聯邦快遞 (FDX) 2022 Q3 法說會逐字稿

Good day, everyone, and welcome to the FedEx Corporation Third 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 財年第三季度收益電話會議。今天的電話正在錄音。

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

此時，我將把電話轉給 FedEx Corporation 投資者關係副總裁 Mickey Foster。請繼續。

Good afternoon, and welcome to FedEx Corporation's Third Quarter Earnings Conference Call. The third 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三季度收益電話會議。第三季度財報、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，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 our 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我們的《私人證券訴訟改革法案》中的安全港條款。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, Communications Officer. And now Raj will share his views on the quarter.

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；和 Brie Carere，執行副總裁、首席營銷官、傳播官。現在 Raj 將分享他對本季度的看法。

Thank you, Mickey, and good afternoon, everybody. First and foremost, our thoughts are with those affected by the ongoing violence in Ukraine. The safety of our team members in Ukraine is our utmost priority, and we are providing them with financial assistance and various resources for support. We've suspended all services in Ukraine, Russia and Belarus. Additionally, we're helping to move relief to Ukraine, and we have provided more than $1.5 million in humanitarian aid.

謝謝你，米奇，大家下午好。首先，我們的想法與那些受到烏克蘭持續暴力影響的人同在。我們在烏克蘭的團隊成員的安全是我們的首要任務，我們正在為他們提供財政援助和各種支持資源。我們已暫停在烏克蘭、俄羅斯和白俄羅斯的所有服務。此外，我們正在幫助將救濟物資轉移到烏克蘭，我們提供了超過 150 萬美元的人道主義援助。

Turning to Q3. Execution of our strategies resulted in substantially higher operating income for the quarter as Team FedEx delivered yet another outstanding peak season. December 2021 was our most profitable December in FedEx history. Our ability to handle the influx of packages was years in the making as we've taken deliberate steps to enhance our unparalleled network and support of customers large and small.

轉向第三季度。由於聯邦快遞團隊又迎來了一個出色的旺季，我們戰略的執行大大提高了本季度的營業收入。 2021 年 12 月是聯邦快遞歷史上最賺錢的 12 月。我們處理大量湧入的包裹的能力是多年積累的，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和對大大小小的客戶的支持。

We have fundamentally changed our performance as we handled increased e-commerce volume during peak and set a new precedent for peak seasons moving forward. Having said that, we're laser-focused on improving our margins. You'll hear us talk more about this today and then more specifically at our upcoming Investor Day.

我們從根本上改變了我們的業績，因為我們在高峰期處理了增加的電子商務量，並為向前的旺季開創了新的先例。話雖如此，我們專注於提高利潤率。您會在今天聽到我們更多地談論這個，然後在我們即將到來的投資者日更具體地談論它。

Even with the successful execution of peak, the new year brought new challenges, mostly driven by Omicron. This affected our business in 2 ways. First, we experienced staffing shortages, particularly in our air operations. In January alone, the absentee rate of our crew due to Omicron was over 15%, which caused significant flight disruptions.

即便高峰成功執行，新的一年也帶來了新的挑戰，主要是由Omicron推動。這從兩個方面影響了我們的業務。首先，我們經歷了人員短缺，特別是在我們的空中業務中。僅 1 月份，我們的機組人員因 Omicron 缺勤率就超過 15%，導致航班嚴重中斷。

Second, our customers experienced Omicron-driven staffing shortages, which reduced demand for our services, especially in U.S. domestic and European markets. Both of those factors resulted in softer-than-expected volume levels, especially in January. We estimate the effect of Omicron-driven volume softness in our Q3 results was approximately $350 million.

其次，我們的客戶經歷了由 Omicron 驅動的人員短缺，這減少了對我們服務的需求，尤其是在美國國內和歐洲市場。這兩個因素都導致成交量低於預期，尤其是在 1 月份。我們估計 Omicron 驅動的成交量疲軟對我們第三季度業績的影響約為 3.5 億美元。

While it was significant, it was also temporary, and we have seen volume rebound from January levels. Even with these challenges, FedEx Express delivered strong adjusted operating income growth of 27% year-over-year.

雖然意義重大，但也是暫時的，我們已經看到成交量從 1 月份的水平反彈。即使面臨這些挑戰，聯邦快遞仍實現了強勁的調整後營業收入同比增長 27%。

Speaking of the Express team, we announced that, after nearly 40 years of distinguished service, Don Colleran, President and CEO of FedEx Express, will retire later this year and named Richard Smith, current Executive Vice President of Global Support and Regional President of Americas at FedEx Express, as his successor. We'll have much more to say about Don and his countless contributions to the business during our call in June.

說到快遞團隊，我們宣布，經過近 40 年的傑出服務，聯邦快遞總裁兼首席執行官唐科勒蘭將於今年晚些時候退休，並任命理查德史密斯為現任全球支持執行副總裁兼美洲區域總裁在聯邦快遞擔任他的繼任者。在 6 月的電話會議期間，我們將有更多關於唐和他對業務的無數貢獻的內容要說。

FedEx Freight once again delivered strong results with third quarter operating income nearly tripling year-over-year, driven by a continued focus on revenue quality.

在持續關注收入質量的推動下，聯邦快遞貨運再次取得強勁業績，第三季度營業收入同比增長近三倍。

Turning to FedEx Ground. Operating costs continue to be challenged by the competitive labor environment now primarily manifesting in increased labor rates. We estimate the total impact of approximately $210 million at Ground in the third quarter, which is significantly lower than what we saw in Q1 and Q2 as we have seen substantial improvement in labor availability postpeak.

轉向聯邦快遞地面。運營成本繼續受到競爭激烈的勞動力環境的挑戰，現在主要表現為勞動力價格的提高。我們估計第三季度 Ground 的總影響約為 2.1 億美元，這大大低於我們在第一季度和第二季度看到的情況，因為我們看到高峰後勞動力可用性有了顯著改善。

With the stabilization in the labor environment, I'm pleased to share that we have successfully unwound network adjustments that were necessary to provide service but cost inefficiencies. Staffing levels and the rapid acceleration in labor costs have stabilized, and our network is operating at normal levels.

隨著勞動力環境的穩定，我很高興地分享我們已經成功解除了提供服務所必需但成本低效的網絡調整。人員配備水平和勞動力成本的快速增長已經穩定，我們的網絡運行在正常水平。

Despite improvement in the labor headwind, volume levels in Q3 were softer than we had previously forecasted in part due to Omicron surge slowing customer demand. As such, we expect our second half Ground margins will be lower than our previous expectations and not reach double digits.

儘管勞動力逆風有所改善，但第三季度的銷量水平低於我們之前的預測，部分原因是 Omicron 激增減緩了客戶需求。因此，我們預計下半年的地面利潤率將低於我們之前的預期，並且不會達到兩位數。

Over the years, FedEx Ground has built a strong foundation to serve B2B in small and medium customers with an unmatched value proposition. As a result, we have grown market share in these segments, and they remain strong priorities for the future. And then more than 3 years ago, we built upon this foundation and embarked on a strategy that positioned FedEx squarely in the center of the fast-growing e-commerce market with a differentiated portfolio and a diversified customer base. This included a period of strategically investing in our network to meet growing market demand.

多年來，FedEx Ground 奠定了堅實的基礎，以無與倫比的價值主張為中小型客戶提供 B2B 服務。因此，我們在這些細分市場中的市場份額有所增加，並且它們仍然是未來的重中之重。然後在 3 年多前，我們在此基礎上製定了一項戰略，將 FedEx 定位於快速增長的電子商務市場的中心，擁有差異化的產品組合和多元化的客戶群。這包括對我們的網絡進行戰略投資以滿足不斷增長的市場需求的時期。

Let me note here that this strategy is different than what our primary competitor has pursued. By building on our current base of business and making those prior investments in our network to facilitate growth, we are in a position to generate improved operating profit and margins. We saw this potential in our financial results for December prior to the surge of Omicron.

讓我在這裡指出，這種策略與我們的主要競爭對手所追求的不同。通過建立我們當前的業務基礎並對我們的網絡進行先前的投資以促進增長，我們能夠提高營業利潤和利潤率。在 Omicron 飆升之前，我們在 12 月的財務業績中看到了這種潛力。

And moving forward, our financial performance will be further enhanced by maximizing existing assets, improving capital utilization and leveraging technologies that facilitate optimization of our existing physical capacity and staffing.

展望未來，我們的財務業績將通過最大限度地利用現有資產、提高資本利用率和利用有助於優化我們現有物理能力和人員配備的技術來進一步提高。

As we prepare to close fiscal year '22, permit me a moment to share what's on the horizon for FedEx as we continue to focus on margin expansion and shareholder return. In addition to the opportunity to enhance performance at Ground that I just discussed, we have other levers for profitable growth, which include, number one, driving improved results in Europe; number two, increasing collaboration and efficiency to optimize our networks, lower our cost to serve and enhance return on capital; and number three, unlocking new value through digital innovation. Of course, we'll do this in an environment of strong revenue quality management.

在我們準備結束 22 財年之際，請允許我花一點時間分享聯邦快遞的前景，因為我們將繼續關注利潤率擴張和股東回報。除了我剛剛討論過的提高 Ground 業績的機會外，我們還有其他實現盈利增長的槓桿，其中包括第一，推動歐洲業績的改善；第二，提高協作和效率以優化我們的網絡，降低我們的服務成本並提高資本回報率；第三，通過數字創新釋放新價值。當然，我們將在強大的收入質量管理環境中這樣做。

Our international business, particularly Europe, remains a big profit opportunity. Air network integration remains on track for the end of the month to complete the physical integration of TNT into FedEx Express and enable full physical interoperability of these networks, both in the air and on the road.

我們的國際業務，尤其是歐洲業務，仍然是一個巨大的盈利機會。空中網絡整合在本月底繼續進行，以完成 TNT 與 FedEx Express 的物理整合，並實現這些網絡在空中和路上的全面物理互操作性。

Paris-CDG 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.

巴黎戴高樂機場將作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。

Our expanded collaboration across operating companies will utilize our air and ground networks in a smarter and more calculated manner. For example, FedEx Freight trucks have traveled more than 7 million miles while operating on behalf of FedEx Ground this fiscal year. FedEx Freight has also provided FedEx Ground with intermodal containers, which have already been dispatched more than 36,000 times. We'll continue to comprehensively look at all our assets in our network to put the right package in the right network and the right cost to serve.

我們在運營公司之間擴大的合作將以更智能和更計算的方式利用我們的空中和地面網絡。例如，聯邦快遞貨運卡車在本財年代表聯邦快遞地面運營時已經行駛了超過 700 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 36,000 多次。我們將繼續全面審視我們網絡中的所有資產，以將正確的軟件包放入正確的網絡中並降低服務成本。

Additionally, we're unlocking value through digital innovation in our accelerated integration of data-driven technologies that will drive increased productivity in our linehaul and dock operations as well as in the last mile. Enhanced sortation technology will be operational at FedEx Ground in hundreds of facilities prior to this peak. It'll increase upstream efficiencies, enabling managers to do better balance and planned sortation operations, thereby unlocking key capacity. For example, during Cyber Week, this technology helped keep 1.9 million ground economy packages out of constrained sorts.

此外，我們正在通過加速整合數據驅動技術的數字創新來釋放價值，這將推動我們的航線和碼頭運營以及最後一英里的生產力提高。在此高峰之前，增強型分揀技術將在 FedEx Ground 的數百個設施中運行。它將提高上游效率，使管理人員能夠更好地平衡和計劃分揀操作，從而釋放關鍵能力。例如，在網絡週期間，這項技術幫助 190 萬個地面經濟包不受限制地分類。

We're also modernizing the planning and staffing of our dock operations as well as the systems training and technology that maximizes productivity on every sort. One such example is a recently rolled out package handler scheduling technology that will help ensure the right staffing levels for every sort in every facility across the Ground network. This will improve dock productivity. And when combined with a focus on employee retention, it'll enable us to significantly reduce the cost of turnover and strategically target recruiting spend when and where necessary.

我們還對碼頭運營的規劃和人員配備以及系統培訓和技術進行現代化改造，以最大限度地提高各種生產效率。一個這樣的例子是最近推出的包裹處理程序調度技術，該技術將有助於確保地面網絡中每個設施的每種類型的人員配備水平正確。這將提高碼頭生產力。當與對員工保留的關注相結合時，它將使我們能夠顯著降低人員流動成本，並在必要的時間和地點戰略性地瞄準招聘支出。

For last mile, we continue to improve upon the route optimization technology already implemented to enable service providers to make real-time decisions that enhance their business's daily efficiency. These ongoing investments in automation and technology have helped FedEx build the most flexible and responsive network in the industry and will enable us to improve our margins.

對於最後一英里，我們繼續改進已經實施的路線優化技術，以使服務提供商能夠做出實時決策，從而提高其業務的日常效率。這些對自動化和技術的持續投資幫助 FedEx 建立了業內最靈活、響應速度最快的網絡，並使我們能夠提高利潤率。

In closing, we have the networks, the strategy and the right team in place as we deliver financial returns and drive shareholder value for years to come. With that, let me turn it over to Brie.

最後，我們擁有網絡、戰略和合適的團隊，因為我們在未來幾年提供財務回報並推動股東價值。有了這個，讓我把它交給布里。

Thank you, Raj. Good afternoon, everyone. Several macroeconomic forces, including the tragic conflict in Ukraine, uncertainty around the pandemic, a tight labor market, supply chain disruptions, high energy prices and inflationary pressure have dampened the current GDP outlook globally and for the United States. Last week, we lowered our economic outlook. U.S. GDP is now expected to increase 3.4% in calendar year 2022, revised down from 3.7%, and our outlook is 2.3% in calendar year 2023 with consumer spending tilting towards services and B2B growth supported by inventory rebuilding.

謝謝你，拉傑。大家下午好。一些宏觀經濟力量，包括烏克蘭的悲慘衝突、大流行的不確定性、勞動力市場緊張、供應鏈中斷、能源價格高企和通脹壓力，已經抑制了當前全球和美國的 GDP 前景。上週，我們下調了經濟展望。現在預計美國 2022 日曆年 GDP 將增長 3.4%，低於 3.7%，我們的預期是 2023 日曆年增長 2.3%，消費者支出向服務業傾斜，B2B 增長受到庫存重建的支持。

Global GDP growth is expected to be 3.5% in calendar year 2022, previously 4.1%, and it will be 3.1% in calendar year 2023. Growth will be driven by the release of pent-up demand for services while investment demand and inventory restocking support global manufacturing and trade. Given the tremendous fluidity of the macroeconomic environment, we will continue to update our outlook. Our teams are ready to adjust plans as required to drive margin improvement despite the dynamic environment in which we operate.

預計 2022 日曆年全球 GDP 增長率為 3.5%，之前為 4.1%，2023 日曆年為 3.1%。增長將由被壓抑的服務需求釋放推動，同時投資需求和庫存補充支持全球製造業和貿易。鑑於宏觀經濟環境的巨大流動性，我們將繼續更新我們的展望。儘管我們所處的動態環境，我們的團隊已準備好根據需要調整計劃以提高利潤率。

With fuel prices increasing around the world, today we announced a fuel surcharge increase effective April 4 for FedEx Express, Ground and Freight. Additional details can be found on fedex.com.

隨著全球燃油價格上漲，我們今天宣布從 4 月 4 日起上調聯邦快遞、陸運和貨運的燃油附加費。更多詳細信息可在 fedex.com 上找到。

The change in economic outlook does not change our confidence that e-commerce will continue to drive strong parcel market growth. We believe the e-commerce growth rate in the United States will be in the mid- to high single digits for the next 3 to 4 years.

經濟前景的變化並沒有改變我們對電子商務將繼續推動包裹市場強勁增長的信心。我們認為，未來 3 至 4 年，美國的電子商務增長率將處於中高個位數。

We will continue to build differentiated value propositions to achieve market-leading pricing in all our customer segments, including e-commerce, our small and medium customers, and our commercial B2B business. We are very pleased with the results of our revenue quality strategy and know we have great opportunity to increase the flow-through to margin expansion. In the third quarter, revenue growth was 10% year-over-year with double-digit yield improvement for FedEx Express and FedEx Freight, close behind with FedEx Ground at 9% year-over-year yield improvement.

我們將繼續構建差異化的價值主張，以在我們的所有客戶群中實現市場領先的定價，包括電子商務、我們的中小型客戶和我們的商業 B2B 業務。我們對我們的收入質量戰略的結果感到非常滿意，並且知道我們有很大的機會增加流向利潤的擴張。第三季度，FedEx Express 和 FedEx Freight 的收入同比增長 10%，收益率實現兩位數增長，緊隨其後的是 FedEx Ground，收益率同比增長 9%。

In the United States, our package revenue grew 9% in Q3 on strong yield improvement of 10%. We executed on our peak pricing strategy in the month of December, delivering more than $250 million in peak surcharge revenue.

在美國，我們的封裝收入在第三季度增長了 9%，因為產量大幅提高了 10%。我們在 12 月份執行了高峰定價策略，實現了超過 2.5 億美元的高峰附加費收入。

Softness in parcel volumes came predominantly from constraining FedEx Ground economy and the effects of Omicron on both our network and on our customers. The focus on revenue quality and profitable share growth drove outstanding results for FedEx Freight this quarter. For the quarter, revenue increased 23% year-over-year, driven by a 19% increase in revenue per shipment. Additionally, FedEx Freight Direct continues to gain great momentum as an e-commerce solution for heavy, bulky items with phenomenal growth in Q3 year-over-year.

包裹量的疲軟主要來自聯邦快遞地面經濟的限制以及 Omicron 對我們的網絡和客戶的影響。對收入質量和盈利份額增長的關注推動了 FedEx Freight 本季度的出色業績。本季度收入同比增長 23%，這主要得益於每批出貨收入增長 19%。此外，FedEx Freight Direct 作為重型、大件物品的電子商務解決方案繼續獲得強勁勢頭，第三季度同比增長顯著。

Our international businesses are navigating a dynamic environment. Capacity constraints continue to be a reality. At this point, valet capacity on transatlantic passenger airlines is expected to recover faster than transpacific. Passenger airline capacity is not expected to fully recover to pre-COVID levels until 2024 or even later across our largest global trade lanes.

我們的國際業務正在一個充滿活力的環境中航行。容量限制仍然是現實。在這一點上，跨大西洋客運航空公司的代客服務能力預計將比跨太平洋更快地恢復。客運航空公司的運力預計要到 2024 年甚至更晚在我們最大的全球貿易航線上才能完全恢復到 COVID 之前的水平。

Scarce capacity on international lanes and strong demand out of Asia is resulting in a continued favorable pricing environment. With the completion of our integrated air network at the end of this month, we have 1 European air network and 1 road network in and out of Europe. Our international portfolio of services contains the best European road network, the broadest U.S. next-day coverage, and a combined parcel and freight offering that no one else in the market has. As a result of the integration, we will be able to offer improved transit times, earlier delivery, and later pickup services to more customers in more locations.

國際航線運力稀缺和亞洲以外的強勁需求導致定價環境持續有利。隨著本月底我們綜合航空網絡的完成，我們擁有1個歐洲航空網絡和1個進出歐洲的公路網絡。我們的國際服務組合包含最好的歐洲公路網絡、最廣泛的美國次日覆蓋範圍以及市場上其他任何公司都沒有的包裹和貨運組合服務。由於整合，我們將能夠為更多地點的更多客戶提供更短的運輸時間、更早的交付和更晚的取貨服務。

Seven new countries will now be connected on a next-day basis within Europe, while 14 countries will be expanding our noon delivery coverage. In several countries, this will be the first time we have introduced next-day service to the rest of Europe. We will leverage the expanded European portfolio to improve international profitability, drive revenue growth and gain market share. In addition to the improvements in our European value proposition, we have made significant strides to enhance our digital solutions as well.

7 個新的國家現在將在歐洲內以次日為基礎進行連接，而 14 個國家將擴大我們的中午交貨覆蓋範圍。在一些國家，這將是我們首次向歐洲其他地區推出次日達服務。我們將利用擴大的歐洲產品組合來提高國際盈利能力，推動收入增長並獲得市場份額。除了改進我們的歐洲價值主張外，我們還在增強我們的數字解決方案方面取得了重大進展。

In January, we enhanced our tracking service based on an advanced machine learning and artificial intelligence model developed by FedEx DataWorks. This new experience delivers greater estimated delivery date accuracy, including updates for early or delayed shipments through all tracking channels. This improves both the shipper and the recipient experience, and it will reduce calls to customer service.

一月份，我們基於 FedEx DataWorks 開發的先進機器學習和人工智能模型增強了我們的跟踪服務。這種新體驗提供了更高的預計交貨日期準確性，包括通過所有跟踪渠道更新提前或延遲發貨。這改善了托運人和收件人的體驗，並將減少對客戶服務的呼叫。

Additionally, our new modernized FedEx Ship Manager, which is our online shipping application, has now been rolled out in more than 153 countries. In January, we began introducing customers to it in the United States and Canada. FedEx Ship Manager is the primary shipping application for our small and medium customer segment. We believe a market-leading digital portfolio will enable FedEx to continue to take market share in this very profitable segment.

此外，我們新的現代化 FedEx Ship Manager 是我們的在線運輸應用程序，現已在超過 153 個國家/地區推出。一月份，我們開始向美國和加拿大的客戶介紹它。 FedEx Ship Manager 是我們中小型客戶群的主要運輸應用程序。我們相信市場領先的數字產品組合將使聯邦快遞能夠繼續在這個利潤豐厚的領域佔據市場份額。

In summary, we remain optimistic about Q4 and beyond, and we'll continue to deliver on our market-leading value proposition. And with that, I'll turn it over to Mike for his remarks.

總之，我們對第四季度及以後保持樂觀，我們將繼續提供我們市場領先的價值主張。有了這個，我會把它交給邁克的評論。

Thank you, Brie, and good afternoon, everyone. After a strong start to the third quarter with the most profitable December in company history, January was significantly influenced by the rapid spread of the Omicron variant and its negative effect on our operations and the macro environment. These challenges subsided during February, resulting in third quarter adjusted operating income of $1.5 billion, up 37% year-over-year on an adjusted basis.

謝謝你，布里，大家下午好。在公司歷史上最賺錢的 12 月的第三季度強勁開局之後，1 月份受到 Omicron 變體的快速傳播及其對我們的運營和宏觀環境的負面影響的顯著影響。這些挑戰在 2 月份消退，導致第三季度調整後的營業收入為 15 億美元，在調整後的基礎上同比增長 37%。

There are a number of factors influencing our third quarter results for both this year and last year that I will cover. As Raj explained the effects on our operations, I will give further context for the financial implications.

我將介紹許多影響我們今年和去年第三季度業績的因素。正如 Raj 解釋了對我們運營的影響，我將進一步說明財務影響。

First, labor market conditions, although much improved, once again had a significant effect on our results at an estimated $350 million year-over-year, which was primarily experienced at Ground. For the third quarter, that was primarily due to higher rates for both purchase transportation and wages. Labor availability-driven network inefficiencies were significantly less of a factor in the third quarter compared to earlier in the year.

首先，勞動力市場狀況雖然有了很大改善，但再次對我們的業績產生了重大影響，同比估計為 3.5 億美元，這主要是在 Ground 經歷的。對於第三季度，這主要是由於採購運輸和工資的費率上漲。與今年早些時候相比，第三季度勞動力可用性驅動的網絡效率低下的影響要小得多。

The implications from the Omicron variant surge reduced third quarter operating income by an estimated $350 million, predominantly at Express, as it influenced customer demand and pressured our operations, resulting in constrained capacity, network disruptions and lower volumes and revenue.

Omicron 變體激增的影響使第三季度的營業收入減少了約 3.5 億美元，主要是 Express，因為它影響了客戶需求並給我們的運營帶來了壓力，導致容量受限、網絡中斷以及銷量和收入下降。

The third quarter had favorable year-over-year comparisons for variable compensation of approximately $380 million, including the onetime Express hourly bonus last year and significantly less impactful winter weather that netted to $310 million.

第三季度的可變薪酬約為 3.8 億美元，其中包括去年的一次性 Express 每小時獎金和影響明顯較小的冬季天氣，淨收入為 3.1 億美元。

With that overview of the consolidated results of the third quarter, I'll turn to the highlights for each of our transportation segments. Ground reported a 10% increase in revenue year-over-year with operating income down approximately $60 million and an operating margin at 7.3%. While pressures from constrained labor markets began subsiding, the effect was still significant at an estimated $210 million year-over-year, predominantly due to the higher purchase transportation and wage rates.

通過對第三季度綜合業績的概述，我將轉向我們每個運輸部門的亮點。 Ground 報告收入同比增長 10%，營業收入下降約 6000 萬美元，營業利潤率為 7.3%。雖然來自勞動力市場受限的壓力開始消退，但影響仍然很大，同比估計為 2.1 億美元，主要是由於採購運輸和工資率較高。

In addition, our volume was softer than expected due to the Omicron variant surge slowing customer demand. A 9% yield improvement partially offset these headwinds, and our teams remain very focused on improving ground performance, as Raj outlined earlier.

此外，由於 Omicron 型號激增減緩了客戶需求，我們的銷量低於預期。 9% 的產量提高部分抵消了這些不利因素，我們的團隊仍然非常專注於提高地面性能，正如 Raj 之前概述的那樣。

Express adjusted operating income increased by 27% year-over-year, driven by higher yields and a net fuel benefit with adjusted operating margin increasing by 100 basis points to 5.8%. Express results also benefited in the third quarter from $285 million of lower variable compensation as well as much less severe winter weather.

Express 調整後的營業收入同比增長 27%，這得益於更高的收益率和淨燃料收益，調整後的營業利潤率增加 100 個基點至 5.8%。 Express 的業績在第三季度也受益於 2.85 億美元的可變薪酬較低以及冬季天氣不太惡劣。

The strong results were partially offset by the headwinds I mentioned earlier with the Omicron surge having the largest effect, especially during January, of an estimated $240 million. Team member absences primarily among our pilots severely disrupted operations, requiring many flight cancellations and further constraining capacity. Additionally, during this time, the Omicron surge reduced customer demand in many parts of the world.

強勁的結果被我之前提到的不利因素部分抵消，Omicron 的激增影響最大，尤其是在 1 月份，估計為 2.4 億美元。主要是我們的飛行員中的團隊成員缺席嚴重擾亂了運營，需要取消許多航班並進一步限制能力。此外，在此期間，Omicron 的激增減少了世界許多地區的客戶需求。

Freight had another outstanding quarter, delivering an operating margin of 15%, 850 basis points higher year-over-year, and revenue for the third quarter increased 23% with operating income up over 180% despite the pressures from higher purchase transportation rates and wages.

貨運又一個出色的季度實現了 15% 的營業利潤率，同比增長 850 個基點，第三季度的收入增長了 23%，儘管受到採購運輸費率和工資上漲的壓力，營業收入增長了 180% 以上.

And for the first time in Freight's history, they realized sequential operating income and operating margin improvement from the second quarter to the third quarter. This is all thanks to Freight's continued focus on revenue quality and profitable share growth.

在貨運歷史上，他們首次實現了從第二季度到第三季度的連續營業收入和營業利潤率改善。這一切都要歸功於 Freight 對收入質量和盈利份額增長的持續關注。

Turning to the balance sheet. We ended our quarter with $6.1 billion in cash and are targeting over $3 billion in adjusted free cash flow for fiscal 2022. As I emphasized last quarter, our stronger cash flow provides extensive flexibility as we continue to focus on balanced capital allocation. As such, I'm pleased to share the accelerated share repurchase program announced last quarter was completed during Q3 with 6.1 million shares delivered under the ASR agreement. Total repurchases during fiscal '22 are nearly 9 million shares or 3% of the shares outstanding at the beginning of the year.

轉向資產負債表。我們以 61 億美元的現金結束本季度，併計劃在 2022 財年實現超過 30 億美元的調整後自由現金流。正如我上個季度強調的那樣，隨著我們繼續專注於平衡的資本配置，我們更強勁的現金流提供了廣泛的靈活性。因此，我很高興地分享上季度宣布的加速股票回購計劃在第三季度完成，根據 ASR 協議交付了 610 萬股。 22 財年的總回購量接近 900 萬股，佔年初流通股的 3%。

The decrease in outstanding shares resulting from the ASR benefited third quarter results by $0.06 per diluted share. Also during the quarter, we made a $250 million voluntary contribution to our U.S. pension plan and have funded $500 million year-to-date.

ASR 導致的流通股減少使第三季度每股攤薄收益增加 0.06 美元。同樣在本季度，我們為我們的美國養老金計劃自願捐款 2.5 億美元，今年迄今已資助 5 億美元。

Now turning to what's ahead. We are affirming our full year adjusted EPS range at $20.50 to $21.50. The operating and business environment uncertainty I mentioned in December did materialize to a greater degree than anticipated during Q3, but we have navigated those challenges and project a solid finish to our fiscal year. Labor-related network and efficiency effects have diminished, and the wage rate component should become less of a headwind as we lap the onset of labor rate increases in the fourth quarter. Lastly, variable compensation expense will be a tailwind as it was in Q3.

現在轉向未來。我們確認全年調整後的每股收益範圍為 20.50 美元至 21.50 美元。我在 12 月提到的運營和商業環境的不確定性確實比第三季度的預期更大，但我們已經克服了這些挑戰，並預計我們的財政年度將取得圓滿成功。與勞動力相關的網絡和效率效應已經減弱，隨著我們在第四季度勞動力率開始上升，工資率部分應該會變得不那麼逆風。最後，可變薪酬費用將像第三季度一樣成為順風。

Turning to capital spending. We have lowered our FY '22 capital spending forecast from $7.2 billion to $7 billion. Much of the change is driven by extended time lines resulting from supply chain considerations. While we are still developing our FY '23 plans, our focus remains on lowering our capital intensity while investing in strategic initiatives to drive returns. We are highly focused on ensuring our capital investments generate returns to drive further growth in earnings and cash flows.

轉向資本支出。我們已將 22 財年的資本支出預測從 72 億美元下調至 70 億美元。大部分變化是由供應鏈考慮導致的延長時間線驅動的。雖然我們仍在製定 23 財年計劃，但我們的重點仍然是降低資本密集度，同時投資於戰略舉措以提高回報。我們高度專注於確保我們的資本投資產生回報，以推動收益和現金流的進一步增長。

Lastly, our projection for the full year effective tax rate is now 22% to 23% prior to the mark-to-market retirement plan adjustments. While we are confident in our ability to deliver a strong fourth quarter, uncertainty remains across many fronts, including additional pandemic developments, the labor market, inflation, high energy prices and further geopolitical risk, and the potential effects on the pace and timing of global economic activity. We continue to monitor these trends and adjust accordingly.

最後，在按市值計價的退休計劃調整之前，我們對全年有效稅率的預測現在為 22% 至 23%。儘管我們對實現強勁的第四季度業績充滿信心，但在許多方面仍存在不確定性，包括其他流行病的發展、勞動力市場、通貨膨脹、高能源價格和進一步的地緣政治風險，以及對全球經濟增長步伐和時機的潛在影響經濟活動。我們將繼續監控這些趨勢並進行相應調整。

With that, we are all very much looking forward to sharing additional background in our upcoming investor meeting on June 28 and 29 in Memphis. Mickey and the Investor Relations team will soon provide specifics on logistics, and now we will be happy to address your questions.

有了這個，我們都非常期待在即將於 6 月 28 日至 29 日在孟菲斯舉行的投資者會議上分享更多背景信息。 Mickey 和投資者關係團隊將很快提供有關物流的詳細信息，現在我們很樂意為您解答問題。

(Operator Instructions) our first question comes from Amit Mehrotra with Deutsche Bank.

（操作員說明）我們的第一個問題來自德意志銀行的 Amit Mehrotra。

Appreciate the question. I wanted to ask about Ground margins, if you can just talk about where you expect Ground margins to be in fiscal '22.

欣賞這個問題。我想問一下地緣利潤率，如果你能談談你期望地緣利潤率在 22 財年的水平。

And Henry, this is maybe a longer-term question for you. I mean, if I look at the Ground number since 2013, Ground revenues are up $17 billion since 2013, but the profits in Ground are up only $400 million, which implies a contribution margin of only 2.5%. So can you just talk about the plan to reverse this long-term trend? It seems like for the first time in a while, you guys are ready to present a long-term plan to improve the cadence in the Ground margins. Wondering if you could put a little bit more meat around that. Where -- what the levers are going to be to reverse this long-term trend? And maybe give us some goalposts around that way as it relates to fiscal -- the next fiscal year, which is coming up pretty soon.

亨利，這對你來說可能是一個長期的問題。我的意思是，如果我查看自 2013 年以來的 Ground 數字，自 2013 年以來，Ground 收入增長了 170 億美元，但 Ground 的利潤僅增長了 4 億美元，這意味著貢獻率僅為 2.5%。那麼你能談談扭轉這一長期趨勢的計劃嗎？似乎有一段時間以來，你們第一次準備好提出一個長期計劃來提高地面邊緣的節奏。想知道你是否可以在它周圍放更多的肉。在哪裡——扭轉這種長期趨勢的槓桿是什麼？也許給我們一些與財政相關的目標——下一個財政年度，很快就會到來。

Amit, thank you for the question. Let me address it broadly, and then Mike can talk about specifics on this. Firstly, we are laser-focused on improving our financial performance at FedEx Ground. Let me start with, firstly, the CEO of FedEx Ground is John Smith, and he was -- set the stage for tremendous performance at FedEx Freight before he left, and we're seeing the benefit of that. That's the reason that he's there. So we expect that John and his team will drive this performance going forward.

阿米特，謝謝你的問題。讓我籠統地說一下，然後邁克可以談談這方面的細節。首先，我們專注於改善 FedEx Ground 的財務業績。首先讓我先說一下，FedEx Ground 的首席執行官是 John Smith，他在離開之前為 FedEx Freight 的出色表現奠定了基礎，我們看到了這樣做的好處。這就是他在那裡的原因。因此，我們預計約翰和他的團隊將推動這一表現向前發展。

But let me also give you just a context of where we are on Ground. We, first of all, manage FedEx Enterprise as a portfolio of different operating companies, and we made a specific decision to invest in capacity and double down on e-commerce 3 years ago. We saw we were skating to where the puck was going to be and seeing where the market was going. If you look at the history of FedEx Ground, from the very beginning, starting of the acquisition of RPS, when we launched home delivery and now we doubled down in e-commerce, there are periods of time we had to invest. And we were working with our customers and retailers for them to succeed in e-commerce, and it is a strategic relationship that we're building. So that period of investment, in many ways, is behind us. That pace is behind us. Now we are focused on getting revenue quality, making sure we put the right package in the right network and making sure that we generate margins and growth going forward. We'll talk about this in more detail when we see you all in June, but that's -- clearly, that's what we're focused on right now. Mike?

但讓我也給你一個關於我們在地面上的背景。首先，我們將 FedEx Enterprise 作為不同運營公司的投資組合進行管理，並且我們在 3 年前做出了投資產能並在電子商務上加倍投入的具體決定。我們看到我們正在滑到冰球將要到達的地方，並看到市場的走向。如果你看一下 FedEx Ground 的歷史，從一開始，從收購 RPS 開始，從我們推出送貨上門到現在我們在電子商務上翻倍下注，有一段時間我們不得不投資。我們正在與我們的客戶和零售商合作，讓他們在電子商務中取得成功，這是我們正在建立的戰略關係。因此，在許多方面，那個投資時期已經過去了。這種速度已經落後於我們。現在，我們專注於獲得收入質量，確保我們將正確的套餐放入正確的網絡中，並確保我們在未來產生利潤和增長。我們將在 6 月份與大家見面時更詳細地討論這個問題，但那是 - 顯然，這就是我們現在關注的重點。麥克風？

No, Amit, the only thing I would add is you -- I think there was a question in there about FY '22. I would say certainly, for the guidance that we have, our consolidated operating margins will increase in Q4. I'm not going to get into specific segment projections, but it is certainly the case that sequentially, Ground margins are typically higher in Q4 than in Q3, and we would have that expectation this year as well.

不，阿米特，我唯一要補充的是你——我認為那裡有一個關於 22 財年的問題。我可以肯定地說，根據我們的指導，我們的綜合營業利潤率將在第四季度增加。我不打算討論具體的細分市場預測，但肯定是這樣，第四季度的地面利潤率通常高於第三季度，我們今年也會有這樣的預期。

We'll take our next question from Jack Atkins with Stephens.

我們將回答傑克·阿特金斯和斯蒂芬斯的下一個問題。

Okay, great. So just another one on Ground. I think we've had 3 quarters in a row where cost inflation at Ground has pretty significantly outstripped your ability to -- has outstripped your revenue per package and yield growth. How confident are you that you're in a position to drive cost per package ahead -- excuse me, revenue per package ahead of cost per package as we look forward, especially with rising inflationary pressures that we're seeing across the economy, and I'm sure you're seeing it in your business as well?

好，太棒了。所以只是地面上的另一個。我認為我們已經連續 3 個季度在 Ground 的成本通脹大大超過了您的能力 - 超過了您的每個包裹的收入和產量增長。您對自己能夠推動每包成本提前的信心有多大 - 對不起，在我們期待的情況下，每包收入高於每包成本，特別是在我們看到整個經濟體的通脹壓力上升的情況下，以及我敢肯定你也在你的業務中看到它？

Thank you, Jack. I think we have had 2 particular issues regarding labor. I actually embarked on this journey. Obviously, that was -- what we saw in the last year was surprising in that sense, and we had 2 things, one was, because of lack of labor availability, we were inefficient in moving some of the packages; and secondly, just the cost of labor going up. We have unwound the inefficiencies. The network is back to normal. But obviously, we have, now in our numbers, we have the year-over-year growth on labor rates. And so we are -- we have dealt with it head on. It's now in our numbers, and I think it gives us a competitive advantage as we look in the future. Revenue quality management is a big area of focus for us. Our peak in December gave us a flavor of what we can expect in terms of our financial performance going forward. And we're confident that we can -- we're able to manage this going forward. We had a spike in fiscal year '22 that was unnatural, but it's just -- it set the stage for future earnings growth, both revenue and top and bottom line. I don't know, Brie, you want to add anything more on revenue quality?

謝謝你，傑克。我認為我們有兩個關於勞工的特殊問題。我真的踏上了這段旅程。顯然，從這個意義上說，我們在去年看到的情況令人驚訝，我們有兩件事，一是由於缺乏勞動力，我們在搬運一些包裹方面效率低下；其次，只是勞動力成本上升。我們消除了效率低下的問題。網絡恢復正常。但顯然，我們現在的數據顯示，我們的勞動力價格同比增長。所以我們 - 我們已經正面處理了它。它現在在我們的數字中，我認為它為我們提供了未來的競爭優勢。收入質量管理是我們關注的一大重點。我們在 12 月的高峰期讓我們對未來的財務表現有所了解。而且我們有信心我們可以 - 我們能夠管理這一切。我們在 22 財年出現了不自然的飆升，但這只是——它為未來的收入增長奠定了基礎，無論是收入還是頂線和底線。我不知道，布里，你想在收入質量上添加更多內容嗎？

No, we're -- obviously, we have done a tremendous job. We talked about the 9% yield improvement from FedEx Ground this past quarter. As I've mentioned, we have repriced about 50% of our large customer meeting customer contracts, so we still have some opportunity that we have to continue that repricing. And so we are clear-eyed about the inflationary environment that we are operating in, and we know that we need to stay ahead of it.

不，我們 - 顯然，我們已經完成了一項了不起的工作。我們談到了 FedEx Ground 上個季度 9% 的收益率提升。正如我所提到的，我們已經重新定價了大約 50% 的大客戶會議客戶合同，因此我們仍然有一些機會必須繼續重新定價。因此，我們對我們所處的通脹環境保持清醒，我們知道我們需要保持領先。

So you can anticipate that as we head into next year's business plan and all of our discussions with customers, that you will continue to see a high-yield improvement across all segments because it will be required to stay ahead of the environment we're operating in right now.

因此，您可以預期，隨著我們進入明年的業務計劃以及我們與客戶的所有討論，您將繼續看到所有細分市場的高收益改進，因為它需要保持領先於我們運營的環境在現在。

Jack, if I can say one other thing. We have a revenue management committee that meets every week. It is even more important now because of the inflationary environment. And the operations teams and the commercial teams are locked in, and we make decisions very, very dynamically and very, very quickly to deal with this.

傑克，如果我可以說另一件事。我們有一個每週開會的收入管理委員會。由於通貨膨脹的環境，它現在變得更加重要。運營團隊和商業團隊都被鎖定了，我們非常非常動態地做出決策來處理這個問題。

And we'll take our next question from Tom Wadewitz with UBS.

我們將回答瑞銀的湯姆·韋德維茨提出的下一個問題。

Wanted to see if you could offer some thoughts on the consumer. I think, Brie, maybe you had -- or Raj, you had some comments about risks or Mike. But have you seen any signs that the consumer is -- I know Omicron caused noise but just the consumer weakening, have you seen that recently in the U.S.?

想看看您是否可以對消費者提出一些想法。我想，布里，也許你有 - 或者 Raj，你對風險或邁克有一些評論。但是你有沒有看到消費者的任何跡象——我知道 Omicron 引起了噪音，但只是消費者在減弱，你最近在美國看到了嗎？

And how do you think about the importance of consumer and goods buying when you look at the Ground business? If you have a weaker consumer, does that just make it tougher to make that algorithm on Ground margin improvement work? So really just wanted to get your thoughts on consumer and near term and also outlook.

當您查看地面業務時，您如何看待消費品和商品購買的重要性？如果您有一個較弱的消費者，這是否會使該算法在地面邊際改進工作上變得更加困難？所以真的只是想了解你對消費者、近期和前景的看法。

Tom, thank you for that question, especially as the inflation has picked up, and there's obviously -- consumer spending in February is already down. It's difficult to forecast this environment, but I'm going to tell you that the big period of growth of e-commerce is now behind us, and we are planning -- in that perspective, we are confident, even with the mid-single-digit growth to high single-digit growth that Brie was talking about on e-commerce, that we're able to generate positive returns going forward. So we're not counting on huge consumer spend in our numbers. Brie?

湯姆，謝謝你提出這個問題，尤其是在通脹上升的情況下，而且很明顯——2 月份的消費者支出已經下降。很難預測這種環境，但我要告訴你，電子商務的大增長期現在已經過去，我們正在計劃——從這個角度來看，我們有信心，即使是中單-布里在電子商務中談到的數字增長到高個位數增長，我們能夠在未來產生正回報。因此，我們並不指望龐大的消費者支出。布里乾酪？

Yes, I would agree with that completely. As we talked about, we already have modified our economic outlook from a market forecast perspective. A couple of things, one, for this calendar year, we do expect B2B parcel market growth to be actually relatively healthy at 3%. Normally, it's in around 2% in our market, and that's for this year. We still see a lot of inventory replenishment. We also see strong requirements coming in from Asia, as I mentioned earlier. There's still just a backlog there, quite frankly. So the B2B is still going to be healthy for the year.

是的，我完全同意這一點。正如我們所說，我們已經從市場預測的角度修改了我們的經濟前景。有幾件事，一個是，對於本日曆年，我們確實預計 B2B 包裹市場的增長實際上相對健康，為 3%。通常情況下，它在我們的市場中約為 2%，而這是今年的情況。我們仍然看到大量的庫存補充。正如我之前提到的，我們還看到來自亞洲的強烈需求。坦率地說，那裡仍然有積壓。因此，今年 B2B 仍將保持健康。

From a B2C perspective, we have modified our long-term outlook. We're now projecting about 8.3% CAGR in an e-commerce market, that's to calendar year 2026. So historically, over the last couple years, we had actually projected above 10%. So yes, we think consumer demand will be down. It is already, quite frankly, in our outlook for Q4. And as we looked forward for next year, we think we can continue to take market share and have some profitable growth despite sort of a softer economic outlook.

從 B2C 的角度來看，我們已經修改了我們的長期展望。我們現在預計到 2026 年，電子商務市場的複合年增長率約為 8.3%。因此，從歷史上看，在過去幾年中，我們實際上預計會超過 10%。所以是的，我們認為消費者需求將會下降。坦率地說，這已經在我們對第四季度的展望中。正如我們對明年的展望一樣，我們認為儘管經濟前景疲軟，我們仍可以繼續佔據市場份額並實現一些盈利增長。

We'll take our next question from Jordan Alliger with Goldman Sachs.

我們將向高盛的 Jordan Alliger 提出下一個問題。

Just curious, you mentioned, I think, that the staffing and labor-related costs for the company was $350 million in the most recent quarter. How does that look in the fiscal fourth quarter direction-wise? And then same thing, Ground, I think, you said was $210 million as it's $350 million. How do you think that sits as we get to fiscal -- through fiscal fourth quarter?

只是好奇，你提到，我認為，該公司最近一個季度的人員配備和勞動力相關成本為 3.5 億美元。這在第四財季的方向上看起來如何？然後同樣的事情，地面，我想，你說的是 2.1 億美元，因為它是 3.5 億美元。您認為當我們進入財政 - 到第四財政季度時，情況如何？

Jordan, this is Mike. Look, so we went from like roughly $470 million in Q2, $350 million this quarter. I mean, I would put it in order of magnitude around $100 million or so based on what we are seeing here today. That's, again, principally the wage rate element of it, which really began to manifest in the May time frame essentially, April/May time frame.

喬丹，這是邁克。看，所以我們從第二季度的大約 4.7 億美元到本季度的 3.5 億美元。我的意思是，根據我們今天在這裡看到的情況，我會將其定為大約 1 億美元左右。這再次主要是其中的工資率元素，它真正開始在 5 月的時間框架中開始顯現，基本上是 4 月/5 月的時間框架。

And our next question comes from Chris Wetherbee with Citi.

我們的下一個問題來自花旗銀行的 Chris Wetherbee。

Quick clarification then another question on Ground. Just making sure I understand, Raj, I think you said you wouldn't hit double digits on Ground margins for mix, or I heard that the average for the back half of the year, so I guess, we won't see expansion in the fourth quarter.

快速澄清，然後是地面上的另一個問題。只是確保我理解，Raj，我想你說過你不會在混合的地面利潤率上達到兩位數，或者我聽說這是今年下半年的平均值，所以我想，我們不會看到擴張第四季度。

And then maybe taking a step back in terms of the ISP model on the ground side. Just kind of curious, in this type of inflationary environment, do you see pressure? Does it kind of go back and maybe you open up contracts and do things differently with that piece of the business? Is that something that we need to think about beyond this year out into next year and beyond if inflationary pressures keep up? Or is it the kind of thing that would just sort of be normal course as we move forward.

然後可能會在地面端的 ISP 模型方面退後一步。有點好奇，在這種通脹環境下，你看到壓力了嗎？是不是有點回溯，也許你打開合同，對那部分業務做不同的事情？如果通脹壓力持續下去，這是我們需要考慮的事情嗎？還是在我們前進的過程中，這只是一種正常的過程。

Thank you, Chris. I'll let Mike answer the first question in a minute. But on the null entrepreneurial business model with our contractors, it's a win-win scenario. It provides us the flexibility. As the market dynamics change, we remain committed to collaborating with those service providers and enable that when the lines of communication are open. So yes, we will work closely hand in hand to make sure that we are successful for FedEx and our contractors going full.

謝謝你，克里斯。我會讓邁克在一分鐘內回答第一個問題。但在與我們的承包商的零創業商業模式中，這是一個雙贏的局面。它為我們提供了靈活性。隨著市場動態的變化，我們仍然致力於與這些服務提供商合作，並在溝通渠道暢通時實現這一目標。所以，是的，我們將密切合作，以確保聯邦快遞和我們的承包商都能獲得成功。

Chris, nothing from what I said prior where, yes, consolidated operating margins will be up in Q4, and the Ground Q4 margin sequentially would be higher than Q3 but not going to go past in terms of the specific segment quarterly margin projections.

克里斯，我之前所說的沒有什麼，是的，第四季度的綜合營業利潤率將上升，第四季度的地面利潤率將高於第三季度，但就特定細分市場的季度利潤率預測而言，不會超過。

We'll take our next question from Duane Pfennigwerth with Evercore ISI.

我們將回答 Duane Pfennigwerth 和 Evercore ISI 的下一個問題。

I wonder if you could comment on -- you gave us the impact to EBIT. I wonder if you could comment qualitatively on the impact to volume growth from Omicron in Express and Ground and to what extent you've seen those volumes and [ADVs] accelerate and pick back up?

我想知道你是否可以評論 - 你給了我們對 EBIT 的影響。我想知道您是否可以定性地評論 Omicron 在 Express 和 Ground 對銷量增長的影響，以及您在多大程度上看到這些銷量和 [ADV] 加速並回升？

Sure, happy to. Great question. When we look at the volume in Q3, we really have to break it down by month. So from a December perspective, we actually saw softer-than-anticipated volume for a couple of reasons. The first was FedEx Ground Economy. We have been constraining that product to make sure we get the revenue quality that we require for the network. The second was, we were absolutely focused on service and make sure that we had volume in the right places within the network. And then third was that we also saw a huge pull-forward in early in November. Both retailers and, of course, the carriers were really pushing to get volume moving earlier in the peak season, and actually, it was quite successful. So overall, December was softer than anticipated for those 3 reasons.

當然，很高興。好問題。當我們查看第三季度的交易量時，我們真的必須按月細分。因此，從 12 月的角度來看，我們實際上看到交易量低於預期有幾個原因。第一個是聯邦快遞地面經濟。我們一直在限制該產品，以確保我們獲得網絡所需的收入質量。第二個是，我們絕對專注於服務，並確保我們在網絡中的正確位置有音量。第三個是我們在 11 月初也看到了巨大的進步。零售商，當然還有運營商，都在真正推動在旺季的早期增加銷量，實際上，這非常成功。因此，總體而言，由於這三個原因，12 月的表現比預期的要疲軟。

Then when we got into January, we obviously saw a significant impact in volume in the Express network here in the United States but also in Europe. And then we did see some impact in January at FedEx Ground, but also, we did have the FedEx Ground economy constrained growth impact January because, as you can imagine, the ground economy product is heavily used for returns as well. So that was what was going on in December.

然後當我們進入 1 月份時，我們顯然看到美國和歐洲的 Express 網絡的交易量產生了重大影響。然後我們確實在 1 月份在 FedEx Ground 看到了一些影響，而且，我們確實在 1 月份看到了 FedEx Ground 經濟增長受到限制的影響，因為正如您可以想像的那樣，地面經濟產品也被大量用於退貨。這就是 12 月發生的事情。

In January, you saw Omicron, but you also saw those other impacts in December and January. And then we got to February, we actually saw a rebound. So as Raj mentioned in his opening remarks, we actually saw quite a dramatic recovery from a volume perspective relative to January. And so that's sort of where we're at from a volume perspective.

1 月份，您看到了 Omicron，但您也看到了 12 月和 1 月的其他影響。然後我們到了二月，我們實際上看到了反彈。因此，正如 Raj 在他的開場白中提到的那樣，從交易量的角度來看，我們實際上看到了相對於 1 月份的顯著復甦。從數量的角度來看，這就是我們所處的位置。

Our next question comes from Scott Group with Wolfe Research.

我們的下一個問題來自 Scott Group 和 Wolfe Research。

So Mike, you've got a big range of earnings guidance for the year, 1 quarter left. Any thoughts on directionally where you think we should be shaking out relative to that range? And then I'll ask another on Ground margins. You guys operating, give or take, at an 8% margin. UPS is on its way to 12%. You guys used to be better. Is this structural? Is there a reason you can't get to those kinds of levels? And then any thoughts on this Ground contractor lawsuit?

所以邁克，你今年的收益指導範圍很廣，還剩 1 個季度。關於你認為我們應該相對於那個範圍在哪裡搖擺的方向有什麼想法嗎？然後我會問另一個關於地邊距的問題。你們以 8% 的利潤率經營，給予或接受。 UPS 正在達到 12%。你們曾經更好。這是結構性的嗎？你不能達到那種水平有什麼原因嗎？然後對這個地面承包商訴訟有什麼想法嗎？

All right, Scott. First is Mike, talking about the range. Look, certainly, it is the case that relative to where we were 3 months ago of a little different place in the range as the uncertainties manifested in a greater magnitude than we had anticipated. But I think we're quite proud of the fact that our guidance remains where we started the year at.

好吧，斯科特。首先是邁克，談論範圍。看，當然，相對於我們 3 個月前的情況，該範圍內的位置略有不同，因為不確定性的幅度比我們預期的要大。但我認為我們為我們的指導保持在今年開始的位置而感到非常自豪。

And look, if you had told me at that time, we would have had the most dramatic labor market shift in generations as well as another phase of the pandemic that resulted in case counts in the U.S. and Europe higher than any previous waves, we undoubtedly would have had a significantly wider range. So we feel that it is a great accomplishment of the team to be where we are with this. Lots of moving pieces and things change along the way within the scope and scale of what this enterprise is. And so we're looking forward to a strong finish to the fiscal year.

看，如果你當時告訴我，我們將經歷幾代人以來最劇烈的勞動力市場轉變，以及導緻美國和歐洲的病例數比以往任何一波都要高的大流行的另一個階段，我們無疑範圍會大得多。因此，我們認為能夠成為我們所在的團隊是一項偉大的成就。在這個企業的範圍和規模內，許多移動的部分和事物都會發生變化。因此，我們期待本財年有一個強勁的收尾。

Well, let me just say big kudos to our CFO on setting the range in the beginning of the fiscal year and all the things that have happened in the middle, and we're still the same range. So I mean, that's terrific. I don't -- I've already talked to you about what our dealings with our contractors, and it's a win-win situation. And we will continue to work that. The lines of communication are open. I've spoken to John several times, and he's directly in touch with his team.

好吧，讓我對我們的首席財務官表示高度讚揚，即在財政年度開始時設定範圍以及中間發生的所有事情，我們仍然是相同的範圍。所以我的意思是，這太棒了。我沒有——我已經和你談過我們與承包商的交易，這是一個雙贏的局面。我們將繼續努力。溝通渠道是開放的。我和約翰談過幾次，他直接與他的團隊聯繫。

And as far as our upside for FedEx Ground, yes, we have upside. We know that, and we're laser-focused on that. And again, John's the right person to lead that team to get there as well.

至於我們對 FedEx Ground 的優勢，是的，我們有優勢。我們知道這一點，並且我們專注於這一點。再一次，約翰也是帶領該團隊到達那裡的合適人選。

Our next question comes from Allison Poliniak with Wells Fargo.

我們的下一個問題來自富國銀行的 Allison Poliniak。

I just want to go to the levers of growth. You talked about collaboration -- increasing that collaboration to optimize the network, understanding it's early innings there. Just any color on the productivity you're seeing from some of those efforts? And then maybe as well as the potential chokepoints that you're seeing that might need to be addressed before that could accelerate further. Just any color.

我只想了解增長的槓桿。您談到了協作——增加協作以優化網絡，了解它的早期階段。您從這些努力中看到的生產力有什麼顏色嗎？然後可能以及您所看到的可能需要解決的潛在阻塞點，然後才能進一步加速。隨便什麼顏色。

Yes, Allison, thank you for that question. Clearly, as we -- the e-commerce market has grown. And in both our networks, there is now opportunity to optimize the very definite traffic between the 2 networks. And so we're clearly doing that. But we are, as you call it, in the early innings.

是的，艾莉森，謝謝你的問題。顯然，隨著我們——電子商務市場的增長。在我們的兩個網絡中，現在都有機會優化兩個網絡之間非常明確的流量。所以我們顯然正在這樣做。但正如你所說，我們處於早期階段。

We have -- there's a lot of work to be done, and we'll share that with you when you're all here in person in June. But the opportunity also is quite big. We're already moving in this direction and we will continue to make strides here. Now in this context, please don't forget what FedEx Freight is doing in this regard and especially working with both Ground and Express and over time with international. And so we will clearly focus on trying to -- making sure they put the right package in the right network at the right price. And again, we'll share more details with you in June.

我們有很多工作要做，我們將在 6 月份大家親臨現場時與大家分享。但機會也相當大。我們已經在朝著這個方向前進，我們將繼續在這方面取得進展。現在在這種情況下，請不要忘記 FedEx Freight 在這方面所做的工作，特別是與 Ground 和 Express 以及隨著時間的推移與國際合作。因此，我們將明確專注於嘗試 - 確保他們以合適的價格將正確的包裹放入正確的網絡。同樣，我們將在 6 月與您分享更多細節。

Our next question comes from Brandon Oglenski with Barclays.

我們的下一個問題來自巴克萊銀行的 Brandon Oglenski。

Raj, since the rest of the management team in not on this call, maybe you can give us some insight into the appointment of Richard at Express. What was the process there for electing the next leader? And then what do you hope to get out of the leadership change in that large division?

Raj，由於管理團隊的其他成員沒有參加這次電話會議，也許你可以讓我們了解一下在 Express 任命 Richard 的情況。選舉下一任領導人的過程是什麼？然後你希望從那個大部門的領導層變動中得到什麼？

Thank you, Brandon. Of course, we have a very set succession-planning process where Don was in this role for 3 years. I knew that was going to be a finite time period of time. And so we were already working on the succession planning very carefully, as we have done so with John in FedEx Ground, with Lance in FedEx Freight. Similarly, we have a process going on with Express. We've divided it into 3 groups, 3 mega-regions with Americas, Asia and Europe. And Richard is leading the Americas region. He was responsible for the vaccine distribution and also the planning of our global network in this very interesting time that we've been through. So we are very confident that Richard is going to take the organization to the next level. Don has done a fantastic job of creating a unified culture and getting the right players in place. We have great bench, and this is going to be terrific. Thank you.

謝謝你，布蘭登。當然，我們有一個非常固定的繼任計劃流程，Don 在這個職位上擔任了 3 年。我知道那將是一個有限的時間段。因此，我們已經在非常仔細地制定繼任計劃，就像我們在 FedEx Ground 的 John 和 FedEx Freight 的 Lance 所做的那樣。同樣，我們有一個處理 Express 的過程。我們將其分為 3 個組，3 個大型區域，包括美洲、亞洲和歐洲。理查德正在領導美洲地區。在我們經歷的這個非常有趣的時期，他負責疫苗的分發以及我們全球網絡的規劃。因此，我們非常有信心理查德將把組織帶到一個新的水平。唐在創造統一的文化和讓合適的球員就位方面做得非常出色。我們有很棒的替補席，這會很棒。謝謝你。

We'll take our next question from Bascome Majors with Susquehanna.

我們將與 Susquehanna 一起回答 Bascome Majors 的下一個問題。

Yes. You took down the midpoint of your multiyear restructuring spend in Europe but didn't change the benefit you expect to get from that. Can you talk a little bit about what drove that update in your expectations and what the next steps could be in the Europe profit improvement plan as you get right at the point of discussing that with investors maybe next year?

是的。您降低了在歐洲多年重組支出的中點，但沒有改變您期望從中獲得的收益。您能否談談是什麼推動了您的預期更新以及歐洲利潤改善計劃的下一步可能是什麼，因為您可能在明年與投資者討論這個問題時是正確的？

Sure, Bascome. This is Mike. So first, yes, we did narrow the range of the expected cost of that program as we have moved through the process. And as you've noted, the -- we've talked about the charges as we recognize them there. The benefits range is unchanged, and so we felt it was appropriate as we were further down the process just to simply narrow the range of that. So that was it. A lot of things going forward as it relates to TNT beyond that, so I'll have Raj elaborate a bit on some upcoming events, too.

當然，巴斯科姆。這是邁克。所以首先，是的，我們確實縮小了該計劃的預期成本範圍，因為我們已經完成了這個過程。正如你所指出的，我們已經討論了這些指控，因為我們在那裡認出了這些指控。福利範圍沒有變化，因此我們認為這是適當的，因為我們進一步推進了流程，只是為了縮小範圍。就是這樣。除此之外，還有很多與 TNT 相關的事情，所以我也會讓 Raj 詳細說明一些即將發生的事件。

Yes. So Bascome, thank you for the question there. I think it's -- the end of this month, it's a very important date for us as we complete the physical integration. Europe remains a big profit opportunity for us going forward. Just to put it in perspective, today, we -- FedEx operates 350 flights a week, serving 42 airports, and TNT operates 600 flights serving 59 airports. By combining, we're going to reduce the total flights to 825, but we extend our reach to serve 72 airports. So fewer flights, more airports, and oh by the way, because they are jets, extended [profit] time, so the value proposition gets better.

是的。所以Bascome，謝謝你的問題。我認為這是 - 本月底，這對我們來說是一個非常重要的日子，因為我們完成了物理整合。歐洲仍然是我們前進的巨大利潤機會。簡單地說，今天，我們——聯邦快遞每週運營 350 個航班，服務於 42 個機場，而 TNT 運營 600 個航班，服務於 59 個機場。通過合併，我們將把航班總數減少到 825 個，但我們將服務範圍擴大到 72 個機場。所以更少的航班，更多的機場，順便說一句，因為它們是噴氣式飛機，延長了[利潤]時間，所以價值主張變得更好。

So that happens right away in April. The logic behind our acquisition of TNT remains sound. We are closing a portfolio gap because we did not have an intra-European deferred service, and now we do. With this, we can also now serve Europe in and out on a lower cost structure. And we also launched priority timed options. We have noon and end-of-day service, and it gives us flexibility. So a lot of things going on as we -- Mike already talked to you about the back-office savings there.

所以這會在四月立即發生。我們收購 TNT 背後的邏輯仍然是合理的。我們正在縮小投資組合缺口，因為我們沒有歐洲內部的延期服務，現在我們有了。有了這個，我們現在也可以以較低的成本結構進出歐洲。我們還推出了優先定時選項。我們有中午和結束的服務，它給了我們靈活性。我們發生了很多事情——邁克已經和你談過那裡的後台節省。

The CDG hub, 17,000 pieces per hour. I was there 2, 3 months ago, and built back there in May again. It was something to behold. And so it's going to be -- we are confident here that this now sets the stage for our improved performance in Europe from here on out. Thank you so much.

CDG 集線器，每小時 17,000 件。 2、3 個月前我在那裡，並在 5 月再次在那裡建造。這是值得一看的。所以它將會是 - 我們在這裡有信心，現在這為我們從現在開始在歐洲改善表現奠定了基礎。太感謝了。

Our next question comes from Brian Ossenbeck with JPMorgan. We'll move on to our next question from Helane Becker with Cowen and Company.

我們的下一個問題來自摩根大通的 Brian Ossenbeck。我們將繼續討論 Helane Becker 與 Cowen and Company 的下一個問題。

I just have 2 questions. One is, when you say that you're taking share, I think, Brie, you mentioned that, can you just be a little more specific about where that share shift is coming either in verticals or geographically? And then my other question is with respect to your facilities. Can you just talk a little bit about the use of robotics and automation that lower -- potentially could lower labor costs.

我只有2個問題。一個是，當你說你正在分享份額時，我想，Brie，你提到過，你能否更具體地說明份額轉移在垂直或地理上的位置？然後我的另一個問題是關於你們的設施。你能談談機器人技術和自動化的使用嗎？可能會降低勞動力成本。

Sure. Happy to talk about our targeted revenue growth strategy. So from a market share perspective, our goal here is to take share strategically in the segments that value our network. And as we've talked about over the last year or 2, we've made some pretty significant enhancements in our network and our value proposition, some of which I covered earlier.

當然。很高興談論我們的目標收入增長戰略。因此，從市場份額的角度來看，我們的目標是在重視我們網絡的細分市場中戰略性地佔有份額。正如我們在過去一兩年中談到的那樣，我們已經在我們的網絡和我們的價值主張中做出了一些非常重要的改進，其中一些我之前已經介紹過。

From a small-business perspective, we have taken share over the last several years consistently. And this year, we actually have seen our small-business segment grew faster than our large-customer segment. So we're really pleased with that. When we compare ourselves to our primary competitor, I still have share upside in both B2B as well as in e-commerce. And as I mentioned, we are very disciplined and very focused on our small-business acquisition strategy. We're doing some things very differently. We're acquiring them direct. What do I mean? We're not going en masse through platforms. We're being very selective with the platform partners that we are choosing because we want to have that direct relationship with the small customer. We have a fantastic loyalty program that no one else in the market has. We are strategically using earned discount to bundle our parcel in our LTL portfolio, which of course, our primary competitor can no longer do.

從小企業的角度來看，我們在過去幾年中一直佔據份額。今年，我們實際上已經看到我們的小企業部門的增長速度快於我們的大客戶部門。所以我們對此非常滿意。當我們將自己與我們的主要競爭對手進行比較時，我在 B2B 和電子商務中仍然佔有優勢。正如我所提到的，我們非常自律，非常專注於我們的小企業收購戰略。我們正在做一些非常不同的事情。我們直接收購它們。我是什麼意思？我們不會大量通過平台。我們對我們選擇的平台合作夥伴非常挑剔，因為我們希望與小客戶建立直接關係。我們有一個出色的忠誠度計劃，市場上沒有其他人擁有。我們戰略性地使用賺取的折扣將我們的包裹捆綁在我們的零擔運輸組合中，當然，我們的主要競爭對手不能再這樣做了。

So from a small-business perspective, historically, we've taken share this year. I've seen small business grow faster than large. And I'm talking predominantly here in the United States, although I will tell you that both Europe and EMEA are rolling out a very similar playbook. So we're very optimistic about our share opportunity there as well.

所以從小企業的角度來看，從歷史上看，我們今年已經分享了。我看到小企業的增長速度比大企業快。我主要在美國談論，儘管我會告訴你歐洲和歐洲、中東和非洲都在推出一個非常相似的劇本。因此，我們也非常看好我們在那裡的分享機會。

Additionally, we saw APAC or our EMEA region take share, and we're very pleased with that as well. They've been very focused, and we see strong momentum out of Asia as well as out of Europe in e-commerce -- intercontinental e-commerce. The premium piece of that market is a share opportunity, those that pay for the value proposition there.

此外，我們看到亞太地區或我們的歐洲、中東和非洲地區獲得份額，我們也對此感到非常高興。他們一直非常專注，我們看到亞洲和歐洲在電子商務——洲際電子商務方面的強勁勢頭。該市場的優質部分是一個分享機會，那些為那裡的價值主張買單的機會。

From a Europe perspective, we have not been as successful from a share perspective, but we could not be more excited about what Raj just covered. This physical integration allows us to unleash just an incredible value proposition. We've got some brand awareness, work to do still, but I'm very optimistic that you're going to see some real momentum in Europe next year. So I hope that answers your question but happy to answer any other details you need.

從歐洲的角度來看，從份額的角度來看，我們並沒有那麼成功，但我們對 Raj 剛剛報導的內容感到非常興奮。這種物理集成使我們能夠釋放出令人難以置信的價值主張。我們已經有了一些品牌知名度，還有工作要做，但我非常樂觀地認為明年你會在歐洲看到一些真正的勢頭。所以我希望能回答你的問題，但很樂意回答你需要的任何其他細節。

Let me take this opportunity to give a shout-out to all our commercial teams because they've done really a remarkable job of growing share and managing revenue quality, and we'll continue to do that. On the robotics front, it's a very important question, Helane. And I think especially in the last year or so, the field of robotics itself has actually changed because -- with AI and ML coming to the picture, there's significant developments in the robotics field. So we think it's a huge opportunity for us.

讓我藉此機會向我們所有的商業團隊致敬，因為他們在增加份額和管理收入質量方面做得非常出色，我們將繼續這樣做。在機器人技術方面，這是一個非常重要的問題，Helane。我認為尤其是在過去一年左右，機器人領域本身實際上已經發生了變化，因為隨著人工智能和機器學習的出現，機器人領域有了重大發展。所以我們認為這對我們來說是一個巨大的機會。

And again, we already -- if you look at some of the facilities that we have in Ground, a lot of facilities are now automated. But we can move further here. We're obviously working on several processes inside the hubs and to involve robotics and also working with partners and on autonomous vehicles. We have FedEx Roxo for same-day delivery on demand, and we have partners like Nero and also over the road. So a lot of effort in this direction because it's very strategic and could have big implications in the years to come. So again, thanks for the question.

再說一次，我們已經 - 如果你看看我們在 Ground 的一些設施，很多設施現在都是自動化的。但我們可以在這裡走得更遠。顯然，我們正在研究中心內的幾個流程，並涉及機器人技術，還與合作夥伴和自動駕駛汽車合作。我們有 FedEx Roxo 可按需提供當日送達服務，我們有 Nero 等合作夥伴，也有在路上的合作夥伴。所以在這個方向上做了很多努力，因為它非常具有戰略意義，並且可能在未來幾年產生重大影響。再次感謝您的提問。

Yes. Helane, this is Mike. It's unquestionably the case to amplify the point Raj made that you're seeing tremendous amount of capital coming into the robotics space as a result of the labor market constraints that have been experienced worldwide. So that's really an opportunity. And certainly, when you are here to visit here in a few months, you'll get the opportunity to see within our facilities, how that really works because that is where the bulk of the labor is deployed as the loading and unloading of the trailers there, particularly in the ground facilities, given the investments we've made in automating all the sortation in that. So a very relevant point to raise.

是的。海倫，這是邁克。毫無疑問，Raj 提出的觀點是，由於全球勞動力市場的限制，您看到大量資金進入機器人領域。所以這真的是一個機會。當然，當您在幾個月後來這裡參觀時，您將有機會在我們的設施內看到它是如何運作的，因為大部分勞動力都部署在拖車的裝卸處在那裡，特別是在地面設施中，考慮到我們在自動化所有分揀方面所做的投資。所以提出一個非常相關的觀點。

Our next question comes from Jeff Kauffman with Vertical Research Partners.

我們的下一個問題來自 Vertical Research Partners 的 Jeff Kauffman。

I'd like to get back to the question on the improvement that you were seeing and marked throughout the network. Obviously, the global supply-demand equation has changed a lot with the recent events in Eastern Europe. So I think earlier, you were giving us a view more of the Omicron impact on domestic express. Could you talk a little bit about what's going on globally as you move from February into March? I know Omicron impacted Europe, you mentioned. And now we've got a new version of COVID in Asia. What does the step-up look like on the international side? And how have the events in Eastern Europe affected global capacity?

我想回到關於您在整個網絡中看到和標記的改進的問題。顯然，隨著東歐最近發生的事件，全球供需關係發生了很大變化。所以我認為早些時候，你讓我們更多地了解了 Omicron 對國內快遞的影響。您能否談談從 2 月到 3 月在全球範圍內發生的事情？你提到過，我知道 Omicron 影響了歐洲。現在我們在亞洲有了新版本的 COVID。國際方面的升級是什麼樣的？東歐的事件如何影響全球產能？

Well, let me start and I'm sure Brie will clean me up here. Firstly, it's kind of almost funny that Omicron is almost a thing in memory even though it was ravaging just a couple of months ago but is now behind us in that sense. And we have other bigger things now to deal with.

好吧，讓我開始吧，我相信布里會在這裡收拾我。首先，有點有趣的是，Omicron 幾乎是記憶中的一件事，儘管它在幾個月前還肆虐，但從這個意義上說現在已經落後於我們了。我們現在還有其他更大的事情要處理。

The conflict in Europe was really tragic. First ground war like that in many, many years. And -- but the impact on the economy is something that we have to see. I think it starts with the cost of fuel. As the fuel cost goes up around the world, inflation goes up, and then, because of that, the potential economic slowdown. How long this lasts is anybody's guess. I'm not going to project that forward. So we'll have to be very flexible and nimble in dealing with that situation.

歐洲的衝突真的很悲慘。很多年以來第一次這樣的地面戰爭。而且 - 但對經濟的影響是我們必須看到的。我認為這要從燃料成本開始。隨著全球燃料成本的上漲，通貨膨脹率上升，然後，因此，潛在的經濟放緩。這會持續多久，誰也說不准。我不打算把它向前投射。所以我們必須非常靈活和靈活地處理這種情況。

We're watching the China situation carefully. Our operations are close to normal as we speak. And the demand is still very strong. But again, this is a very dynamic situation. And we have more than 10% of our employees in a closed loop system today, working -- I mean, just amazing job by our team in keeping our operations going. So this is something that's very fluid in nature, and we got to watch as we go along. I don't know, Brie, if you had anything more?

我們正在仔細觀察中國的局勢。正如我們所說，我們的運營接近正常。而且需求還是很旺盛的。但同樣，這是一個非常動態的情況。今天，我們有超過 10% 的員工在一個閉環系統中工作——我的意思是，我們的團隊在保持我們的運營方面做得非常出色。所以這在本質上是非常流動的，我們必須邊看邊看。我不知道，布里，你還有什麼嗎？

No, not a whole lot more to add. As I've mentioned, global commercial capacity is still constrained. And as a result, right now, we have not seen an impact despite the high inflationary environment as we talked about some of the risks we see from a consumer perspective. Out of Asia, demand seems pretty high because of the current commercial capacity constraint, but also, as I mentioned, because inventory levels are still so low.

不，沒有更多要添加的內容。正如我所提到的，全球商業容量仍然受到限制。因此，目前，儘管通脹環境高企，但我們還沒有看到影響，因為我們談到了從消費者角度看到的一些風險。在亞洲以外，由於目前的商業產能限制，需求似乎相當高，而且正如我所提到的，因為庫存水平仍然很低。

So right now, demand looks good coming out of Asia. We're keeping an eye on the United States as well as in Europe. Right now, from a Europe perspective, we believe we still have some opportunities, as I talked about, to take share, and that's our intent. So right now, we're feeling pretty good. But as Raj talked about, things can change, and we will adapt as required to do so.

所以現在，來自亞洲的需求看起來不錯。我們正在關注美國和歐洲。現在，從歐洲的角度來看，我們相信我們仍然有一些機會，正如我所說的那樣，可以分享，這就是我們的意圖。所以現在，我們感覺很好。但正如 Raj 所說，事情可能會發生變化，我們將根據需要進行調整。

Next question comes from Scott Schneeberger with Oppenheimer.

下一個問題來自 Scott Schneeberger 和 Oppenheimer。

Just a clarification kind of on that last question. You discussed some of the Russian conflict, some indirect collateral issues. Could you please just give us a bit of a size of how much business Russia and Eastern Europe represents to you?

只是對最後一個問題的澄清。你討論了一些俄羅斯衝突，一些間接附帶問題。能否請您簡單介紹一下俄羅斯和東歐對您來說代表了多少業務？

And then just switching gears. Could you talk about sustainability of freight margins? Obviously, you have been very strong for a long time now and look like it continues to have momentum. Should we continue to expect in the mid-teens, or is that something that you would expect to change as we move through the rest of the calendar year?

然後只是換檔。您能談談運費利潤率的可持續性嗎？很明顯，你現在很長一段時間都很強大，而且看起來它還在繼續保持勢頭。我們是否應該繼續期待在十幾歲的時候，或者隨著我們度過日曆年的剩餘時間，你會期望改變這種情況？

Thank you, Scott. I think if I got the first question right, I think the -- if you're specifically talking about the 3 markets, Ukraine, Russia and Belarus, the profit impact for that is nonmaterial. So that -- if you have another question, I'm happy to take it.

謝謝你，斯科特。我認為，如果我的第一個問題是正確的，我認為 - 如果您具體談論烏克蘭、俄羅斯和白俄羅斯這三個市場，那麼對利潤的影響是非實質性的。所以——如果你還有其他問題，我很樂意回答。

On the FedEx Freight, I'm just delighted with the progress that we have made there. We have made -- it's been years in the making, so to speak. We are focused heavily on revenue quality management and operational efficiency. And also again, let me make this point, FedEx Freight is doing a remarkable job in stepping up and helping other operating companies as needed. I think this is a winning formula and we expect that to continue.

在聯邦快遞貨運方面，我對我們在那裡取得的進展感到高興。我們已經製作了 - 可以這麼說，它已經製作了多年。我們非常注重收入質量管理和運營效率。再說一次，讓我指出這一點，聯邦快遞貨運在加強並根據需要幫助其他運營公司方面做得非常出色。我認為這是一個成功的公式，我們希望這種情況繼續下去。

And that does conclude today's question-and-answer session. At this time, I will turn the conference back to Mickey Foster for any additional or closing remarks.

這確實結束了今天的問答環節。此時，我會將會議轉回給 Mickey Foster，以獲取任何補充或閉幕詞。

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

感謝您參加聯邦快遞公司的第三季度收益電話會議。如果您對 FedEx 有任何其他問題，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 today's conference. We thank you for your participation. You may now disconnect.

這確實結束了今天的會議。我們感謝您的參與。您現在可以斷開連接。