Canadian Pacific Kansas City Ltd (CP) 2025 Q3 法說會逐字稿

Good afternoon. My name is David, and I'll be your conference operator today. At this time, I'd like to welcome everyone to CPKC's third-quarter 2025 conference call. The slides accompanying today's call are available at investor.cpkcr.com. (Operator Instructions)

午安.我叫大衛，今天我將擔任你們的會議接線生。此時此刻，我謹代表 CPKC 歡迎各位參加 2025 年第三季電話會議。本次電話會議的幻燈片可在 investor.cpkcr.com 上查看。（操作說明）

I would now like to introduce Chris De Bruyn, Vice President, Capital Markets, to begin the conference call.

現在我謹介紹資本市場副總裁克里斯‧德布魯因先生，由他來開始本次電話會議。

Thank you, David. Good afternoon, everyone, and thank you for joining us today. Before we begin, I want to remind you this presentation contains forward-looking information, and actual results may differ materially. The risks, uncertainties and other factors that could influence actual results are described on slide 2 in the press release and in the MD&A filed with Canadian and US regulators. This presentation also contains non-GAAP measures outlined on slide 3.

謝謝你，大衛。各位下午好，感謝各位今天參加我們的節目。在開始之前，我想提醒各位，本次簡報包含前瞻性訊息，實際結果可能與此有重大差異。新聞稿第 2 頁以及提交給加拿大和美國監管機構的管理層討論與分析 (MD&A) 中描述了可能影響實際結果的風險、不確定性和其他因素。本簡報也包含第 3 頁投影片中概述的非 GAAP 指標。

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; Mark Redd, our Executive Vice President and Chief Operating Officer. The formal remarks will be followed by Q&A. In the interest of time, we appreciate if you limit your questions to one.

今天與我一同出席的有：我們的總裁兼執行長 Keith Creel；我們的執行副總裁兼財務長 Nadeem Velani；我們的執行副總裁兼首席行銷長 John Brooks；我們的執行副總裁兼營運長 Mark Redd。正式致詞結束後將進行問答環節。為了節省時間，我們希望您將問題限制在一個問題以內。

It's now my pleasure to turn the to introduce our President and CEO, Mr. Keith Creel.

現在我很榮幸地向大家介紹我們的總裁兼執行長基斯·克里爾先生。

All right. Thanks, Chris, and good afternoon, everyone, for joining us here on the call to discuss our third quarter results. As I always do, I'm going to start by expressing heartfelt gratitude and respect for the 20,000 strong family of railroaders across these three nations that delivered the results that we get down or sharing with you today.

好的。謝謝克里斯，各位下午好，謝謝大家參加今天的電話會議，共同討論我們第三季的業績。像往常一樣，我首先要向這三個國家的兩萬名鐵路工人表達由衷的感激和敬意，正是他們創造了我們今天向大家展示的成果。

So speaking of the results, the team delivered Strong volume growth in the quarter of 5%. Revenues were up $3.7 billion, up 3%; operating ratio of 60.7%, which was a 220 basis points improvement in earnings per share of $1.10, an increase of 11% versus a year ago.

說到業績，團隊在本季實現了 5% 的強勁銷量成長。營收成長 37 億美元，成長 3%；營業比率為 60.7%，每股盈餘為 1.10 美元，較上年同期成長 11%，較上年同期成長 220 個基點。

And most importantly, we saw a strong performance from a safety perspective and improvements in both our FRA personal injuries as well as our industry-leading train accident frequencies. Despite what has been consistent macro and trade policy headwinds, the team continues to generate a diverse profitable growth across a number of areas.

最重要的是，我們在安全方面取得了顯著成績，聯邦鐵路管理局 (FRA) 人員傷亡以及我們領先業界的列車事故頻率均有所改善。儘管宏觀經濟和貿易政策持續面臨不利因素，但該團隊在多個領域繼續實現多元化的獲利成長。

We produce a continuing trend of differentiated performance in our automotive franchise with another record quarter, strength in our bulk franchise with strong growth, both in grain and potash, another strong quarter in intermodal growth in domestic and international, which included an important milestone that we've spoken to before in the quarter with the opening of the Americold facility here at our terminal in Kansas City. This is a first of several facilities that will be co-located on the CPKC. And again, it's a perfect example of our ability to be market makers with our unique industry network.

我們在汽車特許經營業務方面持續保持差異化業績，又創下季度新高；散貨特許經營業務表現強勁，糧食和鉀肥業務均實現強勁增長；國內和國際多式聯運業務也實現了又一個強勁的季度增長，其中包括本季度一個重要的里程碑，即我們在堪薩斯城碼頭開設了 Americold 設施，我們之前已經提到過。這是將與CPKC共同設立的幾個設施中的第一個。這再次完美地展現了我們憑藉獨特的行業網絡成為市場引領者的能力。

Mark and the team delivered a very strong execution on the operating side with the results with improvements across a number of our key metrics. The network overall is performing well. We have a lot of operating momentum, heading into the end of the year to close out. And we'll remain on track and fully expect to deliver on our guidance of 10% to 14% earnings growth versus a year ago.

Mark 和他的團隊在營運方面表現出色，取得了顯著成效，我們的多項關鍵指標均有所改善。網路整體運作良好。進入年底，我們擁有強勁的營運勢頭，預計將順利完成今年的收官工作。我們將繼續按計劃進行，並完全有信心實現比去年同期增長 10% 至 14% 的盈利目標。

That said, while there's certainly a lot of focus currently on potential industry consolidation, we remain focused on executing this unique growth opportunity that TPKC represents. A couple of comments on UP and NS as it pertains to the proposed merger, I think we've been very clear about our views. We strongly believe further consolidation is not necessary at this time and is not in the best interest of the industry, the shippers or the US economy.

話雖如此，雖然目前人們確實非常關注潛在的產業整合，但我們仍然專注於掌握 TPKC 所代表的這一獨特的成長機會。關於UP和NS建議的合併，我有幾點要說明，我認為我們已經非常清楚地表達了我們的觀點。我們堅信，目前沒有必要進一步整合，這不符合產業、托運人或美國經濟的最佳利益。

As we said before, we remain and we'll be active participants throughout the regulatory process to ensure that the facts are not understood about what a merger of this size and scale means. Just for reiterating the obvious, the proposed merger would result in one single line of railroad handling about 40% of the freight rail traffic in the United States.

正如我們之前所說，我們將繼續積極參與整個監管過程，以確保人們了解如此規模的合併意味著什麼。重申顯而易見的事實，擬議的合併將導致一條鐵路線處理美國約 40% 的貨運鐵路交通量。

This proposed merger in spite of what's been said represents overlap in key markets such as Chicago, Memphis, St. Louis and New Orleans. This is not a simple end-to-end merger. The merger of this magnitude introduces unprecedented risk,-- by heavily concentrating much of decision-making for our national rail network with undeniable implications on the entire supply chain.

儘管有人發表了不同的看法，但這項擬議的合併在芝加哥、孟菲斯、聖路易斯和新奧爾良等關鍵市場存在重疊。這不是一次簡單的端對端合併。如此大規模的合併帶來了前所未有的風險——它將我們國家鐵路網絡的大部分決策權高度集中，對整個供應鏈產生了不可否認的影響。

That said while this has certainly driving a lot of focus, we will remain even if this consolidation happens on maintaining our industry-leading position to continue delivering industry-leading results. A direct threat from the Transcos merger to CPKC is minimal.

也就是說，雖然這無疑促使我們投入了大量精力，但即便發生這種整合，我們仍將致力於維持業界領先地位，並持續取得業界領先的績效。Transcos 合併對 CPKC 的直接威脅微乎其微。

This is a proposed East West merger, our US network is primarily North South. By no means does merger in payer change our unique growth prospects at our three country network it's creative for us for years to come, and I'm confident for the merger to meet the regulatory standard, it will have to meet the conditions will have to be meaningful.

這是一個東西向合併的提議，而我們的美國網路主要是南北向的。支付方合併絕不會改變我們在三個國家網絡中獨特的成長前景，它在未來幾年對我們來說具有創造性，而且我相信，為了符合監管標準，合併必須滿足條件，並且必須具有意義。

So while much is still to be determined, our story remains unchanged. We have a unique network, undeniably a proven team and a differentiated growth opportunity in front of us that will continue to set us apart in growth and execution for years to come.

雖然很多事情仍有待確定，但我們的故事依然不變。我們擁有獨特的網路、無可爭議的優秀團隊以及與眾不同的成長機會，這將使我們在未來幾年繼續在成長和執行方面脫穎而出。

We're well positioned to finish the year strong to produce another year of double-digit earnings growth, this network, this team, this opportunity is unique, and we're going to continue to deliver value for all stakeholders.

我們已做好充分準備，以強勁的勢頭結束今年，實現又一個兩位數的盈利增長年。這個網絡、這個團隊、這個機會都是獨一無二的，我們將繼續為所有利害關係人創造價值。

So with that said, I'm going to hand it over to Mark to speak to the operation. John is going to bring a little color on the markets. and they deem the numbers, and then we'll open it up for questions.

那麼，接下來我將把發言權交給馬克，讓他來談談營運狀況。約翰將為大家帶來一些關於市場的生動分析。他們會解讀這些數據，然後我們會開放提問環節。

Okay. Thanks, Keith. Good afternoon. I'd like to start by thanking our employees for their dedication and hard work in producing these results. The strong operating performance is a testament to the team's effort and execution in the third quarter.

好的。謝謝你，基斯。午安.首先，我要感謝我們的員工，感謝他們為取得這些成果所付出的奉獻和辛勤努力。強勁的營運業績證明了團隊在第三季的努力和執行力。

Looking at the third quarter results, we saw improvements to several of the key operating metrics. If you look at terminal dwell improved by 2%, velocity improved by 1%, train length and train weight, improved by 2%. Following the technology cutover that we executed in the second quarter, we are now leveraging the integrated Canadian US operating systems to drive further efficiencies and operating discipline.

從第三季業績來看，我們看到幾項關鍵營運指標有所改善。如果觀察終端停留時間改善 2%，速度改善 1%，列車長度和列車重量改善 2%。繼我們在第二季度執行技術切換之後，我們現在正在利用加拿大和美國一體化的作業系統來進一步提高效率和營運紀律。

In the quarter, we sell CPE legacy network operate at a record productivity in the car velocity levels. while the legacy KCS network achieved its higher narrow throughput levels. We're carrying this momentum into the fourth quarter with solid improvements to the key operating metrics, including velocity, dwell, car miles per car day and on-time departure. The strong network performance continues to provide John and his team, a product they can sell into.

本季度，我們銷售的CPE傳統網路在車輛行駛速度方面達到了創紀錄的生產力水平，同時傳統KCS網路也實現了更高的窄頻吞吐量水準。我們將這一動能延續到第四季度，關鍵營運指標均取得了顯著改善，包括速度、停留時間、每輛車每天行駛的里程數和準時出發率。強勁的網路效能持續為約翰和他的團隊提供可以銷售的產品。

Our 100 Series transcontinental intermodal trains in Canada are delivering consistent performance along with low doc dwell at Sinter at Vancouver South Shore. This is also supporting the growth within Gemini. Velocity across the bulk network is mid-single digits, driving efficient service for the grain -- for the strong grain harvest in Canada and the US, along with the rest of the bulk franchise. As we continue to drive efficiencies across the network, we expect to further improve in our industry-leading PSR service model, delivering efficient growth and strong customer service.

我們在加拿大的 100 系列跨大陸聯運列車在溫哥華南岸的 Sinter 站實現了穩定的性能和較低的貨物停留時間。這也有助於雙子座的發展。散裝運輸網絡的速度達到個位數中段，為糧食運輸提供了高效的服務——這有利於加拿大和美國糧食的豐收，也有利於散裝運輸特許經營體系的其他部分。隨著我們不斷提高整個網路的效率，我們期望進一步改善我們業界領先的 PSR 服務模式，從而實現高效成長和強大的客戶服務。

Now turning to safety. While we strive for perfect perfection during the quarter, safety is a continuous journey. Despite a challenging dynamic that occurred in the quarter, I'm encouraged that we delivered another quarter with year-over-year improvements in safety. -- or look at first of injuries, we landed at 0.95, which is a 3% improvement. Train accident and frequency was 1.15, which is 20% for the quarter.

現在來說說安全問題。雖然我們力求在本季做到盡善盡美，但安全是一個持續的過程。儘管本季面臨諸多挑戰，但令人欣慰的是，我們在安全方面再次實現了同比提升。 ——例如，就受傷率而言，我們降至0.95，降低了3%。本季列車事故發生率為 1.15，佔總事故發生率的 20%。

Turning to planning. As we moved into the end of the quarter, our resources are well aligned with our growth outlook. We have now received 91 of the 100 Tier 4 scheduled for delivery this year, locomotives. As we deploy these local modes primarily on a 100 Series transcontinental Intermodal service, we're delivering about a 30% reduction in service interruptions compared to a year ago.

接下來進入計劃階段。隨著季度末的到來，我們的資源與我們的成長前景非常匹配。今年計劃交付的 100 台 Tier 4 型機車中，我們已經收到了 91 台。由於我們主要在 100 系列跨大陸聯運服務上部署這些本地模式，與一年前相比，我們的服務中斷減少了約 30%。

As we look into the future, we expect see an additional 70-plus locomotives in 2026 with further support an industry-leading growth outlook, improved, we will also improve the efficiency and reliability of this fleet. In closing, the network is performing well. We are properly resourced to handle the strong grain harvest in Canada and the US investments in capital capacity, safety, locomotives are driving strong network performance, and we are well positioned to execute strong this quarter.

展望未來，我們預計到 2026 年將新增 70 多台機車，進一步支援業界領先的成長前景，同時，我們也將提高車隊的效率和可靠性。總之，網路運作良好。我們擁有充足的資源來應對加拿大和美國豐收的糧食，對資本能力、安全和機車的投資正在推動強勁的網絡性能，我們已做好充分準備，在本季度取得強勁的業績。

Now I'll pass it over to John.

現在我把麥克風交給約翰。

All right. Thank you, Mark, and good afternoon, everyone. I'm pleased with our third quarter performance of this franchise is resilient, and our team is producing differentiated growth despite a challenging macro economy. We are laser-focused on the things we can control. Our operations, as Mark said, are delivering strong service that we can sell into, and we are pricing to the value of our capacity and our service.

好的。謝謝你，馬克，大家下午好。我對我們第三季的業績感到滿意，這個特許經營權展現出了韌性，儘管宏觀經濟形勢充滿挑戰，但我們的團隊仍然實現了差異化成長。我們專注於我們能夠控制的事情。正如馬克所說，我們的營運提供了強大的服務，我們可以將其轉化為銷售，我們的定價也反映了我們產能和服務的價值。

Now looking at our third quarter results. This quarter, we delivered freight revenue growth of 4% on a 5% increase in RTMs, both the revenue and RTM all-time Q3 record. -- cents per RTM was down 1% and our pricing remains strong as the team continues to deliver renewal pricing above our long-term outlook of 3% to 4%.

現在來看我們第三季的業績。本季度，貨運收入成長4%，RTM（每噸貨物運輸量）成長5%，均創下第三季歷史新高。 ——每噸貨物運輸成本下降1%，但由於團隊持續提供高於3%至4%長期預期的續約價格，我們的定價依然強勁。

Pricing was offset by mix as we delivered strong growth in bulk in International Intermodal while continuing to leverage our full network and grow our longer length of haul traffic, all of which contributed to lower cents per RTM.

價格上漲被產品組合所抵消，因為我們在國際多式聯運散貨運輸方面實現了強勁增長，同時繼續利用我們完整的網絡並增加長途運輸量，所有這些都導致​​每 RTM 的成本降低。

Now taking a closer look at our third quarter revenue performance, I'll speak to the FX adjusted results. Starting with bulk. Grain revenues were up 4% on 6% volume growth. US grain was strong with volumes up 13% over prior year.

現在讓我們更仔細地看一下我們第三季的營收表現，我將談談經匯率調整後的結果。從散裝開始。糧食收入成長4%，銷量成長6%。美國穀物市場表現強勁，銷售量較上年增長13%。

We continue to see strong growth into Mexico in the US South as our network unlocks new opportunities, and we expand our share into these markets. Looking to the end of the year, the US corn and soybean harvest is going strong.

隨著我們的網路不斷開拓新機遇，我們在墨西哥和美國南部市場持續保持強勁成長勢頭，並擴大了我們在這些市場的份額。展望年底，美國玉米和大豆的收割工作進展順利。

While our P&W export program is impacted by the tariffs on soybeans, our grain team is working with our customers across Canada, the US and Mexico, to identify alternative markets and incremental opportunities to backfill a portion of this market shortfall. Canadian grain volumes were down 2% and driven by lower carryout stock from the 2024-25 harvest, along with lower demand for canola exports.

雖然我們的 P&W 出口計畫受到大豆關稅的影響，但我們的穀物團隊正在與加拿大、美國和墨西哥的客戶合作，尋找替代市場和增量機會，以彌補部分市場缺口。加拿大穀物產量下降了 2%，主要原因是 2024-25 年收成的結轉庫存減少，以及油菜籽出口需求下降。

Our outlook, though, is positive for this new crop, and we expect this new crop to be in the range of 78 million to 80 million metric tonnes ahead of the five-year average, and we expect a strong close to the year for our grain franchise.

不過，我們對這批新作物的前景持樂觀態度，預計產量將比五年平均高出 7,800 萬至 8,000 萬噸，預計今年糧食業務將強勁收官。

Potash revenues and volumes of 15%. The strong performance was driven by positive demand fundamentals and strong network performance that supported efficient potash export cycles. While Canpotex is fully committed to the end of the year, compares are more challenging, and we expect growth to moderate as we move through Q4.

鉀肥收入和產量增加 15%。強勁的業績得益於積極的需求基本面和強大的網路性能，從而支撐了高效的鉀肥出口週期。儘管 Canpotex 全力以赴完成年底的業績目標，但同比數據更具挑戰性，我們預計隨著第四季度的到來，成長速度將放緩。

In the finish out bulk, we closed our third quarter with coal revenue up 3% on 2% volume growth. Growth in Canadian met coal was driven by improved production at our mines and continued inventory drawdowns. This was partially offset with our US coal franchise, driven by a facility outage that happened during the quarter.

在收尾階段，我們第三季煤炭收入成長了 3%，銷量成長了 2%。加拿大冶金煤的成長得益於礦山產量的提高和庫存的持續下降。部分損失被我們在美國煤炭特許經營業務的損失所抵消，該業務的損失是由於本季度發生的設施停產造成的。

Now moving on to merchandise. Energy, Chemicals and Plastics revenue and volume were down 2%. The decline was driven by softer base demand, lower crude and lower refined fuel volumes due to customs border challenges going into Mexico. These headwinds were partially offset by new wins and increased volumes of LPGs.

接下來是商品部分。能源、化學和塑膠產業的收入和銷售量下降了 2%。下降的原因是基本需求疲軟，以及由於墨西哥海關邊境挑戰導致原油和成品油銷售下降。這些不利因素被新的訂單和液化石油氣銷售的成長部分抵消。

With LPG volumes starting to ramp up, and refined fuel shipments rebounding in the Mexico, we expect ECP to improve as we exit the year. In Forest Products, revenues and volumes were down 3% and 1%, respectively.

隨著液化石油氣銷售開始回升，墨西哥成品油出貨量也出現反彈，我們預計到年底時，ECP 將會有所改善。林產品收入和銷售量分別下降了 3% 和 1%。

Volumes in this space continue to be impacted by macro softness within our base demand. However, our team continues to outperform the industry by offsetting some of the broader macro impact to this business with self-help initiatives and extended length of haul.

該領域的交易量持續受到基礎需求疲軟的宏觀因素影響。然而，我們的團隊透過自助舉措和延長運輸距離，抵消了宏觀經濟對該業務的一些更廣泛影響，從而繼續超越行業平均水平。

Metals, Minerals and Consumer Products revenues and volumes were up 2%. The growth was driven by frac sand volumes to the Bakken new business wins in the aggregate space and an increase in both US domestic steel shipments and trade between Canada and Mexico. These efforts helped to offset the impact of tariffs on cross-border steel.

金屬、礦產及消費品收入及銷售成長 2%。成長的驅動因素包括：巴肯頁岩氣壓裂砂產量增加、骨材領域的新業務拓展、美國國內鋼鐵出貨量成長以及加拿大和墨西哥之間的貿易額成長。這些努力有助於抵消關稅對跨境鋼鐵的影響。

Now looking ahead, we are encouraged by industrial development projects that are coming online along with further growth opportunities from our land bridge shipments.

展望未來，我們受到即將上線的工業發展項目以及陸路運輸帶來的進一步成長機會的鼓舞。

Moving to the automotive area. As Keith said, revenue was up 2% and 9% volume growth, both are records. I'm pleased with the performance and resiliency of our franchise despite the uncertainty from evolving trade policy. This continues to be an area of unique growth for CPKs driven by our advantaged footprint serving both production plants and auto compounds across North America.

接下來轉到汽車領域。正如基思所說，營收成長了 2%，銷量成長了 9%，這兩項數據均創歷史新高。儘管貿易政策不斷變化，存在著許多不確定性，但我對我們特許經營權的表現和韌性感到滿意。這仍然是CPK獨特的成長領域，這得益於我們在北美地區擁有的優勢佈局，服務於生產工廠和汽車化合物供應商。

Despite some of the recent shift in aluminum supply challenges, we are well on our way to producing another record year. Closing with Intermodal, revenue was up 7% on 11% volume growth. We delivered strong growth from our domestic intermodal franchise with volumes up 13%.

儘管近期鋁供應面臨一些挑戰，但我們仍有望再創佳績，實現另一個創紀錄的年份。以多式聯運為例，營收成長 7%，貨運量成長 11%。我們的國內多式聯運業務實現了強勁成長，貨運量成長了 13%。

We continue to have a strong line of sight to domestic intermodal growth from multiple areas, including our business growth with Schneider, new auto parts moves, volumes out of the Americold cold storage warehouse co-located with us in Kansas City, and our service with CSX, connecting shippers in Mexico, Texas and the US Southeast.

我們繼續從多個方面著眼於國內多式聯運的增長，包括與施耐德電氣的業務增長、新的汽車零件運輸、與我們位於堪薩斯城的 Americold 冷藏倉庫的貨運量，以及我們與 CSX 的合作，連接墨西哥、德克薩斯州和美國東南部的托運人。

Moving to International Intermodal. Volumes were up 10% on continued growth from Gemini through our ports at Vancouver, St. John and Lazaro. While we definitely have seen pull-forward volumes in a muted peak season, we expect our strong service product and diverse port access to continue to drive opportunities for us in international.

轉向國際多式聯運。由於 Gemini 港透過溫哥華、聖約翰和拉扎羅港的貨運量持續成長，貨運量增加了 10%。儘管在旺季疲軟的情況下，我們確實看到了提前發貨量，但我們預計我們強大的服務產品和多樣化的港口通道將繼續為我們在國際市場上帶來機會。

In closing, while we are certainly not immune to the many challenges in the freight environment, we continue to drive differentiated growth with our unique and resilient North American franchise. We are delivering mid-single-digit volume while pricing to the value of our capacity and our service.

最後，雖然我們當然無法免受貨運環境諸多挑戰的影響，但我們憑藉獨特且富有韌性的北美特許經營權，繼續推動差異化成長。我們以中等個位數的產量交付產品，同時定價符合我們產能和服務的價值。

Now looking forward, we continue to be well positioned to outperform the industry and the macro on the strength of this franchise, paired with our unique synergies and self-help. With that, I'll pass it to Nadeem.

展望未來，憑藉這一特許經營權的優勢，加上我們獨特的協同效應和自助能力，我們將繼續保持良好的發展勢頭，超越行業和宏觀經濟。這樣，我就把麥克風遞給納迪姆了。

All right. Thanks, John, and good afternoon. I'll be referring to our third quarter results on slide 12 to start. CPK's reported operating ratio was 63.5%, and the core adjusted operating ratio came in at 60.7%, a 220 basis point improvement over prior year. Diluted earnings per share $1.01 and core adjusted diluted earnings per share was $1.10, up 11% versus last year.

好的。謝謝你，約翰，下午好。首先，我將參考第 12 頁投影片上的第三季業績。CPK 報告的營業比率為 63.5%，核心調整後的營業比率為 60.7%，比去年改善了 220 個基點。稀釋後每股收益為 1.01 美元，核心調整後稀釋後每股收益為 1.10 美元，比去年增長 11%。

Taking a closer look at our expenses on slide 13. I'll speak to the year-over-year variance on an FX-adjusted basis. Comp and benefits expense was $619 million or $615 million adjusted for acquisition costs. The year-over-year decline was driven by lower stock-based compensation and efficiency gains from workforce optimization and other productivity actions, including improved train weight, along with lower deadheading and held a wait time. The decline was partially offset by inflation and volume variable increases from higher GTMs.

仔細看一下第 13 頁投影片中的支出狀況。我將以經匯率調整後的價格來談談同比變動。薪資福利支出為 6.19 億美元，扣除收購成本後為 6.15 億美元。年比下降的原因是股票選擇權激勵減少，以及勞動力優化和其他生產力措施（包括提高列車重量）帶來的效率提升，同時空駛減少，等待時間延長。通貨膨脹和更高的 GTM 帶來的銷售成長部分抵消了下降趨勢。

To close the year, we expect our average head count to continue to be slightly lower year-over-year, driving strong labor productivity gains. Fuel expense was $415 million, down 2% year-over-year. The decline was driven primarily by the elimination of the Canadian federal carbon tax on April 1, partially offset by a volume variable increase from higher GTMs. Overall, changes in fuel prices were a $0.02 headwind to EPS in the quarter.

今年年底，我們預計平均員工人數將繼續同比略有下降，從而推動勞動生產力大幅提高。燃料支出為 4.15 億美元，年減 2%。此次下降主要是由於加拿大聯邦碳稅於 4 月 1 日取消所致，部分被 GTM 增加帶來的銷售成長所抵消。總體而言，燃油價格的變化對本季每股收益造成了 0.02 美元的負面影響。

Materials expense was $114 million, up 15% year-over-year. The increase continues to be driven by the long-term parts agreement that was put in place in the fourth quarter of 2024. Higher materials expense had a favorable offset within PSO for net savings in the quarter. The increase in materials expense is partially offset by reduced locomotive maintenance spend from improved fleet performance.

材料費用為 1.14 億美元，年增 15%。這一增長主要得益於2024年第四季實施的長期零件協議。雖然材料成本上升，但PSO在本季度實現了淨節省，從而起到了有利的抵消作用。材料成本的增加部分被車隊性能提升帶來的機車維護支出減少所抵銷。

Equipment rent expense was $109 million, increased car hire payments along with inflation impacts from growth in automotive volumes drove the increase. Depreciation and amortization expense was up 6%, resulting from a larger asset base.

設備租賃費用為 1.09 億美元，汽車租賃費用增加以及汽車銷售成長帶來的通貨膨脹影響推動了這一成長。由於資產規模擴大，折舊和攤提費用增加了 6%。

Purchased services and other expense was $565 million or $555 million adjusted for acquisition costs and purchase accounting. The decline was driven by lower casualty costs, savings from the long-term parts agreement as well as other productivity and insourcing initiatives. Overall, we delivered solid financial results despite a $39 million sequential increase in casualty expense was a $0.03 impact on earnings.

採購服務及其他費用為 5.65 億美元，或經收購成本及購買會計處理後為 5.55 億美元。下降的原因是傷亡成本降低、長期零件協議帶來的節省以及其他提高生產力和內部採購的措施。總體而言，儘管意外損失支出環比增加了 3,900 萬美元，對收益產生了 0.03 美元的影響，但我們仍然取得了穩健的財務業績。

Looking ahead, Mark and his team have our network running well and the volume outlook is solid with strong harvest in both Canada and the US. We continue to generate strong labor productivity and maintain line of sight to solid margin improvement in the fourth quarter.

展望未來，Mark 和他的團隊已經使我們的網路運作良好，加拿大和美國的豐收前景也十分樂觀，預計產量將大幅成長。我們持續維持強勁的勞動生產力，並有望在第四季實現穩健的利潤率提升。

Moving below the line on slide 14, other components of net periodic benefit recovery was $107 million, reflecting the effect of favorable pension plan asset returns in 2024. Net interest expense was $222 million or $216 million, excluding the impact of purchase accounting. The year-over-year increase was driven by interest incurred on new debt issued in Q1 and Q2 of this year.

在第 14 張投影片的下方，淨定期福利回收的其他組成部分為 1.07 億美元，反映了 2024 年退休金計畫資產收益有利的影響。淨利息支出為 2.22 億美元，若不計入購買會計的影響，則為 2.16 億美元。年增幅主要由今年第一季和第二季發行的新債務產生的利息所致。

Income tax expense was $296 million or $325 million adjusted for significant items and purchase accounting. We continue to expect CPKC's core adjusted effective tax rate to be approximately 24.5% in Q4 and for the full year.

所得稅費用為 2.96 億美元，經重大項目和購買會計處理後為 3.25 億美元。我們繼續預期 CPKC 第四季及全年的核心調整後有效稅率約為 24.5%。

Turning to slide 15 and cash flow. Year-to-date cash provided by operating activities increased 6% to $3.8 billion, while year-to-date cash used in financing activities was up 45% and driven primarily by the share repurchase program. From a CapEx perspective, we invested $860 million in the quarter and remain on track to invest approximately $2.9 billion in 2025, in line with the outlook we provided in January.

接下來請看第15張投影片，內容是現金流。今年迄今為止，經營活動產生的現金成長了 6%，達到 38 億美元；而今年迄今為止，融資活動使用的現金成長了 45%，主要受股票回購計畫的推動。從資本支出角度來看，我們本季投資了 8.6 億美元，並仍按計劃在 2025 年投資約 29 億美元，這與我們 1 月給出的展望一致。

Focusing on our share repurchase program, we have continued to take advantage of the volatility in the market to reward shareholders with disciplined and opportunistic returns. We see strong value in our share price at current levels, and as -- and as of the end of the third quarter, we've repurchased 34 million shares or approximately 91% of the program we announced in March.

我們專注於股票回購計劃，並繼續利用市場波動為股東帶來穩健且具機會主義的回報。我們認為公司股價在目前水準具有很強的價值，截至第三季末，我們已經回購了 3,400 萬股股票，約占我們在 3 月宣布的回購計畫的 91%。

As we look towards the end of the year, our network is running well in prime to serve strong harvest in Canada and the US John and his team are delivering mid-single-digit volume growth and strong pricing is in a challenging economic -- macroeconomic environment.

展望年底，我們的網路運作良好，正處於為加拿大和美國豐收服務的最佳狀態。約翰和他的團隊在充滿挑戰的宏觀經濟環境下，實現了中等個位數的銷售成長和強勁的價格。

We're controlling our costs, improving the resiliency of our business and the power of our North American network. We remain well positioned to meet our guidance and lead the industry with another year of double-digit earnings growth.

我們正在控製成本，提高業務的韌性，增強北美網路的實力。我們依然具備實現預期目標的良好基礎，並將在連續第二年實現兩位數的獲利成長，引領產業發展。

With that, I'll turn it back over to Keith to wrap things up.

接下來，我將把發言權交還給基思，讓他來總結一下。

All right. Thank you, gentlemen. Why don't we open it up for questions, operator?

好的。謝謝各位先生。操作員，我們何不開放提問環節？

(Operator Instructions)

（操作說明）

Fadi Chamoun, BMO Capital Markets.

Fadi Chamoun，BMO資本市場。

Yes. Thank you. So a question on the M&A topic, if I may. There's been a lot of kind of conversations discussion out there that if this UP NS merger ultimately happens, it's going to trigger potentially the actively end up being to North American kind of two major North American railroad as I understand it.

是的。謝謝。如果可以的話，我想問一個關於併購方面的問題。外界有很多討論，如果聯合太平洋鐵路公司 (UP) 和諾福克南方鐵路公司 (NS) 的合併最終發生，據我了解，這可能會引發北美兩大鐵路巨頭的出現。

And I was just wondering, Keith, from your perspective, does this have to happen and ultimately does this consist of moving into that scenario in multiple, 1 phase or 2 phases or also, is there a scenario where one merger happened and ultimately the rest of the industry can continue to operate at the status quo?

基思，我想問你，從你的角度來看，這件事是否必須發生？最終，這是否意味著要分多個階段（一個階段或兩個階段）逐步過渡到那種情況？或者，是否存在這樣一種情況：一次合併發生後，產業其他部分可以繼續維持現狀？

Yeah, Fadi, that's a really good question in a lot. I mean, obviously, it's going to depend on the details. We've not yet had the benefit of reading UP and NS merger application. I would say this. I know there's an echo chamber, I read it, I hear it, I sense it. I know there's a lot of invested investors that perhaps want this to be a layup. This is not a layup, number one.

是的，法迪，這確實是個很好的問題。我的意思是，很顯然，這取決於具體細節。我們還沒有機會閱讀UP和NS的合併申請。我會這麼說。我知道有回音室效應，我讀到過，我聽過，我感覺到了。我知道有很多投資者可能希望這筆交易輕而易舉就能成功。第一，這可不是輕而易舉的事。

It's not a foregoing conclusion that get approved. What we do know is the hurdle is going to be high. These are rules that have never been tested. There's a public interest test, enhancing competition, a review of downstream impacts, which, to your point, includes the likelihood or potential of additional rail consolidation that those stats to be met, and this STB is thorough. I'm certain of that.

被批准的並非預先設定的結論。我們知道的是，這將會是一個巨大的挑戰。這些規則從未經過檢驗。有一項公共利益測試，旨在增強競爭，審查下游影響，正如您所說，其中包括進一步鐵路整合的可能性或潛力，以達到這些統計數據，而這個 STB 非常徹底。我對此深信不疑。

I can say that more so than anybody else in this industry because I've walked this walk and experienced this journey in getting our deal approved, which was under the old rules with the hurdle rate, not even remotely close to being the same standard.

我可以比業內任何人都更有資格這麼說，因為我親身經歷過這個過程，也經歷過讓我們的交易獲得批准的過程。當時採用的是舊規則，即最低收益率，這與現在的標準相差甚遠。

So again, I think to assume or to expect it's plus that being said, if it gets approved, that's a big yes. But if it does, then to your point, depending on what the conditions are, would answer the question. I would make a case to serve and to meet and exceed all those tests that how could it be approved without significant conditions to protect balance in the industry to protect competition to enhance competition, given the market power that, that size railroad would exert. So I would agree.

所以，我認為假設或期待它是有利的，也就是說，如果它獲得批准，那當然是肯定的。但如果確實如此，那麼正如你所說，這取決於具體情況，就能回答這個問題。我會提出理由，證明它能夠滿足並超越所有這些測試，鑑於如此規模的鐵路將擁有的市場力量，如果沒有重大條件來保護行業平衡、保護競爭、促進競爭，怎麼可能獲得批准呢？我同意。

Mr. Vena and I definitely agree this STB is smart. Maybe what we don't see or I don't is -- or maybe not being recognized this STB has experienced the applicants behavior historically, the previous mergers, from 30 years ago, the integration risk that occurred and most recently, the service failures that occurred in the United States rail industry just four years ago.

維納先生和我一致認為這款機上盒很聰明。也許我們沒看到，或者我沒看到——或者也許沒有被認識到，STB 已經經歷了申請人的歷史行為、30 年前的合併、發生的整合風險，以及最近四年美國鐵路行業發生的服務故障。

The applicants were before the STB and the service hearing expressing concerns. The applicants relative to the allegations of serious concern on utilizing embargoes to regulate their network. So that will be ignored. And I don't believe that this regulator would set those memories aside in the weight of how they review not only the application, but ultimately determine what their conditions might be to protect the overall strength and health of the US rail network because ultimately, that's what their mandate is.

申請人出席了STB和聽證會，表達了他們的擔憂。申請人就利用禁運來監管其網路這一嚴重關切的指控提出申訴。所以這條會被忽略。我不認為監管機構會在審查申請以及最終確定保護美國鐵路網絡整體實力和健康所需的條件時，將這些記憶拋諸腦後，因為歸根結底，這就是他們的職責所在。

It's to protect the US rail network to make sure that their decisions protect the public interest and ultimately lead to if we have consolidation, an environment that exists. So if the UP and NS are stand-alone, the others that have to compete have a fair shot at doing that. And it's not competition. Let me be clear, it is not competition that anyone is scared of. I think that's a very assumptive statement to make.

這是為了保護美國鐵路網絡，確保他們的決定能夠保護公眾利益，並最終促成我們實現整合，創造一個現有的環境。因此，如果UP和NS是獨立運作的，那麼其他必須參與競爭的學校就有了公平競爭的機會。這不是競爭。我要明確一點，大家害怕的並不是競爭。我認為這種說法過於武斷。

It's that we recognized and that we're concerned about, and it will be our mandate and our objective to make sure that if that merger is approved conditions allow anticompetitive behavior to be minimized or eliminated. So yes, with the right conditions, Fadi, that's a potential outcome.

這是我們認識到並關注的問題，我們的職責和目標是確保如果該合併獲得批准，相關條件能夠最大限度地減少或消除反競爭行為。所以，是的，在合適的條件下，法迪，這確實有可能實現。

But again, there's so much more to be determined out of this process. There's a lot of stakeholders that are going to weigh in. There's going to be people that speak loudly and speak boldly and they're going to be customers, quite frankly, that perhaps they don't want to voice their strong heartfelt feelings for fear intimidation or fear of retaliation. But I'm sure that if they're not said publicly, they'll be said privately.

但是，這個過程還有很多東西有待確定。很多利害關係人都會參與進來，發表意見。有些人說話聲音很大，說話很大膽，但坦白說，有些顧客可能因為害怕被恐嚇或報復，而不想表達自己強烈的內心感受。但我相信，即使不公開說，私下也會有人說。

And all those facts and conditions and stakeholders' views, I believe this STB will take seriously, and I believe their decision, if approved, will contain significant conditions or that they don't meet the standard. I believe they have the mandate, they have the commitment to get this right. history needs it to be right. Our nation needs it to be right. And if they don't meet the conditions of the standards, I believe they'll reject it.

我相信，STB會認真對待所有這些事實、條件和利害關係人的意見，我相信，如果他們的決定獲得批准，將會包含重要的條件，或表明這些條件不符合標準。我相信他們擁有授權，也致力於把這件事做好。歷史需要這件事是正確的。我們的國家需要它是正確的。如果他們不符合標準條件，我相信他們會拒絕。

Chris Wetherbee, Wells Fargo.

克里斯‧韋瑟比，富國銀行。

Hey, thanks. Good afternoon I appreciate the comments, Keith, I guess, maybe just piggybacking on that. As you think about the sort of landscape for now, and we don't have the application yet. We don't know ultimately how the STB is going to respond to that. sort of what's the strategy that you can employ, -- are there opportunities for you in the relative near term, leverage other relationships in the space? Because how do you think about sort of the landscape right now, at least over the next several quarters?

嘿，謝謝。下午好，感謝你的評論，基思，我想我只是藉用你的評論。就目前而言，你正在考慮這樣的環境，而我們還沒有相應的應用程式。我們最終無法確定機上盒運營商會如何應對。您可以採取什麼策略？ ——在相對近期內，您是否有機會利用該領域的其他關係？您如何看待當前情勢，至少在未來幾季內的情況？

Yeah. The answer is absolutely yes. And we said when this all started, we're not going to sit on our laurels. We've been very engaged with the non-apps to look at creating alliances and the regulations require us to exhaust all avenues to achieve merger like beat the risk that a merger represents.

是的。答案絕對是肯定的。我們一開始就說過，我們不會固步自封。我們一直積極與非應用程式公司合作，尋求建立聯盟，但相關法規要求我們窮盡一切途徑來實現合併，例如克服合併帶來的風險。

So yes, there's opportunities that we're exploring with the Western competitor, UP, there's opportunities that we're exploring with the eastern competitor to the and we're starting to connect the dots to create markets.

所以，是的，我們正在與西方的競爭對手UP探索合作機會，我們也在與東方的競爭對手探索合作機會，我們開始將這些機會聯繫起來，以創造市場。

And I'll tell you the strategic piece of our railroad that's becoming even more so critically important is that Meridian Speedway. That Meridian Speedway that -- what was when we took over the railroad is no longer the same. It has been enhanced with the connection at Meridian with the CSX, the Myrtlewood, Alabama through Montgomery to Atlanta.

我還要告訴你們，我們鐵路系統中一個日益重要的戰略組成部分是梅里迪安高速公路。梅里迪安賽道——我們接管鐵路時的樣子——已經不再是原來的樣子了。透過在 Meridian 與 CSX 鐵路連接，從阿拉巴馬州默特爾伍德經蒙哥馬利到亞特蘭大，這條線路得到了加強。

It unlocks a second mainline alternative that gives us unique industry advantage to create markets and bridge traffic between Dallas markets and between Southeast US markets. And I'm not talking about just intermodal. And I'm talking more importantly, the industrial heartland.

它開闢了第二條主要線路，為我們提供了獨特的行業優勢，可以創造市場，並在達拉斯市場和美國東南部市場之間架起交通橋樑。我說的不只是多式聯運。更重要的是，我指的是工業中心。

You think about the industrial development that's being driven to realize President Trump's ambitions, the additional infrastructure that's being put in place for these AI data centers and power centers along that corridor between those Southern states and our network runs straight across it.

想想為了實現川普總統的雄心壯志而推動的工業發展，想想為了這些人工智慧資料中心和電力中心而沿著南部各州之間的走廊建設的額外基礎設施，而我們的網路就直接穿過這條走廊。

That transaction that we made, which was a niche acquisition over the last two years, we've been investing heavily in it. I had the opportunity just last month to take an inspection trip with the CSX team that started in Montgomery, Alabama, went through over to Meridian into Shreveport.

在過去兩年裡，我們對那筆小眾收購交易進行了大量投資。就在上個月，我有機會跟隨 CSX 團隊進行了一次考察之旅，從阿拉巴馬州的蒙哥馬利出發，途經梅里迪恩，最終到達什里夫波特。

So what was a little short line railroad by, I would say, January, February of 2026, is going to be a Class I railroad that allows us to create a transfer time and a product option never before possible. That's going to connect Atlanta to Dallas in about 30 hours.

因此，到 2026 年 1 月、2 月，原本只是一條短途鐵路，將會成為一條一級鐵路，這將使我們能夠創造以前從未實現過的轉運時間和產品選擇。那將使亞特蘭大和達拉斯之間的交通縮短至大約 30 小時。

You think about -- and people have always thought about the Speedway as being an intermodal product, yes, it is. And yes, we're going to protect our commitments to our partners in that joint venture in what is now NS and perhaps in the future might be UP. But at the same time, it's still the railroad that we dispatch. It has tremendous opportunity. It's not exclusive to freight traffic topic.

你會想到——人們一直認為 Speedway 是多式聯運產品，是的，它確實是。是的，我們將履行我們對合資夥伴的承諾，該合資企業現在是 NS，未來或許會是 UP。但同時，我們調度的仍是鐵路。它蘊藏著巨大的機會。這並非僅限於貨運交通領域。

So to create a product that allows us to connect the industrial heart line between Atlanta and Dallas is a pretty powerful model. in the 30 hours is truck-like competitive single truck like competitive. I think it's a unique differentiator that can't be replicated in UP/NS combination that's going to allow us to win market share, working with our partners in the West and our partners in the East. And I can tell you they're motivated to work.

因此，打造一款能夠連接亞特蘭大和達拉斯之間工業核心線的產品，是一個非常強大的模式。在30小時內，它就像一輛卡車一樣具有競爭力，就像一輛單卡車一樣具有競爭力。我認為這是一個獨特的差異化優勢，UP/NS 組合無法複製，這將使我們能夠與我們在西部的合作夥伴和在東部的合作夥伴共同贏得市場份額。我可以告訴你，他們工作動機很高。

Brian Ossenbeck, JPMorgan.

Brian Ossenbeck，摩根大通。

Hey, good afternoon. Thanks for taking the questions. Maybe just to tack on that topic, Keith, can you give us a little bit of perspective in terms of the headlines we've been seeing around the Canadian Speedway and some of the service disagreements, I don't know if we've we're going to see anything settled until the government reopens, but I would appreciate your perspective there.

嘿，下午好。謝謝您回答問題。基思，或許可以就這個主題補充一下，你能否就我們最近看到的關於加拿大賽車場和一些服務糾紛的新聞報道，給我們一些看法？我不知道在政府重新開放之前，我們是否能看到任何事情得到解決，但我很想聽聽你的看法。

And then just what's the possibility to put through the big side of things when you get that track speed up? Is it 2026 when things start to unlock at the beginning of the year? Or is that going to be more of a ratable gain as we look into next year?

那麼，當賽道速度提升到一定程度後，在大型專案上究竟能發揮多大的作用呢？2026年初事情開始逐步開放嗎？或者，展望明年，這是否會成為一項更具可評估意義的利益？

Well, the service product, the actual infrastructure will be done in January. track speed to be out there. It's going to be a 49 mine railroad. You're talking about 100 miles transit time from Montgomery to Meridian combined is going to be 3.5, 1.5 hours, 5 hours. So you put that with a 6-hour run to Atlanta and the CSX, you got 11-hour product to Meridian.

嗯，服務產品，也就是實際的基礎設施，將在1月完成。屆時將加快速度。這將是一條包含49個礦井的鐵路。您說的是從蒙哥馬利到梅里迪恩 100 英里的交通時間，加起來分別是 3.5 小時、1.5 小時和 5 小時。所以，加上到亞特蘭大的 6 小時車程和 CSX 的運輸時間，到 Meridian 的運送時間就需要 11 小時。

And I think right now what the NS does is 12 hours, and there's room to improve that. It just depends on the density that we put over it. for the additional capital investment if we want to unlock some additional speed. So that's not full potential. That's just the right thing which we think we're the market of the sweet spot. Now the dispute itself between sales in NS, and that's the dispute is because we have a commercial agreement with NS. To me, is, quite frankly, a self-serving narrative that has no merit. We have prepared our response.

我認為目前國民服役時間為 12 小時，還有改進的空間。這取決於我們施加在其上的密度，以及如果我們想要提升速度所需進行的額外資本投入。所以這還沒有完全發揮出潛力。這正是我們所需要的，我們認為我們找到了市場的最佳切入點。現在爭議本身在於 NS 的銷售，而爭議的起因是我們與 NS 簽訂了商業協議。坦白說，在我看來，這是一種毫無根據的自說自話的說法。我們已準備好應對措施。

We'll give it to the STB as soon as they open up, and it will lay out the real details. What this is, is the story of two partners that don't like our decision to run the railway the way it was designed. This railway goes back to 2006.

我們會在STB（新加坡電視台）開放後立即提交，屆時會公佈所有細節。這就是兩個合夥人不認同我們按照設計方式經營鐵路的決定的故事。這條鐵路的歷史可以追溯到2006年。

When the NS invested was ACS to create the speedway, there was financial consideration given there was infrastructure built for 8,500-foot ranks. -- our predecessors at the KCS allowed the NS to run long trains, Frankly, the way I see it as an operating officer was the demise of our customers. That's what we stopped, and that's what NS and UP does not like. There are provisions within that agreement.

當諾福克南方鐵路公司（NS）投資美國鐵路公司（ACS）建造高速鐵路時，考慮到當時已建成可容納8500英尺長列車的基建設施，這其中存在財務方面的考慮。 ——坦白說，身為營運主管，我認為這最終導致了我們客戶的損失。這就是我們停止的做法，也是NS和UP不喜歡的做法。該協議中包含相關條款。

And as those what they are. We know what they are. If they want to invest monies to run longer trains, then they need to come to the table and invest the money. The business today doesn't justify it, and I'm not going to subsidize NS's operation or am I going to subsidize UP's operation for their operational synergies at the cost of my service to my customers, a responsibility to protect my customers as well. And that's kind of what it boils down to. It's built to run 8,500-foot train. That's what we're going to do.

而它們本來就是這樣。我們知道它們是什麼。如果他們想投資開通更長的列車，那麼他們就需要坐下來談判並投資。目前的商業狀況並不允許這樣做，我不會為了實現營運協同效應而補貼 NS 的運營，也不會為了實現營運協同效應而補貼 UP 的運營，從而損害我為客戶提供的服務，保護我的客戶也是我的責任。歸根結底，問題就在這裡。它設計用於運行 8,500 英尺長的列車。這就是我們要做的事。

Now what we have done at of respect from Mark George and his team for a temporary time period until we can get an additional crews, which we've hired and are in training right now, there's going to be an additional train start comes on middle of November.

現在，為了表達對馬克喬治及其團隊的尊重，我們暫時採取了以下措施，直到我們能夠獲得更多的工作人員（我們已經僱用了他們，目前正在接受培訓），預計11月中旬將有另一列火車開工。

In the meantime, NS has worked out a temporary agreement with us to pay us for the additional delays that were occurring, allowing one long eastbound run until that second train start is at the middle of November, and then we're going to revert right back to an 8,500-foot railroad.

同時，NS 與我們達成了一項臨時協議，支付我們因延誤造成的額外損失，允許我們進行一次長途東行，直到 11 月中旬第二趟列車開通，然後我們將恢復到 8500 英尺的鐵路。

And I'll tell you this kind of the proofs in the pudding. When you try to oversubscribe a network and run long trains and the network is not built for it, someone is going to suffer, whether it's the communities from the crossings you block, whether it's the yards where you're holding the trains out, which some of the applicants shave some history in that or it's our trains that had to take a siding for someone else's train at our demise.

我會告訴你，事實勝於雄辯。當你試圖讓網路超載運轉並運行長列車，而網路又沒有為此做好準備時，總會有人受苦，無論是被你堵塞的道口附近的社區，還是被你阻擋列車的貨場（有些申請者在這方面有些劣跡），又或者是在我們失敗後不得不讓別人的列車佔用側線的列車。

We ran the railroad for seven, eight weeks at 8,500 feet over the last two months before we allow this exception to occur, we measured the delay. Our train were taking over 11-hour delay a day to accommodate a long East train. It doesn't make any sense. It's not the right operating decision. It's not the right commercial decision.

在過去兩個月裡，我們以 8500 英尺的高度運行了七到八週的鐵路，之後才允許出現這種例外情況，我們測量了延誤情況。為了讓一列長長的東行列車讓路，我們的列車每天晚點超過 11 小時。這完全說不通。這不是正確的操作決策。這不是正確的商業決策。

It's not the right bottom line decision. We're being fair and it's no more than that.

這不是最明智的決定。我們秉持公平原則，僅此而已。

Jonathan Chappell, Evercore ISI.

Jonathan Chappell，Evercore ISI。

Thank you. Good afternoon, Keith, let you take a little break here. Nadeem and John, we've seen the quarter-to-date volumes trending not at mid-single digits. So I think there was an anticipation just given the way that October has been that getting to that mid-single-digit full year that double-digit earnings growth full year may be a bit challenging and really, frankly, off the table.

謝謝。下午好，基思，讓你在這裡休息一會兒。Nadeem 和 John，我們看到本季迄今的銷售趨勢並非保持在個位數中段。所以我認為，鑑於十月份的情況，大家普遍預期全年獲利成長達到個位數中段甚至兩位數可能有點困難，坦白說，這根本不可能。

So it's a bit surprising that you've kept it -- can you kind of just help us forge the path over the next eight to nine weeks on how you get that volume up to the mid-single digits how you get that sub-57% OR. Just what do you have line of sight on that's clear to you that, that's still attainable, which is eight weeks to go?

所以，你堅持下來有點令人驚訝——你能否在接下來的八到九週內幫助我們制定計劃，如何將銷量提高到個位數中段，如何將 OR 降低到 57% 以下？在你看來，距離目標還有八週時間，有哪些清晰可見且仍可實現的目標？

Yeah. No, good question. I'd say that if you look at our year-over-year, certainly tough compares as we speak. So known to us. So not really any surprises on that front. But we also have some very easy compares in November when you think about some of the labor disruptions a year ago, the that impacted our business through some of our customers as well.

是的。不，問得好。我想說，如果你看我們去年同期的數據，你會發現目前的情況確實很難比較。我們都知道。所以這方面並沒有什麼意外。但考慮到一年前的一些勞工糾紛，以及這些糾紛也透過我們的一些客戶影響了我們的業務，我們在 11 月也有一些非常容易比較的情況。

And so when we look at the opportunity in November and December, we think that -- we have the ability to continue to deliver the mid-single-digit RTMs and that will be -- I think we have strong visibility. Now there's a chip shortage issue on the auto side that we're come up, and we're mindful of that. But we think on the bulk side, there's enough offsets to be able to support our top line view and our guidance from that perspective.

因此，當我們展望 11 月和 12 月的機會時，我們認為——我們有能力繼續實現個位數的 RTM，而且——我認為我們有很強的前景。現在汽車產業出現了晶片短缺問題，我們已經意識到了這一點。但我們認為，從整體來看，有足夠的抵銷因素來支撐我們的整體觀點和我們從該角度出發的指導意見。

From a cost point of view, from an operating leverage point of view, I think we're going to see benefits similar to what we saw in Q4 a year ago, the previous year to that. We've had some very strong finishes to the year.

從成本角度來看，從營運槓桿角度來看，我認為我們將看到與去年第四季以及前年同期類似的收益。我們今年取得了一些非常出色的收官成績。

And we have good visibility to the ability to get a sub-57% type of operating ratio or that level, plus or minus, depending on what mark-to-market the stock price is as well. But we are very confident we'll be able to achieve at least 10% EPS growth for the year. So we're not backing off of that with 8 or 9 weeks here, a lot to go.

而且我們很有可能將營運比率控制在 57% 以下，或者在這個水平上下浮動，具體取決於股票的市值。但我們非常有信心今年能夠實現至少 10% 的每股盈餘成長。所以，距離比賽還有 8 到 9 週，我們不會就此放棄。

Steve Hansen, Raymond James

史蒂夫漢森，雷蒙德詹姆斯

Yeah, thanks for time, guys. Quick one. I just wanted to dovetail back on the grain opportunity. I recognize you've described it as being a size of the harvest. But do you feel like the customers have given you a sense for whether there's upside opportunity or how that's going to track in terms of timing? Just mindful of some of the IT issues still out there and pricing on the farm and whether or not farmers going to be eager to move it through the fourth quarter or going to be deferring into the first half?

好的，謝謝各位抽出時間。簡單問一個。我只是想抓住這個機會，重新開始。我知道你把它描述為收穫的規模。但您是否覺得客戶已經讓您感受到是否有上漲機會，或是這種機會在時間上會如何發展？只是考慮到目前仍然存在的一些IT問題、農場定價以及農民是否願意將交易推遲到第四季度還是推遲到上半年？

Yeah. Thanks, Steve. It's John. Yes, certainly, it's something we're watching closely. There's no doubt it feels like the grain companies are having to sort of pull the grain into the elevator a little bit versus maybe that typical push we'll see at harvest. Right now, I'm pleased with our cycles. I'm pleased with the number of sets we have in play in Canada.

是的。謝謝你，史蒂夫。是約翰。是的，當然，我們正在密切關注此事。毫無疑問，糧食公司似乎必須稍微主動地將糧食拉進糧倉，而不是像收割時那樣大力推進。目前，我對我們的週期很滿意。我對我們在加拿大開展的比賽場次數量感到滿意。

And honestly, we've been able to -- whatever softness we've maybe felt in the north, we've been able to fill with good opportunities on our Southern franchise. So it's going to be teamwork between the 2 franchises, Canada and in the US, and we're going to meet sort of all the markets at play, but our edition as we described, we're going to run it hard right to the end.

說實話，我們已經能夠——無論我們在北方可能感受到什麼不足，我們都能夠在南方特許經營店裡抓住好機會來彌補。所以這將是加拿大和美國兩個特許經營機構之間的團隊合作，我們將涵蓋所有相關市場，但正如我們所描述的，我們的版本將全力以赴，直到最後一刻。

Scott Group, Wolfe Research.

Scott Group，Wolfe Research。

Thanks. So Nadeem, sense part GM have been down a bit the last couple of quarters. Can you just talk about underlying pricing trends and when you think this metric turns positive? And then maybe, Keith, just bigger picture. When I think back to the Analyst Day, you guys talked about a mid-teens earnings algorithm.

謝謝。所以納迪姆，從某種意義上說，GM在過去的幾個季度表現有些下滑。您能否談談潛在的價格趨勢，以及您認為該指標何時會轉正？或許，基思，應該從更宏觀的角度來看問題。回想起分析師日，你們當時討論的是一個獲利目標為十幾個百分點的演算法。

And it's been closer to 10%, that's still really good on a relative basis, but not like at the absolute level you talked about. Do you still think mid-teens is the right algorithm? What do we need to unlock it? Is it just macro? Is it more price cost? I don't know how do you -- what do you think we need to sort of get back to that mid-teens growth.

實際比例接近 10%，相對而言仍然非常好，但遠不及你所說的絕對水準。你仍然認為十幾歲中期是合適的演算法嗎？我們需要什麼才能解鎖它？只是宏嗎？價格成本更高嗎？我不知道該怎麼做——你認為我們需要做些什麼才能讓孩子恢復到青少年中期的成長水平。

All right. Thanks, Scott. So just a reminder, that federal carbon tax that was removed in April. That did impact since for TM but thing is that also to flow through, so it does come out of our expenses. So that's been a big headwind on cents per RTM in the last few quarters. But all that to say in Q4, we should see positive cents per RTM. So we should see it in like positive right now as we speak. So that will be supportive.

好的。謝謝你，斯科特。提醒一下，聯邦碳稅已於四月取消。這確實對TM產生了影響，但問題是這筆費用也要分攤到其他方面，所以最終會從我們的支出中扣除。因此，在過去的幾個季度裡，這對每 RTM 的收益造成了很大的不利影響。但總而言之，第四季度我們應該會看到每 RTM 獲利正數美分。所以我們現在應該從正面的角度來看這件事。這樣會有幫助。

I'd say that you'll see all low single digits, but it will be positive as we speak. We've also had some mix impacts that have impacted that autos, for example, the length of haul has been up significantly and the mix of business, but we should see that turn. Pricing has been strong. John and his team have done an exceptional job of being able to keep that above inflation and closer to 4% on a same-store basis. So I'd say that, that will continue as we foresee into 2026.

我估計你會看到所有數字都是個位數，但就目前而言，結果會是正數。我們也受到了一些因素的影響，例如汽車運輸，運輸距離大幅增加，業務組合也發生了變化，但我們應該會看到這種情況好轉。價格走勢強勁。約翰和他的團隊做得非常出色，他們能夠將這一數字保持在通貨膨脹率之上，並且在同店經營基礎上接近 4%。所以我認為，這種情況將會持續到2026年。

To your point on double-digit versus kind of mid-teens, the macro has been challenging. There's been also hurt us. Crude this quarter was a significant -- or casualty with the crude derailment was a significant headwind. And which we didn't foresee. If we didn't have that, if we had a more normal casualty expense in the quarter, we would have been sub-60% for the quarter.

關於你提到的兩位數和十幾度之間的差距，宏觀經濟情勢確實具有挑戰性。我們也曾受到傷害。本季原油市場受到重大影響——或者說是損失慘重，原油脫軌事故造成了重大不利影響。這是我們始料未及的。如果沒有那筆費用，如果我們本季的意外損失支出比較正常一些，那麼本季的事故率就會低於 60%。

Now that's on us. We put it on the ground, and we have to take those costs. But I would imagine and I expect going forward, we'll have a more normal casualty. Our safety numbers have been strong, but the cost of incidents have been high. So that will be supportive -- as far as the mid-teens, we'll start seeing benefits of share repurchase starting next year, where we announced the program in Q1 kind of mid late Q1 of 2020 of this year.

現在這都怪我們了。我們把它落地，就必須承擔這些成本。但我認為，而且我預計，未來傷亡人數會更加正常。我們的安全數據一直很好，但事故造成的損失很高。所以這將起到支撐作用——至於十幾美元的中期水平，我們將從明年開始看到股票回購的好處，我們在今年2020年第一季中後期宣布了該計劃。

So 2026, we'll start seeing year-over-year benefits from the lower share count. And that was part of the algorithm of getting double-digit closer to mid-teens type of growth. We've delivered quite well on the volume front, but I think we could do more with a better macro environment. So we're still waiting for that turn. But as that inflects and we start seeing a more supportive economy.

因此，從 2026 年開始，我們將看到股份數量減少帶來的逐年收益。這是實現兩位數成長，接近十幾歲成長目標的演算法的一部分。我們在銷售方面做得相當不錯，但我認為，如果宏觀環境更好，我們還能做得更好。所以我們還在等待那個機會。但隨著情勢轉變，我們開始看到經濟環境更加有利。

We start seeing some of this tariff noise get behind us and more certainty for our customers. We started seeing this benefit of strong bulk volumes, especially with this very strong Canadian grain crop. I think you have a potential 2026 for that to turn closer to what we highlighted at our Investor Day as mid-teens EPS growth. And that's kind of what we had highlighted through to 2028. So we're kind of in that sweet spot of 26% to 27% to 28% being in that mid-teens, and I still feel that we can achieve that.

我們開始看到一些關稅方面的干擾逐漸消失，我們的客戶也將獲得更多確定性。我們開始看到大宗商品供應帶來的好處，尤其是今年加拿大糧食大豐收。我認為到 2026 年，你們有可能實現我們在投資者日上強調的 15% 左右的 EPS 成長。這就是我們到 2028 年重點強調的內容。所以我們現在處於 26% 到 27% 到 28% 的最佳區間，也就是十幾個百分點，我還是覺得我們可以達成這個目標。

Konark Gupta, Scotiabank.

科納克·古普塔，加拿大豐業銀行。

Thanks for taking my question. I think maybe for John, perhaps if we look into Q4, I guess, you have easier comps coming up in November, December. But any insights into the potash and intermodal traffic John so far in October? It seems like pretty low, and I think you flagged some of the comp issues in the potash, but anything else besides the comps that's being on the potash and on the intermodal side, any issues you're seeing with imports coming down on the US ports?

謝謝您回答我的問題。我認為對約翰來說，如果我們看看第四季度，我想，11月和12月的比較年份會比較容易。約翰，你對10月份的鉀肥和多式聯運情況有什麼了解嗎？看起來確實很低，而且我認為你已經指出了鉀肥方面的一些競爭問題，但除了鉀肥和多式聯運方面的競爭問題之外，你還看到美國港口的進口貨物出現什麼問題嗎？

I think maybe for John, perhaps if we look into Q4, I guess, you have easier comps coming up in November, December. But any insights into the potash and intermodal traffic John so far in October? It seems like pretty low, and I think you flagged some of the comp issues in the potash, but anything else besides the comps that's being on the potash and on the intermodal side, any issues you're seeing with imports coming down on the US ports?

我認為對約翰來說，或許我們可以看看第四季度，因為11月和12月的年比數據會比較寬鬆。不過，約翰，你對10月的鉀肥和多式聯運情況有什麼了解嗎？看起來確實很低，而且我認為你已經指出了鉀肥方面的一些競爭問題，但除了鉀肥和多式聯運方面的競爭問題之外，你還看到美國港口的進口貨物出現什麼問題嗎？

Yeah. So the potash is all driven around the compares. We just -- we had some surge testing and some different things we did last year that made October awfully strong. Now I do expect Canpotex, as I said, is sold out to close the year. We're going to run that and push that as hard as we can -- in the intermodal front. I expect a really strong close on our domestic intermodal.

是的。所以鉀肥都被輸送到各個比較點周圍。我們只是－我們進行了一些大規模的檢測，以及去年我們採取的一些不同措施，使得10月份的業績非常強勁。正如我之前所說，我預計 Canpotex 展會將在年底前全部售罄。我們將全力推進多式聯運領域。我預計我們的國內聯運業務將取得非常強勁的收官表現。

And we've got continued good line of sight, as I mentioned in my prepared remarks, to a number of pieces of the business that are going to start up in the quarter. And frankly, we're just starting to see the ramp-up of our reefer business out of Mexico with Americold. So continue to be -- and frankly, our transload business across Canada continues to be strong.

正如我在準備好的發言稿中提到的，我們對本季即將啟動的幾項業務仍然保持著良好的預期。坦白說，我們才剛開始看到我們在墨西哥與 Americold 合作的冷藏業務的成長。所以，請繼續保持下去——坦白說，我們在加拿大的轉運業務依然強勁。

So I see pretty good numbers on our domestic intermodal side. The international has been a challenge relative to the third quarter, some of the maybe the pull-ahead volumes in muted peak. But that being said, I'm not seeing the blank sailing. I'm not seeing additional challenges. I can tell you, we're kind of foreseeing the current run rate to persist as we move through November and in December.

所以，我看到我們國內多式聯運的數據相當不錯。與第三季相比，國際市場一直充滿挑戰，一些提前成交量可能在高峰期有所放緩。但即便如此，我也沒看到空白的航程。我沒有看到其他挑戰。我可以告訴你，我們預計目前的運行速度將持續到 11 月和 12 月。

Walter Spracklin, RBC Capital Markets.

沃爾特‧斯普拉克林 (Walter Spracklin)，加拿大皇家銀行資本市場部。

Yeah, thanks very much, David. Good afternoon everyone. I'd like to come back to you, John, on volumes. And I know Norfolk Southern in their call flagged that they were seeing some diversions in volume away from them as a result of the proposed merger.

是的，非常感謝你，大衛。各位下午好。約翰，關於音量的問題，我想再跟你談談。我知道諾福克南方鐵路公司在電話會議中指出，由於擬議的合併，他們發現部分貨運量減少。

And I think most would see CSX is the beneficiary of that. But I'm curious to see if you're seeing any customers in making decisions along those lines that would favor you and seeing in terms of volumes over to your line currently? Or could you see that as contract negotiations come up, do you see any opportunity to take advantage of that, if that is indeed a trend we're seeing into 2026?

我認為大多數人都會認為CSX是其中的受益者。但我很好奇，您是否看到任何客戶在做出此類決策時傾向於選擇您的產品，以及目前銷售方面是否有任何趨勢？或者，您是否認為，隨著合約談判的進行，如果這確實是我們到 2026 年將看到的趨勢，您是否看到了任何利用這一趨勢的機會？

Well, I sort of emphasize what Keith said, there's certainly a lot of dialogue going on, on that front and what sort of products we can partner and create the leverage and strength of some of those other franchises. Those are things that maybe we've looked at in the past, but are certainly maybe coming to the forefront in terms of opportunities.

嗯，我有點同意基斯的說法，這方面確實有很多對話正在進行，討論我們可以合作開發哪些產品，並利用其他一些特許經營權的優勢和影響力。這些事情我們過去可能已經考慮過，但就機會而言，它們無疑地正在成為關注的焦點。

I do believe that narrative becomes a part of what our 2026 growth platform could look like in -- there's no doubt about we're already seeing opportunities shift on to our Meridian Speedway route with the CSX. As Keith mentioned, the product design is to be up and running in Q1 of '26, but it's not a bad product as we sit here today.

我相信，這敘事將成為我們 2026 年成長平台的一部分——毫無疑問，我們已經看到機會轉移到了我們與 CSX 合作的 Meridian Speedway 路線上。正如基斯所提到的，該產品設計將於 2026 年第一季投入使用，但就目前而言，它還算是一款不錯的產品。

And there are certain customers that certainly want the optionality or have been willing to test that product. So -- and that -- we talk a lot about maybe Internet of Texas Atlanta in those marketplaces, but there's an awful lot of freight that is just really conducive to our network into the Southeast that flows out of Mexico. And that's, frankly, an area whether it is competing against short sea today or taking trucks off the road that we've been able to take on with the CSX team.

當然，也有一些顧客希望有這種選擇權，或願意嘗試該產品。所以——而且——我們經常談論德克薩斯州亞特蘭大的互聯網，但有很多貨物從墨西哥流出，非常有利於我們向東南地區輸送貨物。坦白說，無論是與當今的短途海運競爭，還是讓卡車退出公路運輸，我們都能與 CSX 團隊一起應對這些挑戰。

And frankly, a lot of that is new growth opportunities. It's not taken freight off of off of NS or another competitor. It's new opportunities we're bringing the roots. But in the same vein, there are other opportunities where customers are looking for optionality, and we'll give them that.

坦白說，其中很多都是新的成長機會。它並沒有從NS或其他競爭對手那裡搶走貨物。這是我們正在紮根的新機會。但同樣地，客戶在尋求選擇權時也會有其他需求，我們會滿足他們的需求。

And John, I would add from an operating -- from the MLP connection that we have through Myrtlewood, it's Mike Cory and team CSX team has been -- they've been really energized with us on our praise to make that happen. I get the speed of the network up and just make the good positive connection at Myrtlewood itself. So it certainly is promising.

約翰，我還要補充一點，從營運角度來看——從我們透過默特爾伍德建立的 MLP 聯繫來看，邁克·科里和 CSX 團隊一直——他們對我們的讚揚給予了極大的鼓舞，使之成為現實。我提高了網路速度，並在默特爾伍德建立了良好的網路連線。所以它確實很有前景。

Ken Hoexter, Bank of America.

Ken Hoexter，美國銀行。

Hey, great, good afternoon. Mark, first time in a while, I think we've heard you break out the KCS network versus the CP network and performance. Can you delve into maybe what's left to get KCS to CP operating levels? I don't know, Nadeem, if you want to talk about the cost synergies or go back to the synergies of what you've achieved and where we're trending on those. And then, Keith, just an M&A quick one. But do you think political pressure to get the M&A process moving faster can have an effect? Or will this take the full 16, 17 months of a normal process?

嘿，太好了，下午好。馬克，好久不見，我們好像第一次聽到你詳細分析 KCS 網路與 CP 網路的效能比較。您能否深入探討一下，要讓KCS達到CP的營運水平，還有哪些工作要做？納迪姆，我不知道你是想談談成本協同效應，還是想回顧一下你已經取得的成就以及我們在這方面的發展趨勢。然後，基思，就簡單談談併購吧。但你認為施加政治壓力加速併購過程會產生影響嗎？或者這需要像正常流程一樣耗費整整 16 到 17 個月的時間？

Yeah. Let me -- I'll answer that one before, Mark. I think there's no way in the world for this to have a thorough review that it occurs in less than 16 to 17 months. I think that's sufficient. If you think about our review, our review took a lot longer than that.

是的。讓我先回答這個問題，馬克。我認為，在16到17個月內完成徹底審查是絕對不可能的。我認為這樣就足夠了。想想我們的評測過程，其實花費的時間比這還要長。

You've got an STB that quite frankly, the chair of the STB is signal, and I believe I'll hold him to his word that he's going to take the spreadsheets and the time line seriously. And that means don't exceed them. And I also think it means, especially with the gravity of this transaction. It also means that don't cut them short. You've got a lot of people that deserve and want and we'll need to take ample time to review the application, ample time to respond.

坦白說，你們的機上盒委員會主席是個訊號，我相信他會信守承諾，認真看待電子表格和時間表。這意味著不要超過這些限制。而且我認為，尤其考慮到這筆交易的重要性，這意味著…這也意味著不要縮短他們的時間。有很多符合資格且渴望獲得機會的人，我們需要充足的時間來審核申請，並充足的時間回覆。

And I think that's the only way you get to a place where the STB can make a fulsome thorough decision as if all the facts have been shared and heard and understood and then they'll ultimately decide does it or does it not meet the public interest to ask, does it or does it not enhance competition? And if so, what conditions are required for that to be true.

我認為只有這樣，STB 才能做出全面徹底的決定，就像所有事實都已被分享、聽取和理解一樣，然後他們最終會決定這是否符合公眾利益，以及這是否能促進競爭。如果屬實，那麼需要滿足哪些條件？

And again, I get back to -- I'm not going to put odds on it. It's not a layup, but almost stick to -- with basketball. It's not a half-quarter shot, it's a three-quarter shot the way I see it. So we'll see how efficient the applicants are to navigate that.

我再說一遍，我不會為此下注。這並非易事，但幾乎可以堅持下去——就像打籃球一樣。在我看來，這不是半個四分之三鏡頭，而是四分之三鏡頭。所以我們將看看申請人能否有效率地應對這種情況。

So from then, from the operating side, I would say three things. One is just getting that operating system behind us. I mean that just in itself helps us. We've made those steps. I talked about it in my note remarks bargaining with some of the unions that we have down on the KCS property, we continue to do that as we leverage some of the agreements, some of the stuff that we could do with customers to streamline some of the crew districts, which we have done we'll continue to do that. Those are opportunities.

所以從營運方面來說，我想說三點。第一點是解決作業系統方面的問題。我的意思是，這本身就對我們有幫助。我們已經採取了這些步驟。我在備註中談到了與 KCS 資產上的一些工會進行談判，我們將繼續這樣做，利用一些協議，以及我們可以與客戶達成的一些協議來簡化一些乘務員區域，我們已經這樣做了，並將繼續這樣做。這些都是機會。

I think probably one of the biggest ones is just next week. I mean as we walk into year three of GM meetings in Calgary that I lead with the GMs we look for opportunities specifically on KCS of how we can look at CapEx that we put in the ground, how we can leverage those sidings, leverage those locomotives the crew districts that we have that we can redefine the dead heading, the recrews, all of that type of stuff that we could just do a better job of at because we know more of than we did from day one.

我認為下周可能就是最重要的一周了。我的意思是，在我們與總經理們一起在卡加利召開的第三屆總經理會議上，我們特別關注堪薩斯城南方鐵路公司（KCS）的機遇，例如如何審視我們投入的資本支出，如何利用那些側線、那些機車、我們現有的乘務員區域，如何重新定義空駛、換乘等所有這類事情，因為我們比第一天時了解得更多，所以我們可以做得更好。

Some of the car fleet that we can interchange and spend faster from John's group selling the service that we could do something differently. I mean all that conversations I'll have next week that will probably exposed tens of millions of dollars that we can pull out just from the operating expense side that we'll look at and certainly put that right back in our annual budget because it's budgeting time for us.

我們可以互換使用約翰集團的部分車隊，更快地消耗他們提供的服務，我們可以採取不同的做法。我的意思是，下週我將要進行的所有對話，可能會揭示我們可以從營運支出方面節省數千萬美元，我們會仔細研究這些資金，並肯定會將它們重新納入我們的年度預算，因為現在是我們制定預算的時候了。

And Ken, just on your third question, we had about $165 million of synergies on the expense side that we've achieved year-to-date bucket that in operational benefits, operational improvement that some of the things that Mark just talked about, I'd say that from a sourcing point of view, so utilizing kind of merging contracts with both companies and being able to look at our procurement practices and be able to benefit on our contract spend is a big part of it.

肯，關於你的第三個問題，我們今年迄今為止在支出方面實現了約 1.65 億美元的協同效應，這包括營運效益和營運改進，正如馬克剛才提到的一些方面。我想說，從採購的角度來看，利用與兩家公司的合併合同，審視我們的採購實踐，並從合約支出中受益，是其中很重要的一部分。

And then I'd say that the operating efficiencies. And now that we're past the day in on the IT cutover, we've been able to reduce head count on the G&A side by about almost 300 people total with the combined entity. So those are the three buckets I'd highlight is leading to the majority of the expense benefits on the synergies. And I highlight that, that's significantly higher than what we had initially thought we'd achieve as part of the combination.

然後我會說，營運效率。現在 IT 系統切換已經完成，合併後的實體已成功將 G&A 部門的員工總數減少了近 300 人。所以，我認為這三個面向是協同效應帶來大部分成本效益的主要來源。而且我要強調的是，這遠高於我們最初預期透過合併所能達到的水平。

Tom Wadewitz, UBS.

瑞銀集團的湯姆·瓦德維茨。

Yeah, good afternoon. So Keith, I wanted to ask you and then a bit more on the kind of views on the deal and how your commentary -- how you look at it differently than what we've heard from Jim Vena. His characterization is, hey, it's less than specific production plants that are dual served. Your commentary is like, hey, it's a number of large terminal areas or city areas that have a lot of overlap.

是的，下午好。所以基思，我想問你，再多談談你對這筆交易的看法，以及你的評論——你對它的看法與我們從吉姆·維納那裡聽到的有何不同。他的描述是，嘿，它不如那些提供雙重服務的特定生產工廠。你的評論就像是，嘿，這裡有很多大型航站樓區域或城市區域，它們之間有很多重疊之處。

And I guess the other thing I want to ask about is there's a bit of a paradox in the sense that you're saying there's really not risk for CP that's CPC that's north south flows. But at the same time, the kind of market power of such a large railroad UPS would really be something of concern. So I don't know if that market power or the risk is like bundling like they take some plants you serve and they serve a lot more plants of a chemical customer and they somehow rest and business away from you?

我想問的另一件事是，這裡存在一個悖論，因為你說對於 CP（即 CPC，即南北向流動）來說，實際上並沒有什麼風險。但同時，像 UPS 這樣規模龐大的鐵路公司所擁有的市場力量確實令人擔憂。所以我不知道這種市場力量或風險是否像捆綁銷售一樣，例如他們拿走你服務的一些工廠，然後去服務某個化工客戶的更多工廠，這樣他們就能以某種方式從你那裡搶走生意？

Or just how we ought to think about the risk and why from a rail perspective, it's a concern to have such a big competitor. Just wanted to see if you could offer more on how you framed it in terms of overlap and risk?

或者說，我們應該如何看待這種風險，以及為什麼從鐵路的角度來看，擁有這樣一個強大的競爭對手會令人擔憂。我想請您進一步解釋一下，您是如何從重疊和風險的角度來闡述這個問題的？

Yeah. I think sheer size and scale market power is setting you have to be aware of. Historically, you can protect gateways, but if you've got enough reach and scale, it's not the gateway traffic that gets impacted. It's the captive traffic. So will or won't the applicants utilize and leverage that market power to take prices up on captive if they they're not rewarded with traffic over the gateway.

是的。我認為你必須意識到，龐大的規模和市場力量是不可忽視的。從歷史上看，你可以保護網關，但如果你有足夠的覆蓋範圍和規模，受影響的就不是網關流量。這是被動流量。那麼，如果透過網關無法獲得流量，申請者是否會利用這種市場力量來提高私有化服務的價格呢？

And that's their question to answer, not mine. Those would be the things that I'd look at. And then the other thing I think about is to minimize it's only a few people that are impacted. Enhancing competition, number one, it's not -- there's no precedence on what that definition standard is yet.

那是他們該回答的問題，不是我的。這些就是我會關注的面向。另外，我還在考慮如何盡量減少受影響的人數。增強競爭，首先，這並非如此——目前還沒有關於該定義標準的先例。

But I would argue that just considering a 2:1 has the definition of reducing competition, and that's the only concerns that need to be addressed is a very minimalistic ill-fated definition. I just don't think that's going to meet the STB standard.

但我認為，僅僅考慮 2:1 的比例就足以定義減少競爭，而這正是一個非常簡單且不幸的定義，是唯一需要解決的問題。我認為這達不到機上盒的標準。

And that's quite frankly, the way it's been presented. You've got overlap in key markets. You've got customers going to have fewer options. I don't say you're enhancing competition if you reduce options. So again, all that's got to be worked out in the application.

坦白說，這就是它被呈現的方式。你們在關鍵市場存在重疊。顧客的選擇會減少。我並不是說減少選擇就能增強競爭。所以，所有這些都需要在申請過程中加以解決。

The other thing I want to be true and I want to make sure conditions exist is that the applicants are held to their commitments inhaled to kind of teeth so they don't behave an anti-competitive behavior. I will take likely with our experience since our merger with what happened in the battle that we had to fight just over an existing position that was given to the KCS that we inherited by way of the UPSB merger, the South End rights.

我希望確保申請人履行承諾，並確保相關條件得到嚴格執行，以防止他們出現反競爭行為。我將結合我們合併以來的經驗，以及我們在爭奪KCS現有地位（我們透過UPSB合併繼承的南端權利）時所經歷的鬥爭。

A lot of people forgotten about that. I have not. UP decided once we came together by sake of name change alone, what historically had been acceptable out-in right traffic that CP would interchange to KCS to go to the Houston marketplace was cut off by the UP.

很多人都忘了這件事。我沒有。UP 決定，一旦我們只是為了更名而走到一起，歷史上 CP 可以接受的進出右方向交通（即 CP 與 KCS 交匯進入休斯頓市場）就被 UP 切斷了。

They said, you know what, you're not CP interchanging to KCS anymore. My name alone, our shippers are not entitled to that market anymore, that's anticompetitive, you cut off a market. They knew it was wrong, we knew it was wrong. We took into the STB. The facts were heard.

他們說，你知道嗎，你以後不能再從CP換乘KCS了。光憑我的名字，我們的托運人就無權再進入那個市場了，這是反競爭行為，你這是在切斷市場。他們知道這樣做是錯的，我們也知道這樣做是錯的。我們把它帶進了STB。事實已被了解。

It took two years to get to a decision just because you can. I don't think it's right for any railroad or any business just because they can to try to impose their wheel that has an adverse impact in the marketplace.

僅僅因為有這個權力，就花了兩年時間才做出決定。我認為任何鐵路公司或企業都不應該僅僅因為有能力就試圖強行推行會對市場產生不利影響的政策。

So when you want to talk about what we're concerned about, that's the kind of behavior we're concerned about. And I hope that I'm surprised, and I hope that Mr. Vena and team submit the conditions and the assurances in their application that makes us all risk easily. I don't know.

所以，當你們想談談我們所關心的事情時，這就是我們所關心的那種行為。我希望能夠感到驚喜，也希望維納先生及其團隊能在申請中提出讓我們所有人都能輕鬆承擔風險的條件和保證。我不知道。

All I know is what's happened in the past and what's happened in the past is not a very warm thought about what might happen in the future without the right conditions and the right teeth to, I guess, make sure that those conditions are enforced and a decision if a decision comes that's favorable, so we can protect and enhance competition for this nation's freight shippers.

我只知道過去發生的事情，而過去發生的事情讓我對未來感到擔憂，如果沒有合適的條件和足夠的執行力來確保這些條件得到執行，以及如果最終做出有利於我們的決定，那麼我們無法保護和加強我國貨運商之間的競爭。

Brandon Oglenski, Barclays.

Brandon Oglenski，巴克萊銀行。

Hey, good evening, everyone. Thanks for taking the question, John, as you look into next year, especially with the ups and downs of trade, but can you talk to maybe some of the business wins that you have that support the longer-term growth profile of this business -- and maybe if you could give us some early insights to maybe where you see volumes next year, too, if you're willing to go there?

大家晚上好。約翰，感謝您回答這個問題。展望明年，尤其是在貿易起伏不定的情況下，您能否談談您取得的一些業務成功，這些成功將支撐公司長期的成長前景？如果您願意的話，能否也給我們一些關於明年銷售的早期預測？

Brandon, I don't if I'm quite ready to go there yet, but I'm sure that will be a topic in January. I know it will. Look, I fully expect we will outperform -- we'll do what we do. We outperform our peers, we outperform the macro. I fully expect that in 2026.

布蘭登，我不知道我是否已經準備好去那裡，但我確信這將是1月份的一個話題。我知道會的。你看，我完全相信我們會表現出色——我們會做我們該做的事。我們的表現優於同行，也優於宏觀經濟。我完全相信到 2026 年就會實現。

I don't see the recipe right now changing a whole lot. If some of this grain, whether it be soybeans or the Canadian crop roles out of Q4 and into next year. That's going to be an area of strength for us. There's a sizable crop on both sides of the border. If we don't get it now, we're going to get it next year. So I see that as an opportunity.

我認為目前的配方不會有太大變化。如果其中一些糧食，無論是大豆還是加拿大作物，從第四季到明年都能順利上市。那將是我們的優勢領域。邊境兩側都有相當數量的農作物。如果現在拿不到，明年一定能拿到。所以我認為這是一個機會。

We exceeded my $300 million target this year for where I saw new synergies. I fully expect our self-help initiatives and synergies, whether it be continuing to grow our MMX, our intermodal router, our 180, 181, the reefer business that I spoke to, continued growth down at Lazaro with Gemini. I fully expect the synergy area to produce another $300 million of opportunity for this franchise. We'll continue that price discipline that Keith spoke to.

今年，我在發現新的綜效方面，實現了超過我設定的 3 億美元的目標。我完全相信我們的自助舉措和協同效應，無論是繼續發展我們的 MMX、我們的多式聯運路由器、我們的 180、181、我談到的冷藏業務，還是在 Lazaro 與 Gemini 的持續增長。我完全相信，協同效應將為該特許經營權帶來另外 3 億美元的機會。我們將繼續執行基斯提到的價格紀律。

And maybe two areas that are a little unique to next year that I see is we've got a really strong industrial development pipeline shaping up. These are French new facilities that are being built on our railroad that will be up and running here in Q4 and early in 2026.

明年可能會有兩個比較獨特的領域，我認為是我們正在打造一個非常強大的工業發展項目。這些是法國正在我們鐵路沿線建設的新設施，將於第四季和 2026 年初投入營運。

And frankly, that's a $200 million plus opportunity of, again, just new business that's going to start up on the railroad. And then you combine that finally with stuff we already ship and opportunities with our connecting roads, and that's sort of what the recipe looks like, Brandon.

坦白說，這又是一個價值超過 2 億美元的商機，僅僅是鐵路沿線即將啟動的新業務。最後，把這些和我們已經交付的產品以及我們連接道路帶來的機會結合起來，這就是大致的配方，布蘭登。

Ravi Shanker, Morgan Stanley.

拉維‧香克爾，摩根士丹利。

Good thanks. Good evening everyone. So just on pricing, I know you kind of commented on the kind of pricing being above the long-term target of 3% to 4%. I think it has been for a few quarters now. I'm wondering if there's any opportunity to maybe take up that long-term target? Or do you think that you guys are just overperforming now for whatever reasons? And maybe that kind of comes back down to 3% to 4% over time.

很好，謝謝。各位晚上好。關於定價，我知道您曾經評論過定價高於 3% 到 4% 的長期目標。我認為這種情況已經持續好幾個季度了。我想知道是否有可能實現這個長期目標？還是你認為你們現在只是因為某些原因表現得格外出色？隨著時間的推移，這個比例或許會回落到 3% 到 4%。

I don't -- Ravi, I don't see it really -- inflation has come down in those pressures I think we've felt them kind of through the year. We knew they were going to play out that way. Again, it's all around pricing, the value of the service and capacity. And frankly, that's a discipline that Nadeem said. I'm super pleased with the team's efforts on there. I'll tell you, we're definitely outperforming our peer railroads on that front.

我不——拉維，我真的沒看到——通貨膨脹已經緩解了，我認為我們今年一直感受到的那些壓力。我們早就知道事情會那樣發展。歸根結底，一切都取決於價格、服務價值和容量。坦白說，這是納迪姆所說的紀律。我對團隊在這方面的努力感到非常滿意。我可以告訴你，在這方面，我們絕對優於其他鐵路同行。

And we're going to push hard those targets for my sales team are going to continue to be in that neighborhood as I look to 2026. So yes, those -- I fully expect those pressures to be out there, but we're going to fight for every quarter point based on the service and the capacity this railroad provides.

我們將繼續努力實現這些目標，我的銷售團隊預計到 2026 年仍將保持在這個範圍內。所以，是的，我完全預料到這些壓力會存在，但我們將根據這條鐵路提供的服務和運力，為每一分錢而戰。

Yeah, Ravi, if we had a stronger macro, as I commented earlier, I think that'd be supportive of some incremental pricing, but I don't think that that's something that we've been able to benefit from the past, say, 10 months or past year.

是的，Ravi，正如我之前評論的那樣，如果我們有一個更強勁的宏觀經濟，我認為這將有助於價格的逐步上漲，但我認為在過去的10個月或一年裡，我們並沒有從中受益。

Ari Rosa, Citigroup.

Ari Rosa，花旗集團。

Yeah, hi, good afternoon, Keith, you mentioned that maybe some shippers or various stakeholders might be reluctant to speak up for various reasons. I'm just curious, behind the scenes, what kind of conversations you're having? And where do the fears lie in terms of what the risks are that are posed from kind of the UPS proposal?

是的，你好，下午好，基思，你提到過一些托運人或各種利益相關者可能出於各種原因不願發聲。我只是好奇，在幕後，你們都在進行什麼樣的對話？那麼，人們擔心的究竟是UPS方案可能帶來的風險是什麼呢？

And then not to be overly cynical, but is there any dimension in which you worry that by virtue of being a Canadian rail, your voice might not be listened to as carefully or kind of -- you won't get the same weight that a US rail might have as the kind of merger process moves forward.

還有一點，我不想太憤世嫉俗，但您是否擔心，由於您是一家加拿大鐵路公司，您的聲音可能不會被認真傾聽，或者——在合併過程中，您可能無法獲得與美國鐵路公司相同的影響力？

Well, I guess the way I'd answer the second question first is we're a North American rail company. We're uniquely the only rail that connects all three nations revenue, 40% of our business is in the United States, the monies we invest are significant, one-third of our employees live and work and our tax paying members in the United States, taxpayer citizens, we are undeniably reckon the American flag and we care as much about America as we equally care about Canada's weekly care about Mexico. We have that responsibility.

嗯，我想我先回答第二個問題的方式是，我們是一家北美鐵路公司。我們是唯一連接這三個國家收入的鐵路公司，我們40%的業務在美國，我們的投資額巨大，我們三分之一的員工在美國生活和工作，我們的納稅成員都是美國公民，我們無可否認地尊重美國國旗，我們對美國的關心程度與我們對加拿大和墨西哥的關心程度一樣。我們肩負著這份責任。

So I can't decide if someone is going to dismiss our impact. I think it's material. I think it's meaningful. I think we've invested heavily into this nation as we'll continue to do that. And we're going to have a voice. It's up to those that listen to decide if they want to diminish it. I think it's relevant, and I think it's truth based.

所以我無法判斷是否有人會忽略我們的影響。我認為這是素材。我認為這很有意義。我認為我們已經對這個國家進行了大量投資，而且我們將繼續這樣做。我們將擁有發言權。是否要削弱它，取決於聽眾自己的決定。我認為它很有意義，而且我認為它是基於事實。

And I think it's facts that truly can't be denied. The part about the customers, I can't reveal the specific discussions, but other normally, there's a common theme and concern about retaliation. People are reluctant to speak up publicly. Yes, you hear associations. I heard Mr. Vena say they don't have a direct commercial relationship with UP. I would agree. But they're speaking on behalf of their customers who do.

我認為這是不容置疑的事實。關於客戶那部分，我不能透露具體的討論內容，但通常來說，有一個共同的主題，那就是擔心遭到報復。人們不願公開表達自己的觀點。是的，你會聽到各種聯想。我聽到維納先生說他們與UP沒有直接的商業關係。我同意。但他們代表的是那些確實有此意願的客戶。

So to be so dismissive, I think, is a bit irresponsible. But again, that's my view, not obviously Jim's. But in time, we'll see. There'll be product discussions, there'll be public discussions. You're going to hear the associations speak out in the end.

所以，我認為，如此輕蔑的態度有點不負責任。但再次聲明，這只是我的看法，顯然不是吉姆的看法。但時間會證明一切。會有產品討論，也會有公開討論。最終你會聽到各個協會發聲。

I'm sure that some customers will take that step, their application and their comments will bear their concerns and they'll best bear their concerns better than I can. But I think a powerful thought. I hear this word, there's been 400 customers that have offered letters of support, and I'm not saying that doesn't matter. Their voice matters, but how many more have said nothing. Talent says a lot.

我相信有些客戶會採取這一步驟，他們的申請和評論會表達他們的擔憂，而且他們表達擔憂的能力肯定比我強。但我認為這是一個非常深刻的想法。我聽說有 400 位顧客提供了支持信，我並不是說這不重要。他們的聲音很重要，但還有多少人保持沉默呢？天賦能說明很多問題。

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

我們的問答環節時間已到。現在我想把電話轉回給基斯·克里爾先生。

Okay. Well, listen, thank you. Let me wrap up with where I started. Thank you for your time this afternoon. There's been some thoughtful discussion. I know this is an industry that, quite frankly, seems to be continually in a state of change.

好的。好的，謝謝。最後，讓我回到我最初說的地方。感謝您今天下午抽出時間。大家進行了一些深入的討論。坦白說，我知道這個行業似乎一直在不斷變化。

Regardless how those changes may roll out this company, you can believe is going to be focused on safely and efficiently delivering for our customers and delivering on the growth opportunities that this network has created that enables the value creation that we've committed to for our shareholders and for those that have trusted us with their capital dollars. We look forward to executing a strong fourth quarter, and we look forward in the first quarter sharing those results with you. everyone have a blessed holiday until then, we'll talk soon. Thank you.

無論這些變化將如何影響這家公司，您可以相信，我們將專注於安全高效地為客戶提供服務，並抓住這個網絡創造的增長機會，從而實現我們對股東和信任我們並把資金交給我們的人所承諾的價值創造。我們期待第四季取得強勁的業績，並期待在第一季與大家分享這些成果。祝大家假期愉快，我們很快再見。謝謝。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線了。