CSX Corporation (CSX) 2021 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the CSX Corporation Second Quarter 2021 Earnings Call. (Operator Instructions) I would now like to hand the conference over to Bill Slater, Head of Investor Relations. Please go ahead.

各位好，感謝您稍候。歡迎參加 CSX Corporation 2021 年第二季財報電話會議。（接線員指示）現在我想將會議交給投資人關係主管 Bill Slater。請開始。

Thank you, and good afternoon, everyone. Joining me on today's call are Jim Foote, President and Chief Executive Officer; Kevin Boone, Executive Vice President of Sales & Marketing; Jamie Boychuk, Executive Vice President of Operations; and Sean Pelkey, Acting Chief Financial Officer.

謝謝，各位下午好。今天與我一同參與電話會議的有：總裁暨執行長 Jim Foote；銷售與行銷執行副總裁 Kevin Boone；營運執行副總裁 Jamie Boychuk；以及代理財務長 Sean Pelkey。

On Slide 2 is our forward-looking disclosure, followed by our non-GAAP disclosure on Slide 3.

投影片 2 為我們的前瞻性聲明揭露，接著投影片 3 為我們的非 GAAP 揭露。

With that, it is my pleasure to introduce, President and Chief Executive Officer, Jim Foote.

接下來，我很榮幸介紹總裁暨執行長 Jim Foote。

Great. Thanks, Bill, and thank you for joining us on the call today. This quarter's results highlight just how quickly volumes have rebounded as each of our 3 lines of business experienced record growth as we lap the most severe economic impacts of the pandemic.

很好。謝謝 Bill，也感謝各位今天加入我們的電話會議。本季的結果凸顯了運量反彈的速度之快；隨著我們跨越疫情對經濟最嚴重的衝擊，我們三大業務線皆出現創紀錄的成長。

I want to first thank all of the CSX railroaders for their unwavering commitment to our customers as they worked very hard to deliver service in a very difficult operating environment. As we entered the second half of the year, our focus is squarely on continuing this growth. We have kept our yards and terminals open and freight moving throughout the recovery, and we will continue taking the necessary steps to add resources and increase fluidity in order to help customers meet their own growth targets this year despite the ongoing supply chain disruptions.

我首先要感謝所有 CSX 鐵路同仁，面對非常艱困的營運環境，仍以堅定不移的承諾服務客戶，並付出極大努力以交付服務。進入下半年後，我們的重點將完全放在延續這股成長。我們在復甦期間始終維持調車場與貨運場站運作、讓貨物流動不中斷；面對持續的供應鏈干擾，我們也將持續採取必要措施，增加資源並提升網路流動性，以協助客戶在今年達成其成長目標。

Let's begin with Slide 5 of the presentation and an overview of our second quarter financial results. Operating income increased to $1.69 billion and earnings per share rose to $0.52. These figures include $349 million and $0.12 per share impact from the sale of property rights to the Commonwealth of Virginia. Our operating ratio was 43.4%, including an 11.7 percentage point impact from the Virginia transaction. Excluding these impacts, operating income increased 62%, earnings per share increased 82%, and the operating ratio improved 820 basis points.

請看簡報投影片 5，先概述我們第二季的財務結果。營業利益增加至 16.9 億美元，每股盈餘上升至 0.52 美元。上述數字包含向維吉尼亞州政府出售財產權所帶來的 3.49 億美元與每股 0.12 美元的影響。我們的營業比率為 43.4%，其中維吉尼亞交易帶來 11.7 個百分點的影響。若排除這些影響，營業利益增加 62%，每股盈餘增加 82%，營業比率改善 820 個基點。

Turning to Slide 6. Revenue increased 33% on 27% volume growth. Merchandise revenue increased 26% on 21% higher volumes, led by automotive, metals and equipment and ag and food markets. Intermodal revenue increased 42% on 28% volume growth, setting a new record for average daily volume. Both domestic and international volumes increased significantly and continued to benefit from strong demand for transportation services as well as growth from East Coast ports. Coal revenue increased 47% on 44% higher volumes, with growth across all coal markets. Domestic coal benefited from higher utility and industrial demand, and both export met and thermal coal volumes rebounded meaningfully. Other revenue growth was driven by increased intermodal storage and equipment usage as well as higher revenue from affiliates.

接著看投影片 6。營收在運量成長 27% 的帶動下增加 33%。一般貨運（Merchandise）營收在運量提高 21% 下增加 26%，主要由汽車、金屬與設備以及農業與食品市場帶動。聯運（Intermodal）營收在運量成長 28% 下增加 42%，平均每日運量創下新紀錄。國內與國際運量皆大幅增加，持續受惠於強勁的運輸服務需求以及東岸港口帶來的成長。煤炭營收在運量提高 44% 下增加 47%，各煤炭市場均有成長。國內煤炭受惠於公用事業與工業需求提升，出口冶金煤與動力煤運量也明顯回升。其他營收成長則來自聯運倉儲與設備使用增加，以及來自關係企業的營收提高。

Turning to Slide 7. We remain committed to being the safest railroad. In the second quarter, we achieved a new record low number of train accidents driven by a focus on increased communication and education to reduce human factor caused accidents. Safety initiatives for the remainder of the year will focus on culture, communication and continuous education.

接著看投影片 7。我們仍致力成為最安全的鐵路公司。第二季我們達成列車事故數量的新低紀錄，這得益於我們聚焦於加強溝通與教育，以降低人為因素造成的事故。下半年安全倡議將聚焦於文化、溝通與持續教育。

As an example, we recently introduced a modified approach through operational testing for T&E employees. The new program is designed to be instructive rather than disciplinary to increase employee engagement and create lasting changes in behavior. Combined with face-to-face safety summit and expanded education of top causes of incidents, these new programs will further reduce risk and protect our workforce.

例如，我們近期針對運輸與引擎（T&E）員工，透過作業測試導入了修正後的方法。新計畫旨在以指導取代懲戒，以提升員工參與度並促成行為的長期改變。結合面對面的安全高峰會，以及針對事故主要成因的擴大教育，這些新計畫將進一步降低風險並保護我們的員工。

Moving to Slide 8. Let's review this quarter's operating metrics. The intermodal segment continues to perform well. Intermodal trip plan performance averaged 89% for the quarter. And through the use of our reservation system and the hard work of our intermodal team, we have kept all our intermodal's terminals open over the last year as volumes surged. Carload trip plan performance improved sequentially to 69% for the quarter, and we are focused on continuing this positive momentum throughout the rest of the year.

接著看投影片 8。我們來檢視本季的營運指標。聯運部門持續表現良好。聯運行程計畫達成率（trip plan performance）本季平均為 89%。並且透過我們的預約系統以及聯運團隊的努力，在運量激增的過去一年中，我們維持所有聯運場站持續開放。整車（Carload）行程計畫達成率本季較前一季改善至 69%，我們將專注於在今年剩餘時間延續這股正向動能。

We are also working to further improve network fluidity. Car dwell improved sequentially and remains the lowest in the industry. Velocity began to trend positively exiting the quarter, and we expect to see further improvements in both metrics in the second half of the year.

我們也正努力進一步改善網路流動性。車輛停留時間（car dwell）較前一季改善，且仍為業界最低。列車速度（velocity）在季末開始呈現正向趨勢，我們預期下半年這兩項指標都將進一步改善。

On Slide 9, I want to take the opportunity to highlight some of the actions we're taking to resource the network for growth. As I mentioned on previous calls, we ended the year planning to add T&E headcount in response to the expected growth, and we'll continue adding through the second half of the year. Over the past several months, we have increased the size and number of our new conductor classes and then also enacted new programs to improve availability of existing employees to ensure that we have resources in place to capture the rising demand and serve our customers well.

在投影片 9，我想藉此機會說明我們為支援成長而在網路資源配置上採取的一些行動。如同我在先前電話會議提到的，我們在去年底即規劃因應預期成長而增加運輸與引擎（T&E）人力，並將在下半年持續增補。過去幾個月，我們擴大並增加新列車長（conductor）訓練班的規模與班次，同時也推動新計畫以提升現有員工的可用性，確保我們具備資源以掌握上升的需求並妥善服務客戶。

We stage locomotives across the network as we prepared for the incremental volumes. While these assets provide additional flexibility to react to customer demand, we are maintaining a balanced operating plan. And we are investing in the safety and the reliability of our network. We demonstrated this commitment by maintaining our capital spend throughout the pandemic, and we continue to invest with a focus on the long-term growth and sustainability of our business. We still have ample capacity across the network for growth, and we are working to find new ways to improve the efficiency and impact of our capital spending programs.

我們在全網路部署機車，以因應新增運量。雖然這些資產提供了更大的彈性以回應客戶需求，但我們仍維持均衡的營運計畫。同時，我們也投資於網路的安全與可靠性。我們在疫情期間維持資本支出，展現了這項承諾；我們也持續投資，聚焦於業務的長期成長與永續性。我們的網路仍有充足的成長容量，並正努力尋找新方法，以提升資本支出計畫的效率與效益。

Turning to Slide 10. Our focus on investing for the future extends to improving the safety, productivity and sustainability of CSX' operations through the increased use of technology, while we are driving further emissions reductions through our advancement of energy management software and the expanded use of fuel savings technologies.

接著看投影片 10。我們對未來投資的重點，也包括透過更廣泛運用科技來提升 CSX 營運的安全性、生產力與永續性；同時，我們也藉由推進能源管理軟體與擴大使用節油技術，進一步降低排放。

In addition to the almost 40% increase in distributed powertrains year-over-year, we continued to expand the number of distributed power equipped locomotives. We are adding that capability to approximately 100 locomotives this year in addition to including that on all the locomotive rebuilds we are performing.

除了分散式動力系統（distributed powertrains）年增近 40% 之外，我們也持續擴大具備分散式動力（distributed power）配置的機車數量。除將此能力新增至今年約 100 輛機車外，我們也會在所有正在進行的機車翻修（rebuild）中納入該配置。

We're also expanding use of inspection technologies to improve the safety of our operations and increase the efficacy of our track maintenance and repair programs. We're performing roughly 80% more drone inspection flights this year, and our increased use of autonomous track inspection cars is improving safety by better highlighting areas in need of repair.

我們也在擴大使用檢測技術，以提升營運安全，並提高軌道維護與修復計畫的成效。今年我們執行的無人機檢測飛行次數約增加 80%，而我們更廣泛使用自動化軌道檢測車，也透過更有效凸顯需要修復的區域來提升安全性。

Lastly, we're providing our field employees with digital tools to replace inefficient manual or paper-based processes to increase the speed of the communication across the railroad. We have distributed roughly 9,000 tablets to employees, which are improving both safety and productivity by allowing real-time information sharing and feedback.

最後，我們為第一線員工提供數位工具，以取代低效率的手工作業或紙本流程，提升鐵路系統內的溝通速度。我們已向員工發放約 9,000 台平板電腦，透過即時資訊分享與回饋，提升安全性與生產力。

We are pleased with the success of these programs to date, and we are only beginning to see the potential value these investments can bring, from more efficient network planning and dispatching to changing how our customers interact with CSX. We see significant opportunities to leverage technology to improve the pace and quality of decision-making across our business.

我們對這些計畫迄今的成果感到滿意，而我們也才剛開始看見這些投資可能帶來的價值——從更有效率的網路規劃與調度，到改變客戶與 CSX 互動的方式。我們看到運用科技來提升全公司決策速度與品質的重大機會。

I'll now turn it over to Sean to run through the numbers.

接下來我把時間交給 Sean，請他帶大家檢視財務數字。

Thank you, Jim. I'm pleased to be here today, and I'm excited for the opportunity to continue serving this company at an important time in our history as we focus on culture, innovation and growth.

謝謝你，Jim。我很高興今天能在此，也很期待能在我們歷史上的重要時刻持續為公司服務，因為我們正聚焦於文化、創新與成長。

Looking at the second quarter financial results on Slide 12. Revenue increased $735 million or 33% versus the prior year. This reflects growth across every market as we cycle the impacts of COVID-19. Revenue per unit growth of 5% includes a 2% impact from higher fuel surcharge revenue, combined with favorable pricing and higher other revenue. Total expenses were 9% lower in the quarter. These results included a $349 million gain related to the sale of property rights to Virginia, which was partially offset by the impact of higher fuel price. Excluding the property gain and the impact of fuel price, expenses would have been up 9% on a volume increase of 27%.

請看投影片 12 的第二季財務結果。營收較去年同期增加 7.35 億美元（或 33%），反映在我們消化 COVID-19 影響的同時，各市場全面成長。單位營收成長 5%，其中包含燃油附加費收入提高帶來的 2% 影響，並結合有利的定價與較高的其他營收。第二季總費用下降 9%。這些結果包含與向維吉尼亞出售財產權相關的 3.49 億美元收益，但部分被燃油價格上升的影響所抵銷。若排除財產出售收益與燃油價格影響，費用將在運量增加 27% 的情況下上升 9%。

Before I get into specifics by line, I would like to address the topic of inflation. The good news is we have secured adequate inventory and supply commitments for critical materials, and we've worked to lock in the vast majority of unit costs for 2021. Excluding locomotive fuel, expense inflation this quarter was just above 3%, and we don't expect that to move much going into the second half. We are seeing cost pressures on capital materials for core infrastructure and are working to offset that through increased productivity, sourcing shifts and inventory management. We don't expect any change to the overall capital budget this year.

在我逐項進入細節之前，我想先談談通膨這個議題。好消息是，我們已為關鍵材料取得充足的庫存與供應承諾，並且已努力鎖定 2021 年絕大多數的單位成本。若排除機車燃料，本季費用通膨略高於 3%，我們預期進入下半年後不會有太大變動。我們確實看到核心基礎設施所需資本材料的成本壓力，並正透過提升生產力、調整採購來源與庫存管理來抵銷。我們預期今年整體資本預算不會有任何變動。

Several of our supplier contracts are based on lagging indicators. So we'll continue to monitor things closely going into next year and ensure inventory levels for critical materials remain adequate.

我們有數份供應商合約是以落後指標為基礎。因此，我們將在進入明年之際持續密切監控，並確保關鍵材料的庫存水位維持充足。

Now moving down to the specific expense line items for Q2. Labor and fringe was up 18%. Higher volume and inflation together drove a $75 million increase in expense. Additionally, incentive compensation increased $60 million on higher projections for award payouts this year coupled with prior year downward adjustments related to COVID impacts.

接著來看第二季各項特定費用科目。人力與附加福利費用上升 18%。運量增加與通膨共同推動費用增加 7,500 萬美元。此外，由於今年獎酬發放的預估提高，加上前一年因 COVID 影響所做的向下調整，激勵性薪酬增加 6,000 萬美元。

We continue to absorb growth on the network and sustain productivity gains. As we work to hire conductors, we've increased the use of distributed power and continue to optimize the plan. While total head count is roughly flat from year-end 2020, the active T&E count is up approximately 200 this year, and we expect continued sequential increases in the third and fourth quarters.

我們持續在網路上吸收成長並維持生產力提升。隨著我們著手招募列車長，我們增加了分散式動力的使用並持續最佳化計畫。雖然總人數相較 2020 年底大致持平，但今年在職的 T&E 人數約增加 200 人，且我們預期第三季與第四季仍將持續逐季增加。

MS&O expense increased 6% or $23 million in the second quarter as higher volumes and inflation were the primary drivers. Locomotive productivity measured in GTMs per available horsepower hour improved 4% compared to the second quarter of last year. We expect this to improve even further going forward as velocity and cycle times recover.

第二季 MS&O 費用增加 6%，或 2,300 萬美元，主要驅動因素為運量增加與通膨。以每可用馬力小時的 GTM（總噸英里）衡量的機車生產力，較去年第二季提升 4%。隨著速度與週轉時間恢復，我們預期未來還會進一步改善。

In addition, we are absorbing growth and driving efficiencies at our intermodal terminals with cost per container lift down 12% year-over-year. Fuel expense increased $103 million driven by average fuel prices that nearly doubled as well as higher volume. During the quarter, we also recorded an $18 million benefit related to the settlement of a state fuel tax matter.

此外，我們在聯運場站吸收成長並推動效率提升，每次貨櫃吊裝的成本年減 12%。燃料費用增加 1.03 億美元，主要受平均燃料價格幾乎翻倍以及運量增加所帶動。本季我們也認列與某州燃料稅事項和解相關的 1,800 萬美元利益。

Looking at other expenses. Depreciation increased $4 million in the quarter, primarily due to a larger asset base. Equipment rent expense increased $9 million or 12%. The impact of higher volume on freight car rents was partially offset by higher net earnings at affiliates.

再看其他費用。折舊本季增加 400 萬美元，主要因資產基礎擴大。設備租賃費用增加 900 萬美元或 12%。運量增加對貨車租金的影響，部分被關聯企業較高的淨收益所抵銷。

As a result of the Virginia transaction, gains on property dispositions increased significantly in the second quarter. As a reminder, the gain during the quarter was related to the first phase of the transaction. Total proceeds are expected to be $525 million, including $200 million already received, $200 million later this year and the remaining $125 million expected next year.

受維吉尼亞交易影響，第二季資產處分收益大幅增加。提醒一下，本季的收益與該交易第一階段相關。預期總收款為 5.25 億美元，其中已收取 2 億美元、今年稍晚再收取 2 億美元，其餘 1.25 億美元預計於明年收取。

Turning below the line. Interest expense improved $10 million due to a lower weighted average coupon and lower average debt balances. Other income increased $5 million as favorable pension impacts were partially offset by lower interest on cash held. Income tax expense increased $204 million, mostly due to higher pretax income. The effective tax rate was 23.3% and was impacted by a state legislative change this quarter.

接著看線下項目。利息費用改善 1,000 萬美元，原因是加權平均票息較低且平均負債餘額下降。其他收入增加 500 萬美元，因退休金的有利影響部分被持有現金的利息收入下降所抵銷。所得稅費用增加 2.04 億美元，主要因稅前所得較高。有效稅率為 23.3%，並受到本季州級立法變更的影響。

Closing out the income statement, CSX delivered operating income of $1.7 billion. The reported operating ratio was 43.4%, including a benefit of approximately 1,200 basis points from property gains.

總結損益表，CSX 的營業利益為 17 億美元。公告的營業比率為 43.4%，其中包含來自資產處分收益約 1,200 個基點的利益。

Now these results do not include any impact from the Quality Carriers acquisition, which closed on July 1. The acquisition will add approximately 6% to CSX' revenue and is expected to be relatively neutral to operating income and EPS this year due to the impact of transaction and integration-related expenses. Quality trucking revenue will be recorded in the other revenue line. On the cost side, about 2/3 of the expense will be MS&O. About 1/4 of it is split between labor and fuel, with the rest hitting depreciation and rents.

目前這些結果尚未包含 Quality Carriers 收購案的任何影響，該交易已於 7 月 1 日完成。該收購將使 CSX 的營收增加約 6%，且由於交易與整合相關費用的影響，預期今年對營業利益與每股盈餘（EPS）大致中性。Quality 的卡車運輸營收將列在其他營收項下。成本方面，約 2/3 的費用將歸類為 MS&O；約 1/4 介於人力與燃料之間分攤，其餘則反映在折舊與租賃費用。

Going forward, we expect to leverage the quality transaction to accelerate rail growth by offering new multimodal products, extending our reach and further integrating CSX into our customers' supply chains.

展望未來，我們預期運用 Quality 這筆交易，透過提供新的多式聯運產品、延伸我們的服務觸及範圍，並進一步將 CSX 整合進客戶的供應鏈，以加速鐵路業務成長。

Now turning to cash flow on Slide 13. As you know, free cash flow is a major focus for this team. Through the second quarter, free cash flow before dividends was $1.9 billion, up 35% versus the prior year. Just to put that in context, that's $300 million more free cash flow than we generated in all of 2017. Year-to-date free cash flow conversion on net income is 100%. And we expect it to remain near that level on a full year basis.

接著看第 13 頁的現金流。如各位所知，自由現金流是本團隊的主要關注重點。截至第二季，自由現金流（股利前）為 19 億美元，較去年增加 35%。為了提供一些背景，這比我們在 2017 年全年所產生的自由現金流還多 3 億美元。年初至今，自由現金流對淨利的轉換率為 100%。我們預期以全年來看也將維持在接近此水準。

The company's cash balance remains elevated at nearly $3 billion. Our expectation remains that this will normalize over time as we continue to invest in the business and return capital to shareholders.

公司現金餘額仍維持在接近 30 億美元的高檔。我們仍預期，隨著我們持續投資業務並回饋資本給股東，該水位將隨時間推移回歸正常。

Year-to-date shareholder returns are nearly $1.7 billion, including approximately $1.3 billion in buybacks and $400 million in dividends. We remain committed to returning excess cash to our shareholders with a balanced and opportunistic approach to buybacks.

年初至今股東回饋接近 17 億美元，其中約 13 億美元為庫藏股回購、4 億美元為股利。我們仍致力以兼顧平衡且把握時機的方式進行回購，將多餘現金回饋給股東。

With that, let me turn it back to Jim for his closing remarks.

接下來，我把時間交還給 Jim 做結語。

Great. Thanks, Sean. Concluding with Slide 15, we are maintaining our full year revenue outlook. Excluding the impact from Quality Carriers, we continue to project double-digit revenue growth for the year. As Sean mentioned, the acquisition will add approximately 6% incremental revenue growth on an annualized basis, and we expect the impact this year to be about half of that. We will achieve these growth targets by providing our customers with a high-quality service product. As I said, we are taking necessary steps to ensure we deliver on this commitment. Our capital expenditure outlook remains at $1.7 billion to $1.8 billion for the year, and we will continue returning cash to shareholders.

好的。謝謝你，Sean。最後看第 15 頁，我們維持全年營收展望不變。若排除 Quality Carriers 的影響，我們仍預期全年營收將呈現兩位數成長。如 Sean 所提，該收購以年化基礎計算將帶來約 6% 的增量營收成長，而我們預期今年的影響約為其中一半。我們將透過為客戶提供高品質的服務產品來達成這些成長目標。如我所說，我們正採取必要措施以確保履行這項承諾。我們對今年資本支出的展望仍為 17 億至 18 億美元，並將持續回饋現金給股東。

Demand remains strong and so does our commitment to customers. We are resourcing the network for growth. We are driving operational improvements to add capacity through increased asset utilization. We are investing in our business for the long term, and we continue to design new and creative solutions to allow customers to move more freight with CSX today and for years to come.

需求依然強勁，我們對客戶的承諾亦然。我們正在為網路成長配置資源。我們正推動營運改善，透過提高資產利用率來增加產能。我們以長期為目標投資於業務，並持續設計新的、具創意的解決方案，讓客戶今天以及未來多年都能透過 CSX 運送更多貨物。

Now back to Bill for the Q&A.

現在交回給 Bill 進行問答。

Thank you, Jim. (Operator Instructions) With that, we will now take questions.

謝謝你，Jim。（接線員指示）接下來我們開始提問。

(Operator Instructions) Your first question comes from Allison Landry with Crédit Suisse.

（接線員指示）第一個問題來自瑞士信貸（Crédit Suisse）的 Allison Landry。

I was hoping you could maybe talk about the underlying pricing environment, specifically what you're seeing on contract renewals even if just directionally from Q1. And then just given the myriad of inflationary pressures and very tight truck capacity, do you think there's scope for a more rapid acceleration in core price than you've seen in past cycles?

我想請你談談潛在的定價環境，特別是你們在合約續約上看到的情況，即使只是相較第一季的方向性變化也可以。另外，考量各式各樣的通膨壓力以及卡車運能非常吃緊，你認為核心價格是否有空間比過去循環更快速加速？

Allison, this is Kevin. In terms of price inflation today and cost inflation, what we're seeing -- and I'm keeping close with Sean and staying close to that so we can be transparent with our customers and explain to them what we're seeing in the market. None of it is a surprise to them. They're seeing it in their business. They certainly understand the pressures that are out there in terms of labor and other material costs. What we're really trying to do is see if some of these things are transitory or whether they're really here for the long term, and we'll continue to evaluate that throughout the year.

Allison，我是 Kevin。就目前的價格通膨與成本通膨而言，我們所看到的情況——我與 Sean 保持密切溝通並緊盯這些變化，以便我們能對客戶保持透明，向他們說明我們在市場上看到的狀況——這些對他們來說都不意外。他們在自身業務中也看得到。他們當然理解在勞動力與其他材料成本方面存在的壓力。我們真正想做的是判斷其中一些因素是暫時性的，還是會長期存在；我們將在全年持續評估。

When you look at generally our contracts, we have a lot of those renewals that occur in the fourth and first quarter. They're concentrated in those quarters. And really, it represents about 70% of our annual contract renewal activity. So we'll continue to look at that. We're communicating transparent with our customers and expect to obviously achieve that cost inflation through our pricing.

從整體合約來看，我們有許多續約發生在第四季與第一季，續約活動集中在這兩個季度。實際上，這約占我們年度合約續約活動的 70%。因此我們會持續觀察。我們正與客戶進行透明溝通，並且預期顯然會透過定價來反映這些成本通膨。

Your next question comes from Amit Mehrotra with Deutsche Bank.

您的下一個問題來自德意志銀行（Deutsche Bank）的 Amit Mehrotra。

Congrats on the great performance. Sean, if I look at the underlying operating ratio in the second quarter, 55.1%, is there any reason that, that moderates in the back half? I guess you have to add that -- we have to add the Quality Carriers into the mix. That looks like it's maybe 100 bps of negative impact this year, given it's half of the $600 million or so in revenue. But I would just -- if you just take that and table it for a second, mix is getting better, hopefully in the back half. Kevin just talked about 70% repricing towards the end of this year, maybe half of that towards the end of this year.

恭喜你們表現非常出色。Sean，如果我看第二季的基礎營運比率（operating ratio），55.1%，後半年有任何原因會讓它趨於溫和嗎？我想你必須把——我們必須把 Quality Carriers 納入考量。考量到它大約是 6 億美元左右營收的一半，這看起來今年可能帶來約 100 個基點的負面影響。但我只是——如果你先把這點先放一邊，產品組合在後半年應該會變得更好。Kevin 剛提到到今年年底大約有 70% 會重新定價，可能其中一半會在今年年底前後完成。

I would just expect that the underlying OR ex the Quality Carriers acquisition gets better in the second half versus the stellar performance in the second quarter. If you can just help us think about that.

我會預期，若排除 Quality Carriers 併購案的影響，基礎營運比率在下半年相較於第二季這麼亮眼的表現還會更好。若你能協助我們思考這點。

Yes. Thanks, Amit. So when you think about the second quarter, not a whole lot of unique items in there other than the Virginia transaction, and then I talked about the impact of the fuel tax settlement there. So strip those out and carry it forward to the second half of the year. What's going to impact the operating ratio in the second half of the year, quality. You're right. I think you're doing the math correctly there.

是的，謝謝你，Amit。當你看第二季時，裡面沒有太多特殊項目，除了維吉尼亞（Virginia）那筆交易，另外我也提到燃料稅和解對此的影響。所以把那些剔除後，延伸到今年下半年。下半年會影響營運比率的因素，主要是 Quality（Carriers）。你說得對，我想你的計算是正確的。

We've got some hiring to do. So we're going to be bringing on some crews. If we bring on the crews and network fluidity improves and we're able to move the volume, that will be a positive. But there will be a cost to bringing those crews on. We're also going to have some incentives here to increase the availability of crews. So that will be an impact.

我們還需要做一些招募。所以我們會增補一些乘務組（crews）。如果我們把乘務組補上、網路流動性（network fluidity）改善、並且能夠運送這些運量，那會是正面因素。但增補這些乘務組也會帶來成本。我們也會推出一些激勵措施來提高乘務組的可用性。因此這也會帶來影響。

And then probably the biggest variable is what does volume look like in the second half. We've been able to demonstrate here, albeit on a relatively easy comp that the drop-through is pretty good. The margins in the second half will be highly dependent on what the volume looks like.

然後可能最大的變數是下半年的運量會長什麼樣子。我們已經能夠證明——雖然是在相對容易的比較基期下——運量下滑的利潤穿透（drop-through）表現相當不錯。下半年的利潤率將高度取決於運量的樣貌。

Right. But then on the labor side, I think there's 6% to 7% of the workforce that attrits every year. So when you're talking about growth in sequential labor or headcount, is that a net number or a gross number, net of attrition? If you can just provide a little bit of color on that as well.

了解。但在勞動力方面，我想每年大約有 6% 到 7% 的員工會流失（attrition）。所以當你談到勞動力或人頭數的逐季成長時，那是淨增加還是毛增加（已扣除流失後的淨數）？也請你就這點提供一些補充說明。

Yes. So I mean we're going to continue hiring through the rest of the year and as long as we need to in order to move the volume and increase fluidity. I would expect sequential headcount is probably going to go up a little bit on a net basis, both in the third quarter and the fourth quarter.

是的。所以我的意思是，我們會在今年剩餘時間持續招募，並且只要有需要、為了運送運量與提升流動性就會持續招募。我預期第三季與第四季的人頭數，按淨額來看，可能都會小幅上升。

Your next question comes from Chris Wetherbee with Citi.

您的下一個問題來自花旗（Citi）的 Chris Wetherbee。

Maybe a question on the revenue outlook for the back half of the year. So obviously, you're maintaining your outlook, and that's fantastic. I guess when we think about volumes, do you feel like the network is at all constrained in order to take on incremental volume? Meaning do you think you're running kind of below what the demand environment would be able to sort of provide you? And then in that context, how do you feel about sort of service? Are there some improvements that need to be made, whether those heads coming back on or otherwise, so you can kind of reach maybe full potential from a volume growth perspective in the back half?

我想問一下下半年營收展望。很明顯你們維持既有展望，這很棒。我想當我們思考運量時，你們是否覺得網路在承接增量運量方面有任何受限？也就是說，你們是否覺得目前的運行水準低於需求環境原本能提供給你們的量？在這個脈絡下，你們對服務水準的看法如何？是否需要做一些改善——不論是把人力補回來或其他方式——讓你們在下半年從運量成長角度能夠達到可能的滿載潛力？

Yes, Chris. Look, when you look at the transportation sector as a whole, we're not unique. Everyone is having their challenges. The fluidity out there is not very good right now when you look across all modes of transportation and those challenges. We're facing the same challenges, getting trucks to pick up the boxes out of our yards, all those things create challenges for us.

是的，Chris。你看整個運輸產業，我們並不特殊。每個人都面臨挑戰。當你看所有運輸模式時，目前外部的流動性（fluidity）並不好，這些挑戰普遍存在。我們也面臨同樣的挑戰，例如要讓卡車到我們的場站把貨櫃（boxes）提走等等，這些都會為我們帶來挑戰。

So yes, I'd say there is opportunity that we weren't able to move in the second quarter. That's probably a fair assessment. As we get more fluid, as we bring on crews, I suspect that, that will generate opportunity. We're certainly having those conversations with our customers today. They want additional capacity, and we're committed to do everything we can, to react as quickly as we can, to bring on more people, more capacity to serve those customer needs.

所以是的，我會說第二季確實有一些我們沒能運走的機會，這樣評估應該算公平。隨著我們變得更順暢、隨著我們增補乘務組，我猜這將帶來更多機會。我們今天也確實在和客戶進行這些對話。他們需要更多運能，而我們承諾會盡一切所能、以最快速度反應，增補更多人力、更多運能來滿足客戶需求。

We're already starting to have conversations around next year. So I'm communicating every day with Jamie when I'm having discussions with customers on what they need. And so we can get out ahead of it with our resources. We can plan ahead. We can commit to delivering the service that we expect to do.

我們也已經開始就明年展開對話。所以當我和客戶討論他們的需求時，我每天都在和 Jamie 溝通。這樣我們就能提前部署資源、提前規劃，並承諾提供我們期望交付的服務水準。

Your next question comes from Ken Hoexter with Bank of America.

您的下一個問題來自美國銀行（Bank of America）的 Ken Hoexter。

Congrats on the solid results. Just wanted to talk a little bit about the congestion that's going on. So obviously, you just had a couple of questions on employees and ability to handle it. We've seen the 2 Western rails kind of do embargoes on traffic. Maybe talk a bit about -- we've seen your metrics kind of come down in terms of on-time performance. Talk about if you're starting to see any of that spread to the Eastern network. Is there different congestion points that -- especially what's going on in Chicago that you fear is starting to create any larger backlogs?

恭喜你們交出穩健的結果。我想談一下目前正在發生的壅塞情況。很明顯剛剛已經有幾個問題談到員工與處理能力。我們看到兩家西部鐵路公司對部分貨流做了禁運（embargoes）。也請談談——我們看到你們的指標在準點表現（on-time performance）方面有所下滑。談談你們是否開始看到這種情況蔓延到東部網路。是否有不同的壅塞點——特別是芝加哥正在發生的狀況——讓你們擔心開始造成更大的積壓？

And then just on that note, your cost per employee really scaled. Can you address kind of if there's anything in that, that we should look at going forward?

另外就此一點，你們的每位員工成本（cost per employee）大幅攀升。你能否說明其中是否有任何因素，是我們未來需要持續關注的？

Yes, Ken, it's Jim. I'll make a quick comment, and then I'll let Jamie follow up with any details if things are necessary. We've been very, very, very committed to making sure that this railroad runs well. It has been an unbelievable challenge. I've never seen any kind of a thing like this in the transportation environment in my entire career where everything seems to be going sideways at the same time. Despite all that, we have been able to keep our terminals open in Chicago, and I hope we can continue to do that.

是的，Ken，我是 Jim。我先快速評論一下，然後如果需要細節，我再讓 Jamie 補充。我們一直、一直、一直非常致力於確保這條鐵路運行良好。這是一個難以置信的挑戰。在我整個職涯中，我從未在運輸環境裡看過像這樣的情況：幾乎所有事情同時都在往不利方向發展。儘管如此，我們仍然能夠讓芝加哥的場站保持開放，我希望我們能持續做到。

In January, when I got on this call, I said we were hiring because we anticipated growth. I fully expected that by now we would have about 500 new T&E employees on the property. No way did I or anybody else in the last 6 months realized how difficult it was going to be to try and get people to come to work these days. It is an enormous challenge for us to go out and find people that want to be conductors on the railroad, just like it's hard to find people that want to be Baristas or anything else. It's very, very difficult. Nor did we anticipate that a lot of the people were going to decide they didn't want to work anymore. So our attrition was much higher in the first half of the year than what we had expected.

一月我參加這通電話會議時，我說我們正在招募，因為我們預期會成長。我原本完全預期到現在為止，我們應該已經新增大約 500 名運輸與引擎（T&E）員工到公司。過去 6 個月，我或任何人都沒想到，如今要讓人願意來上班會這麼困難。對我們而言，出去找願意當鐵路列車長（conductors）的人是一個巨大的挑戰，就像很難找到願意當咖啡師（Baristas）或做其他工作的人一樣。真的非常、非常困難。我們也沒預期到有很多人會決定不再工作。因此，今年上半年的員工流失（attrition）遠高於我們原先預期。

So even though we brought on 200 new employees, we fell short of where we thought we would be by now going into the year because we anticipated that there was going to be strong demand. We continue to expect there to be strong demand. And as long as there continues to be the forecast for demand, we are going to continue to hire employees because you need employees to run a railroad. That's what we're managing this company to do, is to serve our customers' needs, and we will bring on the assets and put them into places where they need to be so we can move our customers' freight, simple as that.

所以即使我們新增了 200 名新員工，因為我們預期需求會很強勁，年初時我們以為到現在應該達到的水準仍然落後。我們仍然預期需求會很強勁。只要需求預測仍然存在，我們就會持續招募員工，因為要營運鐵路就需要員工。我們管理這家公司要做的事，就是滿足客戶需求；我們會把資產帶進來並部署到需要的地方，讓我們能運送客戶的貨物，就這麼簡單。

Look, I think Jim's comments really nailed it with respect to some of the headwinds that we've faced here with respect to the metrics and where they sit. I'm proud of what this team has been able to do under the environment we've been at. Quite confident that in the environment we're in that Kevin and his team is providing us with some great numbers of what we need to look for going forward into the next 6 to 8 months as far as you can in this industry.

你看，我認為 Jim 的評論確實切中要點，說明了我們在指標表現及其所處水準方面所面臨的一些逆風。我為這個團隊在我們所處的環境下能做到的事情感到自豪。我也相當有信心，在目前的環境中，Kevin 和他的團隊為我們提供了很好的數據，讓我們知道在未來 6 到 8 個月——在這個產業你能看得那麼遠的範圍內——應該關注哪些重點。

But we know we can do better on these metrics. And that's what I think is the great opportunity. As an operating team, as we look forward, we've got the rolling stock that we need. We've got the assets that are sitting there. It's people to Jim's point, and I think it was mentioned by Amit. It was -- yes, 8% is where we look at for our attrition, which means we're going to be hiring for attrition, but we're going to be hiring for above attrition as well. We need to -- we've got 200 trainees out there. We mentioned that our T&E count's up a couple of hundred. There's more numbers. We know what our number is, and we're going to go after that. And for us, it's all about the reliability to the customer.

但我們知道，在這些指標上我們可以做得更好。而這正是我認為的重大機會。就營運團隊而言，展望未來，我們已具備所需的車輛（rolling stock）。我們有現成的資產擺在那裡。正如 Jim 所說，關鍵在於人力，我想 Amit 也提到了。是的，我們對流失率的觀察值是 8%，這表示我們會為了補足流失而招募，但同時也會招募超過流失補充的規模。我們需要——我們目前有 200 名受訓人員在外。我們也提到我們的 T&E（運輸與工程）人數增加了兩三百人。還會有更多人數。我們知道我們的目標數字是什麼，我們會全力達成。對我們而言，一切都在於對客戶的可靠性。

So as the fluidity picks up, as dwell continues to drop, yes, we see some benefits there with costs and the rest of it as we move along. But ultimately, we look at our trip plan performance, which is getting better and better, particularly on the intermodal side. On the carload side, the reliability isn't where we need it to be. So we're going to take the steps required in order to get that reliability where it has to be.

因此，隨著流動性提升、停留時間（dwell）持續下降，是的，隨著我們推進，我們在成本等方面會看到一些效益。但最終，我們關注的是我們的行程計畫績效（trip plan performance），而且它正變得越來越好，尤其是在聯運（intermodal）方面。在整車（carload）方面，可靠性還沒有達到我們需要的水準。因此，我們將採取必要的措施，把可靠性提升到必須達到的程度。

And Kevin and his team are able to go out there and sell the product, which is service, and that's key for us. Without service, we're not any different than anybody else. So we've got to continue to capture that, which allows us to grow, and continue to push forward.

而 Kevin 和他的團隊能夠出去銷售我們的產品——也就是服務——這對我們至關重要。沒有服務，我們和其他任何人都沒有差別。因此我們必須持續把這件事做好，這讓我們能夠成長，並持續向前推進。

So maybe I'll let Sean really touch on the cost per employee question.

所以也許我讓 Sean 來談談每位員工成本（cost per employee）這個問題。

Yes, Ken, just quickly on that. So if you're looking year-over-year, there's a few things to think about. First is the incentive comp I called out. You've got inflation on the labor side. And then we've got a little bit higher over time versus last year as we were obviously scaling down over time with the plummeting volumes.

好的，Ken，我很快回應一下。如果你看年對年（year-over-year），有幾件事需要考量。第一是我剛才提到的獎勵性薪酬（incentive comp）。其次是勞動端的通膨。然後，相較去年，我們的加班（over time）也略高一些，因為去年在運量暴跌時，我們顯然是在縮減加班。

Just the other factor from last year, you remember we had those emergency reserve boards. So we had about 300 employees who didn't have significant wages along with their emergency status there. So looking for the -- from the first quarter, we're actually down a little bit sequentially, reflecting some normal seasonal trends.

另外一個去年因素，你還記得我們有那些緊急備援名冊（emergency reserve boards）。因此大約有 300 名員工因其緊急狀態，並沒有領到顯著的薪資。若從第一季來看，我們其實在季對季（sequentially）略有下降，反映了一些正常的季節性趨勢。

Your next question comes from Tom Wadewitz with UBS.

下一個問題來自 UBS 的 Tom Wadewitz。

Yes. This is a question, I think, for Jim, maybe Kevin as well. You've talked about, I think, for a couple of years about the opportunity with carload shippers to gain wallet share versus truck. And I think you were developing some good momentum or had some good momentum in that before COVID. I just -- I'm wondering -- it's unusual circumstance, but does it hurt your ability to continue that program and to kind of gain further share from these shippers given that the rail network is having these challenges? I mean they're not -- a lot of it is not in your control, but how do you think that affects the ability to gain share? And when do you think you kind of get back on track with that share gain for carload shippers?

是的。我想這個問題是問 Jim，也許 Kevin 也可以回答。你們談到——我想——過去幾年一直在談，整車（carload）託運人相對於卡車（truck）有機會提升錢包份額（wallet share）。而且在 COVID 之前，你們似乎正在建立或已經建立不錯的動能。我只是——我在想——這是很不尋常的情況，但鑑於鐵路網路正面臨這些挑戰，這是否會傷害你們持續推動該計畫、並進一步從這些託運人那裡取得更多份額的能力？我的意思是，其中很多並不在你們的控制範圍內，但你們認為這會如何影響取得份額的能力？以及你們認為何時能在整車託運人的份額提升上「回到正軌」？

Sure, Tom. Many times, we've tried to explain why we're so confident in our ability to grow above traditional rates in our carload merchandise business was because we have -- if we can develop a product that's truck-like, we have a cost advantage that gives the customer lower-cost transportation solution with a similar level of reliability. And as we were moving along, as you said, coming and starting in '17, getting into '19, our reliability was significantly better than where it had been in 2017.

當然，Tom。很多次我們都試著解釋，為什麼我們對在整車雜貨（carload merchandise）業務中能夠高於傳統成長率成長如此有信心，原因在於——如果我們能打造一個像卡車一樣的產品（truck-like），我們就有成本優勢，能以相近的可靠性水準，為客戶提供更低成本的運輸解決方案。正如你所說，當我們一路推進，從 2017 年開始，到 2019 年，我們的可靠性顯著優於 2017 年的水準。

Our carload trip plan compliance number was in the high -- mid- to high 80% range. And so going in and having conversations with a customer who, number one, was skeptical about switching from truck to rail, we had a very good track record and an interesting product for him to look at.

我們的整車行程計畫遵循率（carload trip plan compliance）在 80% 中段到高段的區間。因此，當我們去和一位客戶對話時——首先，他對從卡車轉到鐵路是抱持懷疑的——我們有非常好的過往紀錄，以及一個值得他評估的有吸引力產品。

It's unfortunate when I now have to sit here much to my disillusionment and say our trip plan compliance number is 69. Is that 69 trip plan compliance much better than it was in 2017? Yes. So we still have the ability to have a good narrative with our customer base about why it makes sense for them to switch, but it's just simply not as compelling as it was 18 months ago or 15 months ago or before the world went sideways on us.

很不幸的是，現在我必須坐在這裡，帶著很大的失望說，我們的行程計畫遵循率是 69。這個 69 的行程計畫遵循率是否比 2017 年好很多？是的。所以我們仍然有能力向客戶群講出一個好的故事，說明為什麼他們轉換是合理的，但它就是沒有 18 個月前、15 個月前，或在世界對我們「翻轉」之前那麼有說服力。

So -- but we're going to get that back. That number would be much higher had, as I said, the 500 employees that we hoped that we would have had here by now, new conductors here by now, that number would have been much higher. And we're hiring and doing whatever we possibly we can do to run and improve the speed, velocity and reliability of our service. And as we do, we'll get back to having -- being in a position to have similar conversations with our customers as we did before.

所以——但我們會把它拉回來。正如我說的，如果我們原本希望到現在已經有的那 500 名員工——到現在已經到位的新列車長（new conductors）——那個數字會高得多。我們正在招募，並盡一切可能去營運並提升我們服務的速度、流速（velocity）與可靠性。隨著我們做到這些，我們會回到——回到能夠像以前那樣，與客戶進行類似對話的位置。

At the same time, it isn't easy to find a truck right now. So it's unfortunate that we're not really -- on the one hand, we're not as good as we were. But on the other hand, when we get back where we were, the opportunity right there is tremendous for us. So nothing has really changed about our optimism at all in terms of this strategy that will drive outsized growth for us as we move forward. It's just unfortunate. But as I said, the world went sideways on us here for a while. But we're coming back, we're coming back strong, and we'll be even better than where we were as we get more time to get things running right.

同時，現在要找到一輛卡車也不容易。所以很不幸的是，我們並沒有真正——一方面，我們沒有以前那麼好；但另一方面，當我們回到以前的水準時，眼前的機會對我們而言將非常巨大。因此，就這個將在未來推動我們超額成長的策略而言，我們的樂觀程度其實完全沒有改變。只是很不幸。如我所說，這段時間世界對我們來說有點「翻轉」。但我們正在回來，我們會強勢回來，而且隨著我們有更多時間把事情運轉到位，我們會比以前更好。

Is that something that bounces back quickly like you could be on track in 2022? Or do you think the shippers have some kind of readjustment period to engage on that share gain discussion again?

那會是很快反彈的事情嗎？例如你們在 2022 年就能回到正軌？還是你認為託運人需要某種重新調整期，才會再次投入到份額提升的討論？

Again, I hope that our service metrics -- as I said, I kind of said on the last call, we'd be in great shape by now. So yes, I expect those numbers to get back by the end of the year and reposition ourselves in the transportation community as it had an extremely good service product that -- going into next year. Again, we're getting truck conversions now. Our intermodal growth to a large degree is coming from converting long haul, over-the-road trucking to intermodal. Our growth in certain segments with certain customers in the carload side is coming at the expense of the truck.

再說一次，我希望我們的服務指標——如我所說，我在上一次電話會議上有點說過，我原本以為到現在我們會處於非常好的狀態。所以是的，我預期這些數字會在年底前回來，並在運輸業界重新定位我們，讓大家認知到我們擁有一個極佳的服務產品——以便進入明年。再說一次，我們現在就有卡車轉換（truck conversions）。我們的聯運成長在很大程度上來自把長途公路卡車運輸（long haul, over-the-road trucking）轉換到聯運。我們在整車端某些區隔、某些客戶的成長，是以卡車為代價而取得的。

So we're still seeing that. I just think that the -- again, we are not in -- it's not as easy for a salesman or women to go in and talk to a customer today about how great we are and why they should convert more traffic to rail than it was in the fall of 2019. It doesn't mean it's not achievable, it just means it's not as easy and we'll just have to work harder.

所以我們仍然看到那樣的情況。我只是認為——再說一次，我們目前並不在——對業務人員（salesman or women）而言，今天要去跟客戶談我們有多好、以及為什麼他們應該把更多貨量轉到鐵路，相較 2019 年秋天並沒有那麼容易。這不代表做不到，只是代表沒那麼容易，我們必須更努力。

Your next question comes from Scott Group with Wolfe Research.

下一個問題來自 Wolfe Research 的 Scott Group。

Kevin, it feels like for now, we've got a favorable environment for coal. Maybe just talk about what you're expecting from a volume and RPU standpoint on coal going forward. And then just separately, Jim, just any thoughts on the executive order and how you guys think about reacting, responding in any way?

Kevin，目前看起來煤炭（coal）的環境對你們有利。能否談談你對未來煤炭在運量（volume）與每單位收入（RPU）方面的預期？另外，Jim，對於行政命令（executive order）你有什麼想法？以及你們如何看待是否需要以任何方式作出反應或回應？

Yes. The coal market, similar to a lot of the other markets that we've talked about today, is the same. It's -- demand is outstripping supply. You're having the coal mines trying to catch up. They've underinvested. So they're catching up on some of their investments. They're having some of the same struggles we are on the people side. So we're seeing all that today.

是的。煤炭市場和我們今天談到的許多其他市場類似，情況相同——需求正在超過供給。你會看到煤礦試圖追趕。他們投資不足，所以正在補上一些投資。他們在人力方面也遇到一些和我們相同的困難。所以我們今天看到的就是這些。

You see the underlying commodity prices, whether it's natural gas here in the U.S. or met coal prices internationally and thermal coal prices internationally, they're all supportive of an uptick in volume. And we'll start to lap some -- continue to lap some very easy comps in the back half of the year, so we do expect growth but not back to the levels that we saw in 2019, and a lot of that is based on the supply chain continuing to try to catch up with the demand.

你可以看到基礎商品價格，無論是美國這裡的天然氣，或是國際上的冶金煤價格與動力煤價格，這些都在支撐運量回升。而且我們在今年下半年將開始（並持續）對比到一些非常容易的比較基期，因此我們確實預期會有成長，但不會回到我們在2019年看到的水準；其中很大一部分原因在於供應鏈仍在努力追趕需求。

So what we're already having discussions with our customers is what does it look like for next year and how do we continue to replenish inventories, particularly here on the domestic side, where our inventory levels are very low. We're in a situation right now where we're trying to keep inventory levels to above those critical levels so they can continue to burn and serve their customers. And -- but the environment has quickly turned up. I had discussions last week. They didn't see this coming. They were surprised about how quickly the market recovered. And so we're all communicating and really trying to understand how they can do better, how they can -- on the supply side and how we can deliver the transportation services so they can deliver to their end customer.

因此，我們已經在與客戶討論的是，明年會是什麼樣子，以及我們如何持續補充庫存，特別是在國內端，因為我們的庫存水位非常低。我們目前的情況是，正努力把庫存水位維持在那些關鍵水準之上，讓他們能夠持續燃燒並服務其客戶。而且——但環境已經迅速轉熱。我上週有過討論，他們沒有預料到這一點。他們對市場復甦得如此之快感到驚訝。因此我們都在溝通，並且真的在努力理解他們如何能做得更好、他們如何能——在供給端，以及我們如何能提供運輸服務，讓他們能交付給最終客戶。

But very good outlook. When you look at RPU, there's a little bit on the international side that will see favorability, particularly on the met side, where our price follows the commodity price and domestic will be relatively similar kind of dynamics that you saw in the second quarter going forward. So good market there.

但展望非常好。當你看RPU時，國際端會有一些有利因素，特別是在冶金煤（met）方面，我們的價格會跟隨商品價格；而國內端往後將呈現與第二季相對類似的動態。因此那裡的市場不錯。

Yes, Scott. On the executive order, I guess, when we first heard about it before it actually been released, it seemed like the administration had, for some reason, singled out the railroads and the steamship businesses. Once the full information got out and we were able to digest it and find out that it covered everything and everybody and especially tech, we got a little better viewpoint of what it was all about. And it appears to be pretty much not a lot of new items in it, if any, but the agenda as it relates to railroads, the agenda that has been moving full -- along at the Surface Transportation Board for years. So it was kind of like what is everything that's going on at the Surface Transportation Board, and we'll just kind of list it along with every other regulatory move afoot in all industries.

是的，Scott。關於行政命令，我想，當我們一開始在它實際發布之前聽到消息時，感覺政府出於某種原因特別點名了鐵路與蒸汽船業務。一旦完整資訊出來、我們能夠消化並發現它涵蓋了所有事情與所有人，尤其是科技業，我們對它的本質有了更好的看法。看起來其中幾乎沒有太多新項目（如果有的話）；但就與鐵路相關的議程而言，那其實就是多年來一直在美國地面運輸委員會（Surface Transportation Board）推進的議程。所以這有點像是：把地面運輸委員會正在做的一切，連同各產業正在進行的其他監管動作一起列出來。

And it's really my personal opinion, it's really unfortunate when the supply chain, all of these essential workers who have been doing an amazing job now during a pandemic are kind of singled out. The railroad is made up of all these employees that are out there working. And all of these regulatory ideas which are really pushed forward by industry lobbyists, who want to change the rules and regulations, decided at this point in time when everybody is working so hard, that we should suddenly upend and take advantage of a difficult time to try and push forward a regulatory agenda. So it's not much new. I was somewhat disillusioned about what it really was. But we're used to handling it and we'll move forward.

而且這真的是我個人的看法：很遺憾的是，供應鏈、所有這些在疫情期間一直做得非常出色的關鍵工作者，現在卻好像被特別點名。鐵路是由所有這些在外面工作的員工所組成。而所有這些監管構想，其實是由想要改變規則與法規的產業遊說者所推動；他們選在這個大家都非常努力工作的時間點，突然要翻轉現狀，並試圖利用艱難時期來推進監管議程。所以沒有太多新東西。我對它真正是什麼有些幻滅。但我們習慣處理這些事，我們會繼續往前。

Your next question comes from Fadi Chamoun with BMO.

你的下一個問題來自BMO的Fadi Chamoun。

A question on Quality Carriers. If you can give us maybe your first impression if you had some communication with clients. How are they perceiving this combination? And secondly, as we go into 2022 -- I think you mentioned for this year, it's going to break even on an operating income basis. But as we go into 2022, how are you thinking about the contribution of that business to operating income?

一個關於Quality Carriers的問題。如果可以的話，能否分享一下你們的第一印象，是否已與客戶有一些溝通？他們如何看待這次結合？第二，展望2022年——我想你提到今年在營業利益基礎上將打平。但進入2022年後，你們如何看待該業務對營業利益的貢獻？

This is Kevin. On the Quality integration, July 1, you can imagine we got our teams together quickly after that, our sales team, along with the Quality sales team. And the feedback so far from the customers has been overwhelmingly positive. They're looking for capacity in the market. We have several ongoing initiatives currently with customers that will offer that capacity that they're looking for. We're doing all of our diligence, making sure when we bring on the service, we communicate with Jamie and his team and that we can service that business to the standard that we expect. So that -- we'll do it very carefully and very methodically, particularly in this market today.

我是Kevin。關於Quality的整合，7月1日之後你可以想像，我們很快就把團隊集合起來，我們的銷售團隊與Quality的銷售團隊一起。到目前為止，客戶的回饋非常正面。他們在市場上尋找運能。我們目前與客戶有幾項正在進行的計畫，將提供他們所尋求的運能。我們正在做所有必要的盡職調查，確保當我們導入服務時，我們會與Jamie和他的團隊溝通，並且我們能以我們期望的標準來服務該業務。因此——我們會非常謹慎、非常有系統地推進，特別是在今天這樣的市場環境下。

But this is a product that -- and we knew this going in because we did our diligence ahead of it. We surveyed our customers, and we surveyed their customers, and we asked if this is something that they feel is needed in the market. And the overwhelming response was, yes, we'd like this in the market. They see the value. We'll be thoughtful on how we bring it on. We had a lot of inbound customers calling us looking to come up with additional solutions, and we'll bring those on.

但這是一項產品——而且我們在進來之前就知道，因為我們事前做了盡職調查。我們調查了我們的客戶，也調查了他們的客戶，並詢問這是否是他們認為市場需要的東西。壓倒性的回應是：是的，我們希望市場上有這個。他們看到了價值。我們會審慎思考如何導入。我們接到很多主動來電的客戶，尋求更多解決方案，我們也會把那些導入。

But it's been great so far. Our teams are working very, very closely together, and we're working closely with ops and so they can understand the opportunities and ways that we're thinking about bringing incremental volume onto the network.

但到目前為止進展很棒。我們的團隊彼此非常、非常緊密地合作，我們也與營運端密切合作，讓他們能理解機會，以及我們在思考如何把增量運量帶進網路的方式。

And I'll let Sean handle the financial side of it.

我會讓Sean來說明財務面的部分。

Yes. Fadi, so in terms of the financial impact as we get into next year, the core trucking business has truck-like margins. So you can expect to see that next year. But it's about the conversion that Kevin has been talking about when we're able to drive some of that business that's moving over the road today over to the rail and do it on existing trains. The incrementals on that growth should be pretty significant. We've got to ramp that up over time. We need to make sure we've got the equipment and all piping in place, but you should see a ramp-up in that next year.

好的。Fadi，就明年開始的財務影響而言，核心卡車運輸業務具有卡車業務的利潤率。因此你可以預期明年會看到那樣的表現。但重點在於Kevin一直在談的轉換：當我們能把目前走公路的部分業務轉到鐵路上，並且是在既有列車上完成時，該成長的增量效益應該會相當可觀。我們必須隨時間逐步拉升。我們需要確保設備與所有管線（piping）都到位，但你應該會在明年看到逐步爬升。

Your next question comes from Justin Long with Stephens.

你的下一個問題來自Stephens的Justin Long。

Jim, I wanted to clarify the comment you made earlier on the progression of carload trip plan compliance going forward. Were you saying that getting back to the mid- to high 80s was possible by year-end? And then from a resource perspective, we've talked a lot about headcount, but can you talk about your plans for redeploying locomotives in the back half of the year as well?

Jim，我想釐清你先前提到的、關於未來車載（carload）行程計畫符合率（trip plan compliance）改善進程的評論。你是說到年底有可能回到80%中段到高段嗎？另外，從資源角度來看，我們談了很多人力編制，但你也能談談今年下半年在機車（locomotives）重新部署方面的計畫嗎？

Yes. I'll let Jamie talk about locomotives. But in terms of my goal to get back to where we were, yes, I would hope that we could. Where we are right now would be challenges associated with being able to hire people. I don't know if that's achievable. That's my goal. That's what I'd like to see happen. And then I'd like to see us get better from there. I can't say right now whether or not -- until something changes dramatically in the hiring situation whether or not we'd be able to achieve that.

是的。我會讓Jamie談機車。但就我希望回到我們原先水準的目標而言，是的，我希望我們能做到。我們目前所處的位置，挑戰在於能否招到人。我不知道那是否可達成。那是我的目標，也是我希望看到發生的事。然後我希望我們能在此基礎上繼續變得更好。我現在無法說是否——除非招募情況出現重大改變，否則我們是否能達成。

On the locomotive side, as we get faster and we can improve our fluidity out there from even where we are now, we're going to need less locomotives. So the question isn't necessarily where our number is at now. We're good with what we have for our locomotives. We've still got hundreds of locomotives in storage. We've got a great rebuild program that we're continuing to do. We've got 60 rebuilt locomotives coming out here over the next 3 months, which will allow us to put down some more locomotives that aren't as fuel efficient.

在機車方面，隨著我們速度提升、並且能把現場的流動性（fluidity）從目前水準再改善，我們將需要更少的機車。所以問題不一定在於我們現在的數量。我們對現有機車配置感到滿意。我們仍有數百台機車在封存（storage）中。我們有一個很棒的翻修（rebuild）計畫並持續進行。接下來3個月會有60台翻修機車出廠，這將讓我們能再停用一些燃油效率較差的機車。

So we'll continue along that track. And nothing but continued opportunities, particularly on the technology side as we continue to work with our 0-to-0 program through Trip Optimizer and Wi-Tronix. There's a lot to gain as we continue to move forward on that front.

所以我們會沿著這條路持續推進。而且機會只會持續增加，特別是在技術面，因為我們持續透過Trip Optimizer與Wi-Tronix推動我們的0-to-0計畫。隨著我們在這方面持續前進，還有很多可以獲得的效益。

Your next question comes from Brian Ossenbeck with JPMorgan.

你的下一個問題來自JPMorgan的Brian Ossenbeck。

Just wanted to ask maybe, Kevin, for you, just for an update on the land portfolio, the industrial pipeline, how you think those things are trending, if those conversations have really changed given the demand backdrop? What's, I guess, your time line expectations for site development or something like that, that would come from those efforts that would be more noticeable?

只是想請教一下，Kevin，就土地資產組合、工業開發管線的最新進展而言，你認為這些趨勢如何？在目前需求背景下，那些對話是否真的有所改變？我想問的是，你對於場址開發之類的時程預期為何，從這些努力中何時會出現更明顯的成果？

And then just a follow up on the question about labor and resources. It sounds like that's the key, getting labor, but it also sounds like it's pretty hard for you and for everybody. So maybe you can just give us a sense of your confidence in that and then if there's any other levers you can pull across the network, different asset deployments that would help you get there if the labor doesn't -- ends up being as hard as it looks right now.

另外再追問一下關於勞動力與資源的問題。聽起來關鍵在於取得人力，但也聽起來對你們以及所有人來說都相當困難。所以也許你可以談談你對此的信心程度，以及如果人力問題——最後證明像現在看起來這麼棘手——在整個網路中是否還有其他可以拉動的槓桿、不同的資產配置，能幫助你們達成目標。

Well, let me touch on the industrial development and how we're thinking about it. The pandemic really has changed the way the customers are viewing their supply chains, and we're really -- what I'm pushing the team to do is we need to be in that conversation as they're reevaluating it. Are there new facilities? Are there new warehousing? Is there new production that they're going to want to onshore? And how do we sell the opportunity to put that on CSX rail and make it rail served.

我先談談工業開發以及我們如何看待這件事。疫情確實改變了客戶看待其供應鏈的方式，而我一直在推動團隊做的是：當客戶重新評估供應鏈時，我們必須參與那個對話。是否會有新設施？是否會有新的倉儲？是否會有他們想要回流到本土的新增產能？以及我們要如何銷售把這些機會放到 CSX 鐵路上、讓其成為有鐵路服務的據點。

I think the customers understand the opportunity that, that gives them in terms of options and being able to move their freight, particularly in an environment where global supply chains can be challenged that the freight -- that the railroads have been reliable and have continued to move freight throughout the pandemic. And they're increasingly seeing the value to that.

我認為客戶理解這樣做能帶來的機會，包含在選項上的彈性以及運輸貨物的能力，特別是在全球供應鏈可能受挑戰的環境下——而且在整個疫情期間，鐵路一直很可靠，持續在運送貨物。他們也愈來愈看見其中的價值。

So I'm excited about leveraging our real estate portfolio. We have a lot of ready sites that they can build on today. We're marketing that along with the real estate team closely and seeing some traction there. So it's exciting. I think it's early. But I'm hopeful that we'll start to see a little bit more opportunity over the next 12 months as we get out and get in front of our customers there.

因此我很期待能善用我們的不動產資產組合。我們有很多已準備就緒、今天就能動工的場址。我們與不動產團隊密切合作進行行銷，也看到一些進展。所以這很令人振奮。我認為現在還算早期，但我希望在未來 12 個月，當我們走出去、在客戶面前更積極推進時，能開始看到更多機會。

On the labor side, I've been working really closely with our HR department, Diana Sorfleet and her crew. Really, the last 8 months, it's been difficult. There's no question about it. We've gone through some ebbs and flows with how our applications have come forward, making sure we get the right people to work in new jobs.

在人力方面，我一直與我們的人資部門——Diana Sorfleet 以及她的團隊——非常緊密地合作。過去 8 個月確實很困難，這點毫無疑問。我們在應徵申請的流量上經歷了一些起伏，同時也要確保為新職位找到合適的人。

Just recently, there's a couple of things that we've done that's helped us. We've come up with a deal with our conductor SMART TD for an availability agreement, which allows us to work closer with our conductors and make sure that their availability is better than it has been. So that agreement has been successful here over the past couple of weeks since it's kicked in. And believe it or not, being a fourth-generation railroader, I'm a believer that sometimes the best people you can get for railroads that stick around are actual people from railroad families. I think there's a few others around this table in the same situation.

最近我們做了幾件事，確實對我們有幫助。我們與列車長工會 SMART TD 達成一項出勤可用性協議，讓我們能更緊密地與列車長合作，並確保他們的可用性比過去更好。這項協議在過去幾週生效以來運作得很成功。再者，信不信由你，身為第四代鐵路人，我相信有時候最適合、也最能在鐵路業長久留下來的人，其實是來自鐵路家庭的人。我想在座也有幾位是類似的情況。

We have put a referral program together, offering incentives to our employees to refer people to our railroad to work for CSX, and we went from application of just a few hundred people to, I would say, within a 2-week period, well over 1,000 applicants that we're going through right now to bring on as conductors. So the pipeline has gotten very strong, and this program has helped out. And of course, the referrals will then help people stick around, too. They understand what the job is. They know what it's about and understand the lifestyle. So this program is really going to help us move forward as we continue to do our hiring.

我們也建立了一個推薦計畫，提供獎勵給員工，鼓勵他們推薦人來我們鐵路、到 CSX 工作。我們的應徵人數從原本只有幾百人，提升到我想在兩週內就超過 1,000 名申請者，我們目前正在篩選並招募他們擔任列車長。因此人才管線變得非常強，這個計畫確實幫上忙。當然，透過推薦進來的人也更可能留下來。他們了解工作內容，知道這份工作是什麼，也理解這種生活型態。所以這個計畫將在我們持續招募的過程中，真正幫助我們向前推進。

Your next question comes from Jordan Alliger with Goldman Sachs.

下一題來自高盛（Goldman Sachs）的 Jordan Alliger。

Just wondering if you could talk a little about the international intermodal front with the issues that are out on the West Coast and some of the gating procedures in Chicago. Do you think that's -- is that -- or will that lead as we move towards peak season, retailers and others perhaps diverting more traffic to the ports on the East Coast? And could that lead to additional opportunity for you, again, assuming your service could keep up?

想請你談談國際聯運（intermodal）方面：西岸目前的問題，以及芝加哥的一些閘口（gating）作業程序。你認為這是否——或將會——在我們邁向旺季時，導致零售商及其他貨主把更多貨量改道到東岸港口？如果是的話，假設你們的服務能跟上，這是否會為你們帶來額外機會？

Yes. I think you really identified a trend here. The West Coast ports have struggled, particularly through the pandemic and as freight demand has really picked up here. And the secular trend that we continue to see more freight moving to the East Coast, this is another reason why I think the shippers are going to look for that option, and that's a very good thing for our franchise in the East. We remained fluid. Jamie and his team have done a great job working with all of our port partners to continue to move freight.

是的。我認為你確實指出了一個趨勢。西岸港口一直在掙扎，特別是在疫情期間，以及貨運需求大幅回升之後。我們持續看到更多貨量往東岸移動的結構性趨勢，而這又是另一個原因，讓我認為貨主會尋找那個選項，這對我們在東岸的版圖非常有利。我們維持了順暢運作（fluid）。Jamie 和他的團隊與所有港口合作夥伴密切合作，持續推動貨物流動，做得非常好。

And so the intermodal terminals remain open. We're continuing to move freight and we want more of it. We're continuing to invest in inland ports and other areas to make sure that we can serve it.

因此聯運場站仍然保持開放。我們持續在運貨，而且我們希望有更多貨量。我們也持續投資內陸港（inland ports）及其他區域，以確保我們有能力提供服務。

Your next question comes from David Vernon with Sanford.

下一題來自 Sanford 的 David Vernon。

Jamie, it's still not clear to me whether the resource initiatives you're having are a function of having cut too deep kind of on the way down or whether this is just sort of sand in the restart recruiting gears, trying to get guys off of the idle boards or whatever. Could you talk more specifically to what the core issue is here?

Jamie，我仍不太清楚你們目前的資源措施問題，究竟是因為在景氣下行時裁得太深，還是只是重啟招募時的摩擦——例如要把人從待命名單（idle boards）拉回來之類。你能否更具體談談這裡的核心問題是什麼？

And then as a follow-up, Jim or Kevin, when do you start getting worried that the service-level issues you're having now are going to impact your ability to make hay on the [port] to be a pretty good market next year?

另外追問一下，Jim 或 Kevin，你們何時會開始擔心目前的服務水準問題，會影響你們在明年看起來相當不錯的市場中把握機會、充分受益的能力？

It was a little fuzzy, but I think the question is the issues associated with the employees and trying to hire people, correct?

剛剛有點不太清楚，但我想你的問題是：與員工相關的問題，以及招募人員的困難，對嗎？

Yes.

是的。

Yes. No, we're not -- I don't think -- I think this is a trend for every business right now. It's a challenge. I think we're evolving in the way we think about this and have to try and figure out things to do to make these jobs more attractive. They're extremely good paying jobs with extremely good benefits with all kinds of other bells and whistles, but in today's world, that's not enough.

是的。不，我們並不是——我不認為——我認為這是目前每個企業都面臨的趨勢。這是一項挑戰。我認為我們正在調整思維方式，必須想辦法讓這些工作更具吸引力。這些工作薪資非常好、福利非常好，還有各式各樣的其他附加條件，但在今天的世界裡，這些還不夠。

So a lot of the things we're doing right now in terms of, as Jamie said, getting referrals, doing this, doing that, are going to fill the need on a short-term basis. But I'm convinced and I think the team is convinced that we need to kind of look at this from a long-term perspective and say, what do we really need to do to make sure that we have a stable, long-term pipeline of people that enjoy coming to work and doing what they need to do. And nights, weekends, holidays, winter, outside, all of that where people before kind of like that, they don't want to do that anymore.

所以我們現在做的很多事情——如 Jamie 所說，透過推薦、做這個做那個——短期內會填補需求。但我深信、而且我想團隊也深信，我們需要從長期角度來看，並問自己：我們到底需要做什麼，才能確保有一個穩定、長期的人才管線，讓人們願意來上班、也樂於完成他們該做的事。包含夜班、週末、假日、冬天、戶外作業等等——以前有人反而喜歡這樣，但現在人們不想這麼做了。

So we have to look at the whole big picture, and we'll do that because we need employees to run the railroads, simple as that. And so we're going to change our thoughts, our processes and throwing money at people these days is not the answer.

因此我們必須從整體大局來看，我們也會這麼做，因為鐵路要運作就需要員工，就這麼簡單。所以我們會改變我們的想法與流程，而在這個年代單純砸錢並不是答案。

And I guess the other question in there was whether and when you start to get worried that the service issues you're having now starts to impact your ability to kind of take rate up into '22.

我想你剛剛另一個問題是：你們是否、以及何時會開始擔心目前的服務問題，會影響你們在 2022 年把運價往上調的能力。

Well, I think that the -- I'm not worried right now because I think we have plans in place that will get us where we need to be by the end of the year. As I said in my remarks earlier, we were caught somewhat surprised in as much as we had a plan in place to get us to where we thought we needed to be, and these issues that everybody is facing right now kind of flared up.

嗯，我認為——我現在不擔心，因為我認為我們已有計畫，能在年底前把我們帶到需要的位置。正如我先前發言所說，我們某種程度上有點措手不及，因為我們原本有一個計畫，能讓我們達到我們認為需要的狀態，但目前大家都在面對的這些問題又突然加劇了。

But we have -- it's been a full-court press. Jamie and I are personally doing everything we possibly can to work with the union leadership to help us, and they've been tremendous in their response to making sure that we're ready and willing and able to serve our customers.

但我們一直——這是一場全力以赴的攻勢。Jamie 和我親自盡我們所能與工會領導層合作來協助我們，而他們的回應非常出色，確保我們已準備就緒、願意且有能力為客戶提供服務。

So I feel pretty good about where we should be absent looking -- living in Jacksonville and working in Jacksonville today. It's not like the pandemic is going out there. Hello, it's alive and well right here. So who knows what things -- what's going to happen in the next couple of weeks, couple of months. Well, let's assume that we have some reasonable health conditions in the country. I feel pretty good we'll go into '22 well positioned, and we will continue to make sure that we have a pipeline of labor coming at us all the time in the future.

所以我對我們應該處於的位置感覺相當不錯——前提是不要只看今天住在傑克遜維爾、在傑克遜維爾工作這件事。這不像疫情已經消失了。拜託，它就在這裡，依然活躍而且狀況良好。所以誰知道接下來幾週、幾個月會發生什麼。好吧，假設全國的健康狀況還算合理。我覺得我們會以良好態勢進入 2022 年，並且我們會持續確保未來隨時都有勞動力供給的管道。

Your next question comes from Walter Spracklin with RBC.

下一個問題來自 RBC 的 Walter Spracklin。

I just wanted to come back on pricing, but I take a different angle in terms of how you're structuring or might be restructuring or changing at all the type of contracts you're negotiating with your customers. And in particular, we're in a period of high pricing, particularly in trucking and intermodal. And there are some questions whether that is sustainable. So my question to you is, are you changing -- or can you change at all the terms of your contract, lengthen them out to better capture and preserve the current pricing environment longer than you otherwise would have on your prior -- structure your prior contracts?

我想回到定價這個話題，但我想從不同角度切入：你們如何在與客戶談判時設計——或可能重新設計、或是否會改變——合約的類型。特別是，我們正處於高價環境，尤其是在卡車運輸與聯運方面。而外界也有一些疑問：這是否可持續。因此我想問的是，你們是否正在改變——或你們是否能改變——合約條款，把合約期限拉長，以便比你們先前的——也就是你們過去的合約架構——更好地捕捉並維持目前的定價環境更久？

Look, I don't think there's anything in this environment that changes our overall approach to how we go to market. It's about being transparent with the customer around the cost pressures that we're facing in our business. They get it. They're facing the same issues and having a discussion around that. I'm more interested about how we partner with our customers to grow their business and help them compete in the markets. Those are the things that I'm really focused about. We all realize we have to cover our cost. That's really a secondary discussion when it comes to the conversations I'm trying to have with the customer.

你看，我不認為在這樣的環境下會改變我們整體的市場策略。我們的重點是就我們業務所面臨的成本壓力，對客戶保持透明。他們理解——他們也面臨同樣的問題——並就此進行討論。我更關心的是我們如何與客戶合作來成長他們的業務，並幫助他們在市場中競爭。這些才是我真正專注的事情。我們都明白必須覆蓋成本。就我試圖與客戶進行的對話而言，那其實是次要的討論。

I'm trying to understand how their business is being impacted today, how they expect to grow next year, what can we do from a service perspective to help them in our new markets, help them advantage in the market and compete and win share. If they're winning in the market, we're going to win. And so a lot of those conversations are happening today. Certainly, we expect to cover our cost going forward. But really, it's a combination of volume growth. We want to grow with our customers. We want them to be successful growing their business going forward.

我想了解的是，他們的業務今天受到什麼影響、他們預期明年如何成長、我們能從服務角度做些什麼來在我們的新市場中協助他們，幫助他們在市場上取得優勢、競爭並贏得市占。如果他們在市場上贏，我們就會贏。所以今天有很多這樣的對話正在進行。當然，我們預期未來會覆蓋成本。但真正的重點是量的成長組合。我們希望與客戶一起成長，也希望他們未來能成功擴大業務。

Yes, it wasn't so much to take advantage, but more to come to an agreement where, okay, capacity is very tight. Maybe a customer wants to lock in higher for longer and you can accommodate that through longer terms. Just curious if any of that is coming up where customers wanting to -- desperate for capacity wants to lock in for longer and if you can keep that pricing in as a result for longer as well. But it sounds like that's not happening.

是的，我的意思不是要趁機占便宜，而是想達成一個共識：好，運能非常吃緊。也許客戶想以較高價格鎖定更長時間，而你們可以透過更長的合約期限來配合。只是好奇是否有出現這種情況：客戶因為急需運能而想鎖更久，而你們也因此能把那個價格維持更久。不過聽起來似乎沒有發生。

No. Look, I'm 100% confident. I talk to Jamie every day that this network is going to get better and better, and we're going to enter next year able to service our customers. And we're having those discussions of how we bring on more volume. And what we're asking our customers to do is tell us what that volume looks like, so we can resource and prepare from a headcount perspective all the crews. We certainly have the locomotives. We have the assets out there to go and service that business.

沒有。你看，我百分之百有信心。我每天都跟 Jamie 談，這個網路會越來越好，而我們會在明年進入時具備服務客戶的能力。我們也正在討論如何承接更多的量。我們請客戶做的是告訴我們那個量會長什麼樣子，這樣我們才能從人力編制的角度配置資源並準備好各個班組。我們當然有機車。我們也有現有資產可以去服務那個業務。

So we want to get ahead of that. It's been an incredibly hard market to predict what volumes are going to do. And we've all been surprised about the shape of the recovery. But what we're trying to do is get out in front. So we know how much we need to hire and how -- and get way ahead of it to make sure that we're there for the customer going forward.

所以我們想要提前布局。這一直是一個極難預測量會怎麼走的市場。我們都對復甦的形狀感到意外。但我們正在努力走在前面，讓我們知道需要招募多少人、以及——並且大幅提前準備，以確保未來能持續為客戶提供服務。

Your next question comes from Cherilyn Radbourne with TD Securities.

下一個問題來自 TD Securities 的 Cherilyn Radbourne。

I wanted to ask a question about automotive, where volumes are up a lot, but presumably not as much as they could be. So could you talk about the extent to which you have visibility to when the chip shortage might improve? And do you think that the pent-up demand that might be released once that happens could be a tailwind that could contribute to above-trend volume growth into 2022?

我想問一個關於汽車的問題：目前運量增加很多，但推測仍未達到可能的水準。你能否談談你們對晶片短缺何時可能改善的能見度有多高？以及你是否認為，一旦短缺改善、被壓抑的需求釋放，可能成為順風，推動 2022 年運量成長高於趨勢？

Well, you're probably looking at the same data I am. You can't find a used car, you can't find a new car. It's another market where demand is outstripping supply. We're close -- we stay close with our auto customers. We've seen rolling shutdowns and the auto plants that we serve, and that continues to persist.

嗯，你大概在看跟我一樣的數據。你找不到二手車，也找不到新車。這又是一個需求超過供給的市場。我們與汽車客戶保持密切聯繫。我們看到我們服務的汽車工廠出現輪流停工，而這種情況仍在持續。

When we came into the year, we started to see the problem. The problem seems to continue to move to the right. It's going to impact our third quarter. And the question remains how long into the fourth quarter that goes and does it extend into next year, are there going to be other supply constraints in the market, other materials that will provide shortages. It's a global supply chain. And so what's the next thing that we could run out of, that's what we're all watching.

我們在年初進入今年時就開始看到這個問題。而這個問題似乎持續往後延。它會影響我們第三季。問題在於它會延續到第四季多久、是否會延伸到明年；市場上是否會有其他供應限制、其他材料會出現短缺。這是一條全球供應鏈。所以接下來我們可能會缺什麼——這是我們大家都在關注的。

But just staying close with the customers, and we do know there's pent-up demand going into next year that will help a lot of other markets that we serve. Think of the metals market, plastics, all those are inputs into the auto industry today. And hopefully, it provides another incremental growth lever that will be pulled as we move into '22. But there's -- everybody sees it. There's a lot of pent-up demand. The auto production today has continued to come down given the supply constraints out there.

但只要與客戶保持密切聯繫，我們也知道明年存在被壓抑的需求，這將對我們服務的許多其他市場有很大幫助。想想金屬市場、塑膠——這些都是當今汽車產業的投入品。希望它能在我們邁入 2022 年時，提供另一個可被拉動的增量成長槓桿。但——大家都看得到——被壓抑的需求很多。由於外部供應限制，當前汽車產量仍在持續下滑。

Your next question comes from Ravi Shanker with Morgan Stanley.

下一個問題來自 Morgan Stanley 的 Ravi Shanker。

A couple of follow-ups. Jim, I wanted to follow up on your comment earlier that throwing money is not going to solve the labor problem, which does make sense given some of the structural issues. But in the near term, I think a lot of the other industries are throwing money at the problem, whether it's trucking or fast food or retail or whatever. So I mean are you saying that you're not going to go down that route at all? Or kind of at what point do you do that? And also kind of how do we think about kind of revenue per employee in the back half of the year?

有幾個追問。Jim，我想追問你先前的評論：砸錢並不能解決勞動力問題，考慮到一些結構性因素，這確實有道理。但在短期內，我認為很多其他產業都在用加錢來解決問題，不管是卡車運輸、速食、零售等等。所以我的意思是，你是在說你們完全不會走那條路嗎？或者在什麼情況下你們會那麼做？另外，我們該如何看待今年下半年的人均營收（revenue per employee）？

Well, it's -- I personally think that as I said, we need to look at -- fundamentally look at what we need to do to make sure that we have a content, happy workforce over the long period of time. And so that's what we're trying to do. I think that's kind of the plan in most businesses, whether it's bring your dog to work or whatever it is we need to do to make your job more fulfilling, that's great.

嗯，這——我個人認為，正如我所說，我們需要——從根本上檢視我們需要做什麼，以確保長期擁有一支滿足、快樂的員工隊伍。所以這就是我們正在努力做的。我想這大概也是大多數企業的計畫，不管是帶狗上班之類的，或任何我們需要做的事情來讓你的工作更有成就感，這都很好。

If I'm a trucking company or an intermodal company and I decide that the smart thing to do is to pay a truck driver $0.25 million a year to drive a truck and then as always happens in the trucking business, not maybe next year but the year after, when the bottom drops out and there's excess capacity all over the street and people are running -- driving trucks for the rates in order to put gas in the tank, that business model doesn't work so good. So we try to take a longer-term, more holistic approach to managing our workforce.

如果我是一家卡車公司或一家聯運公司，而我認為聰明的做法是付給卡車司機每年 0.25 百萬美元來開卡車，然後就像卡車運輸業一向會發生的那樣——也許不是明年，但後年——當景氣反轉、運能過剩遍布市場、大家為了能加油而以低運價在跑——那種商業模式就不太行得通。所以我們嘗試以更長期、更全面的方法來管理我們的員工隊伍。

Got it. If I can squeeze in a follow-up. The other revenue was about over $103 million this quarter. Is that a good run rate to look at the back half of the year?

了解。如果我可以再追問一下。本季其他營收約超過 1.03 億美元。這是否是一個可用來看今年下半年的良好常態水準（run rate）？

Yes, Ravi. So that was impacted by the intermodal storage fees that are due to the supply chain issues and the truck driver shortages that we've been talking about here. So does that continue into the second half of the year? I think it depends on what happens with the persistence of those issues. But that's really the fundamental driver here in the second quarter. And then, of course, you've got the quality impact that will hit other revenue in the second half. So don't forget about that as well.

是的，Ravi。所以這受到我們一直在談的供應鏈問題與卡車司機短缺所導致的聯運（intermodal）倉儲費影響。那這會延續到今年下半年嗎？我認為取決於這些問題是否持續。但這確實是第二季的根本驅動因素。然後，當然，你還有品質影響，會在下半年衝擊其他營收。所以也別忘了這一點。

Your next question comes from Jon Chappell with Evercore.

下一個問題來自 Evercore 的 Jon Chappell。

Kevin, just a quick one for you in your new seat. As you're going to these customers for the first time, what impact are Scope 3 emissions having either for their interest in using the rail to give a bit more of their wallet or from your side, pitching the rail in addition to your cost benefits, having emission benefit as well as an opportunity to take more business?

Kevin，針對你在新職位上，簡單問一個。當你第一次去拜訪這些客戶時，範疇三（Scope 3）排放對他們是否更有興趣使用鐵路、把更多運輸支出（wallet）交給你們，有什麼影響？或從你們的角度，除了成本效益之外，在推銷鐵路時，把減排效益也作為一個能爭取更多業務的機會，這方面的影響如何？

Well, I can tell you the environmental pitch definitely moved to the front of our marketing deck when we discuss with customers. And I think from the executive level down, it's starting to flow to the transportation buyers. They realize that's an initiative coming from the top. It's a high priority and we're an easy solution to solve for that. So it's something I've asked the sales team to continue to press. We are incorporating it in every discussion we have going forward, and it's resonating quite frankly.

我可以告訴你，當我們與客戶討論時，環境面的訴求確實已經被放到我們行銷簡報的最前面。我認為從高階主管一路往下，這也開始傳導到運輸採購端。他們意識到這是自上而下的倡議，是高度優先事項，而我們是很容易用來解決這個需求的方案。所以我也要求銷售團隊持續強調這點。我們會把它納入未來每一次的討論中，而且坦白說，確實引起共鳴。

And so it's huge. When I think about all of the secular trends that are going to help CSX grow going forward, you have the driver shortage. I don't think it gets fixed anytime soon. That's a huge advantage of -- for us. We can supply capacity into the market. And then you have the environmental side, very, very powerful, and it will continue to grow. We've seen all the things that have happened in the market. Investors want it. Our employees want it and our customers and the consumer wants it. So it's something I'm incredibly passionate about. We're going to continue to sell it, and it's pretty exciting.

而且這非常重要。當我想到所有將在未來幫助 CSX 成長的長期結構性趨勢時，你有司機短缺。我不認為這會在短期內被解決。這對我們是巨大的優勢。我們可以向市場提供運能。再來是環境面，非常非常有力，而且會持續成長。我們已經看到市場上發生的各種事情。投資人想要、員工想要、客戶與消費者也想要。所以這是我非常有熱情的一件事。我們會持續推廣，這也相當令人振奮。

Have you seen it translate yet? Or do you think it's more of just like the immediate future?

你已經看到它轉化成實際成果了嗎？還是你認為這更多是即將發生在不久的未來？

I think it's always -- it's hard to measure if we win that business because we're more environmentally friendly than the truck. It's another reason we're winning business today. The other reason, obviously capacity constrained, we can -- we have capacity. We're going to continue to grow capacity. We'll recover. I'm confident our operating team is going to recover, and we're going to have the best -- most capacity to offer our customers going into next year. It's as simple as that.

我認為一直都是——很難衡量我們是否因為比卡車更環保而贏得那筆業務。這只是我們今天能贏得業務的另一個原因。另一個原因，顯然是市場運能受限，而我們——我們有運能。我們會持續擴充運能。我們會恢復。我對我們的營運團隊能恢復很有信心，而且我們在明年將能提供客戶最佳——最多的運能。就是這麼簡單。

And so all those factors play into why we're winning business, why we're winning in the market. But the tailwinds are there from a growth perspective. It's just my responsibility, along with Jamie, to go out and deliver on that.

所以所有這些因素都解釋了我們為什麼能贏得業務、為什麼能在市場上勝出。但從成長角度來看，順風因素都在。接下來就是我和 Jamie 的責任，走出去把它落實交付。

Your last question comes from Jeff Kauffman with Vertical Research.

最後一個問題來自 Vertical Research 的 Jeff Kauffman。

Thank you for squeezing me in. Sadly, all the intelligent questions have been asked at this point. But let me just come back to the customer side, Jim, because that seems to be a focus on the market side right now. If you had your ability to put all the people you want at the railroad today -- and you talked about the challenge in getting to the 500 T&E by the summer. But let's just say you could and you could fix that element of what's going on. How much of the service and the trip plan issues would that solve? Because when I talk to transport companies, they tell me, well, customers are holding onto equipment a little longer than they should or we've had trouble getting our equipment back or just timely handoffs with some of our other service partners. How much would be fixed if you had every asset internally that you wanted?

謝謝讓我插個問題。可惜到這個時候，所有聰明的問題都已經被問完了。不過我想回到客戶端這一塊，Jim，因為這似乎是目前市場端關注的焦點。如果你今天有能力在鐵路上配置你想要的所有人力——你也談到在夏天前達到 500 名 T&E（列車與機務）人員的挑戰。但假設你可以做到，並且能把這個正在發生的因素修好。那麼服務與行程計畫（trip plan）方面的問題，能解決多少？因為我跟運輸公司聊時，他們告訴我，客戶把設備多留了一點時間、或我們很難把設備拿回來、或與其他服務夥伴交接不夠即時。若你內部擁有你想要的每一項資產，會改善多少？

The employee issue, the train and engine service employee issue will clean up the vast majority of the issues we have that show up in what we call our trip plan compliance number, will improve our velocity, will drive down our dwell. There will still be the noise in the supply chain. That's not going to correct a shortage of chassis. That's not going to correct a shortage of containers or draining or a port congestion and that sort of thing.

員工問題、也就是列車與機務服務（train and engine service）員工問題，將會清理掉我們大多數會反映在我們所謂「行程計畫遵循率（trip plan compliance）」指標上的問題，會提升我們的速度（velocity），並降低我們的停留時間（dwell）。供應鏈仍會有一些雜訊。這無法修正底盤（chassis）短缺，也無法修正貨櫃短缺、排空（draining）問題，或港口壅塞之類的情況。

But it will -- and so therefore, it's not Nirvana but it will certainly help us in terms of being able to improve the overall reliability of our product again and get a bit to where it was, so we can focus on making it even better and better.

但它會——因此，這不是烏托邦（Nirvana），但肯定會幫助我們再次提升產品整體可靠性，並把表現拉回到接近過去的水準，讓我們能專注於把它做得更好、再更好。

Okay. So you would say the lion's share of getting to where you need to be is something you can handle internally with more resources?

好的。所以你會說，要達到你們需要的狀態，其中最大的一部分是你們可以透過內部增加資源來處理？

Yes. I mean we've always said that. I mean we -- by changing -- fundamentally changing the way this company runs over the last almost 4 years now, we've freed up capacity across the network. We have a significant amount of track capacity so we could add growth without investing in track capacity. As Jamie said earlier, we have locomotives available. We have locomotives on standby. We have locomotives in storage if we need to use them.

是的。我們一直都是這麼說的。我的意思是——透過在過去將近 4 年裡從根本上改變公司運作方式，我們已在整個路網釋放出運能。我們有相當可觀的軌道容量，因此可以在不投資軌道容量的情況下增加成長。如同 Jamie 先前所說，我們有可用的機車。我們有待命的機車。如果需要使用，我們也有封存（storage）中的機車。

So yes, the impediment to our performance right now is primarily, if not exclusively, I'd like to say it's primarily because certainly in this business, you have to throw in the occasional pandemic or hurricane. But primarily when we can hire, we figure out ways like everybody else in the country to replenish our workforce. The problem was we had a pandemic. We didn't hire during the pandemic because the business went away.

所以是的，我們目前績效的阻礙主要——如果不是完全的話，我會說主要是因為，當然在這個產業，你偶爾還得把疫情或颶風這類因素算進去。但主要是當我們能招募時，我們就會像全國其他公司一樣想辦法補足人力。問題在於我們遇到疫情。疫情期間我們沒有招人，因為業務消失了。

We have 7% of our workforce that retires every year. 7% of our workforce retired, we thought, okay, the business bounce back, we'll hire 7% of our employees back plus a little bit more to handle the growth, and they're not available. So yes, we'll fix that. It's just taking us longer than we expected. And when we get that done, the railroad will be back running the way it did before, and we'll get it even better.

我們每年有 7% 的員工退休。7% 的員工退休後，我們想，好，業務反彈後，我們就把那 7% 的員工再招回來，再多招一點以因應成長，但人力就是找不到。所以是的，我們會把這件事修好。只是花的時間比我們預期更久。等我們完成後，鐵路就會回到以前那樣運轉，我們也會把它做得更好。

Congratulations to you and your team in a very challenging environment.

在非常具挑戰的環境下，恭喜你和你的團隊。

Thank you.

謝謝。

There are no further questions at this time. This concludes today's conference call. Thank you for joining. You may now disconnect.

目前沒有進一步的問題。今天的電話會議到此結束。感謝各位參與。您現在可以中斷連線。