聯邦快遞 (FDX) 2022 Q4 法說會逐字稿

Good day, everyone, and welcome to the FedEx Corporation Fourth 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 財年第四季度財報電話會議。今天的電話正在錄音。

At this time, I'd 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 Mickey Foster。請繼續。

Good afternoon, and welcome to FedEx Corporation's fourth quarter earnings conference call. The fourth quarter earnings release and stat book are on our website at fedex.com. This call is being streamed from our website where the replay will be available for about 1 year.

下午好，歡迎參加聯邦快遞公司第四季度財報電話會議。第四季度收益發布和統計數據可在我們的網站 fedex.com 上找到。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。

Joining us on the call today are members of the media. (Operator Instructions)

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

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

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

Joining us on the call today: Raj Subramaniam, President and CEO; Mike Lenz, Executive Vice President and CFO; and Brie Carere, Executive Vice President and Chief Customer Officer.

今天加入我們的電話會議：總裁兼首席執行官 Raj Subramaniam； Mike Lenz，執行副總裁兼首席財務官；以及執行副總裁兼首席客戶官 Brie Carere。

And now Raj will share his views on the quarter.

現在 Raj 將分享他對本季度的看法。

Thank you, Mickey, and good afternoon, everyone. I'd like to start by thanking Team FedEx for continuing to move the world forward amid unanticipated challenges. This was recently displayed during Operation Fly Formula, where, in response to the critical shortage rippling across the United States, we have moved hundreds of thousands of pounds of baby formula from Europe to the U.S. And this weekend, our team will move 52 tons of medical relief to Poland for Ukrainian refugees in coordination with Direct Relief International.

謝謝你，米奇，大家下午好。首先，我要感謝聯邦快遞團隊在意想不到的挑戰中繼續推動世界前進。最近在“飛行配方奶粉行動”中展示了這一點，為了應對美國各地嚴重的短缺問題，我們已將數十萬磅的嬰兒配方奶粉從歐洲運往美國。本週末，我們的團隊將運送 52 噸與 Direct Relief International 協調，為烏克蘭難民提供醫療救助。

Now turning to our financials. I'm proud to share that in the face of an increasingly challenging global backdrop, we finished fiscal '22 with our highest-ever revenue of $93.5 billion and adjusted operating income of $6.9 billion, both up 11% year-over-year. This is a testament to our value proposition and continued execution against our long-term strategy.

現在轉向我們的財務。面對日益嚴峻的全球背景，我很自豪地與大家分享這一點，我們在 22 財年以 935 億美元的最高收入和 69 億美元的調整後營業收入結束了 22 財年，均同比增長 11%。這證明了我們的價值主張和對我們長期戰略的持續執行。

As I shared on the last call, we have worked through many network inefficiencies caused by labor shortages. Although wage rates remain higher than this time last year, they are stabilizing. Still, COVID-related conditions slowed global recovery and pressured second half performance.

正如我在上次電話會議中分享的那樣，我們已經解決了許多由勞動力短缺導致的網絡效率低下問題。儘管工資率仍然高於去年這個時候，但它們正在企穩。儘管如此，與新冠病毒相關的情況減緩了全球復甦並給下半年的業績帶來壓力。

While Q4 volumes were down year-over-year at all our transportation segments compared to an extraordinary fiscal year '21, we successfully implemented strategic actions that drove double-digit yield improvement across the board, with Express composite yield per package up 20%, Ground up 11% and Freight yield per shipment up 28%.

雖然與非凡的 21 財年相比，我們所有運輸部門的第四季度銷量同比下降，但我們成功實施了戰略行動，推動了兩位數的收益率全面提升，每個包裹的 Express 綜合收益率增長了 20%，地面增長 11%，每批貨運收益增長 28%。

We remain focused on revenue quality as one of the key levers to help offset the ongoing macroeconomic pressures and driving improved margins going forward.

我們仍然專注於收入質量，作為幫助抵消持續的宏觀經濟壓力和推動未來利潤率提高的關鍵槓桿之一。

Turning to Express. Even in the face of higher operating expenses related to inflationary pressures, we delivered improved quarterly operating income and revenue. Thoughtful execution of our new revenue management actions has allowed us to overcome headwinds from COVID lockdowns in Asia and geopolitical uncertainty in Europe.

轉向快遞。即使面對與通脹壓力相關的更高運營費用，我們的季度運營收入和收入也有所改善。深思熟慮地執行我們新的收入管理行動，使我們能夠克服亞洲 COVID 封鎖和歐洲地緣政治不確定性帶來的不利因素。

At FedEx Ground, we experienced modest revenue growth driven by higher yields as a result of pricing actions and improved volume mix. Volumes declined year-over-year due to our efforts to constrain economy volume as well as lower customer demand.

在 FedEx Ground，由於定價行動和改進的銷量組合，我們經歷了更高的收益率推動的適度收入增長。由於我們努力限制經濟量以及降低客戶需求，銷量同比下降。

We will continue to leverage opportunities to maximize utilization of existing facilities through operational adjustments, including multiple preload and relay operations. Ground operating expenses continued to be pressured by higher purchase transportation and wage rates, although we see these pressures stabilizing.

我們將繼續利用機會，通過運營調整（包括多次預加載和中繼操作）最大限度地利用現有設施。地面運營費用繼續受到更高的採購運輸和工資率的壓力，儘管我們看到這些壓力正在穩定。

We continue to proactively address labor availability head on through multiple levers as we increase the front-line retention and refined the recently launched package handler scheduling tool, will not only ensure we have the right level of staffing for every sort based on volume, will ensure a workforce that is safe, efficient and highly engaged to stay and grow with the company.

我們繼續通過多個槓桿主動解決勞動力可用性問題，因為我們增加了一線保留率並改進了最近推出的包裹處理程序調度工具，不僅將確保我們根據數量為每種分類提供適當的人員配備水平，還將確保一支安全、高效和高度敬業的員工隊伍，與公司共同成長。

Additionally, we are implementing several technology-based initiatives that are driving increased productivity in our line haul and dock operations as well as continuing our efforts to optimize the last mile. We're seeing early benefit from these efforts, with productivity of Ground dock operations improving 6% in Q4 compared to Q3.

此外，我們正在實施幾項基於技術的舉措，這些舉措正在推動我們的長途運輸和碼頭運營的生產力提高，並繼續努力優化最後一英里。我們看到了這些努力的早期收益，與第三季度相比，第四季度地面碼頭運營的生產力提高了 6%。

FedEx Freight once again delivered outstanding results with fourth quarter operating margin of almost 22% driven by a continued focus on revenue quality. A job well done to Lance Moll on his first full fiscal year as Freight CEO and to our Freight and Commercial teams for their solid execution.

聯邦快遞貨運再次取得出色的業績，第四季度的營業利潤率接近 22%，這得益於對收入質量的持續關注。 Lance Moll 在擔任貨運首席執行官的第一個完整財政年度以及我們的貨運和商業團隊的紮實執行力方面做得很好。

As we look ahead to fiscal year '23, we expect the macroeconomic risks both in the U.S. and globally to continue to put stress on supply chains and trade. Brie will cover this in more detail shortly. Let me now reaffirm confidence in our key strategies.

展望 '23 財年，我們預計美國和全球的宏觀經濟風險將繼續給供應鍊和貿易帶來壓力。 Brie 將在稍後更詳細地介紹這一點。現在讓我重申對我們關鍵戰略的信心。

As CEO, my focus is maximizing total shareholder return driven by improved revenue quality, higher margins and a balanced capital allocation strategy, which Mike will provide more color on shortly. Importantly, our foundational long-term investments have set the stage one of the strong year, driven by focus on lowering our cost to serve.

作為首席執行官，我的重點是通過提高收入質量、更高的利潤率和平衡的資本分配策略來最大化股東總回報，邁克將很快提供更多的色彩。重要的是，在專注於降低服務成本的推動下，我們的基礎性長期投資為強勁的一年奠定了基礎。

A great example of where we are going to lower our cost to serve is in Europe. The integrated network and consolidation of many flights into our Charles de Gaulle hub allows us to improve operational efficiency and enhances our network. For instance, since April, the number of European airports we service from CDG increased by 71%, but the number of flights intra-Europe was reduced by 13%. We're confident that actions like this will drive bottom line improvement in fiscal year '23.

我們將降低服務成本的一個很好的例子是在歐洲。集成網絡和將許多航班整合到我們的戴高樂樞紐使我們能夠提高運營效率並增強我們的網絡。例如，自 4 月以來，我們從 CDG 服務的歐洲機場數量增加了 71%，但歐洲內部的航班數量減少了 13%。我們相信，這樣的行動將推動 23 財年的底線改善。

As we move forward, I'm honored to lead our global team who enable FedEx to deliver what's next. And speaking of what's next, we are looking forward to hosting our investors in Memphis in a few days. Our goal for this 2-day event is for attendees to leave with a deep understanding of our strategies, including financial targets and priorities and how we plan to execute.

在我們向前邁進的過程中，我很榮幸能夠領導我們的全球團隊，讓 FedEx 能夠交付未來的產品。說到下一步，我們期待幾天后在孟菲斯接待我們的投資者。我們為期 2 天的活動的目標是讓與會者深入了解我們的戰略，包括財務目標和優先事項以及我們計劃如何執行。

Now before I turn it over to Brie, I'd like to say a few words about FedEx Express' President and CEO, Don Colleran, whose 40-year career with FedEx has been nothing but short of exceptional. As one of the pioneers of our international business, he helped lay a foundation for the significant growth in that sector of the FedEx portfolio. Since assuming his current role in 2019, he's launched new capabilities for our customers and led our global FedEx Express team through some of the most challenging times, including the COVID pandemic.

現在，在我把它交給布里之前，我想談談聯邦快遞的總裁兼首席執行官唐·科勒蘭 (Don Colleran)，他在聯邦快遞 40 年的職業生涯堪稱非凡。作為我們國際業務的先驅之一，他幫助為聯邦快遞投資組合該領域的顯著增長奠定了基礎。自 2019 年上任以來，他為我們的客戶推出了新功能，並帶領我們的全球 FedEx Express 團隊度過了一些最具挑戰性的時期，包括 COVID 大流行。

As announced in March, Don will move into CEO Executive Advisor role in September of this year in support of Richard Smith's transition to the CEO of FedEx Express and will retire from FedEx in December. Don, we appreciate your service and countless contributions to this company. We wish you nothing but the best in your well-deserved next chapter.

正如 3 月份宣布的那樣，Don 將於今年 9 月擔任 CEO 執行顧問一職，以支持 Richard Smith 向聯邦快遞首席執行官的過渡，並將於 12 月從聯邦快遞退休。唐，我們感謝您的服務和對這家公司的無數貢獻。我們希望您在當之無愧的下一章中一切順利。

And now let me turn it over to Brie, who last week was named Chief Customer Officer in a move that aligns several teams under her leadership to give us even greater focus on our commercial strategy and our end-to-end customer experience. So Brie.

現在讓我把它交給 Brie，她上週被任命為首席客戶官，此舉將她領導下的幾個團隊聯合起來，讓我們更加關注我們的商業戰略和端到端的客戶體驗。所以布里。

Thank you, Raj. It's an honor and a privilege to take on this responsibility to deliver for our customers and drive quality growth for our shareholders. I'd like to reflect on fiscal year '22, then drill down to fourth quarter '22 revenues. Finally, I will discuss the outlook for fiscal year 2023.

謝謝你，拉傑。承擔這一責任為我們的客戶提供服務並為我們的股東推動質量增長是一種榮幸和榮幸。我想回顧一下 22 財年，然後深入到 22 年第四季度的收入。最後，我將討論 2023 財年的前景。

Fiscal year 2022 was another year of change for FedEx. The operating environment was quite challenging, requiring flexibility and creativity on the part of our management, staff and front-line team members to ensure we deliver for our customers. I am proud of how our team rose to this challenge. We executed against our commercial strategy and remained intently focused on revenue quality across the business.

2022 財年是聯邦快遞又一個變化的一年。經營環境頗具挑戰性，需要我們的管理層、員工和一線團隊成員的靈活性和創造力，以確保我們為客戶提供服務。我為我們的團隊如何應對這一挑戰感到自豪。我們執行我們的商業戰略，並始終專注於整個業務的收入質量。

In the fourth quarter, our consolidated revenue increased 8% year-over-year. Revenue management actions drove our growth, which was partially offset by lower shipment demand. FedEx Ground and FedEx Express generated year-over-year revenue growth of 4% and 6%, respectively, despite lower volume levels.

第四季度，我們的綜合收入同比增長 8%。收入管理行動推動了我們的增長，這部分被較低的出貨需求所抵消。儘管銷量水平較低，但 FedEx Ground 和 FedEx Express 的收入同比分別增長 4% 和 6%。

At FedEx Ground, yield management actions affecting our FedEx Ground Economy service is the primary factor behind volume declines, with FedEx Ground Economy volumes down 36%. In contrast, our commercial and our home delivery volumes declined 1% due to macroeconomic conditions.

在 FedEx Ground，影響 FedEx Ground Economy 服務的收益管理措施是導致貨運量下降的主要因素，FedEx Ground Economy 貨運量下降了 36%。相比之下，由於宏觀經濟狀況，我們的商業和送貨上門量下降了 1%。

At FedEx Express, COVID lockdowns, geopolitical uncertainty and slower economic growth contributed to package volume decline of 11%. In some areas, we also selectively reduced volume to ensure we could deliver the service that is expected of FedEx.

在 FedEx Express，COVID 的封鎖、地緣政治的不確定性和經濟增長放緩導致包裹量下降了 11%。在某些領域，我們還選擇性地減少了運輸量，以確保我們能夠提供聯邦快遞所期望的服務。

FedEx Freight had a banner revenue quality quarter, growing yield of 28%. FedEx Freight's market-leading value proposition, combined with the disciplined execution of our sales team, drove these exceptional results. The FedEx Freight team continues to do a phenomenal job at managing revenue quality.

FedEx Freight 的收入質量非常好，收益率增長了 28%。 FedEx Freight 市場領先的價值主張，加上我們銷售團隊紀律嚴明的執行力，推動了這些非凡的業績。聯邦快遞貨運團隊繼續在管理收入質量方面做得非常出色。

Now let me take a moment to discuss 2023. We anticipate consumers will keep spending, and their spending will continue tilting towards services from goods. We expect more consumers to return to stores. With this backdrop, we do expect pressure on B2C volumes.

現在讓我花點時間討論一下 2023 年。我們預計消費者將繼續支出，他們的支出將繼續從商品向服務傾斜。我們預計會有更多消費者返回商店。在這種背景下，我們確實預計 B2C 交易量將面臨壓力。

Through May, industrial activity has been solid. But today's June flash of PMI was a sharp decline. Further, after a strong build late last year and early this year, inventory restocking is slowing. This will dampen Freight demand.

整個五月，工業活動一直很穩固。但今天 6 月的 PMI 指數急劇下降。此外，在去年底和今年年初強勁增長之後，庫存補充正在放緩。這將抑制貨運需求。

Our international businesses continue to navigate a dynamic environment. Global trade growth has slowed from disruptions related to lockdowns in China and the conflict in Ukraine, limiting the flow of goods and reducing international export volumes. We do anticipate supply chain disruptions throughout the fiscal year.

我們的國際業務繼續在充滿活力的環境中航行。全球貿易增長因與中國封鎖和烏克蘭衝突有關的中斷而放緩，限制了貨物流動並減少了國際出口量。我們確實預計整個財年的供應鏈都會中斷。

We continue to expect passenger airlines to fully recover to pre-COVID levels, and that, that recovery will take some time. Belly capacity on passenger airlines is expected to remain constrained in fiscal year 2023, resulting in a pricing environment still favorable to FedEx if a little less than before.

我們繼續預計客運航空公司將完全恢復到 COVID 之前的水平，而這種恢復將需要一些時間。客運航空公司的腹部運力預計在 2023 財年仍將受到限制，因此即使比以前少一點，定價環境仍對聯邦快遞有利。

The Europe to Asia lane is estimated to recover in Q1 calendar year '24, and belly capacity on trans-Pacific airlines is estimated to recover in Q3 calendar year '24. Commercial capacity between Europe and Asia is not expected to recover until Q1 of calendar year 2025.

歐洲至亞洲航線預計將在 24 年第一季度恢復，跨太平洋航空公司的機艙運力預計將在 24 年第三季度恢復。預計歐洲和亞洲之間的商業產能要到 2025 年第一季度才能恢復。

Our fiscal '23 forecast assumes a normalized economic environment. The factors I discussed earlier have been incorporated into our volume forecast. Our volume forecast has low single-digit volume growth.

我們的 23 財年預測假設經濟環境正常化。我之前討論的因素已納入我們的銷量預測。我們的銷量預測具有低個位數的銷量增長。

We've also prepared plans to manage through a slowing economic environment, if required. We will take costs and revenue actions to mitigate impact of further economic softening, incorporating the lessons learned over the last 2 extraordinary years.

如果需要，我們還制定了應對經濟環境放緩的計劃。我們將採取成本和收入措施，以減輕經濟進一步疲軟的影響，並結合過去 2 年非常時期的經驗教訓。

In fiscal '23, we will execute a very targeted growth strategy. We will prioritize revenue quality and our intent on pursuing business that provides attractive yields on our assets.

在 23 財年，我們將執行非常有針對性的增長戰略。我們將優先考慮收入質量和我們追求能夠為我們的資產提供有吸引力的收益的業務的意圖。

We expect the pricing environment will remain rational here in the United States and also around the world. We believe that the systemic changes, especially e-commerce peak surcharges, are durable changes for the industry. We are closely monitoring both inflation and fuel prices. And as a reminder, we adjust our fuel surcharge weekly in response to market rates.

我們預計美國和世界各地的定價環境將保持合理。我們認為，系統性變化，尤其是電商高峰附加費，對行業來說是持久的變化。我們正在密切關注通貨膨脹和燃料價格。提醒一下，我們每週都會根據市場價格調整燃油附加費。

I am confident we have the tools to get -- to continue getting inflation plus pricing. Strong revenue quality is possible because we will target customers who value FedEx's unique capabilities.

我相信我們有工具可以繼續獲得通貨膨脹和定價。強勁的收入質量是可能的，因為我們將瞄準重視 FedEx 獨特能力的客戶。

Let me talk about 4 of our favorite capabilities. First, we're the only provider to bundle our parcel and LTL portfolio. Second, FedEx Ground has 2 very significant advantages over our primary competitor. FedEx Ground is faster to more locations than UPS Ground, and FedEx Ground delivers on Sunday while UPS does not. Third, we continue to evolve our digital portfolio. Express and Ground are the first nationwide carriers to announce we will provide a picture proof of delivery for every U.S. residential delivery that doesn't require a signature. And fourth, we have a robust intercontinental offering for both B2B and B2B segments. FedEx provides fabulous solutions for the world's manufacturing, health care, high-tech and e-commerce customers.

讓我談談我們最喜歡的 4 個功能。首先，我們是唯一捆綁我們的包裹和 LTL 產品組合的供應商。其次，與我們的主要競爭對手相比，FedEx Ground 有兩個非常顯著的優勢。 FedEx Ground 比 UPS Ground 更快到更多地點，FedEx Ground 在周日交付，而 UPS 沒有。第三，我們繼續發展我們的數字產品組合。 Express 和 Ground 是第一家宣布我們將為每個不需要簽名的美國住宅交付提供圖片交付證明的全國性承運人。第四，我們為 B2B 和 B2B 細分市場提供強大的洲際產品。 FedEx 為全球製造業、醫療保健、高科技和電子商務客戶提供出色的解決方案。

In closing, this has been an extraordinary year for FedEx. We generated strong growth, executed on our revenue quality strategy and overcame industry-wide challenges. Our plan for fiscal '23 incorporates a dynamic environment, and we have the right strategies and the right team in place to deliver profitable growth and margin improvement.

最後，對於聯邦快遞來說，今年是不平凡的一年。我們實現了強勁的增長，執行了我們的收入質量戰略並克服了整個行業的挑戰。我們的 23 財年計劃融入了一個動態的環境，我們擁有正確的戰略和合適的團隊來實現盈利增長和利潤率提高。

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

有了這個，我會把它交給邁克的評論。

Thank you, Brie, and good afternoon, everyone. We had a strong fourth quarter, with adjusted earnings per share improving 37% year-over-year, revenue increasing 8% and consolidated adjusted operating margin expanding 50 basis points to 9.2%. These results reflect the outcome of the revenue management emphasis Brie described as we aggressively adjust to mitigate continued inflationary cost pressures.

謝謝你，布里，大家下午好。我們的第四季度表現強勁，調整後每股收益同比增長 37%，收入增長 8%，綜合調整後營業利潤率擴大 50 個基點至 9.2%。這些結果反映了布里所描述的收入管理重點的結果，因為我們積極調整以減輕持續的通脹成本壓力。

Notable fourth quarter year-over-year expense items included higher self-insurance costs, primarily at Ground, as well as a roughly $130 million impact from higher rates for both wages and purchased transportation. Offsetting these headwinds were favorable year-over-year comparisons for variable compensation of approximately $300 million and last year's $100 million contribution to Yale University to support our carbon neutrality goals.

值得注意的第四季度同比支出項目包括較高的自我保險成本，主要是在地面，以及工資和購買的交通費率上漲帶來的大約 1.3 億美元的影響。抵消這些不利因素的是有利的同比比較，可變薪酬約為 3 億美元，去年為支持我們的碳中和目標向耶魯大學捐款 1 億美元。

With that overview of consolidated results, I'll turn to the highlights for each of our transportation segments. Ground reported a 4% increase in revenue with operating income down approximately $260 million, resulting in an operating margin of 10%. Self-insurance expense increased approximately $200 million, reflecting a higher loss experience as well as an adjustment to the reserve for the projected cost of claims. We have multiple initiatives underway to mitigate the cost of risk, including new vehicle safety technology and driver certification standards in our service provider agreements.

通過對綜合結果的概述，我將轉向我們每個運輸部門的亮點。 Ground 報告收入增長 4%，營業收入下降約 2.6 億美元，營業利潤率為 10%。自我保險費用增加了大約 2 億美元，反映了更高的損失經歷以及對預計索賠成本準備金的調整。我們正在採取多項舉措來降低風險成本，包括我們的服務提供商協議中的新車輛安全技術和駕駛員認證標準。

The strong 11% yield improvement at Ground was not enough to offset that headwind, along with higher cost of wages and purchased transportation. Looking forward, the continued revenue quality emphasis in conjunction with specific productivity and workforce initiatives will drive improved profitability. Stabilization of the labor market will also support further traction in these areas.

Ground 11% 的強勁產量提高不足以抵消逆風，以及更高的工資和購買的運輸成本。展望未來，持續強調收入質量以及特定的生產力和勞動力計劃將推動盈利能力的提高。勞動力市場的穩定也將支持這些領域的進一步發展。

At Express, adjusted operating income increased by nearly 10% year-over-year, with operating margin improving by 20 basis points to 8.2%. This improvement was driven by higher yields, including the favorable net impact of fuel and lower variable compensation, which more than offset volume declines.

在 Express，調整後的營業收入同比增長近 10%，營業利潤率提高 20 個基點至 8.2%。這種改善是由更高的產量推動的，包括燃料的有利淨影響和較低的可變補償，這遠遠抵消了銷量的下降。

In addition, crew cost per flight hour have been further elevated as operating the network has had to accommodate not only COVID protocols, but also to the routing changes to avoid layovers and locations with stricter COVID regulations as well as conflict airspace.

此外，每個飛行小時的機組人員成本進一步提高，因為運營該網絡不僅必須適應 COVID 協議，而且還必須適應路線變化，以避免中途停留和具有更嚴格 COVID 規定的地點以及沖突空域。

Freight had an incredible finish to the year, with revenue for the fourth quarter increasing 23% and operating profit growing 67%. These outstanding results are a testimony to Freight's continued focus on revenue quality and profitable share growth as we build on our strengths as the leader in the LTL market.

貨運今年的業績令人難以置信，第四季度的收入增長了 23%，營業利潤增長了 67%。這些出色的業績證明了貨運繼續關注收入質量和盈利份額增長，因為我們建立了作為 LTL 市場領導者的優勢。

Turning to FY '23. We are projecting continued momentum with a range of 9% to 19% adjusted earnings per share improvement. We expect margin expansion at all of our transportation segments on an adjusted basis as we execute on key priorities, including enhanced revenue quality beyond inflation, technology-driven operational efficiency improvements and increasing utilization of our assets.

轉向 '23 財年。我們預計調整後每股收益將持續增長 9% 至 19%。隨著我們執行關鍵優先事項，包括提高收入質量超越通貨膨脹、技術驅動的運營效率提高和提高資產利用率，我們預計所有運輸部門的利潤率都會在調整後擴大。

As we begin fiscal 2023, we are seeing the lower customer demand trends we experienced in the fourth quarter continue into June and expect first quarter volumes will continue to be pressured. In addition, Express continues to experience flight constraints due to crew COVID protocols, as has been highlighted industry-wide.

隨著我們 2023 財年的開始，我們看到我們在第四季度經歷的較低的客戶需求趨勢將持續到 6 月，並預計第一季度的銷量將繼續受到壓力。此外，正如全行業所強調的那樣，由於機組人員 COVID 協議，Express 繼續受到飛行限制。

We do expect both Express air network efficiency and year-over-year volume comparisons across all of our transportation segments to strengthen as we go through the fiscal year. In addition, our outlook includes an approximately $450 million noncash pension headwind due to lower asset returns realized in fiscal 2022. This is all below the line expense that will be recognized evenly over the year.

我們確實預計，隨著我們整個財年的發展，我們所有運輸部門的 Express 航空網絡效率和同比運輸量比較都會得到加強。此外，由於 2022 財年實現的資產回報率較低，我們的前景包括約 4.5 億美元的非現金養老金逆風。這都低於將在全年平均確認的線費用。

Our retirement plan's operating expense will be relatively flat as lower pension expense will be offset by higher 401(k) expense. And as a reminder, our primary U.S. pension plans were closed to new entrants beginning in 2020, and we introduced a new 401(k) plan with a higher company match in January of 2022. Our projection for the full year effective tax rate is approximately 24% prior to the mark-to-market retirement plan adjustments and costs related to business optimization initiatives.

我們的退休計劃的運營費用將相對持平，因為較低的養老金費用將被較高的 401(k) 費用所抵消。提醒一下，我們的主要美國養老金計劃從 2020 年開始對新進入者關閉，我們在 2022 年 1 月推出了新的 401(k) 計劃，公司匹配度更高。我們對全年有效稅率的預測約為在按市值計價的退休計劃調整和與業務優化計劃相關的成本之前的 24%。

Turning to capital allocation. Our fiscal 2022 adjusted free cash flow of $3.6 billion supported the repurchase of approximately $2.2 billion of our stock and $800 million of dividend payments. In addition, we funded $500 million in voluntary pension contributions and ended the year with a solid $6.9 billion in cash. As we look to fiscal 2023, we remain focused on driving total shareholder return and thoughtfully allocating capital.

轉向資本配置。我們 2022 財年調整後的 36 億美元自由現金流支持回購了大約 22 億美元的股票和 8 億美元的股息支付。此外，我們還為自願性養老金繳款提供了 5 億美元的資金，並在年底以穩定的 69 億美元現金結束了這一年。展望 2023 財年，我們將繼續專注於推動股東總回報和謹慎分配資本。

First, we will continue to invest in attractive ROIC initiatives. Fiscal 2023 capital expenditures are projected to be roughly the same as the $6.8 billion invested during fiscal '22, which came in lower than our initial $7.2 billion estimate as supply chain considerations extended time lines. Facility investment at Ground will decline as well aircraft expenditures at Express. Offsetting that is increased investment in vehicle replacement, including rollout of our vehicle electrification initiatives as well as additional automation projects. We project fiscal 2023 CapEx as a percent of revenue to be under 7% compared to 7.2% for fiscal 2022.

首先，我們將繼續投資有吸引力的ROIC計劃。預計 2023 財年的資本支出與 22 財年投資的 68 億美元大致相同，低於我們最初的 72 億美元估計，因為供應鏈考慮延長了時間線。 Ground 的設施投資以及 Express 的飛機支出都將下降。抵消增加的車輛更換投資，包括推出我們的車輛電氣化計劃以及其他自動化項目。我們預計 2023 財年資本支出佔收入的百分比將低於 7%，而 2022 財年為 7.2%。

Next, we expect to repurchase an additional $1.5 billion of stock in the first half of fiscal 2023. And of course, as we announced last week, we are raising our dividend by over 50%, which increases our adjusted payout ratio to over 20%. These significant shareholder return advances reflect confidence in our continued execution and ability to adapt to the evolving market. And lastly, I'd add we are projecting $800 million of voluntary pension contributions to the U.S. plans.

接下來，我們預計將在 2023 財年上半年再回購 15 億美元的股票。當然，正如我們上周宣布的那樣，我們將股息提高了 50% 以上，這將我們的調整後派息率提高到了 20% 以上.這些顯著的股東回報進步反映了我們對持續執行和適應不斷變化的市場的能力的信心。最後，我要補充一點，我們計劃向美國計劃提供 8 億美元的自願養老金供款。

So we entered fiscal 2023 with a strong foundation for driving improved profitability and returns. We are mindful of the uncertainty across many fronts, including the pace of global economic activity, inflation, energy prices, additional pandemic developments and further geopolitical risks. We're actively adjusting to these changing circumstances.

因此，我們進入了 2023 財年，為提高盈利能力和回報奠定了堅實的基礎。我們注意到許多方面的不確定性，包括全球經濟活動的步伐、通貨膨脹、能源價格、其他流行病的發展和進一步的地緣政治風險。我們正在積極適應這些不斷變化的情況。

In closing, we are focused on delivering shareholder value by driving profitable revenue growth, expanding margins, lowering our capital intensity and improving returns to shareholders. And we look forward to sharing additional insights about our plans for this year and beyond at our investor meeting next week here in Memphis.

最後，我們專注於通過推動盈利性收入增長、擴大利潤率、降低資本密集度和提高股東回報來為股東創造價值。我們期待在下周於孟菲斯舉行的投資者會議上分享有關我們今年及以後計劃的更多見解。

Now we'll be happy to address your questions.

現在我們很樂意回答您的問題。

(Operator Instructions) And our first question will come from Brandon Oglenski with Barclays.

（操作員說明）我們的第一個問題將來自巴克萊銀行的 Brandon Oglenski。

Raj and Brie, congrats on the new roles, obviously. Look, guys, I know you want to discuss the future next week, and we'll be in Memphis for sure. But Raj, could you just give us what are your priorities for FedEx? Obviously, there's a pretty big change after 51 years under prior leadership and very big shoes to fill up for Mr. Smith. And one thing that keeps coming up on this call is revenue quality. So could you just give us a little bit more insight into that perceived change, at least, that I'm picking up on?

Raj 和 Brie，顯然祝賀新角色。聽著，伙計們，我知道你們想在下週討論未來，我們肯定會在孟菲斯。但是 Raj，您能否告訴我們您對 FedEx 的優先事項是什麼？顯然，在之前的領導下工作了 51 年之後，有一個相當大的變化，並且非常大的鞋子需要填補史密斯先生。在這個電話會議上不斷出現的一件事是收入質量。那麼，您能否讓我們更深入地了解我正在接受的那種感知變化？

And thank you, Brandon. I will start here and then have Brie talk a little bit more about revenue quality in a minute. But firstly, you're 100% right, we're building on a very strong foundation and very fortunate to have had the opportunity to work so closely with Fred over the years. And we have a strong foundation to build from. My strategy is pretty straightforward. The #1 element we talk about is revenue quality. And again, we will comment more about that.

謝謝你，布蘭登。我將從這裡開始，然後讓布里稍後再談談收入質量。但首先，你是 100% 正確的，我們正在建立一個非常強大的基礎，並且很幸運多年來有機會與 Fred 密切合作。我們有一個堅實的基礎可以建立。我的策略非常簡單。我們談論的第一要素是收入質量。同樣，我們將對此發表更多評論。

The second part of the strategy is going to be to improve operating margins in each of our operating companies, and we'll be extremely disciplined on our capital allocation and drive total shareholder return. So we'll look forward to sharing more with you next week, but let me turn it over to Brie talk about revenue quality.

戰略的第二部分將是提高我們每家運營公司的營業利潤率，我們將在資本分配方面非常自律，並推動股東總回報。因此，我們期待下週與您分享更多信息，但讓我把它交給布里談論收入質量。

Sure. Thanks, Raj. I think -- yes, we mentioned revenue quality a couple of times. We're operating in a very large market, and it's not a homogenous market. We have spent a lot of investment getting to the place we are today, and we are incredibly proud of that value proposition. And so we're very focused on customers who value that.

當然。謝謝，拉傑。我認為 - 是的，我們多次提到收入質量。我們在一個非常大的市場中運營，這不是一個同質化的市場。我們花了很多投資才達到今天的位置，我們為這一價值主張感到無比自豪。因此，我們非常關注重視這一點的客戶。

And so we're being selective in this market. We're targeting B2B. We're targeting small business, and we're really targeting customers that value the speed and the reliability we provide.

所以我們在這個市場上是有選擇性的。我們的目標是 B2B。我們的目標是小型企業，我們真正的目標是重視我們提供的速度和可靠性的客戶。

And our next question will come from Jack Atkins with Stephens.

我們的下一個問題將來自 Jack Atkins 和 Stephens。

I guess, Brie, for you. You noted in your comments that you expected continued above inflationary pricing. I guess when we look at Ground in particular, it doesn't feel like we've been able to see that over the last year, at least, with margins down 250 basis points or so. Where do you think the disconnect is there? And I guess as you look forward, perhaps is it a function of maybe the benefits from the pricing initiatives are going to be coming in '23, and we're seeing some lessening of some of these inflationary pressures? Maybe if you could just kind of help us walk through that, that'd be helpful.

我想，布里，為你。您在評論中指出，您預計將繼續高於通脹定價。我想當我們特別關注 Ground 時，感覺我們在過去一年中並沒有看到這一點，至少，利潤率下降了 250 個基點左右。你認為脫節在哪裡？而且我想，正如你所期待的那樣，這可能是定價舉措帶來的好處將在 23 年到來的一個功能，而且我們看到其中一些通脹壓力有所減輕？也許如果你能幫助我們解決這個問題，那會很有幫助。

Sure. Happy to, Jack. So I think from a revenue quality perspective, if you look at the fourth quarter, we're actually quite pleased with the revenue quality that we were able to secure at FedEx Ground.

當然。很高興，傑克。所以我認為從收入質量的角度來看，如果你看第四季度，我們實際上對我們能夠在 FedEx Ground 獲得的收入質量感到非常滿意。

I think 2 other things that is important to note within the mix of FedEx Ground. We're also very pleased that we've got the right mix. B2B is actually up, and small business mix is up in the fourth quarter. So we're very pleased with that.

我認為在 FedEx Ground 的組合中還有兩件事需要注意。我們也很高興我們得到了正確的組合。 B2B 實際上在上升，小企業組合在第四季度有所上升。所以我們對此非常滿意。

I will say what is pressuring, and honestly, what will pressure us as we move forward is weight will come down, depending on the economy. So that is putting some pressure. And then, of course, zone also is impacting that. But within each cell at FedEx Ground, we're quite confident that we are getting more for each package that we move. We're very pleased with the progress.

我會說什麼是壓力，老實說，在我們前進的過程中會給我們帶來壓力的是體重會下降，這取決於經濟。所以這會帶來一些壓力。然後，當然，區域也在影響這一點。但是在 FedEx Ground 的每個牢房內，我們非常有信心，我們移動的每個包裹都會獲得更多收益。我們對進展感到非常滿意。

And Jack, this is Mike. I want to make sure we emphasize, too, it's not singularly driven by revenue quality in terms of how we drive Ground margins further going forward. We won't repeat the labor challenges of last year, obviously. But in terms of the active initiatives we have underway, we'll get further maturation of the productivity initiatives that we started last year. We've got additional ones coming on later this year. And I alluded to, we've got multiple efforts to mitigate the liability costs. And we wouldn't expect the rate of increase that we have experienced the last couple of years on that front.

傑克，這是邁克。我想確保我們也強調，就我們如何進一步推動地面利潤率而言，這並不是由收入質量單獨驅動的。顯然，我們不會重複去年的勞工挑戰。但就我們正在進行的積極舉措而言，我們將進一步成熟我們去年開始的生產力舉措。今年晚些時候，我們還會推出更多產品。我提到過，我們已經做出了多項努力來降低責任成本。而且我們不會期望過去幾年在這方面經歷的增長率。

And our next question will come from Chris Wetherbee with Citi.

我們的下一個問題將來自花旗的 Chris Wetherbee。

Wanted to ask about the guidance, the EPS guidance. I guess it sounds like there are some headwinds or at least normalizations in your economic forecast as you think forward. Yet from an earnings perspective, obviously, it's a wide range, but the upper end of that range is a nice acceleration in terms of earnings growth from what we've seen.

想請教一下指導，EPS指導。我想這聽起來像你的經濟預測中存在一些逆風或至少正常化，因為你向前思考。然而，從收益的角度來看，顯然範圍很廣，但就我們所看到的收益增長而言，該範圍的上限是一個很好的加速。

And I know there are some headwinds that you have been facing in fiscal '22 that presumably turn to tailwinds or at least sort of get mitigated as we go forward, but I kind of wanted to square the sort of body language around the economy being a little bit softer but with the optimism about earnings power accelerating from where we are. So can you just help us a little bit with that?

而且我知道你在 22 財年面臨的一些逆風可能會變成順風，或者至少在我們前進的過程中得到緩解，但我有點想把圍繞經濟的那種肢體語言作為一種稍微疲軟，但對盈利能力的樂觀情緒從我們所處的位置加速。那麼你能幫我們一點忙嗎？

Well, Chris, this is Mike. I'll give a little context around -- our thinking around the range, and then Brie can give further backdrop for the economic perspective. But yes, we certainly are mindful of the conditions and uncertainty in the environment ahead. It's a wider range than we put out there last year exactly for that consideration. At the same time, though, we're confident that it's a balanced and achievable outcome that we can navigate amidst the uncertainty that's out there. So we felt that it was appropriate and where we need to get to.

好吧，克里斯，這是邁克。我將給出一些背景——我們對這個範圍的思考，然後布里可以為經濟視角提供進一步的背景。但是，是的，我們當然注意到未來環境的條件和不確定性。正是出於這個考慮，它比我們去年提出的範圍更廣。但與此同時，我們相信這是一個平衡且可實現的結果，我們可以在存在的不確定性中導航。所以我們覺得這是合適的，也是我們需要去的地方。

I think the only other thing that I will add is we kind of look at our -- number one, from a volume forecast perspective, we were conservative in the range and the volume itself. And then as we go through the year, the comps in the back half, especially here from a domestic perspective, they're actually a little bit easier for us. So we've taken both kind of the economy into consideration, the size of the market, and obviously, the year-over-year. But right now, we feel pretty good about the range we have.

我認為我要補充的唯一另一件事是我們看看我們的 - 第一，從數量預測的角度來看，我們在範圍和數量本身上是保守的。然後當我們度過這一年時，後半部分的比賽，特別是從國內的角度來看，他們實際上對我們來說更容易一些。因此，我們考慮了兩種經濟，市場規模，顯然，同比。但是現在，我們對我們擁有的範圍感覺很好。

And our next question comes from Amit Mehrotra.

我們的下一個問題來自 Amit Mehrotra。

Raj, congrats on the appointment. I wish you really all the success in the world.

Raj，恭喜你的任命。我真的祝你在世界上一切順利。

I guess you guys are preparing to provide some mid- to long-term profit targets next week, and it's been a while. So I think that'll be quite welcome. But the question really is -- we've seen a lot of uncertainty over the last several quarters. It's an incredibly fast-moving market. Inflation is really high, and that's actually caused you guys to miss even the newest of profitability targets.

我猜你們準備在下週提供一些中長期利潤目標，已經有一段時間了。所以我認為這會很受歡迎。但問題確實是——我們在過去幾個季度看到了很多不確定性。這是一個令人難以置信的快速發展的市場。通貨膨脹真的很高，這實際上導致你們甚至錯過了最新的盈利目標。

And so the question is, as you guys prepare to come out with these multiyear targets most likely for each of the businesses? Where does the confidence come from that you're going to be able to hit those targets? And is there an element of cost or idiosyncratic opportunity related to efficiency where gives you guys and should give us confidence in being able to hit that given the experience of last year?

所以問題是，當你們準備為每個企業製定這些最有可能的多年目標時？你將能夠達到這些目標的信心來自哪裡？考慮到去年的經驗，是否存在與效率相關的成本或特殊機會因素給你們，並且應該讓我們有信心能夠實現這一目標？

And Mike, just related to that. If the company is asking investors to gain confidence in multiyear targets, I think it would be helpful to have some goalposts here now around 2023 around what underpins the 15% EPS growth in 2023 with respect to Ground margins and Express margins. Hopefully -- I don't know if you guys are willing to engage with that question, but I think it would be helpful to set that up ahead of giving these multiyear targets.

和邁克，只是與此有關。如果該公司要求投資者對多年目標充滿信心，我認為現在在 2023 年左右設立一些目標將是有幫助的，這些目標是支撐 2023 年地面利潤率和快遞利潤率 15% 的每股收益增長的基礎。希望 - 我不知道你們是否願意參與這個問題，但我認為在給出這些多年目標之前設置它會有所幫助。

Amit, thank you very much, and I also appreciate your question. We have -- the last year has been quite challenging from many respects as we build out our networks and expanded our e-commerce portfolio, and then we had the labor challenges that were quite unexpected. They took $1.4 billion in FY '22 because of unexpected labor challenges, one, some due to network inefficiencies and some just rate.

阿米特，非常感謝你，我也感謝你的問題。我們有 - 去年在我們建立網絡並擴大我們的電子商務產品組合的過程中，從很多方面來看都是相當具有挑戰性的，然後我們遇到了非常出乎意料的勞動力挑戰。由於意想不到的勞動力挑戰，他們在 22 財年花費了 14 億美元，其中一些是由於網絡效率低下，而另一些則是費率。

So as we look ahead, the foundation that we have built, the e-commerce portfolio that we have and the -- we are in the center of an ecosystem for e-commerce for several customers that we are essentially a critical infrastructure for e-commerce. And we are doing a lot of things to make sure that we improve our productivity through technology initiatives that we'll launch in this fiscal year '23. We will continue to focus on -- as you talked about, revenue quality before, I think the market is there for that, and then improve our performance in Europe. And so I think there are several things that we can do to execute, and we are confident in our -- the ranges we gave you. Mike?

因此，展望未來，我們已經建立的基礎、我們擁有的電子商務產品組合以及——我們處於為幾個客戶提供電子商務生態系統的中心，我們本質上是電子商務的關鍵基礎設施——商業。我們正在做很多事情，以確保通過我們將在 23 財年推出的技術計劃來提高生產力。我們將繼續關注 - 正如你所說的，之前的收入質量，我認為市場已經存在，然後改善我們在歐洲的表現。所以我認為我們可以做幾件事來執行，我們對我們給你的範圍充滿信心。麥克風？

Yes, Amit. Well, first, certainly, look, I highlighted 3 specific elements for Ground cost improvements and efficiencies that we will be elaborating on further details next week. And as I said, we expect margin improvement at all of our transportation segments, and the most significant one will be at Ground relative to FY '22 looking at FY '23. So appreciate the feedback there and absolutely understand that we need to give specifics and what are the actions that will get us there.

是的，阿米特。嗯，首先，當然，看，我強調了地面成本改進和效率的 3 個具體要素，我們將在下周詳細說明。正如我所說，我們預計我們所有運輸部門的利潤率都會提高，最重要的將是相對於 23 財年的 22 財年地面。因此，感謝那裡的反饋，並絕對理解我們需要提供細節以及哪些行動可以幫助我們實現目標。

I will take one exception there about the target miss comment you made. Our annual EPS for fiscal '22 fell within the range of guidance that we gave you a year ago. So while I appreciate there may have been different twists and turns along the way in terms of how we got there, it was indeed within what was a pretty narrow range, all things considered.

關於您所做的目標未命中評論，我將在其中提出一個例外。我們 22 財年的年度每股收益在我們一年前給您的指導範圍內。因此，雖然我很欣賞在我們如何到達那裡的過程中可能存在不同的曲折，但考慮到所有因素，它確實在一個相當狹窄的範圍內。

And our next question will come from Tom Wadewitz with UBS.

我們的下一個問題將來自瑞銀的 Tom Wadewitz。

Yes. Great. Appreciate it. And also, I know others have said this, but really looking forward to the further detail next week and the kind of, I don't know, new direction or new elements of the strategy. So looking forward to that.

是的。偉大的。欣賞它。而且，我知道其他人也這麼說，但真的很期待下週的更多細節以及那種我不知道的新方向或新戰略元素。所以很期待。

When you look at the fiscal '23, because that's what we're focused on today, can you give us a sense of just magnitude of some of these big pieces? Is it 2/3 of it is revenue quality that's giving you the growth, and cost is smaller, and costs can grow over time? Or is this something that cost is a pretty big component of your margin improvement, your earnings growth? Just trying to get a sense of the kind of relative frame of that.

當您查看 23 財年時，因為這就是我們今天關注的重點，您能否讓我們了解其中一些大項目的規模？是否有 2/3 的收入質量為您帶來增長，成本更小，成本會隨著時間的推移而增長？或者這是成本是你的利潤率提高和收入增長的一個相當大的組成部分？只是試圖了解那種相對框架。

And I guess I would also kind of look back to the analyst meeting 10 years ago where you had the Express improvement program, and you had a lot of improvement, but it took a couple of years to see that. So I guess just trying to figure out how quickly we see some of the costs and productivity measures come through and how big of a component that is versus price and revenue quality in fiscal '23.

而且我想我也會回顧一下 10 年前的分析師會議，那裡有 Express 改進計劃，你有很多改進，但花了幾年時間才看到。所以我想只是想弄清楚我們看到一些成本和生產力措施的速度有多快，以及一個組件在 23 財年與價格和收入質量相比有多大。

Okay. Tom, there's a lot packed into that. Again, much of which in terms of flushing out details in that is something that we can elaborate on and spend a whole lot more time on next week. But as Brie mentioned, the volume growth in the projection here for '23 is low single digit. So while there is continued yield opportunity because of the inflationary environment and because of the capabilities and value that our networks provide, we do have meaningful, significant cost and efficiency initiatives underway.

好的。湯姆，裡面有很多東西。再說一次，其中大部分內容是我們可以在下周詳細說明並花更多時間在其中的細節方面。但正如布里所說，23 年預測的銷量增長是低個位數。因此，儘管由於通脹環境以及我們的網絡提供的能力和價值，仍有持續的收益機會，但我們確實正在實施有意義的、重要的成本和效率舉措。

I talked about how we're lowering our facility investment in the Ground. The emphasis now is on utilizing the capacity that we have, sweating the assets and driving further efficiencies and productivity there.

我談到了我們如何降低對地面的設施投資。現在的重點是利用我們擁有的能力，讓資產出汗，並在那裡進一步提高效率和生產力。

Raj mentioned about how we schedule our people in that to get it optimally targeted and resource per sort in that. So there's no sort of single magic bullet to point to there, but it's a number of concrete, real initiatives across the enterprise that will allow us to achieve the results that we need to get to.

Raj 提到了我們如何安排我們的人員，以使其具有最佳的針對性和每種類型的資源。因此，沒有什麼單一的靈丹妙藥可以指向那裡，而是整個企業的一些具體的、真正的舉措將使我們能夠實現我們需要達到的結果。

And our next question will come from Jon Chappell with Evercore ISI.

我們的下一個問題將來自 Evercore ISI 的 Jon Chappell。

Brie, there's a been high-profile entrant in the market, so to speak, who's clearly overhired, added a lot of capacity, and others talk of trimming a significant amount of capacity in the next 12 months or so. As you think about the network in general, what's FedEx' opportunity and its risk from maybe some laying off some people where you've had some labor issues in the past and also spare capacity and what that may do to pricing in the business over the next 12 months?

布里，市場上有一位備受矚目的進入者，可以這麼說，他顯然被過度僱用，增加了很多產能，而其他人則談到在未來 12 個月左右削減大量產能。當您總體上考慮網絡時，聯邦快遞的機會是什麼，它的風險是什麼，可能會解僱一些您過去遇到過勞動力問題的人，以及閒置產能，以及這可能會對業務定價產生什麼影響未來 12 個月？

Thanks, Jon. A very fair question. I think a couple of things. Number one, we've absolutely planned conservatively so that we really can focus on those customers that value us. We have, over the last couple of years, done, I think, a tremendous job negotiating mid- to long-term contracts that I think puts us in a really good place to stabilize the base of our volume.

謝謝，喬恩。一個非常公平的問題。我認為有幾件事。第一，我們絕對保守地計劃，以便我們真正可以專注於那些重視我們的客戶。我認為，在過去的幾年裡，我們在中長期合同的談判方面做得非常出色，我認為這使我們處於一個非常好的位置來穩定我們的交易量基礎。

So to Mike's point, if things do soften from an economy perspective, I think we're in a really good position. And we're going to focus on disciplined revenue quality, disciplined targeted growth. And that will kind of be our primary focus versus kind of filling the network from an alternative perspective. So I feel pretty good about where we are despite some of the competitive activity and some of the other headlines we're all reading.

因此，就邁克而言，如果從經濟角度來看情況確實有所緩和，我認為我們處於非常有利的位置。我們將專注於有紀律的收入質量，有紀律的目標增長。這將是我們的主要關注點，而不是從另一個角度填充網絡。因此，儘管有一些競爭活動和我們都在閱讀的其他一些頭條新聞，但我對我們所處的位置感覺很好。

And our next question will come from Allison Poliniak with Wells Fargo.

我們的下一個問題將來自富國銀行的 Allison Poliniak。

Just -- so first on the labor inefficiency. Is there a way to quantify what that headwind was to Ground? I know you quantified the absolute wage increase. And then in line with that, a lot of productivity initiatives out there based on your volume outlook. Is there a way to think or quantify what those eventual productivity initiatives will contribute to margin expansion in '23, particularly in Ground? Just any color there.

只是 - 首先是勞動力效率低下。有沒有辦法量化逆風對地面的影響？我知道你量化了絕對工資增長。然後與此一致，許多生產力計劃都基於您的數量前景。有沒有辦法思考或量化那些最終的生產力舉措將有助於 23 年的利潤率擴張，特別是在地面？那裡隨便什麼顏色。

Okay. So Allison, yes, this is Mike. The Ground network inefficiency aspect of the labor availability for FY '22, we pegged that at roughly $300 million. So that was certainly most prevalent in the first half of the year. So I think that addresses that. Sorry, the second part of your question?

好的。所以艾莉森，是的，這是邁克。 22 財年勞動力可用性的地面網絡效率低下方面，我們估計約為 3 億美元。所以這在今年上半年肯定是最普遍的。所以我認為這解決了這個問題。對不起，你問題的第二部分？

In the context of your low single-digit volume increase, a lot of productivity initiatives. I think you talked about the technology and the software related to the dock, some improvement on that side. Is there a way to better understand what that contribution to that margin expansion would be from some of those initiatives as we look to '23 year?

在您的低個位數增長的背景下，許多生產力舉措。我想你談到了與塢站相關的技術和軟件，以及在那方面的一些改進。當我們展望 23 年時，有沒有辦法更好地了解其中一些舉措對利潤率擴張的貢獻是什麼？

Yes. So Raj highlighted the -- just the first leg of that, roughly 6% improvement just quarter-to-quarter. So that gives you a flavor of the opportunity ahead there. We certainly -- I talk about the liability and the cost of risk. That was a significant impact to the margin and bending that going forward. That's going to definitely provide opportunity there.

是的。因此，Raj 強調了——這只是其中的第一站，僅季度環比增長了大約 6%。因此，這使您對那裡的機會有所了解。我們當然——我談論的是責任和風險成本。這對利潤率產生了重大影響，並影響了未來的發展。那肯定會在那裡提供機會。

The question earlier about the labor market easing, we are hiring fewer new people that is supportive, too, of more efficient and a more safe operation, too, when people that are more experienced. So again, all the -- all these elements come to play. And we have good plans behind it that the team will be happy to speak further to next week.

之前關於勞動力市場緩和的問題是，當經驗更豐富的人時，我們正在僱用更少的新人，這些人也支持更高效和更安全的操作。再次，所有 - 所有這些元素都會發揮作用。我們背後有很好的計劃，團隊很樂意在下週進一步發言。

And moving on to Jordan Alliger with Goldman Sachs.

並與高盛一起前往 Jordan Alliger。

So yields were very strong, as you noted, across the board. Is there any way to at least give some big picture view how to think about the components of the yield improvement, whether it be fuel surcharge, core price, mix as you referred to revenue management or other surcharges? Just some picture how to think about these very large improvements.

正如你所指出的，所有的收益率都非常強勁。有沒有辦法至少給出一些宏觀的看法，如何考慮提高產量的組成部分，無論是燃油附加費、核心價格、收入管理或其他附加費的組合嗎？只是一些圖片如何考慮這些非常大的改進。

Thanks, Jordan. Appreciate the question. So specifically for Q4, fuel was the largest driver of the revenue quality. We also did a -- quite frankly, as I mentioned earlier, I thought the team just did a tremendous job within our portfolio of managing to hold on to the -- really our best and most profitable volume. So when you look at kind of the volume decline, we actually moved the right way.

謝謝，喬丹。欣賞這個問題。因此，特別是對於第四季度，燃料是收入質量的最大驅動因素。我們還做了 - 坦率地說，正如我之前提到的，我認為團隊在我們的投資組合中做了出色的工作，設法保持 - 真正是我們最好和最有利可圖的交易量。因此，當您看到銷量下降時，我們實際上採取了正確的方式。

Within the Express company domestically, we had lower volumes on deferred than our overnight from a year-over-year perspective. When you look internationally, the intercontinental, the team did a really good job of stabilizing volumes there. And actually, we decided to let some international domestic volume go. And then the same thing happened within Ground. We will see the huge difference in Ground Economy decline versus actually we did a really good job of stabilizing the commercial and the HD, of course, our highest value proposition product.

在國內的快遞公司中，從同比的角度來看，我們的延期交易量低於隔夜交易量。當你放眼國際，洲際，團隊在穩定那裡的銷量方面做得非常好。實際上，我們決定放棄一些國際國內銷量。然後同樣的事情發生在地面。我們將看到地面經濟下降與實際上我們在穩定商業和高清方面做得非常好的巨大差異，當然，我們的最高價值主張產品。

So from a revenue quality perspective, while fuel was the largest driver, we also did a great job. We continue to get inflation plus renewals. And they're really working on making sure from a mix perspective, we get the revenue for the most premium part of our portfolio. So I hope that helps clarify that.

因此，從收入質量的角度來看，雖然燃料是最大的驅動因素，但我們也做得很好。我們繼續得到通貨膨脹和更新。他們確實在努力確保從混合的角度來看，我們獲得了我們投資組合中最優質部分的收入。所以我希望這有助於澄清這一點。

And our next question will come from Ken Hoexter with Bank of America.

我們的下一個問題將來自美國銀行的 Ken Hoexter。

Raj, Brie, congrats on the positions and really almost the entire team since the start of pandemic. So again, mirror everybody's sentiment about next week in the conference. But it seems like you've had, coming out of that maybe a week ago, a big capital and return focus, the involvement of an activist. You've now talked about lowering CapEx.

Raj，Brie，祝賀自大流行開始以來的位置，實際上幾乎是整個團隊。因此，再次反映大家對下週會議的看法。但似乎你已經擁有了，也許是一周前，一個巨大的資本和回報焦點，一個活動家的參與。您現在談到了降低資本支出。

Maybe talk about what's getting removed from the CapEx or how your thoughts on investment shift from your prior kind of growth focus and how we should think about that. Obviously, you've built a huge cash balance now and maybe talk about your thoughts on capital allocation and distribution going forward.

也許談談從資本支出中刪除了什麼，或者您對投資的想法如何從您之前的增長重點轉變，以及我們應該如何考慮這一點。顯然，您現在已經建立了巨額現金餘額，也許可以談談您對未來資本分配和分配的看法。

First of all, I'll just say conversations with an activist here, but then I'll let Mike talk about the specific question here. We have been working on Investor Day for nearly a year, and the strategies and the dividend plans are well in place. And so we had very strong plans and then long proceeded any conversations that we had with anybody.

首先，我在這裡只說與一位活動家的對話，然後我將讓邁克在這裡談談具體問題。我們已經在投資者日工作了近一年，策略和分紅計劃都已經到位。所以我們有非常強大的計劃，然後我們與任何人進行了很長時間的任何對話。

And then when we had the opportunity to sit down with them is this clear alignment on where we were headed. So that was -- I wanted to make sure that you understood that, but these plans have been well in place for a long time. And a key part of the equation is what Mike is going to talk about now.

然後，當我們有機會與他們坐下來時，我們就清楚地了解了我們的前進方向。那就是--我想確保您理解這一點，但是這些計劃已經實施了很長時間。等式的一個關鍵部分是邁克現在要談論的內容。

Well, Ken, you're trying to ask -- you're trying to get me to get away everything from next week, but I'll just -- I'll say, look, we've highlighted before that we were at a significant phase of re-fleeting the Express air fleet. And as I said, that is going to come down. We can detail more of that going forward. We've built up the Ground network with the capabilities that are industry-leading and are going to be able to continue to realize value from that going forward, and we'll further utilize that so we don't need to invest as much as the hard assets. We'll certainly be investing in technology aspects to more fully utilize it in different and creative ways. So it's just a natural evolution from building to having these capabilities and now transitioning.

嗯，肯，你想問——你想讓我從下週開始擺脫一切，但我會——我會說，看，我們之前強調過快速機隊重新編隊的重要階段。正如我所說，這將會下降。我們可以進一步詳細說明這一點。我們已經建立了具有行業領先能力的地面網絡，並且將能夠繼續從中實現價值，我們將進一步利用它，因此我們不需要投資硬資產。我們肯定會在技術方面進行投資，以便以不同和創造性的方式更充分地利用它。因此，這只是從構建到擁有這些功能再到現在過渡的自然演變。

But I would remind you, too, we repurchased roughly 3% of our shares last year. While the dividend increase was certainly very significant, we've long been looking and striving to increase that. In fact, it was the second largest percentage increase. So a few years ago, we actually had a larger percentage increase. So again, it's just a natural evolution of where we are in terms of capital allocation and driving improved returns. And I look forward to elaborating further next week.

但我也要提醒你，去年我們回購了大約 3% 的股份。雖然股息增長肯定非常顯著，但我們長期以來一直在尋找並努力增加股息。事實上，這是第二大百分比增長。所以幾年前，我們實際上有更大的百分比增長。再說一次，這只是我們在資本配置和推動提高回報方面所處位置的自然演變。我期待著下週進一步闡述。

And moving on to Brian Ossenbeck with JPMorgan.

並與摩根大通一起轉向 Brian Ossenbeck。

So I want to come back to the impact of fuel. Brie, you mentioned it didn't sound like there's any demand destruction or trade down and it's actually better, so if you can elaborate on that. Would you expect that to continue given where fuel prices are, where surcharges are?

所以我想回到燃料的影響。布里，你提到這聽起來不像有任何需求破壞或交易下降，它實際上更好，所以如果你能詳細說明的話。考慮到燃油價格和附加費在哪裡，您會期望這種情況繼續下去嗎？

And then, Mike, can you just talk about how much of an impact fuel was on a net basis, as mentioned a few times in the press release and what do you have baked into the guidance next year?

然後，邁克，您能否談談淨影響燃料有多少，正如新聞稿中多次提到的那樣，您對明年的指導有何看法？

Brian, you're right, in Q4, we didn't see a lot of trade down. There's a couple of reasons for that. Obviously, from an intercontinental perspective, capacity is still quite constrained. So if the economy does continue to soften, do I anticipate that there will be more demand for deferred portfolio? I absolutely do, but we are very focused on customers who have a bundle, who have a deferred need and have a need for our premium portfolio.

布賴恩，你是對的，在第四季度，我們沒有看到很多交易下降。有幾個原因。顯然，從洲際的角度來看，運力仍然相當有限。因此，如果經濟確實繼續走軟，我是否預計對遞延投資組合的需求會增加？我絕對願意，但我們非常關注擁有捆綁產品、有延遲需求並需要我們的優質產品組合的客戶。

And so as we look at that targeted growth, we will be very thoughtful about not just attracting customers that rely solely on our deferred portfolio. It really is about bundling to make sure that we maximize the value of our network. Hope that helps clarify.

因此，當我們著眼於目標增長時，我們將非常考慮不只是吸引僅依賴我們遞延投資組合的客戶。這確實是關於捆綁以確保我們最大化我們網絡的價值。希望這有助於澄清。

Yes. Brian, look, there's many elements of fuel as a -- when you aggregate it. And as Brie has highlighted before, it's a fundamental component of the overall pricing construct. So I'm not going to parse it out in terms of one specific aspect of it. But I would say in terms of the guidance that we have, the fuel price assumption that we have in there is not as high as current fuel prices. So that is maybe a little more help for you on that front.

是的。布賴恩，你看，當你把它加在一起時，有很多燃料元素。正如布里之前強調的那樣，它是整體定價結構的基本組成部分。所以我不打算根據它的一個特定方面來分析它。但我會說，就我們所擁有的指導而言，我們所擁有的燃料價格假設並不像當前的燃料價格那麼高。所以這可能對你在這方面有更多幫助。

And our next question comes from Bascome Majors with Susquehanna.

我們的下一個問題來自 Bascome Majors 和 Susquehanna。

Understand that you're modeling and guiding to the projections that you have out there, and a lot of investors would love to see the economy come out with that. But as they discount potentially worse scenarios, can you walk us through how the business in your mind would perform in a moderate to deeper recession and whether or not there are any nuances we should consider versus the, call it, 40% EPS drawdowns we've seen historically in that type of environment?

了解您正在建模和指導您的預測，許多投資者希望看到經濟出現這種情況。但是，由於他們低估了可能更糟糕的情況，您能否告訴我們您心目中的業務在中度到深度衰退中的表現，以及我們是否應該考慮與我們所謂的 40% 每股收益縮編相比是否存在任何細微差別。曾經在那種環境中見過？

Let me begin this and have Mike and Brie jump in and help me here. Firstly, let me just say that, yes, we have economic projections today out there, and we -- some of those projections may come down, and we are prepared for that. And what we are prepared to pull some levers here. We're already moving, making sure there's significant cost controls. And we're operating in a very constrained environment from that perspective. But we will adjust networks.

讓我開始這個，讓邁克和布里跳進來幫助我。首先，我只想說，是的，我們今天有經濟預測，我們 - 其中一些預測可能會下降，我們為此做好了準備。我們準備在這里拉一些槓桿。我們已經在行動，確保有顯著的成本控制。從這個角度來看，我們是在一個非常受限的環境中運作的。但我們會調整網絡。

We'll adjust -- take down flights as required. We'll just match the capacity to demand. And that's the beauty of having a big network is we're able to flex up and down. We have demonstrated that historically as well. And so, yes, there's a range of outcomes that we are ready to deal with. We are definitely not assuming a prolonged deep recession. That's not what we're assuming here. But we have some flex for some slowdown in our economy. Mike?

我們會調整——根據需要取消航班。我們只會根據需求匹配容量。這就是擁有大型網絡的美妙之處在於我們能夠上下靈活調整。我們在歷史上也證明了這一點。因此，是的，我們準備好應對一系列結果。我們絕對不會假設會出現長期的深度衰退。這不是我們在這裡假設的。但我們有一些彈性來應對經濟放緩。麥克風？

Yes, Bascome. I mean, look, just to give you some parameters around how we have adapted and adjusted previously when the trade or macroeconomic backdrop can change on you. In February of 2020, so just before the pandemic, obviously, we were seeing significant shifts in trade policy and demand. And as a result, we had lowered our frequencies across the trans-Pacific by 20% from the prior year.

是的，巴斯科姆。我的意思是，看，只是為了給你一些關於我們之前在貿易或宏觀經濟背景可能發生變化時如何適應和調整的參數。 2020 年 2 月，就在大流行之前，我們顯然看到了貿易政策和需求的重大變化。因此，我們將跨太平洋的頻率比上一年降低了 20%。

Fast forward a few months later, the pandemic in that when we had to completely realign and shift instead of temporarily parking airplanes, we were trying to get more lift back in the air to support commerce, to support the pandemic efforts in that. So certainly, one, we've demonstrated historically. And two, I think, as an organization, the ability and the speed at which we were able to adjust amongst all of our networks during the pandemic gives us every confidence in the learning that we can react faster than we may have thought we could in the past, and we are absolutely prepared to do so.

幾個月後，大流行病快進了，當我們不得不完全重新調整和轉移而不是暫時停放飛機時，我們正試圖讓更多的空中升力來支持商業，以支持大流行的努力。所以當然，我們已經在歷史上證明了這一點。第二，我認為，作為一個組織，我們在大流行期間能夠在所有網絡中進行調整的能力和速度使我們對學習充滿信心，即我們可以比我們想像的更快做出反應過去，我們完全準備這樣做。

And our next question will come from Helane Becker with Cowen.

我們的下一個問題將來自 Helane Becker 和 Cowen。

My 3 questions are this. The passenger airlines, as you know, are hiring every pilot they can possibly get. And I probably asked you this question before, but how are you thinking about hiring and retention so that you can continue to master your network?

我的3個問題是這個。如您所知，客運航空公司正在招聘他們可能獲得的每一位飛行員。我之前可能問過你這個問題，但你是如何考慮招聘和留住人才的，這樣你才能繼續掌握你的網絡？

And the other question is -- I think there was an announcement earlier this week that you took 150 electric vehicles from BrightDrop. So I think that's out of the 2,500 van order. Can you talk about the CapEx related to that and how you're thinking about sustainability efforts? And if you're going to do it next week, that's fine. I can wait.

另一個問題是——我認為本週早些時候有公告稱您從 BrightDrop 購買了 150 輛電動汽車。所以我認為這超出了 2,500 輛貨車的訂單。您能否談談與此相關的資本支出以及您如何看待可持續發展工作？如果你打算下週去做，那很好。我可以等。

Helane, first, I'll -- on the electric vehicles, that is what I spoke earlier about increasing our investment in vehicles across the board. The principal element of that is continuing with the pickup and delivery electrification at Express. So that is absolutely a key plant going forward. And look, we're fully committed to reaching the goals by 2040, and that means we've got to get going now on that replacement. I'll let Raj address the pilot consideration, but thanks for the question.

Helane，首先，我將 - 關於電動汽車，這就是我之前所說的全面增加我們對汽車的投資。其中的主要因素是繼續在 Express 上實現取貨和交付電氣化。因此，這絕對是未來的關鍵工廠。看，我們完全致力於到 2040 年實現目標，這意味著我們現在必須著手進行替代。我會讓 Raj 解決試點問題，但感謝您的提問。

Yes. Thank you, Helane. And yes, the pilot situation, just wanted 2 -- I'll make 2 points. Firstly, I want to say thank you to our pilots who have done a tremendous job during this time frame and a big part of the value that we provided here. And secondly, because of the work environment that we have in FedEx, there's no dearth of people who want to get into the FedEx pool. So we're not seeing that, that is an issue for FedEx.

是的。謝謝你，海蘭。是的，飛行員的情況，只是想要 2 - 我會得到 2 分。首先，我要感謝我們的飛行員，他們在這段時間內完成了出色的工作，並為我們在這裡提供了很大一部分價值。其次，由於聯邦快遞的工作環境，想要進入聯邦快遞人才庫的人並不缺乏。所以我們沒有看到，這對聯邦快遞來說是個問題。

And our next question will come from Scott Group with Wolfe Research.

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

Mike, you talked about Ground seeing the biggest margin improvement this year, fiscal '23. I'm wondering, do you think we see that margin inflection in Q1 and -- or if it's more later in the year?

邁克，你談到 Ground 在 23 財年看到了今年最大的利潤率提升。我想知道，您認為我們是否會在第一季度看到利潤率拐點，或者是否會在今年晚些時候出現更多？

And then just maybe bigger picture for Raj. I think there's a lot of hope or expectation for next week that we're going to hear about big strategic changes, focus and -- at FedEx and cost reductions and things like that. And understandably, we're not hearing about that today, but do you think -- would you agree that we should be seeing and hearing about big strategic changes next week?

然後對於 Raj 來說可能是更大的圖景。我認為下周有很多希望或期望，我們將聽到重大的戰略變化、重點和——在聯邦快遞和成本削減等。可以理解的是，我們今天沒有聽到這個消息，但你認為 - 你同意我們應該在下週看到和聽到重大的戰略變化嗎？

Well, Scott, first, just -- this is Mike. Just to clarify, look, for Ground to have the largest margin improvement of all the segments within the guidance we have here, yes, it is the case that we have to see margin improvement certainly in Q1.

好吧，斯科特，首先，我是邁克。只是為了澄清一下，在我們這裡的指導範圍內，Ground 是所有細分市場中利潤率提高最大的，是的，我們必須在第一季度看到利潤率的提高。

And Scott, yes, you're definitely not going to get me to give away the story for next week today. But I'll just tell you this much that historically, Express focus on time-definite services. Ground focus on day-definite services. And it is fantastic, and then we actually gained a lot of share in the U.S. domestic market over the last 20 years.

斯科特，是的，你絕對不會讓我今天在下周公開這個故事。但我只想告訴你，從歷史上看，Express 專注於時間確定的服務。地面專注於確定日期的服務。這太棒了，在過去的 20 年裡，我們實際上在美國國內市場獲得了很多份額。

And what has changed in the last 3 or 4 years is the emergence of e-commerce and residential delivery and the emergence of day-definite networks -- day-definite packages on both networks that gives us the opportunity to optimized across. And we launched operate Collaboratively a few -- a year or so ago now, and we'll talk more about that next week.

過去 3 或 4 年發生的變化是電子商務和住宅交付的出現以及限日網絡的出現——這兩個網絡上的限日套餐讓我們有機會進行優化。我們在幾年前推出了 Collaboratively 運營——大約一年前，我們將在下週更多地討論這個問題。

And our next question will come from David Vernon with Bernstein.

我們的下一個問題將來自 David Vernon 和 Bernstein。

Raj, I know you don't want to detail too many of the plans for next year, and this isn't about that, but I want to think -- it would be helpful, I think, if you could talk us through kind of the operational situation (inaudible) how -- outside of just labor cost pressure. Was there an impact on service levels over the (inaudible) because of those staffing challenges? And where are we on service kind of today for maybe where we would have been? And (inaudible) out of the service levels in Ground. These metrics are all taken on a public data on this stuff. But we continue to hear from contractors and some shippers that service levels maybe not exactly when they want to be, trucks are taking too much time to go out of buildings that kind of thing. It'd be great if you could just talk to us a little bit about that (inaudible) and where we are in recovery on the productivity side.

Raj，我知道你不想詳細說明明年的計劃，這不是關於那個，但我想——我想，如果你能通過善意的方式與我們交談，這將是有幫助的運營情況（聽不清）如何——除了勞動力成本壓力。由於這些人員配備方面的挑戰，是否對（聽不清）服務水平產生了影響？我們今天在哪裡服務，也許我們本來會在哪裡？並且（聽不清）在地面服務水平之外。這些指標都是基於這些東西的公共數據。但我們繼續從承包商和一些托運人那裡聽到，服務水平可能並不完全符合他們的要求，卡車需要太多時間才能離開建築物。如果您能與我們稍微談談（聽不清）以及我們在生產力方面的恢復情況，那就太好了。

David, you're breaking up a little bit, but let me answer the question that I thought I heard. I think, firstly, yes, a year ago, for this time, we saw significant challenges on the labor front that the labor availability started to go away from us, and the volume was very strong. And that resulted in inefficiencies on the network and also service challenges. By peak, we had unwound most of the network inefficiencies, and we are heavily focused on improving our service. And this is the conversation that we have every week.

大衛，你有點分手了，但讓我回答一下我以為我聽到的問題。我認為，首先，是的，一年前，這一次，我們在勞動力方面看到了重大挑戰，勞動力供應開始遠離我們，而且數量非常強勁。這導致網絡效率低下以及服務挑戰。到了高峰期，我們已經解決了大部分網絡效率低下的問題，並且我們非常專注於改進我們的服務。這是我們每週的對話。

And I'm glad to say that week-over-week, month-over-month that we have improved our service to the point now we are, I would say, back to a normal situation. We will not relent here. This is going to be a Purple Promise, and service differentiation is a key for our success going forward. And so we will get the service back to market-leading, and that's our goal.

我很高興地說，我們每週、每月都在改善我們的服務，現在我們已經回到了正常狀態。我們不會在這里松懈。這將是一個紫色的承諾，服務差異化是我們未來成功的關鍵。因此，我們將使服務重新回到市場領先地位，這就是我們的目標。

And our next question will come from Scott Schneeberger with Oppenheimer.

我們的下一個問題將來自 Scott Schneeberger 和 Oppenheimer。

Looking forward to seeing everyone next week. I would like to focus my question on the smallest but certainly most impressive segment this quarter being Freight. Mike, and maybe Raj if he's on, just what do you view for the industrial economy here where we are in the LTL cycle? And kind of the cadence of what we should expect over the course of fiscal '23 for this segment as the margin expansion has been nothing short of impressive 500 basis points plus quarter-over-quarter and year-over-year. So just how should we think about modeling that going into the year?

期待下週見到大家。我想把我的問題集中在本季度最小但肯定最令人印象深刻的部分是貨運。邁克，如果他在的話，也許還有拉吉，您對我們處於零擔循環週期的工業經濟有何看法？以及我們在 23 財年該部門應該期待的節奏，因為利潤率擴張令人印象深刻的 500 個基點加上季度環比和同比增長。那麼我們應該如何考慮進入這一年的建模呢？

Well, Scott, as I said, we expect margin improvement in all of our transportation segments. Look, the freight LTL business has certainly evolved from where it was a number of years ago. You have a much greater discipline in terms of when the environment changes, in terms of pricing discipline when its demand is strong. There is not the degree of capacity adds, which then is excess capacity when you go through a little more of a cyclical change. So we're very confident in the discipline within both the industry overall as well as the approach we're taking to it in terms of continuing to drive Freight margins from an outstanding year upward from there.

好吧，斯科特，正如我所說，我們預計我們所有運輸部門的利潤率都會提高。看，貨運零擔業務肯定是從幾年前發展而來的。在環境變化時，在需求旺盛時的定價紀律方面，你有更大的紀律。沒有產能增加的程度，當你經歷更多的周期性變化時，這就是產能過剩。因此，我們對整個行業的紀律以及我們在繼續推動貨運利潤率從出色的一年上升方面所採取的方法都非常有信心。

And moving on to Todd Fowler with KeyBanc Capital Markets.

並在 KeyBanc Capital Markets 轉向 Todd Fowler。

So Brie, I just wanted to make sure I understand the volume expectations. I guess, number one, the low single digits, is that across both Express and Ground? And then number two, it sounds like the shape is slower in the first half with an easier comps in the back half. I want to make sure I got those pieces right. And then if you can help us understand on the Ground Economy side, how much volume is still left to call on that business and the thought around calling that versus the ability to move price up on that business?

所以布里，我只是想確保我了解銷量預期。我猜，第一，低個位數，是橫跨 Express 和 Ground 的嗎？然後第二個，聽起來上半場的形狀較慢，後半場的比賽更容易。我想確保我得到了正確的部分。然後，如果您可以幫助我們了解地面經濟方面，該業務還有多少數量需要調用，以及調用該業務與提高該業務價格的能力的想法？

Okay. I'm going to try to get it all, but please feel free to ask again if I didn't miss the whole question or questions there. Okay. So I think the first question was when we're looking at the volume between Express and Ground, and we're saying low single digits. The low single digit is the total volume.

好的。我將嘗試全部了解，但如果我沒有錯過整個問題或問題，請隨時再次詢問。好的。所以我認為第一個問題是當我們查看 Express 和 Ground 之間的音量時，我們說的是低個位數。低個位數是總成交量。

From a Ground market perspective, we still believe in the secular growth of e-commerce. We have been looking at the e-commerce as a percentage of retail. It's still -- last number I looked at was just above 21%. Pre-COVID, we were like 16%, 17%. So we still believe that Ground has the largest growth opportunity, and that is reflected in our range for this year. We've got Ground going faster than Express. I don't think that would be a surprise to anybody on this call.

從地面市場的角度來看，我們仍然相信電子商務的長期增長。我們一直將電子商務視為零售業的百分比。它仍然——我看到的最後一個數字剛剛超過 21%。在 COVID 之前，我們大概是 16%、17%。因此，我們仍然認為 Ground 擁有最大的增長機會，這反映在我們今年的範圍內。我們的 Ground 比 Express 運行得更快。我不認為這對參加這次電話會議的任何人來說都是一個驚喜。

And then as I mentioned in the back half, the comps, especially for Ground, do get better. From an economy perspective, FedEx Ground Economy, let me be specific there, I think you're going to see Q1 volumes look similar to Q4, and then we'll start to build back from there. Like I said, we really do need the economy product. It allows us to sweat our assets, and it is a need in the market, especially if things soften. And I want to make sure that my opening remarks didn't confuse anybody. We're very clear eyed about the economy in which we're operating. When we said normalized economic environment, I meant we're not planning right now in our current forecast for a recession, to Raj's point.

然後正如我在後半部分提到的，比賽，尤其是地面比賽，確實變得更好了。從經濟的角度來看，聯邦快遞地面經濟，讓我具體說一下，我認為你會看到第一季度的交易量看起來與第四季度相似，然後我們將從那裡開始重建。就像我說的，我們確實需要經濟產品。它使我們能夠揮霍我們的資產，這是市場的需求，尤其是在情況疲軟的情況下。我想確保我的開場白不會讓任何人感到困惑。我們對我們所處的經濟狀況非常清楚。當我們說經濟環境正常化時，我的意思是我們現在沒有計劃在我們目前對經濟衰退的預測中，拉吉的觀點。

So I do anticipate that if the market softened, the economy product will have to play a larger role. Like I said earlier, we really have to get the bundle. And there's -- the vast majority of customers who have a home delivery need and a Ground commercial need do have either a returns line that needs to use the economy product. They have a different SKU that has lower value. So that bundle is really important to us, and we have to make sure that, that product is there to defend. And so I think long answer, but you'll see us build back some economy volume later in this year, I believe.

所以我確實預計，如果市場走軟，經濟產品將不得不發揮更大的作用。就像我之前說的，我們真的必須得到捆綁。還有——絕大多數有送貨上門需求和地面商業需求的客戶確實有一條需要使用經濟產品的退貨線。他們有不同的 SKU，價值較低。所以這個捆綁包對我們來說真的很重要，我們必須確保那個產品是可以保護的。所以我認為答案很長，但你會看到我們在今年晚些時候恢復一些經濟體量，我相信。

And our next question will come from Bruce Chan with Stifel.

我們的下一個問題將來自於 Stifel 的 Bruce Chan。

Just want to come back to the revenue quality discussion. Brie, you talked about growing share in SMB, and I think B2B is part of that. Can you give us a sense of what commercial initiatives you're putting in place to make that share growth happen there? And then maybe also where do you stand right now in terms of SMB share? Where is that coming from? And where do you think it can go?

只是想回到收入質量討論。 Brie，您談到了在 SMB 中不斷增長的份額，我認為 B2B 就是其中的一部分。您能否告訴我們您正在採取哪些商業舉措來實現份額增長？然後也許你現在在 SMB 份額方面的立場是什麼？那是從哪裡來的？你認為它可以去哪裡？

Yes. Great question. So from a B2B perspective, we've got a lot going on to improve our market share. And again, we're running a massive business. So I'll try to be specific without going kind of through every country in the world. From a B2B, I guess, one of the primary things that we're working on, I mean you're going to hear a lot about next week, is our visibility tools.

是的。好問題。所以從 B2B 的角度來看，我們有很多事情要做來提高我們的市場份額。再一次，我們正在經營一項龐大的業務。所以我會盡量具體一點，而不是遍歷世界上的每個國家。我想，對於 B2B，我們正在做的主要事情之一，我的意思是你會在下週聽到很多關於我們的可見性工具的信息。

As you're talking about managing very complex supply chains, and you can imagine the amount of change that our customers have gone through over the last 2 years, visibility is critical. And then honestly, proactive visibility and having the tools to help customers reroute around a weather disruption, reroute around a port congestion, so we are really excited about our FedEx Surround platform that we've talked a lot about. This helps our largest customers, and in particular, our B2B customers really navigate and manage their supply chain. We are adding new capabilities onto this tool to allow us to intervene for our health care customers so that if there is a service disruption, we can intervene and re-ice or put something in a cooler.

當您談論管理非常複雜的供應鏈時，您可以想像我們的客戶在過去 2 年中所經歷的變化量，可見性至關重要。老實說，主動可見性和工具可以幫助客戶在天氣中斷時重新路由，在港口擁堵時重新路由，所以我們對我們已經談論過很多的 FedEx Surround 平台感到非常興奮。這有助於我們最大的客戶，特別是我們的 B2B 客戶真正導航和管理他們的供應鏈。我們正在為該工具添加新功能，以便我們為醫療保健客戶進行干預，以便如果服務中斷，我們可以進行干預並重新冰敷或將某些東西放入冷卻器中。

So I would say thematically for B2B, really giving customers the data, the tools, the insight and then, quite frankly, having the intervention capabilities that FedEx Express does to do something about it because that is really most important.

所以我想說的是 B2B 的主題，真正為客戶提供數據、工具、洞察力，然後坦率地說，擁有聯邦快遞所做的干預能力，因為這真的是最重要的。

From a small business perspective, I'm just really enthusiastic. No one can touch our value proposition. Small bundle or small customers need simplicity. And they tell us that over and over again, if you're a small customer, you're running just about every function in your business. And so if you've got a one-stop shop like FedEx with an LTL provider with national coverage, it works really well.

從小企業的角度來看，我真的很熱情。沒有人能觸及我們的價值主張。小捆綁或小客戶需要簡單。他們一遍又一遍地告訴我們，如果您是小客戶，那麼您幾乎可以運行業務中的所有功能。因此，如果您擁有像 FedEx 這樣的一站式商店，並且擁有覆蓋全國的 LTL 供應商，那麼它的效果會非常好。

We've got the industry's leading loyalty program, and I think the pricing team has done a really good job using earned discount in some of our tools to really reward small businesses for that bundle. We'll talk about it a little bit more next week. But like I said, I think we're pretty happy with our small business. And as I mentioned in Q4, our small business mix did improve.

我們擁有業界領先的忠誠度計劃，而且我認為定價團隊在我們的一些工具中使用賺取的折扣來真正獎勵小企業的捆綁銷售方面做得非常好。下週我們會再談一點。但就像我說的，我認為我們對我們的小企業很滿意。正如我在第四季度提到的，我們的小企業組合確實有所改善。

And I guess, sort of one other thing, when we're talking small business, not all small business is created equal. There are a large amount of very price-sensitive lightweight small businesses. That is not who we're targeting. So we're being very disciplined. And on the portion of small business that we really are interested in, we're very confident in the momentum we've got.

我想，另一件事是，當我們談論小企業時，並非所有小企業都是平等的。有大量對價格非常敏感的輕量級小企業。那不是我們的目標。所以我們非常有紀律。在我們真正感興趣的小企業部分，我們對我們所擁有的勢頭非常有信心。

And our final question will come from Jeff Kauffman with Vertical Research Partners.

我們的最後一個問題將來自 Vertical Research Partners 的 Jeff Kauffman。

Congratulations to everyone. Looking forward to Memphis next week. Mike, I just wanted to get some clarification here. Two parts here. Number one, the drop in CapEx projection from $7.2 billion to $6.8 million, I think you implied that was more of a timing issue because of supply chain challenges. So should we assume that, that $400 million comes back as we head toward fiscal '24?

祝賀大家。期待下週的孟菲斯。邁克，我只是想在這裡澄清一下。這裡有兩個部分。第一，資本支出預測從 72 億美元下降到 680 萬美元，我認為你暗示這更多是因為供應鏈挑戰的時間問題。那麼我們是否應該假設，當我們邁向 24 財年時，這 4 億美元又回來了？

And then secondly, I want to follow up on Helane's BrightDrop question. We've actually had a chance to see the vehicle at ACT Expo. And the intel we got was it's not costing much more than a Mercedes Sprinter, but the TCO is dramatically lower between the maintenance and the fuel savings and a positive benefit as these trucks come in, in terms of P&L to the fleet. Could you address both those issues, please?

其次，我想跟進 Helane 的 BrightDrop 問題。我們實際上有機會在 ACT Expo 上看到這輛車。我們得到的情報是，它的成本並不比奔馳 Sprinter 貴很多，但是在維護和節省燃料之間的 TCO 顯著降低，並且隨著這些卡車的到來，就車隊的損益而言，這是一個積極的好處。請問您能解決這兩個問題嗎？

Yes. Sure. No. Thanks, Jeff. So yes, let me clarify on the CapEx. So indeed, it was the case that $400 million lower came in this year because of -- for instance, we simply couldn't get some of the replacement vehicles in the time frames anticipated given supply chain delays with the manufacturers there. Certain facility projects just didn't move at the pace as anticipated. So all that said, the $6.8 million for the current fiscal year considers that, that -- those will finish out and plus the other spending I outlined there. So I guess you could say if it had been $6.2 million last year, it would have been $6.4 million this year. But our $7.2 million last year, it would have been lower this year. But again, at the end of the day, $6.8 million last year and $6.8 million this year.

是的。當然。不，謝謝，傑夫。所以是的，讓我澄清一下資本支出。因此，確實，今年的收入減少了 4 億美元，原因是——例如，鑑於那裡製造商的供應鏈延遲，我們根本無法在預期的時間範圍內獲得一些替換車輛。某些設施項目並沒有按照預期的速度發展。綜上所述，本財年的 680 萬美元考慮到，那些將完成，加上我在那裡概述的其他支出。所以我想你可以說，如果去年是 620 萬美元，那麼今年應該是 640 萬美元。但我們去年的 720 萬美元，今年會更低。但同樣，歸根結底，去年是 680 萬美元，今年是 680 萬美元。

And then, look, on the BrightDrop electric vehicles is indeed the case that -- and we look at this from a very focused financial and economic perspective, too, in terms of our acquisition of the fleet. Obviously, it's a key underpinning of our carbon initiatives. But you're right, it does have much lower maintenance costs going forward, a lot fewer moving parts, so on and so forth. So again, the total cost of ownership over the long run, we definitely believe that can exceed the combustion vehicle. So again, thanks for the question.

然後，看，BrightDrop 電動汽車確實是這種情況——就我們收購車隊而言，我們也從非常集中的財務和經濟角度看待這一點。顯然，這是我們碳倡議的關鍵基礎。但你是對的，它的維護成本確實要低得多，運動部件要少得多，等等。所以再一次，從長遠來看，總擁有成本，我們絕對相信可以超過燃燒車輛。再次感謝您的提問。

And that does conclude the question-and-answer session. I'll now turn the conference back over to Mickey Foster.

這確實結束了問答環節。我現在將會議轉回給 Mickey Foster。

Thank you for your participation in FedEx Corporation's fourth quarter earnings conference call. Please 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四季度財報電話會議。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。

Thank you. And that does conclude today's conference. We do thank you for your participation. Have a nice [day].

謝謝你。這確實結束了今天的會議。我們非常感謝您的參與。祝你今天過得愉快]。