Canadian Pacific Kansas City Ltd (CP) 2024 Q4 法說會逐字稿

Good afternoon.

午安.

My name is Margo, and I'll be your conference operator today.

我叫瑪戈，今天我將擔任您的會議主持人。

At this time, I'd like to welcome everyone to CPKC's Fourth Quarter and Full Year 2024 Conference Call.

現在，我歡迎大家參加 CPKC 2024 年第四季和全年電話會議。

The slides accompanying today's call are available at investor.cpkcr.com. (Operator Instructions) I would now like to introduce Chris de Bruyn, Vice President, Capital Markets, to begin the conference call.

今天電話會議的幻燈片可以在 investor.cpkcr.com 上找到。 （操作員指示）現在，我想介紹資本市場副總裁 Chris de Bruyn，開始電話會議。

Thank you, Margo.

謝謝你，瑪戈。

Good afternoon, everyone, and thank you for joining us today.

大家下午好，感謝大家今天的參與。

Before we begin, I want to remind you this presentation contains forward-looking information.

在我們開始之前，我想提醒您，該簡報包含前瞻性資訊。

Actual results may differ materially.

實際結果可能存在重大差異。

The risks, uncertainties and other factors that could influence actual results are described on Slide 2 and in the earnings press release filed with Canadian and U.S.

投影片 2 和向加拿大和美國提交的收益新聞稿中描述了可能影響實際結果的風險、不確定性和其他因素。

regulators.

監管機構。

This presentation also sustains non-GAAP measures outlined on Slide 3.

本簡報也支援幻燈片 3 中概述的非 GAAP 指標。

Please note, in addition to our regular quarterly financials, their supplemental Q4 and full year combined revenue and operating performance data available at investor.cpkcr.com. With me here today is Keith Creel, our President and Chief Executive Officer; Nadeem Velani, our Executive Vice President and Chief Financial Officer; John Brooks, our Executive Vice President and Chief Marketing Officer; and Mark Redd, our Executive Vice President and Chief Operating Officer.

請注意，除了我們的常規季度財務數據外，其補充第四季度和全年綜合收入和營運業績數據也可在 investor.cpkcr.com 上查閱。今天和我一起在場的是我們的總裁兼執行長 Keith Creel； Nadeem Velani，我們的執行副總裁兼財務長；我們的執行副總裁兼首席行銷長約翰布魯克斯 (John Brooks)；以及我們的執行副總裁兼營運長 Mark Redd。

(Operator Instructions) It is now my pleasure to introduce our President and CEO, Mr. Keith Creel.

(操作員指示) 現在我很高興介紹我們的總裁兼執行長 Keith Creel 先生。

Okay.

好的。

Thanks, Chris, and thanks, everyone, for joining us this afternoon to review our fourth quarter and full year results as well as what our views are and what we see as an exciting year ahead in 2025.

謝謝克里斯，謝謝大家今天下午加入我們，回顧我們的第四季度和全年業績，以及我們的觀點和對 2025 年令人興奮的一年的看法。

As always, we want to start by thanking the 20,000 strong world-class railroaders as we call our CPKC family for their efforts to produce these results.

像往常一樣，我們首先要感謝 20,000 名世界一流的鐵路工人（我們稱之為 CPKC 大家庭），感謝他們為這些成果所做的努力。

Over the course of what was the historic first year as a combined company.

這是合併後公司具有歷史意義的第一年。

And I can tell you as the leader remains my honor to represent these results that we're going to cover on behalf of the entire CPKC family.

我可以告訴你們，身為領導者，我很榮幸能夠代表整個 CPKC 大家庭來報道這些成果。

So for the quarter, the team delivered revenues of $3.9 billion, that was up 3% and volume growth of 2% in the quarter, an operating ratio of [57.1] which was 160 basis points improvement, core EPS of $1.29, up 9% versus last year.

因此，本季該團隊實現了 39 億美元的收入，成長 3%，銷量成長 2%，營業比率為 [57.1]，提高了 160 個基點，核心每股收益為 1.29 美元，比去年同期增長 9%。

For the full year, total revenues of $14.5 billion, which is up 5%, volume growth of 3% and an industry best, an operating ratio of [61.3], 70 basis point improvement, core PS of [425], up 11% versus last year.

全年總營收為 145 億美元，成長 5%，銷量成長 3%，為產業最佳，營業比率為 [61.3]，提高了 70 個基點，核心 PS 為 [425]，比去年成長 11%。

And I can say all that despite a number of challenges, we delivered on the guidance that we set out at the start of the year to produce double-digit earnings growth, and we did it safely.

我可以說，儘管面臨許多挑戰，我們仍然履行了年初制定的實現兩位數盈利增長的指導方針，而且我們安全地做到了這一點。

I can tell you, Mark will elaborate on the points, but I'm extremely proud that CPKC continues to improve with our personal injury frequency ratio.

我可以告訴你，馬克會詳細闡述這些觀點，但我非常自豪 CPKC 的人身傷害頻率比率不斷提高。

And again, this year, we lead the industry with the lowest number of frequency.

今年，我們再次以頻率最低的成績領先業界。

Looking at the year ahead, there's certainly no shortage, but of uncertainties that are out there from the macro to trade policies, but we're focused on controlling what we can control.

展望未來的一年，從宏觀到貿易政策，不確定性肯定不會消失，但我們專注於控制我們能夠控制的事情。

From a guidance standpoint, with the opportunities that we have in front of us, opportunities that this network uniquely enables, we expect to deliver another strong year of growth.

從指導的角度來看，憑藉我們面前的機會以及該網路獨特帶來的機遇，我們預計將實現另一個強勁的成長年。

As outlined in the press release, in '25, we expect to deliver mid-single-digit volume growth and earnings growth of 12% to 18%, which is in line with the multiyear guidance that we set out at our '23 Investor Day.

如新聞稿所述，我們預計 25 年銷量將實現中等個位數成長，獲利將成長 12% 至 18%，這與我們在 23 年投資者日制定的多年指導方針一致。

On the initiative side, we continue to invest in safety and service to support the growth in the fourth quarter.

在主動方面，我們繼續在安全和服務方面進行投資，以支持第四季度的成長。

I'm extremely happy to say we completed the construction of the second span of the Laredo Bridge.

我非常高興地說，我們完成了拉雷多大橋第二跨的建造。

Next week, I'm excited to go to Laredo to host an opening ceremony where CPKC's, the Patrick J. Ottensmeyer International railway Bridge.

下週，我很高興能去拉雷多主持 CPKC（帕特里克·J·奧滕斯邁爾國際鐵路橋）的開幕式。

As many of you know, Pat's vision and leadership were instrumental, not only in this project, but also the creation of CPKC, will carry-on legacy and the work that we do every day at this company.

眾所周知，帕特的遠見和領導力不僅對這個項目起到了重要作用，而且對 CPKC 的創建也起到了重要作用，它將繼承我們在這家公司每天所做的傳統和工作。

That investment as well as others that we're making across our network will continue to support the growth that we're bringing into the network in a safe and efficient manner.

這項投資以及我們在整個網路中進行的其他投資將繼續以安全有效的方式支持我們為網路帶來的成長。

Growth that's uniquely enabled by this network.

這種增長是由該網絡獨特推動的。

Growth like MMX-180, 181, again, the fastest and most reliable single-line rail service in Chicago and Mexico in the industry, connecting the origins and destinations across our ECP, MMC and grain portfolios and automotive utilizing our closed-loop service solution, which is creating tremendous value for our suppliers in TPKC.

像MMX-180、181這樣的成長，再次成為芝加哥和墨西哥業內速度最快、最可靠的單線鐵路服務，利用我們的閉環服務解決方案連接我們的ECP、MMC和穀物組合和汽車的起點和目的地，這為我們在TPKC的供應商創造了巨大的價值。

In fact, I'm very happy to share with the group that CPKC was just recently last week, named GM Supplier of the Year for finished vehicles in 2024.

事實上，我很高興與大家分享，CPKC 上週剛被評為 2024 年通用汽車年度整車供應商。

Some would say, is that impactful?

有人會說，這有影響嗎？

I would suggest, yes.

我認為，是的。

I've been at this for 34 years, has never occurred in any of my service in the industry and just order magnitude out of 20,000 suppliers, only 100 are picked on an annual basis.

我從事這項工作已有 34 年，在我所提供過的任何行業服務中從未發生過這種情況，而且在 20,000 家供應商中，每年僅挑選 100 家供應商。

So that's a meaningful recognition from a voice of a customer that means a tremendous amount to our team and certainly illustrates the strategic value of strategic partnerships.

所以，這是來自客戶聲音的有意義的認可，對我們的團隊來說意義重大，並且無疑地體現了戰略夥伴關係的戰略價值。

Credit to the commercial team and the operating team that have marketed and executed this industry-changing solution delivering the service that's unparalleled in the industry.

感謝商業團隊和營運團隊行銷和執行了這個改變產業的解決方案，提供了業界無與倫比的服務。

Again, the award is just an example of the many service benefits that our customers are enjoying from this new unique network.

再次強調，該獎項只是我們的客戶從這個獨特的新網路所享受到的眾多服務優勢的一個例子。

So in closing, I'm going to say short-term things are out there, certainly uncertainties from the macro to the trade policies.

最後，我想說的是，短期內存在一些不確定性，從宏觀到貿易政策都存在不確定性。

We've entered into 2025 with a tremendous amount of momentum that we fully expect to build on as we move throughout the year.

我們帶著巨大的發展勢頭邁入 2025 年，我們完全期待在接下來的一年中繼續保持這種勢頭。

The long-term fundamentals of the North American economy and trade between the 3 countries this network uniquely connects remain unchanged.

北美經濟以及該網路連接的三個國家之間的貿易的長期基本面保持不變。

CPKC's value proposition is as strong as it ever was.

CPKC 的價值主張一如既往地強大。

We're extremely proud of the results we produced in '24, and we're excited about those that lie ahead of us in '25 and beyond.

我們對於24年所取得的成績感到非常自豪，我們對25年及以後的成績感到興奮。

So with that said, I'm going to turn it over to Mark.

說了這麼多，我現在要把發言權交給馬克。

He'll elaborate a bit on the ops.

他會詳細說明操作。

John will bring some color to the markets and Nadeem will bring it back to me after he elaborates on the numbers.

約翰會為市場帶來一些訊息，納迪姆會在詳細闡述這些數字後把訊息報告給我。

Over to you Mark.

交給你了，馬克。

Yes.

是的。

Thank you, Keith, and good afternoon.

謝謝你，基思，下午好。

I'm extremely proud of the performance of the operating team delivered this quarter and also throughout 2024.

我對本季以及整個 2024 年營運團隊的表現感到非常自豪。

I'd like to thank each one of them for their hard work and dedication in delivering best-in-class service to the customers and their unwavering commitment to safety.

我要感謝他們每個人的辛勤工作和奉獻精神，為客戶提供一流的服務，以及對安全的堅定承諾。

As I look at the results in the fourth quarter, we continue to drive year-over-year operating improvements.

當我回顧第四季度的業績時，我發現我們繼續推動年比營運改善。

Just looking at train weight length, both improved by 4%.

僅從列車重量長度來看，二者均提高了 4%。

Locomotive productivity improved by 1%, while our fuel efficiency improved by 2%.

機車生產率提高了1％，而燃油效率提高了2％。

These results speak to the efficiency of the network, and they are worth highlighting given the impact of the work stoppages we added, Port of Vancouver and also the winter weather we dealt with in the fourth quarter.

這些結果說明了網路的效率，考慮到我們增加的停工、溫哥華港以及我們在第四季度處理的冬季天氣的影響，這些結果值得強調。

Despite these challenges, we rebounded quickly and had a strong end to the year, while we continue to deal with weather across the parts of the network today, our resources are properly sized to meet demand, and we are efficiently handling a strong start of the volumes in this year.

儘管面臨這些挑戰，我們還是迅速反彈並以強勁的表現結束了這一年。

Looking at safety.

關注安全。

Our FRA personal injuries were 0.84, 26% year-over-year improvement for the quarter, and our FRA training accident frequency was 1.03, which is a 5% improvement year-over-year.

本季我們的 FRA 人身傷害事故發生率為 0.84，較去年同期改善了 26%，我們的 FRA 訓練事故發生率為 1.03，較去年同期改善了 5%。

I'm very pleased to note that for the second year in a row, CPKC led the industry with the lowest FRA reportable train accident frequency among the Class 1s, building on the legacy of 17 years of consecutive for industry leading for CP.

我很高興地註意到，CPKC 連續第二年在一級列車中以最低的 FRA 可報告列車事故頻率領先行業，延續了 CP 連續 17 年在行業中領先的良好業績。

And although we will never stop striving to do better, I'm proud of seeing the results.

儘管我們永遠不會停止努力做得更好，但我對所看到的結果感到自豪。

So turning to capital.

因此轉向資本。

In 2024, we made several key investments to drive capacity and efficiency.

2024年，我們進行了多項關鍵投資，以提高產能和效率。

The engineering team is delivering efficient improvements by leveraging technology to help us more accurately plan maintenance and capital investments across the network.

工程團隊正在利用科技幫助我們更準確地規劃整個網路的維護和資本投資，從而實現高效的改進。

During the year, we unserviced 8 new sites as part of our merger capital commitment to the STB.

今年，作為對新加坡旅遊局合併資本承諾的一部分，我們取消了 8 個新站點的服務。

We also invested in Mexico with new infrastructure targeted toward Mexico capacity and fluidity.

我們也在墨西哥投資了新的基礎設施，以提高墨西哥的產能和流動性。

These investments are paying off as performance has been stable throughout the year, we are delivering strong service to our customers.

這些投資正在獲得回報，因為全年業績一直很穩定，我們正在為客戶提供強大的服務。

Finally, I will share my enthusiasm as well, Keith, with the opening of the Patrick J. Ottensmeyer bridge.

最後，基思，我也將與大家分享我對派崔克‧奧滕斯邁耶大橋開通的熱情。

The bridge is more than doubling the capacity on what is already the safest and most reliable U.S. Mexican border crossing.

這座大橋的建成將使目前最安全、最可靠的美墨邊境口岸的通行能力提高一倍以上。

The increased capacity is allowing my team to optimize border crosses and improve the efficiency at the border.

容量的增加使我的團隊能夠優化過境流程並提高邊境效率。

Now looking at 2025, our plan is to continue to support safe and efficient sustainable growth through pinpointing efficiencies and capital investments across the network.

展望2025年，我們的計劃是透過確定整個網路的效率和資本投資來繼續支持安全、高效的永續成長。

We continue to make upgrades of the legacy KCS locomotive fleet, which will allow more assets to lead trains in Canada and improve our flexibility in directing our power north.

我們將繼續對傳統的 KCS 機車車隊進行升級，這將使更多的資產能夠引導加拿大的火車，並提高我們將電力輸送到北方的靈活性。

We're also investing in new capacity, including merger sidings, merger CTC, along with targeted investments in Mexico and Kansas City to improve fluidity in these few corridors.

我們也正在投資新的產能，包括合併側線、合併 CTC，以及在墨西哥和堪薩斯城的定向投資，以改善這幾條走廊的流動性。

Our timing to service these investments is aligned closely with our growth outlook, ensuring that our network performance and growth -- and our volume growth are lockstep.

我們為這些投資提供服務的時間與我們的成長前景緊密結合，確保我們的網路效能和成長以及我們的數量成長同步。

We also are taking delivery of a [100] new Tier 4 locomotives this year that will support our growth, improve reliability and fuel efficiency.

我們今年也將交付 [100] 輛新型 Tier 4 機車，這將支持我們的成長、提高可靠性和燃油效率。

In closing, we are carrying positive momentum in 2025.

最後，我們將在 2025 年保持積極的勢頭。

Our network is strong and resilient, poised to deliver mid-single-digit RTM growth, along with the efficient reliable service that our customers expect from CPKC.

我們的網路強大且有彈性，有望實現中等個位數的 RTM 成長，同時也能提供客戶期望 CPKC 提供的高效可靠的服務。

With that, I'll pass it over to John.

說完這些，我會把它交給約翰。

several challenges this quarter, including disruption at the port of Vancouver, the weather impacts that Mark spoke to, and an uncertain macro to deliver solid growth, strong pricing and unique value to our customers.

本季面臨幾項挑戰，包括溫哥華港口的中斷、馬克提到的天氣影響，以及不確定的宏觀環境，無法為我們的客戶提供穩健的成長、強勁的定價和獨特的價值。

We closed 2024 out strong and 2025 is off to a good start.

我們以強勁勢頭結束了 2024 年，並且 2025 年也將迎來良好的開端。

Our network is performing well, and I feel good about the setup heading into this year and our ability to deliver mid-single-digit volume growth.

我們的網路運作良好，我對今年的佈局以及實現中等個位數銷售成長的能力感到滿意。

Now looking at our Q4 results.

現在來看看我們的第四季業績。

This quarter, we delivered freight revenue growth of 3% on a 2% increase in RTMs.

本季度，我們的貨運收入成長了 3%，貨運量成長了 2%。

Cents per RTM was up 1%, with strong pricing continuing partially offset by fuel and mix.

每 RTM 價格上漲 1 美分，但強勁的定價持續部分抵消了燃料和混合價格的推動。

Now taking a closer look at our fourth quarter performance, I'll speak on an FX adjusted basis.

現在仔細看看我們第四季的業績，我將根據外匯調整後的數據進行演講。

Starting with bulk.

從批量開始。

Grain revenues in RTMs were up 11%, a record Q4 performance.

RTM 的糧食收入成長了 11%，創下了第四季的歷史新高。

Canadian grain volumes were up 18% with increased grain to Vancouver and Thunder Bay driven by the improved Canadian grain crop.

由於加拿大穀物產量增加，運往溫哥華和桑德貝的穀物數量增加了 18%。

We also saw higher volumes of Canadian grain moving to Mexico as our network continues to deliver on these new synergies.

隨著我們的網路繼續發揮這些新的協同效應，我們也看到更多的加拿大穀物運往墨西哥。

Now looking forward, our comps in the first half of the year remained favorable in this area.

展望未來，今年上半年我們在該領域的業績依然良好。

That, coupled with our regulated grain pricing of approximately 6.5% and continued synergies has us well positioned for Canadian grain.

再加上我們約 6.5% 的受監管穀物價格以及持續的協同效應，使我們在加拿大穀物方面佔據了有利地位。

U.S. grain volumes grew 5% over the prior year.

美國穀物產量較上年增加5%。

Our U.S. grain franchise continues to benefit from a solid harvest, steady demand and growth in new lanes as we expand our market reach.

隨著我們擴大市場範圍，我們的美國穀物特許經營權繼續受益於豐收、穩定的需求和新管道的成長。

In 2024, as an example, we moved over 130 trains from legacy CP's green franchise to market south of Kansas City, most of which are completely new markets for these customers.

以 2024 年為例，我們將 130 多列火車從傳統 CP 的綠色特許經營權轉移到堪薩斯城南部的市場，其中大部分對這些客戶來說都是全新的市場。

In potash, revenues were down 4%, and a 7% volume decline.

鉀肥業務收入下降 4%，銷量下降 7%。

Now despite solid potash demand in the quarter, our volumes were impacted by the strike and the challenging weather.

儘管本季鉀肥需求強勁，但我們的產量受到了罷工和惡劣天氣的影響。

We moved record levels of potash, though in 2024 and with positive demand fundamentals and Canpotex fully committed to strong levels through Q1, we are well positioned for another strong year of growth in 2025.

儘管在 2024 年，我們的鉀肥產量達到了創紀錄的水平，並且由於需求基本面積極，且 Canpotex 完全致力於在第一季度保持強勁水平，我們已準備好在 2025 年迎來又一個強勁的增長年。

And to finish out our bulk business, our coal revenue was down 3% and an 8% decline in volume.

在散裝業務方面，我們的煤炭收入下降了 3%，銷量下降了 8%。

The decline was mainly driven by U.S.

下降主要是受美國影響。

coal volumes impacted by a specific customer outage, while the work stoppage and weather impacted our Canadian coal shipments.

特定客戶停電影響了煤炭產量，而停工和天氣則影響了我們的加拿大煤炭運輸。

Now moving on to our merchandise franchise.

現在來談談我們的商品特許經營。

Energy, Chemicals and Plastics grew 2% on 1% volume growth.

能源、化學品和塑膠銷量成長 1%，成長 2%。

We continue to deliver volume growth across multiple commodities in this area.

我們將繼續實現該地區多種商品的銷售成長。

Fuel oils, LPGs, biofuels , driven from a variety of opportunities, self-help and synergies.

燃料油、液化石油氣、生物燃料，由各種機會、自助和協同作用所推動。

This growth, though, was partially offset by lower crude by rail volumes in the quarter.

不過，這一增長被本季鐵路原油運輸量的下降部分抵消。

Now looking ahead to 2025 we see solid demand fundamentals, coupled with continued wins in plastics, LPGs and renewable diesels, delivering another strong year in ECP.

展望 2025 年，我們看到穩固的需求基本面，再加上塑膠、液化石油氣和再生柴油的持續成長，ECP 將再創強勁成長的一年。

Forest Products revenues were up 1% on a 5% increase in volumes.

林產品收入成長了 1%，銷量增加了 5%。

Now despite a soft base state demand environment, we are delivering unique synergy growth and extended length of haul in this space, including lumber shipments moving from Canada all the way down to Texas.

現在，儘管基礎州需求環境疲軟，我們仍在該領域實現了獨特的協同增長和延長運輸時間，包括從加拿大一路運往德克薩斯州的木材運輸。

We continue to work with our customers and supply chain partners in this space to deliver unique service solutions that will position this business for accelerated growth as the housing market and broader macro improves.

我們將繼續與該領域的客戶和供應鏈合作夥伴合作，提供獨特的服務解決方案，隨著房地產市場和更廣泛的宏觀經濟改善，該業務將實現加速成長。

In the Metals, Minerals and Consumer Products area, revenue was down 4% in a 5% volume decline.

在金屬、礦產和消費品領域，銷售量下降 5%，收入也下降了 4%。

A softer demand environment, coupled with production challenges at a customer facility impacted our volumes in the quarter.

需求環境疲軟，加上客戶工廠的生產挑戰，影響了我們本季的銷售量。

These declines were partially offset with higher volume of the frac sand.

由於壓裂砂產量增加，部分抵消了產量的下降。

Now similar Forest products with our development of two new aggregate transload terminals and the start-up of aluminum dynamics new facilities on our network in Mississippi and Mexico, we are well positioned in MMC to benefit from these strategic network developments along with further growth as the broader macro continues to improve.

現在，類似的森林產品隨著我們在密西西比州和墨西哥的網路上開發兩個新的骨材轉運碼頭和啟動鋁動力新設施，我們在 MMC 中處於有利地位，可以從這些戰略網絡發展中受益，隨著宏觀經濟的不斷改善而實現進一步增長。

Moving to automotive.

轉向汽車產業。

Revenue was up 16% on a 23% volume growth, another record quarter and a record year in automotive.

銷量成長 23%，營收成長 16%，這再創汽車產業季度和年度銷售記錄。

This team continues to raise the bar, and I'm extremely pleased with our sustained differentiated performance in this space.

這支團隊不斷提高標準，我對我們在這個領域持續的差異化表現感到非常滿意。

Benefiting from our unique closed-loop service model that Keith spoke to in key network developments and investments such as our Dallas auto compound, growth and synergies are tracking well ahead of expectation with line of sight to future opportunities.

由於我們獨特的閉環服務模式（Keith 在我們的達拉斯汽車大院等關鍵網路開發和投資中談到了這種模式），成長和協同效應遠遠超出了預期，並且未來的機會也觸手可及。

In 2025, despite increasingly tougher compares, we expect our auto franchise to continue delivering steady growth as we benefit from new contracts and the ramp up of market share gains.

2025 年，儘管競爭愈發激烈，但我們預計，由於受益於新合約和市場份額的提升，我們的汽車特許經營業務將繼續實現穩定成長。

On the intermodal side of the business, revenue was down 6% on 1% volume growth.

在多式聯運業務方面，收入下降了 6%，而運輸量增加了 1%。

Starting with domestic Intermodal, volumes were up 4%, driven by growth in our refrigerated business and our U.S.-Mexico MMX service.

從國內聯運開始，貨運量成長了 4%，這得益於我們的冷藏業務和美國-墨西哥 MMX 服務的成長。

Looking to 2025, we have a strong line of sight to continued growth in domestic as several opportunities start to take hold.

展望 2025 年，隨著多種機會開始出現，我們對國內業務的持續成長有著清晰的預期。

Our business with Schneider and others on the MMX service accelerated to peak levels in Q4, and we expect continued growth in 2025 as we add our direct service between Mexico, Texas and the Southeast U.S. with CSX.

我們與施耐德等公司在 MMX 服務上的業務在第四季度加速至峰值水平，並且隨著我們與 CSX 一起增加墨西哥、德克薩斯和美國東南部之間的直航，我們預計 2025 年將繼續增長。

Additionally, Americold's cold storage warehouse co-located in our yard in Kansas City will start ramping up midyear.

此外，位於堪薩斯城我們院子裡的 Americold 冷藏倉庫將於年中開始擴建。

This facility will serve as the anchor along with new CP casing rail-served co-developments now in Mexico and at Port of St. John, which Americold announced yesterday.

該設施將與目前在墨西哥和聖約翰港的新的CP套管鐵路服務共​​同開發項目一起作為支柱，Americold昨天宣布了這一消息。

This builds -- these projects build on our strategic collaboration with Americold as we further expand our reach of our unique rail-served temp control supply chain.

這些項目建立在我們與 Americold 的策略合作的基礎上，進一步擴大了我們獨特的鐵路服務溫度控制供應鏈的覆蓋範圍。

On the International Intermodal front, volumes were down 1%, primarily due to the labor disruption at the Port of Vancouver.

在國際聯運方面，貨運量下降了 1%，主要原因是溫哥華港出現勞工中斷。

The decline was partially offset by growth from a new contract that continues to ramp up and higher volumes for the Port of St.

新合約的持續成長和聖勞倫斯港吞吐量的增加部分抵消了這一下降。

John.

約翰。

Now looking to 2025, we see a lot of opportunity in this space from increased customer utilization of our CPKC ports and growth through our differentiated service offerings.

展望 2025 年，我們看到該領域存在許多機遇，包括提高客戶對我們 CPKC 港口的利用率以及透過我們差異化的服務產品實現成長。

So to close, we rebounded quickly after the work stoppage and weather impacts.

總而言之，我們在停工和天氣影響後迅速反彈。

Our network is performing extremely well, and we feel good about delivering mid-single-digit RTM growth in 2025.

我們的網路表現非常出色，我們對 2025 年實現中等個位數 RTM 成長充滿信心。

And while the macro remains uncertain, we are confident in our unique growth from synergies and self-help, along with our continued ability to achieve pricing that reflects the value of our servicing capacity.

儘管宏觀環境仍不確定，但我們對透過協同效應和自助實現的獨特成長充滿信心，並相信我們能夠繼續實現反映我們服務能力價值的定價。

2025 is going to be an exciting year, and I look forward to sharing success in the coming quarters.

2025 年將是令人興奮的一年，我期待在接下來的幾季里共享成功。

With that, I'll pass it over to Nadeem.

說完這些，我將把它交給 Nadeem。

All right.

好的。

Thanks, John, and good afternoon.

謝謝，約翰，下午好。

I'd like to start by thanking the CPKC family of railroaders for their tremendous effort and execution in our first full year as a combined company.

首先，我要感謝 CPKC 鐵路工人大家庭在我們合併後公司的第一年付出的巨大努力和執行力。

Our best-in-class team of railroaders continues to rise to the occasion to produce results that are exceptional.

我們一流的鐵路工人隊伍不斷應對挑戰，創造卓越的成果。

Now turning to our fourth quarter results on Slide 12.

現在就來看看投影片 12 的第四季業績。

CPKC's reported operating ratio was 59.7%, and the core adjusted combined operating ratio came in at 57.1%, a 160 basis point improvement over prior year.

CPKC 報告的營業比率為 59.7%，核心調整後綜合營業比率為 57.1%，比前一年提高了 160 個基點。

Diluted earnings per share was $1.28, and core adjusted combined diluted earnings per share was $1.29, up 9% versus last year.

每股攤薄收益為 1.28 美元，核心調整後綜合每股攤薄收益為 1.29 美元，較去年同期成長 9%。

Turning to our full year results on Slide 13.

請參閱幻燈片 13 上的全年業績。

CPKC's reported operating ratio was 64.4% and the core adjusted combined operating ratio came in at 61.3%, a 70 basis point improvement over prior year.

CPKC 報告的營業比率為 64.4%，核心調整後綜合營業比率為 61.3%，比前一年提高了 70 個基點。

Diluted earnings per share was $3.98 and core adjusted combined diluted earnings per share was $4.25, an increase of 11% versus last year.

每股攤薄收益為 3.98 美元，核心調整後綜合每股攤薄收益為 4.25 美元，較去年同期成長 11%。

Taking a closer look at our expenses on Slide 14, I will speak to the year-over-year variances on an FX-adjusted basis.

仔細查看幻燈片 14 上的我們的費用，我將談談外匯調整後的同比差異。

Comp and benefits expense was $619 million, or $625 million adjusted for acquisition costs and the tax recovery.

薪資和福利支出為 6.19 億美元，經收購成本和稅收調整後為 6.25 億美元。

The year-over-year decline was driven by lower share-based compensation and efficiency gains from improved train weights, partially offset by inflation, incentive compensation and volume-driven increases from higher GTMs.

年比下降的原因在於股權激勵費用的降低以及列車重量增加帶來的效率提升，但被通貨膨脹、激勵性薪酬以及 GTM 提高帶來的運量增長部分抵消。

Looking to 2025, we expect our average head count to be up low single digits, driving labor productivity gains against the mid-single-digit RTM growth we expect to deliver.

展望 2025 年，我們預計平均員工人數將成長低個位數，從而推動勞動生產力提高，而我們預期 RTM 成長率將達到中等個位數。

Fuel expense was $459 million, down 13% year-over-year.

燃料費用為4.59億美元，年減13%。

The decline was driven by lower fuel price and a 2% improvement in fuel efficiency from running longer and heavier trains, which resulted in $6 million in P&L savings for the quarter.

下降的原因在於燃料價格下降，以及由於運行更長更重的列車而將燃料效率提高 2%，從而導致本季損益節省 600 萬美元。

These savings were partially offset by volume-driven increases from higher GTMs.

這些節省的部分被 GTM 提高所導致的銷售成長所抵消。

Materials expense was $116 million or $115 million adjusted for acquisition costs.

材料費用為 1.16 億美元，經收購成本調整後為 1.15 億美元。

The year-over-year increase was driven primarily by a long-term parts agreement that was put in place last quarter.

年比成長主要得益於上個季度達成的長期零件協議。

This agreement is driving higher materials expenses we have in-sourced a subset of our maintenance work, but we are recognizing a favorable offset within [PSMO] for net savings in the quarter.

該協議導致材料費用增加，我們將部分維護工作外包出去，但我們確認[PSMO]內的有利抵銷金額為本季的淨節省。

Equipment rents were $94 million.

設備租金為9,400萬美元。

The year-over-year increase was driven by inflation and lapping against pooled equipment credits received in 2023.

年比成長主要是由於通貨膨脹以及與 2023 年收到的共享設備信用額度重疊。

Depreciation and amortization expense was up 6% year-over-year, resulting from a higher asset base.

由於資產基礎增加，折舊和攤提費用較去年同期增加 6%。

Purchased services and other expense was $538 million, or $517 million adjusted for acquisition costs and purchase accounting.

購買服務和其他費用為 5.38 億美元，或根據收購成本和購買會計調整後的 5.17 億美元。

The year-over-year decline was driven by savings from the long-term parts agreement I mentioned earlier, efficiency gains in IS as we consolidate systems and lower casualty expense.

與去年同期相比，下降的主要原因是我之前提到的長期零件協議帶來的節省，以及我們整合系統和降低傷亡費用所導致的資訊系統效率提高。

These savings were partially offset by inflation and increased maintenance expense.

這些節省的部分被通貨膨脹和增加的維護費用所抵消。

We continue to drive efficiency and cost synergy gains with excellent momentum heading into 2025.

我們將繼續推動效率和成本協同效應，並保持良好的發展勢頭，邁向 2025 年。

We expect these gains along with the impact of lower expected inflation to be sustainable and continue improving our cost structure going forward.

我們預計這些收益以及預期通膨下降的影響將持續下去，並將繼續改善我們的成本結構。

Moving below the line on Slide 15.

移至投影片 15 的線下方。

Other components of net periodic benefit recovery were $87 million in Q4, reflecting the lower discount rate compared to 2023.

第四季淨定期福利回收的其他組成部分為 8,700 萬美元，反映出與 2023 年相比較低的折現率。

Full year 2025, we expect this line to increase by $76 million, from $352 million in 2024.

到 2025 年全年，我們預計這條路線將從 2024 年的 3.52 億美元增加 7,600 萬美元。

Net interest expense was $203 million or $197 million, excluding the impact of purchase accounting.

淨利息支出為 2.03 億美元，不包括購買會計的影響則為 1.97 億美元。

Year-over-year decline was driven by a reduced debt balance.

年比下降是由於債務餘額減少。

Income tax expense was $246 million, or $353 million adjusted for a decrease in Louisiana state income tax rate, Purchase of tax and a tax recovery.

所得稅費用為 2.46 億美元，或根據路易斯安那州所得稅率下降、購買稅和稅收追回調整後為 3.53 億美元。

For 2025, we expect CPKC's core adjusted effective tax rate to be approximately 24.5%.

到 2025 年，我們預計 CPKC 的核心調整後有效稅率約為 24.5%。

Turning to Slide 16.

翻到第 16 張投影片。

We are generating strong cash flow this year with cash provided by operating activities of $5.3 billion in 2024.

我們今年的現金流強勁，2024 年經營活動提供的現金將達到 53 億美元。

Our commitment to safe and disciplined growth is reflected in our capital investments, and in 2024, we reinvested $2.8 billion.

我們對安全和有紀律成長的承諾體現在我們的資本投資中，2024 年，我們再投資了 28 億美元。

This is slightly higher than our outlook to invest approximately $2.75 billion during the year, with the increase driven by a higher U.S. dollar versus Canadian FX rate.

這略高於我們預計的全年投資約 27.5 億美元，成長的原因是美元兌加元的匯率走高。

Our discipline and strategic investments in safety and capacity across our network position us to continue efficiently absorbing the growth that this merger has enabled.

我們在整個網路的安全性和容量方面的紀律和策略投資使我們能夠繼續有效地吸收此次合併帶來的成長。

Looking to 2025, we expect to invest approximately $2.9 billion in CapEx.

展望 2025 年，我們預計將投資約 29 億美元資本支出。

Again, this is slightly higher than the outlook provided on our multiyear guide with the increase driven by expected FX impacts.

再次，該數字略高於我們多年指南中提供的前景，其增長是由預期的外匯影響推動的。

We generated $2.7 billion in adjusted combined free cash flow for the year.

我們今年的調整後綜合自由現金流為 27 億美元。

We have continued to direct free cash flow after dividends towards repaying debt.

我們繼續將股息後的自由現金流用於償還債務。

I was very pleased to see Moody's recently upgraded us back to our target [BAA1] credit rating.

我很高興看到穆迪最近將我們的信用評級重新上調至目標[BAA1]。

We certainly are getting closer to be in a position to return to increasing shareholder returns.

我們確實越來越接近實現增加股東回報的目標。

In review of the quarter, the team continues to deliver discipline on price and cost control, exceptional execution and industry-leading results.

回顧本季度，團隊繼續嚴格控制價格和成本，實現卓越的執行和行業領先的業績。

We have strong momentum entering 2025.

邁入 2025 年，我們勢頭強勁。

Looking ahead, although the macro and trade policies remain somewhat uncertain, we expect to deliver 12% to 18% core adjusted earnings growth in 2025, underpinned by mid-single-digit RTM growth.

展望未來，儘管宏觀和貿易政策仍存在一定的不確定性，但我們預計 2025 年核心調整後獲利將成長 12% 至 18%，這得益於中等個位數的 RTM 成長。

We also anticipate generating strong free cash flow while investing in the network and reinstating our share buyback program.

我們也預計在投資網絡和恢復股票回購計畫的同時產生強勁的自由現金流。

Putting all of this together, CPKC offers a truly differentiated investment profile, combining our unique growth opportunities with industry best execution is driving the results that we are sharing with you today, and I'm excited for the opportunity that we have in 2025 and beyond.

綜合所有這些，CPKC 提供了真正差異化的投資組合，將我們獨特的成長機會與行業最佳執行力相結合，推動了我們今天與您分享的成果，我對我們在 2025 年及以後的機遇感到非常興奮。

With that, let me turn things back over to Keith.

說完這些，讓我把話題轉回給 Keith。

Okay.

好的。

Thanks gentlemen for the color.

感謝先生們提供的顏色。

Let's take the balance of our time and open up for questions, operator over to you.

讓我們利用剩餘的時間來回答問題，接線員交給您。

Chris Weatherby with Wells Fargo.

富國銀行的克里斯‧韋瑟比。

Hey, thanks, good afternoon guys.

嘿，謝謝，大家下午好。

Maybe we start on the RTM outlook.

也許我們從 RTM 展望開始。

And so John, you gave us some, I think, helpful color there, but maybe we can unpack it a little bit more and kind of curious how you think about sort of first half, second half cadence of that?

所以約翰，我認為你在那裡給了我們一些有用的信息，但也許我們可以進一步解釋一下，並且有點好奇你是如何看待上半場、下半場節奏的？

And if you can break it out, how much you might be getting from specific new opportunities, KCS related or merger-related opportunities or what you're seeing kind of in the underlying book of business with core customers?

如果您可以將其分解開來，您可以從特定的新機會、KCS 相關或合併相關的機會中獲得多少收益，或者您在核心客戶的基礎業務帳簿中看到多少收益？

Sure.

當然。

All right, Chris.

好的，克里斯。

So a couple of comments maybe on this.

對此我可能有幾點評論。

So maybe high level, we think about it in terms of real simple 2% to 3% tied to synergies.

因此，也許從高層次來看，我們會以與協同效應相關的真正簡單的 2% 到 3% 來考慮這個問題。

And I'd say, 2% to 3% tied to kind of our base organic business and initiatives tied to the base railroad.

我想說，2%到3%與我們的基礎有機業務和與基礎鐵路相關的計劃有關。

I can tell you, I'm not really counting on the macro and hoping for maybe a second half tailwind, if we see something there.

我可以告訴你，我其實不依賴宏觀經濟，而是希望也許下半年會出現順風，如果我們看到什麼的話。

So it's really about self-help.

所以這其實是一種自助。

I'll tell you, probably a little more weighted towards the back half, but I'll tell you this.

我會告訴你，可能更側重於後半部分，但我會告訴你這一點。

We're off to a really strong start.

我們的開局非常強勁。

And not dissimilar to 2024.

與 2024 年並無不同。

I think our setup, particularly the first half of the year, if you think about our bulk franchise, is really good.

我認為我們的設置，特別是今年上半年，如果你考慮我們的散裝特許經營權，那是非常好的。

So to be honest with you, I'm trying to see a path to outperform maybe the first half, and then we'll see what the second half of the year brings.

所以說實話，我試著找一條可能在上半年表現優異的途徑，然後我們再看看下半年會帶來什麼。

I think we're -- the comps look pretty good on the grain front, as I spoke to, we've got a really strong outlook in potash and also Elk Valley has got a strong outlook for coal.

我認為，就穀物方面而言，我們的可比價格看起來相當不錯，正如我所說的那樣，我們在鉀肥方面的前景非常強勁，而且 Elk Valley 在煤炭方面的前景也非常強勁。

On the initiatives front, or the synergy front, just to give you a little color on that, continue to be really excited for the international space.

在舉措方面，或協同方面，只是為了給你一點色彩，繼續對國際空間感到非常興奮。

We're really busy on that front.

我們在這方面確實很忙。

St. John is going to prove to be a nice bump in improvement for us.

聖約翰將會為我們帶來很大的進步。

Of course, we got Americold's new facility that was announced there.

當然，我們得到了在那裡宣布的Americold新工廠的消息。

We're going to call some new services from Gemini at Fort St. John.

我們將從聖約翰堡的雙子星號 (Gemini) 呼叫一些新的服務。

And honestly, that area, combined with what we do, done at Lazaro and growth in Vancouver, I'm pretty positive about that.

老實說，那個領域，結合我們在拉扎羅 (Lazaro) 所做的事情以及溫哥華的發展，我對此非常樂觀。

The automotive sector continues to shine.

汽車板塊繼續表現亮眼。

And I know there's a lot of maybe uncertainty thrilling around out there.

我知道外面可能存在著很多令人興奮的不確定性。

But you know what, I think we feel, irregardless of that, we're set up well.

但你知道嗎，我想我們感覺，不管怎樣，我們已經準備好了。

Our closed loop system is producing results, as Keith spoke to relative to GM.

正如 Keith 向 GM 所說的那樣，我們的閉環系統正在產生成果。

And we see some other partners there coming on in 2025 that they're going to help pay dividends.

我們也看到一些其他合作夥伴將在 2025 年加入並幫助我們支付股息。

And maybe last, I'd point to our intermodal service and specifically our new route with the CSX.

最後，我想談談我們的聯運服務，特別是我們與 CSX 的新航線。

Not only is that going to provide a lot of opportunity in and out of our new auto compound in Dallas for finished vehicles, potentially even parts.

這不僅將為我們位於達拉斯的新車園區提供大量整車甚至零件進出機會。

But we're super excited about what it's going to do in terms of our dry van business and refrigerated business in and out of Mexico that we can use on that route.

但我們對於它對我們在該航線上進出墨西哥的干貨運輸業務和冷藏貨物業務的影響感到非常興奮。

So I hope that gives you a little bit of flavor, particularly sort of high level around the split between synergies and sort of what I consider base initiatives.

所以我希望這能給你一點啟發，特別是關於協同作用和我認為的基本舉措之間的區別的高層次知識。

Yeah, very helpful.

是的，非常有幫助。

Appreciate the color.

感謝色彩。

Thank you very much.

非常感謝。

Fadi Chamoun with BMO Capital Markets

BMO 資本市場的 Fadi Chamoun

Just maybe a follow-up on Chris' question.

也許只是對克里斯問題的後續回答。

So the 4% to 6%, I guess, volume kind of band that you've highlighted.

所以我想，您強調的成交量區間是 4% 到 6%。

Is this kind of how we should think about the volume kind of range versus the [S range] and just trying to think of what would be required, I guess, to be at the higher end of the range versus the lower end of the range, I wonder it's the volume band or not.

我們應該這樣考慮音量範圍與 [S 範圍] 的關係嗎？

And really, my question is, maybe Keith can provide some kind of perspective from your conversations with customers on the potential for the trade policies changes maybe affecting behavior, and do you feel that this mid-single-digit kind of volume growth this year is quite independent from anything that happens on that front?

實際上，我的問題是，也許 Keith 可以從您與客戶的對話中提供某種觀點，即貿易政策變化可能會影響行為，您是否認為今年這種中等個位數的銷售增長與這方面發生的任何事件無關？

Let me -- and if I can, let me take a stab at the latter part of your question, and I'll let John provide some color.

讓我——如果可以的話，讓我嘗試回答你的問題的後半部分，然後讓約翰提供一些解釋。

John and his team has spent a tremendous amount of time as we all have concerns and trying to learn about what may or may not happen to the tariffs.

由於我們都有顧慮，所以約翰和他的團隊花了大量的時間試圖了解關稅可能發生或不會發生什麼。

And the bottom line is we don't know.

但底線是我們不知道。

But what we do know is that in spite of that volatile, perhaps uncertain perhaps outcome, we shall have investment that's not pulling back, it's doubling down.

但我們確實知道，儘管結果不穩定、不確定，我們的投資不但不會減少，反而會加倍。

I've got one particular customer, strategic customer, that was only enabled and created as a result of this transaction, this merger of single line service where it's a new product to the market that made a commitment to me and he's sense commitment -- many commitments count announced expansions of these facilities that we understand this is a long-term play.

我有一個特定的客戶，戰略客戶，這個客戶是透過這次交易才得以實現和創建的，這次單一線路服務的合併，是向市場推出的新產品，它對我做出了承諾，他意識到承諾——許多承諾都算作宣布擴大這些設施，我們知道這是一個長期的計劃。

This is a railroad built for ever, not a railroad built for 48 months.

這是一條永久修建的鐵路，而不是一條只用 48 個月就修建好的鐵路。

Now not to say we don't have to navigate that, not have to say we're not going to be close to our customers, but I can tell you this.

現在並不是說我們不必解決這個問題，也不是說我們不會接近我們的客戶，但我可以告訴你這一點。

Trade between these 3 nations has never been, in my assessment, more critical.

我認為，這三個國家之間的貿易從未像現在這樣重要。

President Trump, drove a hard bargain in a central to renegotiating USMCA back at the beginning of the pandemic.

早在疫情爆發之初，川普總統就對重新談判 USMCA 做出了艱難的談判。

I believe that was finalized in 2020, when they had the pandemic occur.

我相信這是在 2020 年疫情爆發時最終確定的。

Supply chain, security became an amplified issue that didn't exist before, and that has really accelerated not only the expansion of near shoring and Ally shoring, but the integration of our supply chains.

供應鏈安全成為以前不存在的嚴重問題，這不僅加速了近岸外包和盟友外包的擴張，也加速了我們供應鏈的整合。

And that's true in all states.

所有州都是如此。

You can talk about automotive.

您可以談論汽車。

I mean if you really got into the details line by line, commodity by commodity, how many engines and transmissions are built in, in the U.S., they go to Mexico, so they can produce the vehicle that comes back to the U.S. that goes to the consumer market because the fact is we've got 75% of production capacity in the U.S.

我的意思是，如果你真的逐行逐項地了解細節，每種商品有多少台發動機和變速器在美國製造，然後運往墨西哥，生產汽車，再運回美國，進入消費市場，因為事實上我們 75% 的生產能力都在美國。

and 25% that's going to come from somewhere else based on what we consume on an annual basis.

根據我們每年的消費量，25%將來自其他地方。

So that type of interdependence, that type of need is moving into this economy.

所以這種相互依存、這種需求正在融入當今經濟中。

And I think in the end, the range was responsible.

我認為最終還是靶場起了作用。

The range makes in some risk.

這個範圍會產生一定的風險。

If it's not as volatile as we think it is, they don't expect us to be at the 12, expect us to be in the number.

如果它不像我們想像的那麼不穩定，他們就不會指望我們達到 12 強，而是指望我們達到數字。

That's responsible conservatism.

這才是負責任的保守主義。

We feel it was our responsibility to ensure that our investors understand we don't have our heads in the sand..

我們認為，我們有責任確保我們的投資者明白，我們並沒有將頭埋在沙子裡。

We're not sitting on the sidelines.

我們不會袖手旁觀。

We're going to be engaged, we're going to be at the table.

我們將參與其中，我們將坐在談判桌前。

We're going to be involved.

我們將參與其中。

I'm going to be involved at the table as far as working with the business communities and the government in Canada.

我將積極參與與加拿大商界和政府的合作。

I'm going to do so in the U.S. and I'm going to do so in Mexico.

我將在美國這樣做，我也將在墨西哥這樣做。

We have a vested interest to make sure that our shareholders, our customers, interest and representative.

我們有既得利益，確保我們的股東、我們的客戶的利益和代表。

And in the end, the right thing and Mr.

最後，正確的事情和先生。

Trump's desires to build a stronger America, to bring jobs to America, to balance trade, I think, is going to be accomplished.

我認為，川普建立更強大的美國、為美國帶來就業機會、平衡貿易的願望將會實現。

And we're going to see, I think, exceptional growth between the 3 nations.

我認為，我們將看到三國之間出現顯著的成長。

I just think that.

我只是這麼認為。

And I think the other thing, a lot of people get wrapped up in this, I tend to listen to what people say.

我認為另一件事是，很多人都陷入了這個問題，我傾向於傾聽人們的意見。

And I know that there's things that are said and unsaid.

我也知道有些話是說出來的，有些話是沒說出來的​​。

But when I hear a President that I take very seriously say that what I'm concerned about Canada and what I'm concerned about Mexico is that you take action to address immigration concerns and illegal drug trade concerns that are occurring on our borders.

但是，當我聽到一位我非常重視的總統說，我對加拿大和墨西哥的擔憂是，你們需要採取行動解決移民問題和邊境上發生的非法毒品貿易問題。

And what I've seen since he said that, it's if you don't, I will impose a very significant number.

自從他說了那番話之後，我看到的情況是，如果你不這樣做，我就會處以非常高的罰款。

But what I've seen since then is a very responsible Canada take action.

但從那時起我看到的是加拿大採取了非常負責任的行動。

I've seen Mexico take action.

我看到墨西哥採取了行動。

I personally went down to Mexico City, and that was President Sheinbaum a week before Christmas, had a very productive discussion with her about all of our business about what our network entails and how we can align and help her achieve Mexico's ambitions.

我自己在聖誕節前一周去了墨西哥城，與 Sheinbaum 總統進行了一次非常富有成效的討論，討論了我們所有的業務，包括我們的網絡包含哪些內容，以及我們如何協調並幫助她實現墨西哥的抱負。

But at the same time, the partnership and the [travel lateral] trade between the 3 nations in a very extreme uniquely.

但同時，三國之間的夥伴關係和（旅遊橫向）貿易也極為獨特。

And that resonates.

這引起了共鳴。

It makes too much sense not to resonate.

這話很有道理，很難不引起共鳴。

So at the end of the day, again, we don't know where to put the [pen] exactly.

所以到最後，我們還是不知道該把筆放在哪裡。

We think the range is a responsible way to represent that.

我們認為該範圍是一種負責任的方式來表達這一點。

And I would be extremely surprised if it's not at the higher end versus the lower end, unless there's just some crazy some volatility because certain people stick their heads in the sand and I just don't see that occurring.

如果它不是處於較高端而非較低端，那我會感到非常驚訝，除非因為某些人把頭埋在沙子里而出現一些瘋狂的波動，而我只是沒有看到這種情況發生。

I don't think that's in anyone's best interest that I think a pragmatic approach will carry the day and we're going to come out on the high side, not on the low side.

我認為這不符合任何人的最佳利益，我認為務實的方法會佔上風，我們將會走向高端，而不是低端。

Fadi, this is John.

法迪，這是約翰。

So maybe I'd just add a little bit to that.

因此我可能只想補充一點。

I've spoken to dozens and dozens of customers here over the last month or so.

在過去一個月左右的時間裡，我和這裡的數十位客戶進行了交談。

And I think the reality is the growth platform and the initiatives that we have line of sight to aren't really going to be impacted.

我認為現實情況是，我們所關注的成長平台和舉措實際上不會受到影響。

I mean we are going to be focused on delivering those unique, whether it be synergies or base opportunities.

我的意思是我們將專注於實現那些獨特的東西，無論是協同效應還是基礎機會。

We're going to be fostering the base railroad demand and our bulk franchise that I spoke to.

我們將促進基礎鐵路需求和我們談到的散裝特許經營權。

And frankly, if you look back to 2018 and 2019 during the last set of tariffs, I think the reality was that these supply chains are very complex.

坦白說，如果回顧 2018 年和 2019 年上一次徵收關稅期間的情況，我認為現實情況是這些供應鏈非常複雜。

It's commodity by commodity, it's lane by lane.

一件商品接著一件商品，一條街接著一條街。

It's customer by customer in ultimately what happens.

最終發生的情況由每位客戶決定。

And I think what we saw is there wasn't a lot of change.

我認為我們看到的並沒有太大的改變。

It's hard to change the complexities overnight.

很難在一夜之間改變複雜性。

So we're going to take laser-focused on the opportunities ahead of us.

因此，我們將全神貫注地專注於眼前的機會。

Just like any sort of volatile demand environment, this team will be ready to adapt and react.

就像任何類型的波動需求環境一樣，這個團隊將隨時準備好適應並做出反應。

If something material does change in one direction, or the other.

如果某種物質確實朝一個方向或另一個方向改變。

And otherwise, we're going to be laser-focused on delivering the growth that we just spoke to.

除此之外，我們將全神貫注於實現我們剛才談到的成長。

Appreciate it.

非常感謝。

Thank.

感謝。

Brian Ossenbeck with JPMorgan.

摩根大通的 Brian Ossenbeck。

Hey, thanks.

嘿，謝謝。

I appreciate you taking that question.Maybe one for Nadeem, you say here looking into next year.

感謝您回答這個問題。

Can you give us some of the assumptions or maybe your visibility into the inflationary environment or hopefully disinflationary environment on some of the bigger line items?

您能否為我們提供一些假設，或者您對一些較大項目的通膨環境或通貨緊縮環境的看法？

And maybe also some commentary on expectations for the buyback and how we should think about that starting up and at what pace and at what time?

也許還有一些關於回購預期的評論，以及我們應該如何考慮啟動回購、以什麼速度、在什麼時間啟動回購？

Thank you

謝謝

Sure.

當然。

Thanks, Brian.

謝謝，布萊恩。

So inflation, I think, is something that's impacted the industry a fair bit as far as absorbing the costs the last 2 years and not being able to fully reprice as contracts come up and price above inflation.

因此，我認為，通貨膨脹對行業產生了相當大的影響，因為它在過去兩年中吸收了成本，並且隨著合約的增加和價格高於通貨膨脹率，無法完全重新定價。

And so we've been -- we've absorbed a lot of that on the expense side on labor, on purchased services, on materials, with steel prices, commodity prices, and of course, tightness in labor markets.

因此，我們在勞動力、購買服務、材料、鋼鐵價格、商品價格以及勞動力市場的緊張等方面的費用方面吸收了大量這種影響。

So that being said, we've seen inflation moderate in some areas, kind of nonlabor, closer to 2%, 2.5% in the past year, which is much more normalized.

話雖如此，我們看到一些領域的通膨率有所緩和，非勞動力領域的通膨率在過去一年中接近 2%、2.5%，這更加正常化。

We've seen, particularly in Canada, inflation come down closer to 2%.

我們已經看到，特別是在加拿大，通貨膨脹率已降至接近 2%。

And then on the labor side, it's moderated to start with something like a 3% as opposed to what we faced with the PAB, et cetera.

然後在勞動力方面，它開始以 3% 左右的速度緩和，而不是像我們面臨的 PAB 等。

So with much more normalized environment from an inflationary cost side.

因此，從通膨成本方面來看，環境更加正常化。

I think we anticipate getting pricing in that 4%, 4.5% range for the year.

我認為我們預計今年的價格將在 4% 至 4.5% 的範圍內。

So certainly, we see an opportunity there to see improvement, support margin improvements in 2025 from pricing above inflation.

因此，我們當然看到了改善的機會，透過高於通膨的定價來支持 2025 年利潤率的提高。

And on your second part of your question, as far as the buyback, yes, we said we wanted to get our leverage back down below 3%, closer to 2.5%.

關於您問題的第二部分，就回購而言，是的，我們說過我們希望將槓桿率降至 3% 以下，接近 2.5%。

We've accomplished a lot.

我們已取得許多成就。

We've paid back by the end of this week.

我們已經在本週末之前還清了。

It will be close to CAD 7 billion of debt post our announced transaction and post our deal.

在我們宣布交易和達成交易後，債務總額將接近 70 億加元。

So we've been very successful in delevering.

所以我們在去槓桿方面非常成功。

The currency has hurt us a little bit, Canadian dollar depreciating and being at a 52-week low, that certainly hurt our balance sheet and hurt our leverage number.

貨幣對我們造成了一點傷害，加元貶值並處於 52 週低點，這肯定損害了我們的資產負債表並損害了我們的槓桿率。

But you normalize for a more kind of long-term average on the Canadian dollar, we are closer to that 2.5, 2.6 points levels.

但如果將加幣的長期平均值標準化，我們就會更接近 2.5、2.6 點的水平。

So all that means is, yes, we're excited about being -- returning to the market.

所以，這一切意味著，是的，我們很高興能夠重返市場。

You can expect us to continue to invest back into the network this year, about $2.9 billion.

您可以預期我們今年將繼續向該網路投資約 29 億美元。

I think we want to address the dividend to an extent.

我認為我們希望在一定程度上解決股息問題。

Our yield is, I think, 0.7% or even lower at this level.

我認為，我們的收益率在這個水平上是0.7%甚至更低。

So we'll do something there, but we're going to be balanced in how we return cash to shareholders.

因此我們會採取一些措施，但我們會平衡如何向股東返還現金。

And then you can see that the model spits out a significant amount of cash and we'll use the rest to buy back shares.

然後你可以看到該模型吐出了大量現金，我們將用剩餘的錢來回購股票。

And some more to come.

接下來還會有更多。

We've talked long term, when you look at our Investor Day, that range of about 3% to 4% is what the buyback kind of splits out when you factor in our CapEx and dividend approach and getting our dividend closer to 25%, 30% payout.

我們已經討論了長期問題，當你看到我們的投資者日時，當你考慮到我們的資本支出和股息方法並使我們的股息更接近 25%、30% 的支付時，回購的比例大約在 3% 到 4% 之間。

So that's kind of what you should expect from us.

這正是您應該對我們的期望。

Okay.

好的。

Thanks very much.

非常感謝。

Thanks Brian.

謝謝 Brian。

Steve Hansen with Raymond James

史蒂夫漢森與雷蒙詹姆斯

Look, if we think back on to '24, you were obviously hit by a whole host of diversions and disruptions across the network.

看，如果我們回想一下 24 小時，你顯然受到了整個網路的一系列轉移和乾擾的打擊。

I don't need to go through them all here.

我沒必要在這裡一一列舉它們。

But if I can stick the tariff issue aside for a minute, I mean, how do you feel about the repeatability of those types of events going forward, whether it's strikes at the ports, the terminals, the workers themselves on the railroad?

但是，如果我可以暫時把關稅問題放在一邊，我的意思是，您如何看待未來此類事件的重複性，無論是港口、碼頭還是鐵路工人的罷工？

I guess you won't predict wildfires and things like that.

我想你不會預測野火和類似的事情。

But how do you feel about the normalization of that effect in to '25?

但是，您如何看待這種影響在 25 年內的正常化？

Well, the way I look at it, I think they were episodic, I think 2024 was especially the multiple strikes we had Well, the way I look at it, I think they're episodic.

嗯，從我的角度來看，我認為它們是偶發性的，我認為 2024 年尤其是我們進行的多次襲擊，嗯，從我的角度來看，我認為它們是偶發性的。

I think 2024 especially, the multiple strikes we had with the ports, our labor strikes, I think it was very challenging, especially in Canada year with episodic events that I don't see occurring in 2025, reoccurring.

我認為尤其是 2024 年，我們港口發生了多次罷工，我們的勞工罷工，我認為這是非常具有挑戰性的，特別是在加拿大這一年，發生了一些偶發事件，我認為在 2025 年不會再次發生。

And I say that because of a couple of things that are extremely encouraging that have just recently developed.

我之所以這麼說，是因為最近發生了幾件非常令人鼓舞的事。

We just literally this week, negotiated an agreement with [Unifor], we negotiated an agreement with

我們本週剛與 Unifor 談判達成協議，我們與

[BMWE].

[BMW中國]。

We -- next week, will be with USW.

下週我們將與 USW 在一起。

Applaud the union leadership.

向工會領導階層致敬。

They're professionalism, the wisdom and allowing us to come to an agreement that's good for our customers, good for our employees at the same time and most assuredly, good for reliability because I can tell you, and I've said this publicly in Canada, there's been so much strike fatigue and labor fatigue that Canada's reputation on the world stage as being a reliable supply chain partner has been challenged and put in jeopardy.

他們的專業和智慧使我們能夠達成協議，這項協議對我們的客戶有利，對我們的員工也有利，而且肯定也有利於可靠性，因為我可以告訴你，而且我在加拿大也公開說過，罷工疲勞和勞工疲勞現像已經嚴重到令加拿大在世界舞台上作為可靠供應鏈合作夥伴的聲譽受到挑戰和威脅。

And I'm encouraged that those union leaders understand that.

我很高興那些工會領導人能夠理解這一點。

I'm encouraged that our employees understand that.

我很高興我們的員工能夠理解這一點。

Our employees want to be treated well, paid well and be part of a success story that enables growth and prosperity for their families as well as our customers.

我們的員工希望得到良好的待遇、豐厚的報酬，並成為成功故事的一部分，為他們的家庭和我們的客戶帶來成長和繁榮。

And we're in a place now pending the ratification of those agreements.

目前，我們正在等待這些協議的批准。

We're going to have an award from capital on the TCRC.

我們將在TCRC上獲得資本的獎項。

I see a 2025 with a positive outcome from those ratification votes with no work stoppages.

我認為 2025 年的批准投票將取得正面成果，且不會有任何停工現象。

We have labor reliability, with a refreshing thing to be able to say not only to Mark.

我們擁有勞動力可靠性，這令人耳目一新，不只對馬克有這樣的評價。

He's saying (inaudible) best profession.

他說的是（聽不清楚）最好的職業。

But to John, go sell this business to the customer.

但是對約翰來說，去把這項業務推銷給客戶吧。

It's going to be a fluid railroad.

這將是一條流暢的鐵路。

It's a success enabler, help them win in their markets so we can win with them.

它是成功的推動因素，幫助他們在市場上獲勝，以便我們可以與他們一起獲勝。

That's a pretty good place to be, Steve.

那真是一個不錯的地方，史蒂夫。

And I'll honesty, it hasn't been this way across the board for some time.

老實說，這種情況已經有一段時間沒有出現了。

And the last thing I'll say about that from a liability standpoint, the terms of those agreements are for your terms, not short your term.

最後，從責任的角度我要說的是，這些協議的條款是針對您的期限，而不是縮短您的期限。

So we're talking about 4 years of labor stability with a clean platform in ensalve nothing but positive railroading growth.

因此，我們談論的是四年的勞動力穩定，以及一個乾淨的平台，以確保鐵路的積極成長。

And I think that's a great place to be and especially in light of 2024.

我認為這是一個偉大的目標，尤其是考慮到 2024 年。

No, that's exciting.

不，這很令人興奮。

Appreciate the time.

珍惜時間。

Daniel Imbro with Stephens Inc.

Stephens Inc. 的 Daniel Imbro

Maybe to follow up on an earlier topic.

也許是為了跟進之前的話題。

So you mentioned in the script, you're well ahead on synergy capture.

所以您在腳本中提到，您在協同效應捕獲方面已經遙遙領先。

You have line of sight into some more opportunities.

您有機會看到更多。

I think you mentioned 2% to 3% extra growth or growth this year from synergies.

我記得您提到今年協同效應將帶來 2% 到 3% 的額外成長。

But can you just expand on what's running better than planned, where you see these opportunities may be increasing?

但您能否詳細說明一下哪些方面的進展比計劃的更好，您認為這些機會可能會增加嗎？

And then while not providing a more formal outlook, do these top line and cost synergies continue into '26 and beyond?

雖然沒有提供更正式的前景，但這些營收和成本綜效是否會持續到26年及以後？

Should we expect that there's more than you initially thought?

我們是否應該預期會有比你最初想像的更多的東西？

Or are we just finding the synergies earlier in the process?

或者我們只是在流程早期就發現了綜效？

Thanks.

謝謝。

Yes, Daniel, this is John.

是的，丹尼爾，這是約翰。

So I'd say, first of all, the opportunity pipeline we identified at Investor Day hasn't let up.

所以我想說，首先，我們在投資者日發現的機會管道並沒有放鬆。

I feel really good about what's out there.

我對那裡的一切都感到十分滿意。

And I think, hence, you've seen us deliver on that.

因此我想，你們已經看到我們實現了這個目標。

And you're right.

你說得對。

We are ahead of where we thought we were going to be at this point in the journey.

在旅程的這個階段，我們已經領先於我們預想的水平。

I think we were pretty open around closing out 2024 in excess of $800 million type run rate, and I'm super pleased we've delivered and a little bit beyond that.

我認為，我們對 2024 年超過 8 億美元的營運率目標持相當開放態度，而且我非常高興我們能夠實現這一目標，甚至略微超出這個數字。

As I think about 2025, I see no reason with what I have teed up out there.

當我想到 2025 年時，我看不出我所做的一切有意義。

The team has teed up out there that we can't deliver another $300 million on top of that.

球隊已經明確表示，我們無法在此基礎上再提供 3 億美元。

And it's across really all the lines of business, and that's what makes us unique and frankly, fun.

它實際上涉及所有業務線，這就是我們的獨特之處，坦白說，也是有趣的地方。

I'm just thinking about, as I said, we've got a lot of success in our automotive business.

我只是在想，正如我所說的，我們的汽車業務取得了巨大成功。

But I'm going to tell you we're still early to mid-innings on that.

但我要告訴你，我們對此還處於早期階段。

And I see a number of opportunities that exist not only with the OEMs in leveraging some of the capacity in new routes that we've added, but also in the auto parts side of that.

我看到了許多機會，不僅在原始設備製造商 (OEM) 方面可以利用我們增加的新航線的部分產能，而且在汽車零件方面也存在著機會。

We've just kind of scratched the surface there.

我們只是觸及了表面而已。

I already talked about our MMX service and the growth that Schneider have seen on our franchise, but I fully expect that to continue.

我已經談到了我們的 MMX 服務以及施耐德在我們的特許經營中看到的成長，但我完全希望這種情況能夠繼續下去。

And we really haven't been able yet to develop because we're waiting on the Americold facility in Kansas City, our reefer business.

但我們實際上尚未能夠發展，因為我們正在等待堪薩斯城的 Americold 工廠，即我們的冷藏業務。

And as you recall, that's a significant opportunity we laid out at Investor Day that is really targeted at a market that's dominated by trucks.

大家還記得，這是我們在投資者日提出的重要機遇，其真正目標市場是卡車為主的市場。

So now you take the combination of our facility in Kansas City, our route into Atlanta, our route and facility with Americold that they will work on in 2025 in Mexico, combined with the new facility in Port of St. John increases this ecosystem that we've talked about in the reefer space that, again, we really haven't scratched the surface on that yet.

因此，現在您將結合我們在堪薩斯城的設施、通往亞特蘭大的路線、我們與 Americold 合作的路線和設施（他們將於 2025 年在墨西哥開展合作），再加上聖約翰港的新設施，這將增強我們在冷藏集裝箱領域討論過的生態系統，同樣，我們還沒有觸及它的表面。

And then maybe the other piece that I think worth mentioning, and I say this because it helps lend itself to that future that you spoke to and sort of how long these opportunities are out there for.

然後也許另一點我認為值得一提，我這樣說是因為它有助於說明您談到的未來以及這些機會將持續多久。

I talked about in my remarks, the new facility with Aluminum Dynamics in Columbus, Mississippi and also down in Mexico.

我在我的演講中談到了鋁動力公司在密西西比州哥倫布市和墨西哥的新工廠。

That is an opportunity with both of those that are going to open up in the end of -- or middle of Q3 of this year that are not only going to present sort of base railroad new opportunities in the steel and aluminum side of the business for us, but also tremendous synergies linking some of our production in Canada and also our production in Mexico up into the U.S. So I'm excited about that.

這兩個項目都將於今年末或第三季度中期開放，這不僅將為我們在鋼鐵和鋁業務方面提供新的鐵路機遇，而且還將產生巨大的協同效應，將我們在加拿大和墨西哥的部分生產與美國聯繫起來。

And then maybe last, the team and more to come on this, but the team has worked hard in the Dallas market to continue to develop our relationships with the customers in that area.

最後也許還有團隊和更多的事情要做，但團隊已經在達拉斯市場努力工作，繼續發展我們與該地區客戶的關係。

And we've got a number of transload facilities currently in that market.

目前我們在該市場擁有許多轉運設施。

But I think the opportunity to expand ourselves and our footprint there.

但我認為這是我們擴大自身、擴大影響力的機會。

So I'm excited about that.

我對此感到很興奮。

Again, that will be more of a second half of this year's story, but one, I think, that lends itself into linking the franchises in 3 countries and delivering more goods in and out of the fastest-growing really U.S. city in the United States.

再次重申，這更像是今年故事的下半部分，但我認為，這有助於連接三個國家的特許經營權，並向美國真正發展最快的城市運送更多的商品。

So I hope that provides a little color, or more color.

所以我希望這能提供一點色彩，或更多的色彩。

Yeah, appreciate all that details.Best of Luck

是的，感謝你提供的所有細節。

Tom Wadewitz with UBS.

瑞銀的 Tom Wadewitz。

Yeah, good afternoon.

是的，下午好。

So I think, Nadeem, you talked a bit about inflation easing a bit.

所以我認為，納迪姆，你談到了通貨膨脹有所緩解的問題。

I think you also mentioned pricing outlook is constructive.

我想您也提到過定價前景是建設性的。

I don't know me if that's kind of similar to the 4% to 5% similar to last year.

我不知道這是否與去年的 4% 到 5% 類似。

How do you think about the pace of OR improvement?

您如何看待手術室改進的速度？

And kind of are we getting to like 58%, 59%.

我們是不是可以達到 58%、59% 左右？

And then I guess if you say beyond '25 that sets up pretty well, do you think that keeps going that there's kind of a runway for further 100 basis points a year or something like that?

然後我想如果您說超過 25 年，那就設定得相當好了，您是否認為這種情況會一直持續下去，每年還會有 100 個基點的增幅或類似的幅度？

Or is there kind of slows down a bit when you get to 57%, 58%.

或達到 57%、58% 時速度會稍微減慢一些。

So I guess you're really looking for some of our comments.

所以我猜你確實在尋找我們的一些評論。

Sure.

當然。

So I mean, obviously, we're coming off of [57] in Q4, there is some seasonality, of course, as you know, in Q1 and especially up north, and then you've got some compensation, incentive compensation accruals and you've got -- you don't have as much capital work available in Q1.

所以我的意思是，很明顯，我們在第四季度剛剛走出 [57] 的低谷，當然，如你所知，第一季度，尤其是在北方，有一些季節性因素，然後你會得到一些補償，激勵性補償應計，而且你——你在第一季度沒有那麼多的資本工作可用。

So there is sensitivity around that.

因此，這方面存在敏感性。

But that being said, we had a really challenging first quarter a year ago and it's a much more conducive operating environment.

但話雖如此，去年第一季我們經歷了非常艱難的時期，而現在的經營環境要有利得多。

So I think there's more snow in Florida than we've had in Calgary this year.

所以我認為今年佛羅裡達州的降雪量比卡加利的還要多。

So overall, I think it's supportive to seeing continued some benefits as far as the OR year-over-year in Q1.

因此總體而言，我認為這有利於看到第一季 OR 同比繼續上漲。

I think if you think about all the one-offs we had a year ago as someone described, death by a 1,000 cuts with all the stoppages and outages and casualty costs, et cetera.

我想，如果你想想我們一年前經歷的所有一次性事件，正如有人所描述的那樣，因停工、斷電、人員傷亡等原因造成的 1,000 次裁員。

So we're not planning on those occurring.

因此我們不打算發生這些事情。

You're always going to have something, but not to that extent.

你總是會擁有一些東西，但不會達到那個程度。

So I think there's some opportunities on that front.

所以我認為這方面存在一些機會。

So I certainly see, to your point on pricing above inflation, and just operating execution.

所以我當然明白你所說的定價高於通膨率以及營運執行的情況。

Mark and team running continually improving the network velocity and productivity across the network, Mexico, in particular.

馬克和他的團隊不斷提高整個網路（尤其是墨西哥）的網路速度和生產力。

That's all going to be supportive of operating leverage.

這一切都將支持營運槓桿。

We start getting the volume that we're talking about, bringing that to the bottom line.

我們開始獲得我們所談論的數量，並將其帶入底線。

I think we can see that sub-60 operating ratio again.

我認為我們可能會再次看到低於60的營運比率。

And then if you factor in going forward, we talked about 100 basis point type of improvement as part of our Investor Day.

然後，如果您考慮到未來，我們在投資者日討論了 100 個基點類型的改進。

And that's just, again, operating more effectively, always continuous improvement that's kind of a cornerstone of how Keith has taught us to lead in this organization.

這只是再次提高了運作效率，持續改進，這是 Keith 教導我們如何領導這個組織的基石。

And so 100 basis points over time, each year should be the goal and should be a product of the outcome of running efficiently and safely.

因此，隨著時間的推移，每年應以 100 個基點為目標，並應成為高效安全運作的結果。

And as far as a long-term goal, I mean, I'll leave that for you.

至於長期目標，我的意思是，我會把它留給你。

It's let's get sub-60% first, and then we'll go from there.

我們先把目標定在 60% 以下，然後再從那裡繼續。

Okay, great.

好的，太好了。

Thank you.

謝謝。

Walter Spracklin with RBC Capital Markets

加拿大皇家銀行資本市場部的 Walter Spracklin

Yeah, thanks very much operator.

是的，非常感謝接線生。

Good afternoon, everyone.

大家下午好。

I want to come to automotive.

我想要進入汽車產業。

You've seen a really strong growth in your automotive, your automotive component in 2024.

您已經看到 2024 年汽車和汽車零件行業實現了非常強勁的成長。

Just curious.

只是好奇。

Now, going forward, you see potential tariffs is impacting your business there.

現在，展望未來，您將看到潛在的關稅正在影響您在當地的業務。

And I know Wiley's been a big part of your growth in automotive.

我知道威利在你們汽車事業的發展中發揮了重要作用。

Do you have any perspectives that you can share with us on the on the Norfolk Southern purchase option in the Wiley terminal?

您對諾福克南方鐵路在威利終點站的購買選擇有什麼看法嗎？

Right.

正確的。

I'll take a shot at the -- what my view is on the [Wiley] option, and I'll let John maybe touch on the tariff on the automotive side, Walter.

我會嘗試一下——我對 [Wiley] 選項的看法，我會讓約翰談談汽車方面的關稅，沃爾特。

I think just for perspective, everyone understands what we're talking about.

我認為，僅從角度來看，每個人都明白我們在說什麼。

Back in 2006, when the Meridian LLC was created in partnership with KCS and NNS, there was an option to purchase -- the Dallas Intermodal terminal, which at that time was a place called [Zacka Junction] Junction.

早在 2006 年，當 Meridian LLC 與 KCS 和 NNS 合作成立時，就有購買的選擇權——達拉斯多式聯運終點站，當時叫做 [Zacka Junction] 交界處。

That was conceptualized and baked into the agreement.

這一概念已被概念化並融入協議中。

It was a onetime, 1-year window that opened up in '24 that closes in April of this year.

這是一次性的、為期一年的窗口期，於 1924 年開啟，並將於今年 4 月關閉。

It's a one-and-done kind of thing to purchase just that terminal.

僅購買該終端是一次性的事情。

Now it's important to understand that it's just that terminal.

現在重要的是要理解它只是那個終端。

So many of you have been to our Wiley terminal where we opened up our new automotive terminal.

你們很多人都去過我們的 Wiley 航站樓，我們在那裡開設了新的汽車航站樓。

It's adjacent to the intermodal terminal, of some of the main line.

它毗鄰一些主幹線的多式聯運終點站。

We got about a 500-acre footprint.

我們的佔地面積約為500英畝。

It's about 90-some-odd acres of the 500.

佔地約 500 英畝，其中約 90 英畝。

Essentially, that's it.

本質上就是這樣。

So if it were to be purchased, if they were to exercise the option, it essentially, lack of a better term, is an island.

因此，如果要購買它，如果他們要行使選擇權，它本質上，缺乏更好的術語，就是一個島嶼。

Today, we own it, we operate it.

今天，我們擁有它，我們經營它。

They're the customer.

他們是顧客。

They pay usslip rates for their agent.

他們為其代理人支付一定的費用。

If they buy, we take their money.

如果他們購買，我們就拿走他們的錢。

They've got to pay a fair price that's all kind of worked out in the agreement.

他們必須支付協議中規定的公平價格。

We can redeploy the capital and make money with it and we become the customer, and were treated in a fair and equitable way, the same way we treat them today.

我們可以重新部署資本並用它賺錢，我們成為客戶，並受到公平公正的對待，就像我們今天對待他們一樣。

So to me, it's nothing to be concerned about at all because truly the true value of it is that's how you package and how you create the total value for the customer.

所以對我來說，這根本沒什麼好擔心的，因為它的真正價值在於你如何包裝以及如何為客戶創造總價值。

Because stand-alone, if you think about it historically, this is the way I look at things, the facts are that was not a big growth engine for NS and KCS.

因為如果從歷史角度來思考，這就是我看待事物的方式，事實是，這對 NS 和 KCS 來說並不是一個巨大的成長引擎。

For whatever reason, you go back and look at the data, and I went back as far as 2018.

無論是什麼原因，你都可以回頭看看數據，我回溯到了 2018 年。

Number one, 95% of the business originates to terminates outside of that terminal that is coming from NS or so essentially with an NS terminal, we always have been in NS terminal as far as the destination standpoint.

第一，95% 的業務起源於 NS 終端之外，或者基本上是使用 NS 終端，就目的地的角度來看，我們一直在 NS 終端。

Now we changed a little bit of that.

現在我們對此做了一些改變。

But there's been no runway in growth because the true competitor and that lane for that terminal, if you look at it standalone, is (inaudible), it's the interstate.

但沒有成長空間，因為真正的競爭對手和該終點站的那條車道，如果你單獨來看，是（聽不清楚），是州際公路。

So as the ebbs and flows go trucking capacity, oversupply other supply rates go down, it's going to have a

因此，隨著卡車運輸能力的下降、供應過剩和其他供應率的下降，它將會有一個

[flow].

[流動]。

So I'm not saying it doesn't have some value, but the true value is when you package it with an automotive compound.

所以我並不是說它沒有價值，而是當你用汽車複合材料包裝它時，它的真正價值就體現出來了。

And you create an ecosystem that complements this automotive closed-loop system where you have the possibility now to ship automotive parts that play a role in the production of those finished vehicles that go to those auto racks than operating in that closed loop system.

你創建了一個生態系統來補充這個汽車閉環系統，在這個系統中，你現在可以運送在整車生產中發揮作用的汽車零件，然後將其運送到汽車貨架上，而不是在該閉環系統中運行。

And when you can do that around our entire network, the strongest automotive network that's been created in the industry, that's when you start to move the needle.

當你能在我們整個網絡，也就是業界所創造的最強大的汽車網絡上做到這一點時，你就能開始取得進展。

So again, my guess is, and I've heard the same [saber] rattling, and I know that in NS' recent challenges with their shareholders, some of those shareholders have strong views that there's a lot of untapped or lost value there.

所以，我的猜測是，我也聽過同樣的[武力]威脅，而且我知道，在 NS 最近與其股東面臨的挑戰中，一些股東強烈認為那裡有很多未開發或已失去的價值。

Quite frankly, I've been doing for a long time, and I hope that they can unlock it.

坦白說，我已經這樣做了很長時間了，我希望他們能夠解開它。

I hope that they can unlock some growth because the reality is this railroad is built to grow with both railroads.

我希望他們能夠實現一些成長，因為現實情況是這條鐵路的建造是為了與兩條鐵路共同發展。

The track that goes to and from on the rail is going to come over our route.

來回於鐵路上的軌道將會經過我們的路線。

We control that we dispatch it.

我們控制著它的調度。

It's going to go perhaps in this case to their island, which they share with us and not to serve us in.

在這種情況下，也許會轉移到他們的島嶼，他們與我們分享這個島嶼，但不是為了為我們服務。

So we're going to compete to that island.

所以我們要爭奪那個島嶼。

We're going to work hard with NS as well as with -- their competitor in the East to grow from the Southeast markets into the Dallas markets in the triangle down to the Mexican market.

我們將與 NS 以及其東部的競爭對手努力合作，從東南市場拓展到三角地區的達拉斯市場直到墨西哥市場。

So I hope that if they do buy it Walter, that they're motivated and they want to grow.

所以我希望，如果他們真的買了沃特，他們就會受到激勵並且想要成長。

I hope that they do what they haven't done in the past because, guess what, we get to be part of that and won't work closely with them.

我希望他們做過去沒有做過的事情，因為，猜猜怎麼著，我們會成為其中的一部分，但不會與他們密切合作。

And at the same time, whether they do or they don't, one thing you can bet your money on.

同時，無論他們是否這樣做，有一件事你是可以打賭的。

This entrepreneurial team, these hunters that we have and John's marketing team are going to work closely with all strategic partners, be it Schneider, be it CSX, beating any other player that wants to bring traffic to the table to take trucks off the road and to utilize this unique network to leverage that trial.

這個創業團隊、這些獵人以及約翰的行銷團隊將與所有策略夥伴密切合作，無論是施耐德還是 CSX，擊敗任何其他想要帶來交通、讓卡車離開道路並利用這個獨特的網路來實現這項試驗的參與者。

We're going to grow into Dallas.

我們將發展到達拉斯。

We're going to go into Mexico.

我們要去墨西哥。

We're going to grow Mexico into the Southeast in a very unique way.

我們將以一種非常獨特的方式將墨西哥拓展到東南部。

So again, we'll now say if they do.

因此，我們現在再說一遍，如果他們這樣做的話。

If they do, I'll shake their hand, we'll take their money we'll redeploy it.

如果他們願意，我會和他們握手，我們會接受他們的錢並重新部署。

We'll make a great return with the sizable amount of money they're going to have to pay us to buy it out, and we'll still compete against them and partner with them, nothing changes.

他們支付給我們一大筆錢來收購該公司，而我們將獲得豐厚的回報，我們仍會與他們競爭並與他們合作，沒有任何變化。

We still grow.

我們仍在成長。

We still net-net -- we're a beautiful position of strength, however, that shapes out.

我們仍然是淨勝球——我們處於一個美麗的力量地位，無論如何，這是成形的。

Walter, so just a couple of comments maybe on the first part of your question, but I would maybe start by just emphasizing Keith's comments.

沃爾特，我可能只是針對你問題的第一部分提出幾點評論，但我可能首先會強調基斯的評論。

The real growth across that median speedway and into the Southeast is in and out of Mexico.

穿過中間高速公路並進入東南部的真正增長點是墨西哥境內和境外。

And it is an untapped lane in which the Speedway and our route with both those carriers can compete every day against trucks when it's marketed and sold the right way.

這是一條尚未開發的通道，只要以正確的方式進行行銷和銷售，Speedway 和我們與這兩家運輸公司的合作路線就可以每天與卡車展開競爭。

And also the amount of vehicles that are being short seas out of Mexico and customers looking for solutions against that is going to be also a big part of that growth over that railroad.

另外，從墨西哥通過短途海運的車輛數量以及尋求解​​決方案的客戶數量也將成為該鐵路增長的重要組成部分。

If you think about the tariffs, and again, we're staying very close to the OEMs.

如果你考慮關稅，我們就會再次與 OEM 保持密切聯繫。

I'm looking at the opportunities we have in 2025 and 2026 and very much isolation right now relative to a lot of the tariff talk and we're laser focused with those folks on delivering solutions.

我正在研究 2025 年和 2026 年我們所擁有的機遇，以及目前相對於許多關稅談判而言非常孤立的情況，我們正與這些人一起專注於提供解決方案。

The fact of the matter is we've had significant uptake in this product because it's giving these customers a world-class product that, frankly, they have not enjoyed from other routes, and they can count on the car supply, and that matters.

事實上，我們的這款產品已經獲得了顯著的認可，因為它為這些客戶提供了世界一流的產品，坦白說，他們在其他路線上還沒有享受過這種產品，而且他們可以依賴汽車供應，這很重要。

So I have a lot of conviction that we'll continue to deliver these opportunities and projects.

因此我堅信我們將繼續提供這些機會和項目。

And look, at the end of the day, North American sales are what they are.

看看吧，到最後，北美的銷售情況就是這樣。

They're 16 million, 17 million vehicles a year.

每年有 1600 萬到 1700 萬輛汽車。

The reality is the U.S. has production capability as we sit here today and maybe 10 million of that.

事實是，截至今天，美國的生產能力可能有 1000 萬。

The demand to fulfill the need in the United States for vehicles has got to come from somewhere.

滿足美國對汽車的需求必須從某個地方來。

And whether it's the European markets, the Mexican markets, the Canadian markets.

無論是歐洲市場、墨西哥市場或加拿大市場。

We're going to be there to provide a solution, and that's what we're going to continue to be laser-focused on.

我們將提供解決方案，並且我們將繼續專注於此。

That's fantastic.

太棒了。

Appreciate the call.

感謝您的來電。

Scott Group with Wolfe Research

斯科特集團與沃爾夫研究公司

Hey, thanks, afternoon guys.

嘿，謝謝大家，下午好。

A couple of things.

有幾件事。

Really big carload RTM spread in '24, how are you thinking about that this year?

24 年 RTM 整車運輸價差確實很大，今年您對此有什麼看法？

And then maybe, Keith, longer term on the operating ratio.

然後也許，基思，長期的營運比率。

I totally get Nadeem's point, let's get to sub-60% and then we'll sort of figure out where we go.

我完全明白 Nadeem 的觀點，讓我們先將目標設定在 60% 以下，然後我們就能知道要去哪裡了。

But when we started this journey, we were thinking mid-50s, even some people may be thinking low 50s on OR.

但當我們開始這段旅程時，我們考慮的是 50 年代中期，甚至有些人可能認為 OR 會是 50 年代初期。

Is that just the wrong way to think about where we can go over time?

這是否就是我們思考未來能達到什麼進步的錯誤方式呢？

Or is that still somewhat over time still in the cards?

或者說隨著時間的推移，這是否仍有機會實現？

Well, let me -- I'll take the first part of that, Scott.

好吧，讓我——我來談談第一部分，斯科特。

I had envisioned the low 50s number.

我曾預計這個數字會低於 50。

Again, the operating ratio as an outcome.

再次，以營運比率作為結果。

So if we grow the revenues the right way, continue to run fluid railroad, and we get to the potential of this network over time beyond that 2028 time frame, is low 50s a possibility?

因此，如果我們以正確的方式增加收入，繼續運營流暢的鐵路，並且我們在 2028 年之後的時間內充分發揮該網絡的潛力，那麼 50% 出頭是可能的嗎？

Sure, it is.

當然是。

I'm not planning for it, but yes, it's within the rental possibility.

我沒有計劃這麼做，但是確實可以租賃。

But as far as the other guidelines that you're talking about that path to that double nickel is something that is certainly real.

但就您談到的其他指導方針而言，實現雙鎳收入的途徑肯定是真實存在的。

Now there's a lot of uncertainty between now and then, we've got volatility in the marketplace.

現在存在著許多不確定性，市場波動很大。

But again, if -- the last thing to get really created if we do a good job, we continue to execute the way we're executing we grow with our customers strategically.

但是，如果我們做得好，最後要做的事情就是繼續按照我們現在的方式執行，與客戶一起策略性地成長。

We don't oversubscribe the network.

我們不會超額訂購網路。

This thing -- this network is built to run very efficiently, do it in a low-cost sustainable way and produce not only strong industry-leading earnings growth, but at industry best, if not industry best OR.

這個網路的建立是為了非常高效地運行，以低成本、可持續的方式運行，不僅能產生強勁的行業領先盈利增長，而且能達到行業最佳水平，即使不是行業最佳的 OR。

If I could just make a comment on it as well.

如果我也可以對此發表評論的話。

If you think about things we do in operating.

如果你考慮一下我們在營運中所做的事情。

We have our meeting once a year at the end of the quarter -- fourth quarter and we pull out double-digit millions of dollars within the operating department to sign up for certain things to reduce costs.

我們每年在第四季末召開一次會議，並從營運部門撥出數百萬美元來簽署某些協議，以降低成本。

Those are the things that we add to the operating ratio to drop it.

這些就是我們加到營業比率以降低營業比率的東西。

And if I think about just deploying our capital, I'll tell you, when you look at some of the metrics that's happening in Mexico over day with double-digit speed increases, all of this is because we're deploying the capital in the right bottleneck areas to get the locals of the mainline, so trains can travel down the main, we can switch to customer, we can be satisfied with customer satisfaction, but also get everything we need with fuel efficiency of these locomotives heavier trains, longer trains.

如果我考慮部署我們的資本，我會告訴你，當你看到墨西哥每天都在發生的一些指標，速度以兩位數的速度增長時，所有這一切都是因為我們在正確的瓶頸區域部署了資本，以便讓客戶能夠沿著主幹線行駛，這樣火車就可以沿著主幹線行駛，我們可以切換到客戶，我們可以對當地人能夠沿著主幹線行駛，這樣火車就可以沿著主幹線行駛，我們可以切換到客戶，我們可以對當地人的滿意度感到滿意的汽車

We don't have to start and stop.

我們不必開始和停止。

And then when we talk about deploying capital, it's the new locomotives that we'll bring on board this year.

然後，當我們談到部署資本時，這就是我們今年將引入的新火車頭。

Very fuel efficient.

非常省油。

And again, on the fuel of excellence that we have, what we deployed on Nadeem's team is just bringing the cash (technical difficulty) with some of the fuel efficiency we're getting.

再說一遍，就我們擁有的卓越燃料而言，我們在 Nadeem 團隊中部署的只是將現金（技術難度）和我們獲得的一些燃料效率帶來。

And those are the things that it brings it down.

這些都是導致它失敗的原因。

I mean we're exceptional right now what we're doing with savings of (technical difficulty) with locomotives in Mexico.

我的意思是，我們現在在節省墨西哥機車（技術難度）方面做得非常出色。

Yes.

是的。

I think you're being modest, Scott.

我認為你很謙虛，斯科特。

I'll share with you just to kind of sneak peek here.

我將在此與你們分享，只是先睹為快。

If I look at legacy KCS, like CPKC network year-over-year, where network fee improved 22%, [dwell] 8%.

如果我看一下傳統的 KCS，例如 CPKC 網路年比而言，網路費用提高了 22%，[停留] 提高了 8%。

GTMs per operating horsepower almost 24%, miles per car day, almost 13% and that's without the full benefit of the 6, what I call, productivity infrastructure projects that we executed in 2024 that literally have just came online towards the end of the year.

每運行馬力的 GTM 增長近 24%，每輛車每天的英里數增長近 13%，而且這還沒有充分發揮我們在 2024 年實施的 6 個生產力基礎設施項目的優勢，而這些項目實際上在年底才剛剛上線。

So things are moving more fluidly.

事情進展得更順利了。

The culture is evolving.

文化在不斷發展。

We've got a tremendous amount of pride.

我們感到無比的自豪。

We're driving capacity.

我們正在提高產能。

We're becoming better railroaders every day.

我們的鐵路工人每天都在進步。

They are (technical difficulty) possible in Mexico.

在墨西哥，這些（技術困難）是可能的。

It's such an untapped diamond in the rough that is evolving every day to become better and better.

它就像是一顆尚未開發的鑽石，每天都在不斷發展，變得越來越好。

And I say all those improvements.

我說過所有這些改進。

If you look at like GTMs for operating horsepower, our standard legacy CP, we want to go close to 200, is the number.

如果您看一下 GTM 的運行馬力，我們的標準傳統 CP，我們希望接近 200，就是這個數字。

That number with 23% improvement is still in an 80.

儘管提高了 23%，但這個數字仍然在 80 左右。

Now we'll ever get it to 200 , no, because there's a lot of industrial work, the length of the fronts aren't the same.

現在我們能否將其達到 200，不，因為有很多工業工作，前端的長度並不相同。

The mix is different.

混合方式不同。

But think about if we just improve it from 80 to 120 and the number of locomotives we use in Mexico.

但想想看，如果我們將其從 80 輛增加到 120 輛，以及我們在墨西哥使用的機車數量。

And as we grow the number of locomotives, we'll continue to increasingly use in Mexico.

隨著我們機車數量的增加，我們將繼續在墨西哥增加使用。

So it's -- it's exciting.

所以這很令人興奮。

And again, Mark's being modest.

馬克再次表現得很謙虛。

It's a lot of hard work to get it done, but pulling the right levers driving the right culture, making the right investments strategically.

要完成這一目標需要做大量艱苦的工作，但要利用正確的槓桿來推動正確的文化，進行正確的策略投資。

And these are the outcomes.

這些就是結果。

And when you do that, you control your costs and you bring it right to the bottom line and however you want to measure it, it's pretty impressive on the operating margin side and on the earnings growth side.

當你這樣做的時候，你就可以控制你的成本，並將其帶到底線，無論你想如何衡量它，它在營業利潤率和盈利增長方面都是相當令人印象深刻的。

Thank you guys.

謝謝你們。

Appreciate it.

非常感謝。

Brandon Oglenski with Barclays.

巴克萊銀行的布蘭登‧奧格倫斯基 (Brandon Oglenski)。

Maybe for Keith or Mark, I mean, you guys have gone through a lot of labor agreements now.

也許對 Keith 或 Mark 來說是這樣，我的意思是，你們現在已經經歷了很多勞動協議。

Is there any harmonization that you're like seeking to achieve here longer term between Mexico, the U.S. and Canada?

您是否希望在墨西哥、美國和加拿大之間實現長期的協調？

And are you working towards some of those longer-term productivity goals on these contracts?

您是否正在努力實現這些合約中的一些長期生產力目標？

I would say for the U.S., we would be looking at engineering, how we can deploy capital gains throughout the year instead of having to reduce forces in the winter months.

我想說，對於美國來說，我們將研究工程，研究如何在全年部署資本收益，而不是在冬季減少兵力。

So that for sure.

所以這是肯定的。

Obviously, we're still negotiating some of the hourly agreements on the KCS property.

顯然，我們仍在就 KCS 財產的一些小時協議進行談判。

We'll work through those over the coming year.

我們將在明年解決這些問題。

But certainly some things that we're doing in that space.

但我們確實在那個領域做了一些事情。

When I look at Canada, obviously, we're still going back and forth for TCRC, actually start back conversations next week.

當我看加拿大時，顯然我們仍在為 TCRC 而來回奔波，實際上下週就會開始對話。

And then I think Keith touched on it earlier, down in Mexico I mean it's -- we just can't change overnight.

然後我認為 Keith 之前提到了這一點，在墨西哥，我的意思是——我們不可能在一夜之間發生改變。

There's going to be incremental change that we have each year that will help us with the locomotive side of the train, fuel optimization, all of that type of stuff, and it's just going to take time in that space.

我們每年都會有漸進式的改變，以幫助我們改善火車機車方面、燃料優化以及所有這類東西，但這需要時間。

But there is upside to it, for sure.

但它肯定也有好處。

Thank you.

謝謝。

Kevin Chiang with CIBC

加拿大帝國商業銀行 (CIBC) 的 Kevin Chiang

Good afternoon.

午安.

Thanks for taking my question.

感謝您回答我的問題。

I guess I was just wondering, when you think of tariffs and maybe what that means for the energy patch here in Canada, I think the view is, that could result in a widening of differentials.

我想我只是想知道，當你想到關稅時，也許這對加拿大的能源領域意味著什麼，我認為觀點是，這可能會導致差異擴大。

Just wondering how you might think that plays out for your crude by rail franchise as those potentially widen out if we do get tariffs this weekend?

只是想知道，如果我們本週末確實徵收關稅，那麼您會如何看待您的鐵路原油運輸特許經營權，因為這些特許經營權可能會擴大？

Well, I think so far, Kevin, what we've seen is the uncertainty has created a little bit more of a narrowing.

嗯，凱文，我認為到目前為止，我們所看到的是不確定性使得差距進一步縮小。

And looking at some of our customers in the U.S. looking for alternatives.

我們在美國的一些客戶正在尋找替代品。

Now we'll see maybe some certainty bring some opportunity back or allows the market to sort of settle out and think about it differently.

現在我們會看到，也許某些確定性會帶來一些機會，或者讓市場穩定下來並以不同的方式思考。

Now the other interesting thing is we've seen it spur more [inbound] type shipments and more folks looking at opportunities from Canada all the way down to Mexico as a potential alternative or growth area separate than the United States.

現在另一件有趣的事情是，我們看到它刺激了更多的[入境]類型的貨運量，越來越多的人將從加拿大一直到墨西哥的貿易機會視為除美國之外的潛在替代或增長區域。

So right now, I think the uncertainty has hurt the market a little bit.

所以現在，我認為不確定性對市場造成了一些傷害。

We'll see what the numbers and how the tariffs end up looking and certainly adapt and adjust for that space.

我們將觀察這些數字以及關稅的最終結果，並根據此空間進行調整。

That's great color.

顏色真棒。

Thank you, John.

謝謝你，約翰。

Ken Hoexter with Bank of America.

美國銀行的 Ken Hoexter。

Congrats on the -- great to see industry-leading 57 OR.

恭喜你——很高興看到業界領先的 57 OR。

But it did include harsh winter weather at the end of the quarter and strike at ports, I guess, which really impacted.

但我猜想確實包括本季末的嚴酷冬季天氣和港口罷工，這確實產生了影響。

So Nadeem, I guess can we go a little short term it sound -- you might have touched on this earlier, but is there a normalization beyond what you've already removed or thoughts on the cost impact for the quarter as we think about that sequential 4Q to 1Q transition versus normal seasonality?

所以 Nadeem，我想我們可以從短期角度進行討論嗎——您可能之前已經提到過這一點，但是除了您已經刪除的內容之外，是否還有標準化，或者當我們考慮從第四季度到第一季度的連續過渡與正常季節性相比對本季度的成本影響有何看法？

And then a minor question, does the 12% to 18% growth target include the buyback already in there?

然後還有一個小問題，12％至18％的成長目標是否包括已經存在的回購？

Or is that incremental to the target?

或者說這對目標來說是增量嗎？

Yes.

是的。

So I'd say that part of giving the range, Ken, is to factor in that a buyback is in the target -- is in the guide.

因此，我想說，肯，給出範圍的一部分是考慮到回購是在目標之內 - 在指南之中。

I was just depending on when the timing of that buyback because, obviously, the later in the year, you get a buyback, the less of an impact it will have in '25.

我只是取決於回購的時間，因為顯然，回購的時間越晚，對 25 年的影響就越小。

It will have more of an impact in '26.

它將在26年產生更大的影響。

So I'll just say this, that we do have somewhat of a buyback embedded in the guidance.

所以我只想說，我們的指引中確實包含某種程度的回購。

It's not going to have a meaningful necessarily impact.

這不一定會產生有意義的影響。

And obviously, it's going to be dependent on number of shares we do for the July 1 effectively before you can get a benefit, especially with interest rates and so forth.

顯然，這將取決於我們在 7 月 1 日之前實際執行的股票數量，然後您才能獲得收益，尤其是利率等方面。

So some modest benefit in the 12% to 18%.

因此在 12% 到 18% 之間會有一些適度的收益。

We didn't -- the [57.1], it could have been better, yes, absolutely.

我們沒有 - [57.1]，是的，絕對可以更好。

We had the impact of the strike.

我們受到了罷工的影響。

It impacted some costs associated with that.

它影響了與此相關的一些成本。

Whether we're a northern railroad.

無論我們是否是北方鐵路。

So we do deal with weather and Mark and team were able to overcome near-term challenges.

因此，我們確實要應對天氣問題，而馬克和團隊也能夠克服近期的挑戰。

So we're not going to make excuses on weather, save that for tomorrow, I guess.

所以我們不會為天氣找藉口，我想，把這件事留到明天吧。

And then as far as what I'd say is sequential OR.

然後就我所說的而言是順序或。

It's typically about 300 basis points, 400 basis points is what I'd factor in and there's some puts and takes with stock-based comp timing.

通常約為 300 個基點，我會考慮 400 個基點，而股票型補償時機存在一些看跌和看漲因素。

So we had a benefit in Q4 for stock-based comp.

因此我們在第四季度獲得了股票薪酬收益。

And so that was a tailwind to us, probably have a headwind this quarter.

所以這對我們來說是順風，但本季可能會遇到逆風。

So factor in that as well when you think about quarterly ORs.

因此，當您考慮季度 OR 時也要考慮到這一點。

Very helpful.

非常有幫助。

Appreciate the time.

珍惜時間。

Thanks.

謝謝。

Ari Rosa with Citi.

花旗銀行的 Ari Rosa。

So you guys mentioned the MME offering several times.

所以你們多次提到了 MME 產品。

I just wanted to get a sense for where that is in terms of the rollout of that kind of levels of customer receptivity, the levels of competition you've seen from depressed truck pricing and where that maybe could go in 2025 and the kind of support it could provide to intermodal volume growth?

我只是想了解一下，就這種客戶接受度水平而言，卡車價格低迷帶來的競爭水平如何，以及 2025 年可能會走向何方，以及它能為多式聯運量增長提供何種支持？

Thanks.

謝謝。

Yes, Ari, I think it's a significant part of the story.

是的，阿里，我認為這是故事的重要部分。

I'm super pleased with where we sit today.

我對我們今天的狀況非常滿意。

But you're right, it's been against a backdrop of a pretty tough market, well really tough market out there.

但您說得對，這是在相當艱難的市場背景下發生的，嗯，確實是艱難的市場。

To give you some perspective, we grew about 12% Q3 to Q4.

為了讓您了解情況，我們在第三季至第四季的成長率為約 12%。

Year-over-year, I think we are up about 33% when you kind of back out some of that short-haul business that are actually lapping right now.

與去年同期相比，我認為當我們退出一些目前實際上正在下滑的短途業務時，我們的成長率約為 33%。

So I'm pleased with how we've -- the team has grown it.

所以我對我們的團隊的發展感到很滿意。

There's a lot of opportunity left on that train to not only fill it up, but also how we begin to high grade it and really maximize the value of that.

這列火車上還剩下很多機會，我們不僅可以填補它的空缺，而且還可以開始對其進行高級化，真正實現其價值的最大化。

And then look, we've been candid relative to the new route over to the CSX that we saw the opportunity for a train a day in that corridor.

然後你看，我們坦誠地談到 CSX 的新路線，我們看到了在該走廊每天開行一列火車的機會。

And as Keith spoke about, the narrative with customers change when you can sit down and have a discussion around a route, the fastest route in the marketplace between Chicago and in Central Mexico, but then you also layer in into Atlanta and Charlotte and some of those Southeast markets, we're super excited about what that brings to the table also.

正如基斯所說的，當你坐下來討論一條路線時，與顧客的敘述就會發生變化，市場上最快的路線是從芝加哥到墨西哥中部，但隨後你也會涉及到亞特蘭大、夏洛特和一些東南部市場，我們對這會帶來什麼也感到非常興奮。

And then even finally beyond that, the upside relative to the reefer business.

甚至最終超越這一點，冷藏貨櫃業務還有上行空間。

And again, we've just started to scratch the surface in that product.

再說一遍，我們才剛開始觸及該產品的表面。

So a lot of opportunity yet to come in the MMX.

因此，MMX 中仍有許多機會。

Thank you.

謝謝。

And we have reached our allotted time for Q&A I would now like to turn the call back over to Mr Keith Creel.

我們已經到了問答時間，現在我想將電話轉回給基斯·克里爾先生。

Okay.

好的。

Thank you, operator.

謝謝您，接線生。

Well, listen, let me close by again thanking each of you for taking the time to -- its a lot of shared results and share our story.

好吧，聽著，最後，讓我再次感謝你們每個人花時間分享很多共同的成果和故事。

I think we all understand there's no shortage of uncertainties in the world that we're navigating today.

我想我們都明白，我們當今所處的世界充滿了不確定性。

But one thing is certain, this company has a track record and this team has a track record for managing those highs and those lows.

但有一件事是肯定的，這家公司有著良好的業績記錄，這支團隊也有著管理這些高潮和低潮的良好記錄。

We're going to control what we can control.

我們將控制我們能夠控制的事情。

We undoubtedly have a very unique network with unique opportunities that in spite of what the macro gives us, we're going to create something unique and special, which is going to reflect industry leading -- industry-leading margins and certainly industry-leading growth and most importantly, industry-leading earnings growth.

毫無疑問，我們擁有一個非常獨特的網絡和獨特的機會，無論宏觀環境給我們什麼，我們都將創造一些獨特而特別的東西，這將反映行業領先——行業領先的利潤率，當然還有行業領先的增長，最重要的是，行業領先的盈利增長。

So have a safe day.

祝您有個平安的一天。

We look forward to sharing our results on our next call.

我們期待在下次電話會議上分享我們的成果。

See you all.

再見。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。