarter results are yet another example of delivering on that commitment. Despite being in the trough, of the freight market demand cycle with the Cass freight shipment index declining on a year-over-year basis for the 15 consecutive quarter, we hit our mid-cycle operating margin targets in both NAST and Global Forwarding in Q2.

三年前我出任執行長時，我們承諾要在貨運市場循環中實現「高點更高、低點也更高」的表現。我們第二季的結果再次證明我們正在兌現這項承諾。儘管目前仍處於貨運市場需求循環的谷底，且 Cass 貨運出貨指數已連續第 15 個季度年減，我們在第二季於 NAST 與全球貨運代理兩個業務都達成了中周期營業利益率目標。

We achieved this through disciplined execution of our lean AI strategy, which has enabled us to identify and remove waste and to automate manual processes in the quote-to-cash life cycle of an order. The result has been evergreen productivity improvements of over 60% since the end of 2022 in both NAST and Global Forwarding.

我們透過以紀律執行精實 AI 策略達成上述成果；該策略使我們能在訂單從報價到收款（quote-to-cash）的生命週期中辨識並移除浪費，並將人工流程自動化。其結果是，自 2022 年底以來，NAST 與全球貨運代理兩個業務的生產力提升均超過 60%，且具持續性（evergreen）。

The execution of our strategy has also enabled us to build a scalable model with significant operating leverage, which contributed to the 20% year-over-year increase in our adjusted operating income. But our lean AI strategy isn't just about generating higher productivity. First and foremost, it needs to result in better service to our customers and carriers. And our scores related to customer satisfaction are exceptionally strong. As we continue to purposely engineer our work to drive higher automation and industry-leading cost to serve and service to our customers and carriers that is better than ever.

我們策略的落實也使我們建立起可擴展、具顯著營運槓桿的模式，帶動調整後營業利益年增 20%。但我們的精實 AI 策略不僅僅是為了提升生產力。最重要的是，它必須帶來對客戶與承運商更好的服務。而我們與客戶滿意度相關的評分表現極為強勁。隨著我們持續有意識地重新設計工作流程，以推動更高程度的自動化，並為客戶與承運商打造業界領先的服務成本（cost to serve）與服務水準，這些表現比以往任何時候都更好。

We've consistently gained market share in our NAST business. Q2 was the 13 consecutive quarter in which our year-over-year NAST volume growth outpaced Cass freight shipment index. Our team also continued to exercise our disciplined revenue management practices, while the North American trucking market reflected a period of significant supply-driven tightening.

我們在 NAST 業務中持續取得市占率。第二季是我們 NAST 年增量成長連續第 13 個季度超越 Cass 貨運出貨指數。同時，在北美卡車運輸市場呈現由供給驅動的明顯緊縮期間，我們團隊也持續落實具紀律的營收管理作法。

This tightening caused our truckload linehaul cost per mile to increase 29% year-over-year, putting significant pressure on our contractual margins and we still delivered a truckload AGP per load that was approximately flat year-over-year. As we've said consistently, we're not immune to an increase in spot rates.

這種緊縮使我們整車（truckload）幹線每英里成本年增 29%，對合約毛利率造成顯著壓力；即便如此，我們仍交出整車每載次 AGP 約與去年同期持平的表現。正如我們一再強調的，我們並非不受現貨運價上升的影響。

But our revenue management disciplines and our improved price and cost discovery enable us to manage through spot rate inflections better than we ever have in the past. In our Global Forwarding business, the team continues to help our customers navigate ongoing disruptions across global shipping networks, and they continue to implement the same revenue management disciplines that have been successfully deployed in NAST.

但我們的營收管理紀律，以及更佳的價格與成本發現能力，使我們能比過去任何時候都更有效地因應現貨運價的轉折。在全球貨運代理業務方面，團隊持續協助客戶因應全球航運網路的持續性干擾，並持續導入與 NAST 成功部署相同的營收管理紀律。

Additionally, they are moving from manual reactive work that is dependent on manual handoffs towards automated workflows that are faster, more connected and easier to manage at scale. While this journey is still ongoing, we're already seeing encouraging progress in several areas. And as a result, the Global Forwarding team delivered year-over-year productivity improvements of more than 15% in Q2 and achieved an adjusted operating margin, excluding restructuring, of 33.4%.

此外，他們正從依賴人工交接的手動、被動式工作，轉向更快速、更互聯、且更易於規模化管理的自動化工作流程。雖然這段旅程仍在進行中，但我們已在多個領域看到令人鼓舞的進展。因此，全球貨運代理團隊在第二季實現超過 15% 的年增生產力提升，並達成（不含重組）調整後營業利益率 33.4%。

Our ability to consistently deliver secular earnings growth over the last two plus years is a result of focusing on controlling what we can control and the strength of our lean AI strategy. Lean AI is our unique disciplined approach to AI innovation that is transforming supply chains. It combines the principles of our Robinson operating model, rooted in lean methodology with the power of custom-built AI, and the expertise of our people to maximize value, minimize waste and drive better outcomes for our customers and carriers. We'll continue to focus on providing differentiated service and solutions to our customers and carriers.

我們在過去兩年多能夠持續交出結構性（secular）的盈餘成長，源於我們專注於掌控可掌控之事，以及精實 AI 策略的強大效益。精實 AI 是我們獨特且具紀律的 AI 創新方法，正在改造供應鏈。它結合以精實方法論為根基的 Robinson 營運模式原則、客製化 AI 的力量，以及同仁的專業能力，以最大化價值、最小化浪費，並為客戶與承運商帶來更佳成果。我們將持續專注於為客戶與承運商提供差異化的服務與解決方案。

Executing with discipline and improving our business model and our cost to serve. We're highly confident in our ability to continue executing on all of our strategic initiatives and the strategies that our team is executing are built to be effective in any market environment. We're excited about the prospects for a possible return to a healthier demand environment.

以紀律執行，並改善我們的商業模式與服務成本（cost to serve）。我們對持續推進所有策略性計畫的執行能力充滿信心，而團隊正在執行的策略設計上可在任何市場環境中發揮效用。我們也對需求環境可能回到更健康水準的前景感到振奮。

Our industry-leading cost to serve model is highly scalable and we expect it to strengthen further as we harness AI's capabilities to automate more of the quote-to-cash life cycle of a load. AI is changing the way the world works. We recognized that early on and embrace it as an important part of transforming Robinson into a different and better company.

我們業界領先的服務成本模型具高度可擴展性；隨著我們運用 AI 能力將更多載貨從報價到收款（quote-to-cash）的生命週期自動化，我們預期該模型將進一步強化。AI 正在改變世界的工作方式。我們很早就意識到這一點，並將其視為把 Robinson 轉型為一家不同且更好的公司的重要一環。

And we also recognize that it can amplify the expertise of our people and help them thrive in more strategic roles. As the industry pace-setter for cutting-edge innovation, and differentiated solutions, we will continue to use our domain expertise to build technology that delivers on our customer promise and drives higher value for all of our stakeholders. And while we're pleased with our secular earnings growth over the past two plus years, our transformation is still in its early stages. We have significant runway remaining as we continue to strengthen the lean mindset and scale custom-built AI agents across the enterprise.

我們也認知到，AI 能放大同仁的專業能力，並協助他們在更具策略性的角色中茁壯成長。作為引領產業步調的前沿創新者與差異化解決方案提供者，我們將持續運用領域專業打造技術，兌現對客戶的承諾，並為所有利害關係人創造更高價值。雖然我們對過去兩年多的結構性盈餘成長感到滿意，但我們的轉型仍處於早期階段。隨著我們持續強化精實思維，並在全企業擴大部署客製化 AI 代理（agents），我們仍有相當大的成長跑道。

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

接下來我把時間交給 Michael，請他提供更多關於 NAST 業績的細節。

Thanks, Dave, and good afternoon, everyone. I'm very proud of the team's execution in Q2, which again demonstrated our improved ability to offset the pressure of significantly higher spot rates on our profitability and displayed our ability to hit our mid-cycle operating margin targets despite still depressed freight demand. Let's dig into everything that the NAST team accomplished in Q2.

謝謝你，Dave，各位下午好。我對團隊在第二季的執行成果感到非常自豪；這再次展現我們提升後的能力，能抵銷現貨運價大幅上升對獲利能力造成的壓力，也顯示即使貨運需求仍然低迷，我們仍能達成中周期營業利益率目標。讓我們深入看看 NAST 團隊在第二季完成的各項成果。

As Dave mentioned, for the 13 consecutive quarter, our total NAST volume outgrew the Cass freight shipment index. Our focus on winning a higher percentage of contractual bids has been a primary driver of our sustained market share gains, and we expect they will continue to be going forward.

如 Dave 所提，連續第 13 個季度，我們 NAST 總運量的成長都超越 Cass 貨運出貨指數。我們專注於在合約標案中取得更高的得標比例，是我們持續提升市占率的主要驅動因素之一，我們預期未來也將持續如此。

Similar to Q1, our contractual truckload volume grew year-over-year as a result of a higher win rate on contractual bids. Our mix of contractual truckload volume held sequentially at approximately 70%, but increased from 65% in Q2 of last year. At the same time, multiple enforcement actions and events such as road check week have reduced the supply of carriers in the market and caused truckload spot market cost to increase sharply.

與第一季類似，由於合約標案得標率提高，我們的合約整車運量年增。我們合約整車運量的組合占比按季維持在約 70%，但較去年第二季的 65% 提升。同時，多項執法行動與道路稽查週等事件降低了市場上的承運商供給，並導致整車現貨市場成本急遽上升。

Excluding fuel, DAT spot rates in Q2 increased approximately 34% year-over-year, up from approximately 19% in Q1. As a result, load-to-truck ratios and tender rejection rates remained elevated, which continue to create opportunities for transactional volumes at higher margins.

扣除燃料因素後，DAT 第二季即期運價年增約 34%，高於第一季約 19%。因此，貨載對卡車比率與投標拒收率仍維持在高檔，持續為我們帶來以較高毛利取得交易型運量的機會。

Equipped with stronger disciplines and tools, our freight experts effectively captured the right transactional volume at a substantially higher AGP per shipment compared to last year. Combined with an ongoing repricing of our contractual business to reflect the new market realities, we were able to offset the pressure on our contractual margins and deliver a truckload AGP per shipment that was flat year-over-year. This is quite remarkable given the dramatic increase in spot rates and the increase in our contractual volume.

憑藉更強的紀律與工具，我們的貨運專家相較去年，以顯著更高的每票 AGP 有效掌握了合適的交易型運量。再加上我們持續對合約型業務進行重新定價，以反映新的市場現實，我們得以抵消合約毛利率的壓力，並使卡車整車（truckload）每票 AGP 與去年同期持平。考量到即期運價大幅上升以及我們合約運量增加，這點相當令人矚目。

It's also different than what we've been able to accomplish during historical spot rate inflections, which is a testament to our revenue management discipline and our improved price and cost discovery capabilities. As truckload contracts continue to be repriced across the industry, we've seen improvement in contractual route guides and overall route guide depth decreased in Q2 versus Q1.

這也不同於我們在過去即期運價轉折時所能達成的成果，這證明了我們的收益管理紀律，以及我們在價格與成本發掘能力上的提升。隨著全產業持續對整車合約重新定價，我們看到合約路線指南（route guide）有所改善，而整體路線指南深度在第二季較第一季下降。

Absent an inflection in freight demand, we expect this will lead to less transactional opportunities. This and the fact that 75% to 85% of truckload freight moves on contracts, is why continuing to win contractual bids is critical to sustainable market share growth, and we will continue to stay focused on the long game rather than chase short-term volume bumps. While we did maintain our truckload AGP per shipment, our NAST gross margin percent did experience some compression in Q2.

若貨運需求未出現轉折，我們預期這將導致較少的交易型機會。再加上整車貨運有 75% 至 85% 是透過合約承運，這就是為何持續贏得合約標案對可持續的市占成長至關重要；我們將持續聚焦長期策略，而非追逐短期運量的波動。雖然我們維持了整車每票 AGP，但我們的 NAST 毛利率百分比在第二季確實出現一些壓縮。

This was due to the sharp increase in spot rates and due to the higher cost of fuel, which is a pass-through cost in our truckload brokerage model. While higher fuel costs have a very minimal impact on our gross profit dollars in our truckload business, it does reduce our gross margin percentage due to the pass-through nature.

這是由於即期運價急升，以及燃料成本上升所致；在我們的整車經紀模式中，燃料屬於轉嫁成本（pass-through cost）。雖然較高的燃料成本對我們整車業務的毛利金額影響極小，但由於其轉嫁性質，會降低我們的毛利率百分比。

Similarly, while we were able to hold our truckload profit per shipment flat year-over-year, that profit level was on a higher revenue per load, resulting in the reduced gross margin percentage. Our contractual repricing activity is continuing into Q3 as spot rates are expected to remain at elevated levels and spike again during the Q4 holidays. As I mentioned earlier, the NAST team outgrew the Cass freight shipment index for the 13 consecutive quarter.

同樣地，雖然我們能讓整車每票利潤與去年同期持平，但該利潤是建立在更高的每趟收入之上，因此導致毛利率百分比下降。隨著即期運價預期將維持在高檔，並在第四季假期期間再度飆升，我們的合約重新定價活動將延續至第三季。如我先前提到的，NAST 團隊已連續第 13 個季度的成長表現超越 Cass 貨運出貨指數。

Our total NAST volume grew 1.5% year-over-year compared to a 3.3% decline in the index. Our LTL volume increased approximately 2% year-over-year, while our truckload volume grew approximately 0.5% year-over-year, reflecting market share gains in both modes. As truckload rates continued to move higher through Q2, some of what we refer to as bubble shipments, those that sit on the margin between LTL and truckload and had previously migrated to truckload during softer market conditions have moved back into LTL networks.

我們 NAST 總運量年增 1.5%，而該指數則年減 3.3%。我們的 LTL（零擔）運量年增約 2%，整車運量年增約 0.5%，反映我們在兩種運輸模式皆取得市占提升。隨著整車運價在第二季持續走高，一些我們稱為「泡沫貨件」（bubble shipments）的貨量——介於 LTL 與整車之間、先前在市場較疲弱時轉向整車的貨件——已回流至 LTL 網路。

Having leading solutions in multiple modes is a competitive advantage for Robinson. We'll continue to drive the best solutions for customers and move their freight in the most optimal way that fits their supply chain. One of the keys to our consistent market share gains has been volume growth in key verticals that we specifically targeted. During Q2, we continued to deliver year-over-year truckload volume growth in the automotive retail and technology verticals.

在多種運輸模式中擁有領先解決方案，是 Robinson 的競爭優勢。我們將持續為客戶推動最佳解決方案，以最符合其供應鏈的最優方式運送貨物。我們能持續取得市占提升的關鍵之一，是在我們特別鎖定的重點垂直領域實現運量成長。第二季，我們在汽車零售與科技垂直領域持續交出整車運量的年增成績。

These results reflect the strength of our expanded capabilities that directly support these segments and evolving customer needs, such as our leading drop trailer, cross-border, expedited and short-haul capabilities. In our more than $3 billion LTL business where we move more LTL freight than any other 3PL in North America, we delivered year-over-year volume growth for the tenth consecutive quarter, underscoring our sustained outperformance versus the broader LTL market.

這些成果反映我們擴增能力的實力，能直接支援這些產業別與不斷演變的客戶需求，例如我們領先的甩掛（drop trailer）、跨境、加急（expedited）與短途（short-haul）能力。在我們超過 30 億美元的 LTL 業務中，我們在北美承運的 LTL 貨量高於任何其他 3PL；我們已連續第 10 個季度實現運量年增，凸顯我們相較整體 LTL 市場的持續超越表現。

Our deep long-standing carrier relationships and proven ability to manage service variability at scale enables us to deliver reliable, high-quality service for customers. As a result, customers continue to rely on Robinson to reduce LTL complexity, improve service outcomes and lower costs. Across NAST, we continue to expand the use of our proprietary digital capabilities, giving our freight experts faster access to actionable data and AI-powered tools so they can make better decisions and capture the optimal freight for our business.

我們深厚且長期的承運商關係，以及經驗證能以規模化方式管理服務波動的能力，使我們能為客戶提供可靠且高品質的服務。因此，客戶持續仰賴 Robinson 以降低 LTL 複雜度、改善服務成果並降低成本。在整個 NAST，我們持續擴大自有數位能力的使用，讓貨運專家更快速取得可採取行動的數據與 AI 驅動工具，以做出更佳決策並為公司掌握最優貨源。

Those digital capabilities also enabled us to continue delivering double-digit increases in NAST shipments per person per day with a 15% year-over-year increase in Q2 and a greater than 60% increase since the end of 2022 in shipments per person per day measured across the entirety of our NAST organization. This enhanced efficiency is not only lowering our industry-leading cost to serve but is also elevating the customer experience by enabling faster, more reliable service.

這些數位能力也使我們得以持續實現 NAST 每人每日出貨量的雙位數提升：第二季年增 15%，且自 2022 年底以來，在整個 NAST 組織範圍內衡量的每人每日出貨量累計提升超過 60%。這項效率提升不僅降低了我們業界領先的服務成本，也透過更快速、更可靠的服務提升客戶體驗。

Looking ahead to Q3, market volumes are typically comparable to Q2 with the 10 year average of the Cass Freight Shipment Index, excluding the pandemic impacted year of 2020, reflecting a 0.2% sequential volume decline in Q3. On a year-on-year basis, we expect to continue outperforming the market index. Truckload spot rates are expected to remain elevated and we're now forecasting a 34% year-over-year increase in dry van spot rates for the full year, up from 17% only three months ago.

展望第三季，依 Cass 貨運出貨指數的 10 年平均（排除受疫情影響的 2020 年）來看，市場運量通常與第二季相近，第三季較第二季序列下降 0.2%。以年對年來看，我們預期將持續跑贏市場指數。整車即期運價預期將維持在高檔，我們目前也將全年乾貨車（dry van）即期運價年增預測上調至 34%，高於僅三個月前的 17%。

As we look forward, we will remain focused on what we can control. and we will continue to deliver industry-leading solutions and flexibility for customers and carriers. We also continue to appropriately exercise our optionality on a monthly, weekly and daily basis to pivot toward volume or margins as market dynamics evolve, making disciplined data-driven adjustments in order to optimize for the most effective combination that drives earnings growth and long-term value creation.

展望未來，我們將持續聚焦於可控事項，並繼續為客戶與承運商提供業界領先的解決方案與彈性。我們也會持續在每月、每週與每日層級，適度運用我們的選擇權（optionality），隨市場動態演變在運量與毛利之間靈活轉向，並以紀律且數據驅動的方式調整，以最佳化能推動獲利成長與長期價值創造的最有效組合。

Our people and their unmatched expertise enable us to deliver exceptional service, create greater value and drive sustained improvement. We remain in the early innings of our transformation journey with significant runway for improvement still ahead.

我們的人才及其無可匹敵的專業能力，使我們能提供卓越服務、創造更大價值並推動持續改善。我們的轉型旅程仍在初期階段，前方仍有相當大的改善空間。

With that, I'll turn it over to Arun to provide an update on the durable advantages of our lean AI strategy.

接下來，我把時間交給 Arun，請他更新我們精實 AI 策略的持久優勢。

Thanks, Michael, and good afternoon, everyone. Last quarter, I shared some of our thoughts on why we believe our approach to AI is differentiated. We call it lean AI because it pairs our AI transformation with our proven lean operating model. What further sets us apart is that we own our application layer. We have a builder culture supported by more than 450 in-house engineers and data scientists and our AI agents are powered by proprietary data, deep logistics expertise and an engineered context layer that simply cannot be purchased or built overnight.

謝謝你，Michael，各位下午好。上一季我分享了我們對於為何相信自身 AI 方法具差異化的一些看法。我們稱之為精實 AI（lean AI），因為它將我們的 AI 轉型與已被驗證的精實營運模式結合。進一步讓我們與眾不同的是，我們擁有自己的應用層。我們具備建造者文化，並由超過 450 名內部工程師與資料科學家支援；我們的 AI 代理由專有數據、深厚的物流專業，以及經工程化的情境層（context layer）所驅動，而這些都不是能直接買到或一夕之間建成的。

Today, I want to focus on how those advantages enable us to continually operationalize and scale innovations across our business. This is not about automating tasks or taking people out of the process. It is about fundamentally improving how work gets done, raising the level of service we provide to our customers, and improving the quality of work and experience for our employees.

今天，我想聚焦在這些優勢如何讓我們能在全公司持續將創新落地營運並擴大規模。這不是在自動化任務或把人從流程中移除。而是要從根本改善工作的完成方式，提高我們提供給客戶的服務水準，並提升員工的工作品質與體驗。

All are enabling the business to scale more efficiently and drive sustainable operating performance in any market environment. A critical element of our strategy is that we don't just treat AI as another tool. We make it part of how we run the business. The companies creating lasting value from AI are not experimenting at the edges of their business or chasing the latest technology. They own it and AI becomes part of the foundation that the business operates on.

這些都使企業能更有效率地擴張，並在任何市場環境下推動可持續的營運表現。我們策略的一個關鍵要素是：我們不只是把 AI 當作另一種工具。我們讓它成為我們經營企業方式的一部分。能從 AI 創造持久價值的公司，並不是在業務邊緣做實驗或追逐最新技術。他們擁有它，而 AI 會成為企業運作所依賴的基礎之一。

At C.H. Robinson, we own the application layer, and we embed our AI agents directly into the workflows across our quote to cash life cycle, pairing them with the same disciplined operating model that has driven our broader transformation and measuring their success by the outcomes they deliver. Our AI strategy has already shown up through sustained productivity gains of more than 60% since the end of 2022, margin expansion and consistent market outperformance.

在 C.H. Robinson，我們擁有應用層，並將我們的 AI 代理（agents）直接嵌入從報價到收款（quote-to-cash）生命週期的各項工作流程中，並搭配同樣嚴謹的營運模式（operating model）來推動我們更廣泛的轉型，同時以其所交付的成果來衡量成功與否。自 2022 年底以來，我們的 AI 策略已透過持續超過 60% 的生產力提升、利潤率擴張以及穩定的市場超額表現展現成效。

But the benefits also go well beyond productivity. It's also improving decision-making, expanding revenue opportunities and enhancing the customer experience. One of the most important investments in scaling AI is that autonomy needs structure, and this is where our lean operating model plays a crucial role. It acts as the guardrails of our AI framework, enabling our technology to generate real results pointed at real problems.

但其效益也遠不止於生產力。它也正在改善決策、擴大營收機會並提升客戶體驗。擴大 AI 規模最重要的投資之一在於：自主性需要結構，而這正是我們精實營運模式（lean operating model）發揮關鍵作用之處。它作為我們 AI 架構的護欄（guardrails），使我們的技術能針對真實問題產生真正的成果。

Our agentic AI is not designed to improvise or operate without boundaries. We have hundreds of AI agents trained to perform very specific jobs across the shipment life cycle. We defined responsibilities clear guardrails and access to the operational context needed to do those jobs as well. By design, this reduces the risk of experimentation keeps the system focused on the work that is intended to do and allows us to scale AI with confidence. Humans remain in the loop where judgment, exception management and customer nuance matter most.

我們的代理式 AI（agentic AI）並非為了即興發揮或在沒有邊界的情況下運作而設計。我們有數百個 AI 代理，受訓用以在貨運（shipment）生命週期中執行非常特定的工作。我們也明確界定職責、清楚的護欄，以及完成這些工作所需的營運情境存取權限。在設計上，這降低了試驗風險，使系統聚焦於其預期要完成的工作，並讓我們能有信心地擴大 AI 規模。在人類判斷、例外管理與客戶細微差異最重要之處，人員仍會在迴路中（humans remain in the loop）。

The result is a system that is tailored, controlled and grounded in real logistics operations. As I've said before, AI is only as valuable as the data, context and workflows it is embedded. So supply chains are dynamic, fragmented and highly interconnected, which makes them one of the most challenging environments for AI to operate effectively. It is also what makes C.H. Robinson's position unique.

其結果是一套量身打造、可控，且扎根於真實物流營運的系統。如我先前所說，AI 的價值取決於其所嵌入的資料、情境與工作流程。供應鏈是動態、碎片化且高度互聯的，這使其成為 AI 要有效運作最具挑戰性的環境之一。這也正是 C.H. Robinson 的獨特之處。

We are not applying AI from the outside looking in. We are building it from within the daily reality of global logistics at scale. That real-world foundation enabled us to launch the world's first closed-loop agentic logistics system designed to operate a global supply chain autonomously while continuously improving.

我們不是從外部旁觀的角度來套用 AI。我們是在全球物流規模化的日常現實中，由內而外打造它。這樣的真實世界基礎，使我們得以推出全球首個閉環（closed-loop）的代理式物流系統，旨在以自主方式運作全球供應鏈，同時持續自我改進。

In our 4PL Managed Solutions business, our new technology called Lean AI engineer works in concert with our Lean AI planner to create one connected system that uniquely enhances our supply chain as it runs. The lean AI engineer can assess an entire supply chain in 25 to 30 minutes and determine improvements before performance is impacted.

在我們的 4PL 管理式解決方案（Managed Solutions）業務中，我們的新技術「Lean AI engineer」與「Lean AI planner」協同運作，形成一個互聯的系統，能在供應鏈運行時以獨特方式加以強化。Lean AI engineer 可在 25 到 30 分鐘內評估整條供應鏈，並在績效受影響之前判定改善方向。

Compared to supply chain assessments that typically take up to four weeks and look backward at what has happened instead of what should happen. While the lean AI engineer delivers intel, the lean AI planner manages shipments through hundreds of interconnected AI agents, and, in turn, feeds more data back to the lean AI Engineer to develop business model refinements.

相較之下，典型的供應鏈評估往往需要長達四週，且是回顧已發生的事情，而非著眼於應該發生什麼。當 Lean AI engineer 提供情報（intel）時，Lean AI planner 透過數百個相互連結的 AI 代理來管理貨運，並進一步將更多資料回饋給 Lean AI engineer，以發展商業模式的精進（refinements）。

So those capabilities are embedded directly into customer workflows, the outcome is faster decisions, smarter execution and better performance even as complexity increases. Global Forwarding is another example of our lean AI strategy in action. The first half of 2026 in Global Forwarding has been about making a deliberate shift in how work gets done across the network.

因此，當這些能力直接嵌入客戶工作流程後，結果就是更快的決策、更聰明的執行，以及即使複雜度提高也能帶來更佳的績效。全球貨運代理（Global Forwarding）是我們精實 AI 策略落地的另一個例子。2026 年上半年在全球貨運代理的重點，是有意識地轉變整個網路的工作完成方式。

We are simplifying and standardizing workflows, engineering the necessary context and developing AI-powered capabilities that we deployed at scale. Across Global Forwarding, we are rolling out AI-powered automation designed to reduce manual effort improve data quality and enable our teams to focus on higher-value work. These capabilities connect activities that have historically been manual and fragmented.

我們正在簡化並標準化工作流程、建構必要的情境（context），並開發已大規模部署的 AI 驅動能力。在全球貨運代理業務中，我們正推行 AI 驅動的自動化，旨在降低人工投入、提升資料品質，並讓團隊能專注於更高價值的工作。這些能力把過去一直是人工且碎片化的活動串聯起來。

They allow work to begin earlier information to move more accurately and potential issues to be identified sooner. That enables our teams to operate more proactively and creates a faster, more consistent and more predictable experience for our customers.

它們讓工作能更早開始、資訊傳遞更精準，並能更早識別潛在問題。這使我們的團隊能更主動地運作，並為客戶創造更快速、更一致且更可預測的體驗。

Importantly, the objective is not simply to remove work. It is to improve the work. For our employees, this means spending less time on repetitive and reactive activities and more time applying their expertise to complex problem solving, managing exceptions and strengthening customer relationships. It also means giving them better information and workflows that make their work more efficient and rewarding as they operate in one of the most complex environments in the world, supply chains.

重要的是，我們的目標不只是移除工作。而是改善工作本身。對員工而言，這代表花更少時間在重複性與被動反應的活動上，並將更多時間用於運用專業處理複雜問題、管理例外狀況，以及強化客戶關係。這也意味著提供他們更好的資訊與工作流程，使其在全球最複雜的環境之一——供應鏈——中工作得更有效率且更有成就感。

We are delivering real tangible results that demonstrate our approach to AI is not theoretical, and we are still in the early innings of our lean AI transformation with substantial runway across NAST and Global Forwarding. As innovations move into broader deployment as we continue to combine our proprietary data, engineered context, logistics expertise and lean operating model we can continue to widen our competitive moats and deliver better outcomes for all our stakeholders.

我們正在交付真實且具體的成果，證明我們的 AI 方法並非理論空談；而我們的精實 AI 轉型仍處於早期階段，在 NAST 與全球貨運代理方面仍有相當大的成長跑道。隨著創新進入更廣泛的部署，且我們持續結合自有資料、建構的情境、物流專業與精實營運模式，我們將能持續擴大競爭護城河，並為所有利害關係人帶來更佳成果。

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

接下來，我把電話交給 Damon，請他回顧我們第二季的業績。

Thanks, Arun, and good afternoon, everyone. Our Q2 results demonstrate again how disciplined execution and our Lean AI strategy are driving secular earnings growth, and meaningful progress against our strategic priorities, including market share gains, gross profit optimization and improved operating leverage. Despite continued macro environment pressure in Q2, with the Cass freight shipment index down 3.3% year-over-year. Total revenues increased 19.3% and AGP increased 6.5% year-over-year.

謝謝你，Arun，各位下午好。我們第二季（Q2）的結果再次證明，嚴謹的執行力與我們的精實 AI 策略正在推動結構性（secular）獲利成長，並在我們的策略優先事項上取得具意義的進展，包括市占率提升、毛利（gross profit）最佳化以及營運槓桿改善。儘管第二季宏觀環境壓力持續，Cass 貨運出貨指數（freight shipment index）年減 3.3%。總營收年增 19.3%，AGP 年增 6.5%。

This was due to NAST continued outperformance versus the index, higher pricing in NAST and Global Forwarding and improved profitability in all of our business segments. For the total company on a monthly basis, our AGP per business day compared to the prior year was up 9% in April, up 7% in May and up 3% in June. However, on a sequential basis, our absolute amount of AGP per business day increased each month, primarily reflecting an improving trend in Global Forwarding throughout the quarter.

這主要來自 NAST 相較該指數的持續超額表現、NAST 與全球貨運代理的較高定價，以及我們所有業務部門獲利能力的改善。以全公司按月觀察，我們每個營業日的 AGP 相較去年同期，4 月成長 9%、5 月成長 7%、6 月成長 3%。然而，以季比（sequential）來看，我們每個營業日的 AGP 絕對金額在每個月份皆增加，主要反映全球貨運代理在本季期間的改善趨勢。

Turning to expenses. Q2 personnel expenses were $338.5 million, including $8 million of restructuring charges related to workforce reductions. Excluding restructuring charges, our Q2 personnel expenses were $330.5 million, down $1 million or 0.3%, primarily due to our continued productivity improvements and cost optimization efforts. The benefit of those efforts was partially offset by higher incentive compensation and alignment with our strong results. Our average head count was down 10.8% year-over-year in Q2 and was down 2% sequentially, illustrating how we continue to decouple head count growth from volume growth, while growing volume.

接著談費用。第二季人事費用為 3.385 億美元，其中包含 800 萬美元與裁員相關的重組費用。排除重組費用後，第二季人事費用為 3.305 億美元，減少 100 萬美元或 0.3%，主要由於我們持續的生產力提升與成本最佳化努力。上述效益部分被較高的激勵性薪酬所抵銷，並與我們強勁的業績表現相一致。第二季平均人數年減 10.8%，且季減 2%，顯示我們在擴大業務量的同時，持續將人數成長與量的成長脫鉤。

Due to an expectation that our people will be rewarded for our strong 2026 performance, we believe that higher incentive compensation will push our 2026 personnel expenses towards the higher end of our range of $1.25 billion to $1.35 billion. This includes an expectation that incentive compensation will be higher in Q3 and lower in Q4, in line with our sequential earnings trend and seasonal demand trends.

由於預期員工將因我們 2026 年的強勁表現而獲得獎酬，我們認為較高的激勵性薪酬將使 2026 年人事費用推向我們 12.5 億至 13.5 億美元區間的較高端。其中也包含一項預期：激勵性薪酬在第三季較高、第四季較低，與我們獲利的季節性走勢及需求季節性趨勢一致。

It also still includes an expectation that we will continue to generate double-digit productivity improvements in both NAST and Global Forwarding as we continue to implement agentic AI solutions across our quote-to-cash life cycle of an order.

此外，這仍包含一項預期：隨著我們持續在訂單的報價到收款（quote-to-cash）生命週期中導入代理式 AI 解決方案，我們將在 NAST 與全球貨運代理兩個業務中持續產生雙位數的生產力提升。

Our Q2 SG&A expenses totaled $143.8 million, excluding a $0.5 million net gain driven by the favorable termination of an operating lease. SG&A expenses were up $2.7 million or 1.9% year-over-year, primarily due to increases across several expense categories. Based on our first half execution and greater visibility into the remainder of the year, we are narrowing our SG&A range by $10 million and now expect our 2026 SG&A expenses to be in the range of $540 million to $580 million, compared to our prior range of $540 million to $590 million.

我們第二季的銷售、一般及行政（SG&A）費用合計為 1.438 億美元，排除因有利終止一項營運租賃而帶來的 50 萬美元淨收益。SG&A 費用年增 270 萬美元或 1.9%，主要由於多個費用類別的增加。基於我們上半年執行情況以及對今年剩餘期間更高的能見度，我們將 SG&A 區間縮窄 1,000 萬美元，並預期 2026 年 SG&A 費用將落在 5.4 億至 5.8 億美元之間，低於先前的 5.4 億至 5.9 億美元區間。

Although most of our SG&A expenses are subject to inflation, we expect continued cost improvements to partially offset the inflationary impact. Within the revised SG&A expense range, we now expect depreciation and amortization to be towards the lower end of previously stated range of $95 million to $105 million for the year.

雖然我們的大多數銷售、一般及行政（SG&A）費用都會受到通膨影響，但我們預期持續的成本改善將可部分抵銷通膨帶來的衝擊。在修訂後的SG&A費用區間內，我們目前預期本年度折舊與攤銷將落在先前所述9,500萬至1.05億美元區間的較低端。

As Dave mentioned, both NAST and Global Forwarding achieved their mid-cycle operating margin targets in Q2. This is the result of our Robinson operating model and lean AI strategy at work, which has created greater operating leverage in our model. In Q2, this manifested itself in a 96% incremental operating margin with 96% of our year-over-year increase in AGP falling to our adjusted operating income.

如Dave所提到，NAST與Global Forwarding在第二季皆達成其中期循環（mid-cycle）營業利益率目標。這是我們Robinson營運模式與精實AI策略發揮作用的成果，為我們的模式創造了更高的營運槓桿。在第二季，這體現在96%的增量營業利益率上，也就是我們年對年AGP增加額的96%落入我們的調整後營業利益。

By segment, NAST expanded its operating margin, excluding restructuring costs by 280 basis points year-over-year to 40.9%. Global Forwarding expanded its operating margin, excluding restructuring costs, by 470 basis points year-over-year to 33.4%. Moving below operating income. Our effective tax rate for the quarter was 21.5% and we are maintaining our tax rate guidance of 18% to 20% for the full year.

按事業別來看，NAST在排除重組成本後，其營業利益率年對年擴大280個基點至40.9%。Global Forwarding在排除重組成本後，其營業利益率年對年擴大470個基點至33.4%。接著往下看營業利益以下項目。本季有效稅率為21.5%，我們維持全年稅率指引為18%至20%。

That said, I'd like to provide some additional color on the tax rate for the next two quarters. In Q3, we expect our effective tax rate to be similar to Q2 or slightly higher. And in Q4, we expect our effective tax rate to be lower due to incremental tax benefits from stock-based compensation deliveries that occur in the quarter, similar to Q1.

話雖如此，我想就未來兩季的稅率提供一些補充說明。在第三季，我們預期有效稅率將與第二季相近或略高。而在第四季，由於當季將有股票基礎薪酬交付所帶來的額外稅務利益（類似第一季），我們預期有效稅率將較低。

Turning to cash and our balance sheet. We generated $35.9 million in cash from operations in Q2. Cash flow was negatively impacted by the significant increase in freight rates, which caused our receivables balance to increase substantially, driving up our net operating working capital. Our capital expenditures were $18.2 million during the quarter, and we are lowering our 2026 capital expenditures expectations to be in the range of $65 million to $75 million down from the previous range of $75 million to $85 million. We ended Q2 with approximately $900 million of liquidity.

接著談現金與資產負債表。我們在第二季由營運活動產生3,590萬美元現金。現金流受到運價大幅上升的不利影響，導致應收帳款餘額顯著增加，推升我們的淨營運週轉資金。本季資本支出為1,820萬美元，我們將2026年資本支出預期下調至6,500萬至7,500萬美元，低於先前的7,500萬至8,500萬美元區間。第二季末我們的流動性約為9億美元。

Our financial strength continues to be a key differentiator in our industry, giving us the ability to invest throughout the freight cycle to further enhance our capabilities and to return capital to our shareholders. Our net debt-to-EBITDA ratio at the end of Q2 was 1.64 times, up from 1.32 times at the end of Q1. As we opportunistically deployed capital for share repurchases and strategic M&A investment.

我們的財務實力仍是本產業的關鍵差異化因素，使我們能在整個運價循環中持續投資，以進一步強化能力，並將資本回饋給股東。第二季末淨負債對EBITDA比率為1.64倍，高於第一季末的1.32倍。因為我們把握時機投入資本進行庫藏股回購與策略性併購（M&A）投資。

While our capital allocation strategy remains grounded in maintaining an investment-grade credit rating, our balance sheet strength enabled us to return $301.3 million of cash to shareholders in Q2. This represents an increase of approximately 88% compared to Q2 of last year and includes $226 million of share repurchases and $75.3 million of dividends.

雖然我們的資本配置策略仍以維持投資等級信用評等為基礎，但我們強健的資產負債表使我們在第二季向股東回饋3.013億美元現金。這較去年第二季增加約88%，其中包含2.26億美元的股票回購與7,530萬美元的股利。

We also allocated $79 million of capital for acquisitions in Q2, including the acquisition of the DeSpir Logistics in June. DeSpir brings differentiated expertise in premium transportation solutions for high-value freight, which when combined with C.H. Robinson scale, we expect to deliver superior results for our customers, carriers and shareholders.

我們在第二季也配置7,900萬美元資本用於收購，包括6月收購DeSpir Logistics。DeSpir在高價值貨物的高端運輸解決方案方面具備差異化專業能力，結合C.H. Robinson的規模後，我們預期能為客戶、承運商與股東帶來更優異的成果。

We will continue to deploy capital in a disciplined manner, investing in high ROI organic initiatives returning capital to shareholders and pursuing strategic M&A opportunities, all aimed at maintaining a high quality of earnings for all of our stakeholders. Based on our first half performance, we remain confident in our ability to achieve our 2026 operating income target within the range that we raised in October of 2025, which is on Slide 17 in our earnings presentation.

我們將持續以嚴謹的方式部署資本，投資於高投資報酬率（ROI）的內生成長計畫、回饋資本給股東，並追求策略性併購機會，目標是為所有利害關係人維持高品質的獲利。基於上半年表現，我們仍有信心達成2026年營業利益目標，且落在我們於2025年10月上調後的區間內，該區間載於我們財報簡報的第17頁。

That range was originally based on an assumption that market volume growth would be 0% to 5% in 2026, which seems increasingly unlikely, given that the Cass Freight Shipment Index was down 4.7% in the first half of 2026. But the consistency of our disciplined execution and continued progress in growing market share, optimizing gross profit, improving productivity, and expanded operating leverage reinforces our confidence in both our operating model and our path to achieving our 2026 target.

該區間原先是基於2026年市場運量成長為0%至5%的假設，但鑑於Cass Freight Shipment Index在2026年上半年下滑4.7%，這個假設看起來越來越不可能。然而，我們一貫且嚴謹的執行力，以及在提升市占、優化毛利、改善生產力與擴大營運槓桿方面的持續進展，強化了我們對營運模式的信心，以及達成2026年目標的路徑。

We have strong conviction in the strategy we are executing and in the intrinsic value of the business. There is tremendous runway for improvement ahead. And our operating model, our technology and our people continue to differentiate Robinson and widen our competitive moats.

我們對正在執行的策略以及企業的內在價值抱持高度信念。未來仍有巨大的改善空間。而我們的營運模式、技術與人才持續讓Robinson脫穎而出，並擴大我們的競爭護城河。

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

接下來，我把電話交回給Dave做最後的評論。

Thanks, Damon. As you've heard in our prepared remarks today, we've continued to deliver higher highs and higher lows from the disciplined execution of our strategy. In an industry where disruption is constant and agility is essential, our differentiating lean AI gives us a unique ability to create new ways to solve complex challenges at scale, helping our customers build supply chains that are smarter, faster and more resilient. In my first three years leading this company, I'm proud of the progress we've made to transform C.H. Robinson into the global leader in lean AI supply chains.

謝謝你，Damon。如同各位今天在我們事先準備的發言中所聽到的，我們透過嚴謹執行策略，持續交出更高的高點與更高的低點。在一個持續被顛覆、且敏捷性至關重要的產業中，我們具差異化的精實AI讓我們具備獨特能力，能以規模化方式創造解決複雜挑戰的新方法，協助客戶打造更智慧、更快速且更具韌性的供應鏈。在我領導這家公司前三年，我為我們將C.H. Robinson轉型為精實AI供應鏈的全球領導者所取得的進展感到自豪。

And I want to thank our people for embracing the culture shift that has fundamentally changed this company. With our lean operating model, our commitment to continuous improvement and our AI innovation is at the core of our transformation, I continue to be even more excited about what we believe we can deliver in the coming years.

我也要感謝我們的同仁擁抱這場從根本改變公司的文化轉型。在我們的精實營運模式下，對持續改善的承諾以及AI創新是轉型的核心，這也讓我對未來幾年我們相信能交付的成果更加期待。

The strength of our strategies, our technology, our people and our operating model disciplines are differentiating and sustainable in any market environment, including an inflecting spot rate environment like we've seen recently or eventually an inflecting demand environment. Finally, I want to address the evolving legal environment regarding trucking accidents. These accidents are tragic.

我們策略、技術、人才以及營運模式紀律的強度，具備差異化且在任何市場環境下都可持續，包括如近期所見的即期運價（spot rate）轉折環境，或未來可能出現的需求轉折環境。最後，我想談談關於卡車事故的法律環境正在演變。這些事故令人悲痛。

And every loss of life on our nation's highways is one too many. But acknowledging that a terrible tragedy occurred is not the same as having caused it. Last week, a jury in Texas issued an advisory verdict that we strongly disagree with and we'll immediately appeal if the jury's verdict is entered as final C.H. Robinson did not act negligently and should not be held liable in this case.

而我們國家公路上每一次生命的逝去都嫌太多。但承認發生了可怕的悲劇，並不等同於造成了該悲劇。上週，德州陪審團作出我們強烈不同意的諮詢性裁決；若陪審團裁決被作為最終判決，我們將立即上訴。C.H. Robinson並未有過失，不應在本案中被追究責任。

The carrier safely delivered nearly 270 loads for our customers, and they held the highest rating from FMCSA when we selected it and after a federal review of the accident. The carrier is an independent motor carrier and the driver worked for them C.H. Robinson does not employ drivers. Safety is core to how we operate and always has been.

該承運商曾為我們的客戶安全運送近270批貨物，且在我們選擇該承運商時，以及聯邦對事故進行審查後，該承運商均維持FMCSA的最高評等。該承運商為獨立汽車承運商，駕駛員受僱於該承運商；C.H. Robinson不雇用駕駛員。安全是我們營運的核心，且一向如此。

We go beyond federal requirements and apply multiple layers of safety and risk criteria that we continuously reevaluate and strengthen. The extreme nature of this verdict means it is even more imperative that Congress and the federal government act with urgency to establish clear and proper accountabilities across the transportation industry that enhance highway safety, and support the uninterrupted flow of goods across the United States.

我們不僅符合聯邦要求，還採用多層次的安全與風險標準，並持續重新評估與強化。此裁決的極端性意味著國會與聯邦政府更必須以緊迫感採取行動，在運輸產業建立清晰且適當的責任歸屬，以提升公路安全，並支持美國境內貨物流通不中斷。

Events like this also reinforce why scale and financial strength matter. Customers and carriers rely on and benefit from providers like C.H. Robinson that have the resources and financial stability to manage complex legal and regulatory environments, while continuing to invest in service, technology, safety and compliance.

此類事件也再次凸顯規模與財務實力的重要性。客戶與承運商仰賴並受益於像C.H. Robinson這樣的供應商，因其具備資源與財務穩健性，能在持續投資服務、技術、安全與合規的同時，管理複雜的法律與監管環境。

These verdicts also highlight the risk shippers take on when purchasing freight services and underscore the value of working with a provider that helps manage that complexity. Reducing risk in customers' transportation networks is an important benefit of the solutions we provide.

這些裁決也凸顯托運人在購買貨運服務時所承擔的風險，並強調與能協助管理該等複雜性的供應商合作之價值。降低客戶運輸網路中的風險，是我們所提供解決方案的一項重要效益。

As we uphold our standards, we will continue to lead with purpose and move with urgency to disrupt ourselves and the industry, and we expect to drive sustainable outperformance, profitable growth and long-term value for all of our stakeholders. That concludes our prepared remarks.

在我們堅守標準的同時，我們將持續以使命為引領、以緊迫感推動自我與產業的變革，並預期為所有利害關係人帶來可持續的優於同業表現、獲利性成長與長期價值。以上為我們事先準備的發言。

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

我現在把電話交回給接線員，進入問答環節。

(Operator Instructions)

（接線員指示）

Tom Wadewitz, UBS.

UBS 的 Tom Wadewitz。

Yeah, good afternoon. Let's see. And congratulations on the good results and progress. I wanted -- I guess I've got two. So I guess first on just the way that things are developing in NAST. Michael, I understand the comment of focus on contract and business that, that's kind of more sustainable, maybe more longer-term way to grow. But I guess I'm surprised there isn't maybe more opportunity for you to see a participation that is stronger in spot just because the market has gotten so tight.

是的，下午好。我想想看。也恭喜你們取得不錯的成果與進展。我想——我想我有兩個問題。首先是關於 NAST 的發展情況。Michael，我理解你提到聚焦於合約與業務，這可能是更可持續、也更偏長期的成長方式。但我有點意外，你們在即期（spot）市場的參與度似乎沒有更強，因為市場已經變得非常吃緊。

And also, I think your investment in systems and AI and customer connections, it seemed like that would make it is fairly seamless for you to do that. So I just wanted to see if you could offer some thoughts on maybe why that doesn't come through in terms of stronger spot and that would maybe also help your what the gross margin or GP per load looks like?

另外，我認為你們在系統、AI 與客戶連結方面的投資，看起來應該能讓你們相當順暢地做到這點。所以我想請你們談談，為什麼在即期市場更強的表現沒有反映出來？而這也可能有助於提升你們的毛利率或每趟（load）的毛利（GP）表現？

And then the second one would just be like, I know, Dave, you offered some perspective on the jury verdicts, but are there any things you can -- other things you could point to that would say hey, this would help investors to better understand the risk or what could help people to see that risk being reduced.

第二個問題是，我知道 Dave 你對陪審團裁決提供了一些觀點，但是否還有其他你能指出的事項，能讓投資人更好地理解風險，或是讓大家看到該風險正在降低的跡象？

Just what could give us more visibility on how this plays out? Is this really a waiting game for the appeals process and for more information that unfortunately could take a while through the courts? Or you think there's like something we might get from the government from FMCSA that would be -- maybe provide some more clarity and help you as you move through that.

有什麼能讓我們更清楚地看到後續會如何發展？這是否真的只能等待上訴程序與更多資訊——不幸的是，透過法院可能需要一段時間？或者你認為我們可能會從政府、例如 FMCSA 那邊得到一些資訊——也許能提供更多清晰度，並在你們推進此事時帶來幫助？

Hey, Tom, thanks for the question. This is Michael. Maybe I'll clarify some of the comments because I think it's important. We certainly feel good about our position in the contractual space, and we continue to win business in that space. And I'm really proud of how the team executed that work in Q2. But we absolutely participate and feel really good about our transactional performance in the quarter. And so, our transactional performance was significantly up year-over-year. It's significantly up sequentially from Q1 to Q2.

嗨，Tom，謝謝你的提問。我是 Michael。我想先釐清一些評論，因為我認為這很重要。我們對自己在合約型業務領域的定位確實感到很有信心，而且我們持續在該領域贏得業務。我也為團隊在第二季的執行表現感到非常自豪。但我們在本季也確實參與了交易型（transactional）業務，而且對我們的交易型表現非常有信心。因此，我們的交易型表現年增幅度顯著。從第一季到第二季，按季也顯著提升。

But as the Cass Freight Index shows, there's still not a lot of demand growth in the marketplace. And so as companies like ourselves repriced contracts that was necessary in Q2, that naturally starts to raise acceptance levels and then a number of transactional loads in the marketplace does lower as repricing continues.

但如 Cass Freight Index 所示，市場需求成長仍不多。因此，像我們這樣的公司在第二季進行必要的合約重新定價後，接受率自然會開始上升，而隨著重新定價持續進行，市場上的交易型貨量也會下降。

And so I think it's super important. We feel really good about our transactional performance in Q2 and feel like we are -- our win rates in that space are healthy and really focused on that optionality of winning the right freight with the combination of our contractual business. Our comment was more specific to the fact that longer term, especially in a marketplace that's still supply-driven in terms of why rates are up.

所以我認為這點非常重要。我們對第二季的交易型表現感到非常滿意，也覺得我們在該領域的得標率（win rates）很健康，並且非常專注於在合約型業務的搭配下，保有贏得合適貨源的選擇性。我們的評論更具體是指，從長期來看，尤其是在一個仍由供給端驅動、也是費率上升原因的市場環境下。

It's important that we continue to win share in the contractual space if we're going to see long-term market share outgrowth. But we absolutely take advantage of the T space, transactional space and did so in Q2 at levels we're very proud of.

如果我們要看到長期的市占率超越市場成長，就必須持續在合約型業務領域贏得份額。但我們也絕對會把握 T 領域、也就是交易型領域的機會，並且在第二季確實做到了，而且達到讓我們非常自豪的水準。

And Tom, I'll just add to that discussion before Dave jumps on is, look, as Michael mentioned, we feel very good about our spot market wins -- we feel very good about our contractual market wins. As Michael mentioned, we're in this for the long game, right? We're repricing our book for not just one quarter or the next quarter, right? But for the next 6, 12, 18 months of contingent market share gains at accretive pricing. What I would tell you is different about us, and I think a lot of companies we compete with is we're making good margins in the contractual space.

Tom，在 Dave 接著回答之前，我也補充一下：如 Michael 所提，我們對即期市場的勝出表現感到很滿意——也對合約市場的勝出表現感到很滿意。如 Michael 所說，我們是在打長期戰，對吧？我們重新定價我們的業務組合，不是只為了一個季度或下一個季度，對吧？而是為了未來 6、12、18 個月，在具增益（accretive）的定價下取得或有的市占率提升。我想告訴你，我們與許多競爭對手不同之處在於：我們在合約型業務領域也能做出良好的利潤率。

With our revenue management capabilities, the way the team is managing this squeeze, I think you're going to see sustained repricing and profitability efforts at Robinson that you see nowhere else. And certainly, that you haven't seen from Robinson historically.

憑藉我們的收益管理能力，以及團隊管理這波擠壓（squeeze）的方式，我認為你會看到 Robinson 持續的重新定價與獲利能力提升作為，這是其他地方看不到的。當然，這也是你過去在 Robinson 歷史上未曾看到的。

Hey, Tom, this is Dave. Thanks for the call out on the quarter. Really proud about what the team did. Tom, I'm going to go a bit deeper, give some more color to your question is I feel there might be others that have a version of the question that you add. So I'll go a little bit deeper and give you guys some color on here.

嗨，Tom，我是 Dave。謝謝你對本季的肯定。我對團隊的表現感到非常自豪。Tom，我會更深入一點，為你的問題提供更多背景與細節，因為我覺得可能也有其他人有你提出的這類問題。所以我會講得更深入一些，讓各位更了解。

First of all, we really believe this case was decided based on emotion rather than law. We believe the law and the facts support our position and we strongly disagree with the jury's verdict in this case, as I said previous. I mean if the jury's advisory verdict has entered as final, we will immediately appeal and we are very confident in the facts and the law on appeal.

首先，我們確實認為本案的裁決是基於情緒而非法律。我們相信法律與事實都支持我們的立場，並且如我先前所說，我們強烈不同意本案陪審團的裁決。如果陪審團的建議性裁決被作為最終判決採納，我們將立即提出上訴，而且我們對上訴中的事實與法律非常有信心。

It's important to note the carrier, in this case is an independent multicarrier. They worked with many brokers and shippers and the driver work for the carrier, not C.H. Robinson. He did not communicate with C.H. Robinson, and we did not supervise, direct or control his actions. The C.H. Robinson does not employ or control drivers.

需要注意的是，本案中的承運人是一家獨立的多承運人業者。他們與許多經紀商與托運人合作，而該名駕駛是為承運人工作，不是為 C.H. Robinson 工作。他並未與 C.H. Robinson 溝通，而我們也未對其行為進行監督、指示或控制。C.H. Robinson 不雇用或控制司機。

A carrier only having $1 million in insurance doesn't make our brokerage company with a strong balance sheet, liable. Now based on the facts of this case, we and our insurance carriers were not willing to settle based on the plan of attorneys demands. We and our insurance carriers who had a pellet counsel present at the proceedings expect to be successful on appeal.

承運人僅有 100 萬美元的保險，並不會使我們這家資產負債表強健的貨運經紀公司承擔責任。就本案事實而言，我們與我們的保險承保人並不願意依照原告律師的要求進行和解。我們與我們的保險承保人——且在程序中有上訴律師（appellate counsel）在場——預期將在上訴中勝訴。

Since this is an ongoing legal matter, we're not going to discuss any other details of this case or our defense, but a jury's advisory verdict to your question, is only one step in the legal process. The advisory verdict does not determine what C.H. Robinson will ultimately pay, if anything. Any final outcome remains subject to post-trial motions, appeals and other legal proceedings.

由於這是仍在進行中的法律事項，我們不會討論本案或我們抗辯的任何其他細節；但就你問題所述，陪審團的建議性裁決只是法律程序中的一步。該建議性裁決並不決定 C.H. Robinson 最終將支付多少（若需支付的話）。任何最終結果仍取決於審後動議、上訴及其他法律程序。

We're also not going to get into the details of our legal document as I'm sure there are some questions there. C.H. Robinson has been named in court cases in a normal course for many years, and we've successfully defended ourselves against many negligent hiring and vicarious liability claims, and we expect to continue doing that.

我們也不會深入討論我們法律文件的細節，我相信那裡也會有一些問題。多年來，C.H. Robinson 在正常業務過程中被列名於訴訟案件中，我們已成功為自己抗辯許多關於疏忽選任（negligent hiring）與替代責任（vicarious liability）的主張，並且我們預期會持續如此。

And I'm sure many of you have talked to our competitors, both brokers and asset-based carriers and shippers in the industry. One thing I want to make clear is that as much as the whole industry tries to be safe, as much as we all work to continuously improve our vetting, there will inherently be trucking accidents. Nuclear verdicts such as this, our transportation issue overall. Not just a Robinson issue, not just a brokerage issue, it's an issue for all transportation providers and shippers. Now nuclear verdicts like this one are the new normal.

我也相信你們當中很多人都和我們的競爭對手談過，包括經紀商、資產型承運商以及產業內的貨主。我想澄清的一點是：即使整個產業都努力追求安全、即使我們都持續改進承運商審核（vetting）流程，卡車事故仍然在本質上無可避免。像這樣的「核彈級判決」（nuclear verdicts），是我們整體運輸議題的一部分。這不只是 Robinson 的問題，也不只是經紀業的問題，而是所有運輸服務提供者與貨主共同面臨的問題。如今，像這樣的核彈級判決正成為新的常態。

And by the way, I don't think that is the case. The move -- there'll be an impact to three key things: the movement of goods will be substantially impacted within the country. Service levels will be significantly impacted. And of course, the cost of transportation will certainly sore. But while risk grows from more complex industry, and you can see that, we're super confident in our scale, our technology and expertise and as stewards of the industry, in our ability to adapt and deliver solutions for our customers and all our stakeholders. And I think we've shown that today in the outstanding results that the team have done.

順帶一提，我不認為情況會是那樣。這個變化——將會對三個關鍵面向造成影響：國內貨物流動將受到重大影響。服務水準將受到顯著影響。當然，運輸成本也必然會飆升。但即便產業更複雜使風險上升、而你也看得到這點，我們仍對自身的規模、技術與專業能力，以及作為產業管理者（stewards）在適應並為客戶與所有利害關係人提供解決方案的能力，充滿信心。我認為我們今天也透過團隊所交出的卓越成果展現了這一點。

So I appreciate the questions, and I wanted to just add that color and I may answer some of the other questions that were on there.

所以我很感謝各位的提問，我也想補充一些背景說明，另外我也可能會回答上面其他一些問題。

Jeff Kauffman, Citizens.

Jeff Kauffman，Citizens。

Thank you very much and congratulations on a very challenging environment. David, I just wanted to kind of hop on some of your comments earlier -- you've come in, I can't believe it's been three years already and just brought in a great team and just have been very successful in fixing maybe what needed to be fixed in a tough environment. what pivots do you think are necessary from where you are today to accommodate the types of growing environment that may lie ahead of us.

非常感謝，也恭喜你們在非常具挑戰的環境下取得成果。David，我想接續你先前的一些評論——你上任，我真不敢相信已經三年了，而且你帶進了一個很棒的團隊，在艱困環境中也非常成功地修正了可能需要修正的地方。你認為從目前的位置出發，為了因應未來可能出現的成長環境，需要做哪些轉向（pivots）？

Yeah, Jeff, thanks a lot, and I appreciate that call out. From a -- when we started this three years ago, and you're right, I can't believe it's been three years. We started off with a strategy. And that strategy was real simple. It was go and grow market share, expand margins and do that with an operating model and discipline and just drive our say-do ratio higher.

是的，Jeff，非常感謝，我也很感謝你特別點出這點。回到——我們三年前開始做這件事時，你說得對，我也不敢相信已經三年了。我們一開始就有一套策略。而那套策略非常簡單。就是去提升並擴大市占、擴張利潤率，並透過一套營運模式與紀律來做到，同時把我們「說到做到」的比率（say-do ratio）拉得更高。

And I think we did that and we continue to do that. and we continue to get stronger. And right now, I'm really happy with where we are, but more so where we're going. As much as it's been really fun and successful, Jeff, in the past three years. I can tell you, we have a whole lot of grass to cut.

我認為我們做到了，而且我們也會持續做到，並且持續變得更強。而現在，我對我們所處的位置非常滿意，但更重要的是對我們要前往的方向更滿意。Jeff，過去三年確實很有趣也很成功。但我可以告訴你，我們還有很多「草要割」。

It really is early innings. And the difference in the company right now, we continue to learn and drive our lean prowess, our technology prowess. It continues to be early days. The things we see on the docket and what's coming forward are really exciting at Robinson. So growth is part of that strategy. And I think, hopefully, you're seeing that quarter-after-quarter and we continue to show that. And this quarter was no different in showing what we continue to do and what we continue to expect to do.

這真的還在很早期的階段。而公司目前的不同之處在於：我們持續學習並強化我們的精實能力（lean prowess）與技術能力（technology prowess）。這仍然是早期階段。我們在待辦事項（docket）上看到的、以及接下來要推出的內容，在 Robinson 都非常令人振奮。因此，成長是那套策略的一部分。我想你應該也希望能看到我們一季接一季地展現這點，而我們也持續在證明。本季也不例外，展現了我們持續在做的事，以及我們持續預期要做的事。

Ken Hoexter, Bank of America.

Ken Hoexter，美國銀行（Bank of America）。

Hey, great. Good afternoon. Dave, thanks for the rundown. I think a solid kind of feedback on the process for the courts and what we can expect. I don't know if there's any I think the one thing you missed was, if you can say anything, is a time frame or anything just to help people out. But I guess, Damon, you had previously mentioned maybe some more M&A was part of your thought process. I think you had an acquisition you announced.

嗨，很好。下午好。Dave，謝謝你的說明。我覺得你對法院流程以及我們可以預期的事情，提供了相當扎實的回饋。我不確定是否有——我想你唯一漏掉的一點是：如果你能透露任何資訊，能否給個時間表之類的，幫助大家理解。不過我想，Damon，你之前提到可能會有更多併購（M&A）是你思考的一部分。我記得你們也宣布了一項收購。

Does this give you pause, given the ruling until appeals are done to ensure what you buy or that there's no unforeseen liabilities? Do you need any kind of standard setup before this? Or is it still full throttle from your point of view in terms of how you commercially attack the market?

在上訴完成之前，這項裁決是否會讓你們暫緩，以確保你們收購的標的沒有不可預見的負債？在此之前你們是否需要某種標準化的安排？或者從你們的角度來看，在商業上攻佔市場的方式仍然是全速前進（full throttle）？

Thanks for the question, Ken. I'll start here. No, I would say our capital allocation strategy has not changed, and this verdict does not influence that that strategy and certainly, a large portion of that strategy for consideration is M&A. And so you mentioned the acquisition that we closed on in the quarter being DeSpir Logistics.

謝謝你的問題，Ken。我先從這裡開始。不，我會說我們的資本配置策略沒有改變，而這項裁決也不會影響那個策略；而且那個策略中很大一部分的考量就是併購（M&A）。你也提到我們在本季完成交割的收購案是 DeSpir Logistics。

As we've mentioned and that one fits perfectly in our strategy, right? We mentioned that one of our target areas for M&A is to acquire niche tuck-in companies that have incredible capabilities -- but yet we -- I would say they're underscaled, right? So you can take that incredible capability, you put Robinson scale behind it. We think that creates a tremendous amount of ROI and benefit. And certainly, we're very excited about being able to demonstrate what we can do with the DeSpir Logistics, right?

如同我們提過的，那個案子完全符合我們的策略，對吧？我們提到，我們併購的目標領域之一，是收購具利基、可作為補強（tuck-in）的公司，它們擁有非常出色的能力——但我們會說它們的規模仍不足（underscaled），對吧？因此你可以把那個卓越能力拿來，並在其背後加上 Robinson 的規模。我們認為那會創造非常可觀的投資報酬率（ROI）與效益。當然，我們也非常期待能夠展示我們與 DeSpir Logistics 一起能做到什麼，對吧？

We've also said that, look, we're looking at larger acquisitions as well, and that's still part of our strategy. Now the thought that's on everybody's mind is one I'll just address, which is certainly as part of our due diligence. We go through every legal docket of any potential acquisition target, get comfortable with that docket and certainly take any provisions in the process related to that docket.

我們也說過，聽著，我們也在看更大型的收購案，而那仍然是我們策略的一部分。現在大家心裡想的問題我也直接回應：在我們的盡職調查（due diligence）中，我們會檢視任何潛在收購標的的每一項法律案件清單（legal docket），對該清單感到放心，並且在流程中針對該清單相關事項採取必要的條款安排（provisions）。

So we'll certainly execute that diligence with any deal we do. But make no mistake, right? This verdict, as Dave mentioned, we feel very good about the law in this verdict. We feel very good about the facts of the case on this verdict, and we feel very good about the appellate process. And so to summarize, it does not at all change our capital allocation strategy nor does it change our focus on M&A?

所以我們在任何交易上都一定會執行這樣的盡職調查。但不要搞錯了，對吧？如同 Dave 提到的，對於這項裁決所適用的法律，我們感覺非常良好。對於本案的事實基礎，我們也非常有信心。對於上訴程序，我們同樣非常有信心。

Yeah. Ken, just to put a bow on that, you asked about timing and I'm glad you said that's the only thing I missed it. But listen, these things -- there's judicial discretion on the timing of post-trial motions. And this could be years from an appeal perspective because there's various stages of appeal as well. And so that's what I would say on that. It's -- and hopefully, that's helpful.

是的。Ken，為了把這點講完整，你問到時間點，我也很高興你說那是我唯一漏掉的部分。但你聽我說，這些事情——審後動議（post-trial motions）的時程取決於法官的裁量權（judicial discretion）。而且從上訴的角度來看，這可能需要好幾年，因為上訴也有不同階段。所以我對此的看法就是這樣。希望這能有所幫助。

Thank you.

謝謝。

Bascome Majors, Stephens, Inc.

Bascome Majors，Stephens, Inc.。

Thanks for taking my questions. This quarter, you hit your target mid-cycle margins in both the segments. You've talked about what you get there or pass their sort of metaphorically turn the knobs and starting to focus more on volume as a lever to grow gross profit. Are we there yet? And if not, what metrics or performance or market conditions are we looking for to get to the point where volume becomes a vigorous part of the growth story. And maybe related, when we get there, how do you measure success of that strategy internally? And how should we think about measuring it from some of the public data that we can see?

謝謝讓我提問。本季你們在兩個事業部門都達到了你們的中期目標利潤率（mid-cycle margins）。你們談到當達到或超過那個水準後，就像打個比方一樣「轉動旋鈕」，開始更聚焦把運量（volume）作為槓桿來成長毛利（gross profit）。我們現在到那個階段了嗎？如果還沒有，我們需要看到哪些指標、績效或市場條件，才會到達讓運量成為成長故事中強而有力一環的時點？另外相關地，當我們到那個階段時，你們內部如何衡量這個策略的成功？而從我們能看到的一些公開數據來看，我們又該如何思考衡量方式？

Thanks, Bascome. Appreciate the question. Look, I would say we are there, right. Now as we've mentioned, it is optionality, which means the market conditions, the freight conditions dictate when we apply that optionality, right?

謝謝你，Bascome。感謝你的提問。你看，我會說我們已經到了，對吧。現在如同我們提過的，這是「選擇權／彈性」，也就是市場狀況、運價狀況會決定我們何時運用這個彈性，對吧？

And so we've been very clear that this is not something that on a ratable basis is going to have kind of an equal up and to the right graph, right, is when we see freight conditions that justify getting aggressive on price to take share that we want and desirable freight that we want. Now that we're above that threshold, specifically on NAST, we'll execute that strategy, right?

所以我們一直很清楚，這不是那種按部就班、可均攤地呈現一條等幅向上、往右的曲線，對吧；而是當我們看到運價環境足以支持我們在價格上更積極、去拿下我們想要的市占，以及我們想要的優質貨量時。現在我們已經高於那個門檻，特別是在NAST上，我們就會執行那個策略，對吧？

But as we've said many, many times, and again, I think this is a different philosophy than how this industry and quite frankly, even C.H. Robinson has operated historically. Freight is different every day, right? What was -- there's a certain percentage of desirable freight on Monday, and that percentage changes on Tuesday, just based on the dynamics of the freight market. And by putting that optionality in place is we're not going to put ourselves in a box to hit an artificial target, we don't need to define or hit, right?

但正如我們已經說過很多很多次，而且我也認為這是一種不同的理念，和這個產業、坦白說甚至C.H. Robinson過去歷來的運作方式都不太一樣。貨運每天都不一樣，對吧？週一可能有某個比例的「理想貨量」，而那個比例到了週二就會改變，完全取決於貨運市場的動態。而把這個彈性放進來的目的，是我們不會把自己框在一個盒子裡去達成某個人為目標；我們不需要去定義或達成那種目標，對吧？

What we have committed to is we will use that optionality above those targets that we've now achieved to drive incremental earnings growth and incremental return for our shareholders, right? It gives us now one more weapon in our toolkit to drive earnings growth, right? And I'd argue before we got to those margin levels, right?

我們承諾的是：在我們現在已達成的那些目標之上，我們會運用這個彈性來帶動額外的獲利成長，並為股東帶來額外回報，對吧？這讓我們的工具箱裡多了一項武器來推動獲利成長，對吧？而我會說，在我們達到那些毛利率水準之前，對吧？

That was one constraint that we had. Now that, that constraint has been achieved, and we believe that is a sustainable level of margins. Right now, we have one more weapon that Michael can use in the NAST business to drive growth, right? And so I would say, as we continue to execute the strategy, we'll certainly comment on areas where we've used that optionality and where we have it. But I don't know that there's a specific metric other than just what we've continued to demonstrate, which is earnings growth and market share outgrowth.

那曾是我們的一個限制。現在那個限制已經達成，而且我們相信那是可持續的毛利率水準。現在，我們又多了一項武器，Michael可以在NAST業務中用來推動成長，對吧？所以我會說，隨著我們持續執行策略，我們當然會就我們在哪些領域運用了這個彈性、以及我們擁有哪些彈性做出評論。但我不確定是否有某個特定指標；除了我們持續展現的，也就是獲利成長與市占超越市場的成長。

I think my last comment, and I'll see if Michael has any color here is I think the thing that gets missed with our outgrowth is that it's been for 13 consecutive quarters. And we've done that for 13 consecutive quarters, while growing earnings over that same period of time while expanding operating margins over that same period of time, while delivering demonstrable productivity over that same period of time, right?

我最後一點補充，然後我也看看Michael是否要補充一些看法：我認為大家容易忽略的是，我們的超越市場成長已經連續13個季度。而我們能連續13個季度做到這件事，同時在同一期間提升獲利、同時在同一期間擴大營業利益率、同時在同一期間交出可驗證的生產力提升，對吧？

And we believe that recipe of the outgrowth that we're generating, the productivity we're generating, the revenue management capabilities that's driving accretive price and cost of transportation advantages. We think the combination of all of those things is what makes Robinson special, right? The outgrowth is just one piece of those. But I think when you compare us versus others, it goes well beyond one quarter, right? Find somebody else that's outgrowing the market for 13 consecutive quarters. I think that's a pretty tall bar to climb.

而我們相信，我們所創造的超越市場成長、我們所創造的生產力、以及推動具增益的定價與運輸成本優勢的營收管理能力。我們認為這些因素的組合，才是讓Robinson與眾不同的地方，對吧？超越市場成長只是其中一部分。但我認為當你把我們和其他人相比時，這遠不只是一個季度的表現，對吧？去找找看還有誰能連續13個季度超越市場成長。我認為那是一個相當高的門檻。

Yeah. Bascome, this is Michael. I'll just I think from my perspective, I'm just really proud of how the team handled what was a unique quarter in terms of a significant cost increasing marketplace almost exclusively supply-driven, right. As the Cass Freight Index showed, you still had a declining marketplace, but we showed out growth and actually positive year-over-year growth in both modes. Doing so while navigating a version of the squeeze.

是的。Bascome，我是Michael。我想就我的角度，我真的很為團隊感到驕傲，他們在一個相當特殊的季度裡處理得非常好：市場成本顯著上升，而且幾乎完全是供給端驅動，對吧。如Cass Freight Index所示，市場仍在下滑，但我們展現了超越市場成長，並且在兩種運輸模式上都實現了年對年正成長。同時還要在某種「擠壓」的情境下前行。

And so the team repriced significant business, getting our route guides back into position of positive growth as well as taking advantage of a transactional marketplace that we took advantage of where we could. And so feel really good about being able to deliver all of those things and then deliver the mid-market or mid-cycle targets while cost was up 30%. And so I think it's important context, I think, is something that's really important in a quarter like this and just super proud of what the team accomplished during a very difficult external environment.

因此團隊重新定價了大量業務，讓我們的路線指引（route guides）回到正成長的位置，同時也在交易型市場中，在能把握的地方加以利用。所以能交付所有這些成果，並且在成本上升30%的情況下仍達成中型市場或中周期目標，我們感覺非常好。我認為在這樣的季度裡，脈絡背景很重要；我也為團隊在非常艱難的外部環境中所完成的事情感到非常自豪。

(Operator Instructions)

(接線員指示)

Scott Group, Wolfe Research.

Wolfe Research的Scott Group。

Please proceed with your question. Damon, just a couple of things for you. I didn't see the $6 number in the slide. Just any comment there. You mentioned 3% gross profit growth in June. Is that you think like a good run rate to use? Or with contract accelerating and not maybe leveling off, do we see sort of a more -- do we see a reacceleration in net revenue growth? And then maybe just along those lines, like any like LTL up 22% truckload flat, like why such a big divergence? And I don't know, any thoughts there? I know there's a few things. Appreciate it.

請開始提問。Damon，我有幾點想問你。我在投影片裡沒看到那個6美元的數字。這部分有什麼評論嗎？你提到6月毛利成長3%。你覺得這是可以用來參考的良好「跑速」（run rate）嗎？還是說，隨著合約加速、而不是可能趨於持平，我們會看到淨營收成長重新加速？另外也順著這個問題，例如LTL成長22%、整車（truckload）持平，為什麼差異這麼大？我不確定，你有什麼想法嗎？我知道問題有點多。謝謝。

Yeah, I'll try to remember them all here, Scott. So let's talk about the monthly sequence because as you know that we've commented on before, which is, look, we don't -- and we don't recommend you spend a lot of time trying to do the math on the monthly sequence, right? I mean at the end of the day, monthly sequential performance does it mean that it's going to continue into the next quarter, right? It is a data point, but it's just that it's a data point.

好的，Scott，我盡量把問題都記住。我們先談月度序列，因為如你所知，我們之前也評論過：你看，我們不——而且我們也不建議你花太多時間去試著推算月度序列的數學，對吧？因為說到底，月度的環比表現並不代表它會延續到下一季，對吧？它是一個資料點，但也就只是個資料點。

And every month is not the same. And certainly, one month exiting one quarter doesn't mean that, that trajectory continues into the first month of the next quarter. So take it as a data point, but I wouldn't take it much beyond that. Related to our 2026 operating income target. I think what -- the key takeaway from our update is that we've kept the same operating income range of $964 million to $1.04 billion.

而且每個月都不一樣。當然，一個季度最後一個月的表現，也不代表那個軌跡會延續到下一季度的第一個月。所以把它當作一個資料點，但我不會把它解讀得超過這個程度。至於我們2026年的營業利益目標。我認為——我們這次更新的關鍵重點是：我們維持相同的營業利益區間，也就是9.64億美元到10.4億美元。

I think the key difference is, if you remember, the lower end of that range was based on market being flat, right. The high end of that range was based on 5%. What we've updated in our revised slide is now that we're committed to the low end of that operating income range on a market at minus 3%, right? And that is on the back of generating another $40 million of self-help initiatives that did not exist when we entered this year. So I think the key takeaway is certainly, the math will get you to an EPS number.

我認為關鍵差異是，如果你還記得，該區間的下緣是以市場持平為前提，對吧。該區間的上緣是以5%為前提。我們在修訂後的投影片中更新的是：我們現在承諾，即使市場是-3%，我們也能達成該營業利益區間的下緣，對吧？這是建立在我們再創造4,000萬美元的自助式改善（self-help）措施之上，而這些在我們進入今年時並不存在。所以我認為關鍵重點當然是，透過數學推算你會得到一個EPS數字。

But the key takeaway is we've committed to the same operating income range, but with a quite substantially different backdrop from a market perspective, now being able to achieve the low end of that range at minus 300 basis points of market contraction versus the requirement that being flat when we originally set the updated target.

但關鍵重點是：我們承諾相同的營業利益區間，但在市場背景上已經相當不同；也就是現在即使市場收縮300個基點，我們仍能達成該區間的下緣；相較於我們最初設定更新目標時，要求市場必須持平。

Yeah, and then thank you for the question on LTL. Great to get a question on that group, who've done just incredible work over the last several years. Really, it's a combination of a couple of factors. We mentioned the pass-through nature of fuel in truckload where LTL, you tend to see benefit on LPL margins as fuels go up, not just ourselves, but you see that with the LTL carriers as well.

是的，也謝謝你問到LTL。很高興有人問到那個團隊，他們過去幾年做了非常了不起的工作。這其實是幾個因素的組合。我們提到過整車（truckload）燃油具有轉嫁（pass-through）的特性；而在LTL方面，燃油上升時，你往往會看到LPL毛利率受益，不只是我們，LTL承運商也會有同樣的情況。

So the higher cost of shipment in LTL, we certainly benefited from -- secondly, I'd say we showed market outgrowth as well as some really strong performance in key verticals of landing customer business that we're really proud of. And then the last part is just there's a mix of kind of more standard LTL shipments and complex shipments, and we saw some growth in some of our larger complex businesses that have a bit higher margins in that business.

因此，在 LTL 的較高運輸成本方面，我們確實受惠於——其次，我會說我們也展現了市場超越成長（market outgrowth），以及在落地客戶業務（landing customer business）的一些關鍵垂直領域中有非常強勁的表現，這點我們非常自豪。然後最後一部分就是，貨運組合中既有較標準的 LTL 出貨，也有複雜型出貨；我們看到在一些較大型、較複雜的業務上有所成長，而那部分業務的毛利率也稍高一些。

So I feel really good about our LTL performance in the quarter. But to be honest, we feel really good about that team and what they've produced for the better part of, as we said, 10 quarters in a row of positive volume growth and feel really good about where we're heading.

所以我對我們本季的 LTL 表現感到非常滿意。但坦白說，我們對那個團隊以及他們在過去——如我們所說——連續 10 個季度的正向量增所交出的成果都感到非常滿意，也對我們前進的方向很有信心。

Scott, I'll just put a bolt what Michael said. We've said this for a while now, right? Having both truckload and LTL capabilities is a significant competitive advantage for C.H. Robinson both external to our customers, but it also allows us to optimize performance between those two modes to generate the ultimate performance for C.H. Robinson, right. So having two businesses of the scale and the performance nature of both our truckload and our LTL business, we think combined, there's really a synergistic benefit of having both of those modes under one roof.

Scott，我補充一下 Michael 所說的。我們已經講了一段時間了，對吧？同時具備整車（truckload）與 LTL 能力，對 C.H. Robinson 來說是一項重大的競爭優勢，不僅對外面向客戶如此，也讓我們能在這兩種運輸模式之間最佳化表現，以為 C.H. Robinson 產生最終的最佳績效，對吧。因此，同時擁有具備這種規模與績效特性的兩項業務——我們的整車與 LTL 業務——我們認為合在一起，把兩種模式放在同一個屋簷下，確實能帶來協同效益。

Thank you.

謝謝。

Jonathan Chappell, Evercore ISI.

Jonathan Chappell，Evercore ISI。

Thank you. Good evening. Damon, when you first laid out the operating income target bridge, you were speaking to Global Forwarding kind of going back to the cycle lows of late '23. Here you are hitting these mid-cycle margin targets already with an EBIT contribution from that business that's much stronger than what we had anticipated a couple of years ago.

謝謝。晚安。Damon，當你最初提出營業利益目標的橋接（bridge）時，你談到全球貨運代理（Global Forwarding）大致回到 2023 年底週期低點的情境。但現在你們已經達到這些中週期（mid-cycle）的毛利率目標，而且該業務對 EBIT 的貢獻也比我們幾年前預期的強得多。

So the question is basically how much of that improvement in Global Forwarding is C.H. specific, that's sticky through cycle versus had did you get a lot of help with a rising container ship market environment in ocean with stronger air. And as we think about the progression through the rest of this year and even into next year, do we kind of extrapolate what that business did in 2Q? Or is there some kind of market reversion so to speak, that maybe lower the EBIT levels going forward?

所以問題基本上是：全球貨運代理的改善有多少是 C.H. 自身特有、能跨週期持續（sticky through cycle）的因素？又有多少是因為海運（ocean）貨櫃船市場環境走升、加上空運（air）轉強而帶來的助力？以及當我們思考今年剩餘時間、甚至到明年時，我們是否可以把該業務在 2Q 的表現外推？還是說會有所謂的市場回歸（market reversion），使得未來的 EBIT 水準可能下降？

Yeah, thanks for the question, Jon. What I would say about our Global Forwarding businesses, that business is performing at an extremely high level, right? And it has been performing at a high level for a while, right? And it's performing at that level on the same basic principles of why NAST has achieved the performance it's achieved related to just unlocking the lean AI toolkit, the lean principles, the continuous improvement mindset as well as the productivity that we've generated in that business on the back of the lean principles.

好的，謝謝你的問題，Jon。我想談談我們的全球貨運代理業務：那個業務目前的表現處於極高水準，對吧？而且它維持高水準表現已經有一段時間了，對吧？它之所以能達到這樣的水準，背後的基本原則與 NAST 能達成其績效的原因相同：也就是解鎖精實 AI 工具組（lean AI toolkit）、精實原則、持續改善的思維，以及我們在精實原則支撐下於該業務所產生的生產力提升。

I'd say what we're really excited about and what we've talked about for a while now is Global Forwarding is now starting to use that same tech stack that NAST has received so much benefit from, right? And that certainly will touch revenue growth that will certainly touch revenue management capabilities and pricing, and that will continue to aid our productivity.

我想我們真正感到興奮、也談了一段時間的是：全球貨運代理現在開始使用與 NAST 一樣的技術堆疊（tech stack），而 NAST 已從中獲得非常多的效益，對吧？這當然會影響營收成長，也會影響營收管理能力與定價，並且會持續幫助我們提升生產力。

So I would end my comment with saying we think the margins we've demonstrated, and I'll just say that mid-cycle margin at 30%, we think that is a very sustainable margin and profitability level for the Global Forwarding business.

所以我最後想說的是：我們所展現的毛利率——我就以 30% 的中週期毛利率來說——我們認為對全球貨運代理業務而言，這是一個非常可持續的毛利率與獲利水準。

Stephanie Moore, Jefferies.

Stephanie Moore，Jefferies。

Great. Good afternoon. I guess maybe one follow-up questions to some of these questions in the Q&A. So as we think about maybe the post Montgomery world and -- and maybe what seems to be -- what could be increasingly higher nuclear verdicts or other is verdicts coming maybe more negative towards C.H. Can you talk a bit about what this could mean from an ongoing insurance as well as legal costs that you could face and what protection you have currently and how we should think about how that could change going forward? So just on quite a clarification there, then I do have a follow-up.

很好。午安。我想針對 Q&A 裡的一些問題再追問一下。當我們思考所謂「Montgomery 之後的世界」（post Montgomery world），以及——看起來可能會出現——越來越高的「核彈級判決」（nuclear verdicts）或其他判決，可能更不利於 C.H. 的情況時，你能否談談這對你們未來持續性的保險與法律成本可能意味著什麼？你們目前有哪些保障？以及我們應該如何看待未來可能的變化？先就這點做個釐清，然後我還有一個追問。

Yes. So Stephanie, I'll start and certainly jump in here if you want to. Look, first of all, I would just state by saying we don't think this nuclear verdict is unique to C.H. Robinson, right? As Dave mentioned earlier, if these are the type of verdicts that are going to be pronounced, right, they will happen to others, right?

好的。Stephanie，我先回答，當然你若想補充也請加入。首先我想先說，我們不認為這種「核彈級判決」是 C.H. Robinson 獨有的，對吧？如 Dave 先前提到的，如果這類判決會被宣告，對吧，那也會發生在其他公司身上，對吧？

Brokers and assets alike, right? There's nothing unique in this case. That is unique to C.H. Robinson, right? So as Dave kind of ended his opening statement. If you think about the facts of this case, there is nothing unique to C.H. Robinson. And we do believe this is a transportation industry issue that has to be dealt with, not a C.H. Robinson issue. As it relates to go-forward operating cost related to insurance, certainly, we know insurance is going to inflate year-over-year.

不論是經紀商（brokers）或資產型承運人（assets）都一樣，對吧？這個案件沒有任何獨特之處。沒有任何是 C.H. Robinson 特有的，對吧？所以如同 Dave 在開場陳述的結尾所說，如果你看這個案件的事實，沒有任何是 C.H. Robinson 特有的。我們確實相信這是運輸產業必須面對並處理的議題，而不是 C.H. Robinson 單一公司的議題。至於未來與保險相關的營運成本，當然，我們知道保險費用會逐年上升。

Now as we've mentioned, we're on a calendar year as far as insurability, we are covered through the end of 2026. We are just now starting to have preliminary discussions with the various insurance carriers that we deal with on insurance coverage. But as we've said before, look, higher insurance cost is just another headwind, right? We get paid to solve problems and headwinds every single day, every single week, every single month. Higher insurance cost is just another problem we have to go solve, right?

如我們提過的，我們的保險是以曆年為期，在可保性/保險安排方面，我們的保障已涵蓋到 2026 年底。我們現在才剛開始與我們合作的各家保險公司進行初步的保險保障討論。但如我們之前所說，保險成本上升只是另一個逆風，對吧？我們每天、每週、每月都在收費解決問題與逆風。更高的保險成本只是我們必須去解決的另一個問題，對吧？

And we're confident as a business that higher insurance costs will not derail or impede the progress that we've had in our lean AI journey, right? And so again, it will affect the industry. It will affect us. We'll solve that problem like we solve many other problems, right? As we've mentioned historically, our insurance stack has been, I'd call it, more like an asset carrier than a broker historically, right?

而且我們對公司有信心，更高的保險成本不會破壞或阻礙我們在精實 AI 旅程上的進展，對吧？所以再說一次，這會影響整個產業。也會影響我們。我們會像解決許多其他問題一樣去解決它，對吧？如我們過去提到的，我們的保險配置（insurance stack）歷來更像資產型承運人，而不是經紀商，對吧？

And we think certainly that prudence that we've had around risk management is going to make this transition into a post Montgomery world, an easier transition than, say, a broker that has very de minimis insurance, right? We feel like, again, our insurance coverage today is more like an asset provider than it is a broker. And again, we'll make that transition an easier transition than somebody that's coming from a much lower base.

我們認為，我們在風險管理方面一向保持的審慎，將使我們在進入「Montgomery 之後的世界」時，比起那些保險配置非常微薄（de minimis）的經紀商更容易完成轉換，對吧？我們覺得，就目前而言，我們的保險保障更像資產提供者，而不是經紀商。同樣地，這會讓我們的轉換比起從更低基礎起步的公司更容易一些。

Richa Harnain, Deutsche Bank.

Richa Harnain，德意志銀行。

Hey, thanks for the time. So first, I'm just going to echo someone's comments earlier, I thought the discussion around this case is pretty comprehensive and helpful. So thanks for all the information. But just a quick follow-up. Just on the time line. You mentioned that this was an advisory verdict, and we'll see if it's entered as final.

嗨，謝謝撥冗。首先，我想呼應先前某位的評論，我覺得你們對這個案件的討論相當全面且很有幫助。所以謝謝你們提供所有資訊。不過我有個簡短的追問。關於時間線（time line）。你提到這是一個諮詢性判決（advisory verdict），我們將看看它是否會被正式記錄為終局判決（final）。

Just curious on like the time line for that when we find out if it's entered as a final judgment or not, and it has to go through the appeals process. And then maybe just beyond that, I wanted to talk more about gross margins. They did step down sequentially to 13.1% from 14.6%. Michael, you said a lot of that was maybe fuel related. I'm just curious how much.

只是好奇想問一下大概的時間線：我們何時會知道它是否會被登記為最終判決，以及是否必須走上訴程序。另外，可能再往下我想多談一下毛利率。毛利率按季下滑至 13.1%，前一季為 14.6%。Michael，你提到其中很大一部分可能與燃油有關。我只是好奇大概有多少。

And then taking a step back, in the early stages of a truckload recovery cycle, you do see this type of margin pressure in your model, see your credit, you've largely avoided that dynamic so far. But if we think about the positive reset from here, Damon. I hear your comments. The renewals we see at C.H. maybe won't be seen elsewhere. But is it just going to take longer given the uniqueness of the cycle being supply-led to kind of see that? Or could we see gross margin begin to move higher as we progress through the back half of the year or into early 2027?

再退一步看，在卡車整車（truckload）復甦週期的早期階段，你的模型通常會看到這類毛利壓力；就你們的信用狀況而言，你們迄今大致上避免了這種動態。但如果我們思考從這裡開始的正向重置，Damon。我聽到你的評論。我們在 C.H. 看到的續約情況，可能在其他地方看不到。但是否因為這一輪週期的獨特性是由供給端主導，所以要花更長時間才會看到那樣的情況？或者，隨著我們進入今年下半年或到 2027 年初，毛利率是否可能開始走高？

Hey, Richa, thanks for the call out and the question. Listen, just real quick on that timing. Again, and I'll repeat this, the judicial discretion on the timing of post-trial motions, that happens. I mean there is just judicial discretion with that for post-trial motion. So we really don't know on that. But I would say that when that happens, we feel really strong again about the facts of this case on appeal and we'll be set for that. So that timing, again, there's just discretion in that within these post-trial motions.

嗨，Richa，謝謝你點出來並提出這個問題。先很快回應一下時間點。再次重申，審後動議（post-trial motions）的時程屬於法官的裁量權，確實會發生這種情況。也就是說，審後動議的時程就是由法官裁量。所以我們真的無法確定。但我想說，一旦進入那個階段，我們對本案在上訴中的事實基礎仍然非常有信心，並且會做好準備。因此，這個時間點再次強調，在這些審後動議上確實存在裁量空間。

Yeah, Richa, this is Michael. And thank you for the second question on margins. First of all, I think the team did a really good job managing what was a difficult environment to get AGP per load back to flat on a year-over-year basis. And really, fuel was a factor certainly in truckload, and we covered that. But really, what I'd say is it was the impact of the contractual book and the squeeze that, that felt that we were really managing that repricing process during the quarter as well as then taking advantage of the transactional marketplace, as we mentioned earlier, to expand margins where we could.

是的，Richa，我是 Michael。也謝謝你第二個關於毛利的問題。首先，我認為團隊在艱難的環境下做得非常好，讓每載次 AGP（每趟調整後毛利）年對年回到持平。而且燃油確實是整車業務的一個因素，我們也已經談過。但我真正想說的是，主要是合約型業務組合的影響以及擠壓效應；我們在本季一方面管理了重新定價的流程，同時也如先前提到的，利用交易型市場（transactional marketplace）在有機會的地方擴大毛利。

But it is a unique marketplace right now and that you have cost skyrocketing, while demand stayed where it did negative 3.3% according to Cass. And so a very unique squeeze environment. And so I would tell you our expectation of our revenue management capabilities as we continue to get better and better at it is to push margins back upwards.

但目前的市場確實很獨特：成本飆升，而需求則維持在原本的水準，根據 Cass 的數據為負 3.3%。因此是一個非常獨特的擠壓環境。所以我會說，隨著我們的收益管理能力持續精進、越做越好，我們的預期是把毛利率再往上推。

But it's really going to be, as Damon mentioned, the uniqueness of each day, each week, each month in the marketplace on how we do that. But again, I'd point back to -- I feel really good about how the team managed this process and was able to deliver the bottom line results that we did during the quarter but feel very strongly that our revenue management practices as we go forward will allow us to manage through this process.

但這真的會如 Damon 所提到的，取決於市場每天、每週、每月的獨特變化，我們要如何去做到。不過我還是要回到一點——我對團隊如何管理這個流程感到非常滿意，也讓我們在本季交出目前的最終獲利表現；同時我也非常有信心，未來我們的收益管理作法將使我們能夠在這個過程中持續有效應對。

And Richa, I'll just put a bow on what Michael said. I mean I think it's critical to hear AGP per load was flat. With spot cost up over 30% in the quarter. I don't think you're going to find another company that's going to demonstrate that level of performance, while outgrowing the market at the same time, right? So I think you got to look at AGP per load and gross margins in concert with the outgrowth and the dynamic nature of the spot market increase within the quarter.

Richa，我再把 Michael 的話做個總結。我認為關鍵是要聽到：每載次 AGP 是持平的。而本季現貨成本上升超過 30%。我不認為你會找到另一家公司能在同時跑贏市場成長的情況下，展現這種水準的表現，對吧？所以我認為你必須把每載次 AGP 與毛利率，連同本季現貨市場上漲的動態與超越市場的成長，一起綜合來看。

And to your comment on the contraction of gross margins. I would say historically, Robinson's gross margins would have contracted hundreds of basis points in the environment that we just went through, right? And the cycle time in which we're getting through the squeeze, I think you'll find out when we get on the other side of it is going to be quite demonstrable as well.

至於你提到毛利率收縮。我會說，從歷史上看，在我們剛經歷的這種環境下，Robinson 的毛利率本來會收縮數百個基點，對吧？而我們穿越這段擠壓期的週期時間，我想等我們走到另一端時，你也會看到相當明顯的成果。

So I would say, to Michael's point, I think we feel really good about what we've demonstrated versus the marketplace for the quarter. And we're going to continue to demonstrate that revenue management capability as we get another side of the squeeze.

所以我會說，呼應 Michael 的觀點，我們對本季相較於市場所展現的表現感到非常滿意。而且當我們走到擠壓期的另一端時，我們會持續展現這種收益管理能力。

Thank you. And with that, ladies and gentlemen, this does conclude the question-and-answer session. I would like to turn the call back over to Chuck Ives for closing comments.

謝謝。各位女士、先生，問答環節到此結束。我想把電話會議交回給 Chuck Ives 作結語。

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

是的。謝謝。今天的財報電話會議到此結束。感謝各位今天的參與，我們期待再次與各位交流。祝各位晚安。謝謝。

Thank you. Ladies and gentlemen, thank you for your participation. You may now disconnect your lines at this time and have a wonderful rest of your evening.

謝謝。各位女士、先生，感謝各位的參與。您現在可以掛斷電話線路，祝您今晚剩餘時間愉快。