聯邦快遞 (FDX) 2023 Q3 法說會逐字稿

Good afternoon, and welcome to the FedEx Corporation Third Quarter Fiscal 2023 Earnings Conference Call. (Operator Instructions) Please be advised that today's call is being recorded.

下午好，歡迎來到聯邦快遞公司 2023 財年第三季度收益電話會議。 （接線員說明）請注意，今天的通話正在錄音中。

I will now turn the call over to Mickey Foster, Vice President of Investor Relations at FedEx. Thank you. Sir, you may begin.

我現在將把電話轉給聯邦快遞投資者關係副總裁米奇福斯特。謝謝。先生，您可以開始了。

Good afternoon, and welcome to FedEx Corporation's Third Quarter Earnings Conference Call. The third quarter earnings release, Form 10-Q and stat book are on our website at fedex.com. This call 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的第三季度收益電話會議。第三季度收益發布、10-Q 表格和統計書可在我們的網站 fedex.com 上找到。此電話會議和隨附的幻燈片正在從我們的網站流式傳輸，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 1 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 1 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 considered forward-looking statements within the meaning of the act. Such forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. For additional information on these factors, please refer to our press releases and filings with the SEC.

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

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

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

We are hosting a DRIVE Update Meeting in New York City on April 5. If you have not yet received your invitation, please call or e-mail me or anyone on the Investor Relations team. For those who are not able to attend the meeting in person, this meeting will also be webcast.

我們將於 4 月 5 日在紐約市舉辦 DRIVE 更新會議。如果您尚未收到邀請，請致電或發送電子郵件給我或投資者關係團隊的任何人。對於無法親自出席會議的人員，本次會議也將進行網絡直播。

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, Chief Customer Officer. And now Raj will share his views on the quarter.

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； Mike Lenz，執行副總裁兼首席財務官；執行副總裁兼首席客戶官 Brie Carere。現在，Raj 將分享他對本季度的看法。

Good afternoon, everyone. Thanks to the hard work of the FedEx team, our third quarter earnings were ahead of our expectations in what remains a challenged demand environment. The team delivered outstanding service throughout and following peak despite significant weather disruptions across the United States.

大家下午好。由於 FedEx 團隊的辛勤工作，我們第三季度的收益在仍然充滿挑戰的需求環境中超出了我們的預期。儘管美國各地出現嚴重的天氣中斷，但該團隊在整個高峰期和高峰期後都提供了出色的服務。

Importantly, our third quarter results also reflect our continued progress on the fundamental transformation of FedEx as we moved with urgency to realign our cost structure. Our cost reduction actions supported margin expansion at both Ground and Freight but have not yet fully offset the impact of continued pressures at Express. Results at Express came in below where they need to be and below the potential we know exist in this business. We're committed to addressing these cost imbalances, and we'll be taking further actions in the coming months, including a more pronounced readjustment of the air network. Because of the magnitude of changes we are planning across our air network and our continued need to maintain high service levels, there's a lag in the timing of expense adjustments. We expect to see sequential progress in the fourth quarter.

重要的是，我們第三季度的業績也反映了我們在聯邦快遞的根本轉型方面的持續進展，因為我們迫切需要重新調整我們的成本結構。我們的成本削減行動支持地面和貨運的利潤率擴張，但尚未完全抵消快遞持續壓力的影響。 Express 的業績低於他們需要達到的水平，也低於我們知道該業務存在的潛力。我們致力於解決這些成本失衡問題，我們將在未來幾個月採取進一步行動，包括對航空網絡進行更明顯的調整。由於我們計劃對我們的航空網絡進行大規模變革，並且我們需要繼續保持高服務水平，因此費用調整的時間會有所滯後。我們預計第四季度將取得連續進展。

Overall, our efficiency efforts are gaining traction ahead of schedule, and I'm pleased that this translates into an improved earnings outlook for fiscal year '23.

總的來說，我們提高效率的努力正在提前獲得牽引力，我很高興這轉化為 23 財年盈利前景的改善。

Now turning to Slide 6 for a snapshot of the quarter. Volumes declined by a low double-digit percentage across all segments, partially offset by higher yields at Ground, U.S. Domestic Express and Freight. This led to a year-over-year revenue decline.

現在轉到幻燈片 6 了解本季度的概況。所有部門的貨運量都出現了兩位數的低百分比下降，部分被陸運、美國國內快遞和貨運的較高收益率所抵消。這導致收入同比下降。

While revenue fell across all segments, the decrease was most pronounced at Express. Adjusted operating margins and EPS declined year-over-year as volume softness was partially offset by higher yields and cost reduction actions.

雖然所有部門的收入都下降了，但 Express 的下降最為明顯。調整後的營業利潤率和每股收益同比下降，因為銷量疲軟被更高的收益率和成本削減行動部分抵消。

Last quarter, we shared our expectation for continued pressures from lower volume and inflation. But what is also embedded in these results and what I'm seeing firsthand every day are tangible signs of the fundamental transmission happening at FedEx through DRIVE. We are rightsizing our cost base to match today's realities and creating a more efficient and agile network. We're not simply taking out cost. We are simultaneously focused on running our business more efficiently, flexibly and profitably, which will create significant value for our stockholders in the years to come.

上個季度，我們分享了對銷量下降和通貨膨脹帶來的持續壓力的預期。但是，這些結果中還包含的內容以及我每天親眼看到的是 FedEx 通過 DRIVE 發生的基本傳播的切實跡象。我們正在調整我們的成本基礎以適應當今的現實，並創建一個更高效、更敏捷的網絡。我們不是簡單地扣除成本。我們同時專注於更高效、靈活和盈利地運營我們的業務，這將在未來幾年為我們的股東創造巨大的價值。

I'm particularly pleased with the progress we are seeing in Ground. The team has taken aggressive actions to address its cost structure and has effectively mitigated volume pressures. One of the key drivers at Ground was the ability to manage staffing levels and associated expenses which resulted in reduced salaries, benefits and purchased transportation costs. Combined, these expenses were down 8% year-over-year.

我對我們在地面上看到的進步感到特別高興。該團隊已採取積極行動來解決其成本結構問題，並有效緩解了銷量壓力。 Ground 的主要驅動因素之一是管理人員配置水平和相關費用的能力，這導致工資、福利和購買的運輸成本減少。這些費用合計同比下降 8%。

Despite the dynamic environment, Ground continued to deliver customers during peak with an average time in transit of approximately 2 days compared to 2.35 days in fiscal year 2022. In aggregate, these initiatives led to a modest increase in cost per package of 1% despite 11% volume declines, and total operating expenses were down $345 million year-over-year. When combined with our continued focus on revenue quality, total operating income was up 32% year-over-year and operating margin of 9.7% that improved 240 basis points year-over-year.

儘管環境瞬息萬變，Ground 仍繼續在高峰期為客戶送貨，平均運輸時間約為 2 天，而 2022 財年為 2.35 天。總體而言，這些舉措導致每個包裹的成本略有增加 1%，儘管 11銷量下降百分比，總運營費用同比下降 3.45 億美元。結合我們對收入質量的持續關注，總營業收入同比增長 32%，營業利潤率為 9.7%，同比提高 240 個基點。

Freight has also illustrated disciplined commitment to profitable growth, revenue quality and managing cost to volumes. The team continues to execute cost reduction actions in this regard. Beyond day-to-day management of variable costs, the Freight team is temporarily parking and selling equipment to rightsize the fleet and reduce future maintenance costs. The team is also limiting hiring and furloughing employees to match staffing with volume levels. We're taking the relevant learnings from this proven Freight model and implementing them at both Ground and Express.

貨運也表明了對盈利增長、收入質量和管理成本的嚴格承諾。該團隊繼續在這方面執行降低成本的行動。除了可變成本的日常管理外，貨運團隊還臨時停放和出售設備以調整車隊規模並降低未來的維護成本。該團隊還限制僱用和休假員工，以使人員配置與數量水平相匹配。我們正在從這個經過驗證的貨運模型中吸取相關經驗，並在 Ground 和 Express 中實施它們。

Total operating expense at Freight was down 6%, supporting 270 basis points of margin expansion in the quarter. Importantly, our cost initiatives did not compromise the consistent outstanding service levels delivered by the Freight team.

貨運總運營費用下降 6%，支持本季度利潤率增長 270 個基點。重要的是，我們的成本舉措並沒有影響貨運團隊提供的一貫出色的服務水平。

Turning to Slide 7. We have made significant progress in taking cost out of our network with $1.2 billion in year-over-year cost savings in the third quarter. We are highly focused on taking permanent cost out of the system and remain on track to generate permanent savings of $1 billion this fiscal year relative to plan.

轉到幻燈片 7。我們在降低網絡成本方面取得了重大進展，第三季度同比節省了 12 億美元的成本。我們高度專注於從系統中剔除永久性成本，並繼續按計劃在本財年實現相對於計劃的 10 億美元的永久性節省。

Last month, we announced a streamlined reporting structure that will reduce the size of our officer and director team by more than 10%. We will continue to aggressively manage head count, including attrition, to align our teams with the network changes underway. By the end of this fiscal year, we expect U.S. head count to be down roughly 25,000 year-over-year.

上個月，我們宣布了一個精簡的報告結構，將我們的管理人員和董事團隊的規模減少 10% 以上。我們將繼續積極管理人員數量，包括人員流失，以使我們的團隊與正在進行的網絡變化保持一致。到本財年末，我們預計美國員工人數將同比減少約 25,000 人。

At Express, our cost base is constrained in the short term. Our Express network is vast and complex and requires time to adjust to changing demand conditions. Therefore, we are taking additional steps to address our fixed expense structure. This quarter, we reduced flight hours by 8% and salary and benefit expenses by 4%. We also parked an additional 9 aircraft, down-gauged on certain routes and implemented various productivity improvements. As a result of these actions, we mitigated 45% of total revenue declines on an adjusted basis. This was a significant improvement versus the first half.

在 Express，我們的成本基礎在短期內受到限制。我們的 Express 網絡龐大而復雜，需要時間來適應不斷變化的需求條件。因此，我們正在採取額外措施來解決我們的固定費用結構。本季度，我們將飛行時間減少了 8%，將工資和福利支出減少了 4%。我們還停放了另外 9 架飛機，在某些航線上降低了規格，並實施了各種生產力改進措施。由於這些行動，我們在調整後的基礎上減少了 45% 的總收入下降。與上半年相比，這是一個顯著的進步。

Within the U.S. Domestic Express, we implemented a single daily dispatch of couriers in February. This change removes domestic pickup and delivery routes, improves hub and ramp efficiency. We expect this will achieve about $50 million in savings in Q4 and ramp up to about $300 million annual savings by fiscal 2024. We expect progress to accelerate in the fourth quarter, with total flight hours expected to be down double digits and further FTE reductions by year-end. This will support mid- to high single-digit reductions in total expenses year-over-year at Express. We also plan to temporarily park additional aircraft in the fourth quarter. With continued cost discipline, we anticipate sequential operating margin improvement in the mid-single digits for the fourth quarter.

在美國國內快遞方面，我們在 2 月份實施了每天一次派送快遞員。這一變化取消了國內取件和送貨路線，提高了樞紐和匝道效率。我們預計這將在第四季度實現約 5000 萬美元的節省，到 2024 財年每年可節省約 3 億美元。我們預計第四季度的進展將加快，預計總飛行時數將下降兩位數，FTE 將進一步減少年底。這將支持 Express 的總支出同比實現中高個位數的減少。我們還計劃在第四季度臨時停放更多飛機。憑藉持續的成本控制，我們預計第四季度的連續營業利潤率將實現中等個位數的改善。

Assuming the challenging demand environment persists in Q4, we expect to be able to mitigate at least 60% of the revenue-related headwinds we are facing in Express. This supports improved profitability in the fourth quarter compared to the third. We will build profitability from here at Express.

假設充滿挑戰的需求環境在第四季度持續存在，我們預計能夠減輕至少 60% 的快遞業務面臨的與收入相關的不利因素。與第三季度相比，這支持了第四季度盈利能力的提高。我們將在 Express 建立盈利能力。

Before we dive into the financial results in more detail, I'll provide a quick update on DRIVE, the program to support our transformation to create a more nimble, efficient and profitable FedEx. We are on track to deliver $4 billion of permanent cost reduction by the end of fiscal 2025.

在我們更詳細地研究財務結果之前，我將提供 DRIVE 的快速更新，該計劃支持我們轉型以創建更靈活、高效和盈利的 FedEx。我們有望在 2025 財年末實現 40 億美元的永久性成本削減。

I'm very pleased with the progress the team has made in identifying actions that will not only reduce costs but will make our network more agile and flexible as we execute Network 2.0. One part of this effort, as shown on Slide 8, is to reconfigure our air network. This requires many steps, including plans currently being developed to phase out our fleet of MD-11s. Our aircraft modernization program and use of 777s and 767s affords us the ability to flex our plans. And as we operate more collaboratively, we are leaning into the ground transportation more, requiring less CapEx while enabling us to reconfigure our network more quickly. This directly supports our goal for meaningful ROIC improvement in the coming years.

我對團隊在確定行動方面取得的進展感到非常高興，這些行動不僅會降低成本，而且會在我們執行網絡 2.0 時使我們的網絡更加敏捷和靈活。如幻燈片 8 所示，這項工作的一部分是重新配置我們的空中網絡。這需要採取許多步驟，包括目前正在製定的逐步淘汰我們的 MD-11 機隊的計劃。我們的飛機現代化計劃和 777 和 767 的使用使我們能夠靈活調整我們的計劃。隨著我們更加協作地運營，我們更加傾向於地面運輸，需要更少的資本支出，同時使我們能夠更快地重新配置我們的網絡。這直接支持我們在未來幾年實現有意義的 ROIC 改進的目標。

We're excited to share more about the strategy at our DRIVE program update on April 5. There, we will focus on the actions we are taking to improve our performance, along with additional information to help you better model the impact on our progress.

我們很高興在 4 月 5 日的 DRIVE 計劃更新中分享更多關於該戰略的信息。在那裡，我們將重點介紹我們為提高績效而採取的行動，以及其他信息，以幫助您更好地模擬對我們進步的影響。

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

現在讓我將其轉交給我們的首席客戶官 Brie Carere，他將更詳細地討論市場趨勢和我們的商業戰略。布里乾酪？

Thank you, Raj, and good afternoon, everyone. As expected, the operating environment in the third quarter remains challenging. The trends we saw through the first half of the year persisted, but we started to see some moderation, and importantly, our team delivered excellence for our customers.

謝謝你，Raj，大家下午好。正如預期的那樣，第三季度的經營環境仍然充滿挑戰。我們在上半年看到的趨勢仍然存在，但我們開始看到一些緩和，重要的是，我們的團隊為我們的客戶提供了卓越的服務。

At FedEx Ground, revenue was down 2%. The volume decline was significantly offset by a double-digit percentage yield increase driven by better product mix, fuel and large package and peak surcharges. We are very pleased with the results from the implementation of our global rate increase this past January, which has maintained a very high capture rate.

FedEx Ground 的收入下降了 2%。銷量下降被更好的產品組合、燃料和大型包裹以及高峰附加費推動的兩位數百分比增幅所抵消。我們對今年 1 月實施全球加息的結果感到非常滿意，該加息保持了非常高的捕獲率。

At FedEx Freight, revenue was down 3%. The team's continued execution on revenue quality actions and profitable share enabled us to offset 12% volume decline throughout the quarter. Importantly, pricing discipline across the LTL industry is strong, and we expect the market to remain rational.

FedEx Freight 的收入下降了 3%。該團隊繼續執行收入質量行動和盈利份額，使我們能夠抵消整個季度 12% 的銷量下降。重要的是，整個 LTL 行業的定價紀律很強，我們預計市場將保持理性。

Revenue at FedEx Express was down 8% year-over-year, primarily due to lower volumes globally and yield softness in Asia and Europe.

聯邦快遞的收入同比下降 8%，這主要是由於全球銷量下降以及亞洲和歐洲的收益疲軟。

In Europe, we're seeing improved operational execution with service at the best levels they have been since fiscal year '21. There's more work to do but the momentum is building as our team has improved service levels while maintaining a healthy sales pipeline. Our pipeline and signed contracts are at their highest levels this fiscal year and our closes per week are at a double-digit percentage higher than they were in Q1. Additionally, having a freight and parcel bundle for our customers in Europe differentiates us from the rest of the market.

在歐洲，我們看到運營執行得到改善，服務達到自 21 財年以來的最佳水平。還有更多工作要做，但勢頭正在增強，因為我們的團隊在保持健康的銷售渠道的同時提高了服務水平。我們的管道和簽署的合同處於本財年的最高水平，我們每週的關閉率比第一季度高出兩位數。此外，為歐洲客戶提供貨運和包裹捆綁服務使我們在市場上脫穎而出。

In Asia, market demand is rebalancing, resulting in lower yields and softer demand for priority services. The reopening of our international economy service this May will help stabilize our volumes out of Asia, given the market's increased shift to deferred services.

在亞洲，市場需求正在重新平衡，導致收益率下降和對優先服務的需求疲軟。鑑於市場越來越多地轉向延期服務，我們今年 5 月重新開放國際經濟服務將有助於穩定我們從亞洲運出的貨運量。

Moving now to Slide 11. As expected, yield growth has been increasingly pressured across segments as year-over-year fuel surcharge comparisons normalize and customer demand shift. FedEx Express international turns negative driven primarily by Asia, with Europe also softening. U.S. Domestic Express, Ground and Freight yield growth also decelerated. Despite market headwinds, we're pleased with the team's ability to manage volume, share and margin at both FedEx Ground and FedEx Freight. Looking ahead, we remain prudent in our expectations for yield in the fourth quarter.

現在轉到幻燈片 11。正如預期的那樣，隨著同比燃油附加費比較正常化和客戶需求轉移，各細分市場的收益增長壓力越來越大。 FedEx Express 國際業務轉為負增長，主要受亞洲驅動，歐洲業務也走軟。美國國內快遞、陸運和貨運收益增長也有所放緩。儘管存在市場逆風，但我們對團隊管理 FedEx Ground 和 FedEx Freight 的數量、份額和利潤的能力感到滿意。展望未來，我們對第四季度的收益率預期保持審慎。

Turning to Slide 12. Service is always top of mind for us at FedEx. Our team delivered another busy peak season highlighted by FedEx Ground achieving pre-pandemic service levels. In fact, across the board, FedEx Ground delivers to more locations in 1 or 2 days than our nearest competitor's ground service. I would also like to share progress we're making at Express where service levels improved significantly over fiscal '22 peak and are quickly approaching pre-pandemic service levels. While this is great progress, we know we have more to do, and we're taking meaningful action to continuously enhance our service.

轉到幻燈片 12。FedEx 始終將服務放在首位。我們的團隊迎來了另一個繁忙的旺季，FedEx Ground 達到了大流行前的服務水平。事實上，與我們最近的競爭對手的地面服務相比，FedEx Ground 在 1 或 2 天內全面交付到更多地點。我還想分享我們在 Express 取得的進展，其中服務水平在 22 財年高峰期有了顯著提高，並且正在迅速接近大流行前的服務水平。雖然這是一個很大的進步，但我們知道我們還有更多工作要做，並且我們正在採取有意義的行動來不斷增強我們的服務。

For example, in Europe, with the reopening of our Duiven Netherlands road hub this past October, we have expanded capacity, enabled a more efficient routing and we have improved our service. These improvements are a testament to our team's ability to deliver outstanding service while we change our business.

例如，在歐洲，隨著我們在去年 10 月重新開放我們的 Duiven 荷蘭公路樞紐，我們擴大了容量，實現了更高效的路線選擇，並改善了我們的服務。這些改進證明了我們團隊在改變業務的同時提供出色服務的能力。

Coming out of peak, service improvement has translated into good momentum for our sales team. Jill and I are also very pleased with the market's response to several new or enhanced offerings that further improve customer experience. First, the online FedEx Ship Manager has been fully modernized to make shipping more efficient, highly personal and easier to use for all of our customers. Our customers can cater the interface to the way of working they prefer and that fits their business. Customer feedback has been very positive, and we're finding that the more customers engage with Ship Manager, the more they appreciate it. FedEx Ship Manager is the primary tool for small business customers, and we plan to migrate 98% of all parcel shippers to this new experience before next peak.

走出高峰期後，服務改進已轉化為我們銷售團隊的良好勢頭。吉爾和我也很高興看到市場對一些新的或增強的產品的反應，這些產品進一步改善了客戶體驗。首先，在線 FedEx Ship Manager 已經完全現代化，使我們所有客戶的運輸更加高效、高度個性化和更易於使用。我們的客戶可以根據他們喜歡並適合他們業務的工作方式來調整界面。客戶反饋非常積極，我們發現與 Ship Manager 互動的客戶越多，他們就越欣賞它。 FedEx Ship Manager 是小型企業客戶的主要工具，我們計劃在下一個高峰期之前將 98% 的包裹托運人遷移到這一新體驗。

Next, we launched Picture Proof of Delivery ahead of peak season, making us the first to market with this great capability. It has fulfilled a key customer need, driving confidence around successful package deliveries. Benefits from this launch include fewer delivery disputes and fewer customer service calls post proof of delivery. We are winning new business because of this unique feature here.

接下來，我們在旺季之前推出了 Picture Proof of Delivery，使我們率先將這種強大的功能推向市場。它滿足了關鍵的客戶需求，增強了人們對成功包裹遞送的信心。此次發布的好處包括更少的交付糾紛和交付證明後更少的客戶服務電話。由於這裡的這一獨特功能，我們正在贏得新業務。

We have also continued to build on our dynamic pricing infrastructure with our DataWorks team. In peak, our dynamic pricing capability enabled holiday peak residential surcharges to adjust dynamically based on individual customers' weekly peaking factor, delivering $150 million in profit. In the coming fiscal year, our predictive anomaly detection will improve revenue quality. We have already built infrastructure that helps us identify instances when we have overbilled our customers. Now we will use those same capabilities to better manage customer performance and contract compliance. Finally, in January, we rolled out new visibility insights in 13 countries, providing customers with a 4-hour time window for their package delivery. By delivering these innovative solutions, our teams are creating great value enhancing the overall customer experience.

我們還繼續與 DataWorks 團隊一起構建我們的動態定價基礎架構。在高峰期，我們的動態定價能力使假日高峰期住宅附加費能夠根據個人客戶的每周高峰係數動態調整，帶來 1.5 億美元的利潤。在下一個財政年度，我們的預測性異常檢測將提高收入質量。我們已經建立了基礎架構，可以幫助我們識別向客戶多收費用的情況。現在我們將使用這些相同的功能來更好地管理客戶績效和合同合規性。最後，在 1 月份，我們在 13 個國家/地區推出了新的可見性洞察，為客戶提供 4 小時的包裹遞送時間窗口。通過提供這些創新解決方案，我們的團隊正在創造巨大價值，提升整體客戶體驗。

Now I will turn it over to Mike to discuss the financials in more detail.

現在我將把它交給邁克來更詳細地討論財務問題。

Thank you, Brie. Starting with our performance in the third quarter. We delivered earnings ahead of our expectations as our team moved with urgency to align our costs with lower revenue as global volumes remain under pressure.

謝謝你，布里。從我們第三季度的表現開始。由於全球銷量仍然面臨壓力，我們的團隊緊急行動以調整我們的成本與較低的收入，我們實現了超出預期的收益。

Turning to the Transportation segments. At Ground, operating income increased 32%, and operating margin expanded 240 basis points to 9.7%. Margin expansion was supported by both yield growth of 11% and cost reduction actions. These factors were partially offset by lower package volume, higher infrastructure costs related to previously committed projects and increased other operating expenses.

轉向運輸部門。在 Ground，營業收入增長了 32%，營業利潤率擴大了 240 個基點，達到 9.7%。 11% 的收益率增長和成本削減行動支持了利潤率的增長。這些因素被較低的包裹數量、與先前承諾的項目相關的較高基礎設施成本以及增加的其他運營費用部分抵消。

And at Freight, the team's focus on revenue quality and managing costs drove better profitability as operating income increased 15% and margins expanded 270 basis points. This was driven by revenue per shipment, up 11%, as well as a gain on a facility sale and partially offset by decreased shipments.

在 Freight，該團隊對收入質量和管理成本的關注提高了盈利能力，營業收入增長了 15%，利潤率擴大了 270 個基點。這是由每次出貨收入增長 11% 以及設施銷售收益推動的，但部分被出貨量減少所抵消。

At Express, our results continue to be pressured, and our team is acutely focused on driving improved profitability. Adjusted operating income declined 81% due to 10% lower package volumes as cost reductions lagged volume declines. Volume pressures were partially offset by improved yields. Revenue per package grew 3% year-over-year, primarily driven by higher fuel surcharges and base rates, partially offset by exchange rate impacts. Yield growth decelerated and inflected negatively in international export, increasing pressure on profitability. Despite our performance in the third quarter, due to the actions we are taking in Express, we expect to see sequential operating profit and margin improvement in the fourth quarter.

在 Express，我們的業績繼續受到壓力，我們的團隊非常專注於提高盈利能力。調整後的營業收入下降了 81%，原因是包裝數量減少了 10%，因為成本降低滯後於數量下降。產量壓力部分被收益率提高所抵消。每個包裹的收入同比增長 3%，這主要是由於更高的燃油附加費和基本費率，部分被匯率影響所抵消。國際出口產量增長放緩並出現負增長，盈利壓力加大。儘管我們在第三季度表現出色，但由於我們在 Express 採取的行動，我們預計第四季度的營業利潤和利潤率將有所改善。

To provide additional color on recent demand trends and what we are planning for in our outlook, Slide 17 shows trailing monthly volume trends for our major product categories. Volume declines continued throughout the quarter. While still negative, U.S. Domestic Express, International Priority and Ground Package trends improved somewhat into February on a sequential basis. As we look to the fourth quarter, we expect volume declines to continue moderating at Express and Ground as we lap the onset of softer volumes. Yield growth will be pressured as year-over-year fuel surcharge comparisons normalize and customer demand shifts most prominently in Asia.

為了對最近的需求趨勢和我們在展望中的計劃提供更多的顏色，幻燈片 17 顯示了我們主要產品類別的月度跟踪量趨勢。整個季度銷量持續下降。雖然仍然是負面的，但美國國內快遞、國際優先和地麵包裹趨勢在 2 月份環比有所改善。展望第四季度，我們預計快遞和陸運的貨運量下降將繼續放緩，因為我們已經開始走軟。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，產量增長將面臨壓力。

Moving to Slide 18. Our focus on efficient and responsible capital allocation has not wavered. We are in an era of lower capital intensity at FedEx. Last fiscal year, CapEx was 7.2% of revenue, down from our historical levels of roughly 8%. By fiscal year '25, our commitment is to be at 6.5% or lower.

轉到幻燈片 18。我們對高效和負責任的資本配置的關注並未動搖。我們正處於聯邦快遞資本密集度較低的時代。上一財年，資本支出佔收入的 7.2%，低於我們大約 8% 的歷史水平。到 25 財年，我們的承諾是 6.5% 或更低。

As I mentioned in December, we reduced our fiscal year '23 capital spend forecast of $5.9 billion, which is approximately a $900 million reduction from initial plans for the year to account for the lower demand environment. We are prudently deferring and slowing the pace of projects, improving our capacity utilization and planning for moderated aircraft fleet investment to drive ROIC improvements. In line with this approach, we expect capital spend to be roughly flat in fiscal 2024 versus fiscal 2023 and be down as a percentage of revenue.

正如我在 12 月提到的，我們將 23 財年的資本支出預測下調至 59 億美元，這比當年的初步計劃減少了約 9 億美元，以應對較低的需求環境。我們正在謹慎地推遲和放慢項目的步伐，提高我們的產能利用率並規劃適度的機隊投資以推動 ROIC 的改善。根據這種方法，我們預計 2024 財年的資本支出將與 2023 財年大致持平，並且佔收入的百分比會下降。

Turning to liquidity. Our cash position remains a source of strength. We ended the quarter with $5.4 billion in cash and continue to generate solid cash flows, which supports our capital return strategy. We remain committed to rewarding our stockholders as we transform our business and execute on our long-term strategy. In fiscal year '23, we will return $2.7 billion to our stockholders.

轉向流動性。我們的現金狀況仍然是實力的源泉。我們在本季度結束時擁有 54 億美元現金，並繼續產生穩定的現金流，這支持了我們的資本回報戰略。在我們轉變業務和執行我們的長期戰略時，我們仍然致力於回報我們的股東。在 23 財年，我們將向股東返還 27 億美元。

In summary, our capital allocation strategy reflects our commitment to reducing capital intensity and creating value for stockholders while continuing to reinvest in FedEx for today and tomorrow.

總而言之，我們的資本配置策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。

Turning to Slide 19. In the fourth quarter of 2023, we expect market conditions to continue to negatively impact revenue and operating profit. However, on a sequential basis, we expect FedEx's fourth quarter results to follow our historical seasonal pattern, representing the high-water mark on the year. We will continue to execute on the previously identified cost actions and identify additional opportunities to reduce costs in order to mitigate the impact of volume declines on our operating results.

轉到幻燈片 19。在 2023 年第四季度，我們預計市場狀況將繼續對收入和營業利潤產生負面影響。然而，在連續的基礎上，我們預計聯邦快遞第四季度的業績將遵循我們的歷史季節性模式，代表今年的高水位線。我們將繼續執行先前確定的成本行動，並確定降低成本的其他機會，以減輕銷量下降對我們經營業績的影響。

As part of these reductions, we will manage capacity to lower demand levels, including further reducing flight hours at Express and reducing Sunday operations, closing certain sort operations and taking other line-haul expense actions at Ground. We are executing targeted actions to reduce shared and allocated overhead expenses, reducing vendor utilization, deferring certain technology projects and discontinuing same-day city operations at FedEx Office. In addition, we expect to achieve savings related to further head count attrition and the elimination of certain global officer and director positions, which we announced in February. Putting these factors together, our updated expectation of full year adjusted earnings is $14.60 to $15.20 per diluted share.

作為這些削減的一部分，我們將管理運力以降低需求水平，包括進一步減少 Express 的飛行時間和減少週日運營、關閉某些分類運營以及在地面採取其他長途運輸費用措施。我們正在執行有針對性的行動，以減少共享和分配的管理費用、減少供應商利用率、推遲某些技術項目並停止 FedEx Office 的同日送達城市運營。此外，我們預計將實現與進一步裁員和取消我們在 2 月份宣布的某些全球高管和董事職位相關的節省。綜合這些因素，我們對全年調整後收益的最新預期為每股攤薄收益 14.60 美元至 15.20 美元。

And with that, let's open it up for questions.

有了這個，讓我們打開它來提問。

(Operator Instructions) We'll take our first question from Ken Hoexter of Bank of America.

（操作員說明）我們將從美國銀行的 Ken Hoexter 那裡回答我們的第一個問題。

Great. And great job on pulling some of the costs forward. Maybe Mike or Raj, can you maybe talk a little bit about that sequential improvement you're talking about? You're talking about a seasonal improvement, but I mean, you normally have that. And Mike, you mentioned you'd normally have that seasonal improvement in the fourth quarter. So I'm trying to understand, are you muting that expectation? Or are you ramping that expectation into the fourth quarter given the additional cost pull forward than what we would normally see between a fiscal third and fourth quarter? If you can kind of walk through maybe some of those detailed cost pullouts and the impact for the quarter.

偉大的。在拉動部分成本方面做得很好。也許 Mike 或 Raj，你能談談你正在談論的連續改進嗎？你說的是季節性改善，但我的意思是，你通常會有這種情況。邁克，你提到你通常會在第四季度有季節性的改善。所以我想了解，你是否在消除這種期望？還是考慮到比我們通常在第三財季和第四財季之間看到的額外成本提前，您是否將這種預期提高到第四季度？如果你能大致了解一些詳細的成本削減和對本季度的影響。

Sure. Thanks, Ken. So as Brie highlighted, for the fourth quarter, we continue to project a lower level of demand, and that just heightens the emphasis of further traction on the cost initiatives. So at Express, in particular, we'll realize greater savings from the initiatives that we've highlighted, and that will drive to the mid-single-digit margin projection there. At Ground, we expect margin improvement at Ground but not the same magnitude that we realized in the third quarter. And then lastly, at Freight, we had an exceptional fourth quarter last year, and we're projecting strong performance in the fourth quarter this year as well, but we're not anticipating building upon that near term given the volume declines there. So hopefully, that puts it in context further for you there thinking ahead.

當然。謝謝，肯。因此，正如 Brie 強調的那樣，對於第四季度，我們繼續預測較低水平的需求，這只會更加強調進一步推動成本計劃。因此，特別是在 Express，我們將從我們強調的舉措中實現更大的節省，這將推動那裡的中個位數利潤率預測。在 Ground，我們預計 Ground 的利潤率會有所改善，但幅度與我們在第三季度實現的幅度不同。最後，在 Freight，我們去年第四季度表現出色，我們預計今年第四季度也將表現強勁，但鑑於那裡的銷量下降，我們預計不會在短期內繼續發展。因此，希望這能進一步為您提供未來思考的背景。

We'll take our next question from Chris Wetherbee of Citigroup.

我們將從花旗集團的 Chris Wetherbee 那裡回答下一個問題。

Maybe just picking back up on the Express commentary for fiscal 4Q. So I think mid- to high single-digit year-over-year decline in total expenses for Express would probably put us kind of flattish sequentially. So maybe you could just sort of help us a little bit with the revenue dynamic. I think, Mike, you talked about volume declines moderating as you went through the third quarter. Any thoughts on maybe how to think about the fourth quarter? I know it's still a challenging environment but trying to triangulate a little bit with some of the numbers you've given us on the revenue side there.

也許只是回顧一下 Express 對第四財季的評論。因此，我認為 Express 總費用的中高個位數同比下降可能會使我們的順序持平。因此，也許您可以在收入動態方面為我們提供一些幫助。我想，邁克，你談到了第三季度銷量下降的情況。關於如何考慮第四季度有什麼想法嗎？我知道這仍然是一個充滿挑戰的環境，但試圖用你在收入方面給我們的一些數字進行三角測量。

Sure. Happy to help, Chris. It's Brie. From a volume decline perspective, what we anticipate seeing in Q4 is that the decline will get less. So sequentially, the volumes will improve from Q3 to Q4. And actually, when we're thinking about Express, we think that trend will continue into Q1 as well. That is here in the U.S. but also from an international perspective. As we talked about, we're going to open up international economy, so we do think that the volume decline will moderate Q4 over Q3 as well as Q1 over Q4. And again, I am talking about that decline year-over-year. I hope that helps, Chris.

當然。樂於助人，克里斯。是布里。從銷量下降的角度來看，我們預計第四季度的降幅將會減少。因此，從第三季度到第四季度，銷量將會有所提高。實際上，當我們考慮 Express 時，我們認為這種趨勢也將持續到第一季度。這是在美國，但也是從國際角度來看。正如我們所談到的，我們將開放國際經濟，因此我們確實認為第四季度和第三季度以及第一季度和第四季度的銷量下降將有所緩和。再一次，我說的是同比下降。我希望這有幫助，克里斯。

Our next question is from Jack Atkins of Stephens.

我們的下一個問題來自 Stephens 的 Jack Atkins。

So I guess, as we think about the DRIVE initiatives here, is there any way you can help us maybe frame up how much of the $4 billion in savings have been implemented so far in terms of those actions? And then I guess as you sort of think forward, obviously, there's a lot of uncertainty out there from a macro perspective. Are you prepared to pull more levers to be able to take costs out of the business if we start to see a further deterioration in the demand environment?

所以我想，當我們在這裡考慮 DRIVE 計劃時，您是否有任何方法可以幫助我們確定到目前為止，在這些行動方面已經實施了 40 億美元的節省中有多少？然後我想當你有點前瞻性地思考時，顯然，從宏觀角度來看存在很多不確定性。如果我們開始看到需求環境進一步惡化，您是否準備好採取更多措施來降低業務成本？

Okay. Jack, this is Mike. So think about DRIVE as the framework of how we approach the business and running a more flexible and efficient operation across the board. So within that, that has enabled us to move quicker here than we anticipated coming into the quarter in terms of our cost initiatives and is also foundational to the $4 billion of structural cost reductions that we've identified. So if you think about the structural cost reductions, that's operative, irrespective of the demand environment, so think of that as moving same traffic with less assets and resources. So we look forward to giving further updates on the progress and details of the various domains within DRIVE on April 5.

好的。傑克，這是邁克。因此，請將 DRIVE 視為我們處理業務和全面開展更靈活、更高效運營的框架。因此，在這方面，這使我們能夠在成本計劃方面比我們預期進入本季度的速度更快，並且也是我們確定的 40 億美元結構性成本削減的基礎。因此，如果您考慮結構性成本降低，無論需求環境如何，它都是有效的，因此可以將其視為以更少的資產和資源移動相同的流量。因此，我們期待在 4 月 5 日進一步更新 DRIVE 中各個領域的進展和細節。

Our next question is from Jordan Alliger of Goldman Sachs.

我們的下一個問題來自高盛的 Jordan Alliger。

I was wondering if you could give a little more color on the cost takeout sort of for the balance of the year. I think the slides had it at around $2.4 billion. I think the total is something like $3.7 billion, with $1 billion being permanent. Can you maybe give some update around that? And is there a way to get a sense for how much so far can be attributable to the Express business in terms of cost takeout, maybe at least the permanent side?

我想知道你是否可以在今年餘下時間的成本支出中多加一點顏色。我認為幻燈片顯示的金額約為 24 億美元。我認為總額約為 37 億美元，其中 10 億美元是永久性的。你能不能就此提供一些更新？有沒有辦法了解到目前為止，在成本支出方面，有多少可以歸因於快遞業務，也許至少是永久性方面？

So okay, Jordan, yes, the $1 billion of permanent that Raj alluded to, we will realize that this year. The bulk of that is at Express, and we will see more traction on that, particularly in Q4 here. We've highlighted the flight frequencies that we've been reducing. As Raj said, we had 9 more aircraft parked during the third quarter, and we're projecting to park 6 more during the fourth quarter. So that is illustrative of the takedowns and reductions underway there. And then also another component of the $1 billion was taking out investments in that and initiatives and projects that we don't anticipate picking up.

好吧，喬丹，是的，拉吉提到的 10 億美元的永久性資金，我們將在今年實現。其中大部分是在 Express 上，我們將看到更多的吸引力，尤其是在第四季度。我們強調了我們一直在減少的航班頻率。正如 Raj 所說，我們在第三季度又停放了 9 架飛機，我們預計在第四季度將再停放 6 架飛機。因此，這說明了那裡正在進行的削減和削減。然後，這 10 億美元的另一個組成部分是投資於我們預計不會啟動的計劃和項目。

Our next question is from Tom Wadewitz of UBS.

我們的下一個問題來自瑞銀的 Tom Wadewitz。

Also strong execution on the cost side, right? It's good to see it coming through the numbers. On the Ground side, I know you've given us good information on the call, but just wondered if you could dig into things a bit further of, within the quarter, what was the most important drivers of improvement. It seems like both purchased transportation and your comp and benefits were down quite a bit. So what were the biggest levers in those? And then I think it was a year ago or a while back we were talking about labor shortages and the sorts really being a factor. Presumably, you had adequate labor. How much of that was a factor in the Ground improvement as well?

在成本方面也有很強的執行力，對吧？很高興看到它通過數字出現。在地面方面，我知道你已經向我們提供了有關電話會議的良好信息，但只是想知道你是否可以在本季度內進一步深入研究什麼是最重要的改進驅動因素。購買的交通工具以及您的補償和福利似乎都下降了很多。那麼其中最大的槓桿是什麼？然後我認為是一年前或前一段時間我們在談論勞動力短缺，而這些確實是一個因素。據推測，你有足夠的勞動力。其中有多少也是地面改善的一個因素？

Yes, Tom, you hit it very directly there because it indeed was the case that last year was very challenging in terms of the circumstances with the labor market in that. So I certainly would highlight in the third quarter that Ground did an extraordinary job of flexing down resources following peak there. So that was definitely a key element of the improvement there in the third quarter. That won't be as big of a tailwind in the fourth quarter given the dynamic that you highlighted there. But again, multiple dimensions within the Ground operation of efficiency across the network within the docks and the facilities, line haul as well as pickup and delivery. So again, good progress there, and more to come.

是的，湯姆，你非常直接地擊中了它，因為就勞動力市場的情況而言，去年的情況確實非常具有挑戰性。因此，我當然會在第三季度強調，Ground 在達到峰值後在縮減資源方面做得非常出色。所以這絕對是第三季度改善的關鍵因素。考慮到你在那裡強調的動態，這在第四季度不會有那麼大的順風。但同樣，在碼頭和設施、線路運輸以及取件和送貨方面，地面運營效率的多個維度。再說一次，那裡取得了良好的進展，而且還會有更多進展。

Our next question is from Jon Chappell of Evercore ISI.

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

Brie, there's a lot of focus on the cost for obvious reasons, but to have the service levels back to pre-pandemic levels, to have the transit time down to 2 days amid all these cost cuts, is a bit surprising. Is that just lack of density on the network because of some of the volume issues? And how do you think about hitting a macro tailwind, getting some volume back in this new cost structure, the ability to maintain these service levels going forward?

布里，出於顯而易見的原因，人們非常關注成本，但在所有這些成本削減的情況下，將服務水平恢復到大流行前的水平，將運輸時間縮短至 2 天，這有點令人驚訝。是否只是因為一些容量問題導致網絡密度不足？您如何看待宏觀順風，在這種新的成本結構中恢復一些數量，以及保持這些服務水平的能力？

Yes. Thanks for the question, Jon. I actually don't think it's surprising. This is getting back to what we do best. We have been known historically for our customer experience and for our service. And we know when the network is running, it's most productive. Service actually moves with productivity. So I feel really good about it. I absolutely think that it is sustainable. And in fact, we're going to continue to do better from a service perspective. So this is what we said we would do. This is what we knew we would do. We've got a little bit more work to do, but it feels really good. And I think the sales team is really loving the momentum that it's giving them. So I hope that helps clarify.

是的。謝謝你的問題，喬恩。其實我不認為這有什麼好奇怪的。這是回到我們最擅長的領域。我們一直以客戶體驗和服務而聞名。我們知道當網絡運行時，它的效率最高。服務實際上隨著生產力而變化。所以我感覺很好。我絕對認為這是可持續的。事實上，我們將繼續從服務的角度做得更好。所以這就是我們所說的我們會做的。這是我們知道我們會做的。我們還有一些工作要做，但感覺真的很好。而且我認為銷售團隊真的很喜歡它給他們帶來的動力。所以我希望這有助於澄清。

Our next question is from Helane Becker of TD Cowen.

我們的下一個問題來自 TD Cowen 的 Helane Becker。

So maybe, Brie, this one is for you. I think you talked a little bit about the costs and the progress that you're making there on showing some improvement. But can you maybe parse out the difference between what you're gaining on fuel surcharges and what you're gaining in the ability to actually raise price? I think you also said something about your uptake is holding out better than you thought it would or maybe holding out better than expected, or maybe I put those words in your mouth. So if you could just kind of talk about fuel surcharges versus price maybe there.

所以也許，布里，這個是給你的。我想你談到了一些成本和你在顯示一些改進方面取得的進展。但是你能不能分析一下你在燃油附加費上獲得的收益與你在實際提價能力上獲得的收益之間的區別？我想你也說過你的接受比你想像的要好，或者可能比預期的要好，或者我把這些話放在你的嘴裡。所以，如果你能談談燃油附加費與價格的關係，也許就在那裡。

Yes, sure. Happy to clarify. So what we saw in Q3 from a yield perspective, obviously, from a yield growth, we were very, very pleased. From a general rate increase, the capture was really strong. In fact, in Europe, it was the highest capture that certainly I have ever seen coming out of Europe. So I think that the global pricing team and the global sales team are doing just an outstanding job. So we feel really good about the execution from the GRI.

是的，當然。很高興澄清。因此，從收益率的角度來看，我們在第三季度看到的情況，顯然，從收益率的增長來看，我們非常非常高興。從總體增長率來看，捕獲量確實很大。事實上，在歐洲，這肯定是我見過的來自歐洲的最高捕獲量。所以我認為全球定價團隊和全球銷售團隊做得非常出色。因此，我們對 GRI 的執行感到非常滿意。

As we look forward into Q4 and beyond, we will see yield growth moderate, but we think the fundamentals are going to stick. The U.S. market right now, from a pricing perspective, is very rational. The team has done an excellent job of aligning price with cost. We're getting more for peak surcharges. We're getting large package surcharges as we should. So we think the market is rational. We did a good job in Q3 from a capture perspective. But of course, we will see moderation in yield growth next year as we're just lapping really, really high increases. I hope that helps.

展望第四季度及以後，我們將看到收益率增長溫和，但我們認為基本面將保持不變。現在的美國市場，從定價的角度來說，是非常理性的。該團隊在使價格與成本保持一致方面做得非常出色。我們得到更多的高峰附加費。我們收到了我們應該收取的大件包裹附加費。所以我們認為市場是理性的。從捕獲的角度來看，我們在第三季度做得很好。但當然，我們明年會看到收益率增長放緩，因為我們只是在接近非常、非常高的增長。我希望這有幫助。

Our next question is from Brandon Oglenski of Barclays.

我們的下一個問題來自巴克萊銀行的布蘭登奧格倫斯基。

So Raj or Mike, I was wondering if you can give us some context around outcomes in Express this quarter. We're seeing year-on-year margin decline kind of similar to where we had been maybe throughout the year even though you guys are taking credit for incremental cost-out. So I know Ground and Freight looked a little bit better here. But what, I guess, is holding back Express, especially with similar volume outcomes? I guess, international yields were a little bit softer this quarter, but what else can you attribute that to?

所以 Raj 或 Mike，我想知道你是否可以給我們一些關於本季度 Express 成果的背景信息。我們看到同比利潤率下降有點類似於我們可能全年的情況，即使你們正在為增量成本支出而功勞。所以我知道地面和貨運在這裡看起來好一點。但是，我想，是什麼阻礙了 Express，尤其是在具有類似數量結果的情況下？我想，本季度國際收益率略微走軟，但您還能將其歸因於什麼？

Brandon, thanks for the question. The main issue in Express is the demand softness was most pronounced at Express. It had the highest revenue impact. You also know Express has a fixed cost structure. But we are making progress on the cost side. In Q1, the cost was up year-over-year. Q2 was flat. Q3, the costs are down $430 million year-over-year. And Q4 is going to get even better from there. We're making progress on the air. As we've talked about before, the single daily dispatch was launched in the U.S. Domestic Express operation in February. You'll see the full impact of that for the quarter in Q4. And then as we look ahead, we are fundamentally going to make this network much more agile and flexible and supported by technology. And we will talk to you a little bit more about that in the April 5 meeting.

布蘭登，謝謝你的提問。 Express 的主要問題是 Express 的需求疲軟最為明顯。它對收入的影響最大。您還知道 Express 具有固定成本結構。但我們正在成本方面取得進展。第一季度，成本同比上漲。第二季度持平。第三季度，成本同比下降 4.3 億美元。第四季度將從那裡變得更好。我們正在空中取得進展。正如我們之前所說，2 月份在美國國內快遞業務中推出了單日派送。您將在第四季度看到該季度的全部影響。然後，當我們展望未來時，我們將從根本上讓這個網絡更加敏捷和靈活，並得到技術的支持。我們將在 4 月 5 日的會議上與您詳細討論。

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

邁克，我不知道你是否想補充什麼？

No, I think that covers it. Thanks.

不，我認為這涵蓋了它。謝謝。

That covers it. Thank you.

這涵蓋了它。謝謝。

Our next question is from Allison Poliniak of Wells Fargo.

我們的下一個問題來自富國銀行的 Allison Poliniak。

I just want to ask on the Trans-Pacific lane, I know it's an important lane for you. Just with all the dislocations, are you seeing any sort of structural shift away from that, that concerns you? Are you moving? Just any color on what you're seeing in that market would be great.

我只想問一下跨太平洋航線，我知道這對你來說很重要。就所有的錯位而言，您是否看到任何類型的結構性轉變，這讓您感到擔憂？你在搬家嗎？你在那個市場上看到的任何顏色都會很棒。

Yes, great question. So we absolutely are having a lot of conversations with customers. They want to diversify their supply chain over the last several years. I think it's important to remember the primary conversation that we're having is about Mexico, and we have a fantastic value proposition out of Mexico. So as customers do want to diversify, we are anywhere they need to be. So we feel really good about that. But I do want to be clear that it is a future conversation. From a magnitude perspective, we do not see any short-term large shifts that would change the position of China being the world's manufacturer. So I don't think that that's an immediate issue. I do think it's a future issue.

是的，很好的問題。所以我們絕對與客戶進行了很多對話。他們希望在過去幾年中實現供應鏈多元化。我認為重要的是要記住我們正在進行的主要對話是關於墨西哥的，我們在墨西哥有一個很棒的價值主張。因此，當客戶確實想要多樣化時，我們就在他們需要的任何地方。所以我們對此感覺非常好。但我確實想明確表示，這是未來的對話。從量級的角度來看，我們看不到任何短期的大轉變會改變中國作為世界製造商的地位。所以我認為這不是一個迫在眉睫的問題。我確實認為這是一個未來的問題。

Our next question is from Ariel Rosa of Credit Suisse.

我們的下一個問題來自瑞士信貸的 Ariel Rosa。

Great. And again, congrats on some of the progress here on the cost savings initiatives. I wanted to ask about Express margins. So obviously, we saw them a little bit challenged this quarter, and you said that they are likely to improve sequentially going into fourth quarter. But you set this target for 8% to 9% margins by fiscal '25. I just wanted to understand, what's the confidence level in achieving that? And to what extent does that depend on seeing a return in some of the volumes or maybe a stabilization in the volume declines, please?

偉大的。再次祝賀在成本節約計劃方面取得的一些進展。我想問一下快遞利潤。很明顯，我們看到他們在本季度遇到了一些挑戰，你說他們可能會在第四季度連續改善。但是你設定的目標是到 25 財年實現 8% 到 9% 的利潤率。我只是想了解，實現這一目標的信心水平是多少？請問，這在多大程度上取決於部分銷量的回升或銷量下降的穩定？

Sure, Ariel. So certainly, as the environment has evolved here in the last 6 to 9 months, that's heightened our emphasis on efficiency and cost initiatives to realize margin improvement and drive improved returns on invested capital. And so the DRIVE framework is enabling us to relentlessly pursue these initiatives in a number of fronts. We talked about flexing the labor hours, the air network, the structure of the Ground surface transport. So again, a lot of progress, more to go, but we're very confident that Express can realize the full potential going forward.

當然，愛麗兒。因此，當然，隨著過去 6 到 9 個月這裡環境的發展，我們更加重視效率和成本計劃，以實現利潤率提高並推動投資資本回報率提高。因此，DRIVE 框架使我們能夠在許多方面不懈地追求這些舉措。我們談到了靈活的工作時間、空中網絡、地面運輸的結構。因此，再次取得了很多進展，還有更多進展，但我們非常有信心 Express 能夠實現未來的全部潛力。

Our next question is from Stephanie Moore of Jefferies.

我們的下一個問題來自 Jefferies 的 Stephanie Moore。

I think the color provided today and certainly in the Q&A and just what's going on in the Express segment is very clear and certainly more to come there. I wanted to dig in a little bit about maybe the Ground segment and trying to triangulate what has caused you to raise expectations for the full year. I mean just kind of Ground, clearly, you've made a lot of progress. That's noted on salary and employee benefits down quite a bit, but also purchased transportation down quite a bit. So as you look in the Ground and particularly, the strong performance in the third quarter, can you kind of pinpoint in a little bit more detail what exceeded your original expectations as you look at the full year?

我認為今天提供的顏色，當然還有問答環節中提供的顏色，以及 Express 部分正在發生的事情都非常清楚，而且肯定還會有更多。我想深入了解地面部分，並嘗試對導致您提高全年預期的原因進行三角測量。我的意思是只是地面，顯然，你已經取得了很大的進步。值得注意的是，工資和員工福利下降了很多，而且購買的交通工具也下降了很多。因此，當您查看地面，特別是第三季度的強勁表現時，您能否更詳細地指出全年超出您最初預期的是什麼？

Okay. Sure. Thanks, Stephanie. Well, it was a number of fronts of the efficiency side with, again, flexing down the labor hours following peak. We also had a lower surge premium for this peak relative to prior peak, so that was a consideration as well. But broadly, the focus on utilizing the assets more efficiently, and in a lower demand environment, that means certain facilities in that. We closed sorts or smaller transfer points in that. We've shut those down. So again, it's just about optimizing the network across the board. There's no single linchpin to that. And look, it's very much impressive to see the progress we've had here when we're also facing a headwind there from increased infrastructure costs at Ground, so that represents opportunity going forward as well on top of everything.

好的。當然。謝謝，斯蒂芬妮。好吧，這是效率方面的一些前沿，在高峰期後再次減少工作時間。與之前的峰值相比，我們對該峰值的激增溢價也較低，因此這也是一個考慮因素。但從廣義上講，關注更有效地利用資產，並在需求較低的環境中，這意味著其中的某些設施。我們在那里關閉了分類或較小的轉運點。我們已經關閉了那些。再次重申，這只是全面優化網絡。沒有單一的關鍵。看，當我們還面臨地面基礎設施成本增加的逆風時，看到我們在這裡取得的進展令人印象深刻，因此這代表了前進的機會以及一切。

Our next question is from Scott Group of Wolfe.

我們的下一個問題來自沃爾夫的斯科特集團。

A couple of things I just want to clarify and then a bigger picture question. So Mike, how big was the LTL gain? Your comment about less Ground improvement in Q4, was that a year-over-year or a sequential comment? And then just bigger picture, what I want to try to understand is how much of this $4 billion of DRIVE savings are we seeing this year and how much is incremental all starting in fiscal '24, and then how much of the variable reduction should we think come back next year to offset some of that DRIVE.

我只想澄清幾件事，然後是一個更大的問題。那麼 Mike，LTL 的收益有多大？您對第四季度地面改善較少的評論是同比評論還是連續評論？然後是更大的圖景，我想嘗試了解的是我們今年看到的這 40 億美元的 DRIVE 節省中有多少，以及從 24 財年開始的增量，然後我們應該減少多少變量考慮明年回來抵消部分驅動器。

Okay, Scott. So first, the gain on the sale was roughly about $30 million at the Freight company for the facility there. And then yes, the reference for Ground was that the year-over-year improvement for the fourth quarter, we wouldn't anticipate it to be as large as what we realized here in the third quarter. So that's the 2 freebies.

好的，斯科特。因此，首先，Freight 公司出售那裡設施的收益約為 3000 萬美元。然後是的，Ground 的參考是第四季度的同比改善，我們預計它不會像我們在第三季度在這裡實現的那樣大。這就是 2 個免費贈品。

On your other question, I mean, look, we are holistically adjusting the cost base on all dimensions, all areas. Every dollar is under scrutiny. So that entails both the adjustments for reduced volume levels across the board, and you see progress there in a number of the lines, and then gaining traction as we lean into realizing the structural reductions with DRIVE. So we will look forward to updating further about how the various initiatives are playing out here when we see you on April 5.

關於你的另一個問題，我的意思是，看，我們正在全面調整所有維度、所有領域的成本基礎。每一分錢都在仔細檢查中。因此，這需要針對全面減少的音量水平進行調整，並且您會在許多方面看到進展，然後隨著我們傾向於通過 DRIVE 實現結構性減少而獲得牽引力。因此，當我們在 4 月 5 日與您見面時，我們將期待進一步更新各種舉措的進展情況。

Our next question is from Brian Ossenbeck of JPMorgan.

我們的下一個問題來自摩根大通的 Brian Ossenbeck。

Something similar here, Mike. Can you just quantify the impact of weather given how Express performed? I don't know if that was large or worth quantifying. And then just to come back to DRIVE one more time, maybe level set expectations, if you could. I think, Raj, you've talked about how we're going to get a lot more granular details and metrics and the work streams. I don't think we've really gotten that much in the past, or at least not that consistently. So should we expect to get that updated on a regular basis? Are we going to see benchmarks in terms of where you are now and how that's going to roll out to the various segments, in the different work streams? And how should we be thinking about that coming up here in a couple of weeks?

邁克，這裡有類似的東西。考慮到 Express 的表現，您能否量化天氣的影響？我不知道這是否很大或值得量化。然後再回到 DRIVE 一次，如果可以的話，也許可以設定期望值。我想，Raj，你已經談到了我們將如何獲得更詳細的細節和指標以及工作流。我認為我們過去並沒有真正得到那麼多，或者至少不是一直如此。那麼我們應該期望定期更新嗎？我們是否會根據您現在所處的位置以及如何將其推廣到不同工作流中的各個部分來查看基準？我們應該如何考慮幾週後來到這裡的問題？

Okay. First, Brian, weather was roughly about a $50 million year-over-year headwind, so if you want to put some dimensions around that. I think Raj wants to highlight what to expect here at DRIVE Day.

好的。首先，布賴恩，天氣是大約 5000 萬美元的逆風，所以如果你想圍繞它設置一些維度。我認為 Raj 想強調在 DRIVE Day 會發生什麼。

Well, let me just say this much, I think I'm just delighted with the sense of urgency and what the team is working. The DRIVE program creates a lot more rigor, and I'm just thrilled with the progress as the team has applied this rigor and discipline to the work at hand and look forward to showcasing them to you in just a couple of weeks here. During that update, you can expect a deeper dive onto the domains that we have identified, which is shown on this slide. We'll show you the metrics that we've been tracking. And I think it will give you a much better way for you to understand our business. And I think it's fundamental to the transformation underway at FedEx. Thank you, Brian.

好吧，我只想說這麼多，我想我只是對緊迫感和團隊的工作感到高興。 DRIVE 計劃創造了更多的嚴謹性，我對團隊將這種嚴謹性和紀律應用於手頭工作的進展感到非常興奮，並期待在短短幾週內向您展示它們。在此更新期間，您可以期待更深入地了解我們已確定的域，如本幻燈片所示。我們將向您展示我們一直在跟踪的指標。我認為它會給你一個更好的方式來了解我們的業務。我認為這是 FedEx 正在進行的轉型的基礎。謝謝你，布萊恩。

Our next question is from Bascome Majors of Susquehanna.

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

You generated about $1 billion of free cash flow in the first 3 quarters of the year on a fully burdened GAAP basis. Can you talk a little bit about, with the raised EPS outlook in just 2.5 months left in the fiscal year, where do you think you're going to come out in free cash flow for fiscal '23? And maybe qualify that with how much of a drag do you think you're seeing on a cash basis for some onetime costs related to the initiatives that you're rolling out to take structural costs out of the business?

在完全負擔的 GAAP 基礎上，您在今年前 3 個季度產生了大約 10 億美元的自由現金流。您能否談談，在本財年僅剩 2.5 個月的情況下提高每股收益前景，您認為您將在 23 財年的自由現金流中獲得什麼？也許你認為你在現金基礎上看到與你正在推出的旨在從業務中減少結構性成本的舉措相關的一次性成本有多大的拖累來證明這一點？

Okay. Bascome, it's Mike. So yes, we've continued to generate solid free cash flow even amidst the challenged business environment, which heightens our emphasis on capital efficiency. And you'll see that going forward across the board.

好的。巴斯科姆，是邁克。所以是的，即使在充滿挑戰的商業環境中，我們也繼續產生穩定的自由現金流，這更加強調了我們對資本效率的重視。你會看到它全面向前發展。

Sorry, what was the last part of your question? Sorry, the onetime cost, yes.

抱歉，您問題的最後一部分是什麼？對不起，一次性成本，是的。

On where the cash flow could be, yes.

關於現金流量可能在哪裡，是的。

Yes, sorry. So yes, the expenses we had that were $120 million for the third quarter, that's the business optimization that we identified, and about $180 million year-to-date.

是的，對不起。所以是的，我們第三季度的支出為 1.2 億美元，這是我們確定的業務優化，今年迄今約為 1.8 億美元。

Our next question is from Bruce Chan of Stifel.

我們的下一個問題來自 Stifel 的 Bruce Chan。

Congratulations, everyone. Brie, maybe just wanted to follow up on your comments about the higher capture on the GRI in Europe. I guess I'm a little surprised by that given the softer demand environment. Can you maybe just give us a sense of what's driving that GRI capture? Is it just having the fully integrated network now or maybe something else?

祝賀大家。 Brie，也許只是想跟進你對歐洲 GRI 更高捕獲率的評論。鑑於需求環境疲軟，我想我對此感到有些驚訝。您能否讓我們了解一下是什麼推動了 GRI 的捕獲？它現在只是擁有完全集成的網絡還是其他什麼？

Yes. It's a very fair question. From a European perspective, I do think it's important to remind everybody that we have a very unique value proposition in Europe. There are real stickiness with the parcel and the freight bundle. And also, our sales and our customer service team do an incredible job with very personalized and solution-oriented selling. So for the customer base that is there, it is sticky. They value the bundle. We've got opportunity to take profitable share. But I think the ability to get that GRI capture really emphasizes the loyalty that we do have in that customer base and honestly, an opportunity to go take some more profitable share in Europe.

是的。這是一個非常公平的問題。從歐洲的角度來看，我確實認為提醒大家我們在歐洲擁有非常獨特的價值主張是很重要的。包裹和貨運包具有真正的粘性。此外，我們的銷售和客戶服務團隊在非常個性化和以解決方案為導向的銷售方面做得非常出色。所以對於那裡的客戶群來說，它是粘性的。他們重視捆綁。我們有機會獲得盈利份額。但我認為獲得 GRI 捕獲的能力確實強調了我們在該客戶群中的忠誠度，老實說，這是一個在歐洲佔據更多利潤份額的機會。

Our next question is from David Vernon of Bernstein.

我們的下一個問題來自伯恩斯坦的大衛弗農。

Look forward to seeing you guys in a couple of weeks. Raj or Mike, I'd like to ask you to talk a little bit more about the fleet strategy going forward. I know you mentioned the intention to park the MD-11s. We're running 422 trunk aircraft right now. If we were to kind of run this volume in the new fleet design, how big of an aircraft fleet would you guys have? I'm just trying to get a sense for and find some way to answer the question that I often get from investors, which is how do we underwrite lower CapEx going forward, aren't they just going to need to replace those 60 aircraft.

期待在幾週後見到你們。 Raj 或 Mike，我想請您多談談未來的艦隊戰略。我知道你提到了停放 MD-11 的意圖。我們現在正在運行 422 架幹線飛機。如果我們要在新的機隊設計中運行這個體積，你們會有多大的飛機機隊？我只是想了解並找到一些方法來回答我經常從投資者那裡得到的問題，即我們如何承保未來較低的資本支出，他們是否只需要更換這 60 架飛機。

Thank you, David. Our fleet modernization strategy that we've been underway has allowed us to build a more agile and flexible fleet. And so we come to a fork in the road here, are we going to see a high-demand environment or a low-demand environment. And the MD-11 was that flex fleet. And as we now look at the demand environment, we don't see that high demand coming through. So we look at opportunities to rightsize the fleet, and this is the predominant planning cycle that happens every Q4, so we'll update you on those plans as our entire fleet needs are finalized here.

謝謝你，大衛。我們一直在實施的機隊現代化戰略使我們能夠建立一支更加敏捷和靈活的機隊。所以我們來到了一個岔路口，我們會看到高需求環境還是低需求環境。 MD-11 就是靈活機隊。當我們現在審視需求環境時，我們沒有看到高需求。因此，我們尋找機會調整機隊規模，這是每個第四季度發生的主要規劃週期，因此我們會在此處完成整個機隊需求時向您更新這些計劃。

Our next question is from Amit Mehrotra of Deutsche Bank.

我們的下一個問題來自德意志銀行的 Amit Mehrotra。

Mike, I just wanted to ask a question on Express margins, just coming back to it a little bit because, if I look at the range of outcomes over the last couple of years, it's been as high as 9.2%. It's been as low as 1.2%, which you just reported. And it's your biggest business. And I really don't have any clue what Express margins could be next year. And I was hoping you can kind of help us think about that. If macro kind of stays where it is today, what's the right way to think about the recovery in Express margins next year?

邁克，我只是想問一個關於 Express 利潤率的問題，只是稍微回到它，因為如果我看看過去幾年的結果範圍，它高達 9.2%。它低至 1.2%，這是您剛剛報告的。這是你最大的生意。我真的不知道明年 Express 的利潤率是多少。我希望你能幫助我們考慮一下。如果宏觀保持今天的水平，那麼考慮明年快遞利潤率復甦的正確方法是什麼？

And then kind of related to that, one of the criticisms from the Investor Day was the Q&A didn't have a lot of, how do I say it, detail around the bottom-up strategy, the cadence of the pathway to the improvement. So as you guys think about DRIVE Day, is it incorporated in DRIVE Day a cadence of margin improvement by each division so everybody can be held accountable for the plan as it stands when you present it?

然後與此相關的是，投資者日的批評之一是問答沒有很多，我怎麼說，關於自下而上戰略的細節，改進途徑的節奏。因此，當你們考慮 DRIVE Day 時，是否在 DRIVE Day 中納入了每個部門提高利潤率的節奏，以便每個人都可以對您提出的計劃負責？

Sure. Amit, let me address the aspects of that. So first, the way we have structured the DRIVE framework is that we have 12 domains with individuals assigned to each of those that are accountable and own the realization of the opportunities that are identified there. Now of course, there's multiple teams and there's multiple sub-initiatives under that to enable those outcomes. But to the question of how do we measure and have accountability, that is definitely the structure and framework that we have in place.

當然。阿米特，讓我談談這方面的問題。因此，首先，我們構建 DRIVE 框架的方式是，我們有 12 個領域，每個領域都分配了個人，負責並負責實現那裡確定的機會。當然，現在有多個團隊，並且在其下有多個子計劃來實現這些結果。但對於我們如何衡量和承擔責任的問題，這絕對是我們現有的結構和框架。

To your question about Express margin and profit volatility, that's precisely what Raj was highlighting, our primary focus is to make the business more agile, more flexible with the various deployment of technology, making our fleet more flexible so that we can react and adjust. So certainly realize that we need to build from here and fully anticipate that going forward, and we will be relentlessly focused on that across the board.

關於快遞利潤率和利潤波動的問題，這正是 Raj 強調的，我們的主要重點是通過各種技術部署使業務更加敏捷、更加靈活，使我們的車隊更加靈活，以便我們能夠做出反應和調整。因此，當然要意識到我們需要從這裡開始建設，並充分預見到未來的發展，我們將不懈地全面關注這一點。

Our next question is from Ravi Shanker of Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Ravi Shanker。

A couple of follow-ups here. Just on the Ground actions in the third quarter that kind of helped drive the margin higher than expected, can you help us understand if these are a permanent change in the way you treat peak season or even a permanent change in the way Ground is run every quarter? Or was it just a reaction to, obviously, peak season this time being less robust than it was the last 2 years? I'm trying to get a sense of whether it was just a tactical move and you guys kind of pivoted very quickly to the market or if it's more of a permanent change in the way you deal with peak season.

這裡有幾個後續行動。就第三季度的地面行動而言，這有助於推動利潤率高於預期，您能否幫助我們了解這些是否是您對待旺季方式的永久性改變，或者甚至是地面運行方式的永久性改變？四分之一？或者這只是對這次旺季不如過去兩年強勁的反應？我想知道這是否只是一個戰術舉措，你們很快就轉向了市場，或者這是否更像是你們處理旺季方式的永久性改變。

Ravi, this definitely illustrates the disciplined rigor and focus we have around responding, adjusting to changes in the volume environment, running an efficient network and adjusting in short order. Again, I'd highlight, last year, and quite frankly, the last 2 years, were quite unprecedented in terms of ability to both project and understand demand because our customers themselves had a lot of uncertainty amidst the dynamics of the pandemic. And we sometimes skip over it, but the profundity of the labor availability and the immediate cost increases in terms of higher wage rates that were experienced at Ground can't be diminished. But this is a rigor and discipline that, as Brie said, it also supports our service levels across the board, too. So it's a virtuous cycle there that we'll build upon going forward.

拉維，這無疑說明了我們在響應、適應容量環境變化、運行高效網絡和快速調整方面的紀律嚴明和專注。再次，我要強調的是，去年，坦率地說，過去兩年在預測和理解需求的能力方面是前所未有的，因為我們的客戶本身在大流行的動態中有很多不確定性。我們有時會跳過它，但勞動力可用性的深度和在 Ground 經歷的更高工資率方面的直接成本增加不能減少。但正如 Brie 所說，這是一種嚴謹和紀律，它也支持我們全面的服務水平。因此，這是一個良性循環，我們將在此基礎上繼續前進。

Our next question is from Jeff Kauffman, Vertical Research Partners.

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

A question for Brie. Brie, we were out talking to different customers, and some had indicated to us that they were a little concerned about the potential for a labor action at one of your competitors and had begun shipping with you guys, which is something they normally do. I was just wondering, I guess, a, we could look at this as, oh, it's a short-term thing; b, we could look at this as it's an opportunity to bring in some new customers. And I was told that you had to be shipping at certain levels to be available if there was a problem and there was a lack of capacity. Could you talk about how you're engaging some of these customers that may be coming to you and saying, "Hey, I'm nervous. Can I get some capacity," or "Can I come over?" Are you requiring them to stay on for a year? How do we make this more than just a short-term use of excess capacity in your network?

布里的問題。 Brie，我們正在與不同的客戶交談，有些客戶向我們表示，他們有點擔心您的一個競爭對手可能會採取勞工行動，並已開始與你們一起發貨，這是他們通常做的事情。我只是想知道，我想，我們可以將其視為，哦，這是短期的事情； b，我們可以將此視為引入一些新客戶的機會。有人告訴我，如果出現問題並且產能不足，你必須在一定水平上發貨才能使用。你能談談你是如何吸引這些客戶的嗎，這些客戶可能會來找你，說，“嘿，我很緊張。我能得到一些容量嗎？”或者“我能過來嗎？”你要求他們留一年嗎？我們如何使這不僅僅是短期使用您網絡中的過剩容量？

Jeff, thanks for the question. So I think first and foremost is that our primary goal is to maintain and improve the service momentum that we've created. And so as we think about any potential exogenous factor in the market that might put stress in the market, our goal is to protect our customers and to make sure that we're there for them. So absolutely, as customers are inquiring about available capacity at FedEx, we have been really clear that, yes, of course, we would entertain any good business, and we'd love to talk to them. We do need to have that business on board and those contracts signed by the end of March. We are not going to staff up like this is a peak factor. We are going to plan for long-term partnerships with customers. And anybody that wants to come and enjoy the FedEx value proposition, we're happy to talk to them prior to March 31.

傑夫，謝謝你的提問。所以我認為首要的是，我們的主要目標是保持和改善我們創造的服務勢頭。因此，當我們考慮市場中可能給市場帶來壓力的任何潛在外生因素時，我們的目標是保護我們的客戶並確保我們為他們服務。所以絕對，當客戶詢問聯邦快遞的可用容量時，我們非常清楚，是的，當然，我們會招待任何好的業務，我們很樂意與他們交談。我們確實需要在 3 月底之前完成這項業務並簽署這些合同。我們不會像這是一個高峰因素那樣增加人員。我們打算與客戶建立長期合作夥伴關係。任何想來享受 FedEx 價值主張的人，我們很樂意在 3 月 31 日之前與他們交談。

This concludes the question-and-answer portion of today's call. Please continue, Mr. Subramaniam.

今天電話會議的問答部分到此結束。請繼續，Subramaniam 先生。

Well, thank you, operator. In closing, I want to thank our team members as FedEx was once again the only delivery company ranked in the top 20 of the Fortune World's Most Admired Companies. We also were named earlier this week as one of the world's most ethical companies by Ethisphere. This recognition would not have been possible without the commitment and dedication of our people around the world. And as we celebrate our 50th anniversary next month, I'm most excited about the ways that this team will continue to innovate and deliver for the next 50 years. Thank you very much.

嗯，謝謝接線員。最後，我要感謝我們的團隊成員，因為 FedEx 再次成為唯一一家躋身《財富》全球最受讚賞公司前 20 名的快遞公司。本週早些時候，我們還被 Ethisphere 評為世界上最道德的公司之一。如果沒有我們在世界各地的員工的承諾和奉獻，這種認可是不可能的。在我們下個月慶祝成立 50 週年之際，我對這個團隊將在未來 50 年中繼續創新和交付的方式感到非常興奮。非常感謝。

This concludes today's FedEx Corporation Third Quarter Fiscal Year 2023 Earnings Call and Webcast. You may now disconnect your line at this time, and have a wonderful day.

今天的聯邦快遞公司 2023 財年第三季度收益電話會議和網絡廣播到此結束。您現在可以斷開您的線路，祝您度過美好的一天。