聯邦快遞 (FDX) 2023 Q1 法說會逐字稿

Good day, everyone, and welcome to the FedEx Corporation First Quarter Fiscal Year 2023 Earnings Conference Call. Today's call is being recorded. At this time, I will turn the call over to Mickey Foster, Vice President of Investor Relations for FedEx Corporation. Please go ahead.

大家好，歡迎參加聯邦快遞公司 2023 財年第一季度收益電話會議。今天的電話正在錄音。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 first quarter earnings conference call. Before we begin, we want to recognize our SEC 8-K was filed earlier than planned due to a technical issue. The first quarter earnings release, Form 10-Q and stat book are on our website at fedex.com. This call is being streamed from our website where the replay will be available for about 1 year.

下午好，歡迎參加聯邦快遞公司第一季度財報電話會議。在我們開始之前，我們要認識到由於技術問題，我們的 SEC 8-K 比計劃提前提交。第一季度財報、Form 10-Q 和統計手冊都在我們的網站 fedex.com 上。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) We 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.

今天加入我們電話會議的是媒體成員。 （操作員說明）我們想提醒所有聽眾，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。

For additional information on these factors, please refer to our press releases and filings with the SEC. 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.

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。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 CEO; Mike Lenz, Executive Vice President and CFO; and Brie Carere, Executive Vice President and Chief Customer Officer.

今天加入我們電話會議的是總裁兼首席執行官 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 today by acknowledging our pre-announced first quarter earnings results and updated outlook we provided last week. Our network capacity did not align with the demand we experienced as the quarter progressed. But as communicated last week, we have taken swift actions to address what's within our control. Getting cost out rapidly is my priority, and today, I will outline why I'm confident in our ability to drive improved performance and profitability through aggressive cost actions.

謝謝你，米奇，大家下午好。我想從今天開始，感謝我們預先宣布的第一季度收益結果和我們上週提供的更新展望。隨著季度的進展，我們的網絡容量與我們所經歷的需求不一致。但正如上週所傳達的，我們已迅速採取行動解決我們控制範圍內的問題。快速降低成本是我的首要任務，今天，我將概述為什麼我有信心通過積極的成本行動來提高績效和盈利能力。

Before providing more details around these actions, let me briefly discuss what happened since we last spoke to you in June. We saw a decline in our volumes during the first quarter, which accelerated in the final weeks. Our softening volumes in Asia and the U.S. were predominantly due to the economy while the shortfall in Europe was both economic- and service-related. Therefore, we had costs in the system for volumes that didn't materialize. While we immediately took action, savings from these cost efforts lagged the volume decline due to the scale of our operations.

在提供有關這些行動的更多細節之前，讓我簡要討論一下自我們上次在 6 月與您交談以來發生的事情。我們看到第一季度的銷量下降，在最後幾週加速下降。我們在亞洲和美國的銷量疲軟主要是由於經濟原因，而歐洲的短缺則與經濟和服務有關。因此，我們在系統中產生了未實現的數量的成本。雖然我們立即採取了行動，但由於我們的運營規模，這些成本努力所節省的成本落後於銷量下降。

As a result, while revenue was up 6% year-over-year, these dynamics translated to volumes being down year-over-year at all our transportation segments. The volume decline directly impacted our bottom line, driving total company adjusted operating income down roughly 18% year-over-year.

因此，雖然收入同比增長 6%，但這些動態轉化為我們所有運輸部門的銷量同比下降。銷量下降直接影響了我們的底線，導致公司調整後的總營業收入同比下降約 18%。

Now what matters most is what we are doing about it, and this brings me to our aggressive and decisive plan to reduce costs. I'll speak to you -- I'll speak to our actions in 2 parts: first, our fiscal year '23 steps to immediately reduce costs; and second, our Deliver Today, Innovate for Tomorrow transformation strategy to permanently reduce cost and optimize our network. Starting with fiscal year '23, we are prioritizing cost actions to generate $2.2 billion to $2.7 billion of savings, of which about $1 billion will be permanent.

現在最重要的是我們正在做些什麼，這讓我想到了我們積極而果斷的降低成本的計劃。我會和你談談——我會分兩部分談談我們的行動：第一，我們的財政年度 '23 步驟，以立即降低成本；其次，我們的“今天交付，明天創新”轉型戰略，以永久降低成本並優化我們的網絡。從 23 財年開始，我們將優先考慮成本行動，以節省 22 億至 27 億美元，其中約 10 億美元將是永久性的。

Taking each key contributor in turn, at FedEx Express, we expect to drive $1.5 billion to $1.7 billion in savings this fiscal year. The largest single expected contributor in fiscal '23 will be the changes we are making to our express air network as we cut global flight hours. This reduction includes 11% of pan-Pacific daily frequencies, 9% of transatlantic daily frequencies and 17% of daily frequencies on the lane between Asia and Europe. As volumes deteriorated later in the quarter, we began making these structural changes to our network. The impact of these initial changes will be fully realized in October, and the benefit of our continued actions will steadily increase throughout the fiscal year.

依次考慮每個主要貢獻者，在 FedEx Express，我們預計本財年將節省 15 億至 17 億美元。 23 財年最大的單一預期貢獻者將是我們在縮短全球飛行時間時對我們的快遞航空網絡所做的改變。這一減少包括 11% 的泛太平洋每日班次、9% 的跨大西洋每日班次和 17% 的亞洲和歐洲之間航線的每日班次。隨著本季度後期交易量的惡化，我們開始對我們的網絡進行這些結構性改變。這些初步變化的影響將在 10 月充分體現，我們持續行動的收益將在整個財政年度穩步增加。

We are also evaluating additional reductions to be implemented post peak. Further, we're taking steps to enhance our ground efficiency, including reducing routes, hours, vehicle rentals and other on-road expenses. For example, in Europe, we are altering ground network routes to improve productivity, leading to a reduction of approximately 11% of routes in the U.K. and 12% in Germany.

我們還在評估在高峰後實施的額外削減措施。此外，我們正在採取措施提高我們的地面效率，包括減少路線、時間、車輛租賃和其他道路費用。例如，在歐洲，我們正在改變地面網絡路線以提高生產力，導致英國減少了大約 11% 的路線，德國減少了 12%。

Now turning to FedEx Ground. We expect savings in Ground to be $350 million to $500 million in fiscal '23. Our approach to cutting costs in Ground primarily centers around rationalizing our operations. We are consolidating sorts, which will reduce costs while maintaining service and have canceled several planned ground network capacity projects. And as mentioned last week, we're also reducing select Sunday operations in over 170 stations. Mike will provide more details on our capital plans shortly.

現在轉向聯邦快遞地面。我們預計在 23 財年，Ground 將節省 3.5 億至 5 億美元。我們削減地面成本的方法主要集中在合理化我們的運營上。我們正在整合各種類型，這將在保持服務的同時降低成本，並取消了幾個計劃中的地面網絡容量項目。正如上週提到的，我們還減少了 170 多個車站的特定週日運營。 Mike 將很快提供有關我們資本計劃的更多詳細信息。

The final components of our expected fiscal '23 savings will be from overhead expenses as we rightsize our overall cost structure. These actions include our plans to close nearly 140 FedEx office locations and at least 5 corporate office facilities. Additionally, FedEx Services has stopped all noncritical projects. In total, our overhead reduction actions, including FedEx services, will contribute $350 million to $500 million. We realized nearly $300 million in cost savings from these actions in Q1 and expect approximately another $700 million in Q2, with the remainder of the fiscal '23 savings realized during the second half of the year.

隨著我們調整整體成本結構，我們預期的 23 財年節省的最後一部分將來自管理費用。這些行動包括我們計劃關閉近 140 個 FedEx 辦公地點和至少 5 個公司辦公設施。此外，聯邦快遞服務已停止所有非關鍵項目。總的來說，我們的開銷削減行動（包括 FedEx 服務）將貢獻 3.5 億至 5 億美元。我們在第一季度通過這些行動節省了近 3 億美元的成本，並預計在第二季度再節省約 7 億美元，其餘的 23 財年節省將在下半年實現。

The second part of our cost plan is focused on permanent reductions, and we have launched DRIVE, a program supporting our Deliver Today, Innovate for Tomorrow strategy introduced in June. DRIVE is how we execute on that strategy. Our team has already started implementing cost reductions under this program, and this will ultimately enable Network 2.0, the long-term end-to-end trend optimization of our network. Sriram Krishnasamy, our newly appointed Chief Transformation Officer, will facilitate DRIVE and continue reporting directly to me. In total, we expect to take out an additional $4 billion in costs related to DRIVE by fiscal year 2025. To be clear, these are incremental to the fiscal '23 savings I just outlined. These transformational changes will lay the foundation for Network 2.0, which will create an additional $2 billion benefit over the long term.

我們成本計劃的第二部分側重於永久降低成本，並且我們啟動了 DRIVE，該計劃支持我們在 6 月推出的“今日交付，明天創新”戰略。 DRIVE 是我們執行該策略的方式。我們的團隊已經開始根據該計劃實施成本降低，這將最終實現網絡 2.0，即我們網絡的長期端到端趨勢優化。我們新任命的首席轉型官 Sriram Krishnasamy 將促進 DRIVE 並繼續直接向我匯報。總體而言，我們預計到 2025 財年將額外支出 40 億美元與 DRIVE 相關的成本。需要明確的是，這些是我剛剛概述的 23 財年節省的增量。這些轉型變革將為 Network 2.0 奠定基礎，從長遠來看，這將帶來 20 億美元的額外收益。

In closing, we are focused on actions we can control as we stabilize our near-term performance and execute against our long-term strategy. I'd like to sincerely thank our highly motivated team for their hard work and dedication to deliver upon the Purple Promise.

最後，我們專注於我們可以控制的行動，因為我們穩定了我們的近期表現並根據我們的長期戰略執行。我要衷心感謝我們積極進取的團隊為兌現紫色承諾所做的辛勤工作和奉獻。

Now let me turn it over to our Chief Customer Officer, Brie Carere, to discuss market trends that underpin our outlook and our commercial strategy in some more detail.

現在讓我把它交給我們的首席客戶官 Brie Carere，更詳細地討論支撐我們前景和商業戰略的市場趨勢。

Thank you, and good afternoon, everyone. As Raj discussed, during the first quarter, manufacturing, global trade and consumer spending decelerated, particularly late in the quarter and certainly more than we anticipated. As a result, our first quarter volumes were lower than we forecasted. Our current expectations for 2022 U.S. GDP growth and U.S. industrial production forecasts have declined by about 100 basis points since June.

謝謝大家，大家下午好。正如 Raj 所討論的，在第一季度，製造業、全球貿易和消費者支出減速，尤其是在本季度末，而且肯定超出了我們的預期。因此，我們第一季度的銷量低於我們的預期。我們目前對 2022 年美國 GDP 增長的預期和美國工業生產預測自 6 月以來已經下降了約 100 個基點。

Data shows that U.S. consumer spending has slowed as inflation remains a challenge. Further, consumption is skewed towards services, demonstrated by the fact that in June, excluding auto, the real retail inventory to sales ratio fully recovered to its pre-pandemic level. From October to June, the real inventory to sales ratio, excluding automotive, increased 14 basis points, which was the fastest gain over an 8-month period in the 25-year history of the series.

數據顯示，由於通脹仍然是一個挑戰，美國消費者支出已經放緩。此外，消費偏向服務業，這從 6 月份不包括汽車的實際零售庫存與銷售比率完全恢復到大流行前水平這一事實就證明了這一點。從 10 月到 6 月，不包括汽車在內的實際庫存與銷售比率增加了 14 個基點，這是該系列 25 年曆史上 8 個月期間的最快增幅。

Also, real retail sales, including auto, after growing 4.6% and 10.8% in calendar year '21 and '22, respectively, are now down 3.1% year-over-year through July and are pacing to have the worst decline since The Great Recession.

此外，包括汽車在內的實際零售額在 21 年和 22 年分別增長 4.6% 和 10.8% 之後，到 7 月現在同比下降 3.1%，並且正步入自偉大時代以來最嚴重的降幅經濟衰退。

Turning to our transportation businesses. I'd like to spend a moment on the dynamics occurring within FedEx Express and most specifically in Asia and Europe. Starting with Asia, our results were impacted by macroeconomic weakness. Our lower demand is consistent with the broader market, with ocean and air freight rates under pressure in recent weeks. A good indicator of how quickly the market changed in Asia is to review the spot rates coming out of Hong Kong and Shanghai. In June and July, spot rates were between 20% and 40% higher year-over-year, respectively. In early August, these rates fell to single digits, and by the end of the month, Shanghai had plummeted to a 10% decline year-over-year, while Hong Kong rates were flat.

轉向我們的運輸業務。我想花點時間談談聯邦快遞內部發生的動態，尤其是在亞洲和歐洲發生的動態。從亞洲開始，我們的業績受到宏觀經濟疲軟的影響。我們的需求下降與大盤一致，近幾周海運和空運運費承壓。衡量亞洲市場變化速度的一個很好的指標是審查來自香港和上海的即期匯率。 6 月和 7 月，即期匯率同比分別上漲 20% 至 40%。 8月初，這些利率下降到個位數，到月底，上海的房價同比下降10%，而香港的房價則持平。

Through June, which is the latest data available, we have had small market share gains in our Asia region. In Europe, the economy was weaker than we anticipated and service further pressured our results. Our network integration was successfully completed in March, but it is an incredibly complicated effort to combine 2 individual networks of this scale. Throughout the quarter, we continued to refine our standard operating procedures to improve service levels and create momentum across our European division.

截至 6 月，這是可用的最新數據，我們在亞洲地區的市場份額略有增長。在歐洲，經濟比我們預期的要弱，服務業進一步給我們的業績帶來壓力。我們的網絡整合已於 3 月成功完成，但將 2 個如此規模的獨立網絡結合起來卻是一項極其複雜的工作。在整個季度中，我們繼續改進我們的標準操作程序，以提高服務水平並在整個歐洲部門創造動力。

Moving now to FedEx Ground. Revenue growth was driven by higher yields from higher fuel surcharges, base rate increases and improved volume mix. Despite volumes being lower than anticipated, we have held market share in the United States. FedEx Ground has strong service levels, best-in-market transit times and an exciting new picture proof of delivery capability. We are ready to deliver for peak. We will remain nimble in leveraging peak surcharges to balance demand and the capacity of our network as we monitor volume trends.

現在搬到聯邦快遞地面。收入增長是由更高的燃油附加費、基準利率上調和銷量組合改善帶來的更高收益推動的。儘管銷量低於預期，但我們在美國占據了市場份額。 FedEx Ground 擁有強大的服務水平、市場最佳的運輸時間和令人興奮的新交付能力圖片證明。我們已經準備好迎接高峰期了。在監控數量趨勢時，我們將靈活地利用高峰附加費來平衡需求和網絡容量。

And at FedEx Freight, momentum continues to build. The Freight team delivered another strong quarter marked by 21% revenue growth. The team continues to drive disciplined execution, focused on revenue quality and profitable share growth. For the company overall, we continue to execute our revenue quality strategy and pursue business that provides attractive yields.

在 FedEx Freight，勢頭繼續增強。貨運團隊又一個強勁的季度實現了 21% 的收入增長。該團隊繼續推動嚴格執行，專注於收入質量和盈利份額增長。對於公司整體而言，我們將繼續執行我們的收入質量戰略，並追求提供有吸引力的收益的業務。

We continue to deliver new pricing capabilities, and we've taken recent actions to stay well positioned relative to the market as we approach peak. We have maintained a brisk pace for repricing contracts for the renewals and continue to negotiate strong increases.

我們繼續提供新的定價功能，並且我們最近採取了一些行動，以便在我們接近高峰時保持相對於市場的良好定位。我們一直在為續約重新定價合同保持快速步伐，並繼續談判強勁增長。

We just announced a 6.9% general rate increase this coming January in our response to inflationary pressures on our costs. We also announced our new remote area surcharge and peak residential pricing in the United States. In Europe and Asia, we will launch a new handling surcharge as well as [January]. In August, we implemented international fuel surcharge table adjustments for Asia, Europe, the Middle East and Africa. Fuel surcharges are an important pricing tool. We rigorously monitor fuel prices to ensure that we are appropriately positioned relative to the market.

我們剛剛宣佈在今年 1 月將總體利率提高 6.9%，以應對通脹對我們成本的壓力。我們還宣布了美國新的偏遠地區附加費和最高住宅價格。在歐洲和亞洲，我們將推出新的手續費附加費以及 [1 月]。 8月，我們實施了亞洲、歐洲、中東和非洲的國際燃油附加費表調整。燃油附加費是一個重要的定價工具。我們嚴格監控燃料價格，以確保我們在市場中處於適當的位置。

We're moving with speed and agility to reposition our business model for today's operating environment. As you heard from Raj, we had a great -- we have a great opportunity to align costs with volume levels. We are committed to doing this while executing against our commercial strategy and delivering for our customers. Importantly, we're still focused on the longer-term opportunity growing in high-value segments, driving improved service quality and, of course, delivering an outstanding customer experience.

我們正在以速度和敏捷性的步伐重新定位我們的商業模式以適應當今的運營環境。正如您從 Raj 那裡聽到的那樣，我們有一個很好的機會——我們有一個很好的機會來使成本與數量水平保持一致。我們致力於這樣做，同時執行我們的商業戰略並為我們的客戶提供服務。重要的是，我們仍然專注於在高價值領域增長的長期機會，推動服務質量的提高，當然還有提供出色的客戶體驗。

I am really pleased with how our teams have responded in this dynamic environment, and we are well positioned to deliver during the upcoming peak season. Service is strong and we have a fantastic value proposition.

我對我們的團隊在這個充滿活力的環境中做出的反應感到非常滿意，並且我們已做好準備在即將到來的旺季交付。服務很強大，我們有一個很棒的價值主張。

With that, I'll turn it over to our Chief Financial Officer, Mike Lenz.

有了這個，我會把它交給我們的首席財務官 Mike Lenz。

Thank you, Brie. While revenue was up 6% for the quarter, profitability was challenged with operating income down 18% on an adjusted basis, and adjusted operating margin down 150 basis points year-over-year. At Express, adjusted operating income declined 72% due to lower average daily package and freight volume and increased expenses as cost reductions lagged volume declines. These factors were partially offset by yield management actions, including higher fuel surcharges. Package yield, including fuel, grew 16% year-over-year.

謝謝你，布里。雖然本季度收入增長了 6%，但盈利能力受到挑戰，調整後的營業收入下降 18%，調整後的營業利潤率同比下降 150 個基點。在 Express，調整後的營業收入下降了 72%，原因是平均每日包裹和貨運量減少，以及成本降低滯後於銷量下降導致費用增加。這些因素被收益管理措施部分抵消，包括更高的燃料附加費。包括燃料在內的包裝產量同比增長 16%。

Turning to Ground. Operating income increased 3%, primarily due to yield improvement and home delivery volume growth. Yield including fuel grew 12% year-over-year. These factors were partially offset by higher operating expenses, driven by increased purchase transportation and other operating expenses.

轉向地面。營業收入增長 3%，主要是由於產量提高和送貨上門量增長。包括燃料在內的產量同比增長 12%。由於採購運輸和其他運營費用增加，這些因素被較高的運營費用部分抵消。

Freight delivered another strong quarter with operating income increasing over 67% as the Freight team continues to execute. This was driven by yield management actions, including higher fuel surcharges. Yield, including the surcharges, grew 27%. This was partially offset by higher salaries and employee benefits as well as lower shipment volumes.

隨著貨運團隊的繼續執行，貨運帶來了另一個強勁的季度，營業收入增長了 67% 以上。這是由收益管理措施推動的，包括更高的燃油附加費。包括附加費在內的收益率增長了 27%。這部分被較高的工資和員工福利以及較低的出貨量所抵消。

To address the changed environment, we're focused on what's within our control and moving with urgency to take costs out of the network. Our team is operating at speed to identify cost-saving opportunities and accelerate for implementation.

為了應對不斷變化的環境，我們專注於我們控制範圍內的事情，並緊急採取行動以降低網絡成本。我們的團隊正在快速行動，以發現節省成本的機會並加速實施。

The $2.2 billion to $2.7 billion fiscal '23 savings we're targeting are relative to our initial plans heading into the year. The majority of this year's savings will come from Express where the demand change has been most pronounced. We expect about $1 billion of our fiscal '23 savings to be permanent in nature, with slight reduction as the largest component along with corporate and back office costs. These permanent cost reductions were not part of the Deliver Today, Innovate for Tomorrow strategy we shared in June, which is about how we structurally optimize our networks. These reductions are directly related to flexing in a changed environment with a view to build back differently in the future.

我們的目標是在 23 財年節省 22 億至 27 億美元，這與我們今年的初步計劃有關。今年的大部分節省將來自需求變化最明顯的快遞。我們預計我們 23 財年節省的約 10 億美元將是永久性的，其中最大的部分是公司和後台辦公室成本的小幅減少。這些永久性的成本削減不是我們在 6 月分享的“今日交付，為明天創新”戰略的一部分，該戰略是關於我們如何在結構上優化我們的網絡。這些減少與在變化的環境中進行靈活調整直接相關，以期在未來以不同的方式重建。

As Raj mentioned, we remain committed to the profit improvement objectives we shared at our June investors meeting. We have launched efforts to accelerate initiatives, identify incremental opportunities and implement metrics to track progress under the DRIVE program.

正如 Raj 所說，我們仍然致力於實現我們在 6 月投資者會議上分享的利潤改善目標。我們已開始努力加快舉措，確定增量機會並實施指標以跟踪 DRIVE 計劃的進展。

So next, I'll give more details on the targeted $4 billion savings by fiscal '25 enabled by DRIVE. About $1.4 billion of the total will come from the FedEx Express operating expenses. Four largest areas of opportunity we are actively advancing are: first, restructuring the air network by reducing routes and more efficiently deploying crews, aircraft and commercial line haul; next, optimization of sort, surface line haul and on-road design to improve efficiency, asset utilization and service; next, driving efficiencies of Europe, as we've discussed previously; and lastly, harmonizing global clearance processes to lower cost.

因此，接下來，我將詳細介紹 DRIVE 實現的 25 財年目標節省的 40 億美元。其中約 14 億美元將來自聯邦快遞的運營費用。我們正在積極推進的四個最大機會領域是：首先，通過減少航線和更有效地部署機組人員、飛機和商業航線來重組航空網絡；其次，優化分揀、地面運輸和道路設計，以提高效率、資產利用率和服務；接下來，正如我們之前討論的那樣，提高歐洲的效率；最後，協調全球清關流程以降低成本。

About $1.1 billion of the total will come from FedEx Ground operating expenses via dock productivity initiatives, network and line haul efficiencies and reduced liability costs. And approximately $1.5 billion will come from shared and allocated overhead expenses led by procurement savings, back-office automation and infrastructure modernization, increased deployment of digital self-service and further consolidation of shared service functions.

其中約 11 億美元將來自聯邦快遞地面運營費用，包括通過碼頭生產力計劃、網絡和線路運輸效率以及降低責任成本。大約 15 億美元將來自採購節省、後台自動化和基礎設施現代化、數字自助服務部署的增加以及共享服務功能的進一步整合所帶來的共享和分配的間接費用。

Moving to our capital spending plans. We've reduced our forecast for capital spend for fiscal 2023 to $6.3 billion compared to our prior $6.8 billion forecast. We're intensely focused on allocating capital to the most attractive ROIC initiatives. Our liquidity remains a source of strength as we ended the quarter with $6.9 billion in cash. And based on our cash flows and liquidity, we remain committed to our capital return strategy, including our plan to repurchase $1.5 billion of stock in fiscal 2023. We expect to purchase $1 billion in the second quarter.

轉向我們的資本支出計劃。我們將 2023 財年的資本支出預測從之前的 68 億美元下調至 63 億美元。我們非常專注於將資金分配給最具吸引力的投資回報率計劃。當我們在本季度結束時擁有 69 億美元的現金，我們的流動性仍然是我們的力量來源。基於我們的現金流和流動性，我們仍然致力於我們的資本回報戰略，包括我們在 2023 財年回購 15 億美元股票的計劃。我們預計第二季度將購買 10 億美元。

Our capital return strategy reflects our confidence in our business despite the headwinds we're currently navigating. We have significant flexibility to maintain our balanced capital allocation and preserve a resilient balance sheet.

儘管我們目前正面臨逆風，但我們的資本回報戰略反映了我們對業務的信心。我們有很大的靈活性來維持我們平衡的資本配置和保持彈性的資產負債表。

Now turning to second quarter guidance. While we continue to drive aggressive cost reduction actions, we expect business conditions to remain challenging in the second quarter. As a result and consistent with the update we provided last week, currently expecting revenue of between $23.5 billion to $24 billion in the fiscal second quarter, and adjusted earnings per share, excluding costs related to business optimization and realignment initiatives of $2.75 or greater in the second quarter.

現在轉向第二季度的指導。雖然我們繼續推動積極的成本削減行動，但我們預計第二季度的商業環境仍將充滿挑戰。因此，與我們上週提供的最新情況一致，目前預計第二財季的收入在 235 億美元至 240 億美元之間，調整後的每股收益不包括與業務優化和重組計劃相關的成本為 2.75 美元或更高第二季度。

For the remainder of the year, while we are not providing guidance, given current uncertainties, our plan is based on an expectation that the weak trends we saw in late Q1 will persist across our major geographies. This is embedded in our guidance for the second quarter and driving our cost takeout initiatives for the fiscal year.

在今年剩下的時間裡，雖然我們沒有提供指導，但鑑於當前的不確定性，我們的計劃是基於我們在第一季度末看到的疲軟趨勢將在我們的主要地區持續存在的預期。這包含在我們對第二季度的指導中，並推動了我們在本財年的成本削減計劃。

Longer term, we remain committed to our fiscal 2025 targets for operating margin improvement, return on invested capital and capital intensity that we shared with you in June. We're leaning more heavily into cost actions to get to those goals.

從長遠來看，我們將繼續致力於實現我們在 6 月與您分享的 2025 財年營業利潤率、投資資本回報率和資本密集度目標。我們更傾向於採取成本行動來實現這些目標。

The start of the year presented greater-than-expected challenges, but I can assure you that we are moving with urgency to address these pressures while remaining focused on creating long-term value by prioritizing revenue quality, expanding margins and elevating financial returns through profitable growth and reduced capital intensity.

今年年初出現了超出預期的挑戰，但我可以向您保證，我們正在緊急應對這些壓力，同時繼續專注於通過優先考慮收入質量、擴大利潤率和通過盈利來提高財務回報來創造長期價值增長和降低資本密集度。

And with that, we'll open it up for your questions.

有了這個，我們將為您的問題打開它。

(Operator Instructions) And we will take our first question from Tom Wadewitz with UBS.

（操作員說明）我們將回答瑞銀的湯姆·韋德維茨提出的第一個問題。

Yes. Wanted to see if you could maybe give us some more perspective on some of the biggest cost reduction actions and just kind of your level of confidence on the execution. It seems like, I guess, parking the planes and taking out capacity is something you've done in prior downturns, but perhaps rationalizing sorting centers seems like a new thing in Ground. And I guess, the labor markets, maybe it's a little tougher to take labor market if you think you might need it back.

是的。想看看您是否可以讓我們對一些最大的成本降低行動有更多的看法，以及您對執行的信心程度。看起來，我猜，停放飛機並減少容量是你在之前的經濟低迷時期所做的事情，但也許合理化分揀中心在地面似乎是一件新鮮事。而且我想，勞動力市場，如果你認為你可能需要它，那麼拿回勞動力市場可能會有點困難。

So I just wanted to see if you could give maybe a bit more detail on your visibility to those cost actions and kind of how they come through.

所以我只是想看看你是否可以更詳細地說明你對這些成本行動的可見性以及它們是如何實現的。

Sure, Tom. This is Mike. So you're correct in observing that the biggest order of magnitude of the cost reductions is from flexing down the air network. So that will come into play, particularly as we move through into the second half of the year as the flight reductions for the -- take effect in October and into November.

當然，湯姆。這是邁克。因此，您正確地觀察到成本降低的最大數量級來自於向下彎曲空中網絡。因此，這將發揮作用，特別是隨著我們進入下半年，因為航班減少在 10 月和 11 月生效。

So at Ground, you spoke of a facility and sort rationalization. What that does for us is as volumes fell down below expectations, that leads to inefficient line haul because load factor's down, and so thus, you're running more line haul than you need for the volume you have. So by consolidating sorts and rationalizing facilities, that's just an example of how we can optimize against the lower volume.

所以在地面，你談到了設施和分類合理化。這對我們來說是因為運輸量低於預期，導致線路運輸效率低下，因為負載率下降，因此，您運行的線路運輸量超過了您所擁有的數量所需的數量。因此，通過整合分類和合理化設施，這只是我們如何針對較低數量進行優化的一個示例。

I also highlight that within the capital spending projections, we have deferred a number of planned Ground facilities, and we actually canceled a few that we're literally about to initiate.

我還強調，在資本支出預測中，我們推遲了一些計劃中的地面設施，實際上我們取消了一些我們實際上即將啟動的設施。

So we are moving quickly on this and fully acting to realize the full potential there. So we have clear plans to get at all of these. We have a long list and they all add up to a very solid number, and the team is focused on execution.

因此，我們正在迅速採取行動，並充分採取行動以實現那裡的全部潛力。所以我們有明確的計劃來解決所有這些問題。我們有一個很長的清單，它們加起來是一個非常可靠的數字，團隊專注於執行。

We will take our next question from Brian Ossenbeck with JPMorgan.

我們將向摩根大通的 Brian Ossenbeck 提出下一個問題。

Maybe just more basic question. Raj, can you just talk about the -- I guess the reason why this is only a FedEx issue at least at this point in time? Why haven't peers called this out? They all seem to sound like things are actually working pretty well in their favor, at least not nearly as much of a falloff as you've highlighted. So maybe can you just address that and why you waited a week to talk about the costs, which we're all waiting for?

也許只是更基本的問題。 Raj，你能談談 - 我猜至少在這個時間點這只是 FedEx 問題的原因？為什麼同行們沒有大聲疾呼？它們聽起來似乎都對他們有利，至少沒有你強調的那麼大的衰減。所以也許你能解決這個問題，為什麼你等了一周才談論成本，我們都在等待？

And then just because of the significant downdraft in Express, can you give us some recent stats in terms of just how quickly it fell and how September is shaping up?

然後僅僅因為 Express 的大幅下跌，您能否給我們一些最近的統計數據，說明它下跌的速度以及 9 月的走勢如何？

Okay. Let me start and then Brie can talk about some of the trends you're saying. Listen, I can't comment on what our competition is seeing or not seeing. All I can say is the trends that we are seeing in the marketplace, and we want to get out ahead of this. And listen, the whole -- at the end of the day, the macro is going to ebb and flow. It's really the activities that we do that matters at the end of the day, and we want to take control of what we can control.

好的。讓我開始，然後布里可以談談你所說的一些趨勢。聽著，我無法評論我們的競爭對手看到或沒有看到什麼。我只能說我們在市場上看到的趨勢，我們想在這之前走出來。聽著，整個 - 在一天結束的時候，宏觀會起起落落。歸根結底，真正重要的是我們所做的活動，我們希望控制我們可以控制的東西。

And that's why we are being very aggressive on our cost actions. And again, we'll let the economic environment, the things that we don't control, it'll do what it will do. We'll just -- we will focus on the issues that we can control in primarily on the cost side.

這就是為什麼我們在成本行動上非常積極的原因。再一次，我們會讓經濟環境，我們無法控制的事情，它會做它會做的事情。我們將只 - 我們將專注於我們主要在成本方面可以控制的問題。

I'll let Brie talk about the revenue trends.

我會讓布里談談收入趨勢。

Thanks, Raj. Brian, just to kind of reiterate what we -- I know we had a lot of opening comments. But when we look at kind of the background, we really did break things into 3 categories. In Asia Pacific, we absolutely believe that this is a market trend and not a FedEx trend. As I mentioned, our market share studies, they are a little bit of a lagging indicator. But we do see that through June, in our Asia Pacific region, we actually gained market share. And that's why I shared those spot rates and how quickly the market changed in August. And we do believe the entire market is experiencing that in Asia.

謝謝，拉傑。布賴恩，只是為了重申一下我們——我知道我們有很多開場白。但是當我們查看某種背景時，我們確實將事物分為 3 類。在亞太地區，我們絕對相信這是市場趨勢，而不是 FedEx 趨勢。正如我所提到的，我們的市場份額研究，它們是一個有點滯後的指標。但我們確實看到，到 6 月份，在我們的亞太地區，我們實際上獲得了市場份額。這就是為什麼我分享了這些即期匯率以及八月份市場變化的速度。我們確實相信整個市場都在亞洲經歷這種情況。

In Europe, similar story from an economic perspective. We think that the economy got worse throughout the quarter. We, however, as we acknowledged, did not have the improvement in service in the quarter that we had expected. We actually saw some plateau in service levels, so that was a FedEx issue. And as Raj mentioned, we're working on it seriously and actually feel good about the momentum there from a service improvement.

在歐洲，從經濟角度來看類似的故事。我們認為整個季度的經濟都在惡化。然而，正如我們所承認的那樣，我們在本季度的服務沒有我們預期的改善。我們實際上看到了服務水平的一些平台期，所以這是聯邦快遞的問題。正如 Raj 所提到的，我們正在認真努力，並且實際上對服務改進帶來的勢頭感到滿意。

And then here in the United States, as I mentioned, through June, we can see that we've held market share. If you actually look from a nuanced perspective, I would say that the 1 nuance within the domestic performance is that from a FedEx Ground economy perspective, we have prioritized revenue quality and so we have let some volume go. That was very conscious, and we have seen that kind of persist throughout the quarter.

然後在美國這裡，正如我所提到的，到六月，我們可以看到我們已經佔據了市場份額。如果你真的從細微的角度來看，我會說國內表現的第一個細微差別是，從聯邦快遞地面經濟的角度來看，我們優先考慮收入質量，所以我們放棄了一些銷量。這是非常有意識的，我們在整個季度都看到了這種持續存在。

So overall, we do think that the entire market is experiencing what we had from a macroeconomic perspective. And then for Q2, you've got the revenue range and I would say that September is right in that range.

所以總的來說，我們確實認為整個市場正在經歷我們從宏觀經濟角度所經歷的一切。然後對於第二季度，您已經有了收入範圍，我會說 9 月份就在這個範圍內。

We will take our next question from Brandon Oglenski with Barclays.

我們將向巴克萊銀行的 Brandon Oglenski 提出下一個問題。

And definitely appreciate the new cost plans. But maybe we're going about this all the wrong way because there's been plenty of cost improvement plans in the past at this company that just haven't delivered. So can I ask a pointed question? Have you done a product review, like what is not working in the last 20 years that's driving lower profitability in your network relative to your competitor? Is there a certain product or customer or a region that just isn't working?

並且絕對欣賞新的成本計劃。但也許我們的做法是錯誤的，因為這家公司過去有很多成本改進計劃還沒有交付。那我可以問一個尖銳的問題嗎？您是否進行過產品審查，例如過去 20 年中什麼不起作用導致您的網絡中的盈利能力低於競爭對手？是否有某個產品或客戶或某個地區無法正常工作？

And I can tell you from the outside looking in, TNT seems to have been an unmitigated disaster here that just has been delivering because you guys are coining out European losses again. And then from our perspective as well dual Express and Ground pickup and delivery networks, I get it. I know that Express and Ground have different dynamics. However, your asset efficiency is literally half that of your nearest competitor, which is unionized, if I might add.

而且我可以從外面告訴你，TNT 在這裡似乎是一場徹頭徹尾的災難，因為你們又在捏造歐洲的損失。然後從我們的角度來看，以及雙重快遞和地面取貨和交付網絡，我明白了。我知道 Express 和 Ground 有不同的動態。但是，如果我可以補充的話，您的資產效率實際上是您最近的競爭對手的一半，後者是工會的。

So I guess, why not use this downturn to put more concrete plans in place to exit markets or regions that aren't working? And the $1 billion in permanent costs out, obviously a step in the right direction. But I guess, how can you address the deficiencies in the network as you see them?

所以我想，為什麼不利用這次低迷制定更具體的計劃，以退出不起作用的市場或地區呢？而 10 億美元的永久性成本支出，顯然是朝著正確方向邁出的一步。但我想，您如何解決您所看到的網絡中的缺陷？

Well, thank you, Brandon. I think we are absolutely fully committed to taking cost levers out. We talked about in 3 buckets: fiscal year '23, the $2.2 billion to $2.7 billion with -- for cost take-out here. We're talking about $4 billion between '23 and '25 and then in the Network 2.0 of $2 billion after that. So those are significant numbers.

好吧，謝謝你，布蘭登。我認為我們完全致力於消除成本槓桿。我們分三個方面進行了討論：23 財年，22 億至 27 億美元，其中包括成本支出。我們說的是 23 年到 25 年之間的 40 億美元，然後是 20 億美元的網絡 2.0。所以這些都是重要的數字。

We are confident in these numbers. We have identified domains with targets. We have people who are focusing on run the business and people focused on transform the business. And we are using cutting-edge technology and some of it is already coming on live here. And all of this is in motion as we speak to deliver value as quickly as possible. So we are confident, we are committed, and this is definitely the focus of the entire team.

我們對這些數字充滿信心。我們已經確定了具有目標的域。我們有專注於經營業務的人，也有專注於轉變業務的人。我們正在使用尖端技術，其中一些已經在這裡直播。所有這一切都在我們所說的盡快交付價值的過程中進行。所以我們有信心，我們有決心，這絕對是整個團隊的重點。

As far as TNT is concerned, since you asked that question, you got to go back and look at the -- a little bit of history here. There's a portfolio gap that we had in Europe that our competition has -- has been in Europe since 1974, and it took -- it's a very important business and profitable business for them. We had to fill that portfolio gap. Now has the integration gone exactly the way we thought it would? No, because we had the cyber-attack, we had COVID, we had all kinds of things in the middle. But the integration is now complete, and the -- that part of it is done.

就 TNT 而言，既然你問了這個問題，你就得回去看看——這裡有一點歷史。我們在歐洲有一個投資組合缺口，我們的競爭對手 - 自 1974 年以來一直在歐洲，而且它需要 - 這對他們來說是一項非常重要的業務和有利可圖的業務。我們必須填補這個投資組合缺口。現在集成是否完全按照我們的預期進行？不，因為我們有網絡攻擊，我們有 COVID，我們中間有各種各樣的東西。但是集成現在已經完成，並且 - 它的那部分已經完成。

We had -- the service issues are getting better. And we have in our portfolio to sell in Europe that's unmatched and sales is getting on the front foot. So this is a starting point, if you would call, and that's why we are confident of the improvements that Europe is going to deliver for us over the next 2 or 3 years.

我們有——服務問題越來越好。我們的產品組合中有無與倫比的產品在歐洲銷售，並且銷售處於領先地位。所以這是一個起點，如果你願意的話，這就是為什麼我們對歐洲將在未來 2 或 3 年內為我們帶來的改進充滿信心。

And again, on the issue of Network 2.0, it's very easy to say yes, put it together and look at the numbers, yes, that's great. But the complexity of -- from a technology perspective, from a facilities perspective, other issues is far greater. And most importantly, we have $4 billion of in-network efficiencies we can get relatively easier than that. And oh, by the way, we're building technology that will enable us to get the Network 2.0. So we think it's a right sequence.

再說一次，在網絡 2.0 的問題上，很容易說是的，把它放在一起看看數字，是的，這很好。但是，從技術角度，從設施角度來看，其他問題的複雜性要大得多。最重要的是，我們擁有 40 億美元的網絡內效率，我們可以相對容易地獲得。哦，順便說一下，我們正在構建能夠讓我們獲得網絡 2.0 的技術。所以我們認為這是一個正確的順序。

We will 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。

Sort of question for you, in light of what could you have done different in the quarter. I guess the magnitude of the Express drop-off is so sharp and I get that (inaudible) decelerated. But I'm just curious, like how did it catch you so offguard? How do you protect against that in the future? And I would have thought that with the contractual customers you've had, you might have had more of a heads-up that this deceleration was coming. So maybe you could talk to that.

對你來說有點問題，鑑於你在本季度可以做些什麼不同的事情。我猜 Express 的下降幅度如此之大，我覺得（聽不清）減速了。但我只是好奇，它是怎麼讓你如此措手不及的？您如何在未來防止這種情況發生？而且我會認為，對於您擁有的合同客戶，您可能會更多地意識到這種減速即將到來。所以也許你可以談談。

Let me talk about the -- talk about timing and then maybe Brie, if you want to add about what's up on the customers. But the volume did drop off quite suddenly towards the end of the quarter. As you know, we have a complex system form with which multiple constituencies around that. And there's a time lag between the actions we can take on reducing the line haul network. And that's all it is. So as I said, in October, you will see the full benefit of those takedowns.

讓我談談 - 談談時間，然後也許是布里，如果你想補充一下客戶的情況。但到本季度末，交易量確實突然下降。如你所知，我們有一個複雜的系統形式，它周圍有多個選區。我們可以採取的減少線路運輸網絡的行動之間存在時間差。僅此而已。因此，正如我所說，在 10 月份，您將看到這些刪除的全部好處。

In terms of customer trends, I don't know, Brie, if you want to add anything more?

在客戶趨勢方面，我不知道，Brie，您還想補充什麼嗎？

Yes. What I will say is that from a customer perspective, our customers are incredibly sticky. And what we experienced, especially in August, both in Asia and here in the United States is 2 things, is their demand actually wasn't there and our customers missed their own forecasts.

是的。我要說的是，從客戶的角度來看，我們的客戶非常具有粘性。我們所經歷的，尤其是在 8 月份，在亞洲和美國這裡有兩件事，他們的需求實際上並不存在，我們的客戶錯過了他們自己的預測。

So I think from a customer relationship perspective, we are working with them furiously to help them manage their -- the difficulties that they're experiencing in their own business. But from a customer stickiness perspective, this is absolutely a reduction of demand within their own business, not a share loss implication.

因此，我認為從客戶關係的角度來看，我們正在與他們積極合作，以幫助他們管理他們在自己的業務中遇到的困難。但從客戶粘性的角度來看，這絕對是他們自身業務需求的減少，而不是份額損失。

Yes, Jordan, this is Mike. We also are very intently focused on identifying these variable costs and shortening the time span of which we can realize the reduction there. So again, there's a span and continuum across different lines of business and nature of costs, but we are intently focused on shortening that horizon.

是的，喬丹，這是邁克。我們還非常專注於識別這些可變成本並縮短我們可以實現減少的時間跨度。同樣，不同業務線和成本性質之間存在跨度和連續性，但我們專注於縮短這一範圍。

We will take our next question from Helane Becker with Cowen.

我們將與 Cowen 一起回答 Helane Becker 的下一個問題。

So just kind of wondering if you could be more specific on flights that you're reducing and parking aircraft to get to this $1.6-ish billion number. Like how should we think about the trade lanes that are going to be impacted and maybe the number of aircraft that are going to be on the ground? Or do you change your Boeing delivery schedule?

所以只是想知道您是否可以更具體地了解您正在減少的航班和停放飛機以達到這個 1.6 億美元的數字。比如我們應該如何考慮將受到影響的貿易航線，以及將要在地面上的飛機數量？或者你改變你的波音交付時間表？

I'll -- let me hit the trade lanes first and then we'll go to aircraft. I think we have -- we've taken down 11% of Trans-Pacific daily frequencies, 9% of transatlantic daily frequencies and 17% of daily frequencies in the lane between Asia and Europe. And we will continue to look at it and we'll see what needs to happen post peak, depending upon how the volume we will sold. Mike?

我會——讓我先去貿易航線，然後我們會去飛機。我認為我們已經 - 我們已經降低了 11% 的跨太平洋每日頻率、9% 的跨大西洋每日頻率和 17% 的亞洲和歐洲之間航線的每日頻率。我們將繼續關注它，我們將看到高峰後需要發生什麼，這取決於我們將如何銷售。麥克風？

Yes, Helane. In taking that down, we're maintaining connectivity and service in the network but there's lower volume so we need less lift. So as a result, we identified the need to -- the opportunity to park aircraft, just as we have demonstrated in the past, the equivalent of about 8 narrow-bodies is what we will be idling temporarily. And so as you can appreciate, that defers maintenance spending that we otherwise would have had. And of course, you save the operating costs of not flying. So we'll continue to take that approach for how conditions unfold.

是的，海蘭。在解決這個問題時，我們正在維護網絡中的連接和服務，但數量較少，因此我們需要的提升較少。因此，我們確定了停放飛機的必要性，正如我們過去所展示的那樣，我們將暫時閒置大約 8 架窄體飛機。因此，您可以理解，這推遲了我們本來應該擁有的維護支出。當然，您可以節省不飛行的運營成本。因此，我們將繼續採用這種方法來了解情況如何發展。

We'll take our next question from Chris Wetherbee with Citi.

我們將向花旗的 Chris Wetherbee 提出我們的下一個問題。

I guess I wanted to understand the process of the cost-outs, particularly this year. So I think you guys mentioned that $300 million of cost savings is in the fiscal first quarter, another $700 million is realized or expected to be realized in the second quarter. So that's about 40% or so over the full year, yet the results are running at a level that is about half of what we expected just a week or so ago.

我想我想了解成本支出的過程，尤其是今年。所以我認為你們提到，第一財季節省了 3 億美元的成本，第二季度實現或預計將實現另外 7 億美元。所以這大約是全年的 40% 左右，但結果的運行水平大約是我們一周前預期的一半左右。

So is this the kind of run rate we should expect as we move into the back half of the year with that extra $1.2 billion to $1.7 billion of costs coming in? Or is there improvement? I guess I'm just struggling, particularly with the second quarter with the $700 million of cost savings relative to EBIT for the total company, which may be in the neighborhood of $1 billion or a little bit north of that.

那麼，隨著我們進入下半年，額外的 12 億至 17 億美元的成本即將到來，這是我們應該期待的那種運行速度嗎？還是有改善？我想我只是在苦苦掙扎，特別是在第二季度，相對於整個公司的息稅前利潤而言，節省了 7 億美元的成本，這可能在 10 億美元左右，或者略高於這個數字。

Okay, Chris, so this is Mike. Let me take that in 2 parts. First, you asked about the second quarter in that. So as we emphasize, we saw the downturn in the demand in the latter part of Q1. And as we expect those trends to persist through all of Q2, while we've accelerated or we'll realize more of the cost savings in Q2 as you highlight, we also have 3 full months of that step change in demand that occurred late in Q1. So that certainly pressures Q2 margins. As we go through the year, the savings build and we expect then that the pressures relative to Q2 will mitigate as we go through -- be less as we go through the year.

好的，克里斯，我是邁克。讓我把它分成兩部分。首先，您詢問了第二季度的情況。因此，正如我們強調的那樣，我們看到第一季度後期的需求下滑。正如我們預計這些趨勢將持續到整個第二季度，雖然我們已經加速或者我們將在第二季度實現更多的成本節約，正如您所強調的那樣，我們還有整整 3 個月的需求變化發生在後期Q1。所以這肯定會給第二季度的利潤率帶來壓力。隨著我們度過這一年，儲蓄會增加，我們預計相對於第二季度的壓力會隨著我們的經歷而減輕——隨著我們度過這一年而減少。

We will take our next question from Ken Hoexter with Bank of America.

我們將向美國銀行的 Ken Hoexter 提出我們的下一個問題。

Just before I get to the question, I just wanted to understand why you chose to launch your Q&A with CNBC versus hosting a conference call. I just want to understand the philosophy of what we can expect of the message going forward and how you plan on distributing it. Obviously, you had technical issues today, but just to try to understand why you chose that route in getting a message out.

就在我回答這個問題之前，我只是想了解您為什麼選擇與 CNBC 進行問答，而不是召開電話會議。我只是想了解我們對未來消息的期望以及您計劃如何分發它的理念。顯然，您今天遇到了技術問題，但只是想了解您為什麼選擇這條路線來傳達信息。

But my question is, how do you solve the festering Ground contractor issue? It seems like you talked about purchase transportation cost scaling. You mentioned in your statements, you've pulled some networks. Some have turned their routes in. It seems like there's really deep concern. Is there opportunity to use this, I don't know whether the cost savings or something, to change the structure there, to resolve some of these issues that the contractors seem to have.

但我的問題是，你如何解決潰爛的地面承包商問題？您似乎談到了購買運輸成本的縮放。你在你的陳述中提到，你已經拉了一些網絡。有些人已經把他們的路線轉進去了。似乎真的很擔心。有沒有機會使用這個，我不知道是節省成本還是什麼，改變那裡的結構，解決承包商似乎遇到的一些問題。

Ken, this is Mike. First, as it relates to your question about the prerelease, so we felt that was appropriate for the circumstances. That's consistent with market practices and, quite frankly, allowed us to use more time today to be talking about how we're going to address it and our future plans.

肯，這是邁克。首先，因為它與你關於預發布的問題有關，所以我們認為這適合當時的情況。這符合市場慣例，坦率地說，這讓我們今天有更多的時間來討論我們將如何解決它以及我們未來的計劃。

As far as the perceived issues on the Ground side, let me just assure you, first of all, that the service levels at FedEx Ground are now reached pre-pandemic levels and we are very well positioned for peak.

至於地面方面的感知問題，首先讓我向您保證，聯邦快遞地面的服務水平現在已達到大流行前的水平，我們已經做好了迎接高峰的準備。

The 6,000 contractors, we have 96% of them have signed the peak incentive program. And to put that in perspective, this is running ahead of where we were last year. So a lot of those were in the media. They are all much more of a perception issue than reality, and we are well positioned for peak and we have the support from our team.

這6000個承包商，我們有96%的人都簽了高峰激勵計劃。從這個角度來看，這比我們去年的水平領先。所以很多都是在媒體上。它們都只是一個感知問題而不是現實問題，我們已經為巔峰做好了準備，我們得到了團隊的支持。

We will take our next question from Amit Mehrotra with Deutsche Bank.

我們將回答德意志銀行的 Amit Mehrotra 的下一個問題。

Mike, I just wanted to ask about the cost-out initiatives this year and if it's a gross or net number. Because obviously, the company has a $90 billion cost structure. If it's not net, $2.2 billion to $2.7 billion, it may sound like a lot but if you have 3% inflation on that number, it wipes out the entirety of the cost savings. So I want to know how you think about that if that's a fair or unfair way of characterizing it.

邁克，我只是想問一下今年的成本支出計劃，以及它是總數還是淨數。因為很明顯，該公司的成本結構為 900 億美元。如果它不是淨值，22 億到 27 億美元，聽起來可能很多，但如果這個數字有 3% 的通貨膨脹，它就會抹去全部的成本節約。所以我想知道你是怎麼想的，如果這是一種公平或不公平的描述方式。

And then just very simply, are Express profits going up from here in the fiscal second quarter or are they going down from here? If you can just answer that as well.

然後非常簡單，Express 的利潤在第二財季從這裡上升還是從這裡下降？如果你也能回答這個問題。

So Amit, first, as we said, the $2.2 billion to $2.7 billion is relative to our cost plans that we had coming into the year. Now as you rightfully observed, we, as everybody else in the world, is experiencing unprecedented levels of inflation, and so that absolutely impacts our base costs. I guess the best way I would characterize it for you is on an absolute cost basis, the first quarter is the largest of the absolute year-over-year increase.

所以阿米特，首先，正如我們所說，22 億到 27 億美元是相對於我們今年的成本計劃而言的。現在，正如您正確地觀察到的那樣，我們和世界上其他所有人一樣，正在經歷前所未有的通貨膨脹水平，因此這絕對會影響我們的基本成本。我想我會為你描述它的最佳方式是在絕對成本的基礎上，第一季度是絕對同比增長中最大的。

As we move through the year, that will mitigate as the cost initiatives take traction here, and that will offset the cost inflation down the road. I'm sorry, what was the second question?

隨著我們度過這一年，隨著成本舉措在這裡受到關注，這將減輕，這將抵消未來的成本通脹。對不起，第二個問題是什麼？

Well, just if you're just giving me a chance to follow up on that. And then the second question was if Express profits are going up from where we were in the fiscal first quarter, the 1.7% margin or even just absolute profits, are they going up or are they going down in the second quarter?

好吧，如果你只是給我一個跟進的機會。然後第二個問題是，Express 的利潤是否從我們第一財季的水平、1.7% 的利潤率甚至僅僅是絕對利潤上升，它們在第二季度是上升還是下降？

And the way you characterized the answer just now, it just seems like there's still no -- if inflation offsets the growth cost takeout, then basically all of the revenue decline prospectively drops to the bottom line. And so I just wanted to understand how you -- if you agree with that or how you think about that.

而你剛才描述答案的方式，似乎仍然沒有 - 如果通貨膨脹抵消了增長成本的影響，那麼基本上所有的收入下降都會預期下降到底線。所以我只是想了解你是怎麼想的——如果你同意這一點，或者你是怎麼想的。

No, it wouldn't drop to the bottom line because of the actions we're taking. We're reducing costs to adjust to a lower demand environment. So while that doesn't leave us at the expectations that we highlighted -- that we outlined in June, it's certainly the case that we're significantly mitigating that as we go through the year.

不，由於我們正在採取的行動，它不會跌至底線。我們正在降低成本以適應需求較低的環境。因此，雖然這並沒有讓我們達到我們在 6 月份概述的預期，但我們肯定會在這一年中顯著減輕這種預期。

As it relates to Express, I would -- as I highlighted earlier, the demand downturn, particularly in Asia Pacific, and in Europe occurred late in Q1. So Q2 will be -- we'll see margin pressure, again, at Express, not dissimilar to what we experienced in Q1. But the structural initiatives really gain hold at Express as we move through Q2.

就快遞而言，我會 - 正如我之前強調的那樣，需求低迷，特別是在亞太地區和歐洲，發生在第一季度末。因此，第二季度將是——我們將再次看到 Express 的利潤率壓力，這與我們在第一季度所經歷的情況並無不同。但隨著我們進入第二季度，結構性舉措在 Express 中真正佔據了主導地位。

So as you think about the overall cost-outs, Express has more as we move through the year because just of the timing of the big elements there.

因此，當您考慮整體成本支出時，Express 在我們這一年中擁有更多，因為那裡的大元素的時間安排。

We will take our next question from Jack Atkins with Stephens.

我們將回答 Jack Atkins 和 Stephens 的下一個問題。

So I guess, Raj, going back to a comment you made earlier about the team, do you feel like you've got the right senior team in place to lead FedEx into the future? There's a clear lack of outside talent on the senior executive committee. Your largest competitor has really benefited from bringing in some outside talent over the last 5 or so years. Do you think it would make sense for FedEx to do that as you look forward to really put in some best practices and help drive improved profitability and returns? It seems like that's sort of a missing element to the story here.

所以我想，Raj，回到你之前關於團隊的評論，你覺得你有合適的高級團隊來領導聯邦快遞走向未來嗎？高級執行委員會顯然缺乏外部人才。在過去 5 年左右的時間裡，您最大的競爭對手確實從引進一些外部人才中受益。您認為 FedEx 這樣做是否有意義，因為您期待真正採用一些最佳實踐並幫助提高盈利能力和回報？這似乎是這裡故事中缺少的元素。

Jack, I think I'm very, very confident in the team that we have. There's a lot of experience here. We have several new players in place. The team is very, very excited. Obviously, we'll look at external talent. We already brought an external talent on several areas of this company, so they're not worse of that at all. It's just that we have a very, very good team, Jack, and I'm very confident that we can deliver.

傑克，我認為我對我們擁有的團隊非常非常有信心。這裡有很多經驗。我們有幾個新的球員到位。團隊非常非常興奮。顯然，我們將關注外部人才。我們已經在這家公司的幾個領域引進了外部人才，所以他們一點也不差。只是我們有一個非常非常優秀的團隊，傑克，我非常有信心我們可以交付。

We will take our next question from Jon Chappell with Evercore ISI.

我們將回答 Evercore ISI 的 Jon Chappell 的下一個問題。

Brie, I want to ask you about the service challenges that you referenced. I just want to make sure, is that strictly in Europe? We're now 6 months past the finality of the integration of TNT. Are you confident that those service issues are behind you?

Brie，我想問一下你提到的服務挑戰。我只是想確定一下，這嚴格在歐洲嗎？我們現在距離 TNT 整合的最終結果已經過去了 6 個月。您確信這些服務問題已經解決了嗎？

And then the final thing is you think about cost cutting across all the regions, is there a risk that cost cutting could exacerbate some of the service issues going forward?

最後一件事是你考慮在所有地區削減成本，削減成本是否有可能加劇未來的一些服務問題？

Great question. And let me answer the second part first. The answer is absolutely not. At FedEx, one of the things we talk about a lot is quality-driven management and core service actually costs more. And our teams are completely aligned that we are going to reduce cost and continue to improve service. And I cannot emphasize that enough that these things will move hand in hand, and we are very confident in our service at Ground as we head here into the peak season for e-commerce.

好問題。讓我先回答第二部分。答案絕對不是。在聯邦快遞，我們經常談論的一件事是質量驅動的管理和核心服務實際上成本更高。我們的團隊完全一致，我們將降低成本並繼續改善服務。而且我不能強調這些事情會齊頭並進，我們對我們在 Ground 的服務非常有信心，因為我們將在這裡進入電子商務的旺季。

When we're talking about service in Europe, as Raj mentioned, the margin integration of the airline was successful. We successfully integrated the airline. It was very complicated and we did suffer some service challenges in March. As we stood in front of you in June, we absolutely had improvement from that March point. We did expect continued improvement in July and August. And what we experienced in Europe was a plateau in that service improvement.

正如 Raj 所說，當我們談論歐洲的服務時，航空公司的利潤整合是成功的。我們成功整合了航空公司。這非常複雜，我們在 3 月份確實遇到了一些服務挑戰。當我們在 6 月份站在你們面前時，我們絕對比 3 月份的那個點有了進步。我們確實預計 7 月和 8 月會繼續改善。我們在歐洲所經歷的是服務改進的平台期。

And I want to be really specific. When we get into Europe, the international domestic markets, when we talk about like our U.K. market or we talk about the France market, that domestic service is actually really, really strong. And then when we get across Europe on the deferred service offerings, it's strong. We have to elevate the service within our overnight business in Europe, and that is our #1 focus from a service perspective. And yes, I am confident that Karen and her team will continue to improve there.

我想非常具體。當我們進入歐洲，國際國內市場，當我們談論英國市場或法國市場時，國內服務實際上非常非常強大。然後，當我們在歐洲提供延期服務時，它很強大。我們必須在歐洲的隔夜業務中提升服務，從服務的角度來看，這是我們的第一重點。是的，我相信凱倫和她的團隊將繼續在那裡進步。

But I just wanted to kind of give you that background of kind of where we're at and what we're looking at moving forward. And absolutely, our entire team knows, reduce cost and improve service.

但我只是想向您介紹一下我們所處的位置以及我們正在考慮向前發展的背景。當然，我們整個團隊都知道，降低成本並改善服務。

We will take our next question from Ravi Shanker with Morgan Stanley.

我們將回答摩根士丹利的 Ravi Shanker 的下一個問題。

So regarding the GRI you announced, how do you reconcile pushing through your biggest rate increase in history at a time when your volumes are falling double digits? I mean, isn't that going to exacerbate the volume decline?

那麼關於您宣布的 GRI，在您的交易量下降兩位數的情況下，您如何協調推動歷史上最大的增長率？我的意思是，這不會加劇銷量下降嗎？

Fair question. I think the answer is inflation. Last year, we had a 5.9% increase in post, and by the way, we have just an incredible insight into our pricing discipline in the market and the commercial tools the team have are just best-in-class. So last year, we did a 5.9%. It was incredibly sticky. We had continued cost increases throughout the year, and so we felt that the 6.9% was appropriate for this year's GRI. We will monitor post-implementation stickiness.

公平的問題。我認為答案是通貨膨脹。去年，我們的郵寄量增加了 5.9%，順便說一句，我們對市場定價規則和團隊擁有的商業工具有著令人難以置信的洞察力。所以去年，我們做了5.9%。它非常粘。我們全年成本持續增加，因此我們認為 6.9% 適合今年的 GRI。我們將監控實施後的粘性。

And of course, we're constantly looking to balance the yield and the volume and make sure that we get the right volume levels from a utilization perspective. But given the inflationary backdrop, yes, we thought this was the right increase for the year.

當然，我們一直在尋求平衡產量和產量，並確保我們從利用率的角度獲得正確的產量水平。但考慮到通脹背景，是的，我們認為這是今年的正確增長。

We will take our next question from Ari Rosa with Credit Suisse.

我們將回答瑞士信貸的 Ari Rosa 的下一個問題。

So Raj, as I look at FedEx Freight, it's now producing almost 4x the operating income of Express. Just could you talk maybe about how you think about the sustainability of the performance on the Freight side, particularly as we head into a potential downturn?

所以 Raj，當我查看 FedEx Freight 時，它現在產生的營業收入幾乎是 Express 的 4 倍。您能否談談您如何看待貨運方面業績的可持續性，特別是在我們進入潛在低迷時期時？

And then to what extent, if we see some of the strength at Freight starting to wane, is it possible that starts to eat into some of the gains that you might see from cost savings at the other units?

然後在多大程度上，如果我們看到貨運的一些實力開始減弱，是否有可能開始侵蝕您可能從其他單位的成本節約中看到的一些收益？

Yes. Thank you, Ari, for that question. First of all, let me just say, our FedEx Freight team has done -- continue to do a phenomenal job of both managing revenue quality and our operating efficiency to generate fantastic results. And they also form a great piece of our portfolio and also provide synergies on the cost side.

是的。謝謝你，阿里，這個問題。首先，我只想說，我們的聯邦快遞貨運團隊已經做到了——繼續在管理收入質量和運營效率方面做得非常出色，以產生出色的結果。它們也構成了我們產品組合的重要組成部分，並在成本方面提供協同效應。

The point that you made is important because -- but we have -- when there's a significant change, when we went to our last downturn, that we were very much focused on revenue quality and efficiency. And as even through the downturn, actually, the margins expanded. And so we are very disciplined in this area and we are executing the plan. We'll have to watch how the market conditions change. Our volumes have actually, as you can see, have declined, and yet the margins have gone up. And the team has done a fantastic job and I expect them to do that going forward.

你提出的觀點很重要，因為——但我們有——當發生重大變化時，當我們經歷上一次經濟低迷時，我們非常關注收入質量和效率。實際上，即使在經濟低迷時期，利潤率也在擴大。所以我們在這方面非常自律，我們正在執行計劃。我們將不得不觀察市場狀況如何變化。如您所見，我們的銷量實際上已經下降，但利潤率卻上升了。團隊做得非常出色，我希望他們能繼續這樣做。

We will take our next question from Bruce Chan with Stifel.

我們將帶著 Stifel 回答 Bruce Chan 的下一個問題。

Raj, Brie, I just want to go back to some of your earlier comments and maybe just ask it bluntly. When you think about the miss, how much of the shortfall was volume-related and how much was from those European service issues?

Raj，Brie，我只想回到你之前的一些評論，也許只是直截了當地問。當您考慮錯過時，有多少短缺與數量有關，又有多少來自那些歐洲服務問題？

And maybe just a follow-up, if you can give us some color on what exactly you mean by service issues? I might have missed it but it's not really clear to me what that means. Was it, I guess, customer attrition? And if so, can that come back?

也許只是一個後續行動，如果您可以就您所說的服務問題的確切含義給我們一些顏色？我可能錯過了它，但我並不清楚這意味著什麼。我猜是客戶流失嗎？如果是這樣，那能回來嗎？

So the short answer is the vast majority of our volume miss was macroeconomic. We talked about it kind of when you think about the miss, it really was predominantly at Express, with Asia being the largest issue. We believe that was entirely macroeconomic. And then when we get into Europe, there was a split between service and the macroeconomic decline.

因此，簡短的回答是，我們的交易量錯失的絕大多數是宏觀經濟。當您想到小姐時，我們就談到了它，實際上主要是在 Express 上，而亞洲是最大的問題。我們認為這完全是宏觀經濟的。然後當我們進入歐洲時，服務業和宏觀經濟衰退之間存在分歧。

I will tell you 2 things. From a service perspective, when we say service issues, specifically what we're talking about is on the Express portfolio within Europe, across the European network is that we are not hitting that time-definite mark at the level that we expect of FedEx. And so we need to kind of increase that service commitment there.

我會告訴你兩件事。從服務的角度來看，當我們說服務問題時，特別是我們談論的是歐洲內部的快遞產品組合，在整個歐洲網絡中，我們沒有達到我們對聯邦快遞的預期水平的時間確定標記。所以我們需要在那裡增加服務承諾。

What I will tell you is that the sales team and our customer base absolutely wants FedEx participating in this market. And we have had strong indications that customers are looking for us in their portfolio in Europe. We have great relationships with large globals here in the United States, and they want us as part of their portfolio in Europe. So I'm very optimistic about the future in Europe.

我要告訴你的是，銷售團隊和我們的客戶群絕對希望聯邦快遞參與這個市場。我們有強烈的跡象表明，客戶正在歐洲的投資組合中尋找我們。我們與美國的大型跨國公司有著良好的關係，他們希望我們成為他們在歐洲投資組合的一部分。所以我對歐洲的未來非常樂觀。

We will 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。

Raj, you've managed through a lot of change at FedEx since 2016. Just to mention the TNT acquisition, the cyber-attack, the trade war downturn and the pandemic, a change in leadership from a founder and whatever we're going to call the cyclical reversal when we look back on it in a few years here. But as you step back and reflect, are there any management mistakes that FedEx did make?

Raj，自 2016 年以來，您在 FedEx 經歷了很多變化。僅提及 TNT 收購、網絡攻擊、貿易戰低迷和大流行、創始人領導層的變化以及我們將要做的任何事情當我們在這裡幾年回顧它時，稱之為周期性逆轉。但是，當您退後一步反思時，聯邦快遞是否確實犯了任何管理錯誤？

And if so, what can you learn from those mistakes to set your customers and your shareholders up for success over the next 3 to 5 years?

如果是這樣，你能從這些錯誤中學到什麼來幫助你的客戶和股東在未來 3 到 5 年內取得成功？

Well, Bascome, I think that's an excellent question. And let me just think about this for a second. You see, 2016 was we're primarily in the B2B space. And when you look ahead of the market, we thought 90% of the growth for the next 5 years is going to be e-commerce and 10% B2B. Well, you look back now and look at that time frame, we see almost, not 90% but more than 100% of the growth came from e-commerce. So we actually expanded our e-commerce portfolio in a big way and expanded our operations. We're very proud of the work we did in creating this portfolio of services in this time frame.

好吧，Bascome，我認為這是一個很好的問題。讓我想一想。你看，2016 年我們主要在 B2B 領域。當你展望市場時，我們認為未來 5 年 90% 的增長將是電子商務和 10% 的 B2B。好吧，你現在回頭看看那個時間框架，我們幾乎看到，不是 90% 而是超過 100% 的增長來自電子商務。因此，我們實際上大大擴展了我們的電子商務組合併擴大了我們的業務。我們為在這個時間框架內創建這個服務組合所做的工作感到非常自豪。

We also did one of the most important work in the history of the company, especially with Express by delivering vaccines and health care around the world and especially in the time of the great pandemic, where operating a network like ours around the world was extraordinarily complex with changing circumstances. So I'm extremely proud of the team for having executed that.

我們還完成了公司歷史上最重要的工作之一，特別是與 Express 合作，通過在世界各地提供疫苗和醫療保健，尤其是在大流行期間，在世界各地運營像我們這樣的網絡異常複雜隨著環境的變化。所以我為團隊的執行感到非常自豪。

So this is the time frame we're talking about. So what we did not anticipate, to be perfectly honest with you, was the tremendous inflation of costs that hit us squarely last year. And that was what really got us. And even with that, we had tremendous results in fiscal year '22 from an EPS perspective. But we absorbed a lot of costs from the inflation side of the house. And then, of course, and now that we're dealing with this situation, we had to build capacity and now we have more capacity than we need.

這就是我們正在談論的時間框架。因此，老實說，我們沒有預料到的是去年對我們造成的巨大成本膨脹。這就是我們真正得到的。即便如此，從每股收益的角度來看，我們在 22 財年取得了巨大的成果。但是我們從房子的通貨膨脹方面吸收了很多成本。然後，當然，現在我們正在處理這種情況，我們必須建立能力，現在我們擁有比我們需要的更多的能力。

So could we have timed that a little better? I don't know how you're going to calculate it. It's like you can't build half a building. So it's just -- it is now we are in a position to -- as we laid out at the investor meeting, we are focusing on the things we have control. We are -- our focus is now on improvement of margins, improvement of ROIC and improve our capital intensive. That's what we're going to do.

那麼我們可以把時間安排得更好一點嗎？不知道你是怎麼計算的。就像你不能建造半座建築物一樣。所以它只是 - 現在我們能夠 - 正如我們在投資者會議上提出的那樣，我們專注於我們可以控制的事情。我們是——我們現在的重點是提高利潤率、提高投資回報率和提高我們的資本密集度。這就是我們要做的。

And this -- again, the economic upturn or downturn, forget about that for a second. Let's focus on the things we can control. And that's why this tremendous cost focus and the structural costs that we are talking about, that's going to get us to these targets.

而這 - 再次，經濟好轉或低迷，暫時忘記這一點。讓我們專注於我們可以控制的事情。這就是為什麼我們正在談論的巨大成本焦點和結構成本將使我們達到這些目標。

We will take our next question from Todd Fowler with KeyBanc Capital Markets.

我們將回答來自 KeyBanc Capital Markets 的 Todd Fowler 的下一個問題。

So I just want to make sure I understand the underlying macro assumptions. Mike, is it that the trends that you saw in August, that, that's kind of the run rate now going into the second quarter? Or do you expect some further deceleration from where we were in August?

所以我只是想確保我理解潛在的宏觀假設。邁克，你在 8 月份看到的趨勢，就是現在進入第二季度的那種運行速度嗎？還是您預計我們在 8 月份的情況會進一步減速？

And then is there a risk that there's contagion or we see weakness in Asia and then that comes into the U.S. or just kind of how are you thinking about the geographic piece of it?

然後是否存在蔓延的風險，或者我們看到亞洲的疲軟，然後進入美國，或者只是你如何看待它的地理部分？

And then lastly, we typically have seen price follow volume. And so is there a risk on the yield front that as volumes slow, that price follows after that?

最後，我們通常會看到價格跟隨成交量。那麼收益率方面是否存在風險，即隨著交易量放緩，價格隨之而來？

Okay, Todd. So yes, the basic underlying planning assumptions that we are using is that the demand levels that we experienced in late August will continue through the rest of the year, and so that we're taking actions accordingly to react to that. So that's the operating assumption now. I don't have a crystal ball about contagion in that. But rest assured, we are going to be continuing to focus on the things we can control. And if we need to make further adjustments and reductions in the cost structure, we will move quickly and decisively.

好的，托德。所以，是的，我們使用的基本規劃假設是，我們在 8 月下旬經歷的需求水平將持續到今年剩餘時間，因此我們正在採取相應的行動對此做出反應。這就是現在的操作假設。我沒有關於傳染的水晶球。但請放心，我們將繼續專注於我們可以控制的事情。如果我們需要進一步調整和降低成本結構，我們將迅速果斷地採取行動。

We will take our next question from Jeff Kauffman with Vertical Research Partners.

我們將回答垂直研究合作夥伴 Jeff Kauffman 的下一個問題。

And thank you for the guidance on the cost savings as well. I just wanted to ask because I noticed that the other corporate and overhead part of operating income was about $100 million higher than a year ago. It costs money to park planes and I don't know if you're furloughing pilots or you're reducing those hours. It costs money to reduce routes or consolidate sorts or shut down offices.

並感謝您對節省成本的指導。我只是想問，因為我注意到營業收入的其他公司和間接費用部分比一年前高出約 1 億美元。停飛機要花錢，我不知道你是要讓飛行員休假還是要減少這些時間。減少路線或合併分類或關閉辦公室都需要花錢。

Do you guys have any estimate for where those costs are going to be? How much they're going to be? Where are they running through the regular P&L during the quarter? Or was that the $100 million in incremental costs that I saw going through kind of corporate office and other?

你們對這些成本的去向有任何估計嗎？他們會是多少？他們在本季度的常規損益表在哪裡運行？還是我看到的 1 億美元的增量成本是通過公司辦公室和其他方式進行的？

Jeff, yes. Let me just specifically address the $100 million, you can put it into 2 pieces. We had a specific customer bad debt reserve that we booked for $80 million at FedEx Logistics. And so while we are pursuing legal action, it was the appropriate reserve to take at this point in time. And then while we separate it out in terms of our adjusted earnings, there's also $24 million of our business realignment is in that corporate/other line. So maybe that gives a little more context for what's there.

傑夫，是的。讓我專門針對 1 億美元，你可以把它分成 2 塊。我們有一個特定的客戶壞賬準備金，我們在 FedEx Logistics 預訂了 8000 萬美元。因此，在我們採取法律行動的同時，這是目前採取的適當保留措施。然後，雖然我們根據調整後的收益將其分開，但我們的業務重組中還有 2400 萬美元在該公司/其他領域。因此，也許這為那裡的內容提供了更多背景信息。

To clarify as far as any other -- no charges or anything that was specific to the items you were asking about.

澄清任何其他 - 不收取任何費用或任何特定於您詢問的項目的費用。

And there is also no furlough of the pilots. That's not even a thing.

飛行員也沒有休假。這甚至不是一回事。

We will take our next question from David Vernon with Bernstein.

我們將回答 David Vernon 和 Bernstein 的下一個問題。

So I appreciate the added color on the cost saves, but reductions from baseline, kind of difficult to book as profitability. 10 weeks ago, we were looking at a low $20 -- EPS number going to something in the low $30s. Is there any to think that those targets for earnings power have actually shifted as a result of what's happening in the market right now or are we just pushing those out?

所以我很欣賞節省成本的增加色彩，但從基線減少，有點難以預訂為盈利能力。 10 週前，我們看到了 20 美元的低點——每股收益數字將達到 30 美元的低點。有沒有人認為這些盈利能力目標實際上已經因為目前市場上發生的事情而發生了變化，還是我們只是將這些目標推出了？

And does the $4 billion of extra cost saves just kind of gets you back to that 10% margin level?

40 億美元的額外成本節省是否能讓您回到 10% 的利潤率水平？

I think, David, the way to frame it is that we fully recognize that the external environment has changed more than we expected. So we're focused on delivering the margin improvement, lowering the capital intensity that we highlighted, but it's absolutely the case that a greater emphasis will be put on the cost reductions. And so that's what we're highlighting here today. And we have the specific initiatives and plans in place to go after that and realize that as supportive of the goals that we outlined.

大衛，我認為構建它的方式是我們充分認識到外部環境的變化超出了我們的預期。因此，我們專注於提高利潤率，降低我們強調的資本密集度，但絕對會更加重視降低成本。這就是我們今天在這裡強調的內容。我們已經制定了具體的舉措和計劃來實現這一目標，並意識到這是對我們概述的目標的支持。

We will take our next question from Jairam Nathan with Daiwa.

我們將與 Daiwa 一起回答 Jairam Nathan 的下一個問題。

So I just wanted to clarify. Are there any -- should we account for any cash restructuring expenses or anything of that sort for these cost savings?

所以我只是想澄清一下。是否有任何 - 我們是否應該考慮任何現金重組費用或任何類似的成本節省？

So to clarify, for the cost savings that we've identified for FY '23, no, there's nothing associated with that. Now previously, as we talked about the broader business optimization initiatives over a number of years, we scoped that, that could be potentially in the $2 billion range but that is over a longer time horizon. But the near-term cost initiatives, there is no special charge for that.

因此，澄清一下，對於我們為 23 財年確定的成本節約，不，與此無關。之前，當我們談到多年來更廣泛的業務優化計劃時，我們將其範圍定為可能在 20 億美元的範圍內，但這是在更長的時間範圍內。但近期的成本舉措，並沒有為此特別收費。

That concludes today's question-and-answer session. At this time, I will turn the conference back to Raj Subramaniam for any additional or closing remarks.

今天的問答環節到此結束。此時，我將把會議轉回 Raj Subramaniam，以獲取任何補充或結束語。

Well, thank you very much. And in closing, let me just say, it goes without saying, it was a challenging quarter. This is a real critical moment in time for FedEx to execute and I'm very confident that we will. The actions we are taking are key components on the path to achieve our long-term targets and make FedEx stronger for a better tomorrow. Thank you for your time today, and thank you for your interest in FedEx.

好的，謝謝。最後，我只想說，不言而喻，這是一個充滿挑戰的季度。對於聯邦快遞來說，這是一個真正的關鍵時刻，我非常有信心我們會做到的。我們正在採取的行動是實現我們的長期目標和讓 FedEx 變得更強大以創造更美好明天的關鍵組成部分。感謝您今天的寶貴時間，也感謝您對 FedEx 的關注。

This concludes today's call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。