CSX Corporation (CSX) 2015 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the CSX Corporation second-quarter 2015 earnings call. As a reminder, today's call is being recorded. (Operator Instructions)

各位女士、各位先生，早安，歡迎參加 CSX Corporation 2015 年第二季財報電話會議。提醒各位，今天的電話會議將被錄音。(接線員指示)

For opening remarks and introduction, I would like to turn the call over to Mr. David Baggs, Vice President, Treasurer, and Investor Relations Officer for CSX Corporation.

接下來進行開場致詞與介紹，我想把電話會議交給 CSX Corporation 副總裁、財務主管暨投資人關係長 David Baggs 先生。

Thank you, Shirley, and good morning, everyone. Again, welcome to CSX Corporation's second-quarter 2015 earnings presentation.

謝謝你，Shirley，各位早安。再次歡迎各位參加 CSX Corporation 2015 年第二季財報簡報。

The presentation material we'll be reviewing this morning, along with our quarterly financial report and our safety and service measurements, are available on our website at CSX.com under the investors section. In addition, following the presentation, a webcast and podcast replay will be available on that same website.

我們今天上午將審閱的簡報資料，以及我們的季度財務報告與安全及服務衡量指標，均可在 CSX.com 網站的投資人專區取得。此外，簡報結束後，同一網站也將提供網路直播與播客重播。

This morning, our presentation will be led by Michael Ward, the Company's Chairman and Chief Executive Officer, and Fredrik Eliasson, our Chief Financial Officer. In addition, Oscar Munoz, our President and Chief Operating Officer, and Clarence Gooden, our Chief Marketing Officer, will be available during the question-and-answer session.

今天上午的簡報將由公司董事長兼執行長 Michael Ward 與財務長 Fredrik Eliasson 主講。此外，總裁兼營運長 Oscar Munoz 與行銷長 Clarence Gooden 將在問答環節中出席。

Now before I turn the presentation over to Michael, let me remind everyone that the presentation and other statements made by the Company contain forward-looking statements. You are encouraged to review the Company's disclosures and the accompanying presentation on slide 2. The disclosure identifies forward-looking statements as well as the uncertainties and risks that could cause actual performance to differ materially from the results anticipated by these statements.

在我把簡報交給 Michael 之前，先提醒各位，本簡報及公司所作的其他陳述包含前瞻性陳述。建議各位查閱公司揭露資訊以及簡報第 2 頁的相關說明。該揭露內容指出前瞻性陳述，以及可能導致實際表現與這些陳述所預期結果出現重大差異的不確定性與風險。

In addition, at the end of the presentation, we will conduct a question-and-answer session with the research analysts. With approximately 30 analysts covering CSX today, and out of respect for everyone's time, including our investors, I would ask as a courtesy for you to please limit your inquiries to one question and, if necessary, a clarifying question on that same topic.

另外，在簡報結束時，我們將與研究分析師進行問答環節。目前約有 30 位分析師追蹤 CSX，為尊重各位（包含投資人）的時間，敬請每位提問者以一個問題為限，如有需要，可就同一主題再提出一個釐清問題。

With that, let me turn the presentation over to CSX Corporation's Chairman and Chief Executive Officer, Michael Ward. Michael?

那麼，接下來我把簡報交給 CSX Corporation 董事長兼執行長 Michael Ward。Michael？

Well, thank you, David. Good morning, everyone. I am pleased to report that yesterday CSX announced second-quarter financial results for its shareholders that included all-time Company records for operating income and operating ratio as well as earnings per share which were $0.56, up from $0.53 reported in 2014. Overall, significant operating efficiency helped offset year-over-year declines in revenue and volume.

好的，謝謝你，David。各位早安。我很高興向各位報告，CSX 昨日向股東公布第二季財務結果，創下公司歷史新高的營業利益與營業比率紀錄，同時每股盈餘為 0.56 美元，高於 2014 年公布的 0.53 美元。整體而言，顯著的營運效率提升有助於抵銷營收與運量的年對年下滑。

Starting with the top line, revenue in the quarter declined 6% to $3.1 billion. Pricing gains were more than offset by lower fuel recovery, a changing business mix and a 1% volume decline as we cycled last year's demand surge.

先從營收來看，本季營收下滑 6% 至 31 億美元。雖然定價有所提升，但被較低的燃油回收、業務組合變化，以及在去年需求激增的比較基期下運量下滑 1% 所抵銷。

At the same time, we have the resources in place to meet customer demand across the network, supporting improved service performance and operational efficiency. That efficiency, coupled with lower fuel prices, helped decrease expenses by 9% and delivered all-time records in operating income at $1 billion and an operating ratio of 66.8% for the quarter.

同時，我們已具備資源以滿足全網路的客戶需求，支撐服務表現與營運效率的改善。該效率再加上較低的燃油價格，使費用下降 9%，並帶來本季創紀錄的 10 億美元營業利益與 66.8% 的營業比率。

We expect service momentum to continue as we progress toward the record service levels we saw in 2012 and 2013. That service is the foundation for driving long-term growth and value creation for our shareholders as it also supports our ability to price to the value of rail transportation and produce ever more efficient operations.

隨著我們朝向 2012 年與 2013 年所見的創紀錄服務水準邁進，我們預期服務動能將持續。該服務是推動長期成長與為股東創造價值的基礎，同時也支撐我們依鐵路運輸的價值進行定價，並打造更有效率的營運。

Now I'll turn the presentation over to Fredrik, who will take us through the top- and bottom-line results in more detail. Fredrik?

接下來我把簡報交給 Fredrik，他將更詳細帶我們檢視營收與獲利表現。Fredrik？

Thank you, Michael, and good morning, everyone. Let me begin by providing some more detail on our second-quarter results.

謝謝你，Michael，各位早安。我先提供一些關於我們第二季結果的更多細節。

Revenue was down 6% versus the prior year, driven mainly by $183 million of lower fuel surcharge recoveries. At the same time, the impact of negative business mix and lower volume were essentially offset by core pricing gains.

營收較去年同期下滑 6%，主要是燃油附加費回收減少 1.83 億美元所致。同時，負面的業務組合影響與較低運量的影響，基本上被核心定價的提升所抵銷。

Volume decreased 1% from last year with low commodity prices impacting coal and crude volumes and some of our merchandise markets, particularly metals, being challenged by the strong US dollar. Core pricing continues to improve sequentially and for the quarter was up 3.5% overall and 3.9% excluding coal.

運量較去年下降 1%；低商品價格影響煤炭與原油運量，也影響我們部分一般貨運市場；其中金屬類尤其受到強勢美元的挑戰。核心定價持續逐季改善，本季整體上升 3.5%，若排除煤炭則上升 3.9%。

Other revenue increased $46 million versus the prior year. The primary driver was a cycling of about $20 million negative impact to the in-transit reserve last year, coupled with a positive impact this quarter from a similar amount as network performance improved significantly.

其他營收較去年同期增加 4,600 萬美元。主要原因是去年在途準備金（in-transit reserve）約 2,000 萬美元的負面影響在今年比較基期中消失，且本季隨著網路表現顯著改善，出現約同等金額的正面影響。

Expenses decreased 9% versus the prior year, driven mainly by the impact of lower fuel prices. Our ongoing focus on efficiency drove $45 million in productivity gains in the quarter, while lower volume resulted in $32 million of cost reduction versus last year. In addition, we recorded a $17 million gain in the quarter associated with the sale of an operating rail corridor.

費用較去年同期下降 9%，主要由較低燃油價格所帶動。我們持續聚焦效率，本季帶來 4,500 萬美元的生產力提升；同時，較低運量使成本較去年減少 3,200 萬美元。此外，本季我們因出售一段營運中的鐵路走廊而認列 1,700 萬美元收益。

Operating income exceeded $1 billion for the quarter for the first time in CSX's history and was up 2% versus the prior year. Looking below the line, interest expense was similar to last year, while other income was favorable as we cycled environmental charges for non-operating activities from the prior-year period.

本季營業利益首度在 CSX 歷史上突破 10 億美元，且較去年同期成長 2%。在營業利益以下的項目方面，利息費用與去年相近；其他收益則較有利，因為我們在比較基期中已消化去年同期針對非營運活動的環境費用。

And finally, income taxes were $334 million in the quarter, reflecting higher pretax earnings. The effective tax rate was about 38%, which is consistent with our expectation going forward.

最後，本季所得稅為 3.34 億美元，反映稅前盈餘較高。有效稅率約為 38%，與我們對未來的預期一致。

Overall, net earnings were $553 million and EPS was $0.56 per share, up 5% and 6%, respectively, versus the prior-year period. Now, let me turn to the market outlook for the third quarter.

整體而言，淨利為 5.53 億美元，每股盈餘為 0.56 美元，分別較去年同期成長 5% 與 6%。接下來，我談談第三季的市場展望。

Overall, we expect volume to decline slightly in the third quarter. Although we expect a slight decline of the higher 2014 base, CSX portfolio remains balanced with several growth markets offset by challenging near-term market dynamics in other. We are projecting favorable conditions for 49% of our volume in the third quarter and stable to unfavorable conditions for the remaining 51%.

整體而言，我們預期第三季運量將小幅下滑。雖然我們預期相較於 2014 年較高基期會略為下降，但 CSX 的產品組合仍維持均衡，數個成長市場可抵銷其他市場短期動態所帶來的挑戰。我們預估第三季有利條件涵蓋我們 49% 的運量，其餘 51% 則為穩定至不利的條件。

Strong intermodal performance will continue as our strategic network investments support highway-to-rail conversions and growth with existing customers. Increased infrastructure development projects continue to drive a favorable outlook for minerals. Agricultural is neutral as strength in domestic grain shipments closing out the prior harvest is offset by a weaker ethanol market as a result of higher inventory levels.

強勁的聯運表現將持續，因為我們的策略性網路投資支持公路轉鐵路的轉換，以及與既有客戶的成長。基礎建設開發專案增加，持續帶動礦物類的正向展望。農業方面為中性：上一季收成尾聲帶動的國內穀物運輸強勁，將被乙醇市場轉弱所抵銷；乙醇市場轉弱係因庫存水位較高。

Automotive volume is expected to be similar to the strong level we saw in the third quarter last year, reflecting North American light vehicle production. Chemicals is expected to be neutral due to lower drilling activity, stemming from the continued low commodity price environment which would put additional pressure on volumes in our crude and frac sand businesses. Both markets are expected to decline by about 15% in the third quarter; however, strength in plastics and LPG will keep the chemicals portfolio stable.

汽車運量預期將與去年第三季的強勁水準相近，反映北美輕型車產量。化學品預期為中性，因鑽探活動減少；鑽探活動減少源於商品價格環境持續偏低，將對我們原油與壓裂砂（frac sand）業務的運量造成額外壓力。兩個市場預期在第三季均將下滑約 15%；然而，塑膠與液化石油氣（LPG）的強勁表現將使化學品產品組合維持穩定。

In the unfavorable category, with sustained low natural gas prices under $3 and high stockpiles going into the heart of the summer season, domestic coal volumes will decline close to 15% in the third quarter and for the full year we expect volume to be down approximately 10%. Export coal volume is expected to be lower in the third quarter, reflecting global oversupply and a strong US dollar, although we still expect about 30 million tons for the full year.

在不利情境下，若天然氣價格持續低於每百萬英熱單位3美元且在盛夏旺季前庫存仍維持高檔，國內煤炭運量在第三季將下滑接近15%，全年我們預期運量約下降10%。出口煤炭運量預期在第三季將較低，反映全球供給過剩及美元走強，惟我們仍預期全年約3,000萬噸。

Forest products will benefit from steady housing gains as inventories are worked off, but paper products remain challenged due to the secular trends in that market. The metals market is expected to be unfavorable as steel production remains below prior-year levels with a strong US dollar encouraging higher imports. The phosphate markets will draw down on existing inventories and we expect buying behavior to be cautious going into the new harvest season.

林產品將受惠於庫存去化帶動的穩健住宅成長，但紙品仍因該市場的長期結構性趨勢而面臨挑戰。金屬市場預期不利，因鋼鐵產量仍低於去年同期水準，且美元走強鼓勵進口增加。磷酸鹽市場將消化既有庫存，我們預期在新收成季開始前採購行為將偏向審慎。

Overall, on a sequential basis, intermodal will experience the typical third-quarter increase going into the peak season, while the merchandise segment will remain essentially flat and coal will be down. Turning to the next slide, let me talk about expectations for expenses in the third quarter.

整體而言，以季對季來看，聯運將在進入旺季前出現典型的第三季增長，而一般貨運（merchandise）部門將大致持平，煤炭則將下滑。接著看下一張投影片，我來談談第三季費用的預期。

Beginning with labor and fringe, we expect third-quarter average headcount to decline sequentially by approximately 1% as we align employees to the lower demand environment. We expect labor inflation to be around $25 million in the third quarter, which is a reduction from the levels seen in the first half as union wage inflation becomes less of a headwind. In addition, we expect labor and fringe expense to benefit from further network fluidity improvement and efficiency as we remain focused on increasing train length and aligning crew starts.

先從人力與附加福利費用來看，隨著我們將員工配置與較低的需求環境對齊，預期第三季平均人數將較前一季下降約1%。我們預期第三季人力通膨約2,500萬美元，較上半年水準下降，因工會薪資通膨帶來的不利影響將減輕。此外，隨著我們持續聚焦於拉長列車編組並調整開車班次，預期人力與附加福利費用也將受惠於網路流動性進一步改善與效率提升。

Looking at MS&O expense, we expect inflation to be offset by productivity gains. We also expect to incur remediation costs in the third quarter associated with the recent derailment in Maryville, Tennessee. Fuel expense in the third quarter will be driven mainly by lower cost per gallon, reflecting the current price environment and continued focus on fuel efficiency. We expect depreciation in the third quarter to increase $10 million to $15 million versus the prior year, reflecting the ongoing investment in the business.

就MS&O費用而言，我們預期通膨將被生產力提升所抵銷。我們也預期第三季將因近期田納西州Maryville出軌事件而產生修復（remediation）成本。第三季燃料費用主要將由每加侖成本下降所驅動，反映目前的價格環境以及我們持續聚焦燃油效率。我們預期第三季折舊費用將較去年同期增加1,000萬至1,500萬美元，反映對業務的持續投資。

Finally, equipment and other rents in the third quarter is expected to stay relatively flat to last year with higher freight car rates offset by improving car cycle times. Now let me wrap it up on the next slide.

最後，第三季設備及其他租賃費用預期與去年大致持平，較高的貨車（freight car）費率將被車輛周轉時間改善所抵銷。接著讓我在下一張投影片做個總結。

CSX delivered another strong financial performance this quarter and, as Michael mentioned, we set new all-time records for operating income, operating ratio, and earnings per share. Looking ahead to the third quarter, while service excellence will continue to drive continued efficiency gains and strong pricing to support long-term investment in the business, we expect third-quarter EPS to be relatively flat to the prior year. Included in this outlook we expect to incur a least a penny impact related to the Maryville, Tennessee, derailment.

CSX本季再度交出強勁的財務表現；如Michael所提，我們創下營業利益、營業比率與每股盈餘的歷史新高紀錄。展望第三季，儘管卓越服務將持續帶動效率提升，且強勁定價將支持對業務的長期投資，我們預期第三季EPS將與去年同期大致持平。在此展望中，我們預期田納西州Maryville出軌事件至少將造成每股盈餘影響1美分。

In addition, we will be cycling a strong demand environment last year, which, coupled with the dynamic conditions we're facing, is expected to impact our volume growth. Domestic coal continues to be a significant headwind and we now expect that market to be down close to 15% in the third quarter.

此外，我們將面臨去年強勁需求環境的比較基期；加上我們所面對的動態情勢，預期將影響我們的運量成長。國內煤炭仍是重大逆風，我們目前預期該市場第三季將下滑接近15%。

Looking at the full-year 2015 earnings, we are still targeting mid to high single-digit EPS growth. However, given the current energy environment, achieving the upper end of that range will clearly be challenging.

就2015年全年獲利而言，我們仍以EPS中至高個位數成長為目標。然而，鑑於目前的能源環境，要達成該區間上緣顯然將具挑戰。

That said, we still expect to make meaningful improvement to our full-year operating ratio and with improving service driving efficiency and strong core pricing that supports investment in the business, we are confident in the Company's future and our progression towards a mid-60%s full-year operating ratio.

即便如此，我們仍預期全年營業比率將有顯著改善；在服務改善帶動效率提升，以及強勁核心定價支持對業務投資之下，我們對公司未來及朝向全年營業比率達到60%中段（mid-60%s）的進展充滿信心。

With that, let me turn the presentation back to Michael for his closing remarks.

接下來，我把簡報交回Michael做結語。

Thank you, Fredrik. As you've seen today, CSX produced excellent results in the second quarter for its shareholders in a challenging market environment by driving operating efficiency with the committed efforts of our 32,000 dedicated employees. And we continue to focus on the actions that are foundational to our long-term success.

謝謝你，Fredrik。如各位今天所見，CSX在充滿挑戰的市場環境中，憑藉我們32,000名敬業員工的投入努力推動營運效率，為股東在第二季創造了優異成果。我們也持續聚焦於奠定長期成功基礎的各項行動。

Delivering excellent service supports growth and operational efficiency, which, in turn, creates customer value that enables strong pricing for the value of the service we provide and allows us to continue driving earnings growth and margin improvement. We are pursuing new opportunities across our diverse portfolio and further improving network performance to serve consumers and producers throughout the global supply chain and to create value for you, our shareholders.

提供卓越服務可支持成長與營運效率，而這又能創造客戶價值，使我們能就所提供服務的價值取得強勁定價，並讓我們得以持續推動獲利成長與利潤率改善。我們正於多元產品組合中追求新機會，並進一步改善網路表現，以服務全球供應鏈中的消費者與生產者，並為各位股東創造價值。

Thank you for your interest in CSX and we're now glad to take your questions.

感謝各位對CSX的關注，現在我們很樂意回答各位的問題。

(Operator Instructions) Brian Ossenbeck, JPMorgan.

（接線員指示）JPMorgan的Brian Ossenbeck。

Good morning and thanks for taking my call. So, one thing that stood out is this is the first time in the quarter where you've put all-in numbers in core merchandise, intermodal, same-store sales pricing results anywhere really close to one another, including the last quarter.

早安，謝謝接聽我的來電。有一點很突出：這是本季第一次你們把核心一般貨運、聯運、同店銷售定價（same-store sales pricing）的整體數字放在一起，而且彼此非常接近，甚至包括上一季也是如此。

So I was wondering: how much did the shift in the business mix impact those numbers? Could you have had even higher pricing trends if the commodity carloads didn't drop off about 4% in the quarter? Any other color on that would be helpful. Thank you.

所以我想請教：業務組合的變化對這些數字影響有多大？如果本季大宗商品車皮量沒有下滑約4%，你們的定價趨勢是否可能更高？若能再補充一些說明會很有幫助。謝謝。

Brian, this is Fred Eliasson. The big driver here is that we're cycling the actions we took last year in the export coal markets, and as a result, we're seeing those two numbers harmonize more now. And we expect that going forward as well.

Brian，我是Fred Eliasson。這裡最大的驅動因素是，我們正在比較去年在出口煤炭市場採取的行動所形成的基期，因此我們看到這兩個數字現在更趨一致。而我們也預期未來會持續如此。

Okay. So you expect them to be harmonized in the near future at the same level in that 3.5% to 4% ballpark?

了解。所以你預期在不久的將來，它們會在大約3.5%到4%的區間、以相同水準趨於一致嗎？

No, we -- what I'm saying is that the gap between the two numbers, between our all-in pricing and the non-coal pricing, has been exacerbated because of the actions we've taken over the last year or two in actual coal markets. We are now, as we move into the third quarter, moving past those actions from last year. And I think over time we continue to expect strong pricing in all our markets as we continue to price to market and ensure reinvestment in the business. So I think that gap will be much, much more narrow going forward.

不是，我的意思是：我們的整體定價與非煤炭定價這兩個數字之間的差距，因為過去一兩年我們在煤炭市場實際採取的行動而被放大。現在，隨著我們進入第三季，我們正逐步走過去年那些行動的影響。我認為，隨著我們持續依市場狀況定價並確保對業務再投資，長期來看我們仍預期在所有市場都能維持強勁定價。因此我認為，未來這個差距會縮小很多很多。

Chris Wetherbee, Citi.

Citi的Chris Wetherbee。

Good morning, guys. Thanks. Wanted to talk about sort of the productivity gains that you are getting. You've seen the cost from efficiencies pick up 2Q to 3Q. Presumably, as service continues to improve, those numbers should get a bit better in the back half, but just wanted to get sort of an update on how you think about the back half in terms of productivity and efficiency gains from a cost perspective.

早安，各位。謝謝。我想談談你們正在取得的生產力提升。你們看到效率帶來的成本改善從第二季到第三季有所加速。推測隨著服務持續改善，下半年這些數字應該會再好一些；但我想請你們更新一下，從成本角度來看，你們如何看待下半年在生產力與效率提升方面的表現。

Yes, this is Fredrik again. We've gone off to a good start here this year. Obviously, $45 million here in the second quarter; about $41 million in the first quarter. We have said that we still think we can approach $200 million for the full year, but probably not as close as we originally had thought because of what we saw in the first quarter because of weather and also because of the fact that the volume environment is not as strong as we had originally anticipated.

是的，我是 Fredrik，再次發言。今年到目前為止我們開局不錯。很明顯，第二季約 4,500 萬美元；第一季約 4,100 萬美元。我們曾表示，我們仍認為全年可以接近 2 億美元，但可能不會像我們原先想的那麼接近，因為第一季我們看到天氣因素的影響，也因為整體運量環境沒有我們原先預期的那麼強勁。

However, we're very much focused on driving efficiency gains. And as -- but just implied by the first-half performance and our guidance for the full year, we're going to have a strong second half as well.

不過，我們非常專注於推動效率提升。而且，從上半年表現以及我們對全年指引所隱含的情況來看，下半年我們也會很強勁。

Okay, great. Thanks, guys.

好的，很棒。謝謝各位。

Tom Wadewitz, UBS.

UBS 的 Tom Wadewitz。

Good morning, Michael. Wanted to ask you a question on coal. I appreciate the commentary on third quarter and kind of how to look at things.

早安，Michael。想請教你一個關於煤炭的問題。我很感謝你對第三季的評論，以及大致該如何看待這些情況。

If you look beyond third quarter, how might we think about when coal volumes might bottom, both on the utility and on the export side? Do you think that kind of down 15% in fourth quarter and then maybe you are flat next year, or --? How do we think about that?

如果把視角放到第三季之後，我們該如何思考煤炭運量何時可能觸底，無論是公用事業端或出口端？你認為第四季可能下滑 15%，然後明年可能持平，還是——？我們該怎麼看？

Because it just seems like the pressures are in place, both utility and export, and it's hard to -- looking out a couple quarters it's just hard to know how to think about how coal volumes might play out. Thank you.

因為看起來壓力同時存在於公用事業與出口端，而往後看幾個季度，真的很難判斷煤炭運量會如何發展。謝謝。

Well, Tom, this is Clarence. It's looking like the fourth quarter could be -- easily, if gas prices remain where they are now, could be a repeat of the third quarter. It's probably too soon to tell about what export is going to look like next year, but it certainly won't be as strong as it is -- has been this year. If the Australian benchmark stays where it is now, the Australian dollar stays where it is now, which is about $0.74, and the API 2 stays where it is now, which is in the high 50s, next year won't be a good export year.

Tom，我是 Clarence。看起來第四季可能——很容易——如果天然氣價格維持在目前水準，可能會重演第三季的情況。至於明年出口會是什麼樣子，現在下定論可能還太早，但肯定不會像今年這麼強。如果澳洲基準價格維持在目前水準、澳幣維持在目前約 0.74 美元的水準，且 API 2 維持在目前約 50 多美元高段，那明年不會是出口表現好的一年。

But if you said the current conditions persist, do you think coal is down next year further or do you say, well, it's already been down enough this year, so it's flat?

但如果你說目前條件持續，你認為明年煤炭還會再下滑，還是你會說，今年已經跌得夠多了，所以明年持平？

Well, there's certainly more upside than downside for next year, but could be down.

嗯，明年上行空間肯定大於下行空間，但也可能會下滑。

So a lot depends I guess on the weather and --

所以我想很多取決於天氣以及——

Weather and gas prices are.

天氣和天然氣價格。

-- where gas prices are, right?

——天然氣價格在哪裡，對吧？

Right, weather and gas prices.

對，天氣和天然氣價格。

I think just to clarify what Clarence said, I think there's probably more downside to the coal volume next year than there is upside.

我想澄清一下 Clarence 剛才說的：我認為明年煤炭運量的下行風險可能大於上行空間。

Right.

對。

If the current -- if gas prices stay and the export markets are -- kind of remain challenging?

如果目前——如果天然氣價格維持，而出口市場——仍然相當具挑戰性？

Yes. Based on what we're seeing right now, both between domestic and exports, there's probably more downside to our volumes for 2016 than there is upside in those two markets.

是的。根據我們目前看到的情況，無論是國內或出口，2016 年我們的運量下行風險可能大於上行空間，這兩個市場都是如此。

Okay. Yes, I know it's a tough market to figure out, so I appreciate the color.

好的。是的，我知道這是個很難判斷的市場，所以很感謝你提供的補充說明。

Allison Landry, Credit Suisse.

Credit Suisse 的 Allison Landry。

Good morning. Thanks for taking my question. I was wondering, in terms of the fourth quarter, do you think that you could grow earnings year over year, even if the volume environment remained soft, just given the acceleration in productivity gains, getting the network back in balance, and then continuing to see acceleration in the core pricing gains?

早安。謝謝讓我提問。我想請教，針對第四季，即使運量環境仍偏疲弱，考量到生產力提升加速、網路恢復平衡，以及核心定價改善持續加速，你們是否仍有機會做到獲利年增？

Well, I think, Allison -- this is Fredrik again. I think obviously we have two quarters behind us. We've given guidance for the third quarter and we've given a guidance for the full year that range, so that range really depends on what we're seeing -- what we're going to see in the fourth quarter.

嗯，Allison——我又是 Fredrik。我想很明顯，我們已經走過兩個季度。我們已提供第三季指引，也提供了全年區間指引，因此那個區間其實取決於我們——第四季將會看到什麼。

So great momentum in terms of what we do on the productivity side. We continue to -- we see a strong pricing environment as well, but it really depends on how massive will this coal headwind be in the second half. And I think how those, the positives and negatives, work out will allow us to see what we're ultimately going to be producing.

在生產力方面，我們的動能非常強。我們也持續——看到強勁的定價環境，但真正取決於下半年煤炭逆風會有多大。我想正負因素如何相互抵消，將決定我們最終能交出的成果。

We're certainly targeting to produce earnings growth, but I think until we get to -- through a little bit more of this summer to see if the stockpiles stand up as we go into the shoulder season it's hard to exactly pinpoint where we're going to end up.

我們當然以實現獲利成長為目標，但我想在我們再度走過這個夏季的一段時間、看看進入淡旺季交替期（shoulder season）時庫存是否仍能維持之前，要精準判斷我們最後會落在哪裡仍然很難。

Okay. So it seems like coal is really the wildcard or question mark for 4Q?

好的。所以看起來煤炭確實是第四季最大的變數或問號？

Yes, I think coal is the wildcard and I also think, as we have indicated in the prepared remarks, that we also expect a sequential decline in our crude volumes based on what we see in the spread there. And I think we're going to have to follow that as well to see what the impact from that will be on our volumes there.

是的，我認為煤炭是變數；同時我也認為，正如我們在事先準備的講稿中所指出的，根據我們看到的價差情況，我們也預期原油運量將出現季比下滑。我想我們也必須持續追蹤，看看這對我們那部分運量會造成什麼影響。

Okay. All right, thank you for the time.

好的。好，謝謝你撥冗。

Rob Salmon, Deutsche Bank.

Deutsche Bank 的 Rob Salmon。

Good morning. As a follow-up to some of the productivity discussions, could you talk a little bit about -- if we look back a couple years, the productivity was a couple miles an hour stronger. Maybe could you speak to operationally kind of what additional adjustments need to be made across the network to get back to those levels?

早安。延續一些關於生產力的討論，你能否談談——如果我們回頭看幾年前，生產力（速度）大概每小時快了幾英里。你是否可以從營運角度談談，整個網路還需要做哪些額外調整，才能回到那些水準？

And then, Fredrik, perhaps from a financial perspective, what the bottom-line tailwind would it be if CSX achieves those 2 miles an hour of roughly of improved velocity?

另外，Fredrik，也許從財務角度，如果 CSX 的運行速度大約提升 2 英里/小時，對損益底線會帶來多大的順風效應？

Rob, this is Oscar Munoz. Nice to meet you. Listen, with regards to the recovery aspect of that, I think what we've said for some time is the initial point of recovery was this quarter, second quarter, and then the acceleration and continued performance in getting back to those record levels. I think the timing of that is related to a lot of the other activities that we've been talking about, but I think that's the progression we're making.

Rob，我是 Oscar Munoz。很高興認識你。聽著，關於恢復到那個水準的部分，我想我們一段時間以來一直在說，復甦的起點就是本季、第二季，接著會加速並持續改善，以回到那些創紀錄的水準。我認為其時間點與我們一直在談的許多其他活動有關，但我想這就是我們正在推進的進程。

And, yes, we still have, here in the second quarter, obviously improved significantly and sequentially throughout the quarter, but we're still at the place where we still have overtime levels that we think would come down. We have re-crew levels that could be improved.

而且，是的，我們在第二季顯然已大幅改善，並且在整個季度中逐步、連續改善，但我們仍處在這樣的狀態：我們認為加班水準還會下降。我們的重新編組（re-crew）水準也還有改善空間。

Equipment cycle times can be improved as well, which is part of why we see a very robust opportunity set; not just in the second half of 2015, but also going into 2016 as well. And that is going to be critical for us as we see a top-line environment that from a volume perspective perhaps not as strong and robust as we would like it, at least based on what we're seeing right now.

設備週期時間也可以改善，這也是我們看到非常強勁機會組合的原因之一；不僅是在2015年下半年，也包括進入2016年。而且，當我們看到營收端環境就量的角度而言，可能沒有我們希望的那麼強勁與穩健——至少以我們目前所見——這對我們將會至關重要。

So good momentum on our productivity side and it should translate into some good numbers from a bottom-line perspective as well.

因此，我們在生產力面有不錯的動能，從獲利端的角度也應該能轉化為一些不錯的數字。

And just as a clarification, with the productivity, should we be expecting another elevated productivity gains looking out into 2016, given those expected continued improvements?

另外確認一下，關於生產力，鑑於預期持續改善，展望2016年我們是否應該預期另一波偏高的生產力提升？

I like to think that we should be able to exceed our historical average, which has been somewhere around 130, 140 as we move into 2016.

我傾向認為，進入2016年我們應該能夠超越我們的歷史平均水準，過去大約在130、140左右。

Perfect. Thanks so much.

太好了。非常感謝。

Thomas Kim, Goldman Sachs.

Thomas Kim，高盛。

Good morning. Thanks for your time. Last quarter you disposed of an operating asset and I'm curious if you could sort of frame out for us your opportunity set to monetize what management might deem to be non-core or perhaps maybe less strategic going forward.

早安。謝謝你撥冗。上季你們處分了一項營運資產，我想請你們協助我們勾勒一下，管理層認為屬於非核心或未來可能較不具策略性的資產，在變現方面的機會組合大概是什麼樣子。

Yes, this is Fredrik again. So we did have an operating property that we monetized here this quarter. It was a deal that we had worked on for an extended period of time, frankly. And we do have some more both operating and non-operating properties going forward and when they occur, we will be transparent with those and, of course, you will see them, as I said, when they occur.

是的，我是Fredrik。所以我們本季確實將一項營運性不動產資產變現。坦白說，這筆交易我們已經運作了一段相當長的時間。而往後我們也還有一些營運性與非營運性的資產；當有進展時，我們會對外透明揭露，當然，如我所說，你們會在事情發生時看到。

I don't think that the opportunity set is big enough or is going to make a huge difference over time for us, because we've done a lot of this over the last couple of decades, frankly. But it is something that we constantly look at to see if there are opportunities to rationalize some of the infrastructure that we have, whether it's operating or non-operating.

我不認為這個機會組合大到足以、或會在時間推移下對我們造成很大的差異，因為坦白說，過去幾十年我們已經做了不少這類事情。但這確實是我們持續在看的項目，看看是否有機會精簡我們的部分基礎設施，不論是營運性或非營運性。

Great. And if I could just ask a follow-on question that relates to that. To what extent do these, for example, the most recent asset sale, improve your operating expense?

很好。如果我可以再追問一個相關問題。這些——例如最近這次資產出售——在多大程度上能改善你們的營運費用？

One more time?

可以再說一次嗎？

With regard to, for example, the most recent asset sale, to what extent is the sale beneficial to reducing the operating expense? Is there something (multiple speakers)?

就例如最近這次資產出售而言，這筆出售在多大程度上有助於降低營運費用？是否有什麼（多位發言者）？

This sale specifically I don't think is going to improve our operating expense, because it was essentially a line segment that we weren't really operating much on at all, and so it really won't have an impact. There could be instances in the future where it would, but this one specifically didn't.

就這筆出售本身而言，我不認為會改善我們的營運費用，因為它基本上是一段我們其實幾乎沒有在營運的線段，因此不會有影響。未來可能會有一些案例會有幫助，但這一筆特別沒有。

Okay. Thanks very much.

了解。非常感謝。

Bill Greene, Morgan Stanley.

Bill Greene，摩根士丹利。

Good morning, Michael. Clarence, I have a question for you on pricing, because I get asked this a fair amount. And that is, when we look at sort of what CSX chose to do in export coal as things got weaker there, why would you not take a similar approach in the domestic market?

早安，Michael。Clarence，我有一個關於定價的問題，因為我常被問到。也就是，當我們看到CSX在出口煤炭走弱時選擇採取的作法，為什麼你們不在國內市場採取類似的策略？

Could you -- or is it your view that you can or cannot sort of preserve some volume, save some utility plants given the low natural gas price? How do you think about the pricing in the coal market? Because that's something, given what you've done in export that folks look to and say how sustainable is the pricing dynamic there?

你能否——或者你的看法是，你們能或不能在天然氣價格偏低的情況下，某種程度上保住一些運量、挽救一些公用事業電廠？你們如何看待煤炭市場的定價？因為這件事，鑑於你們在出口端的作法，大家會拿來看並問：那邊的定價動態到底有多可持續？

Bill, we've taken a look at it and, frankly, the gas prices are so low we just cannot materially impact it enough to make a difference.

Bill，我們已經評估過了，坦白說，天然氣價格低到我們根本無法在實質上產生足夠影響、以致能帶來改變。

Okay. And then on the export side, is there -- we said we would lap this; it's done. Is there any risk further that the markets cause you to rethink that at all or at this point have you done what you can do and the volumes will just take care of themselves from here?

了解。那在出口端，是否還有——我們說過這個會被比較基期抵消；現在已經過去了。是否還有任何風險會讓市場迫使你們重新思考？或者到這個時間點，你們已經做了能做的事，接下來運量就會自行調整？

We've done what we could do and the volumes will just have to take care of themselves.

我們已經做了我們能做的，接下來運量就只能自行調整。

Yes, fair enough. Thanks for the time. Appreciate it.

是的，合理。謝謝你撥時間。感謝。

Ken Hoexter, Merrill Lynch.

Ken Hoexter，美銀美林。

Great. Good morning, Michael and team. Just on the labor cost here, you dug into cost per employee. It was flat this quarter versus up 5% last quarter. Just your thoughts I guess on a couple things around that and further employee cuts, I think you noticed down 1%. But if volumes continue to fall, how do you think about that, Oscar, maybe in advance? And then cost per employee, what happens to that as we go forward here on your productivity?

很好。早安，Michael和團隊。就這裡的勞動成本而言，你們深入拆解了每位員工成本。本季持平，而上季是上升5%。我想聽聽你們對幾件事的看法，以及進一步裁員——我想你們提到員工數下降1%。但如果運量持續下滑，你們會如何看待這件事，Oscar，也許先談談？另外，每位員工成本，隨著你們的生產力提升，往後會怎麼走？

Yes, and this is Fredrik. Let me take that one. So, yes, cost per employee did fall here versus what we saw in the first quarter and that is -- obviously, part of that is the fact that we now have close to 600 people in furlough and that reduces it, but also a reduction in overtime. We had a little bit of a reduction in training cost as well, so that helped.

是的，我是Fredrik。我來回答。所以，是的，每位員工成本相較第一季確實下降；這——顯然其中一部分原因是我們現在有接近600人處於停薪留職（furlough）狀態，這會降低該指標；另外，加班也減少了。我們的訓練成本也小幅下降，因此也有幫助。

And as we move forward now, as we continue to run better, we probably have an opportunity perhaps to have even greater number of furloughs and reduced overtime and reduced the crew, the re-crews as well. I think there are opportunities to see efficiency gains there because obviously that is our biggest expense component and, therefore, the one that we focus relentlessly around how do we reduce the number of people, how do we become more efficient, how do we become more efficient in terms of cost of employee. And so that you should see a continued improvement there. Thank you, Ken.

而往前看，隨著我們持續把營運跑得更好，我們可能有機會讓停薪留職的人數更多、加班更少，並且也減少乘務組（crew）與替補乘務組（re-crews）。我認為那裡有機會看到效率提升，因為顯然這是我們最大的費用構成，因此也是我們持續聚焦的項目：如何減少人數、如何提升效率、如何在每位員工成本上更有效率。因此你們應該會看到那方面持續改善。謝謝你，Ken。

Brandon Oglenski, Barclays.

Brandon Oglenski，巴克萊。

Good morning, Michael. Good morning, team. Frederick or Michael, I think in the past you've talked about how you really need coal to stabilize and I really wanted to hone in on the idea that there is more downside risk to 2016 coal than there probably is upside. We have plenty of shale gas in this country so I think we're resetting into this new reality that gas is just a lot cheaper than it used to be.

早安，Michael。早安，各位。Frederick或Michael，我記得你們過去談過，你們確實需要煤炭穩定下來；我想聚焦在這個觀點：2016年煤炭的下行風險可能大於上行。我們國家有大量頁岩氣，所以我想我們正在重設到一個新現實：天然氣就是比以前便宜很多。

But you are getting positive price; you're getting productivity; you're getting growth, especially in corridors like Intermodal. So in the longer term is it possible to get sustainable earnings growth and margin expansion to hit that OR target, even if we're facing continued sequential coal declines? Or is that still going to be too much headwind on the business?

但你們的價格是正向的；你們有生產力；你們也有成長，尤其是在像是聯運（Intermodal）這類走廊。所以從長期來看，即便我們面臨煤炭連續下滑，你們是否仍有可能實現可持續的獲利成長與利潤率擴張，以達到那個OR目標？還是說，這對業務而言仍會是太大的逆風？

And maybe we don't understand how difficult it is to get the cost out of the coal system. Maybe that's where we've been underestimating.

而且也許我們不了解，要把成本從煤炭系統中移除有多困難。也許這就是我們一直低估的地方。

Well, obviously, coal is a very profitable business of ours in our portfolio, but I do think the fact that we were able to produce a 66.8% operating ratio here in the second quarter with coal being down more than $100 million year over year is a great testament to what our core strategy of service excellence to our customers is providing.

嗯，顯然，煤炭在我們的投資組合中是一項非常獲利的業務，但我確實認為，在第二季煤炭年對年下滑超過1億美元的情況下，我們仍能在此達成66.8%的營業比率，這充分證明了我們以卓越服務客戶為核心策略所帶來的成果。

Now clearly, as we look forward, the impact of the coal decline is going to also impact the path of progression. We're going to make meaningful improvement here in 2015 and we feel very confident that over time we can get to that mid-60%s operating ratio and I think this quarter, as I said earlier, is a great testament to that. But if coal is cooperating, we can get there faster and if coal is going to not cooperate, it's going to take us longer, which is why at this point I don't think we have enough clarity around the coal picture to really put a flag down in the ground on when we actually get to the mid-60%s operating ratio. Thank you.

現在很明顯，展望未來，煤炭下滑的影響也將影響改善進程的路徑。我們將在2015年取得有意義的改善，而且我們非常有信心，隨著時間推進，我們可以達到中段60%區間的營業比率；我想本季如我先前所說，就是很好的證明。但如果煤炭配合，我們可以更快達成；如果煤炭不配合，我們就需要更長時間。這也是為什麼在此時此刻，我不認為我們對煤炭情勢有足夠清晰的掌握，能夠真正把旗子插在地上，明確說出我們何時能實際達到中段60%區間的營業比率。謝謝。

Jason Seidl, Cowen and Company.

Jason Seidl，Cowen and Company。

Thank you. Good morning, guys. How is everything?

謝謝。各位早安。一切都好嗎？

Good.

很好。

Quick question here. Obviously you mentioned it a little bit on furloughs and you had some very good productivity numbers in the quarter. Is the network rightsized for the current volumes, or is there a little bit more work to do as we move throughout the third quarter?

這裡一個簡短問題。顯然你們稍早提到了一些關於停薪留職（furloughs）的情況，而且本季你們的生產力數據非常不錯。就目前的運量而言，網路是否已經調整到適當規模（rightsized），還是我們在第三季推進過程中還需要再做一些工作？

Jason, it's Oscar. We are always, always reflecting on where our volume load is and the capacity is, so it's never perfectly rightsized, but we're working towards that. We have a lot of capacity.

Jason，我是Oscar。我們一直、一直都在檢視我們的運量負載與產能配置，所以永遠不可能完全剛好調整到最適規模，但我們正朝那個方向努力。我們有很多產能。

Importantly, I think our train size initiatives have been really creating even more capacity and more productivity, so we'll continue to work on that. The team has done a great job of it, but I think there is still opportunity to rightsize.

更重要的是，我認為我們的列車編組規模（train size）相關措施確實創造了更多產能與更高生產力，所以我們會持續推進。團隊做得非常好，但我認為仍有機會進一步調整到適當規模。

Okay. Appreciate it, guys.

好的。感謝各位。

Matt Troy, Nomura.

Matt Troy，Nomura。

Good morning. My question was on Intermodal, specifically just if you could give us a sense -- in terms of the competitive environment you referenced in your press release and competitive share loss, I was wondering if you just put that into context.

早安。我的問題是關於聯運（Intermodal），特別是想請你們談談——就你們在新聞稿中提到的競爭環境以及競爭性市占流失，能否幫我們把它放在一個脈絡中說明一下。

And then more specifically, just looking at the rate trends, whether we're looking at revenue per carload or revenue per ton mile, certainly we've seen a step down in those metrics over the last two quarters. Obviously, fuel is a big component of that traffic category. I just want to make it clear as to what's going on with the rates.

然後更具體地，看看運價趨勢，不論是每車收入（revenue per carload）或每噸英里收入（revenue per ton mile），我們確實看到這些指標在過去兩季出現下滑。顯然燃油是該運輸類別的一個重要組成。我只是想釐清一下運價到底發生了什麼。

If you could just answer those two, that's all I got. Thank you.

如果你們能回答這兩點就好，我就這些。謝謝。

Okay. On the competitive loss, as you are aware, we don't make particular comments per -- on individual customers.

好的。關於競爭性流失，如你所知，我們不會就個別客戶作特定評論。

On the revenue ton miles, as you surmise, it is all in fuel. On the rates themselves, in the trucking market we still find that truckers are keeping their rate structures up this year in the 3% to 5% range on the trucking renewal rates. Our particular spot markets in our trucking part of our door-to-door product has been very strong this year.

至於收入噸英里（revenue ton miles），如你推測的，完全是燃油因素。就運價本身而言，在卡車運輸市場，我們仍看到今年卡車業者在續約運價上維持其費率結構，上調幅度約在3%到5%之間。我們門到門產品中卡車段的即期市場（spot markets）今年表現非常強勁。

Our trans-con product has been down a little bit because we're still rebuilding our owner-operator base in the LA basin from the strike, but the core part of the Intermodal business and the pricing this year has remained fairly strong, as we been able to price for the value of the service that we're offering. And the competitive markets for our investments we've been very pleased with that.

我們的跨大陸（trans-con）產品略有下滑，因為我們仍在洛杉磯盆地（LA basin）從罷工事件中重建自營車主／承攬車主（owner-operator）基礎；但聯運業務的核心部分以及今年的定價仍維持相當強勁，因為我們能就所提供服務的價值進行定價。而且就我們投資所面對的競爭市場而言，我們對此非常滿意。

Clarence, maybe you want to comment on the domestic volumes.

Clarence，也許你想評論一下國內運量。

Well, you've seen the domestic intermodal volumes themselves have been up around 9% in our intermodal business, so the highway-to-rail conversion programs that we've had in place have been quite successful this year.

嗯，你已經看到國內聯運運量本身在我們的聯運業務中約成長了9%，所以我們推行的公路轉鐵路（highway-to-rail）轉換方案今年相當成功。

Absolutely. That's what I was pointing out. Thank you.

完全同意。這正是我想指出的。謝謝。

Ben Hartford, Baird.

Ben Hartford，Baird。

Good morning. Clarence, maybe just to continue that point. There's been a lot of debate about the pace of conversions going forward. As the truckload capacity situations normalized a bit in 2015 from 2014, fuel prices are lower; rail service has not fully been restored.

早安。Clarence，也許延續剛才那個點。市場對於未來轉換速度有很多討論。隨著2015年卡車整車（truckload）產能狀況較2014年稍微正常化，燃油價格較低；鐵路服務也尚未完全恢復。

What is your -- let's pick a time frame -- three-year view on the pace of domestic intermodal conversions and the opportunity? What are shippers saying given some of the divergent trends with lower diesel fuel prices, but some of these looming capacity constraints? Has the outlook changed at all meaningfully over the past several quarters?

你對國內聯運轉換速度與機會的看法——我們選個時間範圍——未來三年的觀點是什麼？在柴油價格較低、但又有一些即將出現的產能限制之下，貨主怎麼說？過去幾季以來，展望是否有任何顯著改變？

Ben, I don't think it has. We -- in 2014, it's true that we lost some intermodal business back to the highway due to the service issues, but we've actually seen some of that volume return in 2015 as service has improved. As I mentioned in the highway-to-rail conversions, our estimates this year will be in excess of 40,000 new loads on CSX organically, in addition to what our trucking partners are growing; back to rail that will grow.

Ben，我不認為有。我們——在2014年，確實因服務問題而有一些聯運業務回流到公路，但我們其實在2015年看到其中一部分運量隨著服務改善而回來。如我提到的公路轉鐵路轉換，我們估計今年在CSX自然成長（organically）新增的載運量將超過40,000筆，此外我們的卡車合作夥伴也在成長；回到鐵路的量還會增加。

As you know, the electronic reporting that will be required next year and the legislation will kick in, and we think that that's going to put more stress on particularly the smaller truckload carriers that will make intermodal more attractive. Nothing's changed in the highway issues that are around congestion that's in the highway, the highways in America. We still have the driver issues and shortages that are facing the trucking companies as we go forward.

如你所知，明年將要求電子申報（electronic reporting），相關法規也將生效；我們認為這將對較小的整車運輸承運商造成更大壓力，使聯運更具吸引力。在公路方面，關於壅塞等問題沒有改變——美國的公路仍然壅塞。我們仍面臨卡車公司在未來將遭遇的駕駛人力問題與短缺。

If you look at what's happening in Congress today, we still don't have a highway transportation bill; probably will be passed with a continuing resolution, so no new infusion of money to rebuild the highways and the infrastructure in this country. So all the issues that we've talked about over the past few years still remain, so intermodal, to me, looks -- is a very positive thing going forward for the next two or three years.

如果你看看今天國會正在發生的事，我們仍然沒有一部公路運輸法案；很可能會以持續決議（continuing resolution）的方式通過，因此不會有新的資金挹注來重建本國的公路與基礎建設。所以我們過去幾年談到的所有問題仍然存在，因此在我看來，聯運在未來兩到三年仍是非常正面的發展。

Great, thank you.

很好，謝謝。

Cherilyn Radbourne, TD Securities.

Cherilyn Radbourne，TD Securities。

Thanks very much and good morning. You saw good, sequential improvement in both on-time originations and arrivals, but there was much more improvement in originations than arrivals, which I think is the normal order of things as network velocity increases. Maybe you can just talk about that and when we should expect to see the gap between those two metrics narrow.

非常感謝，早安。你們看到準點始發（on-time originations）與準點到達（arrivals）都有良好的連續性改善，但始發的改善幅度遠大於到達；我認為隨著網路速度提升，這通常是正常的順序。也許你們可以談談這點，以及我們應該何時預期這兩項指標之間的差距會縮小。

Cherilyn, thanks; it's Oscar. Historically, as you probably know, there's always been a small gap between the arrivals and the originations, and we have seen both measures improve as we work to restore our service level.

Cherilyn，謝謝；我是Oscar。從歷史上看，如你可能知道的，抵達與始發之間一直存在一個小缺口，而隨著我們努力恢復服務水準，我們看到這兩項指標都有所改善。

We would expect the improvement in arrivals to slightly lag that of originations, again as that continuity of service improves. The key thing for us is to focus on how late the average train is and that is a metric we've seen substantial improvement over the last several months, so in effect span. So while you'll still see the [uptick] on arrivals a little lagging, and when we actually look at more internally the number of hours that are late is improving. So I think over the next quarter and two and certainly into next year I think you'll see that gap narrowed to its historical average.

我們預期抵達的改善會略微落後於始發，這同樣是因為服務連續性在提升。對我們而言，關鍵是聚焦在平均列車晚點多久，而這個指標在過去幾個月已出現顯著改善，因此實際上在整體區間上也是如此。所以，雖然你仍會看到抵達的[上升]稍微落後一些，但當我們更內部地去看，晚點的總時數正在改善。因此我認為在接下來一季、兩季，並且當然進入明年，你會看到這個缺口收斂到其歷史平均水準。

Thank you. That's my one.

謝謝。我就這一個問題。

David Vernon, Bernstein.

David Vernon，Bernstein。

Good morning. Thanks for taking the question. Fredrik, maybe just a bigger picture here. As the volume growth is moderating and your GPMs are down a little bit, do you see any opportunity to pull in the CapEx budget? And then longer term, do you think we should be -- how should we be thinking about the impact of the reduced utilization of the coal network on depreciation going forward?

早安。謝謝讓我提問。Fredrik，也許從更宏觀的角度來看。隨著運量成長正在放緩、且你們的毛利率（GPMs）略有下滑，你是否看到有機會把資本支出（CapEx）預算往回收一些？另外，長期來看，你認為我們應該——我們應該如何思考煤炭網路利用率降低對未來折舊的影響？

Yes, in terms of capital, I think we're -- we have the $2.5 billion number out there. We're looking at that, see if it makes sense, but generally a lot of those products have already been sorted so I'm not sure there is many opportunities short term.

是的，就資本而言，我想我們——我們目前對外給的是25億美元這個數字。我們正在檢視它，看看是否合理，但一般來說，很多項目其實都已經排定，所以我不確定短期內有多少機會。

We have a self-correcting mechanism in that we -- ties it to revenue and I think that will be correcting it. Ultimately, that is a proxy for gross ton miles because 80% of what we spend is a reflection of how much we run over the network. And so as that -- if that comes down, then our capital will come down, so we'll look at that as we get into the planning for 2016.

我們有一個自我修正機制，也就是——把它與營收連動，我認為這會進行修正。最終，那是總噸英里（gross ton miles）的替代指標，因為我們支出的80%反映的是我們在網路上運行的程度。因此，隨著——如果那個數字下降，我們的資本支出也會下降；我們會在進入2016年規劃時再檢視。

Then in terms of the coal network, I can assure you we had a very concerted effort in 2012 to see what we could do to drive our costs there. We were excellent at taking out train starts and crew base to more than reflect the decline we saw in volume. And here now in 2015 and 2016 there is a renewed focus again, because of the step function change that we've seen, to further look not just at train starts and look at the crew base and the locomotive assets we have deployed, but also the fixed infrastructure that is up there and to see what we can do.

至於煤炭網路，我可以向你保證，我們在2012年曾非常有系統地努力，看看能做些什麼來降低那裡的成本。我們在減少列車開行（train starts）與乘務基地（crew base）方面做得非常出色，且幅度足以反映我們看到的運量下滑。而現在在2015年與2016年，因為我們看到的階梯式變化（step function change），我們再次加強聚焦，進一步檢視的不只是列車開行、乘務基地與我們部署的機車資產，也包括那裡的固定基礎設施，看看我們能做些什麼。

It is not as black and white as you would like, because we do have growth up there as well and we run other traffic around there. We've seen a lot of growth in LPG and frac sand in those same areas, but there should be more than we can do and our team is very much focused on those efforts. Thank you.

這不像你希望的那樣黑白分明，因為那裡也有成長，我們也在那一帶運行其他貨流。我們在同樣區域看到LPG與壓裂砂（frac sand）有很大成長，但我們應該還能做得更多，而我們的團隊也非常專注在這些工作上。謝謝。

Appreciate it. Thanks.

感謝。謝謝。

John Larkin, Stifel.

John Larkin，Stifel。

Good morning, gentlemen. Clarence was very adamant on the first-quarter call about how pricing was accelerating from the later stages of the first quarter into the second quarter. Is that going to continue into the third and fourth quarter, or are we going to plateau at this relatively high level where merchandise and intermodal same-store pricing is up say 3.9% year over year?

早安，各位先生。Clarence在第一季電話會議上非常堅定地表示，定價在第一季後段到第二季之間正在加速。這會延續到第三、第四季嗎？還是我們會在目前這個相對較高的水準上趨於平臺，也就是商品與聯運（intermodal）同店定價年增例如3.9%？

Well, John, as you can see in the past several quarters, we've improved the pricing sequentially. And here in the second quarter you can see that we had a 3.5% all-in and a 3.9% in the merchandise and in our intermodal. As I look forward, we remain focused on that strong pricing, reflecting the value of the service we provide across all these competitive markets, which justifies the reinvestment in our business that drives the long-term value of our shareholders. So that's what you'll see.

嗯，John，如你在過去幾季所見，我們的定價是逐季改善的。而在第二季，你可以看到我們整體（all-in）是3.5%，商品與我們的聯運是3.9%。展望未來，我們仍專注於強勁的定價，反映我們在所有這些競爭市場中所提供服務的價值，這也正當化我們對業務的再投資，並推動股東的長期價值。所以你會看到的是這個方向。

Got it. Any pushback from customers given that service levels haven't fully recovered? Are they willing to absorb those ever-higher price increases given where service currently stands?

了解。在服務水準尚未完全恢復的情況下，客戶有任何反彈嗎？以目前的服務狀況，他們願意吸收這些持續走高的漲價幅度嗎？

I think that they see that the service that we're providing right now is justifying that price levels for the reinvestment that they see that we're doing.

我認為他們看到我們目前提供的服務，足以支撐這樣的價格水準，也支撐他們看到我們正在進行的再投資。

Got it. Thank you.

了解。謝謝。

Bascome Majors, Susquehanna Financial Group.

Bascome Majors，Susquehanna Financial Group。

Good morning. So coal miners' financial situation has continued to deteriorate here and we've seen recent reports that one of your smaller customers is going to file for bankruptcy this week. And other larger miners are still working on restructurings here.

早安。煤礦業者的財務狀況持續惡化，我們也看到近期報導指出，你們的一家較小客戶將在本週申請破產。而其他較大型的礦商仍在進行重整。

Can you just talk a little bit about how you manage your risk in this business given financial situation on that side? Maybe a little bit on the business side, such as pricing pressure, which you addressed a little bit already, but counterparty risk as well?

你能否談談在對方財務狀況如此的情況下，你們如何管理這項業務的風險？也許從業務面談一點，例如你剛剛已稍微提到的定價壓力，但也包括交易對手風險？

Yes, this is Fredrik. Obviously, from a credit perspective, we do monitor it very closely. Many times it's actually utilities that pay the bill, so -- but we do have some exposure to some of these producers that are going through very difficult times, so we've already seen some of those go through restructuring.

是的，我是Fredrik。顯然，從信用角度來看，我們確實非常密切地監控。很多時候其實是公用事業公司（utilities）在付帳，所以——但我們確實對一些正處於非常艱難時期的生產商有一定曝險，而我們也已經看到其中一些進入重整。

Generally, we're well-protected through a variety of means through that process and one of the most important things is that if you do want to restructure out of it, you're going to need the rail service that we provide in order to be successful in transforming the company.

一般而言，我們透過多種方式在該流程中獲得良好保障；其中最重要的一點是，如果你想透過重整走出困境，你將需要我們所提供的鐵路服務，才能成功完成公司的轉型。

And overall, from a broader perspective, clearly we're also looking at our capital deployment and you heard in a previous question, we're really trying to make sure that as we look at reinvestment in coal-related assets that we're really taking a long and hard look at whatever capital we put in there to make sure that we're not leaving capital stranded for 40 years, which is essentially the life of assets that we're putting in. So we work very, very hard across our system to make sure that we are making a prudent decision around that.

而整體而言，從更廣的角度來看，我們也在檢視資本配置；你在前一個問題中也聽到，我們正努力確保，當我們考慮對煤炭相關資產再投資時，會非常審慎地檢視投入的每一分資本，以確保不會讓資本被「困住」長達40年——這基本上就是我們投入資產的使用年限。因此我們在整個系統中非常、非常努力，確保在這方面做出審慎的決策。

Great question. Thank you.

問題很好。謝謝。

Do you have a sense for how much is paid to the -- or this percentage of your business where you are paying the miners versus utilities? Would it just balance with export versus utility mix, or is it more complex than that?

你是否大概知道，有多少是付給——或者說，你們業務中由你們向礦商收款、相對於向公用事業公司收款的比例？這是否大致會隨出口與公用事業的組合而平衡，還是更複雜？

Well, I think -- on the domestic side, I think the majority is clearly paid by the utilities and on the export side I think it's a little bit of a more mix and more, perhaps, the producer.

嗯，我認為——在國內端，我認為大部分顯然是由公用事業公司承擔；而在出口端，我認為會更混合一些，或許更多由生產商承擔。

All right. Thank you.

好的。謝謝。

Jeff Kauffman, Buckingham Research.

Jeff Kauffman，Buckingham Research。

Thank you. Good morning, everyone. Thanks for taking my question.

謝謝。各位早安。謝謝讓我提問。

With the revenue -- I shouldn't say revenue, but the volume outlook taking another step down, have you rethought the capital program at all? And can you talk a little bit about where the capital is going to help in terms of the productivity recovery and get the system back to fluidity?

就營收——我不該說營收，而是運量展望又下修了一步來看，你們是否重新思考過資本計畫？另外能否談談資本將如何在生產力復甦方面提供協助，讓系統恢復順暢運作？

Sure. In terms of the capital, $2.5 billion is our capital plan here for 2015. We are looking to see if there are some things that we would move out of this year, but as [we're] so far into the year it's hard to affect the current year because a lot of these things are well underway at this point. But we are looking at next year and we do have that kind of self-adjusting mechanism that it's tied to percentage of revenue to where we talk about it publicly, but internally we look at it from a gross ton mile perspective more perhaps.

當然。就資本而言，2015 年我們的資本計畫是 25 億美元。我們正在評估是否有些項目會延後到今年之後，但由於今年已經進行到這個階段，要影響當年度其實很難，因為很多項目目前都已經在推進中。不過我們正在看明年，而且我們確實有一種自我調整機制：對外我們會以資本支出占營收百分比來談，但在內部我們可能更常從總噸英里（gross ton mile）的角度來看。

80% of what we spend is on the maintenance side and 20% is productivity, and clearly, this year our main focus has been to acquire additional locomotives. We're acquiring about 200 locomotives new and rebuilding about 150, and that has been the number one priority for us. Already starting last time this year -- last year this time where that has been a focus of ours to make sure, because that has been the linchpin in order for us to get back to the sort of service excellence levels that we've been looking for.

我們支出的 80% 用於維修維護，20% 用於生產力；而且很明顯，今年我們的主要重點是添購額外的機車。我們將新購約 200 輛機車並翻修約 150 輛，這一直是我們的第一優先事項。其實從去年這個時候開始——也就是去年此時——這就一直是我們的重點，因為那一直是關鍵所在，讓我們能回到我們所追求的那種服務卓越水準。

Other productivity initiatives, we have plenty of them that -- not just is capital driven, but is specifically on capital is locomotive fuel optimizer, for example, to make sure we drive fuel efficiency. We have a variety of other technology products that we're working on and also automation of some of the other back-office functions. So there is a wide variety of things that we put capital towards to drive productivity. Thank you.

其他生產力措施，我們有很多——不只是由資本驅動，但就資本相關而言，例如機車燃油最佳化系統（locomotive fuel optimizer），以確保我們提升燃油效率。我們也在推動各式各樣的其他科技產品，並且自動化部分後勤辦公室功能。因此，我們把資本投入在許多不同的項目上，以推動生產力提升。謝謝。

Scott Group, Wolfe Research.

Scott Group，Wolfe Research。

Morning, guys. Wanted to follow-up, Oscar, your comment, about more to go in terms of rightsizing the network. Just given the volumes and now the service level is improving, is it possible ahead to start seeing some more material headcount reductions, I don't know, 3%, 5%, 10%? I don't know. Is that possible?

早安，各位。Oscar，我想追問你剛才的評論，關於在網路規模調整（rightsizing the network）方面還有更多可以做的。考量運量以及目前服務水準正在改善，未來是否可能開始看到更顯著的人力縮減？我不知道，3%、5%、10%？我不確定。有這種可能嗎？

Scott, I think I would answer it by the fact that we always make those adjustments commensurate with where we see the volume forecast and so it's hard to pick specifically a number. But we'll, as you've seen us do before, take the appropriate measures.

Scott，我想我的回答是：我們一向會依照我們看到的運量預測來做相應調整，所以很難具體點出一個數字。但我們會——如同你過去看到我們做的——採取適當的措施。

And to add to Oscar's answer, we do expect, and I said that in prepared remarks, about a 1% decline sequentially in headcount and we already have 600 people in furlough. It is our largest expense base so we're going to be very, very prudent and very, very thoughtful about what we're doing there, because we do need to reduce our labor expense in order to create the productivity savings that we've outlined.

補充 Oscar 的回答，我們確實預期——我在事先準備的講稿也提到——人力將較前一季下降約 1%，而且我們已經有 600 人處於暫時停工（furlough）狀態。人事是我們最大的費用基礎，因此我們會非常、非常審慎且非常、非常周全地處理，因為我們確實需要降低勞動成本，才能實現我們所概述的生產力節省。

So just with that, maybe Fredrik, the volume environment changed most notably in the second quarter. How much of the cost response from you guys did we see in the second quarter versus how much are we going to see ahead? If there is a way to kind of bucket it out.

那麼接著，或許 Fredrik，運量環境在第二季的變化最為明顯。你們在第二季已經做出的成本因應有多少？相較之下，接下來還會看到多少？如果可以的話，能否大致分個類別說明？

I guess it's a pretty hard question to answer. I do say, though, from an overall productivity, knowing our guidance for the full year and the fact that we've done here about $86 million for the first half, clearly we have at least as much in the second half or somewhere around there. And so there's a lot of opportunity still.

我想這是個相當難回答的問題。不過我會說，從整體生產力來看，考量我們對全年指引，以及上半年我們已經做到約 8,600 萬美元，很明顯下半年至少也會有同等規模，或大概在那個水準附近。因此仍然有很大的機會空間。

We have done a lot of structural things that we have worked on for a period of time in terms of train length and of course some of the other ongoing initiatives as well. And while we have made some inroads in terms of driving the fluidity of the network back, it was only partly through the second quarter that we really got traction around that, so as we move into the second half we should expect more of that.

我們已經做了很多結構性的事情，這些我們已經推動了一段時間，例如列車編組長度，當然也包括其他一些持續進行的措施。雖然我們在讓網路恢復順暢（fluidity）方面已經取得一些進展，但真正開始在這方面取得成效，其實只是到第二季中後段才比較明顯；因此進入下半年後，我們應該會看到更多這方面的改善。

And so we're -- once again, we feel very strong and we feel very bullish about the opportunity set going forward on productivity side. Thank you, Scott.

因此我們——再一次——對未來在生產力面向的機會組合感到非常有信心，也非常樂觀。謝謝你，Scott。

Donald Broughton, Avondale Partners.

Donald Broughton，Avondale Partners。

Good morning, gentlemen. Help me better understand your guidance of expecting meaningful full-year OR improvement because, through the first half, the gross cost of diesel is down about $325 million, so you're at a run rate of let's call it $650 million. If I just assume that the cost of diesel is down by $650 million for the full year and the fuel surcharge is down by $650 million and all of your other operating costs remain constant on a year-over-year basis, that alone would create 150 basis points of the OR improvement. So is meaningful full-year OR improvement less than or greater than 150 basis points?

各位先生早安。請協助我更好地理解你們的指引：你們預期全年營運比率（OR）會有顯著改善。因為上半年柴油的總成本大約下降了 3.25 億美元，所以換算成年化的運行速度（run rate）大概是 6.5 億美元。如果我假設全年柴油成本下降 6.5 億美元、燃油附加費（fuel surcharge）也下降 6.5 億美元，而你們其他所有營運成本在年對年基礎上都維持不變，光是這樣就能帶來 150 個基點的 OR 改善。所以你們所說的「全年 OR 顯著改善」是小於還是大於 150 個基點？

Well, that is left to be seen. It's a good question. We have taken out in the first half, if you just look at our quarterly flash, we've gone from about 72%, 73% last year in the first half to 69.5% so that's obviously very meaningful improvement in just one year time frame.

嗯，這還有待觀察。這是個好問題。如果你只看我們的季度快報，上半年我們已經把 OR 從去年上半年的約 72%、73% 降到 69.5%，所以很明顯在一年之內就有非常顯著的改善。

As we think about this quarter specifically, the majority of our gain was actually not fuel related, because fuel this quarter, while it came down, we actually had a negative impact year over year because of the negative lag and the spread differential that we saw. So I'm not going to pinpoint exactly where we're going to end up, but we do clearly expect meaningful improvement despite the fact that the volume environment is less than stellar. Thank you.

就本季而言，我們的改善大多其實不是燃油相關，因為本季燃油雖然下降，但由於我們看到的負向時滯（negative lag）以及價差（spread）差異，我們在年對年比較上反而受到負面影響。因此我不會精確指出我們最終會落在哪個數字，但即使運量環境不算理想，我們仍然明確預期會有顯著改善。謝謝。

Cleo Zagrean, Macquarie.

Cleo Zagrean，Macquarie。

Good morning. I would like a little bit of help with framing the utility coal volume downside for the next year. Where do you see that coming from? We're potentially hoping for some reversal of gas switching and inventories having normalize, so that is entitlement driven? What are you hearing from your customers that drives your cautiousness on domestic utility? Thank you.

早安。我想請你們協助我釐清明年公用事業用煤（utility coal）運量下行的框架。你們認為下滑會來自哪裡？我們可能期待燃氣替代（gas switching）出現一些反轉、庫存也已正常化，所以這是由合約權益（entitlement）所驅動嗎？你們從客戶那邊聽到哪些訊息，使你們對國內公用事業端保持審慎？謝謝。

Well, the stockpiles are, both in the North and the South, are higher than normal so there is some inventory hang. We still expect that the gas prices will be relatively low; would be the second point. And the third is there is some research that would indicate the installation of more gas peakers in the region that we serve than are currently in service.

嗯，庫存方面，無論北方或南方都高於正常水準，所以存在一些庫存消化的拖累。我們仍預期天然氣價格將相對偏低；這是第二點。第三點是，有一些研究顯示，在我們服務的區域，正在安裝的燃氣尖峰機組（gas peakers）數量，可能會多於目前已投入運轉的數量。

So the combination of those three would lead us to believe that there could be a possibility that the utilities consumption of coal in our area would be slightly less than it is this year.

因此，這三項因素的組合，讓我們相信公用事業在我們區域的煤炭消耗量，可能會比今年略低一些。

Okay. And then just as a quick clarifying follow-up, when you give guidance for domestic coal, do you include the domestic met or that refers to utility?

好的。接著快速釐清一下，當你們提供國內煤炭的指引時，是否包含國內冶金煤（met），還是指的是公用事業用煤？

It includes both, everything.

兩者都包含，全部都算。

Thank you very much. Thank you.

非常感謝。謝謝。

Rick Paterson, Topeka Capital Markets.

Rick Paterson，Topeka Capital Markets。

Good morning, guys. Oscar, you put out a service update in May that listed your T&E trainees at 1,235. What's that number today?

各位早安。Oscar，你們在5月發布的營運更新中列出T&E（運輸與工程）受訓人員為1,235人。今天這個數字是多少？

The people in -- by the way, Rick, nice to hear you; welcome back.

順帶一提，Rick，很高興聽到你的聲音；歡迎回來。

Thank you.

謝謝。

The number in training we have approximately is about 800 right now.

目前在受訓的人數大約是800人左右。

Beautiful. Excellent.

太好了。非常棒。

Tyler Brown, Raymond James.

Tyler Brown，Raymond James。

Good morning. I was just curious if we could get a little more detail on the acceleration of the non-coal pricing. And I appreciate this might be a bit of semantics, but, Clarence, was the sequential acceleration fairly broad-based or was it more housed in, say, intermodal than the other merchandise? Just maybe some broad comments there.

早安。我只是想了解一下非煤業務定價加速的更多細節。我知道這可能有點像文字上的區分，但Clarence，這個環比加速是相當全面的，還是說主要集中在例如聯運（intermodal）而非其他一般貨運（merchandise）？請給一些概括性的評論。

No, it was very broad-based across almost all of our commodity lines.

不，是非常全面的，幾乎涵蓋我們所有的商品線。

Perfect. Thank you.

很好。謝謝。

John Barnes, RBC Capital Markets.

John Barnes，RBC Capital Markets。

Good morning. Going back to the CapEx question -- I hate to beat this to death, but how quickly can you reprioritize the project list and reallocate the capital? And then, if volumes continue to be weaker, how aggressive are you willing to be on, say, maintenance CapEx? Is there any give and take there?

早安。回到資本支出（CapEx）問題——我不想一直追問，但你們能多快重新排序專案清單並重新配置資本？另外，如果運量持續偏弱，你們在例如維護性資本支出上願意多積極調整？這之間有沒有可取捨的空間？

I think from a maintenance perspective, there's a lot of things that you can do that short term would save you money but long term would hurt you. For example, shutting off our teams that are out there replacing the rail right now is something that you could do, but long term doesn't make sense because it -- mobilizing and demobilizing something is more expensive than taking advantage of the fact that you have the teams out there right now.

我認為從維護的角度來看，有很多事情短期可以省錢，但長期會傷害你。例如，現在把我們正在外面更換鋼軌的團隊停掉，短期你可以這麼做，但長期並不合理，因為——動員與撤場的成本，比起趁著團隊已在現場時把工作做完更高。

So there are things you can do, but the key thing is that you do things that are smart. And so that's why I think that making significant changes to the in-year capital budget is not necessarily the right thing to do from a long-term economic perspective.

所以有些事你可以做，但關鍵是要做得聰明。因此我認為，從長期經濟性的角度來看，在當年度資本預算上做重大變更，未必是正確的做法。

But as we think about next year we will always -- we always look at what the gross ton miles will be. We look at the line segments and so forth that we need to allocate capital to and that's where I think the coal example is a good place. We really are looking long and hard to make sure that what we are putting in there makes sense, of course, without sacrificing safety in any way, shape, or form.

但當我們思考明年時，我們一向——我們總是會看總噸英里（gross ton miles）。我們會看需要配置資本的路段等，而我認為煤炭的例子就是一個很好的切入點。我們確實會非常仔細地確認我們投入的項目是合理的，當然，在任何形式或方式上都不會犧牲安全。

So we constantly look at that and we will take a look at what next year capital budget will be in the context of what the gross ton mile picture would look like.

所以我們會持續檢視，並會在總噸英里情境會呈現什麼樣貌的背景下，來檢討明年的資本預算。

Thank you.

謝謝。

Justin Long, Stephens.

Justin Long，Stephens。

Good morning, thank you. I was wondering if you could comment on the final tank car regulations that we got during the second quarter. Assuming everything in this regulation withstands legal pushback, how should we think about the impact these changes could have on your business going forward?

早安，謝謝。我想請你們評論一下我們在第二季拿到的最終槽車（tank car）法規。假設這些法規內容都能承受法律上的挑戰，你們認為這些變更對未來業務的影響應如何看待？

Justin, I think we were, by and large, very pleased with the new tank car standards they came out with. We think it's a much safer vehicle. We were a little bit surprised that the thermal blanket was not included and we will continue to push for that as an industry, because we think it gives an extra layer of safety at not a great expense.

Justin，整體而言，我們對新公布的槽車標準非常滿意。我們認為這是一種更安全的車輛。我們有點意外的是沒有納入隔熱毯（thermal blanket），我們會持續以產業的立場推動，因為我們認為它能以不高的成本提供額外一層安全保障。

As far as a long-term impact on the business, obviously, as you know, we don't own the tank cars. The customers or leasing companies do. Our early read is that most plan to retrofit their cars or buy new cars that meet those standards. Obviously, it impacts the economics of the movement somewhat, and as Clarence alluded to earlier, there's already a little bit of pressure on the crew move just because of the current spreads between Bakken and Brent.

至於對業務的長期影響，顯然如你所知，我們不擁有槽車。槽車是由客戶或租賃公司持有。我們初步判讀，多數人計畫改裝既有車輛或購買符合標準的新車。顯然，這會在某種程度上影響運輸的經濟性；而如Clarence先前提到的，由於Bakken與Brent之間目前的價差，乘務運輸（crew move）本來就已經有一些壓力。

But we think longer term this car is a better car, a safer car, and I think we'll continue to see the movements in the crude as we go forward.

但我們認為從長期來看，這是一種更好的車、更安全的車；我想未來我們仍會持續看到原油運輸量的流動。

Okay, great. Thanks for the time.

好的，很棒。謝謝你撥冗。

Thank you. Thank you, everybody; we'll see you next quarter.

謝謝。謝謝各位；我們下個季度見。

This concludes today's teleconference. Thanks for your participation in today's call. You may disconnect your line.

今天的電話會議到此結束。感謝各位參與今天的電話會議。您現在可以掛線。