聯邦快遞 (FDX) 2022 Q2 法說會逐字稿

Good day, everyone, and welcome to the FedEx Corporation Second Quarter Fiscal Year 2022 Earnings Conference Call. Today's call is being recorded.

大家好，歡迎參加聯邦快遞公司 2022 財年第二季度收益電話會議。今天的電話正在錄音。

At this time, I would like to turn the call over to Mickey Foster, Vice President of Investor Relations for FedEx. Please go ahead.

此時，我想將電話轉給 FedEx 投資者關係副總裁 Mickey Foster。請繼續。

Good afternoon, and welcome to FedEx Corporation's Second Quarter Earnings Conference Call. The second quarter earnings release, Form 10-Q and stat book are on our website at fedex.com. This call is being streamed from our website, where the replay will be available for about 1 year.

下午好，歡迎參加聯邦快遞公司第二季度收益電話會議。第二季度收益發布、Form 10-Q 和統計手冊位於我們的網站 fedex.com。本次通話正在從我們的網站進行流式傳輸，回放將在大約 1 年內提供。

Joining us on the call today are members of the media.

今天加入我們電話會議的是媒體成員。

(Operator Instructions)

（操作員說明）

I want to remind all listeners that FedEx Corporation desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act. Certain statements in this conference call, such as projections regarding future performance, may be considered forward-looking statements within the meaning of the act. Such forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. For additional information on these factors, please refer to our press releases and filings with the SEC.

我想提醒所有聽眾，聯邦快遞公司希望利用《私人證券訴訟改革法案》的安全港條款。本次電話會議中的某些陳述，例如對未來業績的預測，可能被視為該法案含義內的前瞻性陳述。此類前瞻性陳述受風險、不確定性和其他因素的影響，可能導致實際結果與此類前瞻性陳述明示或暗示的結果存在重大差異。有關這些因素的更多信息，請參閱我們的新聞稿和提交給 SEC 的文件。

Please refer to the Investor Relations portion of our website at fedex.com for a reconciliation of the non-GAAP financial measures discussed on this call to the most directly comparable GAAP measures.

請參閱我們網站 fedex.com 的投資者關係部分，了解本次電話會議中討論的非 GAAP 財務指標與最直接可比的 GAAP 指標的對賬。

Joining us on the call today are Raj Subramaniam, President and COO; Mike Lenz, Executive Vice President and CFO; and Brie Carere, Executive VP, Chief Marketing and Communications Officer.

今天加入我們電話會議的是總裁兼首席運營官 Raj Subramaniam； Mike Lenz，執行副總裁兼首席財務官；以及執行副總裁兼首席營銷和傳播官 Brie Carere。

And now Raj will share his views on the quarter.

現在 Raj 將分享他對本季度的看法。

Thank you, Mickey, and good afternoon, everyone.

謝謝你，米奇，大家下午好。

Let me begin by extending a heartfelt thank you to our more than 600,000 dedicated team members, especially those on the frontlines or working relentlessly to successfully deliver another robust peak season for our customers.

首先，讓我衷心感謝我們 600,000 多名敬業的團隊成員，尤其是那些在前線或為成功為我們的客戶成功提供另一個強勁旺季而不懈努力的團隊成員。

As expected, we are seeing strong levels of volume in our network given unprecedented levels of shopping and shipping this holiday season. FedEx Ground had an outstanding Cyber Week, with 100 million packages picked up during the first official week of peak. Our ability to handle this influx of packages has been years in the making as we've taken deliberate steps to enhance our unparalleled network to support customers, large and small. This includes strategically adding more capacity across our network to support our growing customer base.

正如預期的那樣，鑑於這個假日季節前所未有的購物和運輸水平，我們看到我們網絡的交易量很高。 FedEx Ground 的網絡週表現出色，在高峰期的第一個正式週內就收到了 1 億個包裹。我們處理大量湧入的包裹的能力多年來一直在形成，因為我們已經採取了慎重的措施來增強我們無與倫比的網絡以支持大大小小的客戶。這包括在我們的網絡中戰略性地增加更多容量，以支持我們不斷增長的客戶群。

For example, at FedEx Ground, this means adding 14.4 million square feet to our network, the equivalent of 300 football fields, since June of this year. In Q2 alone, we brought online 24 major expansion projects, with 9 of them starting operations in November just weeks before peak. While it was important that these facilities were up and running to add to capacity in time for peak, experience tells us that they will operate with increasing efficiency in the weeks and months ahead.

例如，在 FedEx Ground，這意味著自今年 6 月以來，我們的網絡增加了 1440 萬平方英尺，相當於 300 個足球場。僅在第二季度，我們就上線了 24 個大型擴建項目，其中 9 個在高峰前幾週的 11 月開始運營。雖然這些設施的啟動和運行以及時增加產能以應對高峰期很重要，但經驗告訴我們，它們將在未來幾周和幾個月內以更高的效率運行。

As we shared on the Q1 call, overcoming staffing and retention challenges due to the constrained labor market has been a key focus. We continued to take bold actions in Q2 to hire and invest in our frontline team members and thus increase network efficiency. These actions included pay premiums, increased paid time off and tuition reimbursement.

正如我們在第一季度電話會議上分享的那樣，克服勞動力市場受限導致的人員配備和保留挑戰一直是重點。我們在第二季度繼續採取大膽的行動來招聘和投資我們的一線團隊成員，從而提高網絡效率。這些行動包括支付保費、增加帶薪休假和學費報銷。

I'm pleased to share that we have made considerable traction in recruiting frontline positions. Last week, we exceeded 111,000 applications, the highest level in FedEx history. To put this in perspective, we had 52,000 applications the week of May 8. This has led to appropriate staffing levels of peak, including hiring more than 60,000 frontline team members since we last spoke in September.

我很高興地分享我們在招聘一線職位方面取得了相當大的吸引力。上週，我們的申請超過了 111,000 份，是 FedEx 歷史上的最高水平。從這個角度來看，我們在 5 月 8 日這一周收到了 52,000 份申請。這導致適當的人員配置水平達到峰值，包括自 9 月上次發言以來僱用了 60,000 多名一線團隊成員。

We delivered strong results for the quarter, with an 11% increase in adjusted operating income, which exceeded our initial expectations shared during the Q1 call. Second quarter results include outstanding performance by our team at FedEx Express, where operating income on an as-adjusted basis exceeded $1 billion for the quarter. The ability we have at Express to flex our cost structure and network in response to changing market conditions positions us for long-term, sustained profitability.

我們在本季度取得了強勁的業績，調整後的營業收入增長了 11%，超出了我們在第一季度電話會議期間的初步預期。第二季度的業績包括我們聯邦快遞團隊的出色表現，該季度經調整的營業收入超過 10 億美元。我們在 Express 擁有靈活成本結構和網絡以應對不斷變化的市場條件的能力，使我們能夠實現長期、持續的盈利能力。

FedEx Freight also delivered a strong quarter with an operating margin of 14.7%. I'm proud of the team as they continue to focus on revenue quality and profitable growth.

聯邦快遞貨運也實現了強勁的季度業績，營業利潤率為 14.7%。我為團隊感到自豪，因為他們繼續關注收入質量和盈利增長。

We estimate the effect of labor shortages on our Q2 results was approximately $470 million, in line with our original expectations. And consistent with the first quarter, Ground once again bore the majority of these costs to the tune of $285 million.

我們估計勞動力短缺對我們第二季度業績的影響約為 4.7 億美元，符合我們最初的預期。與第一季度一致，Ground 再次承擔了 2.85 億美元的大部分成本。

While Ground's results were negatively affected by labor challenges in the first half of the year, we are encouraged by hiring momentum as we look to the second half and are focused on retaining recently hired team members after the peak season concludes. We know we have an excellent value proposition for employees, which we are strengthening even further with technology that enables employee-friendly, flexible schedule options, including the ability to pick up extra shifts when convenient or swap shifts with their colleague all from the convenience of an app on their phone or computer. All of this to say we anticipate cost pressures from constrained labor markets to partially subside in the second half of the fiscal year.

雖然 Ground 的業績在上半年受到勞動力挑戰的負面影響，但我們對下半年的招聘勢頭感到鼓舞，並專注於在旺季結束後留住最近僱用的團隊成員。我們知道我們為員工提供了極好的價值主張，我們正在通過技術進一步加強這一點，這些技術支持員工友好、靈活的日程安排選項，包括在方便時接額外班次或與同事交換班次的能力。他們手機或電腦上的應用程序。所有這一切都表明，我們預計勞動力市場受限帶來的成本壓力將在本財年下半年部分消退。

Now it's a good time to focus on what is ahead for FedEx. The FedEx business has been built over nearly 5 decades. And during that time, we have built networks and capabilities that are differentiated from our competitors and nearly impossible to replicate. Our customers and their customers value these networks and capabilities as we enable global supply chains to stay connected. This has never been illustrated more clearly than during the last 2 years of the global COVID pandemic. Our industry has proven to be absolutely critical in delivering during this pandemic, whether it is business-to-business or e-commerce. And within this industry, our strategy is unique. Our future growth and profitability will be driven by our strategy, and we will drive total shareholder value over the immediate, mid- and long term. There is solid momentum in our base business as we continue to lean into the dynamic growth of e-commerce amid a robust pricing environment.

現在是關注聯邦快遞未來發展的好時機。聯邦快遞業務已經建立了近 5 年。在此期間，我們建立了與競爭對手不同且幾乎無法複製的網絡和能力。我們的客戶及其客戶重視這些網絡和能力，因為我們使全球供應鏈保持聯繫。在全球 COVID 大流行的過去 2 年中，從未像現在這樣清楚地說明了這一點。事實證明，無論是企業對企業還是電子商務，我們的行業對於在這場大流行期間的交付至關重要。在這個行業中，我們的戰略是獨一無二的。我們未來的增長和盈利能力將由我們的戰略驅動，我們將在近期、中期和長期推動股東總價值。在穩健的定價環境中，隨著我們繼續依靠電子商務的動態增長，我們的基礎業務發展勢頭強勁。

In addition, we have other levers for profitable growth, including: number one, increasing collaboration and efficiency to optimize our networks and business; number two, driving improved results in Europe and international; and number three, unlocking value by digital innovation.

此外，我們還有其他實現盈利增長的槓桿，包括：第一，加強協作和效率以優化我們的網絡和業務；第二，推動歐洲和國際業績的改善；第三，通過數字創新釋放價值。

Our expanded collaboration across operating companies will drive cost benefits, lower delivery and linehaul costs and better utilization of existing assets. Said differently, we'll utilize our air and ground networks in a smarter, more calculated manner.

我們在運營公司之間擴大合作將推動成本效益、降低交付和線路成本以及更好地利用現有資產。換句話說，我們將以更智能、更有計算力的方式利用我們的空中和地面網絡。

FedEx Freight trucks have traveled 4 million miles while operating on behalf of FedEx Ground this year. FedEx Freight has also provided FedEx Ground with intermodal containers, which have already been dispatched nearly 50,000 times. We will look -- continue to look comprehensively at all assets in our network, including stations, hubs and equipment to put the right package in the right network at the best service for our customers. And as I highlighted earlier, the focus on collaboration also extends to our customers as we work to make their supply chains smarter. This includes providing integration and common data platform opportunities and planning the best way to leverage our network flexibility for their volume needs.

今年，聯邦快遞貨運卡車在代表聯邦快遞地面運營期間已經行駛了 400 萬英里。 FedEx Freight 還為 FedEx Ground 提供了多式聯運集裝箱，這些集裝箱已經發運了近 50,000 次。我們將繼續全面審視我們網絡中的所有資產，包括站點、集線器和設備，以便將正確的包裹放入正確的網絡中，為我們的客戶提供最佳服務。正如我之前強調的那樣，在我們努力使他們的供應鏈更智能的過程中，對協作的關注也延伸到了我們的客戶身上。這包括提供集成和通用數據平台機會，並規劃利用我們的網絡靈活性滿足其容量需求的最佳方式。

The second lever is continuing to improve our international profitability. Our international business, particularly Europe, remains one of our biggest opportunities. I was in Europe in October, and I was happy to note the excellent progress there as we built upon the success of station integration, which was completed in May 2021. We remain on track for the completion of our air network integration in April 2022, which will complete the physical integration of TNT into FedEx Express and enable full physical interoperability of these networks.

第二個槓桿是繼續提高我們的國際盈利能力。我們的國際業務，尤其是歐洲業務，仍然是我們最大的機遇之一。 10 月份我在歐洲，我很高興地註意到那裡取得的出色進展，因為我們在 2021 年 5 月完成的車站整合成功的基礎上取得了成功。我們仍有望在 2022 年 4 月完成空中網絡整合，這將完成 TNT 與 FedEx Express 的物理集成，並實現這些網絡的完全物理互操作性。

After April 2022, Paris' Charles de Gaulle Airport will serve as the main hub for all European and intercontinental flights. Liege will connect specific large European markets and ensure we have the flexibility to scale our operations in response to market needs, thus enabling us to focus on international growth. Brie will share more on what this enhanced value proposition means for our customers.

2022 年 4 月之後，巴黎戴高樂機場將成為所有歐洲和洲際航班的主要樞紐。列日將連接特定的大型歐洲市場，並確保我們能夠靈活地擴展我們的業務以滿足市場需求，從而使我們能夠專注於國際增長。 Brie 將更多地分享這種增強的價值主張對我們的客戶意味著什麼。

Finally, we are unlocking value through digital innovation and our accelerated integration of data-driven technologies and enhanced digital capabilities ranging from increased network efficiency to customer experience improvements. For example, early package visibility enhances visibility of third-party trailers as improving customer collaboration, information sharing and package prioritization. Model-driven estimated delivery date uses machine learning to provide a more accurate estimated delivery day of packages to customers and recipients. And trailer load scan automation eliminates the need for a manual scan, enabling faster and more efficient loading while significantly reducing package touches.

最後，我們正在通過數字創新以及我們加速整合數據驅動技術和增強數字能力（從提高網絡效率到改善客戶體驗）來釋放價值。例如，早期包裹可見性提高了第三方拖車的可見性，從而改善了客戶協作、信息共享和包裹優先級。模型驅動的預計送達日期使用機器學習向客戶和收件人提供更準確的預計送達日期。拖車裝載掃描自動化消除了手動掃描的需要，實現了更快、更高效的裝載，同時顯著減少了包裹接觸。

These ongoing investments, network capacity, automation and technology have helped FedEx build the most flexible and most responsive network in the industry, affording us significant competitive advantages.

這些持續的投資、網絡容量、自動化和技術幫助聯邦快遞建立了業內最靈活、響應速度最快的網絡，為我們提供了顯著的競爭優勢。

In closing, the successful execution of our strategies continues to drive high demand for our differentiated services. We remain confident in these strategies for the various reasons outlined. Our unparalleled portfolio of services, powered by the strength and reach of our global network, positions FedEx to deliver superior, sustainable financial returns and drive shareholder value for years to come.

最後，我們戰略的成功執行繼續推動對我們差異化服務的高需求。出於上述各種原因，我們對這些策略仍然充滿信心。我們無與倫比的服務組合，由我們全球網絡的實力和覆蓋範圍提供支持，使聯邦快遞能夠在未來幾年提供卓越、可持續的財務回報並推動股東價值。

With that, let me turn the floor over to Brie.

有了這個，讓我把地板交給布里。

Thank you, Raj. Good afternoon, everyone.

謝謝你，拉傑。大家下午好。

Q2 delivered our second consecutive quarter of 14% revenue growth, demonstrating the strong demand for our differentiated portfolio and our ability to drive revenue quality as a result.

第二季度實現了我們連續第二個季度 14% 的收入增長，表明對我們差異化產品組合的強勁需求以及我們因此提高收入質量的能力。

Constrained capacity has continued to support a favorable pricing environment. We are maintaining a brisk pace for repricing contracts, ensuring a high surcharge capture and yield improvements. We are working with large customers to identify opportunities to move their volume from our national networks to our regional and local networks, bringing up additional capacity for small business customers. Small businesses rely on our market-leading times and our 7-day-a-week network to compete. They cannot afford to deploy -- they cannot forward deploy inventory at the same scale as large retailers.

有限的產能繼續支持有利的定價環境。我們正在保持快速的合同重新定價步伐，確保高附加費捕獲和收益提高。我們正在與大客戶合作，尋找機會將他們的數量從我們的國家網絡轉移到我們的區域和本地網絡，為小企業客戶提供額外的容量。小型企業依靠我們的市場領先時代和我們每週 7 天的網絡來競爭。他們負擔不起部署費用——他們無法像大型零售商那樣轉發部署庫存。

Our domestic yield growth was 9.1% with fuel in Q2. Our general rate increase will take place in January, and we expect a strong capture rate. In January, the Ground Economy peak surcharge will be replaced by the new Ground Economy delivery surcharge at $1, solidifying the price point for our economy product. And as a reminder, FedEx Ground Economy was formerly FedEx SmartPost.

第二季度我們的國內產量增長了 9.1%。我們的總體費率上漲將在 1 月份進行，我們預計捕獲率將很高。 1 月份，地面經濟艙高峰附加費將被新的 1 美元地面經濟艙交付附加費所取代，從而鞏固了我們經濟艙產品的價格點。提醒一下，FedEx Ground Economy 以前是 FedEx SmartPost。

The landscape across the industry remains robust and positions us well for continued profitable growth. We are forecasting that the U.S. domestic parcel market will reach 134 million pieces a day by calendar year 2026, a remarkable 70% growth from 2020. E-commerce is expected to drive 90% of the parcel market growth. We have developed a tremendous portfolio of e-commerce solutions, and we are very confident that our competitive value proposition will enable us to continue to take share smartly in the addressable e-commerce market. As you all know, we have a diversified customer base globally as well as here in the United States, and as such, we can confidently grow without the risk of a very large and disruptive customer negotiation.

整個行業的格局依然強勁，使我們能夠為持續的盈利增長做好準備。我們預計，到 2026 年，美國國內包裹市場將達到每天 1.34 億件，比 2020 年增長 70%。電子商務預計將推動包裹市場 90% 的增長。我們已經開發了龐大的電子商務解決方案組合，我們非常有信心，我們具有競爭力的價值主張將使我們能夠繼續在潛在的電子商務市場中巧妙地佔據份額。眾所周知，我們在全球以及美國都擁有多元化的客戶群，因此，我們可以自信地發展，而不會面臨非常大規模和破壞性的客戶談判的風險。

The U.S. domestic B2B market is also expected to grow. It will grow at a 5% CAGR through 2026. We are growing our digital capabilities to provide a range of visibility experiences that will give our B2B customers greater clarity, confidence and control over their deliveries, especially in high-value verticals such as health care.

美國國內 B2B 市場也有望增長。到 2026 年，它將以 5% 的複合年增長率增長。我們正在提高我們的數字能力，以提供一系列可見性體驗，這將使我們的 B2B 客戶更加清晰、自信和控制他們的交付，特別是在醫療保健等高價值垂直領域.

Turning now to international. Our successful commercial and operational execution in response to COVID demonstrates our ability to grow profitably in an uncertain environment. Demand out of Asia continues to contribute strong revenue and profit performance, and our international economy embargo and peak surcharges are contributing to our yield growth there.

現在轉向國際。我們成功應對 COVID 的商業和運營執行表明我們有能力在不確定的環境中實現盈利增長。亞洲的需求繼續貢獻強勁的收入和利潤表現，我們的國際經濟禁運和高峰附加費正在促進我們在那裡的產量增長。

Q2 Express international export yield grew 12%, and volume grew 7.6% which is outstanding year-over-year growth. International export composite yield grew to almost $54 per package, while average daily volume was more than 1.1 million. I am very proud of the international revenue quality results, especially given that we also had double-digit e-commerce growth internationally, which, of course, puts downward pressure on our package yield.

Q2 Express 國際出口收益率增長 12%，貨量增長 7.6%，同比增長顯著。國際出口綜合收益增長到每包近 54 美元，而日均出口量超過 110 萬件。我對國際收入質量結果感到非常自豪，特別是考慮到我們在國際上也有兩位數的電子商務增長，這當然給我們的包裹產量帶來了下行壓力。

International Priority freight had a very strong quarter with 34% year-over-year revenue growth year-to-date. With new variants of COVID causing uncertainty in the global recovery, we believe that air cargo capacity will remain constrained through calendar year 2022 and a full recovery is not anticipated until at least 2024.

國際優先貨運的季度表現非常強勁，年初至今收入同比增長 34%。由於 COVID 的新變種給全球復甦帶來了不確定性，我們認為航空貨運能力在 2022 日曆年仍將受到限制，預計至少要到 2024 年才能全面復甦。

Export demand in Europe and APAC has fully recovered to pre-pandemic levels and capacity on international lanes remains scarce. We anticipate a continued favorable pricing environment and an embargo on our deferred services out of Asia Pacific for the foreseeable future.

歐洲和亞太地區的出口需求已完全恢復到大流行前的水平，國際航線的運力仍然稀缺。我們預計，在可預見的未來，定價環境將持續有利，而且我們在亞太地區的延期服務將被禁運。

We are targeting both B2B and cross-border e-commerce market share internationally. We have identified the target lanes for B2B growth where we have share growth opportunity, most notably in and out of and across Europe. As Raj alluded to, with the launch of our integrated Air network in April, we will dramatically enhance our capabilities within and into Europe, creating benefits for customers around the world.

我們的目標是國際 B2B 和跨境電子商務市場份額。我們已經確定了 B2B 增長的目標通道，我們擁有共享增長機會，尤其是在歐洲內外和整個歐洲。正如 Raj 所暗示的，隨著我們在 4 月推出的綜合航空網絡，我們將顯著增強我們在歐洲內部和進入歐洲的能力，為世界各地的客戶創造利益。

More European customers will have access to next-day and pre-noon delivery times for their intra-European shipments through our expanded portfolio of services. We will be able to offer customers an option of mid-day or end-of-day service inbound to Europe, giving our customers around the world more choice and flexibility while giving our global sales team more opportunities to pursue. These enhancements, along with our intra-Europe road services and industry-leading Europe-to-U.S. service, position us with a very competitive portfolio.

通過我們擴展的服務組合，更多歐洲客戶將能夠獲得歐洲內部貨物的次日和中午前交貨時間。我們將能夠為客戶提供前往歐洲的日中或日終服務選項，為我們的全球客戶提供更多選擇和靈活性，同時為我們的全球銷售團隊提供更多追求的機會。這些改進，以及我們的歐洲內部道路服務和行業領先的歐洲到美國。服務，為我們提供極具競爭力的產品組合。

As we approach the final stages of physical integration this fiscal year, we are increasing the FedEx brand presence on the road in Europe by approximately 30%, including the rebranding of vehicles and facilities. Additionally, intercontinental e-commerce will contribute approximately half of the growth in the parcel market over the next decade. FedEx International Connect Plus, which launched across Europe, Asia Pacific and the United States, enables us to compete more effectively in this growing e-commerce market.

隨著我們本財年接近實體整合的最後階段，我們正在將 FedEx 品牌在歐洲的道路上的存在增加約 30%，包括車輛和設施的品牌重塑。此外，未來十年，洲際電子商務將貢獻包裹市場約一半的增長。 FedEx International Connect Plus 在歐洲、亞太地區和美國推出，使我們能夠在這個不斷增長的電子商務市場中更有效地競爭。

In addition to the improvements in our transportation portfolio, we are very focused on our digital solutions across the customer journey. We have launched our new account opening application in 8 countries with very great results. We are seeing double-digit improvement in account openings and customers opting in for My FedEx Rewards, which, of course, is the only small business loyalty program in the industry.

除了改進我們的運輸產品組合外，我們還非常專注於我們在整個客戶旅程中的數字解決方案。我們在 8 個國家推出了新的開戶應用程序，效果非常好。我們看到開戶和選擇加入 My FedEx Rewards 的客戶實現了兩位數的增長，這當然是業內唯一的小型企業忠誠度計劃。

We have also launched our new FedEx Ship Manager application in more than 100 countries. This is the primary tool for our small business segment to ship with FedEx. With the modern, easy-to-use interface, a small business can now create a label and get the package out the door more than a minute faster than they could previously. We will launch this new FedEx Ship Manager in the United States in 2022.

我們還在 100 多個國家/地區推出了新的 FedEx Ship Manager 應用程序。這是我們的小型企業部門與 FedEx 一起運送的主要工具。借助現代、易於使用的界面，小型企業現在可以創建標籤並將包裹送出大門，速度比以前快一分鐘多。我們將於 2022 年在美國推出這款全新的 FedEx Ship Manager。

In summary, we are very confident in our commercial strategies for revenue growth and yield improvement.

總而言之，我們對收入增長和產量提高的商業戰略非常有信心。

And with that, I'll turn it over to Mike for his remarks.

有了這個，我會把它交給邁克的評論。

Thank you, Brie, and good afternoon, everyone.

謝謝你，布里，大家下午好。

Given the historically challenging nature of peak season, along with the continued staffing challenges felt by numerous companies around the world, we're quite pleased with our second quarter consolidated financial results, with adjusted operating income up 11% year-over-year. While adjusted earnings per share was unchanged year-over-year, this year's effective tax rate was significantly higher as last year's earnings included a $0.71 per share discrete tax benefit from favorable guidance issued by the IRS. As we anticipated, most of the headwinds we experienced in the first quarter persisted through the second quarter, which dampened our Q2 profitability by an estimated $770 million.

鑑於旺季的歷史性挑戰，以及全球眾多公司持續面臨的人員配置挑戰，我們對第二季度的合併財務業績感到非常滿意，調整後的營業收入同比增長 11%。雖然調整後的每股收益與去年同期相比沒有變化，但今年的有效稅率明顯更高，因為去年的收益包括來自美國國稅局發布的有利指導的每股 0.71 美元的離散稅收優惠。正如我們預期的那樣，我們在第一季度遇到的大部分不利因素一直持續到第二季度，這使我們第二季度的盈利能力減少了約 7.7 億美元。

To further unpack our second quarter results, I will highlight several key drivers. The difficult labor market once again had the largest effect on our bottom line, representing an estimated $470 million in additional year-over-year costs. As I did last quarter, I'll separate the effect of the labor market into 2 components: higher rates and network inefficiencies resulting from labor shortages.

為了進一步了解我們第二季度的業績，我將重點介紹幾個關鍵驅動因素。困難的勞動力市場再次對我們的利潤產生了最大的影響，估計同比增加了 4.7 億美元的成本。正如我上個季度所做的那樣，我將勞動力市場的影響分為兩個部分：勞動力短缺導致的更高的利率和網絡效率低下。

Of the $470 million, we estimate $230 million was incurred in higher rates and purchase transportation rates. This included higher wage rates and paid premiums for team members and higher rates paid for third-party transportation services. We estimate network inefficiencies resulting from labor shortages increased costs by approximately $240 million. These costs include additional linehaul, higher usage of third-party transportation, cost to reposition assets in the network over time and recruiting incentives all to address staffing shortages.

在 4.7 億美元中，我們估計 2.3 億美元是由於更高的費率和購買運輸費率。這包括為團隊成員支付更高的工資和支付的保費，以及為第三方運輸服務支付的更高的費用。我們估計勞動力短缺導致的網絡效率低下使成本增加了大約 2.4 億美元。這些成本包括額外的線路運輸、第三方運輸的更高使用率、隨著時間的推移在網絡中重新定位資產的成本以及招聘激勵措施，所有這些都是為了解決人員短缺問題。

Beyond the labor effects, our results for the second quarter also included the following headwinds: $90 related to investments in the ground network, as Raj outlined earlier, that are critical to improving service and adding capacity; an estimated $75 million in incremental air network costs at Express due to the continued effect of COVID restrictions on our operations; and lastly, a $70 million effect year-over-year from higher federal excise taxes as the waiver ended on December 31, 2020.

除了勞動力影響之外，我們第二季度的業績還包括以下不利因素：如 Raj 之前所述，與地面網絡投資相關的 90 美元，這對於改善服務和增加容量至關重要；由於 COVID 限制對我們運營的持續影響，Express 的航空網絡成本估計增加了 7500 萬美元；最後，隨著豁免於 2020 年 12 月 31 日結束，更高的聯邦消費稅產生了 7000 萬美元的同比影響。

With that overview of the consolidated results, let's turn to the highlights of the segments. Ground reported $8.3 billion in revenue, a 13% increase year-over-year, with operating margin at 5.8%. The results at Ground in the second quarter, with operating income and margin down, are not where we would like them to be, and our teams remain very focused on improving performance. Ground operating income was down approximately $70 million, and in addition to the $90 million I mentioned earlier, results were significantly affected by higher wage and purchase transportation rates and network inefficiencies amidst the constrained labor market.

通過對綜合結果的概述，讓我們轉向細分市場的亮點。 Ground 報告收入為 83 億美元，同比增長 13%，營業利潤率為 5.8%。 Ground 在第二季度的結果，營業收入和利潤率下降，並不是我們希望的結果，我們的團隊仍然非常專注於提高績效。地面營業收入下降了約 7000 萬美元，除了我之前提到的 9000 萬美元外，在勞動力市場受限的情況下，工資和採購運輸費率上漲以及網絡效率低下對業績產生了重大影響。

Express adjusted operating income increased to over $1 billion and reported an adjusted operating margin of 8.8%, which was driven by higher yields and international priority volume growth, which more than offset the negative effects of continued staffing challenges and COVID-19-related air network inefficiencies. Freight had another outstanding quarter with an operating margin of 14.7% as revenue for Q2 increased 17% year-over-year and operating income increased 33% year-over-year.

Express 調整後營業收入增至超過 10 億美元，調整後營業利潤率為 8.8%，這是由更高的收益率和國際優先業務量增長推動的，這足以抵消持續的人員配備挑戰和與 COVID-19 相關的航空網絡的負面影響效率低下。由於第二季度的收入同比增長 17%，營業收入同比增長 33%，貨運業務又迎來了一個出色的季度，營業利潤率為 14.7%。

Our Q2 results include a net pretax noncash mark-to-market loss of $260 million related to the termination of the TNT Express Netherlands pension plan and a curtailment charge related to the U.S. FedEx Freight pension plan. I'll point you to our 10-Q filed this afternoon for more details on these charges.

我們的第二季度業績包括與終止 TNT Express 荷蘭養老金計劃相關的 2.6 億美元的稅前非現金按市值計價淨虧損，以及與美國聯邦快遞貨運養老金計劃相關的縮減費用。我將向您介紹我們今天下午提交的 10-Q，以了解有關這些指控的更多詳細信息。

Now let's pivot to capital spending. Year-to-date, we spent $3.1 billion in capital as we continue to invest in our strategies for profitable growth, service excellence and modernizing our digital platforms. Our capital forecast for fiscal 2022 remains at $7.2 billion and less than 8% of anticipated revenue. We ended our quarter with $6.8 billion in cash and are targeting approximately $3 billion in adjusted free cash flow for FY 2022, which puts us on pace to deliver over $7.5 billion in adjusted free cash flow for FY '21 and '22 combined, far exceeding our historical levels. These cash flows have provided extensive flexibility as we continue to focus on balanced capital allocation and strengthening our balance sheet.

現在讓我們轉向資本支出。年初至今，我們投入了 31 億美元的資本，繼續投資於實現盈利增長、卓越服務和數字平台現代化的戰略。我們對 2022 財年的資本預測仍為 72 億美元，不到預期收入的 8%。我們以 68 億美元的現金結束本季度，併計劃在 2022 財年實現約 30 億美元的調整後自由現金流，這使我們有望在 21 財年和 22 財年實現超過 75 億美元的調整後自由現金流，遠遠超過我們的歷史水平。這些現金流提供了廣泛的靈活性，因為我們繼續專注於平衡的資本配置和加強我們的資產負債表。

As a result of this flexibility, I am pleased to announce our Board has approved a new $5 billion share repurchase authorization. And as part of this program, we expect to enter into a $1.5 billion share repurchase program that will be completed by the end of the fiscal year, which is on top of the $750 million of repurchases in the first half of the year. This new program highlights the tremendous confidence we have in our business and underscores our commitment to driving value for our shareholders. During Q2, we also made a $250 million voluntary contribution to our pension plan, which mitigates PBGC fees and further strengthens the funded status of our plan for our employees, and we expect to make an additional $250 million contribution in February.

由於這種靈活性，我很高興地宣布我們的董事會已經批准了一項新的 50 億美元的股票回購授權。作為該計劃的一部分，我們預計將在本財年末完成 15 億美元的股票回購計劃，這是在上半年進行的 7.5 億美元回購的基礎上。這項新計劃凸顯了我們對業務的巨大信心，並強調了我們為股東創造價值的承諾。在第二季度，我們還為我們的養老金計劃提供了 2.5 億美元的自願捐款，這降低了 PBGC 費用並進一步加強了我們為員工提供的計劃的資金狀況，我們預計在 2 月份再提供 2.5 億美元的捐款。

As for our FY '22 guidance, we are raising our full year adjusted EPS range to $20.50 to $21.50 to reflect second quarter results and outlook for the second half of the fiscal year as well as the expected benefit from our ASR transaction. This improved outlook represents another outstanding financial year with a year-over-year increase in adjusted EPS ranging from 13% to 18%, following our strong 2021 results.

至於我們的 22 財年指導，我們將全年調整後的每股收益範圍提高到 20.50 美元至 21.50 美元，以反映第二季度的業績和本財年下半年的前景以及我們 ASR 交易的預期收益。在我們強勁的 2021 年業績之後，這一改善的前景代表了另一個出色的財政年度，調整後的每股收益同比增長 13% 至 18%。

While the second quarter exceeded our expectations, uncertainty remains across many fronts, including the labor market. We are closely monitoring developments related to the federal vaccine mandate, ongoing pandemic developments and inflation as we consider our outlook.

儘管第二季度超出了我們的預期，但包括勞動力市場在內的許多方面仍存在不確定性。在考慮我們的前景時，我們正在密切關注與聯邦疫苗授權、持續的流行病發展和通貨膨脹相關的發展。

Labor headwinds will persist in Q3, but the labor availability and network inefficiency component will continue to mitigate as we move through the quarter, given our progress to date and plans to address this. In addition, we do not expect a recurrence of approximately $1 billion in notable second half headwinds from a year ago that included the timing of variable compensation expense, historic severe winter weather, a onetime Express frontline bonus and our commitment to the Yale Carbon Capture initiative.

勞動力逆風將在第三季度持續存在，但鑑於我們迄今為止取得的進展和解決這一問題的計劃，隨著我們整個季度的推進，勞動力可用性和網絡效率低下的因素將繼續減輕。此外，我們預計下半年不會再出現約 10 億美元的顯著逆風，其中包括可變補償費用的時間安排、歷史性的嚴寒天氣、一次性 Express 前線獎金以及我們對耶魯碳捕獲計劃的承諾.

In summary, the successful execution during the second quarter of our strategies amidst a very dynamic environment gives us confidence in our updated outlook for the remainder of fiscal 2022 and beyond.

總而言之，在充滿活力的環境中，我們第二季度戰略的成功執行使我們對 2022 財年剩餘時間及以後的最新展望充滿信心。

In closing, I do want to take a moment of personal privilege here. While not on these calls, many of you are familiar with John Marino, our long-time Chief Accounting Officer, who signs our 10-Qs and 10-Ks. John has been integrally responsible for the quality and integrity of our financial information, and after 23 years with FedEx, he will retire at the end of this month. So on behalf of the leadership team, I want to thank him for his service and record of accomplishment.

最後，我想在這里花一點個人特權。雖然沒有參加這些電話會議，但你們中的許多人都熟悉我們長期擔任首席會計官的 John Marino，他簽署了我們的 10-Q 和 10-K。 John 一直全面負責我們財務信息的質量和完整性，在 FedEx 工作了 23 年後，他將於本月底退休。因此，我代表領導團隊，感謝他的服務和成就記錄。

And now, before we move to the Q&A, our Chairman and CEO, Fred Smith, has joined us and would like to share a few words.

現在，在我們進入問答環節之前，我們的董事長兼首席執行官 Fred Smith 已經加入我們並想分享幾句話。

Thank you, Mike, and good afternoon to everyone on the call.

謝謝你，邁克，大家下午好。

As promised on the June analyst call, I am here to answer any questions specifically for me. Let me start by saying thank you to our hundreds of thousands of team members. This time of year is challenging, especially for those working tirelessly on our frontlines, for your hard work and dedication to keep our purple promise for our customers is evident by the Q2 results, Raj, Brie and Mike have covered well today.

正如 6 月分析師電話會議上所承諾的那樣，我在這裡專門為我回答任何問題。首先讓我感謝我們成千上萬的團隊成員。一年中的這個時候是充滿挑戰的，尤其是對於那些在我們的前線不知疲倦地工作的人來說，你們的辛勤工作和奉獻精神從第二季度的結果中可見一斑，Raj、Brie 和 Mike 今天的報導很好。

Let me also thank John Marino for his outstanding work for FedEx as our Corporate Vice President and Chief Accounting Officer over these last 23 years.

我還要感謝約翰·馬里諾在過去 23 年中作為聯邦快遞的公司副總裁兼首席會計官所做的出色工作。

I'm pleased to announce we'll be hosting an investor meeting on Tuesday and Wednesday, 28, 29 June 2022, in Memphis. Mickey will share details after the new year.

我很高興地宣布，我們將於 2022 年 6 月 29 日星期二和星期三在孟菲斯舉辦投資者會議。米奇將在新年後分享細節。

And I'll now pass it back to him to begin the Q&A portion of the call. Mickey?

現在我將把它傳回給他，開始電話的問答部分。米奇？

Now I'd like to open our question-and-answer session. (Operator Instructions)

現在我想開始我們的問答環節。 （操作員說明）

(Operator Instructions) And we'll take our first question from Brandon Oglenski from Barclays.

（操作員說明）我們將向巴克萊銀行的 Brandon Oglenski 提出第一個問題。

Fred, thanks for joining the call. I guess the supply chain constraints that we've seen in the past year have been pretty steep. Through your context of looking at this industry, how much of this rate increase and inflation that we see is going to really result in stickiness? Or is this really transitory as we get things moving again?

弗雷德，感謝您加入電話會議。我想我們在過去一年中看到的供應鏈限制非常嚴重。通過您看待這個行業的背景，我們看到的這種利率增長和通貨膨脹有多少會真正導致粘性？或者當我們讓事情再次發生時，這真的只是暫時的嗎？

Well, this is Raj. Let me answer that question. The supply chain constraints we're seeing today are twofold. One is because of the lack of supply of critical components like semiconductors, and the second is because of the congestions we're seeing in the port. Now as you know, FedEx gets out traffic a few miles downstream from the port, and that supply chain is actually flowing pretty good to the United States. Of course, we are also flying over the top and delivering high-value goods from the global economy through the system.

嗯，這是拉傑。讓我來回答這個問題。我們今天看到的供應鏈限制是雙重的。一是因為缺乏半導體等關鍵部件的供應，二是因為我們在港口看到的擁堵。如您所知，聯邦快遞在港口下游幾英里處運送交通，而該供應鏈實際上流向美國的情況非常好。當然，我們也在飛越頂端，通過該系統從全球經濟中運送高價值商品。

We expect the supply chain constraints to stay for some time. The air cargo capacity is going to be constrained for some more time, and we are very well positioned for success here. Let me also add this point that we have the network flexibility to scale up and down. The size and scale of our network is massive for us to be able to manage the cost accordingly as well. But for the foreseeable future, I think there is strong demand for our services internationally.

我們預計供應鏈限制將持續一段時間。航空貨運能力將在一段時間內受到限制，我們在這方面處於成功的有利位置。讓我還補充一點，我們具有擴大和縮小網絡的靈活性。我們網絡的規模和規模很大，我們也能夠相應地管理成本。但在可預見的未來，我認為國際上對我們的服務有強烈的需求。

And next, we'll go to Ravi Shanker from Morgan Stanley.

接下來，我們將介紹摩根士丹利的 Ravi Shanker。

Fred, I would love your thoughts on the long-term competitive environment in the parcel space. Amazon just told us that they believe that they are now the largest parcel carrier in the country, and you've seen the USPS kind of ramp up capacity meaningfully in the last decade as well. What does this industry look like 10 years from now kind of both competitively and kind of where -- just what do e-commerce supply chains look like? And what part of the business would you like to concentrate in?

弗雷德，我很想你對包裹空間長期競爭環境的看法。亞馬遜剛剛告訴我們，他們相信他們現在是該國最大的包裹承運商，而且您已經看到 USPS 在過去十年中也有意義地增加了運力。 10 年後，這個行業在競爭中和在哪裡——電子商務供應鍊是什麼樣的？您希望專注於業務的哪一部分？

Ravi, this is Raj. Let me just say this that the e-commerce market is growing very strongly, as Brie pointed out the numbers in her remarks. We are in the center of that e-commerce growth ecosystem. When you talk about any retailers and their omnichannel story, what often gets missed is the FedEx story that's right behind it, underneath it. And as you can see from our growth in the last -- these 2 fiscal years, we're going to grow more than $20 billion, and so we're not lacking for growth.

拉維，這是拉傑。正如布里在她的講話中指出的那樣，我只想說電子商務市場正在強勁增長。我們處於電子商務增長生態系統的中心。當您談論任何零售商及其全渠道故事時，經常被忽略的是其背後的聯邦快遞故事。正如你從我們過去的增長中看到的那樣——這兩個財政年度，我們將增長超過 200 億美元，因此我們並不缺乏增長。

The -- when people talk about the last mile, sometimes -- most times, they forget about the first few thousand miles. And again, some of the statistics that people see and talk about are so misleading that I don't even know what to say about that.

- 當人們談論最後一英里時，有時 - 大多數時候，他們忘記了最初的幾千英里。再說一次，人們看到和談論的一些統計數據非常具有誤導性，我什至不知道該說什麼。

And next, we'll go to Ken Hoexter from Bank of America.

接下來，我們將請美國銀行的 Ken Hoexter。

Raj, just as you think about the cost, and you mentioned the decelerating labor impact that Mike talked about, with Ground hitting the lowest margin level in nearly 2 decades, Express, it's obvious you have the structure set up for sustained growth particularly with Europe and TNT integration. Brie talked about that.

Raj，就像你考慮成本一樣，你提到了 Mike 談到的勞動力影響減速，Ground 達到了近 20 年來的最低利潤率水平，Express，很明顯你已經建立了持續增長的結構，特別是與歐洲和 TNT 集成。布里談到了這一點。

But now looking at Ground, should we expect some of those costs to subside as the labor, you mentioned, gets easier? Maybe just walk us through your thoughts on how Ground shakes out with the growth of e-commerce and the impact on margin.

但是現在看看地面，我們是否應該期望其中一些成本會隨著您提到的勞動力變得更容易而降低？也許只是讓我們了解一下您對 Ground 如何隨著電子商務的增長以及對利潤率的影響而搖擺不定的想法。

So Ken, this is Mike. Let me just highlight a couple of aspects there as you think about the second half. So Ground had the most significant impact from the labor availability challenges. So that, again, has significantly impacted margin and profit this quarter. As we move through the rest of the fiscal year, we'll see further mitigation of that somewhat in Q3, particularly in Q4. If you recall, the labor market began to turn around that period of time. So we'll be lapping some of that. Plus, we will have -- we'll fully address the network inefficiencies. That said, we're not projecting any change in the labor rates because that is a step-change that we think will persist.

肯，這是邁克。當你考慮下半場時，讓我強調幾個方面。因此，Ground 對勞動力可用性挑戰的影響最為顯著。因此，這再次顯著影響了本季度的利潤率和利潤。隨著我們度過本財年的剩餘時間，我們將在第三季度看到進一步緩解，特別是在第四季度。如果你還記得，勞動力市場開始扭轉那段時間。所以我們會研磨其中的一些。另外，我們將有 - 我們將完全解決網絡效率低下的問題。也就是說，我們預計勞動力價格不會發生任何變化，因為這是一個我們認為將持續存在的階梯式變化。

And Ken, let me add to that by saying this much. Firstly -- the first and most important point is the demand for our services is very robust. The pricing environment is very robust. The labor headwinds start to recede in the second half. The investments that we have made get more efficient as we go into the second half. And the technology investments, that make us more efficient as well.

肯，讓我補充說這麼多。首先——第一點也是最重要的一點是對我們服務的需求非常強勁。定價環境非常穩健。勞動力不利因素在下半年開始消退。隨著我們進入下半年，我們所做的投資變得更有效率。還有技術投資，這也使我們更有效率。

So we expect in the second half the -- our e-profit and operating margins to improve year-over-year, and we get double digits. So I guess that answers that question.

因此，我們預計下半年 - 我們的電子利潤和營業利潤率將同比提高，我們將獲得兩位數。所以我想這回答了這個問題。

And next, we'll go to Tom Wadewitz from UBS.

接下來，我們將介紹瑞銀的 Tom Wadewitz。

Yes. I wanted to get a little more color on the labor market. It does seem like it's pretty tightly tied in Ground to your margin performance, whether you get traction on labor and kind of how rapidly that develops. So I guess, is the assumption that you have that you convert a lot of the peak season labor to kind of ongoing and then kind of how much visibility do you have to that?

是的。我想在勞動力市場上獲得更多色彩。看起來它在地面上與您的利潤率表現非常緊密地聯繫在一起，無論您是否獲得勞動力的牽引力以及它的發展速度有多快。所以我想，你是否假設你將旺季的大量勞動力轉化為持續的勞動力，然後你對此有多大的知名度？

And I guess also, it seems like your point is stability in your cost per hour, let's say, for labor? Or are you assuming some further inflation and sequential increase in the cost per hour as you look out?

而且我想，您的觀點似乎是每小時成本的穩定性，比如說，勞動力？或者，您是否正在假設進一步的通貨膨脹和每小時成本的連續增加？

Thank you, Tom. On the labor front, the -- we had, obviously, headwinds in the first 2 quarters, and we actually landed pretty much where we thought it was going to be. Now we're seeing, because of the actions we're taking, considerable traction on the labor front. As I mentioned to you in my earlier remarks, just the last week, we had 111,000 applications for FedEx. That's the highest in our history. Again, to put that in context, which is what we saw in May, that was 52,000. So you can see that we're making a lot of progress here.

謝謝你，湯姆。在勞工方面，我們顯然在前兩個季度遇到了逆風，我們實際上幾乎達到了我們認為的目標。現在，由於我們正在採取的行動，我們看到在勞工陣線上有相當大的吸引力。正如我在之前的講話中向您提到的，就在上週，我們收到了 111,000 份聯邦快遞申請。這是我們歷史上最高的。同樣，將其放在上下文中，這就是我們在 5 月份看到的情況，即 52,000。所以你可以看到我們在這方面取得了很大進展。

And so we are essentially staffed up for peak, and we think that we can hold on to the required labor to the second half. So the projections that we talk about now incorporate these assumptions.

因此，我們基本上已經為高峰期配備了人員，我們認為我們可以將所需的勞動力留到下半年。所以我們現在討論的預測包含了這些假設。

I don't know, Mike, if you want to add to that.

我不知道，邁克，如果你想補充一下。

No, Tom, you're thinking about it in the right format there. Certainly, in December here, as the peak volumes surge, we are continuing to navigate the network inefficiencies. But coming off a peak, when the package handler count would otherwise perhaps go down further, we will stabilize that at a different level in order to optimize going forward.

不，湯姆，你正在以正確的格式考慮它。當然，在 12 月，隨著峰值流量的激增，我們將繼續解決網絡效率低下的問題。但是，當包處理程序數量可能會進一步下降時，在達到峰值時，我們會將其穩定在不同的水平，以便繼續優化。

And just to reiterate, we're not assuming any reduction in the base pay rates, as it were, of labor in the market. Because I think that's well documented. That's here to stay, and we're managing to that going forward.

重申一下，我們並沒有假設市場勞動力的基本工資率有任何降低。因為我認為這是有據可查的。這將繼續存在，我們正在努力實現這一目標。

Next, we'll go to Chris Wetherbee from Citi.

接下來，我們將介紹花旗的 Chris Wetherbee。

Wanted to talk about the guidance a little bit and sort of make sure that we understood the main drivers of the increase, particularly in the back half of the year. So we have some of the cost dynamics easing, I think, into the back half. Obviously, comps year-over-year are more favorable.

想稍微談談指導，並確保我們了解增長的主要驅動力，特別是在今年下半年。所以我們有一些成本動態，我認為，到後半部分。顯然，年復一年的補償更有利。

But if you were to look at the back half and think about Ground relative to maybe Express, if you could help us sort of parse out where you see the better opportunity and how that's reflected in the new guidance?

但是，如果您要查看後半部分並考慮相對於 Express 的 Ground，您是否可以幫助我們解析出您認為更好的機會的地方以及新指南中如何反映？

So Chris, let me go at it this way. So first, the 3 key components for driving the second half of the year are the pricing initiatives, the labor aspects that we just covered as well as the headwinds we had second half of last year. So as Brie mentioned, we're being very thoughtful about the various pricing levers and initiatives. And recall that the GRI goes into effect in January and that the surcharges -- certain surcharges that we announced back in September -- first of those hit in November, so we only had 1 month in the second quarter. So that will hit the whole year as well as the ongoing contract renewals. So those are 3 key things to keep front and center when you're thinking about drivers for the second half of the year.

所以克里斯，讓我這樣說吧。首先，推動下半年的 3 個關鍵因素是定價舉措、我們剛剛介紹的勞動力方面以及去年下半年遇到的不利因素。正如布里所提到的，我們對各種定價槓桿和舉措非常周到。回想一下，GRI 於 1 月生效，附加費——我們在 9 月宣布的某些附加費——首先在 11 月生效，因此第二季度我們只有 1 個月的時間。因此，這將影響全年以及正在進行的合同續簽。因此，當您考慮下半年的車手時，這些是保持領先和居中的 3 個關鍵因素。

As far as the broader guidance, overall, Q2 was above our expectations. As Raj mentioned, the labor impacts actually came in right in line with what we anticipated back in September, but we executed strongly our revenue quality initiatives, we managed and deferred the various expenses, and we were able to accommodate incremental demand, particularly from Asia Pacific. So the combination of the second quarter, our outlook for the second half of the year, and then, of course, the impact of the ASR, when you think about the pieces of the overall annual guidance change. So hopefully, that helps frame that.

就更廣泛的指導而言，總體而言，第二季度超出了我們的預期。正如 Raj 所說，勞動力影響實際上與我們在 9 月份的預期相符，但我們強有力地執行了收入質量計劃，我們管理並推遲了各種費用，我們能夠滿足增量需求，尤其是來自亞洲的需求太平洋。因此，結合第二季度，我們對下半年的展望，當然還有 ASR 的影響，當您考慮整體年度指導變化時。因此，希望這有助於構建框架。

And next, we'll go to Jack Atkins from Stephens.

接下來，我們會從斯蒂芬斯去找傑克·阿特金斯。

I guess a question here for either Brie or Raj. But when you think about your opportunity set in Europe, particularly on the revenue side, can you maybe talk about the cadence of unlocking some of the revenue and market share capture opportunities in Europe once the integration of TNT is finally complete here in April? Maybe help us think through what a fully integrated physical network with FedEx Europe and TNT will give you and how will that help you with allowing for improved European profits overall?

我想這裡是 Brie 或 Raj 的一個問題。但是，當您考慮在歐洲設置的機會時，特別是在收入方面，您能否談談一旦 TNT 的整合最終在 4 月在這裡完成，在歐洲釋放一些收入和市場份額的機會的節奏？也許可以幫助我們思考與 FedEx Europe 和 TNT 完全集成的物理網絡會給您帶來什麼，以及這將如何幫助您提高歐洲的整體利潤？

Well, I think the short answer is we think post April that we have the best value proposition if you look at the combined bundle of intra-Europe Ground as well as intercontinental coming in and out of Europe. So we will have the very best coverage of overnight service across Western Europe -- from Europe into the U.S. And that, combined with our leading Ground service, we think that, that is just a great value proposition.

好吧，我認為簡短的回答是，如果您查看歐洲內部陸運以及進出歐洲的洲際航線的組合，我們認為 4 月後我們擁有最佳價值主張。因此，我們將在整個西歐（從歐洲到美國）擁有最好的通宵服務覆蓋範圍。再加上我們領先的地面服務，我們認為這只是一個巨大的價值主張。

As I mentioned, we're also making some pretty significant investments in our digital capabilities. So we talked about the new FedEx Ship Manager online, we've already launched that in Europe and we've had great traction with it. So when we think about kind of post April, we've got a great portfolio for B2B and we are growing in e-commerce, which has been something we haven't been able to do. As you look at the details that we released, you'll see that we're actually making room for growth for intra-Europe.

正如我所提到的，我們還在我們的數字能力方面進行了一些相當大的投資。所以我們在網上討論了新的 FedEx Ship Manager，我們已經在歐洲推出了它，而且我們對它有很大的吸引力。因此，當我們考慮 4 月後的那種情況時，我們有一個很好的 B2B 產品組合，我們正在電子商務領域發展，這是我們無法做到的。當您查看我們發布的詳細信息時，您會發現我們實際上正在為歐洲內部的增長騰出空間。

So we're trading up from our International domestic portfolio in Europe. So we're making the right portfolio and customer mix decisions to also really make sure we get the highest revenue quality out of our European business as well. We feel really good about the business right now.

因此，我們正在從我們在歐洲的國際國內投資組合中進行交易。因此，我們正在製定正確的投資組合和客戶組合決策，以真正確保我們從歐洲業務中獲得最高的收入質量。我們現在對這項業務感覺非常好。

And Jack, let me add one point to what Brie just mentioned. The ability for us to access low-cost intra-European networks for our International business in and out of Europe, that's a cost advantage as well, in addition to all the portfolio and revenue opportunities that Brie just talked about.

傑克，讓我在布里剛剛提到的內容上補充一點。除了布里剛剛談到的所有投資組合和收入機會之外，我們能夠為我們在歐洲內外的國際業務訪問低成本的歐洲內部網絡，這也是成本優勢。

And next, we'll go to Duane Pfennigwerth from Evercore ISI.

接下來，我們將介紹 Evercore ISI 的 Duane Pfennigwerth。

Just on the balance sheet, and maybe the answer is we got to wait until June, and look forward to seeing you in Memphis, but how do you think about the balance sheet longer term and the balance of share repurchase relative to balance sheet improvement from these levels?

只是在資產負債表上，也許答案是我們要等到六月，期待在孟菲斯見到你，但你如何看待資產負債表的長期以及相對於資產負債表改善的股票回購餘額這些水平？

Yes, Duane, this is Mike. I think, certainly, opportunity to explore that further in June. But I would just emphasize that the announcement of the authorization is just a logical evolution in where we have been in terms of capital allocation and strengthening the balance sheet. You recall, we paid down some debt in the fourth quarter of '21. We increased the dividend 15% this past June. We continue to thoughtfully invest in the business for efficiency as well as growth.

是的，杜安，這是邁克。我認為，當然，有機會在 6 月進一步探索。但我只想強調，授權的宣布只是我們在資本配置和加強資產負債表方面的邏輯演變。您還記得，我們在 21 年第四季度還清了一些債務。今年 6 月，我們將股息提高了 15%。我們繼續深思熟慮地投資於業務以提高效率和增長。

So this initiative is just as part of the overall capital allocation. And so that's just the next step along the way, and we can elaborate more and explore further in June.

因此，這一舉措只是整體資本配置的一部分。所以這只是下一步，我們可以在 6 月份進行更多詳細說明和進一步探索。

Next, we'll go to Jordan Alliger from Goldman Sachs.

接下來，我們將介紹高盛的 Jordan Alliger。

Just a question on the labor front. Can you talk a little bit more about your progress on getting your core position still, sort of the full-time folks versus just the seasonal hires that you needed? Just a point of clarification. I just want to make sure I heard right. On the margin for Ground, were you saying that the whole second half would average double digit?

只是關於勞工陣線的問題。你能多談談你在獲得核心職位方面的進展嗎，有點像全職員工，而不是你需要的季節性招聘？只是澄清一點。我只是想確保我沒聽錯。關於 Ground 的邊緣，你是說整個下半場將平均兩位數嗎？

Yes. The answer to that question, Jordan, is that we are targeting second -- double-digit margins for the second half and improved year-over-year margins and improved year-over-year operating profit.

是的。喬丹，這個問題的答案是我們的目標是下半年的兩位數利潤率，並提高同比利潤率和同比運營利潤。

So in terms of your other question, I'm sorry, say that again. I'm not -- I didn't quite understand it.

所以就你的另一個問題而言，對不起，再說一遍。我不是——我不太明白。

My question was in terms of the hiring that you've talked about. You've talked a lot about the applications that have gone up. I'm just wondering in terms of actually the hiring of the core positions, not the seasonal employees but the folks that you need sort of year round, what progress have you made on that versus just sort of the 80,000 or 90,000 people you needed for peak?

我的問題是關於你所說的招聘。你已經談了很多關於上升的應用程序。我只是想知道核心職位的實際招聘，不是季節性員工，而是你全年需要的人，你在這方面取得了什麼進展，而不是你需要的 80,000 或 90,000 人頂峰？

So we hired at the rate of 10,000 to 12,000 per week since Q2. And again, our objective here is to make sure that we -- that these team members stay with us post peak and that we have the labor situations to make our networks more efficient. The whole problem was our networks were inefficient. And now, even as we speak, we are -- we're bringing packages to where it should be in the first place, and that's what's going to make the difference.

因此，自第二季度以來，我們以每週 10,000 到 12,000 人的速度招聘。再說一次，我們的目標是確保我們 - 這些團隊成員在高峰期後留在我們身邊，並且我們有勞動力情況來提高我們的網絡效率。整個問題是我們的網絡效率低下。現在，就在我們說話的時候，我們正在將包裹帶到它應該放在首位的地方，這就是要有所作為的原因。

Jordan, this is Mike. Another aspect, as we aggressively address this situation is in terms of the flexibility in terms of scheduling and engaging employees, such that it's not as binary as full-time, part-time there, and that there's -- the scheduling flexibility helps as well in terms of navigating labor availability when and where you need it.

喬丹，這是邁克。另一方面，當我們積極解決這種情況時，在安排和吸引員工方面的靈活性方面，它不像全職、兼職那樣二元化，而且 - 調度靈活性也有幫助在您需要的時間和地點導航勞動力可用性方面。

And next, we'll go to Brian Ossenbeck from JPMorgan.

接下來，我們將介紹摩根大通的 Brian Ossenbeck。

Couple of follow-ups for you, Mike. You mentioned the vaccine mandate for federal contractors. Obviously, that was put on hold by a court last week. So did that actually give you some cushion to work with? I guess, can you tell us if that was kind of a factor in terms of hiring people and if that was a headwind that you're now sort of relieved off?

邁克，為您提供一些後續行動。您提到了對聯邦承包商的疫苗授權。顯然，上週被法院擱置了。那麼這真的給了你一些工作的緩衝嗎？我想，你能告訴我們這是否是招聘人員的一個因素，如果這是你現在鬆了一口氣的逆風嗎？

And then also, can you -- you mentioned the ASR impact on EPS. I think it's 80% complete when it's agreed upon. So imagine you can put a number around that for us. So please do that if you can.

然後，你能不能 - 你提到了 ASR 對 EPS 的影響。我認為當它達成一致時，它已經完成了 80%。因此，想像一下您可以為我們設置一個數字。所以，如果可以的話，請這樣做。

Yes, Brian, it obviously depends, firstly, on the precise timing and market conditions. But it would be somewhat north of $0.20 per share for the balance of the -- in terms of the overall annual EPS.

是的，布賴恩，這顯然首先取決於準確的時機和市場條件。但就整體年度每股收益而言，其餘部分將略高於每股 0.20 美元。

As it relates to the hiring, as Raj said, we've set a record in terms of applications 2 weeks ago for hourly positions that's vacant. So we expect to continue to see progress on that front, and we'll be very mindful of how that evolves.

正如 Raj 所說，因為它與招聘有關，我們在 2 週前針對空缺的小時工職位的申請創下了記錄。因此，我們希望繼續看到這方面的進展，我們將非常注意它的發展方式。

And we'll take our next question from Scott Group with Wolfe Research.

我們將向 Scott Group 和 Wolfe Research 提出我們的下一個問題。

So as we start to lap some of the tougher yield comps, how are you thinking about yield growth in the back half of the year? And then, Raj I wanted to just ask you big picture -- or Fred. It does seem like there is a massive margin opportunity for the corporation relative to peers. You've maybe talked about some initiatives, but any way to quantify what you see in terms of the initiatives or the opportunities there?

因此，當我們開始討論一些更嚴格的收益率組合時，您如何看待下半年的收益率增長？然後，拉吉，我只想問你大局——或者弗雷德。與同行相比，該公司似乎確實有巨大的利潤機會。您可能已經談到了一些舉措，但是有什麼方法可以量化您所看到的舉措或那裡的機會？

This is Smith here. There is a massive margin improvement opportunity.

這是史密斯在這裡。存在巨大的利潤率改善機會。

Raj, you can talk about the rest of it.

Raj，你可以談談剩下的。

The core business is very strong. We are in the middle of a very robust market and a pricing environment. As I've said before, on the e-commerce market growth, we are in the center of it. We are in the center of this ecosystem, and this has got both volume and yield opportunities. Our core B2B business is very strong.

核心業務非常強大。我們正處於一個非常強勁的市場和定價環境之中。正如我之前所說，關於電子商務市場的增長，我們處於其中。我們處於這個生態系統的中心，這既有數量又有收益的機會。我們的核心 B2B 業務非常強大。

In addition to that, we have 3 levers. One is the ability for us to optimize across our operating companies and to make sure the right package goes in the right network and be very smart about how we spread our assets and use our capacity. The second is the turnaround opportunity -- or the upside opportunity, I should say, in Europe as we finish up the physical integration, and to the point that Brie talked about in detail earlier. And lastly, the ability for us to deliver value for all our stakeholders from our digital innovation. There's a lot of work going on in this regard.

除此之外，我們還有 3 個槓桿。一是我們能夠在我們的運營公司中進行優化，並確保正確的包裹進入正確的網絡，並且非常聰明地了解我們如何分散我們的資產和使用我們的能力。第二個是轉機機會——或者說是上行機會，我應該說，在歐洲，隨著我們完成物理整合，以及布里之前詳細談到的這一點。最後，我們通過數字創新為所有利益相關者創造價值的能力。在這方面有很多工作正在進行。

We are sitting on so much global insights about the global supply chain every single day. And we're working with our customers to provide those insights, and there's value there as well. So there's significant opportunities to go beyond our base.

我們每天都坐在關於全球供應鏈的大量全球見解中。我們正在與客戶合作以提供這些見解，這也很有價值。因此，我們有很大的機會超越我們的基礎。

Brie, do you want to add to that?

布里，你想補充一下嗎？

Yes, absolutely. I just want to kind of just double-click on the pricing environment in the back half. Yes, the comps are aggressive, but we still believe that there is upside from a revenue quality perspective. We're expecting a higher-than-normal capture of our general rate increase. We are making structural changes in all of our contracts as we move forward. We're just over 50% now of our customer base that we have renewed, so we still have some work to do there and some upside potential. We've also seen small business was our fastest-growing segment again last quarter. So that, of course, is a great lift from a yield perspective.

是的，一點沒錯。我只想雙擊後半部分的定價環境。是的，補償是積極的，但我們仍然相信從收入質量的角度來看是有好處的。我們預計我們的總體利率增長將高於正常水平。隨著我們前進，我們正在對所有合同進行結構性調整。我們現在已經更新了超過 50% 的客戶群，所以我們還有一些工作要做，還有一些上行潛力。我們還看到小企業在上個季度再次成為我們增長最快的部分。因此，從收益率的角度來看，這當然是一個很大的提升。

So yes, we're clear eyed that the comps are aggressive, but we still feel pretty confident in the pricing environment as we move forward. And we think we're doing a good job of managing kind of revenue quality as well as product and customer mix.

所以，是的，我們很清楚這些補償是積極的，但隨著我們前進，我們仍然對定價環境充滿信心。我們認為我們在管理收入質量以及產品和客戶組合方面做得很好。

And our next question comes from Helane Becker-Roukas.

我們的下一個問題來自 Helane Becker-Roukas。

So 2 questions. The first is, Mike, would you still consider share repurchase as aggressively as you are if Congress instituted a tax on them?

所以2個問題。首先是，邁克，如果國會對他們徵稅，你還會像你一樣積極地考慮股票回購嗎？

And the second question is with regard to sustainability and how you're thinking about improving or reducing your carbon footprint, either through use of SAF for the aircraft fleet or shifting to different electric vehicles and so on? And just kind of wondering how you're thinking about that maybe longer term over the next 5 or 7 years.

第二個問題是關於可持續性以及您如何考慮改善或減少您的碳足跡，無論是通過將 SAF 用於機隊還是轉向不同的電動汽車等等？只是想知道你如何看待未來 5 或 7 年的長期發展。

Helane, this is Mike. I'll take the first part of that. Yes, we are aware of proposed legislation related to the repurchase, as you mentioned there. Our transaction will largely complete in December. So we'll just have to see how that would play out subsequent to that, but that's -- the accelerated share repurchase delivers much of it upfront.

海倫，這是邁克。我將採取第一部分。是的，正如您在此處提到的，我們知道與回購有關的擬議立法。我們的交易將在 12 月基本完成。所以我們只需要看看這之後會如何發展，但那是——加速的股票回購提前提供了大部分。

And Helane, the -- on the carbon-neutral goals, we have announced -- and we are very proud of it, the fact that we announced that we achieved carbon neutrality across our global operations by 2040, and we didn't do this casually. We thought about this a lot.

還有 Helane，我們已經宣布了碳中和目標，我們為此感到非常自豪，事實上，我們宣佈到 2040 年我們在全球業務中實現了碳中和，但我們沒有這樣做隨便。我們想了很多。

And vehicle electrification is a key path to our success here. We are expanding the use of electric vehicles that will lead to significant reductions. We expect that 50% of FedEx Express global PUD vehicles will be electric by 2025, rising to 100% of purchases by 2030. So we're making good progress there. We have line of sight on the over-the-road vehicles. The -- on the SAFs, yes, we will obviously look at that. But SAF represents a very small piece of the demand, and also the cost is not where it needs to be yet.

車輛電氣化是我們在此取得成功的關鍵途徑。我們正在擴大電動汽車的使用，這將導致大幅減少。我們預計到 2025 年，聯邦快遞全球 50% 的 PUD 車輛將是電動的，到 2030 年將上升到 100% 的購買量。所以我們在這方面取得了良好的進展。我們對公路上的車輛有視線。 - 關於 SAF，是的，我們顯然會關注這一點。但 SAF 只佔需求的一小部分，而且成本還沒有達到需要的水平。

So we know that there's some fundamental research needs to be done to really address this issue, and that's part of the reason why we're investing $100 million with Yale to create the Yale Center for Natural Carbon Capture. And again, the initial work to focus on -- to offset the equivalent of carbon emissions from the aviation industry. So lots more to come here. But again, this is something we are very serious about and working with the best minds to get the answers.

所以我們知道需要做一些基礎研究才能真正解決這個問題，這也是我們與耶魯大學投資 1 億美元創建耶魯大學天然碳捕獲中心的部分原因。再一次，最初的工作重點是——抵消航空業的碳排放量。所以還有更多要來這裡。但同樣，這是我們非常認真的事情，並與最優秀的人才一起工作以獲得答案。

The next question is from (inaudible).

下一個問題來自（聽不清）。

(technical difficulty)

（技術難度）

We couldn't hear the question. There was static on this end. Hello? Operator?

我們聽不見這個問題。這端有靜電。你好？操作員？

Can you hear us? We're having technical difficulties.

你能聽見我們嗎？我們遇到了技術難題。

We'll take our next question from Jeff Kauffman from Vertical Research Partners.

我們將向 Vertical Research Partners 的 Jeff Kauffman 提出下一個問題。

Fred, while we have you on the phone, I was just curious, there's legislation moving through Congress to affect trade with China. I know there was news about a groundbreaking digital trade agreement between the U.K. and Singapore. I know this has always been a popular topic with you. What is your view on the status of trade policy out there? And can you talk a little bit about any catalysts that might occur that might be beneficial to the company coming up?

弗雷德，雖然我們有你在打電話，但我只是好奇，國會正在通過立法來影響與中國的貿易。我知道有消息稱英國和新加坡之間達成了一項開創性的數字貿易協議。我知道這一直是你的熱門話題。您對目前的貿易政策狀況有何看法？您能否談談可能出現的任何可能對公司發展有益的催化劑？

Well, we have expressed to both Republican and Democratic administrations that we feel that it was a major mistake for the United States to walk away from the Trans-Pacific Partnership. What that agreement did was to allow us to deepen our trade ties with our other trading partners. And of course, given the leadership of Japan, the other participants did go forward with it. So the best way to normalize the relationships with China is to sign TPP and gain a more normalized trading relationship, which China would like to then join.

好吧，我們已經向共和黨和民主黨政府表示，我們認為美國退出跨太平洋夥伴關係是一個重大錯誤。該協議的作用是讓我們加深與其他貿易夥伴的貿易聯繫。當然，鑑於日本的領導，其他參與者也確實採取了行動。因此，與中國關係正常化的最佳方式是簽署TPP，並獲得更正常化的貿易關係，然後中國願意加入。

And on the broader issue, obviously, we feel very strongly. As our great Secretary of State, Cordell Hull, said decades ago -- he and Roosevelt were really the architects of United States promoting open trade. It's when goods cross borders, armies rarely do. So the best way to keep a harmonious relationship with China is not to disconnect, to trade where we can. And that's what we support. And I'm hopeful that at the end of the day that cooler heads will prevail, and we'll join the TPP, and we will try to have that constructive relationship with China.

在更廣泛的問題上，顯然，我們感覺非常強烈。正如我們偉大的國務卿科德爾赫爾幾十年前所說的那樣——他和羅斯福確實是美國促進開放貿易的建築師。當貨物越過邊界時，軍隊很少這樣做。因此，與中國保持和諧關係的最佳方式就是不要斷絕關係，盡可能進行貿易。這就是我們所支持的。我希望最終冷靜的頭腦會佔上風，我們將加入 TPP，我們將努力與中國建立這種建設性的關係。

The reality is people forget about this, and all of the populous politics. The trade that the United States promoted in the last 30 years gave each household in the United States an increase in disposable income of about $10,000 or $11,000. I mean it was a huge benefit, an enormous tax decrease.

現實是人們忘記了這一點，以及所有人口眾多的政治。美國在過去 30 年中推動的貿易使美國每個家庭的可支配收入增加了約 10,000 美元或 11,000 美元。我的意思是這是一個巨大的好處，一個巨大的減稅。

So we are strong free traders, and we think we should stay engaged in China, and we hope the administration does that. And I, quite frankly, am optimistic because I think at the end of the day, that view will eventually prevail. Particularly in a period of labor shortage, it's impossible for the United States to manufacture all the goods that consumers in the United States want. So I hope that was helpful.

所以我們是強大的自由貿易者，我們認為我們應該繼續與中國打交道，我們希望政府這樣做。坦率地說，我很樂觀，因為我認為最終，這種觀點會佔上風。特別是在勞動力短缺的時期，美國不可能生產出美國消費者想要的所有商品。所以我希望這會有所幫助。

And next, we'll go back to Bascome Majors from Susquehanna.

接下來，我們將回到 Susquehanna 的 Bascome Majors。

You own the largest less-than-truckload business in North America. It could do potentially close to $2 billion in EBITDA this year. How do you get investors to focus more and give you more credit for having that valuable asset?

您擁有北美最大的零擔業務。它今年的 EBITDA 可能接近 20 億美元。您如何讓投資者更加關注並為您提供有價值的資產更多的信任？

Bascome, we appreciate the question. We are very proud of the results of FedEx Freight, and we see great opportunity going forward. That's a key part of the overall enterprise strategy. Raj highlighted some of the collaboration initiatives. It will have a key role as well as it grows the very successful FedEx Freight Direct product that's been well received.

Bascome，我們很欣賞這個問題。我們對 FedEx Freight 的成果感到非常自豪，我們看到了巨大的發展機遇。這是整個企業戰略的關鍵部分。 Raj 強調了一些合作舉措。它將發揮關鍵作用，並發展非常成功且廣受好評的 FedEx Freight Direct 產品。

And so I think it will be just continuing to focus on the success as the largest LTL carrier in terms of the revenue quality and sustainability of the performance of the Freight business as a stand-alone as well as the synergies that will accrue to the overall enterprise as we increase collaboration beyond what Raj highlighted earlier.

因此，我認為它將繼續專注於作為最大的零擔運輸公司在收入質量和獨立的貨運業務表現的可持續性以及整體協同效應方面的成功企業，因為我們在 Raj 之前強調的範圍之外增加了協作。

And let me just reiterate that FedEx Freight is an important part of our overall enterprise strategy, and our results at FedEx Freight, our outstanding margins illustrate that our strategy is working.

讓我重申一下，聯邦快遞貨運是我們整體企業戰略的重要組成部分，我們在聯邦快遞貨運的業績，我們出色的利潤率表明我們的戰略正在奏效。

And next, we'll go to David Vernon from Bernstein.

接下來，我們將從伯恩斯坦轉向大衛弗農。

Raj, I'd love if you could help us really understand kind of what that opportunity is at this year. I remember when we -- when you guys first announced the acquisition expense, you shared some information around the profitability of the Domestic segment versus Europe. Can you give us a sense for whether you're making money in Europe today and what the margin level is and where it can go to?

Raj，如果你能幫助我們真正了解今年的機會是什麼，我會很高興。我記得當我們 - 當你們第一次宣布收購費用時，你們分享了一些關於國內部門與歐洲的盈利能力的信息。您能否告訴我們您今天是否在歐洲賺錢，保證金水平是多少以及可以去哪裡？

We're not going to break out the numbers for you that you asked for, but let me just address it qualitatively. The rationale for the integration remains as sound as it was when we made the acquisition. The portfolio in Europe, we're talking about International, in and out of Europe, intercontinental, we are very strong there. Intra-European Express, we are doing pretty good. It's the intra-European and Ground business that we didn't have very minimal share. Well, with TNT, we have the best player in that business.

我們不會為您提供您要求的數字，但讓我定性地解決它。整合的理由與我們進行收購時一樣合理。歐洲的投資組合，我們談論的是國際，歐洲內外，洲際，我們在那裡非常強大。歐內特快，我們做的不錯。這是我們沒有很少份額的歐洲內部和地面業務。好吧，有了 TNT，我們就擁有了該行業的最佳玩家。

Now that being part of this portfolio and we will stay very disciplined on the International domestic business, we now have the portfolio to make it successful and piece it all together, not only from a customer value proposition perspective, but also from a cost of moving International, especially economy goods on the road.

現在，作為該投資組合的一部分，我們將在國際國內業務上保持紀律性，我們現在擁有使其成功的投資組合併將其拼湊在一起，不僅從客戶價值主張的角度來看，而且從搬遷成本的角度來看國際，特別是在路上的經濟貨物。

So I hope that answered the question, but we feel that -- and also, the restructuring program that we announced earlier this calendar year is on track to make sure that we are as efficient as possible in Europe. So a lot of things going on, very excited about what April '22 brings.

所以我希望這回答了這個問題，但我們認為——而且，我們今年早些時候宣布的重組計劃正在走上正軌，以確保我們在歐洲盡可能高效。發生了很多事情，對 22 年 4 月帶來的東西感到非常興奮。

Yes, David, it's Mike. It's just important to reiterate that completing the physical integration here at the end of this fiscal year really sets the foundation to enable this opportunity going forward, and we can certainly expand upon that in further detail when you all come visit us in June.

是的，大衛，是邁克。重要的是要重申，在本財政年度結束時在這裡完成物理整合確實為實現這一機會奠定了基礎，當你們在 6 月訪問我們時，我們當然可以更詳細地擴展這一點。

And next, we'll go to Bruce Chan from Stifel.

接下來，我們將從 Stifel 去 Bruce Chan。

Maybe just another one on the LTL side because we've spoken a bit about the ground network expansion here, but for LTL, you've got several peers that are adding some meaningful terminal capacity. Maybe you could just give us a sense of where you are right now in terms of freight facility utilization and then whether you plan to grow the network there as well.

也許只是 LTL 方面的另一個，因為我們在這裡談到了地面網絡擴展，但對於 LTL，你有幾個同行正在增加一些有意義的終端容量。也許您可以讓我們了解一下您現在在貨運設施利用率方面的情況，然後您是否計劃在那裡發展網絡。

The LTL side, we are -- our utilization is strong, but we are very disciplined in how we manage that business. The revenue quality and efficiency are watchwords as we -- we are the #1 revenue share in this segment. And so all I would say there is that the demand for our business continues strong, our revenue quality remains strong, and we will be very judicious in how we add capacity.

LTL 方面，我們是——我們的利用率很高，但我們在管理該業務方面非常自律。收入質量和效率是我們的口號——我們是該領域的第一大收入份額。所以我想說的是，對我們業務的需求持續強勁，我們的收入質量仍然強勁，我們將非常明智地增加產能。

Yes, Bruce, this is Mike. ADS grew 3% in the quarter. The revenue quality focus came through in the bottom line, and we continue with our initiatives to incorporate technology into the LTL business to do exactly what you ask about there and enhance the efficiency and utilization of our assets.

是的，布魯斯，這是邁克。 ADS 在本季度增長了 3%。收入質量重點是在底線中實現的，我們將繼續採取舉措，將技術融入 LTL 業務，以完全按照您的要求行事，並提高我們資產的效率和利用率。

And our last question comes from Todd Fowler with KeyBanc Capital Markets.

我們的最後一個問題來自 KeyBanc Capital Markets 的 Todd Fowler。

Just to close out on ground margins. It sounds like that you've got some stabilization now as we move into the back half of the year, but how do we think about the longer-term path to moving beyond kind of the high single to low double-digit margin range you've been in?

只是為了關閉地面邊緣。隨著我們進入下半年，聽起來你現在已經有了一些穩定，但我們如何考慮超越你的高個位數到低兩位數利潤率範圍的長期路徑'去過嗎？

Obviously, there's been a lot of revenue growth in the segment, but how do we move kind of beyond the margin range of the past couple of years? Is that something that you need to price to get the margin level up? Is it getting some of the efficiencies? And how do you think about normalized incremental margins there?

顯然，該細分市場的收入增長了很多，但我們如何才能超越過去幾年的利潤率範圍呢？這是您需要定價以提高保證金水平的東西嗎？它是否獲得了一些效率？您如何看待那裡的標準化增量利潤率？

So Todd, this is Mike. I know we threw a lot at you as it relates to the initiatives there, but they will continue to build in terms of -- labor is one piece. We talked about the new facilities we opened. Those facilities aren't as efficient at the outset. We are making -- we are seeing that from those that we opened last year. We're also exploring different ways to even fully utilize those assets, the technology elements that Raj highlighted. So there's a number of components there that come together and will be integral to driving Ground profitability and margins higher.

托德，這是邁克。我知道我們在與那裡的倡議有關的方面向你投入了很多，但它們將繼續建立——勞動力是一體的。我們談到了我們開設的新設施。這些設施一開始並沒有那麼高效。我們正在製作 - 我們從去年開設的那些中看到了這一點。我們還在探索不同的方法來充分利用這些資產，即 Raj 強調的技術元素。因此，那裡有許多組成部分結合在一起，將成為推動 Ground 盈利能力和利潤率更高的組成部分。

And so we're very optimistic about the trajectory there. And getting past this headwind of the labor right now really will be a good launching point for these other aspects to gain even more traction.

所以我們對那裡的發展軌跡非常樂觀。現在克服勞動力的逆風確實將是這些其他方面獲得更大吸引力的一個很好的起點。

And we have no further questions in the queue. I'll turn it back over to management for closing remarks.

我們在隊列中沒有其他問題。我會把它交還給管理層，以便結束髮言。

Thank you for your participation in FedEx Corporation's Second Quarter Earnings Conference Call. Feel free to call anyone on the Investor Relations team if you have additional questions about FedEx. Thank you very much.

感謝您參加聯邦快遞公司第二季度收益電話會議。如果您對 FedEx 有其他疑問，請隨時致電投資者關係團隊的任何人。非常感謝。

And that does conclude our call for today. Thank you for your participation. You may now disconnect.

這確實結束了我們今天的呼籲。感謝您的參與。您現在可以斷開連接。