聯邦快遞 (FDX) 2023 Q2 法說會逐字稿

Good day, everyone, and welcome to today's FedEx Corporation Second Quarter Fiscal 2023 Earnings Call. Today's call is being recorded. And now at this time, I would like to turn the call over to Mickey Foster, Vice President of FedEx Investor Relations. Please go ahead.

大家好，歡迎來到今天的聯邦快遞公司 2023 財年第二季度財報電話會議。今天的通話正在錄音中。現在這個時候，我想把電話轉給 FedEx 投資者關係副總裁 Mickey Foster。請繼續。

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

下午好，歡迎來到聯邦快遞公司第二季度收益電話會議。第二季度收益發布、10-Q 表格和我們網站 fedex.com 上的統計書。此電話會議和隨附的幻燈片正在我們的網站上進行流式傳輸，重播和幻燈片將在大約 1 年內可用。

Joining us on the call today are members of the media. During our question-and-answer session, callers will be limited to one question in order to allow us to accommodate all those who would like to participate.

今天加入我們電話會議的是媒體成員。在我們的問答環節中，來電者將被限制為一個問題，以便我們能夠容納所有願意參與的人。

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 -- certain statements in this conference call, such as projections regarding future performance may be considered forward-looking statements within the meaning of the act. Such forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. For additional information on these factors, please refer to our press releases and filings with the SEC.

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

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

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

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

今天與我們一起參加電話會議的是總裁兼首席執行官 Raj Subramaniam；執行副總裁兼首席財務官 Mike Lenz；執行副總裁兼首席客戶官 Brie Carere。

Before we begin, I'd like to take a moment to remember our colleague, Jeff Smith, who passed away on November 17, after courageous battle of brain cancer. Jeff's contributions to the Investor Relations and FedEx team were immeasurable, and our hearts remain heavy at his loss. He will be greatly missed.

在我們開始之前，我想花點時間緬懷我們的同事傑夫·史密斯，他在與腦癌進行了勇敢的鬥爭後於 11 月 17 日去世。 Jeff 對投資者關係和 FedEx 團隊的貢獻是無法估量的，我們對他的離世感到悲痛。人們會非常想念他。

Separately, I'd like to congratulate Elizabeth Allen on her upcoming retirement at the end of the month after 32 years at FedEx. Elizabeth has been instrumental to the Investor Relations team, and she will be missed by our FedEx colleagues and the investment community alike.

另外，我要祝賀伊麗莎白·艾倫 (Elizabeth Allen) 在聯邦快遞工作 32 年後即將於本月底退休。伊麗莎白對投資者關係團隊發揮了重要作用，我們的 FedEx 同事和投資界都會懷念她。

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. Let me begin by thanking our more than 550,000 employees who are working diligently to deliver another strong peak season for our customers. I'm extremely proud of the team's ability to sustain excellent services season while we continue to transform our global network, (inaudible) to the FedEx team.

謝謝你，米奇，大家下午好。首先，我要感謝我們超過 550,000 名員工，他們辛勤工作，為我們的客戶帶來又一個旺季。在我們繼續將我們的全球網絡（聽不清）轉變為 FedEx 團隊的同時，我為團隊維持卓越服務季節的能力感到非常自豪。

I'm encouraged by our second quarter results and the momentum underway against our Deliver Today, Innovate for Tomorrow strategy. We exceeded our Q2 earnings target and cost action goals shared in September, even as the environment remained challenged.

我對我們第二季度的業績以及我們今天交付，為明天創新戰略的勢頭感到鼓舞。即使環境仍然充滿挑戰，我們也超過了 9 月份分享的第二季度收益目標和成本行動目標。

At the same time, there is more work to be done. The declining demand trends we saw at the end of Q1 softened further in the second quarter, and we are moving faster and with more determination than ever to accelerate our cost actions. Today, we will provide more detail on those cost actions and our plan to structurally transform our network to be nimbler, leaner and more efficient, supported by our DRIVE program.

與此同時，還有更多的工作要做。我們在第一季度末看到的需求下降趨勢在第二季度進一步減弱，我們比以往任何時候都更快、更有決心地加快我們的成本行動。今天，我們將提供有關這些成本行動的更多詳細信息，以及我們在 DRIVE 計劃的支持下，將我們的網絡結構性轉型為更靈活、更精簡和更高效的計劃。

Turning to Slide 6 for a snapshot of the quarter. Volumes declined across all segments, primarily at Express down low double digits. As such, revenue was down 3%, driven by a decline at FedEx Express, which was partially offset by growth at FedEx Freight and FedEx Ground.

轉到幻燈片 6 了解本季度的概況。所有細分市場的銷量均有所下降，主要是快遞業務下降了兩位數。因此，收入下降了 3%，這是受聯邦快遞業務下滑的推動，但部分被聯邦快遞貨運和聯邦快遞地面業務的增長所抵消。

Adjusted operating margin and EPS declined with volume weakness, partially offset by higher yield and cost management actions. All of this said, we knew coming into this quarter that we would continue to be challenged by volume softness and high inflation.

調整後的營業利潤率和每股收益因銷量疲軟而下降，部分被更高的收益率和成本管理措施所抵消。所有這一切都表明，我們知道進入本季度，我們將繼續受到銷量疲軟和高通脹的挑戰。

I'm exceptionally proud of the team's execution to date, which enabled us to exceed the second quarter earnings and cost targets. A great example of our meticulous focus on cost actions was a result at FedEx Ground, where, despite volume being down 9% in the quarter, we were able to grow both operating income and margin.

我為團隊迄今為止的執行力感到非常自豪，這使我們能夠超過第二季度的收益和成本目標。我們一絲不苟地關注成本行動的一個很好的例子是 FedEx Ground 的結果，儘管該季度的銷量下降了 9%，但我們能夠實現營業收入和利潤率的增長。

And at FedEx Freight due to operating margin improved 320 basis points due to the continued focus on revenue quality, aligning the cost structure to lower volume levels and delivering an outstanding customer experience.

在 FedEx Freight，由於持續關注收入質量、調整成本結構以降低數量水平並提供出色的客戶體驗，營業利潤率提高了 320 個基點。

Now I'll provide an update on our aggressive and decisive plan to cut costs in fiscal '23 relative to our June plan. In Q2, we achieved over $900 million of savings, exceeding the cost target we shared with you last quarter. This brings our total year-to-date progress to $1.2 billion. As we look to the remainder of the fiscal year, we have identified additional savings, bringing our target for fiscal year '23 to be approximately $3.7 billion in cuts.

現在，我將提供我們在 23 財年相對於 6 月計劃削減成本的積極而果斷的計劃的最新情況。在第二季度，我們節省了超過 9 億美元，超過了我們上個季度與您分享的成本目標。這使我們今年迄今的總進展達到 12 億美元。當我們展望本財年的剩餘時間時，我們已經確定了額外的節省，使我們在 23 財年的目標是削減約 37 億美元。

Turning to Slide 8. As we execute these cost actions, we are also laser-focused on delivering upon the superior service that has defined FedEx throughout our nearly 50-year history. As I mentioned, our team is performing exceptionally well this peak season, with ground time in transit in the U.S. at just 2 days. FedEx Ground is delivering holiday shipments faster to more locations than our nearest competitor. Our ground service is now back to pre-pandemic levels, supported by continued enhancements to our route optimization and package handler scheduling technologies.

轉到幻燈片 8。在我們執行這些成本行動時，我們還專注於提供 FedEx 在我們近 50 年的歷史中定義的卓越服務。正如我所提到的，我們的團隊在這個旺季表現非常出色，在美國的地面運輸時間僅為 2 天。 FedEx Ground 比我們最近的競爭對手更快地將假日貨件運送到更多地點。我們的地面服務現已恢復到大流行前的水平，這得益於我們不斷改進的路線優化和包裹處理程序調度技術。

Service levels also continued to improve at Express. In Europe, we have made strong progress with Italy, France, Germany, Spain and the U.K. showing sustained high levels of service performance. The service challenges at Paris Charles De Gaulle Airport have been largely alleviated, and we are capitalizing on efficiencies in the network to further improve service.

Express 的服務水平也繼續提高。在歐洲，我們在意大利、法國、德國、西班牙和英國取得了長足進步，展現出持續高水平的服務績效。巴黎戴高樂機場的服務挑戰已大大緩解，我們正在利用網絡效率進一步改善服務。

We're taking swift action to address the remaining issues for our intra-Europe service, including the reopening of our Netherlands ground hub in October, which will continue to improve transit and depressurize the rest of the network and completing the Novara Italy road hub in February of 2023.

我們正在迅速採取行動解決我們歐洲內部服務的遺留問題，包括在 10 月份重新開放我們的荷蘭地面樞紐，這將繼續改善運輸並為網絡的其餘部分減壓，並在 2018 年完成意大利諾瓦拉公路樞紐2023 年 2 月。

Moving to Slide 9. I'll now provide an update on our ongoing structural transformation. We have spent 50 years building our networks and growing our portfolio. As a result, we now have the most extensive network of any provider in the industry. We are now focused on optimizing this network to realize our full value potential. This includes advancing our global transformation through DRIVE, our comprehensive program to support long-term profitability and deliver on our fiscal year '25 financial targets.

轉到幻燈片 9。我現在將提供有關我們正在進行的結構轉型的最新信息。我們花了 50 年時間建立我們的網絡並發展我們的產品組合。因此，我們現在擁有業內所有供應商中最廣泛的網絡。我們現在專注於優化該網絡以實現我們的全部價值潛力。這包括通過 DRIVE 推進我們的全球轉型，DRIVE 是我們支持長期盈利能力和實現 25 財年財務目標的綜合計劃。

DRIVE is how we are executing that strategy, achieving more than $4 billion in annualized structural cost reductions by fiscal year 2025.

DRIVE 是我們執行該戰略的方式，到 2025 財年實現每年超過 40 億美元的結構性成本削減。

I'm confident I have the full commitment of our executive team, our Leading DRIVE with purpose and a sense of urgency and of Sriram Krishnasamy, our Chief Transformation Officer, who is facilitating the program.

我相信我得到了我們的執行團隊、我們有目標和緊迫感的 Leading DRIVE 以及我們的首席轉型官 Sriram Krishnasamy 的全力承諾，他正在推動該計劃。

We have identified 14 specific focus areas, which we call domains to target for efficiency improvements. Each is led by an executive sponsor and is aligned around a strategic vision for the business. We are measuring success against each domain's FY '25 permanent cost savings target in addition to using clear operational metrics to track financial and service level progress.

我們已經確定了 14 個特定的重點領域，我們稱之為領域以提高效率。每個人都由一名執行發起人領導，並圍繞業務的戰略願景進行調整。除了使用明確的運營指標來跟踪財務和服務水平進展之外，我們還根據每個領域的 FY '25 永久成本節約目標衡量成功與否。

Our focus within DRIVE is in 3 main areas: FedEx Express, FedEx Ground and shared and allocated overhead expenses.

我們在 DRIVE 中的重點是 3 個主要領域：FedEx Express、FedEx Ground 以及共享和分配的管理費用。

At Express, the team is transforming the network to be more agile, efficient and digitally led. An initial priority is to optimize the global air network where we expect to generate approximately $400 million in savings. This work includes deploying digital assets that allow us to efficiently balance our Purple tile airplanes and third-party lift as we build the network of the future.

在 Express，團隊正在將網絡轉變為更加敏捷、高效和數字化領導。我們的首要任務是優化全球航空網絡，我們預計可以從中節省大約 4 億美元。這項工作包括部署數字資產，使我們能夠在構建未來網絡時有效地平衡我們的 Purple tile 飛機和第三方電梯。

We are also addressing our express pickup and delivery operations globally to improve efficiency. In February, we will implement a new U.S. network design that will improve P&D efficiency and result in cost savings of approximately $300 million annually.

我們還在全球範圍內處理我們的快遞取件和送貨業務，以提高效率。 2 月，我們將實施新的美國網絡設計，這將提高 P&D 效率並每年節省約 3 億美元的成本。

In Europe, where we expect over 1/3 of Express' drive savings, we have spent the last several years bringing the networks together.

在歐洲，我們預計 Express 的驅動器節省超過 1/3，過去幾年我們一直在將網絡整合在一起。

With integration behind us, we have shifted to optimization. We're adjusting our network, deploying route productivity tools and investing in digital capabilities for planning and automation. Additionally, we are rightsizing our intra-Europe air network and improving processes to enhance the end-to-end customer journey. This will all serve to improve both service and profit of our European business.

隨著我們背後的整合，我們已經轉向優化。我們正在調整我們的網絡，部署路線生產力工具並投資於規劃和自動化的數字功能。此外，我們正在調整我們的歐洲內部航空網絡並改進流程，以增強端到端的客戶旅程。這一切都將有助於改善我們歐洲業務的服務和利潤。

Now turning to FedEx Ground. We are focused on every portion of the package life cycle. For instance, in linehaul operations, we are applying new tools, technology and processes to drive increased packages per trailer. Within Ground, we have a dock domain. This team's responsibility is to improve packages per labor hour. In Q2, that metric increased 3.5% year-over-year, and we expect continued improvement as we deploy additional capabilities.

現在轉向 FedEx Ground。我們專注於包裝生命週期的每個部分。例如，在長途運輸業務中，我們正在應用新的工具、技術和流程來增加每輛拖車的包裹數量。在 Ground 中，我們有一個停靠域。該團隊的職責是改進每個工時的包裹。在第二季度，該指標同比增長 3.5%，我們預計隨著我們部署更多功能，這一指標會持續改善。

Across both the Express and Ground focus areas, we are leveraging our operational insights platform. This provides the foundational data, tools and insights critical not only for delivering DRIVE savings goals but also for sustaining those savings and transforming the way we operate.

在快遞和地面重點領域，我們正在利用我們的運營洞察平台。這提供了基礎數據、工具和見解，這不僅對於實現 DRIVE 節約目標而且對於維持這些節約和轉變我們的運營方式至關重要。

Finally, shared and allocated overhead expenses are a significant opportunity. This includes procurement and digitizing and centralizing support functions. One example of digitizing support functions is our ability to reduce customer service calls by redirecting customers to best-in-class digital applications, a win for FedEx and a win for our customers.

最後，共享和分配的管理費用是一個重要的機會。這包括採購以及數字化和集中支持功能。數字化支持功能的一個例子是我們能夠通過將客戶重定向到一流的數字應用程序來減少客戶服務電話，這是 FedEx 的勝利，也是我們客戶的勝利。

Within procurement, we are reducing spend through our operate collaboratively model and creating a central function to optimize our enterprise spend. For example, we are setting up a cross-OpCo initiative to consolidate our contract transportation spend to realize value in the second half of fiscal year '23.

在採購方面，我們正在通過我們的協作運營模式減少支出，並創建一個中央職能部門來優化我們的企業支出。例如，我們正在製定一項跨 OpCo 計劃，以整合我們的合同運輸支出，以在 23 財年下半年實現價值。

In conclusion, there is strong momentum underway as our team focuses on cutting costs immediately and structurally transforming our network.

總之，由於我們的團隊專注於立即削減成本並從結構上改造我們的網絡，因此勢頭強勁。

We will continue to provide updates on our DRIVE progress, and we plan to host a DRIVE deep dive call in the first half of calendar 2023 to provide additional details on our ongoing transformation.

我們將繼續提供有關 DRIVE 進展的最新信息，並且我們計劃在 2023 年上半年舉辦一次 DRIVE 深入探討電話會議，以提供有關我們正在進行的轉型的更多詳細信息。

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

現在請我們的首席客戶官 Brie Carere 更詳細地討論最近的市場趨勢和我們的商業戰略。

Thank you, and good afternoon. As expected, the operating environment in the second quarter was challenging. The trends we saw toward the end of the first quarter persisted through November. As a result, we experienced lower demand for FedEx products and services, but we acted with urgency to adjust our network while continuing to deliver for our customers.

謝謝，下午好。一如預期，第二季度的經營環境充滿挑戰。我們在第一季度末看到的趨勢一直持續到 11 月。因此，我們對 FedEx 產品和服務的需求有所下降，但我們緊急採取行動調整我們的網絡，同時繼續為我們的客戶提供服務。

Revenue at FedEx Express was down 6% year-over-year, primarily due to volume and yield softness in Europe and Asia. In Europe, we're making steady progress as volume trends improved quarter-over-quarter.

聯邦快遞的收入同比下降 6%，這主要是由於歐洲和亞洲的銷量和收益疲軟。在歐洲，隨著銷量趨勢環比改善，我們正在穩步取得進展。

I am confident in our momentum as we have a robust sales pipeline in Europe. We are leveraging our faster road network and our unique ability to bundle parcel and freight.

我對我們的發展勢頭充滿信心，因為我們在歐洲擁有強大的銷售渠道。我們正在利用我們更快的公路網絡和我們獨特的包裹和貨運捆綁能力。

As we anticipated, the softening demand created yield pressure, especially in Asia. Despite volume softness, I am pleased with the team's ability to manage volume, share and margin in our trans-Pacific lane.

正如我們預期的那樣，需求疲軟造成了收益率壓力，尤其是在亞洲。儘管銷量疲軟，但我對團隊管理我們跨太平洋航線的銷量、份額和利潤的能力感到滿意。

At FedEx Ground, revenue was up 2% due to higher yield driven by fuel surcharges, base rate increases and improved product mix. It was partially offset by lower volumes. We once again delivered strong service levels and best-in-market transit times.

FedEx Ground 的收入增長了 2%，這是由於燃油附加費、基本費率提高和產品組合改善導致收益率提高。它被較低的銷量部分抵消了。我們再次提供了強大的服務水平和最佳的市場運輸時間。

At FedEx Freight, we delivered solid performance despite the operating environment beginning to moderate. Pricing discipline across the LTL industry is strong, and we expect the market to remain rational. Revenue was up 8% as the team remains laser-focused on driving improved revenue quality and profitable share growth.

在 FedEx Freight，儘管運營環境開始放緩，但我們仍提供了穩健的表現。 LTL 行業的定價紀律很強，我們預計市場將保持理性。收入增長了 8%，因為該團隊仍然專注於推動提高收入質量和盈利份額增長。

While navigating the current environment, FedEx Freight continues to innovate. We're expanding dimensional capture and piloting dimensional weight-based pricing. We believe this simplified pricing is the future of the LTL industry, and we're leading in this transformation.

在應對當前環境的同時，FedEx Freight 不斷創新。我們正在擴大維度捕獲並試行基於維度重量的定價。我們相信這種簡化的定價是 LTL 行業的未來，我們正在引領這一轉型。

I also wanted to provide an update on our enterprise pricing strategy and the initiatives to improve revenue quality. We remain disciplined. We are focused on growth in the right segment to optimize network profitability. We announced a 6.9% general rate increase in September, and I remain confident in a continued high capture rate. We are also continuing to leverage surcharges to align our pricing to cost. Our recent announcement for demand-based large package and U.S. export fuel surcharge are good proof points.

我還想提供有關我們的企業定價策略和提高收入質量的舉措的最新信息。我們保持紀律。我們專注於正確細分市場的增長，以優化網絡盈利能力。我們在 9 月份宣布了 6.9% 的綜合利率上調，我對持續的高捕獲率充滿信心。我們還將繼續利用附加費使我們的定價與成本保持一致。我們最近宣布的基於需求的大包裹和美國出口燃油附加費就是很好的證明。

I'm also very pleased with the team's progress to create new capabilities. A great example is the partnership between pricing and DataWorks to build a price anomaly detection engine.

我也很高興團隊在創建新功能方面取得的進展。一個很好的例子是定價和 DataWorks 之間的合作夥伴關係，以構建價格異常檢測引擎。

The team has had success detecting overbilling and correcting invoices before they are sent to our customers. This is a significant customer experience improvement. We are now adapting these capabilities to identify underbilling opportunities, which will increase revenue quality.

在將發票發送給我們的客戶之前，該團隊已成功檢測到多收發票和更正發票。這是一項顯著的客戶體驗改進。我們現在正在調整這些功能來識別欠帳機會，這將提高收入質量。

As we look toward the back half, service improvement has translated into good momentum for our sales team. In addition, we have a robust pipeline aligned with our strategy, which includes small and medium and European segment targets.

當我們展望後半部分時，服務改進已轉化為我們銷售團隊的良好勢頭。此外，我們擁有符合我們戰略的強大管道，其中包括中小型和歐洲細分市場目標。

In Q4, we will be lapping the impact of the beginning of the war in the Ukraine as well as the air integration disruption we experienced in the region. As a result, our year-over-year volume comps will improve as we move through the back half of this fiscal year.

在第四季度，我們將應對烏克蘭戰爭爆發的影響以及我們在該地區經歷的空中整合中斷。因此，隨著本財年下半年的到來，我們的同比銷量將有所改善。

However, in Asia, we do expect to face continued yield pressure due to lower demand for priority services. In the current economic environment, the market is increasingly shifting to deferred services. We have the deferred portfolio to capture the shift in demand, and our DRIVE program will ensure we have the right cost to serve to profitably manage through this market transition.

然而，在亞洲，由於對優先服務的需求下降，我們確實預計將面臨持續的收益率壓力。在當前的經濟環境下，市場越來越多地轉向延期服務。我們有延期投資組合來捕捉需求的變化，我們的 DRIVE 計劃將確保我們有合適的成本來服務於通過這種市場轉型進行盈利管理。

In conclusion, we remain prudent in our expectations for volume and yield in the second half of the fiscal year. That being said, our service value proposition relative to our competition will remain strong. And in fact, our relative market position will improve in the back half of the year. And with that, I'll turn it over to our Chief Financial Officer, Mike Lenz.

總而言之，我們對本財年下半年的銷量和收益率預期保持謹慎。話雖如此，我們相對於競爭對手的服務價值主張仍將保持強勁。事實上，我們的相對市場地位將在今年下半年得到改善。然後，我將把它交給我們的首席財務官 Mike Lenz。

Thanks, Brie. I'll start on Slide 16. In the second quarter, we delivered improved alignment between variable costs and lower revenue amid a more challenged volume environment that impacted our profitability. Second quarter revenue was approximately $700 million below the lower end of the range we expected coming into the quarter. Approximately $300 million of this variance was due to an accelerated decline in forwarding revenue at FedEx Logistics.

謝謝，布里。我將從幻燈片 16 開始。在第二季度，我們在更具挑戰性的銷量環境影響了我們的盈利能力的情況下，改進了可變成本與較低收入之間的一致性。第二季度收入比我們預計進入該季度的範圍的下限低約 7 億美元。其中約 3 億美元的差異是由於 FedEx Logistics 的貨運收入加速下降所致。

The remaining variance versus our Q2 outlook was driven about half by Express and the balance by Ground and Freight combined. We have moved faster to offset this shortfall with cost reductions, reducing the lag between incremental volume softness and the savings offsets realized. This, combined with an additional $200 million in discrete cost actions, led to improved earnings relative to our Q2 outlook.

與我們的第二季度展望相比，剩餘的差異大約一半是由快遞驅動的，其餘部分是由陸運和貨運共同驅動的。我們已經採取更快的行動，通過降低成本來彌補這一不足，減少增量軟性和實現的節省抵消之間的滯後。這與額外的 2 億美元離散成本行動相結合，導致相對於我們第二季度展望的收益有所改善。

Turning to the Transportation segments. Starting with Express, profitability continues to be pressured. Adjusted operating income declined 65% due to lower volumes as cost reductions lagged accelerating volume declines.

轉向運輸部門。從 Express 開始，盈利能力繼續受到壓力。調整後的營業收入下降了 65%，原因是銷量下降，因為成本削減滯後於銷量的加速下降。

Volume pressures were partially offset by yield management actions. Package yield grew 8% year-over-year, primarily driven by higher fuel surcharges and base rates, partially offset by exchange rate impacts.

產量管理措施部分抵消了成交量壓力。包裹收益率同比增長 8%，主要受燃油附加費和基本費率上漲的推動，部分被匯率影響所抵消。

Yield improvement slowed from Q1 levels across nearly all products and regions. In Ground, operating income increased 24% and operating margins expanded 130 basis points to 7.1%, supported by yield growth of 13% as higher fuel surcharges, product mix and pricing initiatives drove improvement.

幾乎所有產品和地區的產量增長都較第一季度有所放緩。在地面業務中，營業收入增長 24%，營業利潤率擴大 130 個基點至 7.1%，這得益於更高的燃油附加費、產品組合和定價舉措推動了收益增長 13%。

Our cost reduction actions, combined with solid execution by the ground team to adjust near-term variable costs amidst greater volume declines also supported margin improvement. These factors were partially offset by increased costs, including higher purchase transportation and other operating expenses.

我們的成本削減行動，加上地麵團隊在銷量下降幅度更大的情況下調整近期可變成本的穩健執行，也支持了利潤率的提高。這些因素被增加的成本部分抵消，包括更高的採購運輸和其他運營費用。

And at Freight, the team continues to drive strong profitability with operating income increasing 32%. This was driven by yield improvement, including higher fuel surcharges, partially offset by decreased shipments as well as higher wage rates.

在 Freight，該團隊繼續推動強勁的盈利能力，營業收入增長了 32%。這是由產量提高推動的，包括更高的燃油附加費，部分被出貨量下降和更高的工資率所抵消。

Turning to Slide 17. I'd like to build on what you heard from Raj on our near-term cost savings, reviewing our progress by category.

轉到幻燈片 17。我想根據你從 Raj 那裡聽到的關於我們近期成本節約的內容，按類別回顧我們的進展。

As mentioned, we've identified $3.7 billion in discrete cost reductions relative to our plans going into fiscal '23, which is $1 billion higher than our prior projection. Express is where we have the most work to do and where the majority of the reductions are focused. A large portion of those savings is coming from reduced flight frequencies.

如前所述，相對於我們進入 23 財年的計劃，我們已經確定了 37 億美元的離散成本削減，這比我們之前的預測高出 10 億美元。 Express 是我們要做的最多的工作，也是大部分減少的重點。這些節省的很大一部分來自減少的航班頻率。

Year-to-date, we've reduced 8 international routes and 32 U.S. domestic routes, while parking 5 additional aircraft. This translates into pulling down U.S. domestic flight hours by 6% and international flight hours down 7% in the second quarter year-over-year.

年初至今，我們減少了 8 條國際航線和 32 條美國國內航線，同時停放了 5 架額外的飛機。這意味著第二季度美國國內飛行時數同比下降 6%，國際飛行時數同比下降 7%。

Moving to 18. In addition to the expense actions, we are also lowering our FY '23 capital spend forecast by an incremental $400 million to $5.9 billion, which represents an approximate $900 million reduction from our initial plans for the year. With the lower demand environment, we're deliberately deferring and slowing the pace of projects as we maintain the emphasis on using our assets more efficiently and reducing our overall capital intensity.

轉到 18。除了費用行動外，我們還將我們的 23 財年資本支出預測下調了 4 億美元至 59 億美元，這比我們今年的初始計劃減少了約 9 億美元。在較低的需求環境下，我們有意推遲和放慢項目進度，因為我們繼續強調更有效地使用我們的資產並降低我們的整體資本密集度。

Our liquidity remains a source of strength, and we ended the quarter with $4.6 billion in cash. We continue to generate solid cash flows supporting our capital return strategy. We executed a $1.5 billion accelerated share repurchase transaction, which will be completed by the end of this calendar year.

我們的流動性仍然是實力的源泉，我們在本季度結束時擁有 46 億美元的現金。我們繼續產生穩定的現金流，支持我們的資本回報戰略。我們執行了一項價值 15 億美元的加速股票回購交易，該交易將於本日曆年年底完成。

Our capital return strategy reflects our commitment to reducing capital intensity and creating value for shareholders while continuing to reinvest in FedEx for today and tomorrow.

我們的資本回報戰略反映了我們致力於降低資本密集度並為股東創造價值，同時繼續為今天和明天對聯邦快遞進行再投資。

Provide additional context for the changes in demand during the first half and what we are planning for in our outlook, on Slide 19, we've shown first half monthly volume trends for our major product categories. Volume declines continued to accelerate across major product categories, both in the U.S. and internationally throughout the second quarter.

提供有關上半年需求變化的更多背景信息以及我們在展望中的計劃，在幻燈片 19 上，我們展示了主要產品類別的上半年月度銷量趨勢。整個第二季度，美國和國際上主要產品類別的銷量下降繼續加速。

As we look to the second half of the year, we expect volume declines to begin moderating in Express and Ground by the end of the third quarter with comparisons easing further in the fourth quarter as we lap the onset of softer volumes.

展望今年下半年，我們預計到第三季度末快遞和陸運的貨運量下降將開始放緩，隨著貨運量開始走軟，第四季度的比較將進一步放緩。

Yield growth will be increasingly pressured as year-over-year fuel surcharge comparisons normalize and customer demand shifts most prominently in Asia.

隨著同比燃油附加費比較正常化以及亞洲客戶需求的變化最為顯著，產量增長將面臨越來越大的壓力。

This brings me to our outlook on Slide 20. While we continue to aggressively drive cost reduction actions, we expect business conditions to remain challenging in the second half of FY '23. Our current expectation for full year adjusted earnings per share is between $13 and $14.

這讓我想到了我們對幻燈片 20 的展望。雖然我們繼續積極推動成本削減行動，但我們預計商業環境在 23 財年下半年仍將充滿挑戰。我們目前對全年調整後每股收益的預期在 13 美元至 14 美元之間。

On a quarterly basis, we expect results to follow our historical seasonal pattern with lower earnings in the third quarter versus the second quarter and highest in the fourth quarter.

按季度計算，我們預計結果將遵循我們的歷史季節性模式，第三季度的收益低於第二季度，第四季度最高。

Second quarter adjusted expenses were essentially flat year-over-year as inflation impacts, particularly fuel, offset our activity reductions on an absolute basis.

第二季度調整後的支出與去年同期基本持平，因為通貨膨脹的影響，尤其是燃料，在絕對基礎上抵消了我們的活動減少。

As we move through the second half, we project year-over-year expenses to increasingly decline as our cost initiatives accelerate in conjunction with lapping certain inflationary increases.

隨著我們進入下半年，我們預計隨著我們的成本計劃加速以及應對某些通貨膨脹的增加，同比支出將越來越多地下降。

Closing, I'd like to reiterate that the entire team continues to aggressively identify and implement both immediate cost reductions as well as structural cost efficiencies to drive improved performance.

最後，我想重申，整個團隊將繼續積極確定並實施即時成本削減和結構性成本效率，以推動績效提升。

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

有了這個，我們將打開它來回答您的問題。

(Operator Instructions) And we'll first hear from Tom Wadewitz of UBS.

（操作員說明）我們將首先聽到瑞銀的 Tom Wadewitz。

Yes. Wanted to see if you could give a sense of what drives the additional $1 billion in cost take out. And then I don't know if you look at the broader frame. Raj, you talked about some of the split. But can you give like the detail or a bit of breakout from Express, Ground and shared services on the $4 billion number also?

是的。想看看您能否了解是什麼推動了額外 10 億美元的成本支出。然後我不知道你是否看更廣泛的框架。 Raj，你談到了一些分裂。但是，您能否也提供 40 億美元數字的細節或 Express、Ground 和共享服務的一些突破？

Hey, Tom, this is Mike. So first, for the additional $1 billion for FY '23 relative to our plans coming into the year, that's mostly at Express. It's a combination of further flight reductions, incremental sort cancels, particularly post peak, adjustments to our ground operations primarily in the pickup and delivery space. And then I guess another piece I'd highlight too was further reductions at our FedEx services, shared services organization, where they're doing a great job of really clamping down on cost relative to what we were contemplating earlier in the year.

嘿，湯姆，這是邁克。因此，首先，相對於我們今年的計劃，23 財年額外的 10 億美元主要用於 Express。這是進一步減少航班、增量排序取消（尤其是高峰後）、對我們主要在取貨和送貨空間的地面運營進行調整的組合。然後我想我要強調的另一件事是進一步削減我們的聯邦快遞服務，共享服務組織，與我們今年早些時候考慮的相比，他們在真正壓低成本方面做得很好。

As it relates to the $4 billion in DRIVE, we've highlighted $1.4 billion is for Express, $1.1 billion is Ground and then $1.5 billion is in the shared and allocated expenses. And keep in mind that as we approach those, those are structural cost reductions that are irrespective of the demand environment assumption that you would make going forward so that we can achieve a path towards the FY '25 objectives that we outlined. Thanks for the question.

由於涉及到 DRIVE 的 40 億美元，我們強調了 14 億美元用於 Express，11 億美元用於 Ground，然後 15 億美元用於分攤和分配費用。請記住，當我們接近這些時，這些是結構性成本降低，與您將繼續前進的需求環境假設無關，以便我們能夠實現我們概述的 FY '25 目標。謝謝你的問題。

Next, we'll hear from Helane Becker of Cowen and Company.

接下來，我們將聽取 Cowen and Company 的 Helane Becker 的意見。

Just one question related to the reduction in CapEx, Mike, you talked -- you're moving -- just to clarify, you're moving to the right, and you will still spend that money, you will just not spend it this current fiscal year. Is that correct? (inaudible)

只有一個與資本支出減少有關的問題，邁克，你說過——你正在移動——只是為了澄清，你正在向右移動，你仍然會花那筆錢，你只是不會在目前花掉它財政年度。那是對的嗎？ （聽不清）

So we certainly have deferred a number of facility projects and initiatives. So that is a component there as well as looking to pause other certain major projects at a phase of completion as we evaluate the chain circumstances. Another piece of it is a change in our aircraft payment schedule as well. So we've pushed that out further, but the number of deliveries remains unchanged, just a timing in that sense.

因此，我們當然推遲了一些設施項目和計劃。因此，這是一個組成部分，並且在我們評估鏈環境時希望在完成階段暫停其他某些主要項目。另一部分是我們的飛機付款時間表也發生了變化。因此，我們將其進一步推遲，但交付數量保持不變，只是這個意義上的時間安排。

Okay. And then could I just ask a follow-up on -- with respect to salaries, wages and benefits. I sort of thought that there was some decline there that looked kind of okay. Could you just explain that? Because you also said during your prepared remarks that salaries were actually up. So kind of missed that.

好的。然後我可以問一個關於薪水、工資和福利的後續問題。我有點認為那裡有一些看起來不錯的下降。你能解釋一下嗎？因為你在準備好的發言中也說過工資實際上上漲了。所以有點錯過了。

Well, so Helane, we will see mitigating in terms of the year-over-year increase in wage rates relative to what we were seeing earlier in the year. And in addition, as we flex down the networks, particularly post peak, we'll have a ramp down in terms of the resources deployed there as we typically do but certainly going to move quickly as we come past the successful peak that we're in the middle of right now. So expect further progress in that line going forward as well.

好吧，所以 Helane，我們將看到工資率與今年早些時候相比的同比增長有所緩和。此外，當我們縮減網絡時，尤其是在高峰過後，我們將像往常一樣減少在那裡部署的資源，但隨著我們成功度過高峰期，我們肯定會迅速採取行動在現在的中間。因此，預計該系列未來也會取得進一步進展。

And next, we'll hear from Jordan Alliger of Goldman Sachs.

接下來，我們將聽取高盛的 Jordan Alliger 的意見。

So a question on the $13 to $14 range. Maybe some more perspective. Obviously, you beat in the second quarter, you're upping the cost saves by $1 billion. I mean how do we think about that from a conservative perspective? Is it conservative? And -- or maybe some context in your view of the economy. I mean are we assuming a recession in those numbers because it would seem, especially with the monitoring decline in volume, that the cost saves are basically all the second half operating profit. So I'm just wondering if you've kind of taken a very conservative approach.

所以一個關於 13 美元到 14 美元範圍的問題。也許更多的觀點。顯然，你在第二季度取得了成功，你將節省的成本提高了 10 億美元。我的意思是我們如何從保守的角度來考慮這個問題？保守嗎？並且 - 或者也許是您對經濟的看法中的某些背景。我的意思是，我們是否假設這些數字出現衰退，因為看起來，尤其是在監測數量下降的情況下，成本節省基本上都是下半年的營業利潤。所以我只是想知道你是否採取了一種非常保守的方法。

Sure. Thanks, Jordan. Well, I would highlight, certainly, the environment remains fluid. We outline our expectations on the trajectory of volume and yield and considered a range of outcomes within the corridor for both of those. And in conjunction with the cost take out you highlighted there, we're very confident with the $13 to $14 range. So while it's true, the volume declines, we expect those to moderate as we move through the rest of the year, particularly in Q4, we're going to have more yield pressure relative to the increases we saw in the first half of the year. So when you bring all 3 of those elements together, that's what gets you to the bottom line projection there that we've highlighted. But I guess I would also say that while the declines moderate on the volume, we're in essence, projecting the same demand profile that we're currently experiencing. So hopefully that puts it in full context for you.

當然。謝謝，喬丹。好吧，我要強調的是，當然，環境仍然是不穩定的。我們概述了我們對交易量和收益率軌蹟的預期，並考慮了這兩者在走廊內的一系列結果。結合您在那裡突出顯示的成本，我們對 13 美元到 14 美元的範圍非常有信心。因此，儘管銷量確實在下降，但我們預計隨著今年餘下時間的推移，銷量會有所緩和，尤其是在第四季度，相對於今年上半年的增長，我們將面臨更大的收益率壓力.因此，當您將所有這 3 個元素放在一起時，這就是我們強調的底線投影。但我想我還要說的是，雖然數量下降幅度不大，但我們本質上是在預測我們目前正在經歷的相同需求狀況。所以希望這能為您提供完整的背景信息。

Next, we'll hear from Ken Hoexter of Bank of America.

接下來，我們將聽取美國銀行的 Ken Hoexter 的講話。

If we could just take that maybe a step further, it seems like that I think Jordan just hit it on the -- you have $1.2 billion of savings so far. So of your $3.7 billion target now, the $2.5 billion, that means all of the second half savings. I just want to clarify the $7.30 or whatever $7 to $8 seems like it's all from cost savings, right? And so the new found $1 billion, does that mean you were targeting maybe $10 to $11 of earnings before that, given that you -- that gets you to the back half? And I guess, Mike, if you can kind of specify what of that is then structural versus adjusting for take out given the pace of volumes you're seeing?

如果我們能更進一步，我認為喬丹似乎恰到好處——到目前為止你已經節省了 12 億美元。因此，在您現在的 37 億美元目標中，25 億美元，這意味著下半年的所有節省。我只想澄清 7.30 美元或任何 7 到 8 美元似乎都是來自成本節約，對嗎？所以新發現的 10 億美元，這是否意味著你之前的目標可能是 10 到 11 美元的收益，因為你 - 這會讓你進入後半部分？我想，邁克，如果你能具體說明什麼是結構性的，而不是根據你看到的交易量的速度調整外賣？

Okay. Ken, how I would address that is as you saw in the second quarter, the revenue environment was below our expectations. So therefore, we are assuming that going forward into the second half of the year, which motivated further near-term takeouts of cost relative to what we had planned for FY '23. So we will project revenues to be down year-over-year in Q1, but we're also going to see a ramp-up in absolute expense reductions as we move through Q3 and even more so into Q4. So that's the absolute basis when you look at it for year-over-year.

好的。肯，我將如何解決這個問題，正如你在第二季度看到的那樣，收入環境低於我們的預期。因此，我們假設進入今年下半年，這促使相對於我們為 23 財年計劃的成本進一步削減近期成本。因此，我們預計第一季度的收入將同比下降，但隨著我們進入第三季度，甚至進入第四季度，我們也將看到絕對費用減少的增加。所以當你逐年查看它時，這是絕對的基礎。

And so that -- are these -- again, just to clarify that, does that mean these are just reaction to the slowing revenues, and so it's cyclical versus -- I'm just trying to understand your -- I think investors want to understand what is structural moves that FedEx is making here versus just reacting to the decelerating revenue environment. Is there a way to clarify that?

因此 - 這些 - 再次澄清一下，這是否意味著這些只是對收入放緩的反應，所以它是周期性的 - 我只是想了解你的 - 我認為投資者想要了解聯邦快遞在這裡採取的結構性舉措是什麼，而不是僅僅對減速的收入環境做出反應。有沒有辦法澄清這一點？

Well, Ken, maybe we talked about a permanent reductions of $1 billion from FY '23. And that recognizes we were operating in very unique circumstances over the last 1.5 years, 2 years. And so those takeouts would not return under any range of normalized demand scenarios that you might consider. And of course, most of that's in Express.

好吧，肯，也許我們談到了從 23 財年開始永久性削減 10 億美元。這承認我們在過去 1.5 年、2 年中在非常獨特的環境中運營。因此，在您可能考慮的任何範圍內的標準化需求情況下，這些外賣都不會返回。當然，其中大部分都在 Express 中。

I mentioned that we parked 5 additional aircraft during the second quarter. By the end of the fiscal year, we're projecting to park 11 additional aircraft. So hopefully, that gives you a little more context for how we're thinking about resizing the network and most of those will be widebodies.

我提到我們在第二季度停放了 5 架額外的飛機。到本財政年度結束時，我們計劃再停放 11 架飛機。因此，希望這能為您提供更多關於我們如何考慮調整網絡大小的背景信息，其中大部分將是寬體飛機。

Great. Condolences on Jeff, he will be missed and good luck to Elizabeth.

偉大的。對傑夫表示哀悼，他會被想念，祝伊麗莎白好運。

Thank you, Ken. Really appreciate it.

謝謝你，肯。真的很感激。

Next, we'll hear from Scott Group of Wolfe Research.

接下來，我們將聽取 Wolfe Research 的 Scott Group 的意見。

Mike, can you just talk about the margin expectations for the segments in the back half? Can Ground continue to improve? Can Freight continue to improve, can Express get back to margin improvement?

邁克，你能談談後半部分的利潤率預期嗎？ Ground能否繼續提升？運費能否繼續改善，快遞能否恢復利潤率改善？

And then Brie, sounds like you were talking about pricing slowing. I wasn't sure if that was a parcel comment, an LTL comment. So if you could just give us a little bit more color.

然後布里，聽起來你在談論定價放緩。我不確定那是不是包裹評論，零擔評論。所以，如果你能給我們多一點顏色。

Okay. Scott, I will start. Express margins will remain pressured in the second half I would say more so in the third quarter versus the fourth quarter. Given some of the factors we outlined, including ramping up more of the discrete cost reductions into the fourth quarter, we're fully seeing traction in Europe, plus lapping the challenges from last year with the air network integration as well as lapping the volume inflection there. So Express remains a -- where we have the most work to do.

好的。斯科特，我要開始了。快遞利潤率在下半年仍將面臨壓力，我會說第三季度與第四季度相比壓力更大。鑑於我們概述的一些因素，包括在第四季度增加更多的離散成本削減，我們充分看到了歐洲的吸引力，加上去年通過空中網絡整合應對挑戰以及應對銷量變化那裡。所以 Express 仍然是——我們有最多工作要做的地方。

I would say at Ground we're past the rapid growth and labor challenges that the Ground team was executing on over the last 2 years, and now they are laser-focused on driving improved productivity and efficiency within a declining volume environment. And so we saw great progress in that regard here in the second quarter and expect to see continued going forward in the second half of the year. So hopefully, that gives a little dimensions to the pieces of it. Brie, do you want to take.

我想說，在 Ground，我們已經克服了 Ground 團隊在過去兩年中面臨的快速增長和勞動力挑戰，現在他們專注於在數量下降的環境中提高生產力和效率。因此，我們在第二季度在這裡看到了這方面的巨大進步，並希望在今年下半年繼續向前發展。所以希望這能為它的各個部分提供一些尺寸。布里，你想帶走嗎？

Sure. Fair question, Scott. So from a yield perspective, let's talk front half versus back half. When we look at the domestic parcel market, we are still anticipating in the back half that we will have yield growth for both Express and Ground in the parcel market, although less growth than we did in the first half.

當然。公平的問題，斯科特。因此，從收益率的角度來看，讓我們談談前半部分和後半部分。當我們看國內包裹市場時，我們仍然預計下半年我們在包裹市場中快遞和陸運的收益都會增長，儘管增長幅度低於上半年。

The same holds true for FedEx Freight domestically. Back half, we are still anticipating yield growth in the inflationary environment, although much less than the front half. And then as we go to the international markets, the largest change that we will experience in the back half is we are anticipating that we will see our Asia yields decrease in the second half.

國內的 FedEx Freight 也是如此。後半期，我們仍然預計通脹環境下的收益率增長，儘管遠低於前半期。然後當我們進入國際市場時，我們將在下半年經歷的最大變化是我們預計我們將在下半年看到我們的亞洲收益率下降。

Now I want to be really clear that we've accounted for that within the range that Mike has given us, and we also anticipated this. And the Asia team does a really good job of managing volume, yield and margin. And our trans-Pacific lane is still a very profitable and healthy lane for us. So it is within the range, but that's how we're thinking about yield front half versus back half.

現在我想明確表示，我們已經在邁克給我們的範圍內考慮到了這一點，我們也預料到了這一點。亞洲團隊在管理數量、收益和利潤方面做得非常好。我們的跨太平洋航線對我們來說仍然是一條非常有利可圖且健康的航線。所以它在範圍內，但這就是我們考慮收益率前半部分和後半部分的方式。

Next, we'll hear from Brandon Oglenski of Barclays.

接下來，我們將聽取巴克萊銀行的 Brandon Oglenski 的意見。

And I second Ken's thoughts on Jeff and Elizabeth. Guys, can you just help us understand, I mean, if you're going to achieve $3.7 billion this year, isn't that very similar to the 2025 DRIVE target? I think that might be the confusion that a lot of folks aren't fully understanding here. And Mike, we heard you that $1 billion are permanent this year. But can you talk to maybe the other $2.7 billion that might come back, but then you're going to shed an incremental $3 billion between now and then?

我支持肯對傑夫和伊麗莎白的看法。伙計們，你能否幫助我們理解，我的意思是，如果你今年要實現 37 億美元，這不是與 2025 DRIVE 目標非常相似嗎？我認為這可能是很多人在這裡沒有完全理解的困惑。邁克，我們聽說今年有 10 億美元是永久性的。但是你能談談可能會回來的其他 27 億美元，但你會從現在到那時減少 30 億美元嗎？

So Brandon, let me, first, thanks for the kind comments regarding Jeff and Elizabeth. We will certainly miss both of them. Let me get a little more context about the $3.7 billion reduction. Appreciate that's reference to our plans coming into '23. And the purpose of that was to illustrate the scope and magnitude of the cost initiatives that we have undertaken to address the changed circumstances from where we started the year. So we've highlighted we have $1 billion of the permanent reductions. In a demand environment as we are today, much of the structure, the flight takedowns that we have made it Express, you wouldn't see those coming back. I think you may recall, we said there will always be -- anticipate that there will be cyclical ups and downs.

所以 Brandon，首先讓我感謝您對 Jeff 和 Elizabeth 的友好評論。我們肯定會想念他們兩個。讓我了解更多有關 37 億美元削減的背景信息。感謝這是對我們進入 23 年的計劃的參考。這樣做的目的是說明我們為應對從年初開始的變化情況而採取的成本舉措的範圍和規模。因此，我們強調了我們有 10 億美元的永久性削減。在我們今天這樣的需求環境中，大部分結構，我們已經讓它成為 Express 的航班起飛，你不會看到那些回來。我想你可能還記得，我們說過總會有——預計會有周期性的起伏。

But as we come out of the current circumstances when it comes back, it would come back in a different way, and we would be using less of our own Purple tail lift and more of partner lift in order to flow traffic in the most efficient manner possible. So again, the $4 billion of DRIVE, think about that in the context of a greater emphasis on cost reduction rather than the degree of modest revenue growth we were assuming back in June when we outlined the goals for FY '25. So that's what the focus is there to that structural cost reduction across a range of demand scenarios that you could envision.

但當我們從目前的情況中恢復過來時，它會以不同的方式回歸，我們將減少使用我們自己的紫色尾部升降機，更多地使用合作夥伴的升降機，以便以最有效的方式流動交通可能的。因此，再次，40 億美元的 DRIVE，在更加強調降低成本而不是我們在 6 月份概述 25 財年目標時假設的適度收入增長的背景下考慮這一點。因此，這就是您可以設想的在一系列需求場景中降低結構性成本的重點。

And next, we'll hear from Allison Poliniak of Wells Fargo.

接下來，我們將聽取 Wells Fargo 的 Allison Poliniak 的意見。

I just want to follow up on the last comment. So just to clarify, the fiscal '25 targets is certainly the balance of revenue and cost based on sort of the macro deceleration. Is that algorithm clearly changed in terms of how you reach those targets through fiscal '25 just given some of the structural cost actions and challenging growth right now?

我只想跟進最後一條評論。所以澄清一下，25 財年的目標肯定是基於某種宏觀減速的收入和成本的平衡。考慮到目前的一些結構性成本行動和具有挑戰性的增長，該算法是否在通過 25 財年實現這些目標的方式方面發生了明顯變化？

Yes, You hit it. Absolutely, Allison. We are -- that's why we have ramped up the degree and intensity around the structural cost reductions. We made great progress to date in identifying those and are looking to use the insights as we've made progress on those to identify even more. And if the environment changes, then we will react as you saw we did in the second quarter here to adjust even further in the near term as well.

是的，你擊中了它。當然，艾莉森。我們是——這就是為什麼我們提高了結構性成本削減的程度和強度。迄今為止，我們在識別這些方面取得了很大進展，並且希望利用這些見解，因為我們在這些方面取得了進展，可以識別更多。如果環境發生變化，那麼我們將像您在第二季度在這裡看到的那樣做出反應，以便在短期內進一步調整。

Next, we'll hear from David Vernon of Bernstein.

接下來，我們將聽取 Bernstein 的 David Vernon 的講話。

So Raj, I was wondering if you could maybe kind of bring this stuff up a level, right? If we're talking about $13 to $14 in adjusted earnings in this fiscal year. Is that a base from which you can start to build in fiscal '24 and '25, or are we still got a little bit of risk in terms of chasing the ball down the hill from an economy standpoint?

所以 Raj，我想知道你是否可以把這些東西提升一個層次，對吧？如果我們談論的是本財年調整後收益的 13 至 14 美元。這是您可以在 24 財年和 25 財年開始建立的基礎，還是從經濟的角度來看，我們在追逐球下山方面仍有一點風險？

And then as you think about the longer-term targets that you put out there, is there any contemplation of actual changes to the product portfolio or the composition of the many different companies that make up FedEx as part of this transformation effort? Or are we just kind of doing the same sort of mix of stuff a little bit better?

然後當你考慮你在那裡提出的長期目標時，是否考慮過產品組合的實際變化或構成 FedEx 的許多不同公司的組成作為這一轉型努力的一部分？或者我們只是把同樣的東西混合得更好一點？

So David, thanks for the question. And so I'll just say that I'm just delighted to see how fast we're performing in terms of taking our structural cost down. So the -- I'm just going to comment on The DRIVE program here because that's what gets us going to the FY '25 goals.

大衛，謝謝你提出這個問題。所以我只想說，我很高興看到我們在降低結構成本方面的表現有多快。所以 - 我只想在這裡評論 DRIVE 計劃，因為這就是讓我們實現 25 財年目標的原因。

Our strategy is simply is to drive profitable growth and reduce our structural costs while we innovate digitally that helps us get to those goals. And all this built on a strong foundation of service. DRIVE is how we execute that, and I'm extremely thrilled to see the progress we have made and the level of engagement of the entire executive team.

我們的戰略很簡單，就是推動盈利增長並降低我們的結構性成本，同時我們進行數字創新以幫助我們實現這些目標。所有這一切都建立在強大的服務基礎之上。 DRIVE 是我們執行該計劃的方式，看到我們取得的進展以及整個執行團隊的參與程度，我感到非常激動。

We have, as I showed in the slide earlier, the 14 domains each with an executive sponsor, KPIs are identified, we have about 1,200 people involved.

正如我之前在幻燈片中展示的那樣，我們有 14 個領域，每個領域都有一個執行發起人，確定了 KPI，我們有大約 1,200 人參與。

And this is not a one-and-done exercise. This, all the way from initial idea to an executable plan with KPIs. This is like a conveyor belt. And then there's a significant amount of will, scale and rigor as teams move towards execution. So this is very important as we think about FY '24 and '25.

這不是一勞永逸的練習。從最初的想法一直到具有 KPI 的可執行計劃。這就像傳送帶。然後隨著團隊走向執行，會有大量的意志、規模和嚴謹性。因此，當我們考慮 24 財年和 25 財年時，這非常重要。

We are fundamentally focused on restructuring our cost base, driving profitable growth and improving our operating margin performance. So we can't control what the external environment is. We are focused on things we can control. And the base that we have in '23, we will use that to come out of this external environment situation much, much better than we went in. And the DRIVE program is a significant component of that and we will talk to you more about that in our drive deep dive update you in the first half of calendar '23.

我們從根本上專注於重組我們的成本基礎，推動盈利增長並提高我們的營業利潤率表現。所以我們無法控制外部環境是什麼。我們專注於我們可以控制的事情。而我們在 23 年擁有的基礎，我們將利用它來擺脫這種外部環境狀況，比我們進入時要好得多。DRIVE 程序是其中的重要組成部分，我們將與您更多地討論這個問題在我們的 drive deep dive 中，我們將在 23 年日曆的上半年為您更新。

We are constantly looking at the portfolio to see what opportunities that exist. And when there's something to talk to you about that, we will definitely communicate. Thank you, David.

我們一直在關注投資組合，看看存在哪些機會。當有什麼事情要和你談的時候，我們一定會溝通的。謝謝你，大衛。

Next we'll here from Stephanie Moore of Jefferies.

接下來我們將從 Jefferies 的 Stephanie Moore 那裡聽到。

I guess I wanted to take maybe a higher level of macro question here. You mentioned continued yield softness in Asia. I'm surprised, I guess, to hear that the China reopening wasn't mentioned at all the potential tailwinds. I'm kind of curious what you guys thoughts are in terms of what's continued to drive that age of softening if kind of potentially come back online as an economy and then maybe noticing that we haven't talked about broader economic outlook and you guys stop giving the monthly economic updates. Maybe if you had any thoughts on just general U.S. economic conditions here looking over the next 12 months.

我想我可能想在這裡提出更高層次的宏觀問題。你提到亞洲的收益率持續疲軟。我猜我很驚訝聽到中國重新開放根本沒有提到潛在的順風。我很好奇你們的想法是什麼繼續推動那個時代的軟化，如果有可能作為一個經濟體重新上線，然後可能會注意到我們沒有談論更廣泛的經濟前景，你們停止提供每月經濟更新。也許如果您對未來 12 個月的美國總體經濟狀況有任何想法。

And let me hit a high level and then Brie adds additional details, we can jump in right afterwards. On the macro aspects of it, the two things we flagged were that the industrial economy is slowing around the world and with Europe being the hardest hit and that there is an e-commerce reset, and both those things happened exactly like we said we're going to happen. The good news was we reacted -- we moved much faster to adjust to these circumstances. And we are absolutely focused on what we can control. And again, I'm very, very proud of the progress we have made. And -- but again, we know there's more work to be done, and we will continue to improve our cost structure.

讓我達到一個高水平，然後 Brie 添加額外的細節，然後我們就可以開始了。在宏觀方面，我們指出的兩件事是全球工業經濟正在放緩，歐洲受到的打擊最為嚴重，電子商務正在重啟，這兩件事的發生與我們所說的完全一樣。重新發生。好消息是我們做出了反應——我們更快地適應了這些情況。我們絕對專注於我們可以控制的事情。再一次，我為我們取得的進展感到非常非常自豪。而且 - 但同樣，我們知道還有更多工作要做，我們將繼續改善我們的成本結構。

Regarding China, we haven't seen any fundamental change in the volume profile one way or the other in the last few weeks. We are obviously monitoring this very, very carefully, and it's very too early for us to make any further comments on this at this time. Brie, anything to add here?

關於中國，過去幾週我們沒有看到任何一種方式的交易量狀況發生任何根本性變化。顯然，我們正在非常、非常仔細地監控此事，現在就此發表任何進一步評論還為時過早。布里，這裡有什麼要補充的嗎？

No, I think that's exactly right. We have the team poised and ready to benefit from any potential. But right now, the demand signals have been pretty consistent over the last couple of weeks, and so that's how we're planning for the back half.

不，我認為這是完全正確的。我們的團隊已準備好從任何潛力中獲益。但現在，需求信號在過去幾週一直非常穩定，所以這就是我們為後半部分做計劃的方式。

Next, we'll hear from Jack Atkins of Stephens.

接下來，我們將聽取 Stephens 的 Jack Atkins 的意見。

Okay. Great. So I guess, Raj, this one's for you, and I love Mike's thought as well, but I would be curious to kind of get your take on structurally what's changing as you look out over the next several years with how the company is allocating capital. I get that there's a greater emphasis on capital efficiency overall. And I think everyone appreciates the fact that you guys are monitoring the CapEx issue very carefully. But as you think about your decisions to invest for both organic and inorganic opportunities, there have been some challenging sort of investments over the past decade. How is the sort of the framework around how you're thinking about capital allocation changing, if at all, as you look forward, Raj?

好的。偉大的。所以我想，Raj，這是給你的，我也喜歡 Mike 的想法，但我很想知道你對未來幾年公司如何分配資本的結構性變化的看法.我知道整體上更加強調資本效率。而且我認為每個人都對你們非常仔細地監控資本支出問題這一事實表示讚賞。但是當你考慮投資有機和無機機會的決定時，在過去十年中出現了一些具有挑戰性的投資。 Raj，如果有的話，圍繞你如何思考資本分配的框架是如何改變的？

Okay. Thank you, Jack. Listen, we are -- the drive is the way we work and every project that we now go through has started to go through a significant hurdle to make sure those plans are approved and then, obviously, that has to make sense from a financial perspective and from a ROIC perspective. So good news so far is that projects that have come through here have -- we are very high returns, and it changes the fundamental way we think about how we go forward here. So Mike, I don't know if you want to add to that comment.

好的。謝謝你，傑克。聽著，我們是——動力是我們工作的方式，我們現在進行的每個項目都開始經歷重大障礙，以確保這些計劃獲得批准，然後，顯然，從財務角度來看，這必須有意義從 ROIC 的角度來看。到目前為止的好消息是，通過這裡的項目已經 - 我們獲得了非常高的回報，它改變了我們思考我們如何在這裡前進的基本方式。邁克，我不知道你是否想補充一下評論。

Jack, look, the high rate of growth, particularly at ground over the past few years, that's in the rearview mirror. And so we will not be spending as much on facility expansion going forward. The major replacement initiatives we have in front of us over the next couple of years, which ramped down in FY -- beyond FY '25 are our fleet modernization. We have no firm orders beyond FY '25 for new aircraft and the modernization of our Memphis hub, which is, as Richard likes to call it, the heartbeat of the Express network. That will be completed in a few years as well, and that will yield efficiencies over the long term.

傑克，你看，高增長率，特別是過去幾年的地面增長率，已經在後視鏡中了。因此，我們不會在未來的設施擴張上花費太多。在接下來的幾年裡，我們面臨的主要更換計劃是我們的機隊現代化，這些計劃在 25 財年之後逐漸減少。我們沒有超過 25 財年新飛機和孟菲斯樞紐現代化改造的確定訂單，正如理查德喜歡稱之為 Express 網絡的心跳。這也將在幾年內完成，從長遠來看，這將產生效率。

So those are major elements within the capital allocation that we have a clear line of sight of those coming down. And hence, as we outlined, we fully expect to be it the 6.5% in '25 and lower beyond that. And hence, we were committed to improving our payout ratio and up the dividend as a reflection of the trajectory and the path that we're headed down in that regard.

因此，這些是資本配置中的主要因素，我們對那些下降的因素有清晰的視線。因此，正如我們概述的那樣，我們完全希望它成為 25 年的 6.5%，甚至更低。因此，我們致力於提高派息率和提高股息，以反映我們在這方面的發展軌跡和道路。

(Operator Instructions) We'll next hear from Chris Wetherbee of Citi.

（操作員說明）接下來我們將聽到花旗銀行的 Chris Wetherbee 的消息。

Raj, I wanted to get in on what you think about the domestic economy. It seems like the step-down in volume activity in the second quarter seemed to be more driven by domestic across the segment. So kind of curious if we're seeing some of the softness that you had originally flagged in the late summer and into the fall in international sort of cascading here into the U.S.? Or are there maybe some specific customer actions or revenue quality actions that you're taking here in the U.S.?

Raj，我想談談你對國內經濟的看法。似乎第二季度銷量活動的減少似乎更多地是由國內整個細分市場推動的。很好奇我們是否看到了您最初在夏末和秋季在國際上級聯到美國的一些軟弱？或者您在美國這裡是否採取了一些特定的客戶行動或收入質量行動？

Well, let me just talk about the macro environment. I think the main macro issue in the United States is really the e-commerce reset. If you were to just follow along here prior to the pandemic e-commerce represented about 16% of retail. During the pandemic, it peaked at about 22%. And ever since, it's been kind of going down.

好吧，我只說宏觀環境。我認為美國的主要宏觀問題確實是電子商務的重置。如果你在大流行之前只是跟著這裡走，電子商務約佔零售業的 16%。在大流行期間，它達到了約 22% 的峰值。從那以後，它一直在下降。

We are probably about 18% or 19% right now. It's still higher than 16%, but not quite high as 22%. So that's the part of the reset that's going on in the U.S. domestic package business.

我們現在大概是 18% 或 19%。它仍然高於 16%，但沒有 22% 高。這就是美國國內包裹業務正在進行的部分重置。

Of course, we have also taken certain revenue quality actions on some of the segments of the traffic, specifically FedEx Ground economy. And so that's the only other part that would be unique to FedEx. But other than that, this is, I would say, the biggest macro here is e-commerce reset.

當然，我們還對某些交通領域採取了一定的收入質量措施，特別是 FedEx Ground 經濟。因此，這是 FedEx 唯一獨有的其他部分。但除此之外，我想說，這裡最大的宏觀是電子商務重置。

Amit Mehrotra from Deutsche Bank has our next question.

德意志銀行的 Amit Mehrotra 有我們的下一個問題。

So Mike, I just wanted to ask maybe a couple of quick ones. So I wanted to understand the drag in Express coming from the European Ground business, so basically the legacy TNT business? Because I understand there's cyclicality in the air network and you're bringing flight hours down, which is great. But I'm just trying to understand what the legacy TNT business, what the overall impact that has had or will have on kind of the express proper profile. I don't know if that means that you can give us an idea of what that business is making or losing or the contribution of that is to the overall Express profit, but I think that would be helpful.

所以邁克，我只是想問幾個快速的問題。所以我想了解來自歐洲地面業務的快遞拖累，所以基本上是傳統的 TNT 業務？因為我知道空中網絡存在周期性，你正在減少飛行時間，這很好。但我只是想了解什麼是傳統的 TNT 業務，已經或將對某種明確的適當形象產生或將產生的總體影響。我不知道這是否意味著您可以讓我們了解該業務的盈利或虧損，或者其對 Express 整體利潤的貢獻，但我認為這會有所幫助。

And then the follow-up I wanted to ask was on the Freight business. And I don't ask a lot of questions about the Freight business, but it's a big piece of the profit pools today? I don't know if Lance is on, but what I noticed is the yields in the freight business were down sequentially, which is something we typically haven't seen quarter-on-quarter. And of course, this is in the context of FedEx being part of kind of that pricing war 12 years ago in the LTL business.

然後我想問的後續問題是貨運業務。我並沒有問很多關於貨運業務的問題，但它在今天的利潤池中佔了很大一部分？我不知道 Lance 是否在，但我注意到貨運業務的收益率環比下降，這是我們通常沒有看到的季度環比情況。當然，這是在 FedEx 參與 12 年前 LTL 業務定價戰的背景下進行的。

Is this an indication that FedEx is lowering price to get more volumes in Freight? Can you talk about the pricing discipline in the Freight business, both with respect to FedEx and also as the industries you see it as well?

這是否表明 FedEx 正在降低價格以獲得更多貨運量？您能否談談貨運業務中的定價紀律，無論是關於 FedEx 還是您所看到的行業？

Sure, Amit. Thanks. I will address Europe first, and then I'll let Brie address your question about the LTL business.

當然，阿米特。謝謝。我將首先解決歐洲問題，然後讓 Brie 解決您關於 LTL 業務的問題。

So look, the opportunity in Europe is a significant driver of the upside potential for Express. We've highlighted the challenges that we had earlier in the calendar year. We have worked past those. The team has momentum there. The leadership team is very focused on winning business, driving more efficiency in productivity both in the air and in the ground network and fully confident that we will see significant contributor to improvement in Express' profitability going forward with some initial traction on that coming in Q4 in terms of seeing a year-over-year improvement. So that is absolutely an opportunity for Express, and we certainly are confident of getting there. It's taken longer than we would have anticipated. And we've had some events develop along the way, but we're past those, and we're looking forward. Brie?

所以看，歐洲的機會是 Express 上行潛力的重要驅動力。我們強調了我們在日曆年早些時候遇到的挑戰。我們已經完成了這些工作。團隊在那裡有動力。領導團隊非常專注於贏得業務，提高空中和地面網絡的生產力效率，並完全相信我們將看到 Express 未來盈利能力提高的重大貢獻，並在第四季度取得初步進展在看到同比改善方面。所以這對 Express 來說絕對是一個機會，我們當然有信心到達那裡。它花費的時間比我們預期的要長。我們一路上發生了一些事件，但我們已經過去了，我們期待著。布里乾酪？

Thanks, Mike. Fair question from a FedEx Freight perspective. When we looked at Q2, the one thing that we did see that was slightly different from Q1 is weights actually were slightly down in Q2. From a revenue quality perspective, however, we have to remember, number one, that we are seeing all of the public carriers behave very rationally and the market is very disciplined. Number two, within that market, FedEx Freight has the premium value proposition. We have 2 types of service. So we have a great opportunity that is very profitable for FedEx for allow customers to move from our priority to our economy service. And we've got 2 great growth opportunities within FedEx, right? We've got FedEx Freight Direct, which we're still seeing high demand for. And we've got a very profitable service into Canada that we're very focused on. So we are going to continue to be disciplined. We absolutely know the history, and we are focused right now on doing our part to be very disciplined within the industry.

謝謝，邁克。從 FedEx Freight 的角度來看公平的問題。當我們查看第二季度時，我們確實看到與第一季度略有不同的一件事是，第二季度的權重實際上略有下降。然而，從收入質量的角度來看，我們必須記住，第一，我們看到所有公共運營商的行為都非常理性，市場也非常有紀律。第二，在該市場中，FedEx Freight 具有溢價價值主張。我們有兩種服務。因此，我們有一個很好的機會，這對聯邦快遞來說是非常有利可圖的，因為它允許客戶從我們的優先服務轉移到我們的經濟服務。我們在 FedEx 內部有 2 個巨大的增長機會，對嗎？我們有 FedEx Freight Direct，我們仍然看到對它的高需求。我們在加拿大有一項非常有利可圖的服務，我們非常關注這一點。因此，我們將繼續受到紀律處分。我們絕對了解歷史，我們現在專注於儘自己的一份力量在行業內保持紀律嚴明。

Next, we'll hear from Scott Schneeberger of Oppenheimer.

接下來，我們將聽取 Oppenheimer 的 Scott Schneeberger 的意見。

Raj, one for you and then one for Brie. Raj, you've given a good overview with regard to DRIVE. I'm just curious when in the first half, we may expect this update call and what type of information we'll receive there, these 14 domains you're targeting, maybe you could speak to the top 3 or 5 there, I'd be curious to hear?

Raj，一份給你，一份給 Brie。 Raj，您對 DRIVE 進行了很好的概述。我只是很好奇，在上半年，我們可能會期待這個更新電話以及我們會在那裡收到什麼類型的信息，這 14 個目標域，也許你可以和那裡的前 3 或 5 個對話，我'想听聽嗎？

And then, Brie, the question for you is you spoke about improving service levels and a really good pipeline for small and intermediate-sized businesses. Could you delve into that a little bit more on how that's working for you and the sales team domestically and in Europe?

然後，布里，你的問題是你談到了提高服務水平和為中小型企業提供一個非常好的管道。您能否更深入地研究一下這對您和國內和歐洲的銷售團隊有何影響？

Well, thank you, Scott. On the -- yes, on the DRIVE part of the equation, we have, again, as I said, we are very excited about the progress we're making here. The -- some of the -- there are 14 domains under Express. We have the air network domain this is about fundamentally restructuring our Express air network to be more agile and flexible to changes in demand and also recognizing that deferred parcel and freight will be a bigger component. So how do we change our networks firstly, to improve our loaded density and then how do we use partner network, especially to move deferred traffic.

好吧，謝謝你，斯科特。在 - 是的，在等式的驅動部分，正如我所說，我們再次對我們在這裡取得的進展感到非常興奮。 Express 下有 14 個域。我們擁有航空網絡領域，這是關於從根本上重組我們的 Express 航空網絡，以更加敏捷和靈活地應對需求變化，並認識到延期包裹和貨運將是一個更大的組成部分。那麼我們如何首先改變我們的網絡，以提高我們的負載密度，然後我們如何使用合作夥伴網絡，尤其是移動延遲流量。

And then also looking at the domestic U.S. network to see what efficiencies we can get there using technology. The other one is Europe is part of the domain here and is clearly a big area for focus for us. We have $1.1 billion of this is FedEx Ground. There are very interesting opportunities there, whether it is through linehaul or dock productivity, things like that. And then, of course, back-office shared services is $1.5 billion with this procurement and improving our efficiency across the board.

然後還要查看美國國內網絡，看看我們可以使用技術達到什麼樣的效率。另一個是歐洲是這裡域的一部分，顯然是我們關注的一個大區域。我們有 11 億美元是 FedEx Ground。那裡有非常有趣的機會，無論是通過長途運輸還是碼頭生產力，諸如此類。然後，當然，通過這次採購和提高我們的整體效率，後台共享服務價值 15 億美元。

So I don't want to take the time here to go through all the detail, but I will -- we'll set up a time we haven't decided on an exact date yet, but at that meeting, we will give you more detail. We'll talk to you about specific KPIs that we will try going forward and give you a full flavor of what this program is all about. And Brie?

所以我不想在這里花時間討論所有的細節，但我會——我們會安排一個時間，我們還沒有確定確切的日期，但在那次會議上，我們會給你更多詳情。我們將與您討論我們將嘗試推進的具體 KPI，並讓您全面了解該計劃的全部內容。還有布里？

Thanks, Raj. So I love this question. Let's talk about our momentum. Here in the United States, as we talked about, we've had a great peak. The ground team and I know the operators who are listening, I know we're not done yet. I know we have a very, very busy week still to execute. But as I sit here right now, we've had just stellar service in the field, and I couldn't be more proud of the team.

謝謝，拉吉。所以我喜歡這個問題。讓我們談談我們的勢頭。正如我們所說，在美國這裡，我們已經達到了一個高峰。地麵團隊和我知道正在傾聽的操作員，我知道我們還沒有完成。我知道我們還有非常非常忙碌的一周要執行。但當我現在坐在這裡時，我們剛剛在該領域獲得了出色的服務，我為團隊感到無比自豪。

So as we kind of turn the chapter on this calendar year to next calendar year, domestically, we have the very best value proposition, more faster than our primary competition. We have this great new feature, which is getting great response in the field for picture, proof of delivery.

因此，當我們將本日曆年的章節轉到下一個日曆年時，在國內，我們擁有最好的價值主張，比我們的主要競爭對手更快。我們有這個很棒的新功能，它在圖片、交付證明領域得到了很好的反響。

We have Sunday service. We have brand-new digital capabilities called estimated date of delivery, which gives our e-commerce retailers greater accuracy on their delivery times, and we're getting really great feedback. And as you all know, our primary competitor has to manage through a significant labor conversation. So we're going to come out of this peak very, very strong, and we are very confident in the momentum that Jill and her team are building in January.

我們有周日服務。我們擁有稱為預計交貨日期的全新數字功能，這使我們的電子商務零售商可以更準確地確定交貨時間，並且我們得到了非常好的反饋。眾所周知，我們的主要競爭對手必須通過重要的勞資對話來應對。因此，我們將非常、非常強勁地走出這個高峰，我們對吉爾和她的團隊在 1 月份建立的勢頭充滿信心。

The same is true as we look into Europe. We have got quarter-over-quarter momentum. We've got 3 primary lines of business that we sell. In the domestic, we are optimizing. From a domestic perspective, we are there for the profitability of international and we have opportunity to optimize those networks and put some volume in the domestic networks and service is excellent in the domestic networks in Europe, and I'm really pleased with Karen and the team there.

當我們審視歐洲時，情況也是如此。我們有季度環比的勢頭。我們有 3 個主要業務線。在國內，我們正在優化。從國內的角度來看，我們在那裡是為了國際的盈利能力，我們有機會優化這些網絡並在國內網絡中增加一些流量，歐洲國內網絡的服務非常好，我對 Karen 和團隊在那裡。

From an intercontinental perspective, we have a product called FedEx International Connect Plus, and it has done really well for us, and the team has continued to get the right business from Europe into the United States. And then from an intra-European perspective, that has been where we're challenged. But I'll tell you the brand has done a lot of hard work for us. Customers want to do business with FedEx. And quarter-over-quarter, we've seen service improvement. And with that, we have seen our pipeline and the confidence grow, and I believe that you will continue to see quarter-over-quarter improvement out of our European division. So yes, I'm looking forward to January, and I think we have the best sales team in the business to go and execute the plan I just talked about.

從洲際的角度來看，我們有一個名為 FedEx International Connect Plus 的產品，它為我們做得非常好，團隊繼續將合適的業務從歐洲轉移到美國。然後從歐洲內部的角度來看，這就是我們面臨挑戰的地方。但我會告訴你，這個品牌為我們做了很多艱苦的工作。客戶希望與 FedEx 開展業務。與上一季度相比，我們看到了服務的改善。因此，我們看到了我們的管道和信心的增長，我相信您將繼續看到我們歐洲部門的季度環比改善。所以是的，我很期待一月份，我認為我們擁有業內最好的銷售團隊來執行我剛才談到的計劃。

Our final question for today will come from Brian Ossenbeck of JPMorgan.

我們今天的最後一個問題將來自摩根大通的 Brian Ossenbeck。

Maybe just a follow-up with Brie. Can you talk about your confidence in getting that high capture rate from a domestic price perspective? And how you're going to balance that with utilization and the declining volume environment? And maybe you can talk a little bit about competition. And if you think there's a room to see more of that creep in here as more packages go that are lighter weight and shorter distance and the e-commerce growth you continue to see?

也許只是布里的後續行動。您能從國內價格的角度談談您對獲得如此高捕獲率的信心嗎？您將如何平衡利用率和數量下降的環境？也許你可以談談競爭。如果你認為隨著更多重量更輕、距離更短的包裹的出現以及你繼續看到的電子商務增長，這裡有更多的空間可以看到更多的東西？

And then separately, you mentioned the team's negotiation. I would really like to hear more about how you're approaching that both in the near term to make sure that you're able to protect your own service and longer term, if that presents any opportunities to gain share?

然後另外，你提到了團隊的談判。我真的很想听聽更多有關您在短期內如何處理的信息，以確保您能夠保護自己的服務和長期，如果這提供了獲得份額的任何機會？

Yes. So from a pricing perspective, right now, we do anticipate a high capture on our GRI here in the United States and around the world. Our GRI was 6.9 in the U.S. And it's about that around the world, a little bit higher in some places, a little bit lower.

是的。因此，從定價的角度來看，我們現在確實預計在美國和世界各地我們的 GRI 會有很高的捕獲率。我們的 GRI 在美國是 6.9，全世界也是如此，有些地方高一點，有些地方低一點。

With the inflationary environment, most customers understand the need for a high GRI. That being said, I really pick out the team focused on 2 things. One, as I mentioned a moment ago, is differentiation. We command a higher yield when we have a better service and a differentiation and the marketing team is very, very focused on executing that. So we can command a higher yield in the market.

在通貨膨脹的環境下，大多數客戶都明白需要高 GRI。話雖這麼說，我真的挑選了專注於兩件事的團隊。一，正如我剛才提到的，是差異化。當我們擁有更好的服務和差異化並且營銷團隊非常非常專注於執行時，我們可以獲得更高的收益。所以我們可以在市場上獲得更高的收益。

Two, as I talked about in June and then I also talked about the anomaly price detection engine, we are building new capabilities to make sure that we align cost and price really closely, and we're continuing to build new features out this year, which will also help us get a lift from a revenue quality perspective. We want to be really, really balanced. We also acknowledge that some of our customers are going to have to choose our deferred portfolio, and we're working really hard to get the cost and the margins right in that product.

第二，正如我在 6 月份談到的，然後我也談到了異常價格檢測引擎，我們正在構建新功能以確保我們真正緊密地協調成本和價格，並且我們將在今年繼續構建新功能，這也將幫助我們從收入質量的角度獲得提升。我們想要真正非常平衡。我們也承認，我們的一些客戶將不得不選擇我們的遞延投資組合，我們正在努力使該產品的成本和利潤率正確。

As far as how we're going to handle the negotiations, we're going to do it professionally and with grace. We want to bring customers on that want to do business with us for long term. And so of course, for our target segment, small business, health care, B2B, we want them to be prepared. We want to protect, first and foremost, our loyal base right now. And Jill and her team will have really thoughtful conversations with those customers and make sure that they know we are here for them if they plan ahead and they want to do business with us in the long term.

至於我們將如何處理談判，我們將以專業和優雅的方式進行。我們希望吸引那些希望與我們長期開展業務的客戶。因此，當然，對於我們的目標細分市場，小型企業、醫療保健、B2B，我們希望他們做好準備。我們現在首先要保護我們的忠誠基礎。吉爾和她的團隊將與這些客戶進行真正深思熟慮的對話，並確保他們知道如果他們提前計劃並且希望與我們長期開展業務，我們就在這里為他們服務。

This concludes the Q&A portion of today's call. I will now turn the call back over to Raj Subramaniam for closing comments.

今天電話會議的問答部分到此結束。我現在將把電話轉回給 Raj Subramaniam 以徵求意見。

Well, thank you very much. And I'll just say in closing that our team is moving with urgency to accelerate our ongoing transformation. We have made strong progress to date, and we'll build on this momentum as we move into the back half of the year. We all know there's a significant opportunity ahead, and I'm very confident in our team's ability to execute.

好的，謝謝。最後，我只想說，我們的團隊正在緊急行動，以加速我們正在進行的轉型。迄今為止，我們取得了長足的進步，我們將在今年下半年繼續保持這種勢頭。我們都知道前面有一個重要的機會，我對我們團隊的執行能力非常有信心。

Thank you all for your time today. Thank you for your interest in FedEx, and happy holidays, everyone.

謝謝大家今天的時間。感謝您對 FedEx 的關注，祝大家節日快樂。

That does conclude today's call. Thank you all for your participation. You may now disconnect. Good bye.

今天的電話會議到此結束。謝謝大家的參與。您現在可以斷開連接。再見。