聯邦快遞 (FDX) 2022 Q1 法說會逐字稿

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

大家好，歡迎來到聯邦快遞公司 2022 財年第一季度財報電話會議。今天的通話正在錄音中。

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

在這個時候，我想把電話轉給聯邦快遞公司投資者關係副總裁米奇福斯特。請繼續。

Good afternoon. And welcome to FedEx Corporation's first quarter earnings conference call. The first 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. Joining us on the call today are members of the media. (Operator Instructions)

下午好。歡迎參加聯邦快遞公司第一季度財報電話會議。第一季度收益發布、10-Q 表格和統計書可在我們的網站 fedex.com 上找到。此通話正在我們的網站上進行流式傳輸，重播將提供大約 1 年的時間。今天加入我們電話會議的是媒體成員。 （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》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所表達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美國證券交易委員會的文件。

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 VP and CFO; and Brie Carere, Executive VP, Chief Marketing and Communications Officer.

今天與我們一起參加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；和 Brie Carere，執行副總裁兼首席營銷和傳播官。

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, everybody, and thank you for joining today's call. First and foremost, I would like to extend my sincerest thanks to our global team members who continue to deliver for our customers in an exceptionally challenging operating environment. We are extremely proud and grateful for the manner in which Team FedEx continues to move the world forward.

謝謝你，米奇，大家下午好，感謝你參加今天的電話會議。首先，我要向我們的全球團隊成員表示最誠摯的感謝，他們在極具挑戰性的運營環境中繼續為我們的客戶提供服務。我們對 FedEx 團隊繼續推動世界前進的方式感到非常自豪和感激。

The execution of our strategies continues to drive high demand for our differentiated services despite the disruptive impact of the pandemic to labor availability, industry capacity and global supply chains. As we look at our first quarter results, our performance was highlighted by double-digit increases in yield across all our transportation businesses driven by limited capacity, high demand and our revenue management strategy.

儘管大流行對勞動力供應、行業產能和全球供應鏈產生了破壞性影響，但我們戰略的執行繼續推動對我們差異化服務的高需求。在我們審視第一季度業績時，我們的業績突出表現在我們所有運輸業務的收益率都以兩位數的速度增長，這是由有限的運力、高需求和我們的收入管理策略推動的。

The impact of constrained labor markets remains the biggest issue facing our business, as with many other companies around the world, and was a key driver of our lower-than-expected results in the first quarter. As Mike will share in more detail momentarily, we estimate that the impact of labor shortages on our quarterly results was approximately $450 million, primarily at FedEx Ground.

與世界上許多其他公司一樣，勞動力市場受限的影響仍然是我們業務面臨的最大問題，並且是我們第一季度業績低於預期的關鍵驅動因素。正如 Mike 稍後將更詳細地分享的那樣，我們估計勞動力短缺對我們季度業績的影響約為 4.5 億美元，主要是在 FedEx Ground。

Labor shortages have had 2 distinct impacts on our business. The competition for talent, particularly for our frontline workers, have driven wage rates higher and pay premiums higher. While wage rates are higher, the more significant impact is the widespread inefficiencies in our operation from constrained labor markets.

勞動力短缺對我們的業務產生了兩個明顯的影響。對人才的競爭，尤其是對我們一線員工的競爭，已經推高了工資率和更高的薪酬。雖然工資率更高，但更重要的影響是勞動力市場受限導致我們的運營普遍效率低下。

To illustrate this, I'd like to share a brief example from FedEx Ground. Our Portland, Oregon hub is running with approximately 65% of the staffing needed to handle its normal volume. This staffing shortage has a pronounced impact on the operations, which results in our teams diverting 25% of the volume that would normally flow to this hub because it simply cannot be processed efficiently to meet our service standards. And in this case, the volume that's diverted must be rerouted and processed which drives inefficiencies in our operations and, in turn, higher costs. These inefficiencies included adding incremental line haul and delivery routes, meaning more miles driven and a higher use of third-party transportation to enable us to bypass Portland entirely.

為了說明這一點，我想分享一個 FedEx Ground 的簡短示例。我們的俄勒岡州波特蘭樞紐正在運行，大約 65% 的人員配備可以處理其正常容量。這種人員短缺對運營產生了顯著影響，導致我們的團隊將正常情況下流向該中心的 25% 的流量轉移，因為它根本無法有效處理以滿足我們的服務標準。在這種情況下，轉移的流量必須重新路由和處理，這會導致我們的運營效率低下，進而增加成本。這些低效率包括增加增量線路運輸和交付路線，這意味著更多的行駛里程和更多地使用第三方運輸，使我們能夠完全繞過波特蘭。

Now that's merely one example. Across the FedEx Ground network there are more than 600,000 packages a day being rerouted. We anticipate the cost pressures from network inefficiencies, such as the one I just illustrated, to persist through peak as we navigate the labor market and impacts of new COVID waves.

這只是一個例子。在 FedEx Ground 網絡中，每天有超過 600,000 個包裹被改道。我們預計網絡效率低下帶來的成本壓力（例如我剛才說明的那個）會在我們駕馭勞動力市場和新 COVID 浪潮的影響時持續到頂峰。

Overcoming these staffing and retention challenges is our utmost priority as they not only affect our cost structures and operational efficiency but also having a negative impact on service levels. As such, we are taking bold action across the enterprise to hire and invest in our frontline team members as we prepare for the peak season ahead. These actions include targeted pay premiums, particularly for weekend shifts; increased tuition reimbursement; sponsorship of a National Hiring Day on September 23 as we seek to hire 90,000 additional positions ahead of peak; detailed volume and demand planning with customers to drive additional sorts to alleviate congestion; and expanding network capacity, which I will touch on shortly.

克服這些人員配置和保留挑戰是我們的首要任務，因為它們不僅會影響我們的成本結構和運營效率，還會對服務水平產生負面影響。因此，在我們為即將到來的旺季做準備時，我們正在整個企業採取大膽行動來招聘和投資我們的一線團隊成員。這些行動包括有針對性的加薪，特別是周末輪班；增加學費報銷；贊助 9 月 23 日的全國招聘日，因為我們希望在高峰期之前額外招聘 90,000 個職位；與客戶進行詳細的數量和需求規劃，以推動更多分類以緩解擁堵；以及擴大網絡容量，我稍後會談到這一點。

Based on these actions, combined with our expectations for improving labor conditions, we do anticipate gradual improvement in our operational efficiency as we turn into the new calendar year.

基於這些行動，結合我們對改善勞動條件的期望，我們確實預計在進入新的日曆年時我們的運營效率將逐步提高。

During the first quarter, the team continued to execute on our strategy even amid the challenging operating environment. As e-commerce drives higher demand, we continue to strategically invest in our network to boost daily package volume capacity, increase efficiencies and further enhance the speed and service capabilities of our networks. Our investments continued in Q1 as FedEx Ground expanded its physical footprint with a new state-of-the-art hub in Chino, California, which began operations in August. This fully automated hub includes large package sortation, has the capability to process up to 30,000 packages per hour and strategically located to help address ongoing port congestion challenges. FedEx Ground also continues to see year-over-year improvement in last mile efficiency driven by a 2.4% increase of packages delivered per hour compared to Q1 last year, thanks to route optimization technology.

在第一季度，即使經營環境充滿挑戰，團隊仍繼續執行我們的戰略。隨著電子商務推動更高的需求，我們繼續對我們的網絡進行戰略投資，以提高每日包裹容量、提高效率並進一步提高我們網絡的速度和服務能力。我們的投資在第一季度繼續進行，因為 FedEx Ground 通過在加利福尼亞州奇諾建立一個新的最先進的樞紐來擴大其物理足跡，該樞紐於 8 月開始運營。這個全自動樞紐包括大型包裹分揀，能夠每小時處理多達 30,000 個包裹，並且位於戰略位置以幫助解決持續的港口擁堵挑戰。得益於路線優化技術，與去年第一季度相比，每小時交付的包裹增加了 2.4%，FedEx Ground 的最後一英里效率也繼續實現同比提高。

As we move into Q2, we are meticulously planning for peak season ahead, including close collaboration with customers to build solutions to enable them to succeed. We expect to have substantially higher ground capacity in this peak season due to our investments in FedEx Ground's infrastructure. This includes the addition of more than a dozen new automated facilities and several other sortation equipment expansions in addition to the Chino hub that I already mentioned.

隨著我們進入第二季度，我們正在為即將到來的旺季精心規劃，包括與客戶密切合作以構建解決方案，使他們能夠取得成功。由於我們對 FedEx Ground 基礎設施的投資，我們預計在這個旺季會有更高的地面運力。這包括除了我已經提到的 Chino 樞紐之外，還增加了十幾個新的自動化設施和其他幾個分揀設備擴展。

Several key technology projects are also slated for completion this fall, including the modernization of multiple sortation, transportation management and safety systems, which will help to increase Ground's network capacity by hundreds of thousands of ADV as well as its flexibility and resiliency. This brings a total capacity increase of more than 1 million average daily volume compared to last peak.

幾個關鍵技術項目也計劃於今年秋天完成，包括多重分揀、運輸管理和安全系統的現代化，這將有助於將 Ground 的網絡容量增加數十萬 ADV 以及其靈活性和彈性。與上一個高峰相比，這帶來了超過 100 萬的日均容量總容量增加。

Another significant opportunity in our growth strategy is the improvement in the profitability of our international express operations. We reached a significant agreement with the social partners at our Liège express operations regarding the intended European air network transformation. This is an important milestone in the completion of the air network integration, which remains on track for completion in spring 2022. That will bring the physical network integration of TNT into FedEx to a close and, when combined with the benefits of our previously announced European restructuring, provides significant upside in our international profitability moving forward.

我們增長戰略的另一個重要機會是提高我們國際快遞業務的盈利能力。我們與 Liège Express 運營的社會合作夥伴就預期的歐洲航空網絡轉型達成了重要協議。這是完成航空網絡整合的一個重要里程碑，預計將於 2022 年春季完成。這將結束 TNT 與 FedEx 的實體網絡整合，再加上我們之前宣布的歐洲重組，為我們未來的國際盈利能力提供了顯著的優勢。

In summary, we are taking bold actions in the short term to navigate through this highly uncertain environment. We remain committed to long-term shareholder return, and we are very confident in our strategy for the following reasons. We have a differentiated portfolio of services to attack the fast-growing e-commerce market.

總而言之，我們正在採取大膽的短期行動，以度過這個高度不確定的環境。我們仍然致力於長期的股東回報，我們對我們的戰略非常有信心，原因如下。我們擁有差異化的服務組合來進軍快速增長的電子商務市場。

Our business model gives us the framework to be very successful in this regard. In fact, we are working strategically with several retailers to deliver a win-win-win solution: win for the retailer, win for the end consumer and win for FedEx. For instance, we recently partnered with a large retailer to create a common data platform that drives optimization of our combined assets and enhancement of visibility and predictability to the end customer. Further, as the day-definite residential volumes grow in our network, there's increasing opportunity to collaborate across our operating companies to improve efficiency by better utilizing our assets. Another upside for FedEx is international. Hence, the completion of our physical integration in Europe provides an inflection point for profitable growth. And finally, we are in the early stages of unlocking value from digital innovation. We are confident that this will play a significant part in the success of FedEx for years to come as we make supply chains work smarter for everyone.

我們的商業模式為我們提供了在這方面取得成功的框架。事實上，我們正在與多家零售商進行戰略合作，以提供三贏的解決方案：為零售商贏得勝利，為最終消費者贏得勝利，為 FedEx 贏得勝利。例如，我們最近與一家大型零售商合作創建了一個通用數據平台，該平台可推動我們組合資產的優化並增強最終客戶的可見性和可預測性。此外，隨著我們網絡中限日住宅量的增長，我們運營公司之間合作的機會越來越多，以通過更好地利用我們的資產來提高效率。聯邦快遞的另一個優勢是國際業務。因此，我們在歐洲實體整合的完成為盈利增長提供了轉折點。最後，我們正處於從數字創新中釋放價值的早期階段。我們相信，隨著我們讓供應鏈更智能地為每個人服務，這將對 FedEx 未來幾年的成功發揮重要作用。

Our strategy is sound and positions us well for improved returns as we move through fiscal year '22 and beyond.

我們的戰略是合理的，並且在我們度過 22 財年及以後的過程中為提高回報做好準備。

With that, let me turn it over to Brie.

有了這個，讓我把它交給布里。

Thank you, Raj, and good afternoon, everyone. Our first quarter commercial results were very strong with 14% revenue growth and double-digit yield improvement in our transportation segments. These results reflect the positive backdrop for growth in the parcel market, including a very healthy pricing environment.

謝謝你，Raj，大家下午好。我們第一季度的商業業績非常強勁，運輸部門的收入增長了 14%，收益率實現了兩位數的增長。這些結果反映了包裹市場增長的積極背景，包括非常健康的定價環境。

For fiscal year '22, FedEx revenue was forecasted to pass $90 billion. Further, we are forecasting that the U.S. parcel market will grow to 101 million packages a day by calendar year 2022, which is year-over-year growth of 12%. These market projections are slightly lower than last quarter as e-commerce percentage as a percentage of retail declined. We saw a shift to in-store shopping and buy online, pick up in store. And spending and services, of course, increased. However, despite this moderate change in e-commerce growth, the secular trend of e-commerce growing as a percentage of retail will continue to drive healthy parcel market growth. We are forecasting a 10% annual growth rate of U.S. domestic market volumes through 2026.

對於 22 財年，聯邦快遞的收入預計將超過 900 億美元。此外，我們預測到 2022 年美國包裹市場將增長到每天 1.01 億個包裹，同比增長 12%。這些市場預測略低於上一季度，因為電子商務佔零售業的百分比有所下降。我們看到了向店內購物和在線購買、店內提貨的轉變。當然，支出和服務也有所增加。然而，儘管電子商務增長出現了這種溫和變化，但電子商務在零售業中所佔百分比不斷增長的長期趨勢將繼續推動包裹市場的健康增長。我們預測到 2026 年美國國內市場的年增長率將達到 10%。

At FedEx, in the first quarter, total U.S. domestic package volumes increased year-over-year by 1.5%. At Express, our total U.S. domestic package volume grew 7% year-over-year. Total FedEx Ground volumes were relatively flat in the quarter. However, I'm very proud as we proactively managed our capacity for higher-yielding commercial and home delivery services. In fact, FedEx Ground commercial volumes grew double digits in the quarter.

在聯邦快遞，第一季度美國國內包裹總量同比增長 1.5%。在 Express，我們的美國國內包裹總量同比增長 7%。本季度 FedEx Ground 總貨運量相對持平。然而，我非常自豪，因為我們積極管理我們的能力以提供更高收益的商業和送貨上門服務。事實上，FedEx Ground 商業貨運量在本季度增長了兩位數。

In the first quarter of fiscal year '22, FedEx's total U.S. domestic residential package volume mix was 57% versus 62% a year ago. U.S. B2B mix improved year-over-year in the first quarter of fiscal year '22 as B2B volumes continue to recover with inventory replenishment and manufacturing rebounding as the economy opens. B2C mix continues to remain higher, however, than pre-pandemic levels.

在 22 財年第一季度，聯邦快遞的美國國內住宅包裹總量組合為 57%，而一年前為 62%。美國 B2B 組合在 22 財年第一季度同比有所改善，因為隨著經濟開放，B2B 數量繼續恢復，庫存補充和製造業反彈。但是，B2C 組合繼續保持高於大流行前的水平。

In Q1, FedEx Freight revenue increased 23%, driven both by increased volume and higher revenue quality, a huge shout-out to the FedEx Freight team. Great job, team. FedEx Freight Direct continues to create incredible momentum.

在第一季度，聯邦快遞貨運收入增長了 23%，這得益於數量的增加和收入質量的提高，這對聯邦快遞貨運團隊來說是一個巨大的挑戰。幹得好，團隊。 FedEx Freight Direct 繼續創造令人難以置信的勢頭。

Turning now to our revenue quality strategy. The continued constrained capacity in both the U.S. domestic and international markets has led to a very favorable pricing environment. We are focused on protecting and growing volume in high-yielding commercial segments, including commercial ground and small and medium segments. We have an incremental opportunity to improve large customer yields through contract renewals and providing large customers an ability to procure incremental capacity at current market rates.

現在轉向我們的收入質量戰略。美國國內和國際市場的產能持續受限導致了非常有利的定價環境。我們專注於保護和增加高收益商業領域的數量，包括商業地面和中小型領域。我們有更多的機會通過續簽合同來提高大客戶的收益，並為大客戶提供以當前市場價格採購增量容量的能力。

As announced yesterday, effective January 3, 2022, FedEx Express, FedEx Ground and FedEx Home Delivery shipping rates will increase by an average of 5.9%, while FedEx Freight rates will increase by an average of 5.9% to 7.9%. We also announced other surcharge increases, which can be found on fedex.com. These increases will help us continue to balance capacity with demand and mitigate the impact from the increased cost that Raj just outlined.

正如昨天宣布的那樣，自 2022 年 1 月 3 日起，聯邦快遞、聯邦快遞陸運和聯邦快遞送貨上門的運費將平均上漲 5.9%，而聯邦快遞運費將平均上漲 5.9% 至 7.9%。我們還宣布了其他附加費上調，可在 fedex.com 上找到。這些增加將幫助我們繼續平衡容量與需求，並減輕 Raj 剛剛概述的成本增加的影響。

Turning now to international. We are forecasting the air cargo market to be more than $80 billion by calendar year 2025. At FedEx, we currently have single-digit market share. And as such, this remains a significant growth opportunity for us to continue to pursue. We expect air cargo capacity to remain constrained through at least the first half of calendar year 2022. A full recovery is not anticipated until 2024.

現在轉向國際。我們預測到 2025 年航空貨運市場將超過 800 億美元。在 FedEx，我們目前擁有個位數的市場份額。因此，這仍然是我們繼續追求的重要增長機會。我們預計航空貨運能力至少在 2022 年上半年仍將受到限制。預計要到 2024 年才能全面恢復。

Global air cargo capacity continued to recover in July. It is still down 10% compared to pre-pandemic levels. Capacity on international lanes remains scarce, and we have seen European and APAC export demand recover to pre-pandemic levels. Globally, we continue our efforts to optimize our network and customer mix. We managed to a very high percentage of priority service on our international flights with yield per package improvement of 11% for international parcel and yield per pound improvement of 18% for international freight.

7 月份全球航空貨運量繼續恢復。與大流行前的水平相比，它仍然下降了 10%。國際航線的運力仍然稀缺，我們已經看到歐洲和亞太地區的出口需求恢復到大流行前的水平。在全球範圍內，我們繼續努力優化我們的網絡和客戶組合。我們設法在國際航班上實現了很高比例的優先服務，國際包裹的每件包裹收益提高了 11%，國際貨運的每磅收益提高了 18%。

Exports from Asia are fueled by the strong demand from B2C and B2B recovery. B2B will further benefit from a shift in demand from ocean freight to air cargo as our customers replenish stock levels in time for the peak sales season. To provide access to reliable capacity in this constrained environment, we turned 6 previously ad hoc intercontinental flights into scheduled service to fiscal year quarter 1: 4 Transpacific and 2 for the Asia-Europe lane. We are seeing a strong recovery in Europe as well with the overall economic recovery back to pre-pandemic levels.

B2C 和 B2B 復甦帶來的強勁需求推動了亞洲的出口。隨著我們的客戶在銷售旺季及時補充庫存水平，B2B 將進一步受益於需求從海運到空運的轉變。為了在這種受限的環境中提供可靠的運力，我們將之前的 6 次臨時洲際航班轉變為定期服務至財政年度第 1 季度：4 次跨太平洋航線和 2 次亞歐航線航線。我們看到歐洲強勁復甦，整體經濟恢復到大流行前水平。

Our intra-Europe cross-border B2B volumes have recovered to pre-COVID levels. Our growth is further accelerated by significant B2C parcel volumes. E-commerce growth will be critical for both our Asian and European businesses. In Q1, we expanded FedEx International Connect Plus from Europe to 6 new global destinations, increasing coverage to 82% of global GDP across a total of 300 lanes. And on September 1, we launched FICP in EMEA across 80 origin destination lanes. For businesses looking for a cost-effective solution with competitive transit, FICP provides a compelling e-commerce value proposition. We continue to gain new customers through FICP and have a very robust sales pipeline.

我們的歐洲內部跨境 B2B 交易量已恢復到 COVID 之前的水平。大量的 B2C 包裹量進一步加速了我們的增長。電子商務的增長對我們的亞洲和歐洲業務都至關重要。在第一季度，我們將 FedEx International Connect Plus 從歐洲擴展到 6 個新的全球目的地，通過總共 300 條通道將覆蓋範圍擴大到全球 GDP 的 82%。 9 月 1 日，我們在 EMEA 的 80 條始發目的地航線上推出了 FICP。對於尋求具有競爭力的運輸且具有成本效益的解決方案的企業，FICP 提供了引人注目的電子商務價值主張。我們繼續通過 FICP 獲得新客戶，並擁有非常強大的銷售渠道。

In summary, while it continues to be a very dynamic market, we remain incredibly confident in our global growth potential and our world-class commercial teams to bring in market-leading yields.

總而言之，儘管它仍然是一個充滿活力的市場，但我們對我們的全球增長潛力和我們世界一流的商業團隊帶來市場領先的收益仍然充滿信心。

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

有了這個，我會把它交給邁克發表評論。

Thank you, Brie, and good afternoon, everyone. Our first quarter FY '22 adjusted earnings per share of $4.37 was negatively impacted by approximately $800 million in year-over-year headwinds. And while Raj covered the operational impacts of these challenges, I will detail the financial impacts to the quarter.

謝謝你，布里，大家下午好。我們 22 財年第一季度的調整後每股收益為 4.37 美元，受到約 8 億美元的同比逆風的負面影響。雖然 Raj 涵蓋了這些挑戰對運營的影響，但我將詳細說明對本季度的財務影響。

Of these headwinds, the difficult labor market had the largest effect on our bottom line, representing an estimated $450 million in additional year-over-year cost, the majority of which impacted our FedEx Ground business. As we look into the impact of labor cost in the business, I want to break this impact into 2 components: higher wages and the impact of network inefficiencies.

在這些不利因素中，困難的勞動力市場對我們的利潤影響最大，估計同比增加了 4.5 億美元的成本，其中大部分影響了我們的 FedEx Ground 業務。當我們研究勞動力成本對企業的影響時，我想將這種影響分為兩個部分：更高的工資和網絡效率低下的影響。

Of the $450 million, we estimate that $200 million was incurred in higher wage and purchase transportation rates. This included higher wage rates and pay premiums for team members and higher rates paid for third-party transportation services. In addition to the higher wage rates, we estimate that network inefficiencies of approximately $250 million contributed to the total impact of labor shortages on the business. These costs include additional line haul, higher usage of third-party transportation, cost to reposition assets in the network, overtime and recruiting incentives, all to address staffing shortages.

在這 4.5 億美元中，我們估計有 2 億美元用於提高工資和採購運輸費率。這包括更高的工資率和團隊成員的支付保險費以及為第三方運輸服務支付的更高費率。除了更高的工資率外，我們估計大約 2.5 億美元的網絡效率低下導致了勞動力短缺對企業的總體影響。這些成本包括額外的線路運輸、第三方運輸的更多使用、在網絡中重新定位資產的成本、加班和招聘激勵措施，所有這些都是為了解決人員短缺問題。

Beyond the labor impacts, our results for the first quarter also included the following headwinds: an additional $135 million in health care costs due to lower utilization a year ago; $85 million related to investments in the Ground network, which represents the cost of bringing online 16 new automated facilities and expansions at 100 facilities, which are critical to improving service and adding capacity to meet growth for peak and beyond; and at Express, we had an estimated $60 million in incremental air network costs due to the impact of COVID restrictions on our operations, including limitations on layovers, supplemental crews to ensure service continuity and immigration restrictions. In addition, and as a reminder, our prior year results at Express included a pretax benefit of $65 million from a reduction in aviation excise taxes.

除了勞動力影響之外，我們第一季度的業績還包括以下不利因素：由於一年前利用率較低，醫療保健成本增加了 1.35 億美元； 8500 萬美元與地面網絡投資相關，這代表了使 16 個新的自動化設施上線和擴建 100 個設施的成本，這對於改善服務和增加容量以滿足高峰期及以後的增長至關重要；在 Express，由於 COVID 限制對我們運營的影響，包括中途停留限制、補充機組人員以確保服務連續性和移民限制，我們估計增加了 6000 萬美元的航空網絡成本。此外，提醒一下，我們去年在 Express 的業績包括因航空消費稅減少而獲得的 6500 萬美元的稅前收益。

That said, our first quarter results did come in lower than our own expectations as difficult labor conditions persisted throughout the quarter. As a result of that, variable compensation was not an expense headwind in the first quarter.

也就是說，我們第一季度的業績確實低於我們自己的預期，因為整個季度都存在艱難的勞動條件。因此，可變薪酬在第一季度並不是支出逆風。

With that overview of the consolidated results, let's turn to the highlights for the segments. At Express, results declined due to the higher operating expenses from staffing challenges and COVID-related air network impacts I discussed. Profitability was also impacted by fewer charter flights compared to the surge last spring during the early months of the pandemic.

通過對綜合結果的概述，讓我們轉向細分市場的亮點。在 Express，由於我討論過的人員配置挑戰和與 COVID 相關的航空網絡影響導致運營費用增加，結果有所下降。與去年春季大流行初期的激增相比，包機航班減少也影響了盈利能力。

While we've covered the impacts to Ground results in detail, I would like to call your attention to an enhancement in our reporting included in the release and the 10-Q. As a result of business growth and our unmatched 7-day operating network at Ground, we are now providing additional product level disclosures for average daily package volume. Beginning with our first quarter, we are breaking out ADV statistics for FedEx Ground commercial, home delivery and economy services.

雖然我們已經詳細介紹了對地面結果的影響，但我想提請您注意我們在發布和 10-Q 中包含的報告的增強功能。由於業務增長和我們在 Ground 無與倫比的 7 天運營網絡，我們現在為平均每日包裹量提供額外的產品級別披露。從第一季度開始，我們將公佈 FedEx Ground 商業、送貨上門和經濟服務的 ADV 統計數據。

Turning to Freight. We reported a record operating margin of 17.3% for the quarter as our continued focus on revenue quality and profitable growth drove average daily shipments up 12% and revenue per shipment increased 11%, as Brie highlighted previously.

轉向貨運。我們報告本季度營業利潤率達到創紀錄的 17.3%，因為我們持續關注收入質量和盈利增長，推動平均每日出貨量增長 12%，每批出貨量收入增長 11%，正如 Brie 先前強調的那樣。

Now turning to capital spending. During the first quarter, we spent $1.6 billion in capital as we continue to invest in our strategies for profitable growth, service excellence and modernizing our digital and IT platforms. Our capital forecast for fiscal '22 remains at $7.2 billion and less than 8% of anticipated revenue and includes the following key elements. First, more than 50% increase in capital spending at Ground year-over-year for capacity expansion and new facilities to capture opportunities from growing e-commerce business. And second, fleet modernization in Express with continued investment in 767 and 777 aircraft, which not only has a high financial return but is an important part of the strategy to reduce our carbon footprint.

現在轉向資本支出。在第一季度，我們投入了 16 億美元的資金，繼續投資於盈利增長、卓越服務以及數字和 IT 平台現代化戰略。我們對 22 財年的資本預測仍為 72 億美元，不到預期收入的 8%，包括以下關鍵要素。首先，Ground 用於產能擴張和新設施的資本支出同比增長 50% 以上，以抓住不斷增長的電子商務業務帶來的機遇。其次，Express 的機隊現代化，繼續投資 767 和 777 飛機，這不僅具有高財務回報，而且是我們減少碳足跡戰略的重要組成部分。

In evaluating capital investments, our return on invested capital on existing capital and new projects is a critical metric to managing our business, and we have a rigorous approval process in place on all new capital projects. As we look at investments, we set the internal rate of return hurdle above our weighted average cost of capital, which varies based on the nature of the project. For example, an investment in replacement capital would have a lower hurdle rate than growth capital. Capital returns has always been an important metric to managing the business, both historically and in the future.

在評估資本投資時，我們對現有資本和新項目的投資回報率是管理我們業務的關鍵指標，我們對所有新資本項目都有嚴格的審批程序。當我們審視投資時，我們將內部回報率門檻設定在我們的加權平均資本成本之上，這根據項目的性質而有所不同。例如，重置資本投資的門檻低於增長資本。資本回報一直是管理業務的重要指標，無論是歷史上還是未來。

We ended our quarter with $7 billion in cash and are targeting over $3 billion in adjusted free cash flow for FY '22, 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. We continue to focus on thoughtful capital allocation and strengthening our balance sheet in fiscal 2022. During the quarter, we repurchased 1.9 million shares totaling roughly $550 million and are targeting approximately 1 million additional shares for the balance of the year. In addition, we plan to make a $500 million voluntary contribution to our pension plan this year.

我們以 70 億美元的現金結束了本季度，併計劃在 22 財年實現超過 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，到目前為止超過我們的歷史水平。我們在 2022 財年繼續專注於深思熟慮的資本配置和加強我們的資產負債表。在本季度，我們回購了 190 萬股股票，總計約 5.5 億美元，併計劃在今年餘下時間額外回購約 100 萬股。此外，我們計劃今年向我們的養老金計劃自願捐款 5 億美元。

We are lowering our fiscal 2022 guidance to reflect our first quarter results, which were lower than our expectations. As we look to the rest of the fiscal year, we expect certain factors to extend longer than we originally forecast in June. So for fiscal '22, we are now forecasting earnings per share of $18.25 to $19.50 before the mark-to-market retirement plan accounting adjustment and earnings per share of $19.75 to $21 before the mark-to-market adjustments and excluding estimated TNT integration expenses and costs associated with business realignment activities. And our effective tax rate projection is approximately 24%, again, prior to the mark-to-market retirement plan adjustments. While our outlook reflects more uncertainty moving forward, it represents adjusted year-over-year EPS growth ranging from approximately 9% to 15.5% following our record fiscal 2021.

我們正在下調 2022 財年指引，以反映我們低於預期的第一季度業績。展望本財年的剩餘時間，我們預計某些因素的持續時間將比我們最初在 6 月份預測的更長。因此，對於 22 財年，我們現在預測按市值計算的退休計劃會計調整前每股收益為 18.25 美元至 19.50 美元，按市值調整前每股收益為 19.75 美元至 21 美元，不包括估計的 TNT 整合費用與業務調整活動相關的成本。在按市值計算的退休計劃調整之前，我們的有效稅率預測約為 24%。雖然我們的前景反映了未來更多的不確定性，但它代表了在我們創紀錄的 2021 財年之後調整後的每股收益同比增長約 9% 至 15.5%。

As you all know, we are navigating an inherently uncertain macro environment and managing several unknowns. The pace, shape and timing of global economic recovery given the dynamics of the pandemic, including the spread and response to new and existing COVID variants, the uneven nature of global government restrictions, disruptions to global supply chains and, of course, recovery in labor availability. Our forecast assumes continued growth in U.S. industrial production and global trade, a gradual improvement in labor availability, current fuel price expectations and existing tax regulations.

眾所周知，我們正在駕馭一個本質上不確定的宏觀環境，並管理著幾個未知數。考慮到大流行病的動態，全球經濟復甦的速度、形式和時機，包括對新的和現有的 COVID 變種的傳播和反應、全球政府限制的不平衡性、全球供應鏈的中斷，當然還有勞動力的恢復可用性。我們的預測假設美國工業生產和全球貿易持續增長、勞動力供應逐步改善、當前燃料價格預期和現有稅收法規。

With respect to labor, we are assuming that the combination of these actions we are taking that Raj outlined, combined with a steady increase in labor availability as we turn into calendar '22, will allow us to add team members which will drive improvement in our efficiency, productivity and cost structure.

關於勞動力，我們假設 Raj 概述的我們正在採取的這些行動的組合，加上我們進入 22 年日曆時勞動力可用性的穩步增加，將使我們能夠增加團隊成員，這將推動我們的改進效率、生產力和成本結構。

While we are not providing specific second quarter EPS guidance, I do want to highlight a few key assumptions within our outlook. Overall, for the second quarter, we anticipate a similar level of headwinds in Q2 as we experienced in the first quarter as the challenges and impacts to our operations from the labor shortages are expected to persist through the rest of calendar 2021. Consistent with the first quarter, we also expect headwinds in Q2 to be driven by our expansion of Ground, higher health care expenses, COVID-related air network inefficiencies at Express and the benefit in the prior year of reduced aviation excise taxes.

雖然我們沒有提供具體的第二季度每股收益指引，但我確實想強調我們展望中的一些關鍵假設。總體而言，對於第二季度，我們預計第二季度的逆風程度與第一季度相似，因為勞動力短缺對我們運營的挑戰和影響預計將持續到 2021 年剩餘時間。與第一季度一致在本季度，我們還預計第二季度的逆風將受到地面業務擴張、更高的醫療保健費用、Express 與 COVID 相關的航空網絡效率低下以及前一年航空消費稅降低的好處的推動。

That said, while these headwinds will persist in the second quarter, we expect strong performance in the second half of fiscal '22. We remain confident that our long-term strategies will allow us to realize the benefits of growth investments in the future.

也就是說，儘管這些不利因素將在第二季度持續存在，但我們預計 22 財年下半年將有強勁表現。我們仍然相信，我們的長期戰略將使我們能夠在未來實現增長投資的好處。

And next, we'll be happy to address your questions.

接下來，我們很樂意回答您的問題。

(Operator Instructions) And we'll go first to Scott Group from Wolfe Research.

（操作員說明）我們將首先訪問 Wolfe Research 的 Scott Group。

So guys, it strikes me that everybody in transportation right now has a lot of pricing power, and everyone is dealing with tight labor capacity and inflation, but every other transport company is reporting margin improvement and earnings growth. So I guess my question is, why do you think you're seeing a bigger impact than anybody else in transportation? And outside of just adding more capacity and spending more, what sort of meaningful significant changes do you think you need to make or are you contemplating making to start realizing more sustainable improvement in margin, earnings, returns, all that?

伙計們，讓我印象深刻的是，現在運輸業的每個人都有很大的定價權，每個人都在應對勞動力緊張和通貨膨脹，但其他所有運輸公司都報告利潤率提高和盈利增長。所以我想我的問題是，為什麼你認為你在交通方面看到的影響比其他任何人都大？除了增加產能和增加支出之外，您認為您需要做出哪些有意義的重大改變，或者您正在考慮做出哪些改變，以開始實現利潤率、收益、回報等方面更可持續的改善？

Let me start by saying that we definitely do not see this as an us-versus-them situation at all. In fact, the Minneapolis Fed noted that firms in every sector reported difficulty in attracting labor and that 68% of the Fortune 100 companies addressed supply chain and labor disruptions over the past quarter. So the situation is very complex, not just the availability of workers, workers impacted by safety concerns with COVID and, of course, the very real issue of child care. And our labor markets and broader economy cannot function properly if schools and daycares cannot stay open. So our approach to our teams and our people-first culture, combined with the flexible operating model in Ground, has positioned us to remain competitive in this market and we are highly confident at the actions we are taking to address the shortage, as I outlined in my prepared remarks.

首先讓我說，我們絕對不認為這是一種我們對他們的情況。事實上，明尼阿波利斯聯儲指出，每個行業的公司都報告稱難以吸引勞動力，而財富 100 強公司中有 68% 在過去一個季度解決了供應鍊和勞動力中斷問題。因此，情況非常複雜，不僅僅是工人的可用性，受 COVID 安全問題影響的工人，當然還有非常現實的兒童保育問題。如果學校和日託不能繼續開放，我們的勞動力市場和更廣泛的經濟將無法正常運轉。因此，我們對團隊的態度和我們以人為本的文化，結合 Ground 靈活的運營模式，使我們能夠在這個市場上保持競爭力，我們對我們為解決短缺問題而採取的行動充滿信心，正如我概述的那樣在我準備好的發言中。

However, let me just also add that we are very confident in our strategy. I mean where the market is growing, we have a differentiated value proposition. We have a network, an operating model that makes it good for us to succeed, and so we are confident in the long-term strategy here. And as Mike said, we expect to see, in the new calendar year, labor availability continues to recover. Mike?

但是，我還要補充一點，我們對我們的戰略非常有信心。我的意思是在市場增長的地方，我們有一個差異化的價值主張。我們有一個網絡，一個有利於我們成功的運營模式，因此我們對這裡的長期戰略充滿信心。正如邁克所說，我們預計在新的日曆年中，勞動力可用性將繼續恢復。麥克風？

Yes. Scott, I would add, I think you can't just characterize all transportation companies in one singular bucket there and assume that everybody has the same considerations in terms of the nature of the business there. We're trying to explain with great specificity how this operationally impacts us and thus the financial ramifications of that. So look, we fully recognize that the first quarter wasn't what we anticipated. We've taken a number of actions to address that. We will continue to identify further actions. But I will fully say if the circumstances don't change as we identified here, we absolutely would need to revisit the pace of the plans that we have. If the strategies are sound, we would absolutely need to think about the pace of things given the environment that we're operating in. So I think Brie highlighted the characteristics of what growth is and will continue to be in the business, so that remains the underpinning going forward.

是的。斯科特，我想補充一點，我認為你不能只把所有運輸公司都放在一個單一的桶中，並假設每個人都對那裡的業務性質有相同的考慮。我們正試圖非常具體地解釋這在運營上如何影響我們，以及由此產生的財務影響。所以看，我們完全認識到第一季度不是我們預期的那樣。我們已經採取了一些行動來解決這個問題。我們將繼續確定進一步的行動。但我要說的是，如果情況沒有像我們在這裡確定的那樣發生變化，我們絕對需要重新審視我們現有計劃的步伐。如果戰略合理，我們絕對需要考慮我們所處環境的發展速度。所以我認為 Brie 強調了業務增長的特徵並將繼續存在，因此仍然存在前進的基礎。

And next, we'll go to Brandon Oglenski from Barclays.

接下來，我們將去巴克萊銀行的 Brandon Oglenski。

Mike, can I just follow up on that? I think the frustrating part from an investor perspective, you guys have definitely seen pretty substantial growth in the past decade, definitely put the capital behind that, but margins are actually lower now than they were prior peak. Returns have obviously come down, and we do hear lots of bold actions how to sustain forward growth. But I guess I'm going to ask the question just the same way. Like, what is being done in a bold way to improve returns and profitability across all these networks? And is there a way to look back and say, "Hey, we've been investing in the 777 and 767 fleet, and yet Express margins aren't showing the most traction?" How do we review those prior plans to ensure that they deliver in the future?

邁克，我可以跟進嗎？我認為從投資者的角度來看令人沮喪的部分是，你們在過去十年中肯定看到了相當可觀的增長，肯定有資本支持，但現在的利潤率實際上低於之前的峰值。回報明顯下降，我們確實聽到了很多如何維持未來增長的大膽行動。但我想我會以同樣的方式問這個問題。例如，正在採取什麼大膽的方式來提高所有這些網絡的回報和盈利能力？有沒有辦法回顧過去說，“嘿，我們一直在投資 777 和 767 機隊，但 Express 的利潤率並沒有顯示出最大的吸引力？”我們如何審查那些先前的計劃以確保它們在未來交付？

So Brandon, let me -- first, you mentioned about Express investment in the aircraft there. If you rewind roughly 1.5 years ago, we were in the midst of talking about parking and reducing capacity in a number of our MD-11 fleet. Obviously, the market changed radically here and there was the need for the additional capacity and the opportunity there, so we unparked those. Should things change going forward, that remains a flex lever. And it absolutely is the case that having a higher proportion of the newer, more efficient aircraft, which the 767 and 777 are, in the fleet will drive improved economics and margins at Express. So again, we're ongoing looking at these different network initiatives. And so that absolutely remains a long-term winner in terms of the fleet renewal, and we will continue with that.

所以布蘭登，讓我 - 首先，你提到了 Express 對那裡飛機的投資。如果你倒回大約 1.5 年前，我們正在談論停放和減少我們的一些 MD-11 機隊的容量。顯然，這裡的市場發生了根本性的變化，那裡需要額外的容量和機會，所以我們取消了這些。如果未來情況發生變化，這仍然是一個靈活的槓桿。毫無疑問，在機隊中擁有更高比例的更新、更高效的飛機（例如 767 和 777）將推動 Express 的經濟效益和利潤率提高。因此，我們再次關注這些不同的網絡計劃。因此，就機隊更新而言，這絕對是一個長期贏家，我們將繼續這樣做。

What was the second part of your -- you started off with another aspect?

你的第二部分是什麼——你從另一個方面開始的？

Well, Mike, the frustrating thing, I think, here for a lot of your investors is that the growth is very evident, especially in the last few years. It's just that margin cannot improve. So there's always a plan to improve margins, but it doesn't seem to come through. So what are the bold steps that can be taken to improve those outcomes in the future?

好吧，邁克，我認為，對於很多投資者來說，令人沮喪的是增長非常明顯，尤其是在過去幾年。只是利潤率無法提高。所以總是有一個提高利潤率的計劃，但它似乎沒有實現。那麼，未來可以採取哪些大膽措施來改善這些成果呢？

Well, let me just step back a little bit. We had record results in '21 and improved margins. Our guidance, albeit lower than what we shared with you 3 months ago, is, if you look at the operating earnings, in fact, it's double digit at the low end. We had some discrete tax items there. So indeed, we are focused on driving improved margins, cash flows and returns and feel that we're projecting another record year on top of a record year. So again, we are absolutely committed to continuing that trajectory.

好吧，讓我退後一步。我們在 21 年取得了創紀錄的業績並提高了利潤率。我們的指導，雖然低於我們 3 個月前與您分享的指導，但如果您查看營業收入，實際上，它是低端的兩位數。我們在那裡有一些離散的稅項。因此，事實上，我們專注於推動提高利潤率、現金流和回報，並認為我們預計將在創紀錄的一年之上再創紀錄。因此，我們再次絕對致力於繼續這一軌跡。

And we'll go next to Chris Wetherbee from Citi.

接下來是花旗銀行的 Chris Wetherbee。

I want to ask about costs. Mike, helpful to kind of run through a number of the items that were impacting the quarter. But if I were to sort of exclude those items and look at sort of the cost inflation on the package business, the Express and Ground package, it still looks like I'm getting about 9% cost inflation on essentially flat volume. So I was wondering maybe if you could help us understand, ex some of the items that you've talked about, what's driving the cost inflation at such a high level when we're not seeing the volume growth in those individual segments. And maybe do you expect that to sort of change? And do you think margins expand in both of those segments for the full year?

我想問一下費用。 Mike，有助於了解影響本季度的一些項目。但是，如果我將這些項目排除在外，看看包裹業務、快遞和陸運包裹的成本通脹，看起來我的成本通脹仍然在基本持平的情況下達到了 9% 左右。所以我想知道，也許你能幫助我們理解，比如你談到的一些項目，當我們沒有看到這些個別細分市場的銷量增長時，是什麼推動瞭如此高的成本通脹。也許您希望這種情況有所改變？您認為全年這兩個領域的利潤率是否會擴大？

Let me take a swing at that first. So as it relates to the cost inflation and taking that category broadly, let me just clarify what's in our outlook. The network inefficiencies inherently are contributing to that cost increase that you're talking about. We expect those to mitigate and work away. In our outlook that we're giving you here, we're not assuming any change in terms of the current labor market, in terms of wage rates in that. So just to give you an illustrative example here. A year ago, our package handlers at Ground, we are paying an hourly rate that is 16% more than previously. At our Express major sort locations, the hourly rate is north of a 25% increase. So those are the -- that is the reality of the labor market right now. And so thus, as Brie highlighted, we are taking a number of actions to recognize and address that. Maybe if I help talk through as we go through the year here, I think maybe part of what you're -- are also there.

讓我先試一試。因此，由於它與成本通貨膨脹有關，並且從廣義上講這一類別，所以讓我澄清一下我們的前景。網絡效率低下本身就是導致您正在談論的成本增加的原因。我們希望這些能夠減輕並解決問題。在我們在這裡給你的展望中，我們沒有假設當前勞動力市場的工資率有任何變化。所以這裡只是給你一個說明性的例子。一年前，我們在 Ground 的包裹處理員支付的時薪比以前高出 16%。在我們的快遞主要分揀地點，小時費率增加了 25% 以上。所以這些就是 - 這就是目前勞動力市場的現實。因此，正如 Brie 強調的那樣，我們正在採取一系列行動來識別和解決這個問題。也許如果我在我們在這裡度過這一年時幫助討論，我想也許你的一部分 - 也在那裡。

So again, like I said, more efficient operations as we go through the year. The pricing actions that we announced yesterday, combined with our ongoing efforts, those largely will impact the second half of the year. Raj highlighted a number of the adaptations we're making in our operating plans as well as some of the technology and other initiatives we're bringing on to execute more efficiently. And then just to tie off some aspects here, we will have some tailwinds in the second half. You may recall, we had the severe weather situation in the third quarter of last year. Variable comp will be a tailwind in the second half of the year. And then there was 2 other items with the frontline bonus program and then the recognition of our yield contribution. So trying to put all that in context for you there.

因此，就像我說的那樣，我們將在這一年中提高運營效率。我們昨天宣布的定價行動，加上我們正在進行的努力，將在很大程度上影響今年下半年。 Raj 強調了我們在運營計劃中所做的一些調整，以及我們為更有效地執行而採用的一些技術和其他舉措。然後只是為了在這裡解決一些方面的問題，我們將在下半場有一些順風。你可能還記得，去年第三季度我們遇到了惡劣的天氣情況。可變補償將成為下半年的順風。然後還有另外 2 個項目與前線獎金計劃，然後是對我們收益貢獻的認可。所以試著把所有這些都放在你的上下文中。

Raj, anything you want to add?

Raj，你有什麼要補充的嗎？

I was just going to cap it off, Chris, by just saying that we expect in the second half improved margins in all segments of our business.

克里斯，我只是想結束它，只是說我們預計下半年我們所有業務部門的利潤率都會提高。

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

接下來，我們將去摩根士丹利的 Ravi Shanker。

I just wanted to follow up on the basis of the last comment because, again, some of the items that point to the second half being materially better than just yield contribution and variable comp, I mean those doesn't seem operational, those are like almost onetime-ish. So I'm just trying to get a sense of how you have this confidence in second half being significantly better than the first half. The reason I'm asking the question is because you basically cut your full year guidance by approximately the magnitude of the first quarter miss, which doesn't necessarily imply that you are expecting these to continue.

我只是想在最後一條評論的基礎上跟進，因為，再一次，一些指向下半年的項目在實質上比僅僅收益貢獻和可變補償要好，我的意思是那些似乎沒有可操作性，就像幾乎是一次性的。所以我只是想了解一下你是如何相信下半場比上半場好得多的。我問這個問題的原因是因為你基本上將全年指導削減了大約第一季度失誤的幅度，這並不一定意味著你期望這些會繼續下去。

Ravi, you broke up some there, but there was a reference to some of these items being nonoperational in the second half. I guess maybe I'd turn it around the other way and say, if we were fully...

拉維，你在那裡打破了一些，但有提到其中一些項目在下半年無法使用。我想也許我會反過來說，如果我們完全......

Sorry, if I can try again. I just wanted to get a little bit more detail into why you think second half is going to be materially better than the first half because some of the items you quantified, the yield contribution, the variable comp, et cetera, those seem kind of nonoperational, almost onetime-ish in nature, kind of. So again, do you really feel like the top line is going to accelerate, the volume is going to accelerate? And the reason I'm asking this question is because you basically cut your full year guidance by approximately the magnitude of the first quarter miss, which does not seem to imply that you are expecting these labor cost issues to continue for the rest of the year.

對不起，如果我可以再試一次。我只是想更詳細地了解一下為什麼你認為下半年會比上半年更好，因為你量化的一些項目，收益貢獻，變量 comp 等等，這些看起來有點不可操作，本質上幾乎是一次性的，有點。那麼，你真的覺得頂線會加速，成交量會加速嗎？我問這個問題的原因是因為你基本上將全年指導削減了大約第一季度失誤的幅度，這似乎並不意味著你預計這些勞動力成本問題將在今年餘下時間持續.

Well, we're not sitting on our hands amidst these circumstances. We're taking actions to mitigate it. So I wouldn't characterize it as just singularly looking at Q1 and changing as a result of the outcome of that. So we're aggressively managing every aspect there. I guess I might turn it around the other way and say, if you looked at our results in Q1, absent the labor availability challenges, it would be extraordinary. And thus, we realize the absolute number matters. And so we're taking actions on a number of fronts that will make the second half exactly as we outlined.

好吧，在這種情況下，我們不會袖手旁觀。我們正在採取措施來緩解它。因此，我不會將其描述為只是單獨查看 Q1 並因此而發生變化。因此，我們正在積極管理那裡的各個方面。我想我可能會反過來說，如果你看看我們在第一季度的結果，如果沒有勞動力可用性挑戰，那將是非同尋常的。因此，我們意識到絕對數量很重要。因此，我們正在多方面採取行動，使下半年完全符合我們的概述。

I'll let Brie address your volume question for later, as we go through the year.

在我們度過這一年的過程中，我會讓 Brie 稍後解決您的數量問題。

Yes. I guess the only thing to add is we're still pretty bullish on the volume growth and our ability to take share both domestically and internationally. The Q1 of our fiscal year is the hardest comp year-over-year from a growth perspective. So for sure, we had -- to say earlier -- I think there was a comment earlier about kind of flat volumes. We have to put that in perspective. And we have record high volumes within the network right now. As we look towards peak, we're going to see growth on what was a tremendous growth at peak last year. So we're pretty confident in the volumes.

是的。我想唯一要補充的是，我們仍然非常看好銷量增長以及我們在國內和國際上佔據份額的能力。從增長的角度來看，我們財年的第一季度是同比最艱難的一年。所以可以肯定的是，我們不得不 - 早些時候說 - 我認為早些時候有關於某種持平數量的評論。我們必須正確看待這一點。我們現在在網絡中的交易量創歷史新高。當我們展望高峰時，我們將看到去年高峰期的巨大增長。所以我們對數量非常有信心。

And again, to complement what Mike shared, as a reminder, a lot of our increase -- well, our GRI will happen in January. So it will happen in the back half, which is obviously a big driver of back-half performance, and then a couple of things. John's got some great technology that's coming into market. As we head into peak and in the back half, it's going to help us be more productive. And Karen Reddington and the Europe team has some incredible work going on as they finalize the integration of the air network, and we've got some other work going on there to improve European profitability. So we are pretty confident in the back half of the year.

再一次，為了補充 Mike 分享的內容，作為提醒，我們的很多增長——好吧，我們的 GRI 將在 1 月份發生。所以它會發生在後半場，這顯然是後半場表現的一個重要驅動因素，然後是幾件事。約翰有一些很棒的技術正在進入市場。當我們進入巔峰狀態和後半段時，它將幫助我們提高工作效率。 Karen Reddington 和歐洲團隊在完成空中網絡整合時正在進行一些令人難以置信的工作，我們還有其他一些工作正在進行，以提高歐洲的盈利能力。因此，我們對今年下半年非常有信心。

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

接下來，我們將拜訪美國銀行的 Ken Hoexter。

So Raj, I think there was a comment in the release kind of talking about some deceleration on some of the e-commerce, with Ground volumes down 10% year-over-year, international domestic down 13%. Is that part of what you're anticipating for labor to improve? Or maybe just talk about the top line where you were just mentioning still seeing strength and a good network into peak, but yet these numbers indicate, and kind of what we're hearing from the market, that we're seeing some of this deceleration as you had in the print. So maybe just talk about the volume side a little more.

所以 Raj，我認為發布中有評論談到一些電子商務的一些減速，Ground 銷量同比下降 10%，國際國內下降 13%。這是您期望勞動力改善的一部分嗎？或者也許只是談論頂線，你剛才提到仍然看到實力和良好的網絡達到頂峰，但這些數字表明，以及我們從市場上聽到的，我們正在看到這種減速正如你在印刷品中所做的那樣。所以也許只是多談談音量方面。

Sure. I'll start and then I'll turn it over to Brie. No, absolutely. We are actually seeing very strong volume. To add to what Brie just said, the only reason we're seeing a flat volume in the Ground segment is because of the economy product we just broke out for you for the first time. And even from a -- the commercial volume is growing strongly. And even our HD volume, on a very tough year-over-year comp, we're still growing on top of that. And international is growing very strong. So no, the only place we're not growing this restructuring are in the international domestic businesses. But our IP business, our IE business and our export business are very, very strong. So no, the demand for our services continue to be very strong because of the differentiation that we are providing in the marketplace, and we continue to gain market share around the world.

當然。我會開始，然後我會把它交給布里。不，絕對。我們實際上看到了非常強勁的成交量。補充一下 Brie 剛才所說的，我們看到地面部分銷量持平的唯一原因是我們剛剛為您首次推出的經濟產品。甚至從 - 商業量增長強勁。甚至我們的 HD 音量，在非常艱難的同比比較中，我們仍在增長。國際化發展非常強勁。所以不，我們唯一沒有發展這種重組的地方是國際國內業務。但我們的 IP 業務、IE 業務和出口業務非常非常強大。所以不，由於我們在市場上提供的差異化服務，對我們服務的需求仍然非常強勁，並且我們繼續在全球範圍內獲得市場份額。

So Brie?

那麼布里？

Yes. I think Raj kind of outlined it pretty clearly from a volume perspective. As we get beyond -- I guess the one thing I should add that maybe wasn't clear in my opening remarks is that we are constraining demand right now. As Mike and Raj talked about the labor, we are doing everything we can to strike that right balance of growth with service. And I will tell you that as we've done that, you can see where we've constrained it. It's the FedEx Economy product. It's the least profitable product, so it's the right place to constrain growth. And we have made sure that we are not constraining growth in our highest profitable segments. That's small and medium, and that's our commercial. And you saw those strong commercial numbers that I referenced earlier. So I would say, number one, we're confident in the secular growth opportunity for FedEx. Two, we feel we've been gaining share. My last market share report shows that. And then where we are having to constrain because of the labor issues, we are doing so in a very disciplined manner.

是的。我認為 Raj 從數量的角度非常清楚地概述了它。隨著我們超越——我想我應該補充的一件事可能在我的開場白中並不清楚，那就是我們現在正在限制需求。正如 Mike 和 Raj 談到勞動力時，我們正在盡一切努力在增長與服務之間取得適當的平衡。我會告訴你，正如我們所做的那樣，你可以看到我們在哪裡限制了它。這是 FedEx Economy 產品。它是利潤最低的產品，因此它是限制增長的正確位置。我們已經確保我們不會限制我們利潤最高的部門的增長。那是中小型的，那是我們的廣告。你看到了我之前提到的那些強勁的商業數字。所以我想說，第一，我們對聯邦快遞的長期增長機會充滿信心。第二，我們覺得我們一直在增加份額。我上一份市場份額報告表明了這一點。然後，在我們因勞工問題而不得不限制的地方，我們正在以非常有紀律的方式這樣做。

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

接下來，我們將拜訪瑞銀的 Tom Wadewitz。

I wanted to go back to labor. I mean it seems like your guide really, in a pretty big way, hinges on that assumption of improving labor availability in second half. So I guess just 2 elements to that. Do you feel like you have much visibility to that improvement? And what maybe have you seen that would give you confidence that that's going to happen? And then I guess, a component within that, if you go into peak, it would seem like if you can't staff the sorts ahead of peak and you have to hire, I don't know what your number is, 50,000, 70,000 people, that, that problem could get worse before it gets better. So I guess visibility on your labor and being okay during peak as well.

我想回去工作。我的意思是，您的指南似乎真的在很大程度上取決於下半年提高勞動力可用性的假設。所以我猜只有 2 個元素。你覺得你對這種改進有很大的了解嗎？你可能看到什麼會讓你相信那會發生？然後我猜，其中的一個組成部分，如果你進入高峰期，如果你不能在高峰期之前配備人員，你必須僱用，我不知道你的數字是多少，50,000、70,000人們，那個問題在好轉之前可能會變得更糟。所以我想你的勞動能見度並且在高峰期也很好。

Thank you, Tom. Yes, the number is 90,000, and we are well on our way here. Now the last 2 weeks, we have seen pockets of opportunity and positive changes that we hadn't seen in the first quarter. So that gives us a little bit of encouragement. And this is a systemic issue. And so yes, we're making some assumptions here in terms of labor availability. But if we staff up for peak then, hopefully, Q3 will be in good shape. So we're not making dramatic assumptions here in terms of Q3 and Q4, but we are assuming that Q3 is going to be better than Q2, is going to be better than Q1. And the early indication, just very early indication, is that that's indeed the case.

謝謝你，湯姆。是的，人數是 90,000，我們正在順利抵達這裡。在過去的兩周里，我們看到了第一季度沒有看到的大量機會和積極變化。所以這給了我們一點鼓勵。這是一個系統性問題。所以是的，我們在這裡就勞動力可用性做出一些假設。但是，如果我們為高峰做好準備，那麼希望第三季度會處於良好狀態。所以我們並沒有在這裡對第三季度和第四季度做齣戲劇性的假設，但我們假設第三季度會比第二季度好，會比第一季度好。早期跡象，只是非常早期的跡象，確實如此。

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

所以我不知道，邁克，你是否想添加任何內容。

No. Just to reiterate, I broke the labor impact into 2 pieces. The part that we're assuming that does mitigate, as Raj outlined, is the impact from the availability. Again, the market wage rate is what it is and we can assume nothing different than that, and that is what is baked into the outlook.

不。重申一下，我將分娩影響分為兩部分。正如 Raj 所概述的，我們假設確實減輕的部分是可用性的影響。同樣，市場工資率就是這樣，我們可以假設沒有什麼不同，這就是前景中的內容。

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

接下來，我們將去摩根大通的 Brian Ossenbeck。

Just wanted to ask Brie about the trends in pricing. Obviously, we saw the GRI yesterday. You talked about that briefly. You've got some new surcharges in place, fuel is going up. But I think you mentioned in the prepared remarks, there's some availability for people, the larger shippers, to get capacity now at current rates. So maybe you can just distill those 2 factors. What do you feel about getting price in the market to capture ahead some of these costs? And then maybe you can clarify the comments on the larger shippers who generally cause a lot of these surges from the volume perspective.

只是想問布里有關定價趨勢的問題。顯然，我們昨天看到了 GRI。你簡短地談到了這一點。你有一些新的附加費，燃油價格上漲。但我認為你在準備好的評論中提到，人們、較大的托運人現在可以以當前的速度獲得運力。所以也許你可以提煉出這兩個因素。您對在市場上定價以提前捕獲其中一些成本有何看法？然後，也許您可以澄清對通常從數量角度引起大量激增的大型托運人的評論。

Got it. Thanks, Brian. Good question. To be really clear, when we're talking about incremental capacity, one of the key elements of our revenue quality strategy, which has application here in the United States as well as in our intercontinental. As we talked about it, I talked about the 6 new flights that we launched from an Asia outbound perspective. And that was primarily, quite frankly, a transition from ad hoc to scheduled service to improve reliability. But that allows us to plan and predict, and it also allows us to sell differently. As we sold into those flights versus previously, a lot of that was kind of catch-up in spot rate. We are making sure that we are bringing on customers at current rates, and we are measuring kind of those current rates. So if a customer had ex use of our intercontinental lift prior to the last 18 months, we have contractual terms there. But as we increase the capacity we give those customers, that incremental business comes on at a higher rate.

知道了。謝謝，布萊恩。好問題。需要明確的是，當我們談論增量產能時，這是我們收入質量戰略的關鍵要素之一，它在美國和我們的洲際航空公司都有應用。在我們談論它時，我談到了我們從亞洲出境角度出發的 6 條新航班。坦率地說，這主要是從臨時服務到定期服務的過渡，以提高可靠性。但這使我們能夠進行計劃和預測，也使我們能夠以不同的方式進行銷售。當我們出售這些航班與之前相比時，其中很多都是即期匯率的追趕。我們確保我們以當前的速度吸引客戶，並且我們正在衡量當前的速度。因此，如果客戶在過去 18 個月之前使用過我們的洲際電梯，我們就有合同條款。但隨著我們增加為這些客戶提供的容量，增量業務會以更高的速度出現。

So we're really trying to strike the right balance with our customers, give them the predictability that they need and honor our existing contractual terms as well as, as we expand capacity, give them availability to that capacity at an incremental current market rate, so really trying to strike that right balance. So that's what I was referring to. It's predominantly in the intercontinental side but, of course, it does have application from a peak perspective. As we brought on new customers this year and we look at our surging customers, they obviously -- those peak surcharges help them get the capacity they need so they can have a successful peak. I hope that helps answer your question.

因此，我們真的在努力與我們的客戶取得適當的平衡，為他們提供他們需要的可預測性，並遵守我們現有的合同條款，以及在我們擴大產能時，以增量的當前市場價格為他們提供該產能的可用性，所以真的想找到正確的平衡。這就是我所指的。它主要在洲際方面，但當然，從高峰角度來看，它確實有應用。當我們今年吸引新客戶時，我們看著我們激增的客戶，他們顯然 - 那些高峰附加費幫助他們獲得所需的容量，以便他們能夠成功達到高峰。我希望這有助於回答你的問題。

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

接下來，我們將前往高盛的 Jordan Alliger。

Just on the new Ground buckets that you've broken out, can you maybe talk a little bit about the 3 pieces and what you expect going forward, roughly similar trend lines, with the commercial sort of outpacing everything but still positive on the home delivery and, as you mentioned, the constraining capacity to keep limiting the last piece of the business?

就您推出的新 Ground buckets 而言，您能否談談這 3 件以及您對未來的期望，大致相似的趨勢線，商業化的速度超過了一切，但仍然對送貨上門持積極態度以及，正如您提到的，持續限制最後一塊業務的限制能力？

Great question. So for this fiscal year, as we talked about, inventory levels are at an all-time low and all of the economic indicators that we're tracking is saying that we're going to have a very strong commercial year here in the United States as well as in Europe. And of course, that's also going to drive our intercontinental business. So for FedEx Ground commercial, we are expecting a strong growth year. From a home delivery perspective, I do think that you will see, say, moderate growth for home delivery given the lapping of last year's very, very strong growth. So I think you're going to see some good home delivery growth.

很好的問題。因此，對於本財年，正如我們所說，庫存水平處於歷史最低水平，我們正在追踪的所有經濟指標都表明，我們將在美國迎來非常強勁的商業年以及在歐洲。當然，這也將推動我們的洲際業務。因此，對於 FedEx Ground 商業廣告，我們預計今年將實現強勁增長。從送貨上門的角度來看，我確實認為，考慮到去年非常非常強勁的增長，你會看到送貨上門的適度增長。所以我認為你會看到一些良好的送貨上門增長。

And from an economy perspective, this particular quarter, you saw the 30% year-over-year decline. I do not think you will see that trend continue. John and I are working, and we've got some really great new technology coming to market, a new feature called sort to do day, which is going to allow us to really move economy through the FedEx Ground system at a different pace and continue to lower the cost. So I think you'll see us find a better balance of the economy to home delivery. But directionally, commercial will grow the fastest, followed by home delivery, followed by economy as we think about this fiscal year.

從經濟的角度來看，這個特定的季度，您看到了 30% 的同比下降。我不認為你會看到這種趨勢繼續下去。 John 和我正在工作，我們已經將一些非常棒的新技術推向市場，一項名為 sort to do day 的新功能，這將使我們能夠以不同的速度通過 FedEx Ground 系統真正推動經濟發展，並繼續以降低成本。所以我認為你會看到我們在經濟與送貨上門之間找到更好的平衡。但在方向上，商業增長最快，其次是送貨上門，其次是我們考慮本財年的經濟。

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

接下來，我們將請伯恩斯坦的大衛弗農發言。

Brie, just following up on that sort of growth outlook. You put out some numbers out there around 10% market growth, I think, in residential for the next couple of years. Is it your expectation that pricing and the operation will be at a point where you can kind of participate at an above-market growth rate once we get past this period of volatility? Or do you intend to kind of grow the Ground business maybe a little bit lower than the overall market as some other competitors have the capacity at the lower end of the service spectrum?

布里，只是跟進那種增長前景。你提出了一些數字，我認為未來幾年住宅市場的增長率約為 10%。您是否期望一旦我們度過這段波動期，定價和運營將處於可以以高於市場增長率參與的地步？或者您是否打算將地面業務的增長速度可能略低於整體市場，因為其他一些競爭對手在服務範圍的低端有能力？

That's my favorite question yet. Yes, our intent -- we have the best value proposition in the market. We have the best 7-day transit and coverage in the market. We feel really good about our value proposition. As I mentioned earlier, we are actually right now controlling demand because we're trying to balance service in the current labor environment. So that is absolutely our intent. The market is growing. We've got a great value proposition. I can't think of a better time to lean in to growth here in the United States.

這是我最喜歡的問題。是的，我們的意圖——我們擁有市場上最好的價值主張。我們擁有市場上最好的 7 天運輸和覆蓋範圍。我們對我們的價值主張感覺非常好。正如我之前提到的，我們實際上正在控制需求，因為我們正試圖在當前的勞動力環境中平衡服務。所以這絕對是我們的意圖。市場在增長。我們有一個很好的價值主張。我想不出更好的時機來促進美國這裡的增長。

And we'll take our next question from Todd Fowler from KeyBanc Capital Markets.

我們將從 KeyBanc Capital Markets 的 Todd Fowler 那裡回答下一個問題。

Great. Mike, I understand kind of the thoughts around not being too specific about quarterly guidance. But I do think from a street perspective, kind of the volatility from quarter-to-quarter can be an issue. So I just want to make sure, are you saying that in the second quarter, you're expecting a similar $800 million magnitude of year-over-year headwinds? And then secondly, when we think sequentially, the second quarter operating income is flat or down a little bit from the first quarter. Is that going to be a similar cadence this year? Are there some other things that we should think about just as we move into the second quarter from a seasonal standpoint?

偉大的。邁克，我理解關於不太具體的季度指導的想法。但我確實認為，從街道的角度來看，季度與季度之間的波動可能是一個問題。所以我只想確定，你是說在第二季度，你預計會有類似 8 億美元的同比逆風嗎？其次，當我們按順序考慮時，第二季度營業收入與第一季度持平或略有下降。今年會是類似的節奏嗎？從季節性的角度來看，當我們進入第二季度時，我們是否應該考慮其他一些事情？

Sure, Todd. Yes. No, that's a fair characterization when I said the headwinds would be similar to the $800 million. Look, the pandemic and many other factors impacting our market, including the supply chain disruptions, I think you have to kind of take pause in terms of assuming typical seasonality across the board. Yes, there's a degree of that, that you will see. But I would say you can't just rely upon that because the dynamics are much more fluid than they were, and that's why we're trying to outline that as best we can. We're navigating those changes along the way, but we're very confident in what we shared with you.

當然，托德。是的。不，當我說逆風將類似於 8 億美元時，這是一個公平的描述。看，大流行和影響我們市場的許多其他因素，包括供應鏈中斷，我認為你必須暫停一下，假設全面出現典型的季節性。是的，有一定程度的，你會看到。但我會說你不能僅僅依靠它，因為動態比以前更流暢，這就是為什麼我們試圖盡可能地概述它。我們一直在應對這些變化，但我們對與您分享的內容充滿信心。

And next, we'll go to Amit Mehrotra from Deutsche Bank.

接下來，我們將前往德意志銀行的 Amit Mehrotra。

I just wanted to follow up on that last question, just so I understand. So you're obviously entering peak season, higher B2C mix, margin pressure, density pressure. So you typically see a pretty notable step-down in Ground margins fiscal 1Q to 2Q. Is that the same cadence? I mean because 1Q is obviously pretty low to begin with, just trying to get an understanding of that. And just at a high level, do you think Ground margins can be up year-over-year this year?

我只是想跟進最後一個問題，所以我明白了。所以你顯然正在進入旺季，更高的 B2C 組合，利潤壓力，密度壓力。因此，您通常會看到第一季度至第二季度的地面利潤率出現顯著下降。是一樣的節奏嗎？我的意思是因為 1Q 開始時顯然很低，只是想了解一下。就高水平而言，您認為今年地面利潤率會同比上升嗎？

So Amit, I'm just going to stick with it. We're not giving a margin forecast. What we outlined was that we expect operating profit to be up in all the transportation segments. So I'm not going to get into giving a specific margin forecast by quarter. And again, the seasonality is -- we don't think it's value-adding to kind of get into -- trying to parse that at a level of precision given the dynamics of the market right now.

所以阿米特，我會堅持下去。我們沒有給出利潤率預測。我們概述的是，我們預計所有運輸部門的營業利潤都會上升。所以我不打算按季度給出具體的利潤率預測。再一次，季節性是——我們認為它不會增加價值——試圖在考慮到目前市場動態的情況下以精確的水平解析它。

And next, we'll go to Helane Becker from Cowen.

接下來，我們將從 Cowen 轉到 Helane Becker。

So we've been actually doing a lot of work, as you know, in the China area, and you guys have about 30,000 people employed there. I think it's getting increasingly more difficult to work there. So can you just talk about how you're thinking longer term about being in that market versus moving more capacity offshore to places where you have regional sorts like Japan or back to the Philippines?

所以我們實際上在中國地區做了很多工作，你們知道，你們在那裡有大約 30,000 名員工。我認為在那里工作變得越來越困難。那麼，您能否談談您如何從長遠考慮進入該市場，而不是將更多的產能轉移到日本等區域性地區或回到菲律賓？

Thank you, Helane, for that question. We actually have 12,000 employees in China. As you know, we have been in business in China since 1984, and we have been serving our customers there in this extremely important market. We value our business in China, and we are committed to continuing to improve our value proposition there. Our growth market is very strong. And our operations in our hub in Guangzhou is going smoothly. And we also just opened up new air operations from Beijing. So China remains a very important market for us, and we are very committed to it.

Helane，謝謝你提出這個問題。實際上，我們在中國有 12,000 名員工。如您所知，我們自 1984 年以來一直在中國開展業務，我們一直在這個極其重要的市場為我們的客戶提供服務。我們重視我們在中國的業務，我們致力於繼續改善我們在中國的價值主張。我們的增長市場非常強勁。我們在廣州樞紐的運營進展順利。我們也剛剛從北京開闢了新的空中航線。所以中國對我們來說仍然是一個非常重要的市場，我們非常致力於它。

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

接下來，我們將請來自 Stephens 的 Jack Atkins 發言。

Okay. Great. I guess just to go back to the CapEx and return discussion for a moment. Mike, thank you so much for the additional sort of comments around returns and free cash flow. But I guess when we think about sort of the longer-term targets for the business, you guys have always sort of talked about this double-digit consolidated operating margin. We haven't really come close to it since fiscal year '16. You raised the CapEx as a percentage of revenue targets in the proxy several weeks ago. Can you talk about why it makes sense to raise your long-term capital spending plans when the business still isn't achieving the long-term targets you've set for it from a margin perspective? Just help us square those 2 things. I think that's an issue that a lot of people are having trouble justifying.

好的。偉大的。我想只是回到資本支出並討論一下。邁克，非常感謝你對回報和自由現金流的額外評論。但我想當我們考慮業務的長期目標時，你們總是在談論這個兩位數的綜合營業利潤率。自 16 財年以來，我們還沒有真正接近它。幾週前，您在代理中提高了資本支出佔收入目標的百分比。從利潤率的角度來看，當企業仍未實現您為其設定的長期目標時，您能否談談為什麼提高長期資本支出計劃是有意義的？只需幫助我們解決這兩件事。我認為這是一個很多人都難以證明的問題。

All right. Well, Jack, first, look, let me just say because you brought up about ROIC, and I'll expand a little bit on the remarks I made earlier there. We're obviously referencing to our WACC when we compare our ROIC, which we put in the 7% to 9% range, which I think is consistent with what we see in many of your analysis. But when it comes to the ROIC itself, there's a number of different approaches and methods that practitioners use, so there tends to be variability in the absolute as well as the comparative measurements. But that said, we're revisiting the various aspects of that so that we can maybe expand the context around our discussion on the topic. But I will say regardless of how you calculate it, our ROIC does remain above our WACC.

好的。好吧，傑克，首先，聽著，我只想說，因為你提到了 ROIC，我將對我早些時候在那裡發表的言論進行一些擴展。當我們比較我們的 ROIC 時，我們顯然參考了我們的 WACC，我們把它放在 7% 到 9% 的範圍內，我認為這與我們在你的許多分析中看到的一致。但是當談到 ROIC 本身時，從業者使用了許多不同的方法和方法，因此絕對值和比較測量值往往存在差異。但話雖如此，我們正在重新審視它的各個方面，以便我們可以圍繞我們對該主題的討論擴展背景。但我會說，無論你如何計算，我們的 ROIC 確實高於我們的 WACC。

So you asked about the LTI plan. Look, I'm not going to speak on behalf of the Board, but I will give you some context around -- partly about what I mentioned, too, 3 months ago. So again, we had record earnings in fiscal '21 amidst the unprecedented global pandemic and delivering the life-saving vaccines around the world. And we've talked about the radical changes in supply chains, customer expectations and all that. So we did indeed accelerate purposely some investment opportunities for capacity expansion and, of course, the replacement of the aircraft I mentioned before. So as I did specifically say on the June call, the FY '22 to '24 LTI plan was set at 8% to account for these opportunities. And that target is below our historical capital intensity. Fiscal '21 was 7%, but that was the lowest in 10 years. So again, there's absolutely the focus on returns, and I think that we will continue to address your considerations there.

所以你詢問了 LTI 計劃。聽著，我不會代表董事會發言，但我會為您提供一些背景信息——部分是關於我 3 個月前提到的內容。因此，在史無前例的全球大流行和在全球範圍內提供拯救生命的疫苗的情況下，我們在 21 財年的收入再次創下歷史新高。我們已經討論了供應鏈、客戶期望等方面的根本變化。因此，我們確實有意加快了一些產能擴張的投資機會，當然還有我之前提到的飛機的更換。因此，正如我在 6 月的電話會議上明確指出的那樣，FY '22 至 '24 LTI 計劃設定為 8% 以考慮這些機會。該目標低於我們的歷史資本密集度。 21 財年為 7%，但這是 10 年來的最低水平。因此，絕對關注回報，我認為我們將繼續在那裡解決您的考慮。

And I would also highlight, because there was a question earlier about Ground and investment there, we're making returns there. We talked a lot about how we're utilizing our assets differently, more efficiently, investing in smaller units of capacity. We had the one single hub, but there's no other hubs on the drawing board. Ground can generate a higher ROIC at different margin levels than it did, call it, 8, 9 years ago. So again, that absolutely factors into how we look at these things.

而且我還要強調，因為之前有一個關於地面和投資的問題，我們在那裡獲得回報。我們談了很多關於我們如何以不同的方式、更有效地利用我們的資產，投資於更小的產能單位。我們只有一個集線器，但繪圖板上沒有其他集線器。與 8、9 年前相比，Ground 可以在不同的保證金水平上產生更高的 ROIC。因此，這絕對會影響我們如何看待這些事情。

And next, we'll go to Allison Poliniak from Wells Fargo.

接下來，我們將前往富國銀行的 Allison Poliniak。

Brie, I think you had mentioned a low single-digit share internationally. It's certainly a unique environment, limited capacity. Can you maybe talk to how you're focused on expanding share, of things you're doing there but, more importantly, what you're doing to try to retain some of that share you're capturing today once capacity eases at this point?

Brie，我想你提到過國際上的低個位數份額。這當然是一個獨特的環境，容量有限。你能不能談談你是如何專注於擴大份額的，你在那裡做的事情，但更重要的是，一旦此時容量減少，你正在做些什麼來試圖保留你今天捕獲的一些份額？

Yes. Great question. So a couple of things. Number one, when we think about our international business, our largest growth opportunity is Europe. So when we think about what are we doing to gain share, well, first and foremost, we're going to complete the physical integration, which is obviously critical. But when I think about Europe, there's 3 lines of business. There's the intra-Europe. We bought TNT. It has a very comprehensive and very unique value proposition because it's got the parcel and the freight network intra-Europe to grow our cross-border business, and we're very pleased with the momentum there.

是的。很好的問題。所以有幾件事。第一，當我們考慮我們的國際業務時，我們最大的增長機會是歐洲。因此，當我們考慮我們正在做些什麼來獲得份額時，首先，我們將完成物理整合，這顯然是至關重要的。但是當我想到歐洲時，有 3 個業務線。有歐洲內部。我們買了 TNT。它具有非常全面和非常獨特的價值主張，因為它擁有歐洲內部的包裹和貨運網絡來發展我們的跨境業務，我們對那裡的發展勢頭感到非常滿意。

From an international perspective, late last fiscal year, we expanded our intercontinental value proposition between Europe in the United States. We now have 90% of businesses in EU, 17 have access with the fastest overnight service into the United States. So we have the leading intercontinental value proposition from Europe to the U.S. It's a great bundle to sell to B2B or commercial customers, sell to intra-Europe as well as the intercontinental. And then thirdly, when I think about Europe is we are absolutely underpenetrated in e-commerce, both within Europe as well as from Europe to the United States. And we, as I talked about, have launched the FICP product, which is really a very competitive product. It's got quick transit times that has very different features of service for the last mile. So it allows us to lower our cost to serve because the features on the last mile delivery look a lot more like the ground domestic network. So that's our primary focus from a Europe perspective.

從國際角度來看，上一財年末，我們擴大了歐洲與美國之間的洲際價值主張。我們現在在歐盟擁有 90% 的企業，其中 17 家可以通過最快的隔夜服務進入美國。因此，我們擁有從歐洲到美國的領先洲際價值主張。這是一個很好的捆綁銷售給 B2B 或商業客戶，銷售給歐洲內部以及洲際。第三，當我想到歐洲時，無論是在歐洲內部還是從歐洲到美國，我們在電子商務方面的滲透率都非常低。正如我所說，我們已經推出了 FICP 產品，這確實是一個非常有競爭力的產品。它具有快速的運輸時間，在最後一英里具有非常不同的服務特徵。因此，它使我們能夠降低服務成本，因為最後一英里交付的功能看起來更像地面國內網絡。因此，從歐洲的角度來看，這是我們的主要關注點。

I will say we are also underpenetrated between Asia and Europe, and we've got great momentum in that lane. Similar metrics, we have sped up our service into Europe from Asia. In addition to that, we are launching the FICP product between those countries. Obviously, Asia into Europe is a very large e-commerce market. And again, we're underpenetrated there, really pleased with the momentum of our FICP product. So I hope that helps clarify. I also wanted to go back, I just looked at my notes, commercial and home delivery here in the United States, as we think about the rest of the fiscal year, are going to be neck and neck from a growth perspective. So as I talked about commercial growing faster than home delivery, they're going to be pretty darn close as we look at the volume growth this year.

我要說的是，我們在亞洲和歐洲之間的滲透率也不足，而且我們在這條道路上的發展勢頭強勁。類似的指標，我們已經加快了從亞洲到歐洲的服務。除此之外，我們還在這些國家之間推出 FICP 產品。顯然，亞洲進入歐洲是一個非常龐大的電子商務市場。再一次，我們在那裡滲透不足，對我們的 FICP 產品的勢頭非常滿意。所以我希望這有助於澄清。我也想回去，我只是看了我的筆記，美國的商業和送貨上門，正如我們考慮本財年的剩餘時間，從增長的角度來看將是並駕齊驅的。因此，當我談到商業增長快於送貨上門時，從我們今年的銷量增長來看，它們將非常接近。

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

接下來，我們將從 Susquehanna 前往 Bascome Majors。

When I look at the LTL freight business, it seems to be performing much better relative to at least early expectations compared to parcel, yet that's still a manual labor-intensive business that requires a lot of drivers, line haul, freight handling and bodies to do that. Can you characterize why you think that you haven't had these labor-driven struggles in that part of your business that seem to be plaguing the parcel businesses, particularly domestically? And any best practices or lessons you can learn and apply elsewhere?

當我觀察 LTL 貨運業務時，與包裹相比，至少相對於早期預期，它的表現似乎要好得多，但這仍然是一項體力勞動密集型業務，需要大量司機、線路運輸、貨運處理和機構來完成去做。您能描述一下為什麼您認為您在業務的那一部分沒有遇到這些似乎困擾包裹業務的勞動力驅動的鬥爭，尤其是在國內嗎？您可以在其他地方學習和應用的任何最佳實踐或經驗教訓？

Bascome, this is Mike. So I'll let Raj address more broadly, but just to clarify, within that $450 million number of labor impact, there is an impact there for freight in terms of the same considerations that we talked about there. So I don't want to have the takeaway or imply that the freight team isn't dealing with similar considerations there. But I'll also highlight, as I mentioned to Scott early on there, that different networks and different transportation businesses can have different characteristics in that.

巴斯科姆，這是邁克。因此，我將讓 Raj 更廣泛地討論，但只是為了澄清，在 4.5 億美元的勞動力影響中，就我們在那裡談到的相同考慮因素而言，貨運也有影響。所以我不想外賣，也不想暗示貨運團隊沒有在那里處理類似的考慮因素。但我還要強調，正如我早些時候向斯科特提到的那樣，不同的網絡和不同的運輸業務可能具有不同的特徵。

So Raj, do you want to talk about the great things at freight?

那麼 Raj，你想談談貨運方面的大事嗎？

Well, we are extremely proud of the FedEx Freight team, and they're also leading with exactly the same set of challenges. But we have -- the team has done a fantastic job of managing through our revenue quality and operational efficiency despite these challenging circumstances. And it's obviously a very, very key part of our portfolio. Having said that, with 20 million packages on the Ground network per day, the Ground U.S. domestic parcel network is a very different set of challenges than dealing with a much smaller set of shipments that go through the freight system. So look, your point about sharing best practices and making sure that we do the right thing across our operating companies, that goes on every single day. And we are -- they operate collaboratively. It's a big month at FedEx now, and we are definitely doing that. So again, I'm very, very proud of what the freight team has done here.

好吧，我們為 FedEx Freight 團隊感到非常自豪，他們也面臨著完全相同的挑戰。但我們有——儘管面臨這些充滿挑戰的環境，團隊在管理我們的收入質量和運營效率方面做得非常出色。這顯然是我們投資組合中非常非常關鍵的一部分。話雖如此，Ground 網絡每天有 2000 萬個包裹，與處理通過貨運系統處理的少量貨物相比，Ground 美國國內包裹網絡面臨的挑戰截然不同。所以看，你關於分享最佳實踐並確保我們在我們的運營公司中做正確的事情的觀點，每一天都在發生。我們是——他們協同運作。現在是 FedEx 重要的一個月，我們肯定會這樣做。所以，我再次為貨運團隊在這裡所做的一切感到非常非常自豪。

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

接下來，我們將訪問 Evercore ISI 的 Duane Pfennigwerth。

So just on the $200 million wage pressure and the $250 million inefficiencies that, that triggered, just to dive a little deeper there. was this a turnover issue or an investment for growth issue? Are people leaving at a faster rate? Or are you struggling to staff to grow? And if it's the latter, given the environment, why grow?

因此，僅就 2 億美元的工資壓力和引發的 2.5 億美元的低效率問題，只是想深入了解一下。這是營業額問題還是投資增長問題？人們正在以更快的速度離開嗎？還是您正在為員工成長而苦苦掙扎？如果是後者，考慮到環境，為什麼要發展？

So I think if I understand the question, it is a staffing availability issue on the $250 million piece of it. For the $200 million, it's the rate, so just to reiterate that. And like I said, we fully expect and are beginning to see some improvement in the availability. But should plans not proceed as we fully expect, then like I said earlier, we would need to obviously reassess the pace of implementing the initiatives there. But the opportunity remains nonetheless, we just need to be mindful of the overall environment.

所以我認為，如果我理解這個問題，那就是其中 2.5 億美元的人員配置問題。對於 2 億美元，這是比率，所以只是重申一下。正如我所說，我們完全期望並開始看到可用性有所改善。但如果計劃沒有像我們完全預期的那樣進行，那麼就像我之前說的那樣，我們顯然需要重新評估在那裡實施這些舉措的步伐。但機會還是有的，我們只需要注意整體環境。

Yes. And I would just add one line to that, if that were to happen, there's obviously much broader implications that's way beyond FedEx.

是的。我只想添加一行，如果發生這種情況，顯然會產生比聯邦快遞更廣泛的影響。

And now I'd like to turn it back to Mickey Foster for closing remarks.

現在我想把它轉回 Mickey Foster 作結束語。

Thank you for your participation in the FedEx Corporation's first 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. Bye.

感謝您參加聯邦快遞公司第一季度財報電話會議。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。再見。

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。