CSX Corporation (CSX) 2022 Q1 法說會逐字稿

Good afternoon. My name is Emma, and I will be your conference operator today. At this time, I would like to welcome everyone to the Q1 2022 CSX Corporation Earnings Conference Call. (Operator Instructions) Thank you.

各位下午好。我叫 Emma，今天將擔任本次會議的接線員。此刻，我想歡迎各位參加 CSX Corporation 2022 年第一季（Q1 2022）財報電話會議。（接線員指示）謝謝。

Matthew Korn, CSX Head of Investor Relations, you may begin your conference.

CSX 投資人關係主管 Matthew Korn，您可以開始您的會議。

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

謝謝你，Emma。各位下午好，歡迎各位。今天與我一同參與電話會議的有：總裁兼執行長 Jim Foote；執行副總裁（銷售與行銷）Kevin Boone；營運執行副總裁 Jamie Boychuk；以及執行副總裁兼財務長 Sean Pelkey。

Now in our presentation, you will find our forward-looking disclosure on Slide 2, followed by our non-GAAP disclosure on Slide 3. And with that, it's my pleasure to introduce our President and Chief Executive Officer, Jim Foote.

在我們的簡報中，您會在第 2 頁投影片看到前瞻性聲明揭露，接著在第 3 頁投影片看到非 GAAP 揭露。接下來，我很榮幸介紹我們的總裁兼執行長 Jim Foote。

Great. Thank you, Matthew, and thank you to everyone for again joining us on our call today. I'll begin by expressing my thanks to all of CSX employees, who continue to put in tremendous efforts to serve our customers effectively and above all, safely.

很好。謝謝你，Matthew，也謝謝各位再次參與今天的電話會議。我先向所有 CSX 員工致謝，他們持續付出巨大努力，以有效率且最重要的是安全的方式服務我們的客戶。

I'd also like to welcome today Steve Fortune, who's with us in the room here today in Jacksonville. Steve serves in a newly created role of Executive Vice President and Chief Digital and Technology Officer and will focus on harnessing transformative technologies to further grow and enable continued efficiency across the business. His experience leading technology organizations at a global industrial company will be very helpful as we continue to transform CSX.

我也想歡迎 Steve Fortune 今天在傑克遜維爾與我們同在會議室。Steve 擔任新設立的職務：執行副總裁兼首席數位與科技長，將專注於運用具變革性的技術，進一步推動成長並持續提升全公司營運效率。他在全球性工業公司領導科技組織的經驗，將在我們持續轉型 CSX 的過程中提供很大助益。

Now moving to the quarter. We are pleased with our results this quarter though we're not yet satisfied with our service performance. The effects of COVID and severe weather across much of our network clearly led to a tough start to the year. But as we moved into March, operating conditions began to gradually improve, and we do see indications that this momentum is continuing.

接著談本季。我們對本季的結果感到滿意，但對服務表現仍未完全滿足。COVID 的影響以及我們網路多數地區的嚴峻天候，顯然使得今年開局艱難。不過進入 3 月後，營運狀況開始逐步改善，我們也看到這股動能仍在延續的跡象。

For over a year, we have communicated to you that the key to rebuilding our service to pre-pandemic levels is to hire more train and engine service employees. I am pleased to say that our efforts there are progressing well, and our active T&E count has moved steadily higher this year. The people and resources that we are putting in place today will allow us to provide reliable, efficient service to an expanding number of customers.

一年多來，我們一直向各位溝通：要將服務恢復到疫情前水準的關鍵，是增聘更多列車與機車（T&E）服務人員。我很高興地表示，我們在這方面的努力進展良好，今年以來在職的 T&E 人數持續穩步增加。我們今天所投入的人力與資源，將使我們能為更多客戶提供可靠且高效率的服務。

The business environment remains very favorable for CSX despite new uncertainties across global supply chains. We are dedicated to do our part to help our customers here in North America meet increasing demand as business and consumers around the world look for reliable sources of the products that we transport.

儘管全球供應鏈出現新的不確定性，CSX 的商業環境仍然非常有利。我們致力於盡一己之力，協助北美客戶滿足日益增加的需求，因為全球企業與消費者都在尋找我們所運輸產品的可靠來源。

Meanwhile, domestic activity remains robust and our business development and marketing groups are working hard to convert new opportunities. And as higher energy prices and increasing scrutiny on greenhouse gas emissions highlight rail efficiency advantages over trucks, we're in a great position. If we all do our jobs, hold to our principles and deliver the service levels that we know we can achieve, this company has great potential for many years ahead.

同時，國內活動仍然強勁，我們的業務開發與行銷團隊正努力將新機會轉化為成果。隨著能源價格走高以及對溫室氣體排放的審視日益嚴格，鐵路相較卡車的效率優勢更加凸顯，我們處於極佳位置。只要我們各司其職、堅守原則，並交付我們知道能達成的服務水準，這家公司在未來多年都將具備巨大的潛力。

Lastly, I'd like to note that we are pleased that the Surface Transportation Board approved our acquisition of Pan Am Railways, which clears the way for the transaction to close this June. All of us are excited about the opportunities that will come as we design new service solutions for shippers and receivers in New England.

最後，我想提到，我們很高興美國地面運輸委員會（Surface Transportation Board）已核准我們收購 Pan Am Railways，這為交易於今年 6 月完成掃清了道路。我們所有人都對未來的機會感到振奮，因為我們將為新英格蘭地區的出貨方與收貨方設計新的服務解決方案。

Now let's turn to Slide 4. Turning to the presentation, which highlights our key financial results. We moved nearly 1.5 million carloads in the first quarter and generated over $3.4 billion in revenue. Operating income increased by 16% to $1.28 billion. The operating ratio increased by 150 basis points to 62.4%. But remember, this range includes approximately 250 basis points of impact from Quality Carriers and the impact of higher fuel prices. And earnings per share increased 26% to $0.39 a share.

現在請看第 4 頁投影片，這裡重點呈現我們的主要財務成果。第一季我們運送了接近 150 萬車皮（carloads），並創造超過 34 億美元營收。營業利益成長 16% 至 12.8 億美元。營業比率（operating ratio）上升 150 個基點至 62.4%。但請記得，這個區間包含 Quality Carriers 約 250 個基點的影響，以及燃油價格上升的影響。每股盈餘成長 26% 至每股 0.39 美元。

I'll now turn it over to Kevin, Jamie and Sean for details.

接下來我把時間交給 Kevin、Jamie 和 Sean 進一步說明細節。

Thank you, Jim. Turning to Slide 5. First quarter revenue increased 21% year-over-year, with growth across all major lines of business. Merchandise revenue increased 6% on 2% lower volume as strong pricing gains and higher fuel surcharge revenue more than offset the volume decline.

謝謝你，Jim。請看第 5 頁投影片。第一季營收年增 21%，所有主要業務線皆有成長。一般貨運（Merchandise）營收在運量下降 2% 的情況下仍成長 6%，主要因為強勁的定價提升與較高的燃油附加費收入，足以抵銷運量下滑。

Current demand remains strong across most merchandise markets, with shippers prioritizing environmental benefits of rail and pursuing lower cost options to offset inflation. The ongoing semiconductor shortage impacted automotive volumes through the quarter. However, we did see sequential improvement as consumer demand remains strong with dealer inventory levels low.

目前多數一般貨運市場的需求仍然強勁，出貨方重視鐵路的環境效益，並尋求較低成本的選項以抵銷通膨。持續的半導體短缺在本季影響了汽車運量。不過，由於消費需求仍強且經銷商庫存偏低，我們確實看到運量呈現逐季改善。

Our core chemicals franchise saw strong demand that more than offset continued challenges and energy-related chemical markets. As we continue to add resources across the network, we expect to capture additional opportunities.

我們核心的化學品業務需求強勁，足以抵銷能源相關化學品市場的持續挑戰。隨著我們持續在全網增加資源，我們預期將掌握更多額外機會。

Intermodal revenue increased 13% on 1% lower volumes as truck conversions drove domestic growth, offsetting declines in the international market that continues to be impacted by supply side constraints. Intermodal demand remains strong, but continues to be challenged by takeaway capacity and equipment shortages, including chassis.

聯運（Intermodal）營收在運量下降 1% 的情況下仍成長 13%，主要由卡車轉運帶動國內成長，抵銷了國際市場因供給端限制而持續下滑的影響。聯運需求仍然強勁，但仍受制於提貨/疏運（takeaway）能力與設備短缺（包括底盤車 chassis）。

Coal revenue increased 39% on 10% lower volume. Export coal's revenue increase was driven by higher benchmark prices, partially offset by lower domestic and international thermal coal shipments. First quarter coal volumes were impacted by several factors, including line disruptions and an outage at our Curtis Bay export facility. Demand across all of our coal markets remain strong, and we expect volumes to improve in the second quarter as some of these headwinds subside and additional network capacity is added.

煤炭營收在運量下降 10% 的情況下仍成長 39%。出口煤炭營收的增加主要由基準價格上升所帶動，但部分被國內與國際動力煤（thermal coal）出貨量下降所抵銷。第一季煤炭運量受到多項因素影響，包括線路中斷以及我們 Curtis Bay 出口設施的停機。各煤炭市場的需求仍然強勁，我們預期第二季隨著部分逆風消退並新增網路運能，運量將有所改善。

Other revenue increased primarily due to higher intermodal storage and equipment usage but was partially offset by lower payments from customers that did not meet volume commitments. As we exit the quarter, concerns around the Omicron variant have been replaced by broader global supply chain uncertainty in the wake of the crisis in Ukraine. As Jim mentioned, we are committed to helping our customers.

其他營收的增加主要來自較高的聯運倉儲與設備使用收入，但部分被未達運量承諾之客戶所支付款項下降所抵銷。隨著我們走出本季，對 Omicron 變異株的擔憂已被烏克蘭危機後更廣泛的全球供應鏈不確定性所取代。如同 Jim 所提到的，我們承諾協助客戶。

In North America, meet the increasing demand for their products from consumers around the world. We are working closely with our customers to understand the potential shifts in the global supply chain. And while it is early, we see opportunities that could benefit our network and the ports we serve. As we look across many of our markets, demand continues to outstrip supply. We expect this to improve as resources are added across the supply chain.

在北美，協助他們滿足來自全球消費者對其產品日益增加的需求。我們正與客戶密切合作，以了解全球供應鏈可能出現的轉移。雖然目前仍在早期階段，但我們看到一些可能有利於我們網路與我們所服務港口的機會。放眼我們許多市場，需求仍持續高於供給。隨著供應鏈各環節增加資源，我們預期這種情況將有所改善。

Now turning to Slide 6, I would like to provide more detail on CSX's business development capabilities, which I briefly discussed last quarter. CSX has an experienced team of business development professionals to help existing and prospective customers identify, design and build facilities across the network. This team works closely with state and locally economic developers to maximize investment incentives that will encourage more business to locate on CSX and our short line partners.

接著看第 6 頁投影片，我想更詳細說明 CSX 的業務開發能力，我在上季曾簡要提及。CSX 擁有一支經驗豐富的業務開發專業團隊，協助現有與潛在客戶在我們的網路上辨識、設計並建置各類設施。該團隊也與州政府及地方經濟發展單位密切合作，最大化投資誘因，以鼓勵更多業務落戶於 CSX 以及我們的短線鐵路合作夥伴。

These efforts continue to pay off. In 2021, over 90 new facilities and expansion projects were placed into service across our network, which represents over $3 billion of customer investment. Additionally, there are over 500 projects currently in an industrial pipeline. We are excited to work with these customers and provide them with efficient and reliable rail service that will enable them to grow the business for years while creating significant long-term value for CSX shareholders.

這些努力持續帶來成果。2021 年，我們網路上有超過 90 個新設施與擴建專案投入營運，代表客戶投資超過 30 億美元。此外，目前工業專案管線中仍有超過 500 個專案。我們很期待與這些客戶合作，提供高效率且可靠的鐵路服務，協助他們多年來擴大業務，同時為 CSX 股東創造可觀的長期價值。

Most recently, VinFast, the electric vehicle subsidiary of the large Asian conglomerate Ben Group, announced that they will build a $4 billion electric vehicle assembly plant and battery manufacturing facility served exclusively by CSX. The team is proud to be part of North Carolina's first car plant and the largest economic development announcement in the state's history. This announcement is an excellent example of the kind of customer solutions that the team can deliver as sales and marketing works closely with operators.

最近，大型亞洲企業集團 Ben Group 旗下的電動車子公司 VinFast 宣布，將興建一座由 CSX 獨家服務的 40 億美元電動車組裝廠與電池製造設施。團隊很自豪能參與北卡羅來納州第一座汽車工廠，以及該州史上最大規模的經濟發展公告。這項公告是團隊在銷售與行銷與營運單位緊密合作下，能交付之客戶解決方案的絕佳例證。

The team is working diligently to direct even more customers to CSX through our Select Site program. CSX select sites feature nearly 10,000 acres, a premium certified rail-served sites to full-scale industrial development and expansion. We are working to add even more sites to this program in 2022.

團隊正努力透過我們的 Select Site 計畫，將更多客戶導向 CSX。CSX Select Site 提供近 10,000 英畝的優質、經認證的鐵路服務用地，涵蓋從完整規模的工業開發到擴建。我們正努力在 2022 年將更多場址納入此計畫。

I will now pass it over to Jamie to discuss our operations.

接下來我把時間交給 Jamie，請他談談我們的營運。

Thanks, Kevin. The safety of our operations will always be our first priority. Our concern for all of our employees, customers and the communities in which we live and operate drives us to make sure that we maintain the demanding standards of our safety-focused culture. The results that you see on Slide 7 show this clearly.

謝謝你，Kevin。我們營運的安全永遠是第一優先。對所有員工、客戶以及我們生活與營運所在社區的關切，驅使我們確保維持以安全為核心文化的高標準要求。您在第 7 頁投影片看到的結果清楚展現了這一點。

Over the first quarter, we saw sequential and year-over-year improvements in the number of injuries and train accidents, which brought their frequency rates to a near record low levels for the first quarter. We're happy to see this improvement. We continue to push forward with the initiatives that we described to you last quarter, actively coaching safety awareness among our employees, encouraging best practice sharing across teams and expanding our application of technology. And we put a very strong emphasis on our efforts with our new hires to ensure that they respect and demonstrate the principles that make CSX an industry safety leader.

在第一季期間，我們看到受傷人數與列車事故數在逐季與年對年方面皆有改善，使其發生頻率降至第一季接近歷史新低的水準。我們很高興看到這項改善。我們持續推進上季向各位說明的各項措施，積極在員工間強化安全意識的教練式指導，鼓勵團隊間分享最佳實務，並擴大科技應用。同時，我們也非常重視對新進員工的培訓，確保他們尊重並展現使 CSX 成為業界安全領導者的各項原則。

Moving on to Slide 8. For the last several quarters, you've heard us discuss the efforts we're making to address our staffing levels. This is a critical point because our networks' capacity and fluidity will improve when we have enough train conductors and engineers. And we have these resources, it lifts our service performance in the near term, while also ensuring that we're ready to meet the substantial demand growth we anticipate in the years ahead.

接著看第 8 張投影片。在過去幾個季度中，你們聽到我們討論為解決人力配置水準所做的努力。這一點至關重要，因為當我們有足夠的列車車長與機車工程師時，我們的網路運能與流動性將會改善。而當我們具備這些資源時，短期內能提升我們的服務表現，同時也確保我們已準備好因應未來幾年我們預期的可觀需求成長。

This slide also shows several important positive train and engine employee trends that reflect the hard work done by our recruiting and training teams. We have made great progress here. And importantly, we're set up to build on the momentum we've created.

本頁也顯示了幾項重要且正向的列車與機務員工趨勢，反映出我們招募與訓練團隊所付出的努力。我們在這方面已取得很大進展。更重要的是，我們已具備條件在既有動能上持續加速。

First, you can see the strong ramp-up in the number of T&E employees we have in our training program. We averaged over 500 daily employees in training over the first quarter, which is over 5x where we were a year ago. We expect to keep our training classes full to make sure that our pipeline remains healthy.

第一，你可以看到我們訓練計畫中的列車與機務（T&E）員工人數強勁攀升。第一季我們每日平均有超過 500 名員工在受訓，較一年前的水準高出 5 倍以上。我們預期將持續讓訓練班滿班運作，以確保人才管道維持健康。

Second, we've successfully increased our run rate of conductors who are completing their training and marking up into the active T&E population. We now have roughly 100 employees marking up each month who are ready to haul freight, generate revenue, and we expect this pace to continue.

第二，我們已成功提高完成訓練並報到、納入在職 T&E 人力的車長人數的運行速度。目前每月約有 100 名員工完成報到，已準備好承運貨物、創造營收，我們預期這樣的節奏將會持續。

In the last chart, you can see the payoff. We were turning the corner, and we're now adding to our active T&E count month-over-month. We've said it again and again. Our aim is to grow this railroad. To that, we need to bring good people in, train them the right way and deliver on service. It takes time, but this is exactly what we're doing.

在最後一張圖表中，你可以看到成果。我們已開始扭轉局面，現在每個月在職 T&E 人數都在月增。我們一再強調，我們的目標是擴大這條鐵路的規模。為此，我們需要招募優秀的人才、以正確方式訓練他們，並兌現服務承諾。這需要時間，但這正是我們正在做的事。

Now let's turn to Slide 7, which gives us a picture on where our operations stand today. This quarter started off with several key challenges. The Omicron wave was hitting our employees. We had the incident at our Curtis Bay facility and the East Coast suffered under severe weather in early February. So for the full quarter, our key metrics of TripLink compliance, terminal Cardwell and velocity were generally flat to slightly worse on a sequential basis.

現在我們轉到第 7 張投影片，這讓我們看到目前營運的狀況。本季一開始就面臨幾項關鍵挑戰。Omicron 疫情衝擊了我們的員工；我們在 Curtis Bay 設施發生事件；而東岸在 2 月初遭遇嚴重天候。因此就整季而言，我們的關鍵指標——TripLink 遵循度、終端 Cardwell 與速度——按季比較大致持平到略為惡化。

That said, as Jim highlighted in his remarks, early into the second quarter, we're seeing encouraging signs that these metrics are starting to move in the right direction. It's clearly too quick to call the bottom with certainty. But with the success of our hiring initiatives and a continued drive for discipline and consistency in the field, we see reasons to be optimistic.

儘管如此，正如 Jim 在談話中所強調的，進入第二季初期，我們看到令人鼓舞的跡象，這些指標開始朝正確方向改善。現在要有把握地判定已觸底顯然還太早。但隨著我們招募措施的成功，以及現場持續推動紀律與一致性，我們有理由保持樂觀。

Consistent with the last quarter, we have made the tactical decision to keep additional locomotives active in the near term to help with network balance while we remain short of employees in certain regions. As we successfully promote our new conductors, we will be focused on improving our asset utilization and driving efficiency as the additional crew resources facilitate higher volumes and improved service and reliability.

與上季一致，我們在短期內做出戰術性決策，維持額外的機車投入運行，以在部分地區人力仍不足的情況下協助網路平衡。隨著我們成功讓新車長轉正，我們將專注於提升資產使用率並推動效率，因為新增的乘務資源將促成更高運量以及更佳的服務與可靠性。

As always, the key will be strong execution, and I'm excited at the level of higher engagement and enthusiasm that our operating team is bringing to this challenge. I'm looking forward to showing what we can do over this next quarter, the rest of the year and the years to come.

一如既往，關鍵在於強而有力的執行。我對我們營運團隊在面對這項挑戰時展現出更高的投入度與熱忱感到振奮。我期待在接下來這一季、今年剩餘時間以及未來幾年，向各位展示我們能做到什麼。

I will now hand it over to Sean to review the financial results.

接下來我把時間交給 Sean，請他回顧財務結果。

Thank you, Jamie, and good afternoon. Our focus is on profitable growth. And despite the challenges we faced in the quarter, we delivered $600 million of revenue gains with operating income up 16%. Interest expense and other income were a combined $11 million favorable and the effective tax rate for the quarter was 23.9%. Earnings per share of $0.39 reflects growth in core earnings as well as the impact of our ongoing share repurchase program.

謝謝你，Jamie，各位下午好。我們的重點是獲利性成長。儘管本季面臨挑戰，我們仍實現 6 億美元的營收增量，營業利益成長 16%。利息費用與其他收入合計有利 1,100 萬美元，本季有效稅率為 23.9%。每股盈餘 0.39 美元，反映核心獲利的成長，以及我們持續進行的庫藏股回購計畫所帶來的影響。

Turning to the next slide. Total costs increased $419 million or 24% in the quarter, but were in line with our expectations outside of the spike in fuel price. The acquisition of Quality Carriers represented approximately $215 million of expense. Higher fuel prices were also a significant factor, up about $110 million versus last year. All other expenses increased approximately $95 million, driven by inflation as well as ongoing costs related to supply chain congestion and network fluidity.

接著看下一張投影片。本季總成本增加 4.19 億美元（或 24%），但除燃油價格飆升外，整體符合我們的預期。收購 Quality Carriers 約帶來 2.15 億美元的費用。燃油價格上升也是重要因素，較去年增加約 1.10 億美元。其他所有費用合計增加約 9,500 萬美元，主要受通膨影響，以及與供應鏈壅塞與網路流動性相關的持續成本所致。

Turning to specific line items. Labor and fringe expense increased $72 million or 12% in the quarter. We invested $10 million more to onboard new train and engine employees, and we expect similar training costs next quarter as we continue to convert our strong new hire pipeline. Quality Carriers drove about $35 million in additional labor expense. Incentive compensation increased $6 million while inflation and other impacts drove just over $20 million of higher costs.

再看各項明細。勞工與附加福利費用本季增加 7,200 萬美元（或 12%）。我們額外投入 1,000 萬美元用於新列車與機務員工的到職與訓練；隨著我們持續轉化強勁的新進人員管道，我們預期下季也會有類似的訓練成本。Quality Carriers 帶來約 3,500 萬美元的額外勞工費用。獎酬性薪酬增加 600 萬美元，而通膨與其他因素推動成本增加逾 2,000 萬美元。

Purchase services and other expense increased $203 million or 43% in the quarter. Quality Carriers represented approximately $140 million of PS&O expense. Costs incurred to maintain terminal and network fluidity added roughly $45 million of expense in the quarter, similar to last quarter's impact. These costs are likely to persist into the second quarter, and we expect to see improvement in the back half of the year, corresponding to labor and supply chain normalization.

採購服務與其他費用（PS&O）本季增加 2.03 億美元（或 43%）。Quality Carriers 約占其中 1.40 億美元的 PS&O 費用。為維持終端與網路流動性所發生的成本，本季增加約 4,500 萬美元的費用，與上季影響相近。這些成本很可能延續到第二季；我們預期隨著勞動與供應鏈逐步正常化，下半年將看到改善。

Additionally, a legacy environmental reserve adjustment drove $17 million of higher expense in the quarter. Depreciation and amortization was up $15 million or 4% on a higher asset base that also includes the quality impact. Finally, fuel expense increased $141 million or 74%, reflecting a steep increase in highway diesel fuel prices as well as the addition of non-locomotive fuel used for trucking. The rapid rise in fuel prices created approximately $45 million of fuel lag in the quarter.

此外，一項既有的環境準備金調整使本季費用增加 1,700 萬美元。折舊與攤銷在較高的資產基礎下增加 1,500 萬美元（或 4%），其中也包含 Quality 的影響。最後，燃油費用增加 1.41 億美元（或 74%），反映公路柴油價格大幅上升，以及新增用於卡車運輸的非機車燃油。燃油價格快速上漲在本季造成約 4,500 萬美元的燃油滯後（fuel lag）。

And lastly, the company recognized $27 million of real estate gains in the quarter, including $20 million related to the Virginia transaction. As a reminder, we expect to recognize a $120 million Virginia gain in the second quarter and received the final $125 million cash payment in the fourth quarter.

最後，公司本季認列 2,700 萬美元的不動產處分利益，其中包括與維吉尼亞交易相關的 2,000 萬美元。提醒一下，我們預期在第二季認列 1.20 億美元的維吉尼亞處分利益，並已在第四季收到最後一筆 1.25 億美元的現金款項。

Now turning to cash flow on Slide 12. Free cash flow before dividends increased on higher earnings to $976 million. Our highest priority use of cash is investing for the long-term reliability and growth of our railroad. After fully funding these capital projects, first quarter shareholder returns exceeded $1.2 billion, including approximately $1 billion in buybacks and over $200 million in dividends. Looking forward, we will remain balanced and opportunistic in our buyback approach as we continue to return excess cash to our shareholders.

現在看第 12 張投影片的現金流。在獲利提高的帶動下，股利發放前的自由現金流增加至 9.76 億美元。我們現金運用的最高優先順序，是投資於鐵路的長期可靠性與成長。在充分挹注這些資本專案後，第一季對股東的回饋超過 12 億美元，其中約 10 億美元為回購，超過 2 億美元為股利。展望未來，我們將在回購策略上維持平衡並把握機會，持續將多餘現金回饋給股東。

Finally, we are excited to close the Pan Am deal on June 1. Pan Am will contribute about 1 point of annualized revenue, primarily within merchandise. Due to transaction and integration costs, Pan Am will have a negligible impact on earnings this year and the capital we expect to invest to upgrade the Pan Am network is already contemplated in our guidance. We look forward to working with Pan Am and its customers to drive continued growth through our integrated rail network.

最後，我們很高興將於 6 月 1 日完成 Pan Am 交易。Pan Am 將貢獻約 1 個百分點的年化營收，主要來自一般貨運（merchandise）。由於交易與整合成本，Pan Am 今年對盈餘的影響可忽略不計；而我們預期用於升級 Pan Am 網路的資本投資也已納入我們的財測指引。我們期待與 Pan Am 及其客戶合作，透過整合後的鐵路網路推動持續成長。

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

接下來，讓我把時間交回 Jim，請他做結語。

Okay. So let's conclude with our outlook for the year, as shown on Slide 13. We continue to from strong markets and ample customer demand, and we are adding the employees needs that our network can capture more of the business opportunities that are right in front of us. At the same time, we are, of course, keeping a close eye on inflation, interest rates and the Fed.

好的。那麼我們以第 13 張投影片所示的全年展望作結。我們持續受惠於強勁的市場與充足的客戶需求，並且正在增補員工，使我們的網路能夠掌握眼前更多的商機。同時，我們當然也密切關注通膨、利率以及聯準會的動向。

With support from higher coal prices and a supportive market environment, we feel comfortable projecting double-digit growth for both revenue and operating income for the full year. In the near term, we expect to continue to benefit from elevated export coal prices and higher fuel surcharge revenues.

在煤價走高與有利的市場環境支持下，我們有信心預估全年營收與營業利益皆可達到雙位數成長。短期內，我們預期仍將受惠於偏高的出口煤價格以及更高的燃油附加費收入。

Full year CapEx is planned at approximately $2 billion, which is also unchanged. We have made progress since the beginning of the year, and we still have a lot of work to do. But we are committed to supporting our customers by providing them with reliable, efficient, cost-effective rail solutions for their changing transportation needs. By adding the necessary resources and lifting our service levels, we will be well positioned for years of profitable growth.

全年資本支出（CapEx）規劃約 20 億美元，也維持不變。我們自年初以來已取得進展，但仍有許多工作要做。不過，我們致力於透過提供可靠、高效率、具成本效益的鐵路解決方案，支持客戶不斷變化的運輸需求。透過增補必要資源並提升服務水準，我們將在未來多年處於有利位置，實現獲利性成長。

Thanks, and I'll turn it back to Matthew.

謝謝，我把時間交回 Matthew。

Thank you, Jim. Now in the interest of time, I'd ask that everyone please limit yourselves to just 1 question.

謝謝你，Jim。為了節省時間，我想請大家每人只提 1 個問題。

And with that, Emma, we will now be happy to take questions.

那麼，Emma，我們現在很樂意開始回答問題。

(Operator Instructions) Your first question today comes from the line of Jon Chappell with Evercore.

（接線員指示）今天的第一個問題來自 Evercore 的 Jon Chappell。

Jamie, you spent a fair amount of time talking about the important labor aspects and what -- in your optimism about what that will mean for service. Is it just a function of getting the people trained and in the right spots? Or are there any other challenges that you're seeing as it relates to service reliability either things that you can control yourselves or things outside of your control like customers turning over equipment more quickly? And how do you think that all that translates into the important service metrics like velocity dwelling cars online in the next couple of quarters?

Jamie，你花了不少時間談到重要的人力面向，以及你對這將如何改善服務所抱持的樂觀。這是否只是把人訓練好並配置到正確地點的問題？或者就服務可靠性而言，你還看到其他挑戰嗎——不論是你們自身可控的因素，或是你們不可控的外部因素，例如客戶更快周轉設備？你認為這些因素在接下來幾個季度，會如何反映在重要的服務指標上，例如速度、終端停留時間（dwell）、以及線上車輛（cars online）？

For us, it's purely comes down to hiring numbers and getting more T&E folks where we need them. Kevin and I have been working really close with our customers to do everything we can to support those needs of our customers. And our customers are working with us in different areas with different solutions as we look at how we can turn cars quicker whether it comes down to block loading by destination and other items that we've been working on for years and continuing to work with their customers that way, so we don't have to handle cars as much.

對我們而言，這純粹歸結為招募人數，以及在需要的地方配置更多運輸與車務（T&E）人員。Kevin 和我一直與客戶非常緊密合作，盡我們所能來支援客戶的這些需求。而我們的客戶也在不同領域以不同解決方案與我們合作，因為我們在檢視如何更快周轉車輛——不論是依目的地進行區塊裝載（block loading）以及其他我們多年來一直在做、並持續與他們的客戶以這種方式合作的事項——以便我們不必那麼頻繁地處理車輛。

But definitely, when we are looking at that peer number with respect to our trainees out there, we talked about having over 500 trainees out there right now. We've qualified up to 400 already this year since the start of the year. So we've come a long way in that area, and we continue to pull whatever levers we can with respect to the design. If there's cars we can move in different corridors that make more sense, where our crew base has gotten healthier, we're doing that. But really, as we continue to push forward here, the common theme that we know will get our railroad back to where we need to is just continuing to train conductors.

但確實，當我們在看外部同業數字、並就我們在外的受訓人員而言，我們談到目前在外有超過 500 名受訓人員。今年自年初以來，我們已經讓多達 400 人取得資格。因此我們在這方面已經走了很長一段路，而且就設計而言，我們會持續拉動任何我們能拉的槓桿。如果有些車輛可以改走更合理的不同走廊、而我們的乘務基地也更健全，我們就會這麼做。但真正地，當我們持續向前推進時，我們知道能讓我們的鐵路回到所需狀態的共同主題，就是持續訓練列車長。

Your next question comes from the line of Brandon Oglenski with Barclays.

下一個問題來自 Barclays 的 Brandon Oglenski。

I guess if we go back to last quarter, you guys were -- I think, the only guidance you provided was like volume above GDP, but it seems you have some confidence to guide a double-digit op income and revenue growth. Can you just talk to maybe the increased confidence as you've gone through the year here and what's driving that guidance now?

我想如果回到上一季，你們——我記得你們提供的唯一指引大概是運量高於 GDP，但看起來你們現在有信心指引營業利益與營收雙位數成長。能否談談在今年進行到現在，你們信心提升的原因，以及目前這個指引是由什麼驅動的？

Yes, Brandon. Look, there's a lot of moving parts. Obviously, we want to get confidence in the hiring trajectory and Jamie spoke to that. We are seeing good momentum as we get into April, and we'll move through the rest of the quarter. Obviously, some other factors have occurred. You've seen the export coal market remain really, really strong here and supportive. And we had assumed probably that market would tail off a little bit sooner than what is expected now.

是的，Brandon。你看，這裡有很多變動因素。顯然，我們希望對招募進度軌跡更有把握，Jamie 也談到了這點。隨著進入 4 月，我們看到良好的動能，並會持續走完本季剩餘時間。當然，也發生了其他因素。你已經看到出口煤市場在這裡仍然非常、非常強勁並提供支撐。而我們原本可能假設該市場會比現在預期更早一些走弱。

Also, fuel surcharge has been a bigger factor going forward as well as oil prices have obviously moved up dramatically here with the Ukraine crisis going on. But there are a number of factors going. We still see strong demand from all of our markets, and we have confidence that we're going to begin to capture more and more of that as we -- this fluidity picks up through the network.

另外，隨著烏克蘭危機持續、油價顯然在此大幅上升，燃油附加費在未來也成為更大的因素。但有許多因素同時在發生。我們仍看到所有市場的需求強勁，而且我們有信心，隨著網路的流動性提升，我們將開始捕捉越來越多的需求。

Your next question comes from the line of Justin Long with Stephens.

下一個問題來自 Stephens 的 Justin Long。

And I guess to start with a follow-up on that last question, the guidance still assume that volumes outpace GDP this year? And then is there any color you can give on the OR, excluding the Virginia real estate sale that's embedded in that assumption for double-digit operating income growth?

我想先針對上一題追問一下：這個指引仍假設今年運量增速會超過 GDP 嗎？另外，關於營業比率（OR），能否提供一些顏色：在你們假設營業利益雙位數成長的前提下，若排除已納入假設中的維吉尼亞不動產出售，OR 會是什麼樣子？

Yes, I'll cover the first one. Look, that's been our target. We want to outgrow the economy. There's a lot of moving parts, as you know, the auto business. Automotive business is going to be a big factor as we get in the second half, and that business production needs to recover there to really hit those GDP plus targets. So that's one market to look at.

是的，我先回答第一個。你看，那一直是我們的目標。我們希望成長超越整體經濟。如你所知，變動因素很多，尤其是汽車業務。汽車業務在下半年會是一個很大的因素，而該業務的產量需要回升，才能真正達到那些「GDP 以上」的目標。所以這是一個需要關注的市場。

Coal as well, we see strong demand there, but we'll be watching that going forward. And then the intermodal market, particularly on the domestic side, we're assuming chassis and other drayage capacity comes back into the market, and that will drive some incremental growth for us as well. So there's a few moving parts, but that's always our target, and that's why we came out at the beginning of the year as we expect to exceed GDP volume growth but realizing that there's a number of new moving parts going on right now.

煤炭也是如此，我們看到那裡需求強勁，但我們會持續觀察。然後是聯運市場，特別是國內端，我們假設底盤車（chassis）以及其他短途拖運（drayage）運能會回到市場，這也將帶動我們一些額外成長。所以有幾個變動因素，但那一直是我們的目標；這也是為什麼我們在年初就提出，我們預期運量成長將超過 GDP，同時也意識到目前正出現許多新的變動因素。

And Justin, this is Sean. Just to add on with the OR question. I think it's -- as we've always said, the -- we expect the incremental margins on the growth to be very strong and very healthy, and that will be supportive in terms of the OR for the year. But there are some things to keep in mind that will be offset, obviously, quality impact, which will have the full impact of it in the first half of the year, given that the acquisition occurred in Q3 of last year. Higher fuel prices are essentially neutral to op income, but they do have a negative impact on the operating ratio as well. And then obviously, intermodal storage as things normalize, that will have an impact on the OR, particularly in the second half of the year, given that the storage revenues were quite elevated in the second half of last year.

Justin，我是 Sean。我補充一下 OR 的問題。我想——正如我們一直說的——我們預期成長所帶來的增量利潤率（incremental margins）會非常強勁且健康，這將在今年的 OR 方面提供支撐。但也有一些需要留意、會形成抵銷的事項：顯然，Quality 的影響，因為該收購發生在去年第三季，所以其完整影響會在今年上半年反映。較高的燃油價格對營業利益基本上是中性的，但確實會對營業比率帶來負面影響。然後，隨著情況正常化，聯運倉儲（intermodal storage）也會對 OR 造成影響，特別是在今年下半年，因為去年下半年的倉儲收入相當高。

Your next question comes from the line of Chris Wetherbee with Citigroup.

下一個問題來自 Citigroup 的 Chris Wetherbee。

I guess I wanted to come back a little bit to the sort of bigger picture freight demand comments that you made earlier in the call, Jim. I just maybe if you could talk a little bit about what you are seeing on the consumer or the industrial side? We can kind of see what's happening on the commodity side, but maybe those 2 end markets.

我想回到你在電話會議較早時提到的、較宏觀的貨運需求評論，Jim。我想請你談談你們在消費端或工業端看到的情況？我們大概能看出大宗商品端在發生什麼，但也許可以談談那兩個終端市場。

And then maybe just sort of weave that into the market share potential opportunity congestion has probably kept some business off the rail and on other modes of transportation. How does that factor in? So I guess, generally speaking, do you see a slowdown in consumer-driven freight? And is there enough upside potential in industrial commodity to offset that?

另外，也許把這點與市占率的潛在機會串起來：壅塞可能讓部分業務離開鐵路、轉到其他運輸方式。這會如何影響？所以整體而言，你是否看到由消費驅動的貨運放緩？而工業大宗商品是否有足夠的上行潛力來抵銷？

Well, I think we've been going through since really the middle of 2018 divergence between the consumer economy and the industrial economy, whether it was driven by going back to the tariff issues that began to create concern amongst the industrial producers. And at the same time, you had a consumer economy that was going gangbusters. And that kind of carried forward into the pandemic year, let's call it, the plague years of '20 and '21. And industrial who really got hammered, especially in still -- they're still lingering effects from that and look at the automotive sector and the consumer economy went nuts.

我認為，自 2018 年年中以來，我們一直經歷消費經濟與工業經濟之間的分歧，不論是否源自關稅議題開始讓工業生產者產生疑慮。同時，你又有一個火力全開的消費經濟。這種情況一路延續到疫情年——姑且稱之為 2020 與 2021 的「瘟疫之年」。工業端受到重創，尤其是——至今仍有一些後遺症，你看看汽車產業；而消費經濟則是瘋狂成長。

So now I think you're starting to see those 2 divergent economies come back more in line and industrial demand is very good. I think it's clear in our comments we have not met the demand. And as the railroad -- on the industrial side and the bulk side of the business, we've done a -- I think we've done an amazing job in handling the consumer side of the business in the intermodal sector throughout the last couple of years.

所以現在我認為你開始看到這兩個分歧的經濟重新更趨一致，而工業需求非常好。我想從我們的評論可以清楚看出，我們尚未滿足需求。就鐵路而言——在工業端與散裝（bulk）業務方面——我認為我們在過去幾年於聯運領域處理消費端業務做得非常出色。

So demand is there as the railroad begins to continue to improve as we go forward, we see a lot of opportunity and there could be changes. Well, they're obviously -- obviously, there are going to be changes in various supply chains, whether it's import/export grain, whether it's continued demand for U.S. coal, steel, plastics, chemicals, you name it.

因此，隨著鐵路持續改善向前推進，需求就在那裡，我們看到很多機會，而且可能會出現變化。嗯，顯然——顯然，各種供應鏈都會有變化，不論是進出口穀物、不論是美國煤炭的持續需求、鋼鐵、塑膠、化學品等等。

Everything is going to be moving around a little bit, but we see all of these sectors being -- assuming that everything in the world stays relatively same where we are today, if you're going to want to call this sanity, a great environment for us to excel and the only reason we haven't achieved it in the last 9 months ago, I said the numbers that we're talking about today in terms of where we would be with the hiring, that's where we thought we'd be 9 months ago.

所有事情都會有些重新流動，但我們看到所有這些產業——假設世界上所有事情都大致維持在我們今天所處的相對相同狀態（如果你想把這稱為理性）——對我們而言都是一個能夠出色表現的絕佳環境。而我們之所以在過去 9 個月沒有達成，我之前說過，今天我們談到的那些數字、就招募而言，其實是我們 9 個月前以為會達到的水準。

The extremely tight labor market and the higher -- somewhat higher attrition rate that we went through have held us back. And so we've figured it out. We've done everything we can possibly do to take advantage of the situation. And I think the economy on both, especially so on the industrial side of the economy, where traditionally railroads that have Excel looks favorable as we look forward.

極度緊俏的勞動市場，以及我們經歷的較高——略高的流失率，拖累了我們。因此我們已經把問題釐清了。我們已經盡一切可能去把握這個情勢。我認為在經濟的兩端，尤其是在工業端，傳統上表現出色的鐵路公司所處的環境，展望未來是有利的。

Your next question comes from the line of Tom Wadewitz with UBS.

下一個問題來自 UBS 的 Tom Wadewitz。

This is Mike Triano on for Tom. So you've made really good progress on adding the T&E employees. Is there -- I mean do you have an idea of -- or at which point this year you think you're going to be all kind of trued up from a T&E crew perspective? And also, is there a way to quantify how much volume you've left on the table because of the crew constraints that you'll be able to capture once you're kind of fully trued up on crews?

我是代替 Tom 的 Mike Triano。你們在增加 T&E 員工方面取得了非常好的進展。是否——我的意思是，你們是否有個概念：今年到哪個時間點，你們會在 T&E 乘務配置的角度上大致補齊、回到合理水位？另外，有沒有方法量化因乘務限制而錯失了多少運量，而一旦你們乘務完全補齊後就能把這些運量抓回來？

Well, in terms of what we left behind, I'll use the term that Tom uses quite often, "Lots", and leave it at that. In terms of where we're going to be from a timing standpoint, where we'll get, but I'll say what Jamie mentioned earlier, we're going to continue to hire. We're going to manage this employee pipeline differently than we have in the past.

嗯，至於我們錯失了多少，我會用 Tom 常用的一個詞：「很多（Lots）」，就先說到這裡。至於時間點，我們會到什麼時候達到那個狀態——我會呼應 Jamie 先前提到的：我們會持續招募。我們會用不同於過去的方式來管理這條員工供給管線。

We're going to make sure that lesson's learned here that we're going to make sure that this doesn't happen to us again. And so that's why we are doing everything we can from an employee relations standpoint to work closer with our employees because they are critical and key to what we want to do here and that is provide a reliable truck-like product across all of our -- with truck-like reliability to all of our customers because that's the key to the future for the company's growth. Jamie, do you want to add any color about timing?

我們要確保在這裡吸取教訓，確保這種情況不會再發生在我們身上。因此，這就是為什麼我們會從員工關係的角度盡一切所能，與員工更緊密合作，因為他們對我們想在這裡做的事情至關重要、也是關鍵——也就是為所有客戶提供可靠、如同卡車般的產品，並以卡車般的可靠性服務我們所有的客戶，因為這是公司未來成長的關鍵。Jamie，你要不要補充一下時間點的看法？

Our timing is -- we're really shooting in towards the third quarter as we push the number of employees we have training right now. If those qualify and we continue to do our hiring of 30 to 40 every single week, puts us in a good position at some point in the third quarter. It might be towards the tail end of the third quarter. And then -- and to Jim's point, we're continuing to hire for attrition as attrition moves forward. We've seen attrition climb up, and we got to make sure that we stay ahead of that throughout this year and then into next year. And we've got many different programs that we want to continue to train locomotive engineers and other pieces. So we're not going to be stopping at any point in time here soon, but we feel pretty confident as long as the world doesn't throw us some type of a curve ball again, Q3 is going to be a much better quarter for us.

就時間點而言——我們確實是把目標鎖定在第三季，因為我們正在推進目前受訓的員工人數。如果這些人通過資格認定，且我們持續每週招募30到40人，那麼在第三季的某個時間點我們就會處於很好的位置。可能會落在第三季的後段。然後——也呼應Jim的觀點，我們會隨著流失（attrition）的推進持續補人。我們看到流失率上升，因此必須確保今年以及延伸到明年都能保持領先。我們也有許多不同的計畫，會持續訓練機車工程師以及其他職務。因此短期內我們不會在任何時間點停下來；但我們相當有信心，只要外部環境不要再丟給我們某種意外的「曲球」，第三季對我們來說會是好得多的一季。

Just, yes, and a little more color on that. It is easy for us to manage down. We have an attrition rate of around 7%. So we're not concerned with getting fat because we can always manage down. What we have learned over the last 1 year, 1.5 years is it is extremely difficult. It is a completely different environment to try and add to the workforce.

是的，再補充一點說明。我們要縮減人力其實很容易。我們的流失率大約在7%。所以我們不擔心人力會變得臃腫，因為我們隨時都可以往下管理（縮編）。但我們在過去1年到1年半學到的是：要增加勞動力極其困難。那是完全不同的環境。

So we just have to look at it a little differently, that doesn't mean we're going to get fat and happy and have a bunch of employees that we don't need. That means that we're going to manage the workforce differently to make sure we ebbs and flows of this business, which is always the case that we do it in a more -- in a different manner. So we don't get caught short like we just did.

所以我們必須用稍微不同的方式來看待這件事；這不代表我們會變得臃腫、安逸，然後養一堆不需要的員工。這代表我們會用不同的方式管理人力，確保能因應這個業務的起伏（本來就一直如此），以更——以不同的方式來做，避免像這次一樣人手短缺。

Your next question comes from the line of Scott Group with Wolfe Research.

下一個問題來自Wolfe Research的Scott Group。

So I want to maybe think about the back half of the year, it sounds like that's when you think you'll have the head count where you want it to be in the network where you want it to be.

我想從今年下半年來思考一下；聽起來你們認為那時候你們在網路中的人力編制會達到你們希望的水準、也會在你們希望的位置上。

Do you still think that you'll have volume growth in excess of head count in the back half of the year? And then maybe, Sean, how much are you spending in 1Q and 2Q on hiring and network inefficiencies that maybe potentially starts to go away in the back half of the year?

你們是否仍然認為下半年運量成長會高於人力增幅？另外，Sean，1Q和2Q你們在招募以及網路效率不彰上大概花了多少錢，而這些成本是否可能在下半年開始消退？

Yes. Scott, to your -- first part of your question, I mean, remember, we're -- with all we're doing in hiring, we're getting up roughly 1% a quarter on a sequential basis. So that the cumulative impact of that is a couple of percent year-over-year in headcount by the time we get to the second half of the year. And yes, I think we ought to be able to grow in excess of that. We've got capacity on trains and in the network. We've got locomotives to move the freight. So we should be able to outpace it in terms of growth.

是的。Scott，針對你問題的第一部分，請記得——在我們目前所有的招募作為下，我們的人力大約每季以季比（sequential）增加約1%。因此到下半年時，累積效果會使得人力在年比（year-over-year）上增加幾個百分點。是的，我認為我們應該能夠在此之上實現更高的成長。我們在列車與網路上都有運能；我們也有機車可以運送貨物。因此就成長而言，我們應該能夠跑贏人力增幅。

And then in terms of your question on the cost side, those training costs are -- it's up $10 million versus last year, so call it roughly $15 million a quarter that we're spending on training right now. I don't see that going away, like Jim just said. We're going to continue to hire. So that's probably pretty ratable across the balance of the year.

至於你問到成本面，這些訓練成本——相較去年增加了1,000萬美元，所以可以視為我們目前每季大約花1,500萬美元在訓練上。我不認為這會消失，正如Jim剛才說的。我們會持續招募，所以這大概會在今年剩餘期間維持相對平均、可預期的水準。

The piece that is probably more variable is the $45 million or so that we mentioned in purchased services and others, most of which is really related to supply chain congestion, whether it be costs related to intermodal container yards and terminal labor, outsourced labor or whether it be related to having more locomotives than we would otherwise need if the network were running faster. There's also an impact to rent. So think about it in terms of that roughly $45 million as the opportunity to kind of get back to where we were once we get this thing spinning.

比較可能變動的部分，是我們提到的約4,500萬美元的外購服務（purchased services）及其他費用，其中大多其實與供應鏈壅塞有關——不論是與聯運（intermodal）貨櫃場與碼頭勞力相關的成本、外包勞力，或是因為網路運行速度較慢而導致我們需要比原本更多的機車。此外租賃費用也會受到影響。所以可以把這約4,500萬美元視為：一旦我們把整個系統重新轉順（spinning），就有機會回到我們原先的水準。

Okay. And if I can just sneak in 1 more quickly for Kevin. The coal RPU, is this -- are we seeing the full benefit at this point of the net prices and everything? Or is there 1 more potential leg up here?

好的。如果我可以再快速塞一個問題給Kevin：煤炭的RPU（每單位收入），我們現在是否已經看到淨價格等因素帶來的完整效益？還是還有再往上走一段的可能？

No, I think this is largely -- some of our -- on the met side, some of the contracts are capped. So they don't fully participate in these extreme prices. So this is probably a good run rate, assuming export prices stay at the current levels they are today.

不，我認為目前大致上就是——在冶金煤（met）這一側，我們有些合約有上限，所以無法完全參與這些極端的價格。因此假設出口價格維持在今天的水準，這大概就是一個不錯的常態運行水準（run rate）。

Your next question comes from the line of Brian Ossenbeck with JPMorgan Chase.

下一個問題來自JPMorgan Chase的Brian Ossenbeck。

Just coming back to labor. And Jim, maybe if you can elaborate on how you expect to manage the workforce a bit differently? I know it's challenging, especially right now to manage everything, all the different moving parts. But is this more technology? Are these different types of rules that you expect to put into place? And on that line, you got the $600 incentive -- up to $600 incentives that you announced yesterday. Do you feel like you've done everything you can at this point to really get to people where you need and the amount that you need them in place?

回到勞動力的議題。Jim，也許你可以更詳細說明你預期要如何以不同方式管理人力？我知道這很有挑戰，尤其是現在要管理所有不同的變動因素。但這會是更多科技嗎？還是你們預期要導入不同類型的規則？另外，你們昨天宣布了最高600美元的獎勵金——你覺得你們目前已經把能做的都做了嗎，真的能把人招到你需要的地方、以及你需要的人數？

Well, I think anybody that's followed the railroad business for a long time like you have and everybody else on the call knows that the relationships between the railroads and the union workforce has not necessarily been one of mutual admiration, and we need to fix that. And we're working extremely hard. And throughout this process, we have -- I mean, these guys were out there for 2 years in the middle of a pandemic working every single day, day and night, in a chaotic operating environment caused by surges in traffic and you name it, and at the same time, didn't get a raise. That's wrong in my opinion.

我想任何長期關注鐵路產業的人——像你以及電話會議上的各位——都知道，鐵路公司與工會勞動力之間的關係，未必一直是彼此欣賞、互相敬重的關係，而我們需要修正這點。我們正在非常努力地做。整個過程中，我們——我的意思是，這些人過去兩年在疫情期間每天都在第一線工作，日以繼夜，在因運量暴增等因素造成的混亂營運環境中工作，你能想到的狀況都有；同時，他們也沒有加薪。以我個人看法，這是不對的。

And that's why we decided to do something about it unilaterally without asking for some kind of give back in the labor agreement. We just thought it was the right thing to do. And so we made the offer, and that's a change. It's not technology. It's relationship building with your unionized workforce. And we need to change that, and we're going to -- we're dedicated to changing that. It is an ongoing long-term process, but the CSX is committed to trying to do everything it can possibly do to change decades, if not, centuries of a somewhat dysfunctional relationship with our union workforce. That's the key, and that's what this is all about.

這也是為什麼我們決定單方面採取行動，而不是要求在勞動協議中做某種讓步交換。我們只是認為這是正確的事。因此我們提出了這個方案，而這是一種改變。這不是科技問題，而是與工會化勞動力建立關係。我們需要改變這點，而且我們會——我們致力於改變這點。這是一個持續、長期的過程，但CSX承諾會盡一切可能，去改變與工會勞動力之間數十年、甚至數百年來某種程度上功能失調的關係。這才是關鍵，而這就是這一切的核心。

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

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

So you gave the double-digit operating income targets and the cost. So I just want to understand what's built in for the timing of the fluid return? Is that just simply the second half? And in the past, we've seen, I guess, rails throw a lot of assets to get the footy moving. Are we -- is that something you -- we need to do to get things moving aside from the employees? And then I guess to follow that, Jim, into next week's hearing as to what you're doing to fix, the service is just the focus here, on employees? Or again, is there equipment need or anything to kind of throw at these backlogs to get the fluid any moving of the rail network?

你們給出了營業利益雙位數成長的目標以及成本的說法。我想了解的是：對於流動性（fluidity）恢復的時間點，你們的假設是什麼？是否就是單純落在下半年？另外，過去我們看到鐵路公司會投入大量資產來讓「流動性」恢復、讓系統動起來。除了員工之外，我們是否也需要這麼做來推動運行？再延伸問一下，Jim，針對下週的聽證會，關於你們正在做什麼來修復服務，重點是否就是放在員工？或者是否也需要設備或其他投入，來處理這些積壓、讓鐵路網路的流動性恢復？

No. We are not short of locomotives. We are not sure of any digital infrastructure in order to be able to perform in it. We continue to still have excess capacity across the railroad. There is 1 thing and 1 thing only that we are short of that is hampering us from doing the job that we want to do and to get back to service levels where we were in 2019 and to get even better from that point on is we need more people in the engineer and conductor ranges. That's it. We don't need them anywhere else in the organization. We don't need more management people. We don't need more people fixing the track and laying rail. They're doing a great job out there. We need more engineers and conductors, and that's it and that's what we're dedicated to. And that is why we'll continue to focus on these numbers.

不。我們不缺機車。我們也不缺任何數位基礎設施來支撐營運表現。我們在整個鐵路系統上仍然有多餘的運能。我們唯一、也是唯一短缺、並且正在妨礙我們把工作做好、讓服務水準回到2019年、並在此基礎上更進一步提升的，就是：我們需要更多工程師與列車長（conductor）這個區間的人力。就這樣。我們不需要在組織的其他地方增員。我們不需要更多管理人員。我們不需要更多修軌、鋪軌的人——他們在現場做得非常好。我們需要更多工程師與列車長，就這樣，而這也是我們所致力的方向。因此我們會持續聚焦在這些人數上。

And it is a lengthy process from the time we finally get someone, it's an extremely lengthy process from the time we start looking for somebody that in this day and age might want to be a railroad conductor until the time they have gone through the classroom. First of all, the preemployment screen, then by the time they go through the month or more of classroom instruction and then 6 months on the job training and then we have to make sure that at that point in time, they are equipped and ready to go out and work in a railroad operating environment and not get hurt and not hurt somebody else. It's a long, long process. And that's why it has taken so long, as I said earlier, 9 months longer because the front end of the process was not -- it went away from us.

而且這是一個漫長的流程。從我們終於找到人開始——從我們開始尋找在這個時代可能願意當鐵路列車長的人開始——一直到他們完成課堂訓練，整個過程都非常漫長。首先是到職前篩選；接著他們要接受一個月或更久的課堂教學；然後是 6 個月的在職訓練；之後我們還必須確保在那個時間點，他們已具備能力並準備好在鐵路營運環境中工作，不會受傷，也不會傷到他人。這是一個很長、很長的過程。這也是為什麼花了這麼久——如我先前所說，比預期多了 9 個月——因為流程前端並不是——它從我們手上流失了。

The pipeline of normal candidates that might want -- that usually wanted to work in their railroad business didn't want to go to work. They wanted to stay home or they wanted to do something else.

原本那條正常候選人的管道——那些可能想要、也通常想在鐵路業工作的人——不想去上班。他們想待在家裡，或想做別的事。

And so we've had to revamp, work extremely hard, and now we are beginning to realize the benefits of all that hard work and it's going to be month after month after month with these employees are then qualified. They actually go out and start performing work. And as the year goes on, on a month-to-month-to-month basis, we will see continued improvements in fluidity and increases in the speed of the network. When the -- so you got a compounding effect. You're short of employees and you can't run the trains, so the network slows down.

因此我們不得不重新調整，極其努力地投入，而現在我們開始看到這些辛苦工作的成果；接下來會是一個月接著一個月，這些員工陸續取得資格，真正走出去開始執行工作。隨著年度推進，以月為單位，我們會看到流動性持續改善、網路速度提升。於是——你會得到一個複利效應：你缺人、就開不出列車，網路就變慢。

When the network slows down, you need more people. So we need to get the railroad back staff so that we can get the velocity and dwell down to where it was, that will then rightsize our workforce of what we need, and then we can more effectively manage it with the view that Kevin and his team provide us about where the opportunity is, listen, they're not -- Kevin and his team are not shy about telling us on a regular basis where they see opportunity. It's out there. And we want to get it and we want to move it because that's what we do and make a lot of money doing it.

當網路變慢時，你就需要更多人。所以我們需要把鐵路的人力補回來，才能把速度（velocity）與停留時間（dwell）降回原本的水準；那樣一來，我們就能把所需人力規模調整到合理水位，並且在 Kevin 和他團隊提供的觀點下更有效地管理——聽著，Kevin 和他的團隊並不害羞，他們會定期告訴我們他們看到哪些機會。機會就在那裡。我們想把它拿下來、把貨運動起來，因為這就是我們做的事，而且靠這個賺很多錢。

And just to clarify there, the timing for the fluidity return, is that by the third quarter? Year-end?

我只是想釐清一下：流動性恢復的時間點，是到第三季嗎？還是年底？

Well, I would hope -- again, I hate to give predictions because I was already off by 9 months on the last one. You will -- yes, you'll see -- Mr. Boychuk always gets nervous when I start making projections.

嗯，我希望——再次強調，我不太想做預測，因為上一次我就已經差了 9 個月。你會——是的，你會看到——Boychuk 先生每次我開始做預測就會緊張。

And when is the railroad going to start running better? The railroad will start running better in this quarter, and it will get better in the third quarter and it will get better in the fourth quarter and the operating performance of the company, I hope, and will continue to get better and better and better and better all the time. 2019 was not your 2019 is the base camp we want to get back to where we were, which was record level of performance, but that was not where we were satisfied being the way we wanted to run the company and run the railroad. We wanted to get even better from there. And we hopefully we'll be able to do that, but it's going to be a gradual improvement as we go through the remainder of this year.

那鐵路什麼時候會開始跑得更好？鐵路會在本季開始跑得更好，第三季會更好，第四季會更好；我希望公司的營運表現也會持續變得更好、更好、一直更好。2019 年——2019 年是我們想回到的基地營（base camp），也就是我們當時的水準：創紀錄的表現；但那並不是我們滿意的狀態，也不是我們想要的公司與鐵路運行方式。我們希望在那之上做得更好。我們希望能做到，但在今年剩餘時間裡，改善會是逐步、漸進的。

Your next question comes from the line of Walter Spracklin with RBC Capital Markets.

下一個問題來自 RBC Capital Markets 的 Walter Spracklin。

I just want to ask a little bit on yields and there's a lot of moving parts there with fuel surcharges and accessorial charges. Just curious how you would point investors to how your yield might develop over -- on a year-over-year basis going forward, particularly where -- if we were to assume fuel prices remain constant, are we going to see yields come down as some of these accessorial charges come off as fluidity improves and therefore should we be more looking at negative yield as opposed to our natural inclination in the rail sector to see pricing levels generally move higher. Could we see some noise in the near term as a result of some of the rollover of -- as your fluidity improves and some of those charges come off?

我想問一下收益率（yields），因為其中有很多變動因素，包括燃油附加費與各項附加費用（accessorial charges）。我想知道你們會如何引導投資人理解：你們的收益率在未來以年對年（YoY）來看可能會如何發展，特別是——如果我們假設燃油價格維持不變，隨著流動性改善、部分附加費用取消，我們是否會看到收益率下滑？因此我們是否應該更關注負的收益率，而不是鐵路產業通常直覺認為定價水準一般會走高？隨著流動性改善、部分費用回落，短期內是否可能因為這些回轉（rollover）而出現一些雜訊？

This is Kevin. I -- when you look at what's happening right now, certainly, I think Sean spoke to it. We would expect some of the storage fees and those things that come down to a more normalized level, but that's a good thing. That means that supply chain is becoming more fluid. That means we're moving more freight through the rail network. That's exactly what we want to happen. And so from that perspective, that's all good.

我是 Kevin。我——就目前正在發生的事情來看，當然，我想 Sean 也提到了。我們預期部分倉儲費等項目會回落到較正常的水準，但那是好事。那代表供應鏈變得更順暢；代表我們正把更多貨物透過鐵路網路運送出去。這正是我們希望發生的。因此從這個角度來看，都是正面的。

When we looked at where we are today versus where we were last quarter when we had this call, inflation has gone up even more and we're having to have those conversations with our customer. We reprice about 50% to 60% of our business every year, and we're having those conversations because our customers are having those conversations with their customers. And so that's the environment we're in. And so there's a bit of a lag when you think about pricing and realization of that, that we're going to have to realize through the year, and we fully expect that those things will start to deliver as we move through the year.

當我們比較今天與上季我們開這通電話時的狀況，通膨又更高了，我們必須與客戶進行那些對話。我們每年會對約 50% 到 60% 的業務重新定價，而我們正在進行那些對話，因為我們的客戶也正在與他們的客戶進行那些對話。這就是我們所處的環境。因此當你思考定價與其落實（realization）時，會有一些滯後；我們必須在今年內逐步把它反映出來，而我們完全預期，隨著年度推進，這些因素會開始帶來成果。

Your next question comes from the line of Fadi Chamoun with BMO Capital Markets.

下一個問題來自 BMO Capital Markets 的 Fadi Chamoun。

Maybe a question to Kevin. I think you mentioned in your remarks something about the supply chain changes that we're experiencing now and maybe trade flows. And you mentioned that you see an opportunity for CSX is not working specifically at the port. Wondering if you can elaborate a little bit on that? And the second kind of point that to that is, what do you look to accomplish with that specifically in terms of commercial opportunities? In what areas of traffic you think you have commercial opportunities to go after as you close on that transaction?

也許問 Kevin 一個問題。我想你在發言中提到一些我們目前正在經歷的供應鏈變化，可能還有貿易流向。你提到你看到 CSX 的機會並不是特別在港口作業上。想請你多說一點嗎？第二點延伸是，就商業機會而言，你具體想達成什麼？在你們完成那筆交易交割時，你認為在哪些運量領域有商業機會可以去爭取？

Sure. In terms of trade flows, what I was referring to there is probably 2 issues: one, and I touched on the second slide that I covered was we're seeing a lot more activity in terms of industrial reshoring, more appetite for companies to look at their supply chain. And quite frankly, supply chain resiliency is accreditive advantage. Now when companies are reevaluating, do I want my production in Asia? Do I want it to overseas or would it be more appropriate to have it onshore closer to the consumers that are going to be buying the products? And I'm hopeful that we're seeing early signs that that's the case that they're making those decisions and spending capital behind it.

當然。就貿易流向而言，我指的可能是兩件事：第一個——我在我講的第二張投影片有提到——我們看到工業回流（reshoring）活動更多，企業更有意願重新檢視其供應鏈。坦白說，供應鏈韌性是一種競爭優勢。當企業重新評估時：我是否要把生產放在亞洲？要放在海外？還是更適合把它放在本土、靠近將購買產品的消費者？我希望我們已看到一些早期跡象，顯示他們正在做出這些決策並投入資本。

The second one, and this is extremely early, and we're having a lot of conversations with customers, and Jim talked about this a little bit, is when you think about things like grain, which have largely -- huge amounts of supply have come out of the Ukraine and Russia into Europe and other commodities and steel products and other things that have largely gone in the European market, well, all of a sudden, it doesn't look like that's going to happen.

第二個，而且這還非常早期——我們正與客戶進行大量對話，Jim 也稍微談到——當你想到像穀物這類商品，過去有大量供給從烏克蘭與俄羅斯流向歐洲；以及其他大宗商品、鋼鐵產品等，過去多數進入歐洲市場——但突然之間，看起來這不會再發生了。

And some of those things that we had traditionally moved out of the West Coast to supply Asia, now maybe that's going to come out of the East Coast and benefit the ports that we serve. And again, it's really, really early. We have to have conversations. We have to make sure that the capabilities are there to be able to deliver those products when that demand happens.

而一些我們傳統上從西岸運出、供應亞洲的貨物，現在也許會改由東岸運出，並讓我們服務的港口受益。同樣地，這真的非常、非常早。我們必須對話，必須確保當需求出現時，我們具備交付這些產品的能力。

So we're staying very, very close to the customer understanding what could potentially move from the West Coast, potentially into the East Coast and working with them and being really dynamic in terms of how we think about it. That's what I'm thinking about. We're looking at everything that's going out of the ports today and how that could change over the next few months. And it's probably -- it's not a next month phenomenon. It's probably 6, 9, 12 months from now where you'll really start to see some impact, if it happens.

所以我們會非常、非常貼近客戶，了解哪些貨物可能從西岸移轉、可能轉到東岸，並與他們合作，在思考方式上保持高度動態。這就是我在想的。我們正在檢視目前所有從港口出去的貨物，以及未來幾個月可能如何改變。而這大概——不是下個月就會發生的現象；更可能是 6、9、12 個月後，你才會真正開始看到一些影響（如果真的發生的話）。

Okay. And then if I can...

好的。那如果我可以……

I think on the second is on the Pan Am?

我想第二個是關於 Pan Am？

Yes, sorry.

是的，不好意思。

Do you want to just cover the Pan Am? Yes. And then on the Pan Am, look, it's a very good consumer market. There's a lot of paper packaging customers that want more access to markets that we serve. The waste business in that market is going to continue to grow. We see great opportunities there.

你要不要就 Pan Am 的部分說明一下？好。至於 Pan Am，你看，那是一個非常好的消費市場。有很多紙品包裝客戶希望能更進一步接觸我們所服務的市場。該市場的廢棄物（waste）業務將持續成長。我們在那裡看到很好的機會。

And we think with a better rail service, that's going to open up many more markets that, quite frankly, just from a transit time or for reliability standpoint, just we weren't able to serve previously. So we're really excited. We're gearing up now that the approval has gone through and going to work closer to really capture those opportunities.

而且我們認為，若能提供更好的鐵路服務，將會開啟更多市場；坦白說，過去僅就運輸時間或可靠性而言，我們無法服務那些市場。所以我們非常興奮。現在批准已經通過，我們正加緊準備，並將更緊密地投入工作，以真正掌握那些機會。

Your next question comes from the line of David Vernon with Bernstein.

您的下一個問題來自 Bernstein 的 David Vernon。

I have a question for you on the appetite to grow sort of the intermodal business generally. I mean I think training some of the intermodal network as part of PSR was the first step, and we've obviously been dealing with some of these service issues. But I'm curious to get your help on reconciling kind of where market rates are, how attractive is the margin that growth could be?

我想就整體而言擴大聯運（intermodal）業務的意願向您請教。我是說，我認為把部分聯運網路作為 PSR 的一部分進行精簡是第一步，而我們顯然也一直在處理其中一些服務問題。但我想請您協助釐清：在目前市場運價的水準下，這種成長的利潤率有多吸引人？

And what do you make of the third-party industry sort of adding something like 50,000 boxes to the fleet this year and Hunt's coming out with an even bigger number for the next couple of years? I mean, is this a market that you guys really want to lever into? Or are you going to remain a little bit more balanced between intermodal and merchandise growth? I'm just trying to square the circle with what we're seeing in the container order book for the domestic players and your appetite to actually accommodate some of that growth.

另外，您如何看待第三方產業今年大概新增了 50,000 個箱體到車隊中，而 Hunt 也提出未來幾年更大的數字？我的意思是，這真的是你們想要大幅槓桿投入的市場嗎？還是你們會在聯運與一般貨運（merchandise）成長之間維持更均衡一些？我只是想把國內業者的集裝箱訂單簿所呈現的情況，與你們實際願意承接這些成長的意願對照起來。

Well, I think we're leading the industry in intermodal growth. So it's not -- and in terms of volume, I think, if not this year, next year, for sure, in terms of volume, intermodal is going to be our biggest piece of business. That being said, so we want to -- we spent a lot of time and effort in 2017 and 2018 in reengineering the way the intermodal network operated for a reason so that we could have a good return on that business when we began to focus more intently on working in the key lanes where it makes sense for us to grow.

嗯，我認為我們在聯運成長方面領先同業。所以這不是——就量而言，我認為如果不是今年，那麼明年肯定會——就量而言，聯運將會成為我們最大的業務板塊。話雖如此，我們希望——我們在 2017 年和 2018 年投入了大量時間與精力，重新設計聯運網路的運作方式，是有原因的：這樣當我們開始更專注於在對我們而言具備成長合理性的關鍵走廊（key lanes）上發力時，才能在這項業務上取得良好的回報。

We're beginning to, I think, have a better understanding of leveraging the East Coast ports, which have gone through a dramatic transformation in terms of growth versus the West Coast and have the much greater opportunity to expand that footprint in the East than they do in the West. And we're also looking more and more and more at how we can participate in the Mexican intermodal market, which, to date, we do basically nothing in. So whether it's international or domestic, the more players put asset towards the intermodal market, the more these markets further develop, we see great potential for us to continue to grow our intermodal franchise.

我認為我們開始更了解如何運用東岸港口的優勢；相較於西岸，東岸港口在成長方面經歷了劇烈轉變，且在東部擴大版圖的機會遠大於西部。我們也越來越多地在研究如何參與墨西哥的聯運市場，而迄今為止我們基本上幾乎沒有涉足。因此，不論是國際或國內，只要更多業者把資產投入聯運市場、這些市場進一步發展，我們就看到很大的潛力，讓我們能持續擴大我們的聯運版圖。

That's not to say that we are, in any way, shape or form favoring that over the merchandise business. The merchandise business is a core part of our franchise. So we intend to grow both of these businesses. We see both of them as equal opportunity. Any business has a divergent book of business and so we don't -- we look at them both as exciting areas of opportunity.

這並不是說我們在任何形式、任何程度上偏重聯運而忽視一般貨運業務。一般貨運是我們核心版圖的一部分。因此我們打算同時成長這兩項業務。我們把兩者都視為同等的機會。任何業務都有不同的客戶與貨源組合，所以我們——我們把兩者都視為令人振奮的機會領域。

And you -- and maybe just a quick follow-up. As you think about the fleet, are you looking to add boxes to that? Or are you going to let the third-party sort of private fleet handle the investment in the actual boxes?

那您——再追問一個簡短問題。談到箱體車隊（fleet）時，你們是否打算增加自有箱體？還是會讓第三方的私人車隊來承擔實際箱體的投資？

Again, that's a different book of business. Personally, in favor of us being more involved on an asset ownership basis because we see great opportunity there for potential and whether it's or whether it's everyplace else, I don't like the model where I do 95% of the work and get 75% of the money. So to the extent that we can turn to some of this business around and make it more favorable to our bottom line, I can guarantee you that any kind of an investment in asset in that area would have a great return.

同樣地，那是不同的業務組合。就我個人而言，我傾向於我們在資產持有（asset ownership）的基礎上更深入參與，因為我們看到那裡有很大的潛在機會。不管是在那裡或其他地方，我不喜歡那種我做了 95% 的工作卻只拿到 75% 收入的模式。因此，只要我們能把這部分業務調整得更有利於我們的獲利，我可以向你保證，在那個領域進行任何形式的資產投資都會有很好的回報。

Your next question comes from the line of Cherilyn Radbourne with TD Securities.

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

In terms of the outlook for coal, you have touched on RPU already, but I wonder if you could comment on what you think the prospect is for increased coal volume this year? And within that, could you touch on whether it's primarily export coal that has influenced your outlook for both domestic and export?

就煤炭展望而言，您已經提到過 RPU，但我想請您評論一下：您認為今年煤炭運量增加的前景如何？在此之中，能否談談是否主要是出口煤影響了您對國內與出口的整體展望？

Yes. I think when you look at some of the discrete items that I pointed out in the first quarter, we think some of those obviously are going to go away as we get through the year. And then Jamie talked a lot about the additional resources we're adding, and I think there are opportunities as the mines reinvest and they're making a lot of money right now and that allows them to reinvest in probably some deferred capital that they've had over the years. You would see some probably some better production coming out of those as well. So all else equal, if the market stays strong, we would anticipate some volume upside through the year. .

是的。我認為當你回顧我在第一季指出的一些具體事項時，我們認為其中一些顯然會隨著年度推進而消退。接著 Jamie 也談了很多我們正在增加的額外資源；我認為當礦場重新投資時會有機會——他們現在賺了很多錢，這使他們能夠把資金再投入到多年來可能延後的資本支出上。你也可能會看到產量有所改善。因此，在其他條件不變、且市場維持強勁的情況下，我們預期今年運量會有一些上行空間。.

And is it primarily export coal that's influenced your outlook? Or is that...

那主要是出口煤影響了你們的展望嗎？還是說那是……

No. No. When you look at our Southern -- sorry, yes, I didn't address that. When you look at our Southern utilities and our Northern Utilities right now, they're at low levels. And so there's an inventory replenishment that needs to happen that we're working diligently on and working closely with them to -- and with the mines to make sure that happens into the summer peak season. And then on the export side, obviously very, very robust in terms of the demand. You're now seeing some -- probably some thermal opportunities with supply not there coming out of Russia. And so we'll see how that materializes. Right now, it's not a lack of demand. It's a supply-constrained market, and we've seen the coal producers probably favor that export met business rather than the thermal business.

不是。不是。就我們南部——抱歉，是的，我剛才沒有回答到。當你看我們南部公用事業客戶與北部公用事業客戶目前的狀況時，他們的庫存水位偏低。因此需要進行庫存回補；我們正為此努力，並與他們——以及與礦場密切合作，確保在夏季用電高峰季之前完成。至於出口端，需求顯然非常、非常強勁。你現在也看到一些——可能是因為俄羅斯供給缺口而出現的動力煤（thermal）機會。我們會觀察其如何發展。目前不是需求不足，而是供給受限的市場；我們也看到煤炭生產商可能更偏好出口冶金煤（met）業務，而不是動力煤業務。

In Curtis Bay, you'll see that, Jamie, just remind me, that will come on into the third quarter, and that will offer some additional opportunity as that comes back on to full capacity.

在 Curtis Bay，你會看到——Jamie，提醒我一下——那會在第三季投入運作，並在恢復到滿載產能後帶來一些額外機會。

Your last question today comes from the line of Jordan Alliger with Goldman Sachs.

今天最後一個問題來自 Goldman Sachs 的 Jordan Alliger。

Just curious on the auto sector, if you could give a little color around that, what you're hearing from the OEMs, maybe how the parts business is doing? And any update on the chip situation?

想請教汽車產業方面，您是否能提供一些補充說明：你們從 OEM 那邊聽到什麼訊息、零組件業務表現如何？以及晶片供應情況是否有任何更新？

Yes. We certainly saw some improvement in the March, and that's continued into April. When you start shipping cars without chips, I guess that helps. And so some of that inventory that was sitting on the ground waiting for the chip to come in, they just decided to go ahead and ship it and maybe you don't have a seat warmer right now, but you'll get it maybe in 6 months from now.

是的。我們在 3 月確實看到一些改善，而且這種情況延續到 4 月。當你開始在沒有晶片的情況下出貨汽車時，我想那確實有幫助。因此，一些原本停放在場地上、等待晶片到位的庫存，他們就決定先出貨；也許你現在沒有座椅加熱功能，但可能 6 個月後你會拿到。

But -- so that we've seen a lot more finished good inventory on the ground, and we're ramping up to deliver those products to the market. So that's -- but we'll see what some of the impacts in China with some of the disruption they're having over there with the variant running through there in Shanghai shutting down in some other areas. So it's a watch item, but we're seeing some favorability at least in the near term. .

但是——所以我們看到場地上的成品庫存多了很多，而我們正在加速把這些產品交付到市場。因此這是——但我們也會觀察中國那邊的一些影響，他們因為變異株在上海蔓延、以及其他地區封控而出現一些干擾。所以這是一個需要關注的事項，但至少在短期內我們看到一些有利因素。.

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

目前沒有進一步的問題。本次電話會議到此結束。感謝各位參與。您現在可以掛線。