聯邦快遞 (FDX) 2023 Q4 法說會逐字稿

Good day, and welcome to the FedEx Fiscal Year 2023 Fourth Quarter Earnings Call.

美好的一天，歡迎參加聯邦快遞 2023 財年第四季度財報電話會議。

(Operator Instructions)

（操作員說明）

Please note this event is being recorded. I would now like to turn the conference over to Mickey Foster, Vice President of Investor Relations. Please go ahead, sir.

請注意此事件正在被記錄。我現在想將會議交給投資者關係副總裁米基·福斯特 (Mickey Foster)。請繼續，先生。

Good afternoon, and welcome to FedEx Corporation's Fourth Quarter Earnings Conference Call. The fourth quarter earnings release and stat book are on our website at fedex.com. This call 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，歡迎參加聯邦快遞公司第四季度收益電話會議。第四季度收益發布和統計數據可在我們的網站 fedex.com 上找到。本次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一年內提供。

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. 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.

今天加入我們電話會議的還有媒體成員。在我們的問答環節中，來電者將僅限於一個問題，以便我們能夠滿足所有願意參加的人的需求。我想提醒所有聽眾，聯邦快遞公司希望利用《私人證券訴訟改革法案》的安全港條款。本次電話會議中的某些陳述，例如對未來業績的預測，可能被視為該法案含義內的前瞻性陳述。

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. 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.

此類前瞻性陳述受到風險、不確定性和其他因素的影響，可能導致實際結果與此類前瞻性陳述明示或暗示的結果存在重大差異。有關這些因素的更多信息，請參閱我們的新聞稿和向 SEC 提交的文件。請參閱我們網站 fedex.com 的投資者關係部分，了解本次電話會議中討論的非 GAAP 財務指標與最直接可比的 GAAP 指標的對賬情況。

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 over to Raj.

今天加入我們電話會議的是總裁兼首席執行官 Raj Subramaniam；邁克·倫茨 (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。現在輪到拉傑了。

Good afternoon, everyone. Before I start my remarks, I first want to acknowledge the upcoming retirement of Mike and his terrific contributions and accomplishments at FedEx over the last 18 years. Mike was named CFO in March of 2020, and I'm grateful for his leadership over the 3 years since then as we navigated a global pandemic and significant change. Due to his tireless work FedEx is on solid footing as we execute the next phase of our strategy. Above all, Mike has been a good friend and a colleague of mine, and I wish him all the very best.

大家下午好。在開始講話之前，我首先要感謝即將退休的 Mike 以及他過去 18 年來在聯邦快遞所做出的巨大貢獻和成就。 Mike 於 2020 年 3 月被任命為首席財務官，我很感謝他自此之後的 3 年裡在我們應對全球大流行和重大變革過程中所發揮的領導作用。由於他的不懈努力，聯邦快遞在我們執行下一階段戰略時奠定了堅實的基礎。最重要的是，邁克是我的好朋友和同事，我祝他一切順利。

Now let me turn to my remarks for the quarter. Thanks to the hard work of the FedEx team, we have demonstrated continued progress on our journey to transform into the world's most flexible efficient and intelligent network. In the fourth quarter, we introduced and began preparing for on FedEx.

現在讓我談談本季度的講話。感謝聯邦快遞團隊的辛勤工作，我們在轉型為全球最靈活、高效、智能的網絡的道路上不斷取得進展。第四季度，我們引入並開始準備FedEx。

At the same time, we continue to bend the cost curve through our DRIVE initiatives. This supported our fiscal year 2023 earnings, which came in above the midpoint of our March outlook despite continued soft demand and an unplanned year-end tax expense, which negatively impacted our earnings by $0.18 for the quarter. Our operating performance remains solid. We're entering fiscal 2024 with a continued focus on areas within our control, and a commitment to execute swiftly on our priorities. This focus will support sustained profit improvement in FY '24 through an environment that we expect to remain marked by demand challenges particularly in the first half.

與此同時，我們繼續通過 DRIVE 計劃來降低成本曲線。這支撐了我們 2023 財年的盈利，儘管需求持續疲軟和計劃外的年終稅收支出對我們本季度的盈利產生了 0.18 美元的負面影響，但該盈利仍高於 3 月份展望的中點。我們的經營業績依然穩健。進入 2024 財年，我們將繼續關注我們控制範圍內的領域，並承諾迅速執行我們的優先事項。這一重點將支持 24 財年利潤的持續改善，我們預計需求挑戰仍將持續，尤其是在上半年。

Turning to Slide 6. I will start with a snapshot of the quarter. Total revenue in the fourth quarter was down 10% year-over-year as volumes declined with demand remaining soft across the market. With this said, the rate of volume decline in Ground and Express improved sequentially. As expected, yield trends have been pressured in international markets where the supply-demand balances have changed. We continue to maintain our focus on revenue quality and are committed to our disciplined pricing approach focused on the long term. While we expect these pressures to persist, we do expect moderation throughout the fiscal year.

轉向幻燈片 6。我將從本季度的快照開始。由於市場需求依然疲軟，銷量下降，第四季度總收入同比下降 10%。儘管如此，陸運和快運的運量下降速度環比有所改善。正如預期的那樣，由於供需平衡發生了變化，國際市場的收益率趨勢受到了壓力。我們繼續保持對收入質量的關注，並致力於以長期為重點的嚴格定價方法。雖然我們預計這些壓力將持續存在，但我們確實預計整個財年壓力會有所緩解。

With our execution on a number of cost actions, we delivered adjusted operating profit of $1.8 billion. Our fourth quarter performance enabled us to close out the year with an adjusted operating margin of 6% and adjusted earnings per share of $14.96. While our revenue declines were in line with the industry, I'm pleased to note that our flow-through performance continues to improve and we believe is the best in the industry in the first quarter of the calendar year.

通過執行多項成本行動，我們實現了 18 億美元的調整後營業利潤。第四季度的業績使我們能夠以 6% 的調整後營業利潤和 14.96 美元的調整後每股收益結束這一年。雖然我們的收入下降與行業一致，但我很高興地註意到，我們的流通業績持續改善，我們相信是今年第一季度行業中最好的。

Beyond the headline numbers, our results this quarter embed continued progress on our transformation. I'm pleased to see our cost-out efforts take hold, but I'm also equally excited about the operational improvements we are driving as we build the smartest logistics network in the world. For example, our market-leading picture proof of delivery is now available to 90% of global residential deliveries, having launched in Europe earlier this month. Picture proof of delivery gives our customers visibility to their delivered shipments at the click of a button and it has led to a 14% reduction in disputed delivery cases and contributed to a 17% reduction in call volume in the United States. Our 4-hour estimated delivery time window, which we have rolled out to 47 countries is also improving the customer experience.

除了標題數字之外，我們本季度的業績還體現了我們轉型的持續進展。我很高興看到我們在成本削減方面的努力取得了成效，但我也同樣對我們在建設世界上最智能的物流網絡時所推動的運營改進感到興奮。例如，我們市場領先的圖片交付證明現已適用於全球 90% 的住宅交付，並於本月早些時候在歐洲推出。圖片遞送證明使我們的客戶只需點擊一下按鈕即可查看其已遞送的貨物，這使得有爭議的遞送案件減少了 14%，並導緻美國的電話量減少了 17%。我們已將 4 小時預計送達時間窗口推廣到 47 個國家/地區，這也改善了客戶體驗。

And that Ground, our dock modernization efforts are enhancing productivity, helping us run our docs smarter with new technology and key data insights. This includes a new network operating plan that uses machine learning to develop more detailed and accurate volume forecast. Ground remained a standout in this quarter as the team delivered operating income of over $1 billion. For the first time in company history, the Ground team expanded margins despite lower volumes in the second half. This is a clear indication our DRIVE transformation is working and gives us confidence as we push forward.

在地面上，我們的碼頭現代化工作正在提高生產力，幫助我們利用新技術和關鍵數據洞察更智能地運行我們的文檔。這包括一個新的網絡運營計劃，該計劃使用機器學習來開發更詳細和準確的流量預測。 Ground 在本季度仍然表現出色，團隊實現了超過 10 億美元的營業收入。儘管下半年銷量下降，Ground 團隊還是實現了公司歷史上的首次利潤增長。這清楚地表明我們的 DRIVE 轉型正在發揮作用，並給了我們前進的信心。

Limit continued volume pressure, cost per package this quarter increased only 1.9%. This was supported by a total reduction in operating expenses of $350 million as the company continued to manage staffing levels effectively. We benefited from store closures and consolidations and reduced Sunday operations. These actions help bring Ground's fourth quarter operating margin to 12.1%.

限制持續的銷量壓力，本季度每封裝成本僅增長 1.9%。由於公司繼續有效管理員工水平，運營費用總共減少了 3.5 億美元，這也為這一結果提供了支持。我們受益於商店關閉和整合以及週日營業的減少。這些舉措幫助 Ground 第四季度的營業利潤率達到 12.1%。

At Express, we have made significant progress aligning costs with underlying demand. Our initiatives continue to ramp, and we expect accelerating benefits in the upcoming fiscal year. Demand dynamics, combined with yield pressure, drove a 13% decline in revenue at Express.

在 Express，我們在調整成本與潛在需求方面取得了重大進展。我們的舉措繼續推進，我們預計在即將到來的財政年度將加速受益。需求動態加上產量壓力導致 Express 收入下降 13%。

This performance was generally in line with our expectations coming into the quarter. In the face of these headwinds, the Express team was able to accelerate cost and productivity efforts, driven by a combination of structural and volume-related initiatives. The Express team reduced total flight hours by 12% year-over-year and permanently retired 18 aircraft, including 12 MD-11s this quarter. The team is also planning to take another 29 aircraft out of schedule flying in fiscal 2024.

這一業績總體上符合我們對本季度的預期。面對這些不利因素，Express 團隊在結構性和數量相關舉措相結合的推動下，能夠加快成本和生產率的提高。 Express 團隊本季度將總飛行時數同比減少了 12%，並永久退役了 18 架飛機，其中包括 12 架 MD-11。該團隊還計劃在 2024 財年取消另外 29 架飛機的飛行計劃。

In addition, we made excellent progress implementing structural cost savings initiatives beyond flights, including certain domestic efficiency initiatives. This includes the shift to a single daily dispatch of couriers, which achieved its target of $50 million in fourth quarter savings as well as accelerated hub productivity measures. In Europe, we continue to improve operational execution across the region. Notably, we announced the official opening of 2 of our hubs this quarter.

此外，我們在實施航班以外的結構性成本節約舉措（包括某些國內效率舉措）方面取得了巨大進展。這包括轉向每日派送快遞員，實現了第四季度節省 5000 萬美元的目標，並加快了樞紐生產力措施。在歐洲，我們繼續提高整個地區的運營執行力。值得注意的是，我們宣布本季度正式開設 2 個中心。

In April, we reopened our international road hub in Duiven, Netherlands. And this month, we opened our new state-of-the-art road hub in Novara, Italy. These 2 facilities have enhanced cell capabilities, enabled more efficient routing and improved our service on the continent. In aggregate, total operating expenses at Express were down $1.1 billion in the quarter. The magnitude of the operating margin decline has continued to narrow sequentially as our initiatives take hold.

四月，我們重新開放了位於荷蘭杜伊文的國際公路樞紐。本月，我們在意大利諾瓦拉開設了最先進的新公路樞紐。這兩個設施增強了蜂窩功能，實現了更高效的路由並改善了我們在非洲大陸的服務。總的來說，本季度 Express 的總運營支出減少了 11 億美元。隨著我們的舉措的實施，營業利潤率下降的幅度繼續收窄。

At Freight, the team has focused on maintaining pricing discipline while flexing costs to protect profitability. The freight team was able to reduce operating expenses by over $330 million in the fourth quarter. This will be further supported by our announced planned to close and consolidate 29 locations, which will be completed by August. Consolidation will improve service levels while lowering our cost to serve. Further, we have conducted another round of furloughs to match staffing with volume levels and are limiting hiring of salaried employees.

在 Freight，團隊專注於維持定價紀律，同時調整成本以保護盈利能力。貨運團隊在第四季度減少了超過 3.3 億美元的運營費用。我們宣布計劃關閉並整合 29 個地點，該計劃將於 8 月完成，這將進一步支持這一點。整合將提高服務水平，同時降低我們的服務成本。此外，我們還進行了另一輪休假，以使人員配備與數量水平相匹配，並限制僱用受薪員工。

Turning to Slide 7. We continue to make significant progress in taking costs out of our network, delivering a $2 billion year-over-year reduction in operating costs in the fourth quarter of FY '23. This included more effectively matching flying with demand, marking the first quarter this year where our flight hours declined more than the underlying volumes. Additionally, we continue to aggressively manage headcount, including attrition to align our teams with a network change underway.

轉向幻燈片 7。我們在降低網絡成本方面繼續取得重大進展，23 財年第四季度運營成本同比減少了 20 億美元。這包括更有效地將飛行與需求相匹配，這標誌著今年第一季度我們的飛行時間下降幅度超過了基本數量。此外，我們繼續積極管理員工人數，包括人員流失，以使我們的團隊與正在進行的網絡變革保持一致。

We exceeded our target with U.S. headcount down by about 29,000 in FY '23. Also included in these cost reductions are ramping benefits from the numerous initiatives we have identified across the 14 DRIVE domains.

我們超出了目標，23 財年美國員工人數減少了約 29,000 人。這些成本降低還包括我們在 14 個 DRIVE 領域確定的眾多舉措帶來的收益不斷增加。

Given our progress, we are confident that we can deliver on our previous goal for about $1.8 billion in cost reduction benefits from DRIVE this fiscal year and $4 billion of permanent cost reductions in fiscal year 2025. As we introduced in April, between now and June of 2024, we will be consolidating our operating companies into one unified organization. One FedEx is the next step up this journey to realize our full value potential. It aligns our organization to one corporate structure that will facilitate the execution of our DRIVE transformation and will further enable the work that's underway in Network 2.0. Our work towards this goal is already taking shape. We have taken a significant step forward in the implementation of Network 2.0 with today's announcement of the transformation of our Canadian operations.

鑑於我們取得的進展，我們有信心能夠實現之前的目標，即本財年通過 DRIVE 實現約 18 億美元的成本削減效益，並在 2025 財年實現 40 億美元的永久性成本削減。正如我們在 4 月份介紹的那樣，從現在到 6 月份到 2024 年，我們將把我們的運營公司整合為一個統一的組織。 One FedEx 是實現我們全部價值潛力的旅程的下一步。它將我們的組織與一個公司結構保持一致，這將促進我們 DRIVE 轉型的執行，並進一步推動 Network 2.0 中正在進行的工作。我們實現這一目標的工作已經初具規模。今天宣布加拿大業務轉型，我們在網絡 2.0 的實施方面向前邁出了重要一步。

In April of 2024, we will begin to transition, all FedEx Ground operations and personnel in Canada to FedEx Express, creating a truly integrated and unified Canadian network. This unification is enabled by the nature of the Canadian market where the population is heavily concentrated in a few key geographies currently serviced by both OpCos.

2024 年 4 月，我們將開始將加拿大境內的所有 FedEx Ground 業務和人員過渡到 FedEx Express，從而創建一個真正集成且統一的加拿大網絡。這種統一是由加拿大市場的性質決定的，加拿大市場的人口主要集中在目前由兩家運營公司提供服務的幾個關鍵地區。

Consolidation will create significant efficiencies throughout the business from first to last mile and across our support teams. We expect this change in Canada to generate an annualized benefit of over $100 million upon completion in FY '25. We've announced transitions in 20 markets and Canada marks the first large-scale implementation of Network 2.0, which builds off the learnings from our completed transitions in other geographies. To be clear, we are not taking a one-size-fits-all approach to our Network 2.0 strategy. Success depends on a mix of models, including employees, and contracting with service providers as all our important pieces of how FedEx moves packages.

整合將為整個業務從第一英里到最後一英里以及我們的支持團隊帶來顯著的效率。我們預計加拿大的這一變化在 25 財年完成後將產生超過 1 億加元的年化效益。我們已經宣佈在 20 個市場進行轉型，加拿大是 Network 2.0 的首次大規模實施，它藉鑑了我們在其他地區完成的轉型的經驗教訓。需要明確的是，我們的網絡 2.0 戰略並未採取一刀切的方法。成功取決於多種模式的組合，包括員工以及與服務提供商的合同，這是聯邦快遞運送包裹的所有重要組成部分。

Looking ahead to FY '24. We're entering the year with a clear focus on what is within our control in an underlying environment that remains dynamic across geographies. This backdrop is likely to pressure revenue growth, particularly in the near term. As a result, we are taking a prudent approach to our full year outlook that builds upon our solid finish to FY '23. We also made progress on reducing capital intensity by continuing to focus on the highest return opportunities in an efficient manner. After FY '25, we have no additional firm commitments on jet aircraft CapEx. As such, we expect our aircraft-related CapEx to decrease after FY '24 and be approximately $1 billion in FY '26.

展望 24 財年。進入新的一年，我們明確關注在跨地區保持動態的基礎環境中我們所能控制的事情。這種背景可能會給收入增長帶來壓力，尤其是在短期內。因此，我們對 23 財年的全年展望採取了謹慎的態度。我們還通過繼續以有效的方式關注最高回報機會，在降低資本密集度方面取得了進展。 25 財年之後，我們對噴氣式飛機資本支出沒有額外的堅定承諾。因此，我們預計與飛機相關的資本支出將在 24 財年之後減少，並在 26 財年達到約 10 億美元。

This capital allocation strategy represents our approach to a more efficient and nimble network. We will continue to look for additional opportunities as we proceed with our aircraft modernization strategy. We'll bring this discipline, along with our improved flexibility and agility to ensure that we are successful given the uncertain external environment.

這種資本配置策略代表了我們構建更高效、更靈活網絡的方法。在推進飛機現代化戰略的過程中，我們將繼續尋找更多機會。我們將運用這種紀律以及改進的靈活性和敏捷性，以確保我們在不確定的外部環境中取得成功。

In closing, I'm confident that the progress we are making on our transformation will translate into improved margins, returns and cash flow throughout the year. At the same time, our commitment to driving operational improvement will further enhance the customer experience.

最後，我相信我們在轉型方面取得的進展將轉化為全年利潤、回報和現金流的改善。與此同時，我們對推動運營改進的承諾將進一步提升客戶體驗。

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.

現在讓我將其交給我們的首席客戶官 Brie Carere，她將更詳細地討論市場趨勢和我們的商業策略。

Thank you, Raj, and good afternoon, everyone. As expected, the fourth quarter operating environment remained pressured with year-over-year volume declines and sequential moderation in yields across all transportation segments. We remain focused on revenue quality and creating meaningful differentiation while managing through these dynamics.

謝謝拉吉，大家下午好。正如預期的那樣，第四季度的運營環境仍然面臨壓力，所有運輸領域的銷量同比下降且收益率連續放緩。我們仍然專注於收入質量並創造有意義的差異化，同時管理這些動態。

Let's take each segment in turn now. At FedEx Ground, fourth quarter revenue was down 2% year-over-year, driven by a 6% decline in volume, partially offset by a 5% increase in yield due to surcharges and product mix. We once again delivered strong service levels and best-in-class market transits. Revenue at FedEx Express was down 13% year-over-year. Parcel volume declines were most pronounced in the United States. And in addition, U.S. freight pounds were down over 25% due to a change in strategy from a very large customer.

現在讓我們依次討論每個部分。聯邦快遞陸運 (FedEx Ground) 第四季度收入同比下降 2%，原因是銷量下降 6%，但附加費和產品組合帶來的收益率增長 5% 部分抵消了這一影響。我們再次提供了強大的服務水平和一流的市場運輸。聯邦快遞的收入同比下降 13%。美國的包裹數量下降最為明顯。此外，由於一位非常大的客戶改變了策略，美國運費英鎊下跌了 25% 以上。

International export volumes were about 4% lower year-over-year. At FedEx Freight, revenue was down 18%, driven by an 18% decline in volumes with revenue per shipment flat. This decline was driven primarily by the slowdown in the market and high inventory levels. Although the pricing environment is moderating, our pricing discipline remains strong.

國際出口量同比下降約 4%。聯邦快遞貨運 (FedEx Freight) 的收入下降了 18%，原因是貨運量下降 18%，而每批貨件的收入持平。這一下降主要是由於市場放緩和高庫存水平造成的。儘管定價環境正在緩和，但我們的定價紀律依然堅定。

Let's move now to Slide 11. As expected, yield was pressured as year-over-year fuel surcharge comparisons normalized. Customer demand rebalanced between priority and economy services with capacity availability. This is most notable in the Asian markets. In response, we remain focused on revenue quality while managing our mix. At Ground and U.S. Domestic Express, yield improved year-over-year, but at a moderating rate versus the previous 3 quarters. And as I mentioned a moment ago, Freight yield was flat.

現在讓我們轉向幻燈片 11。正如預期的那樣，隨著燃油附加費同比比較正常化，收益率受到壓力。客戶需求在優先服務和經濟服務之間根據容量可用性進行了重新平衡。這在亞洲市場最為顯著。作為回應，我們在管理我們的組合的同時仍然關注收入質量。 Ground 和 U.S. Domestic Express 的收益率同比有所提高，但與前三個季度相比有所放緩。正如我剛才提到的，貨運收益率持平。

Turning now to Slide 12. Our efforts to make the network the most flexible, efficient and intelligent network in the world are taking hold. We are delivering better service and outcomes for our customers, creating deep relationships and of course, incremental revenue for FedEx.

現在轉向幻燈片 12。我們致力於使網絡成為世界上最靈活、高效和智能的網絡的努力正在取得成效。我們正在為客戶提供更好的服務和成果，建立深厚的關係，當然還有聯邦快遞的增量收入。

These efforts are supported by a fantastic portfolio of services. Raj spoke earlier about the benefits we and our customers are seeing from the expanded rollout of picture proof of delivery and continued enhancements to the estimated time delivery window. Later this year, we plan to narrow our 4-hour delivery window in many locations and provide new enhanced mapping capabilities to help customers track their package movements. Returns is also an area where we're underpenetrated and so we're focusing on growth.

這些努力得到了出色的服務組合的支持。 Raj 早些時候談到了我們和我們的客戶從擴大交付圖片證明和持續增強預計交付時間窗口中看到的好處。今年晚些時候，我們計劃縮小許多地點的 4 小時遞送窗口，並提供新的增強型地圖功能，以幫助客戶跟踪包裹的移動情況。回報也是我們滲透不足的一個領域，因此我們專注於增長。

Returns move through our network similarly to B2B shipments and are highly efficient in our network. In the fourth quarter, we introduced our new returns program, FedEx consolidated return, which is available at FedEx Office locations. For merchants, it's a low-cost e-commerce solution for lightweight apparel returns with end-to-end visibility. And for shoppers, it's a convenient, no label, no box, drop-off experience using a QR code. We have received excellent feedback and look forward to continuing to scale the solution very quickly.

退貨在我們的網絡中移動與 B2B 發貨類似，並且在我們的網絡中效率很高。在第四季度，我們推出了新的退貨計劃——聯邦快遞合併退貨，可在聯邦快遞辦公地點使用。對於商家來說，這是一種低成本的電子商務解決方案，可實現輕質服裝退貨並具有端到端可見性。對於購物者來說，使用二維碼是一種方便、無標籤、無盒子、送貨上門的體驗。我們收到了很好的反饋，並期待繼續快速擴展該解決方案。

Finally, last month, we launched FedEx Sustainability Insights, a cloud-based tool that enables customers to view estimated carbon emissions for both individual tracking numbers in all those FedEx accounts. This platform marks the foundation of a new suite of tools for our customers. It enables customers to transfer their carbon data to their own internal systems via an API. The insights are also available online for our small customers. Leveraging the vast shipment data that we have and using our AI and machine learning capabilities, we are able to provide information to our customers in a meaningful and actionable manner. I am very excited about these portfolio expansions and firmly believe that a supply chain powered by FedEx is a competitive advantage for our customers.

最後，上個月，我們推出了 FedEx Sustainability Insights，這是一種基於雲的工具，使客戶能夠查看所有 FedEx 賬戶中的個人跟踪號碼的估計碳排放量。該平台標誌著為我們的客戶提供一套新工具的基礎。它使客戶能夠通過 API 將碳數據傳輸到自己的內部系統。我們的小客戶也可以在線獲取這些見解。利用我們擁有的大量貨運數據並利用我們的人工智能和機器學習能力，我們能夠以有意義且可操作的方式向客戶提供信息。我對這些產品組合的擴展感到非常興奮，並堅信由 FedEx 提供支持的供應鏈對我們的客戶來說是一種競爭優勢。

I'm proud of the team for their unwavering commitment to service and for delivering these innovative solutions. Now I will turn it over to Mike to discuss the financials in more detail.

我為團隊堅定不移地致力於服務並提供這些創新解決方案感到自豪。現在我將把它交給邁克來更詳細地討論財務問題。

Thanks, Brie. I'll start on Slide 14. The FedEx team demonstrated strong operational execution to close out fiscal 2023. Looking at our Transportation segment performance for the fourth quarter, starting with Ground, which continues to deliver strong results. Operating income increased 18%, and operating margin expanded 210 basis points to 12.1%, even with volumes down 6%. Margin expansion was supported by yield growth of 5% and strong cost controls driven by lower linehaul expense.

謝謝，布里。我將從幻燈片 14 開始。聯邦快遞團隊展示了強大的運營執行力，以結束 2023 財年。看看我們第四季度的運輸部門表現，首先是地面部門，該部門繼續交付強勁的業績。儘管銷量下降了 6%，但營業收入增長了 18%，營業利潤率增長了 210 個基點，達到 12.1%。 5% 的收益率增長以及線路運輸費用降低推動的強有力的成本控制支撐了利潤率的擴張。

At Express, we're seeing sequential operating margin improvement as our team continues to move with urgency to drive structural and volume-related cost improvements. Adjusted operating income declined 47% and adjusted margin contracted 320 basis points to 5% as package volumes were down 7% and yields declined 3% due to international package yield pressure. At Freight, the team continues to navigate a softening volume environment.

在 Express，我們看到營業利潤率連續改善，因為我們的團隊繼續緊迫地推動結構性和與數量相關的成本改善。由於國際包裝收益率壓力，包裝數量下降 7%，收益率下降 3%，調整後營業收入下降 47%，調整後利潤率收縮 320 個基點至 5%。在 Freight，團隊繼續應對銷量疲軟的環境。

Operating income decreased 26% and operating margin declined 210 basis points as shipments declined 18% and yield moderated. Our fourth quarter results include several noncash items. We recorded an impairment charge of $70 million related to the decision to permanently retire from service, 18 aircraft and 34 related engines. The results also include $47 million of goodwill and other asset impairment charges related to the ShopRunner acquisition.

由於出貨量下降 18% 且收益率下降，營業收入下降 26%，營業利潤率下降 210 個基點。我們第四季度的業績包括多項非現金項目。我們記錄了與 18 架飛機和 34 台相關發動機永久退役的決定相關的 7000 萬美元減值費用。業績還包括 4700 萬美元的商譽和與 ShopRunner 收購相關的其他資產減值費用。

In addition, we incurred an unplanned tax expense of $46 million from a revaluation of certain foreign tax assets. To provide additional color on recent demand trends and what we are planning for in our outlook, Slide 15 shows trailing monthly volume trends over the last 6 months for our major service categories. Volume declines continued in the quarter.

此外，我們還因某些外國稅務資產的重估而產生了 4600 萬美元的計劃外稅務費用。為了提供有關近期需求趨勢和我們的展望計劃的更多信息，幻燈片 15 顯示了我們主要服務類別過去 6 個月的月度銷量趨勢。本季度銷量繼續下降。

While still negative, Ground and U.S. Domestic Express year-over-year package volume trends improved into May on a sequential basis. As we look to the first quarter of FY '24, we expect volume declines to continue to moderate at Express and Ground as we lap the onset of softer volumes, while Freight will continue to experience pressure.

儘管仍為負數，但陸運和美國國內快遞的包裹量同比趨勢在 5 月份環比有所改善。展望 24 財年第一季度，我們預計快遞和陸運的運量下降將繼續放緩，因為我們已經經歷了運量疲軟的開始，而貨運將繼續面臨壓力。

This brings me to our FY '24 earnings outlook on Slide 16. We remain acutely focused on maintaining our strong commercial position, prioritizing revenue quality and driving profitability improvement through our efficiency initiatives supported by DRIVE. These efforts are more effectively aligning our cost base with demand, reducing our permanent costs and increasing the flexibility of our network. We do expect external business conditions to remain challenging near term, and there remains significant uncertainty with respect to the timing of demand recovery, particularly in the back half of our fiscal year.

這讓我想到了幻燈片 16 上的 24 財年盈利展望。我們仍然高度關注保持強大的商業地位，優先考慮收入質量，並通過 DRIVE 支持的效率計劃推動盈利能力提高。這些努力更有效地使我們的成本基礎與需求保持一致，降低了我們的永久成本並提高了我們網絡的靈活性。我們確實預計短期內外部商業狀況仍將充滿挑戰，並且需求復甦的時間仍然存在很大的不確定性，特別是在我們財年的後半段。

As a result, we are preparing for several potential outcomes as we think about the year ahead. This led us to establish an adjusted earnings per share outlook range of $16.50 to $18.50 for fiscal 2024. In a demand environment that remains consistent with what we are currently experiencing, we anticipate flattish revenue for the full year and full year adjusted earnings per share toward the low end of the range. Should macroeconomic conditions support an improving demand environment in the back half of the year? We expect to see modest volume improvement for the year.

因此，在考慮未來一年時，我們正在為幾種可能的結果做好準備。這導致我們將 2024 財年的調整後每股收益前景確定為 16.50 美元至 18.50 美元。在與我們目前所經歷的需求環境保持一致的情況下，我們預計全年收入持平，全年調整後每股收益將達到範圍的低端。宏觀經濟狀況是否會支持下半年需求環境的改善？我們預計今年銷量將略有改善。

In this scenario, we expect revenue to be up low single-digit percentage for the full year. This would also translate into greater operating leverage from our more efficient network on a higher revenue base, driving an outlook for full year adjusted earnings per share closer to the high end of our range. The key external factors that will determine the FY '24 outcome, our broader economic activity in North America, Europe and in Trans-Pacific trade, inventory restocking, and the development of e-commerce activity as we continue to differentiate our offering.

在這種情況下，我們預計全年收入將增長較低的個位數百分比。這也將轉化為我們在更高的收入基礎上更高效的網絡帶來的更大的運營槓桿，推動全年調整後每股收益的前景接近我們範圍的高端。決定 24 財年業績的關鍵外部因素是我們在北美、歐洲和跨太平洋貿易中更廣泛的經濟活動、庫存補充以及電子商務活動的發展，因為我們將繼續提供差異化的服務。

At Express and Ground, we expect to build on fourth quarter cost momentum and see adjusted margin improvement in FY '24. Freight margins will remain strong in FY '24, but lower than FY '23, given significant volume reductions and yield pressure.

在 Express 和 Ground，我們預計將在第四季度的成本勢頭基礎上繼續發展，並預計 24 財年調整後的利潤率將有所改善。鑑於運量大幅減少和產量壓力，24 財年貨運利潤率將保持強勁，但低於 23 財年。

Turning to other aspects of our outlook. First, we expect a $230 million net noncash pension headwind with a $330 million headwind below the line, offset by a $100 million lower pension service costs. Partially offsetting this below-the-line impact, we expect higher interest income on our cash balances. Our projection for the full year effects of the tax rate is approximately 25% prior to the mark-to-market retirement plan adjustments.

轉向我們前景的其他方面。首先，我們預計非現金養老金淨逆風將達到 2.3 億美元，線下逆風將達到 3.3 億美元，但養老金服務成本下降 1 億美元將被抵消。我們預計現金餘額的利息收入將增加，部分抵消這種線下影響。在按市值計價的退休計劃調整之前，我們對全年稅率影響的預測約為 25%。

We are projecting $500 million of business optimization costs at FY '24 associated with our transformation. We still expect a total pretax spend of $2 billion through FY '25 and the timing and amount of these business optimization expenses may change as we revise and implement our plans.

我們預計 24 財年與我們的轉型相關的業務優化成本將達到 5 億美元。我們仍然預計到 2025 財年稅前支出總額將達到 20 億美元，並且隨著我們修改和實施計劃，這些業務優化支出的時間和金額可能會發生變化。

Moving to the next slide. We want to share how we're thinking about the operating profit consideration embedded in our expectations for the full year. For illustrative purposes, I'll use adjusted EPS of $17.50, the midpoint of the outlook range. This scenario is based on modest demand recovery leading to limited coverage of base cost inflationary pressures. In addition, we expect approximately $800 million of international export yield pressure as peak surcharges significantly diminish and product mix continue shifting toward deferred offerings.

轉到下一張幻燈片。我們想分享我們如何考慮全年預期中包含的營業利潤考慮因素。出於說明目的，我將使用 17.50 美元的調整後每股收益，即前景範圍的中點。這種情況的基礎是需求溫和復蘇，導致基本成本通脹壓力的覆蓋範圍有限。此外，隨著峰值附加費顯著降低以及產品結構繼續轉向延期供應，我們預計國際出口收益壓力將達到約 8 億美元。

We also include a $500 million increase in variable compensation to ensure our compensation package is competitive. This is critical to retain key talent as we execute our drive transformation. Importantly, though, these pressures are more than offset by the $1.8 billion in cost savings from DRIVE. Together, these illustrative components lead to FY '24 adjusted operating profit of approximately $6.2 billion at the midpoint of our outlook.

我們還增加了 5 億美元的可變薪酬，以確保我們的薪酬方案具有競爭力。在我們執行驅動轉型時，這對於留住關鍵人才至關重要。但重要的是，這些壓力完全被 DRIVE 節省的 18 億美元成本所抵消。這些說明性組成部分共同導致 24 財年調整後營業利潤達到我們預期中值的約 62 億美元。

Moving to Slide 18. We continue our unwavering focus on efficient and responsible capital allocation in our pursuit to drive shareholder returns. For the year, we ended with $6.8 billion in cash in line with where we began the year despite the challenging business environment. We accomplished this through continued improvement in cash conversion cycle and net working capital, along with reduced capital expenditures.

轉向幻燈片 18。我們繼續堅定不移地關注高效和負責任的資本配置，以追求提高股東回報。儘管商業環境充滿挑戰，2019 年我們仍擁有 68 億美元現金，與年初持平。我們通過持續改善現金周轉週期和淨營運資本以及減少資本支出來實現這一目標。

Capital expenditures were $6.2 billion, which represented 6.8% of revenue versus 7.2% of revenue in fiscal 2022. FY '23 CapEx was slightly higher than our projection due largely to timing as easing supply chain constraints accelerate the delivery of equipment and other projects. With a slight acceleration of certain spend into FY '23, we are now projecting $5.7 billion in CapEx for FY '24, which achieves our target of less than 6.5% CapEx as a percentage of revenue, a year earlier than we projected.

資本支出為 62 億美元，佔收入的 6.8%，而 2022 財年佔收入的 7.2%。23 財年資本支出略高於我們的預測，這主要是由於供應鏈限制的放鬆加速了設備和其他項目的交付。隨著 23 財年某些支出略有加速，我們現在預計 24 財年的資本支出將達到 57 億美元，這比我們的預期提前了一年，實現了資本支出佔收入比例低於 6.5% 的目標。

Our fiscal 2023 adjusted free cash flow of $3.5 billion supported the repurchase of approximately $1.5 billion in stock at an average share price of approximately $163 a share and we paid $1.2 billion of dividends.

我們的 2023 財年調整後自由現金流為 35 億美元，支持以每股約 163 美元的平均股價回購約 15 億美元的股票，並支付了 12 億美元的股息。

In addition, we funded $800 million in voluntary pension contributions. Looking ahead, we will continue to invest in attractive return improvement initiatives. We're committed to further reducing capital intensity, Capacity investments at Ground will decline in addition to the lower aircraft expenditures Express Raj mentioned. And we expect to repurchase an additional $2 billion of stock in fiscal 2024.

此外，我們還提供了 8 億美元的自願養老金繳款。展望未來，我們將繼續投資於有吸引力的回報改善計劃。我們致力於進一步降低資本密集度，除了 Express Raj 提到的飛機支出降低之外，地面容量投資也將下降。我們預計在 2024 財年將額外回購 20 億美元的股票。

As previously announced, we are raising our dividend by 10%, which increases our adjusted payout ratio to over 30%. These significant stockholder returns reflect confidence in our continued execution of profitability and return improvement initiatives. Lastly, we are planning for $800 million of voluntary pension contributions to our U.S. plans, which were 94.5% funded at year-end.

正如之前宣布的，我們將股息提高 10%，調整後的派息率將增加至 30% 以上。這些顯著的股東回報反映了我們對持續執行盈利能力和回報改善計劃的信心。最後，我們計劃向我們的美國計劃提供 8 億美元的自願養老金繳款，截至年底，該計劃的資金到位率為 94.5%。

In closing, we are making progress on our transformation and remain focused on delivering shareholder value by driving improved profitability, lowering our capital intensity while continuing to deliver strong return of excess cash to shareholders.

最後，我們在轉型方面取得了進展，並繼續專注於通過提高盈利能力、降低資本密集度來實現股東價值，同時繼續為股東提供強勁的超額現金回報。

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

接下來，讓我們開始提問。

(Operator Instructions)

（操作員說明）

And the first question will come from Allison Poliniak-Cusic with Wells Fargo.

第一個問題將由富國銀行的艾莉森·波利尼亞克-庫西克提出。

Just want to go back to the optimization in Canada. I know you talked a little bit about the uniqueness of the region. Could you maybe talk to how does that impact the deployment of the optimization? And then more importantly, relative to, say, the U.S., how is the scale different in Canada versus the U.S. and how that deployment would go forward?

只是想回到加拿大的優化。我知道您談到了該地區的獨特性。您能否談談這對優化部署有何影響？更重要的是，相對於美國，加拿大與美國的規模有何不同，以及部署將如何進行？

Yes, Allison, thank you for your question. Of course, Canada is a unique market, and we're taking a different approach there than the market-by-market approach we take in the U.S. The Canadian population is heavily concentrated in a few key geographies and the volume is split roughly 50-50 between Express and Ground. So we made the decision to consolidate everything under Express. And it is the right time to take these steps because we will begin in April 2024 and complete by September of 2024.

是的，艾莉森，謝謝你的問題。當然，加拿大是一個獨特的市場，我們在那裡採取的方法與我們在美國採取的逐個市場方法不同。加拿大人口主要集中在幾個關鍵地區，數量大約分為 50-快車和地面之間 50 英里。因此我們決定將所有內容整合到 Express 下。現在是採取這些步驟的正確時機，因為我們將於 2024 年 4 月開始，並於 2024 年 9 月完成。

And it's very important that you understand that this is unique to Canada because we're going to take a market-by-market approach in the United States, and we'll have a hybrid in the United States between couriers and package handlers. But it's a very important step for us in Canada. It reduces our cost by about $100 million and importantly, improves our portfolio and service differentiation.

非常重要的是，您要了解這是加拿大獨有的，因為我們將在美國採取逐個市場的方法，並且我們將在美國採用快遞員和包裹處理員的混合方式。但這對我們加拿大來說是非常重要的一步。它使我們的成本降低了約 1 億美元，更重要的是，提高了我們的產品組合和服務差異化。

The next question will come from Jordan Alliger with Goldman Sachs.

下一個問題將由高盛的喬丹·阿利格提出。

You sort of gave some parameters for the EPS range, $16.50, $18.50 you mentioned in the second half. What it would mean if the macro sort of accelerated in terms of the revenue side. But I'm sort of curious, as you think about the first half of the fiscal year and the second half of the year. Is a way if you give a sense maybe at the midpoint the proportion of EBIT in both halves? Because I suspect that it's more of a second half acceleration with the cost in the economy.

您給出了 EPS 範圍的一些參數，您在下半年提到的 16.50 美元、18.50 美元。如果宏觀經濟在收入方面有所加速，這意味著什麼。但我有點好奇，當你想到本財年的上半年和下半年時。如果你能在中點給出兩半息稅前利潤比例的感覺，有什麼辦法嗎？因為我懷疑這更多的是下半年經濟成本的加速。

Sure, Jordan. This is Mike. So let me break that down to a couple of elements. First, the demand projection we're talking about for the second half of the year would be relative to what we have been currently experiencing. So that's the degree of uncertainty there in terms of how that flows going to the back half of the year.

當然，喬丹。這是邁克。讓我將其分解為幾個要素。首先，我們談論的下半年需求預測將與我們目前所經歷的情況相關。這就是資金如何流向下半年的不確定性程度。

In the front half of the year, keep in mind that the significant inflection that we saw last year was very late in the first quarter with that most pronounced at Express. So we will be lapping that for the first quarter. And in addition, the trail-off in freight volume accelerated into the mid- to upper teens later in the calendar year as well, largely in the falls when that started. So you got to think about the first quarter considerations there as you put the whole year together and our modeling. But in terms of the outlook overall, we're not projecting any material inflection in the demand environment to get to that point there that you referenced.

在今年上半年，請記住，我們去年看到的重大變化是在第一季度很晚的時候發生的，其中在 Express 上最為明顯。因此，我們將在第一季度對此進行研究。此外，今年晚些時候貨運量的下降也加速到了十幾歲左右，主要是在貨運量開始下降的時候。因此，當您將全年和我們的建模放在一起時，您必須考慮第一季度的考慮因素。但就總體前景而言，我們預計需求環境不會出現任何重大變化，以達到您提到的那樣。

The next question will come from Jon Chappell with Evercore ISI.

下一個問題將由 Evercore ISI 的 Jon Chappell 提出。

Mike, just sticking with you on the Slide 17, the $300 million of revenue net of cost increases. Is there any way to break down how much of that is volume versus price? And if it is more kind of price driven, the $2.7 billion of variable costs that you took out this year, how much do you have adding back in fiscal '24?

邁克，請繼續關注幻燈片 17，扣除成本增加後的淨收入為 3 億美元。有什麼方法可以分解其中的數量與價格的比例嗎？如果更多的是價格驅動，您今年扣除了 27 億美元的可變成本，那麼您在 24 財年又增加了多少？

All right. Jon, let me take a swing at that here. So look, the way we have framed this is that our expectation is for continued, but moderating underlying inflation. So what we illustrated here in this midpoint scenario is positive contribution beyond inflation amidst a muted demand growth scenario. And obviously, on top of that, the DRIVE savings are greater than the nonrecurring headwinds. So again, as Brie mentioned, we'll see moderating volume declines as we move through the year here. But at the same time, the degree of yield increases that we saw last year are not going to continue into this year.

好的。喬恩，讓我在這裡嘗試一下。所以看，我們構建這一點的方式是，我們的預期是持續但溫和的潛在通脹。因此，我們在此中點情景中所展示的是在需求增長乏力的情況下，除通脹之外的積極貢獻。顯然，最重要的是，DRIVE 節省的費用比偶發性阻力要大。因此，正如布里提到的那樣，隨著今年的到來，我們將看到成交量的溫和下降。但與此同時，我們去年看到的產量增長程度不會持續到今年。

The next question will come from Brian Ossenbeck with JPMorgan.

下一個問題將由摩根大通的布萊恩·奧森貝克提出。

For Brie, can you just talk about any signs of demand structure or trade down in this uncertain environment. You mentioned one customer making a change. I think it was within U.S. airfreight, I believe it was. And then relatedly, can you just talk about if you're seeing any diversions from the UPS network that might be driving some of those month-on-month incremental gains in terms of Ground and Express.

對於布里，您能談談在這種不確定的環境中需求結構或貿易下降的任何跡象嗎？您提到一位客戶做出了改變。我認為這是在美國空運範圍內，我相信是的。然後，與此相關的是，您能否談談您是否發現 UPS 網絡出現任何轉移，這些轉移可能會推動地面和快遞方面的一些月環比增量增長。

Okay. I think I got all that, Brian. I think you got a couple of questions. Let's start with the last part first. So I think the question was, are we seeing any benefit from the UPS labor negotiation? So the short answer is, in Q4, we did not see any material benefit because of those discussions, and we have not planned for any benefit moving into fiscal year '24.

好的。我想我已經明白了，布萊恩。我想你有幾個問題。我們先從最後一部分開始。所以我認為問題是，我們是否從 UPS 勞資談判中看到任何好處？因此，簡短的回答是，在第四季度，我們沒有因為這些討論而看到任何實質性好處，並且我們沒有計劃在 24 財年獲得任何好處。

What I can tell you is that this has opened a lot of doors. We're having a lot of great conversations with legacy UPS customers, and we feel really strong, we feel really good about the sales pipeline because of the strong value proposition we have versus our primary competitor.

我可以告訴你的是，這打開了很多大門。我們與 UPS 的老客戶進行了很多精彩的對話，我們感覺非常強大，我們對銷售渠道感覺非常好，因為我們相對於我們的主要競爭對手擁有強大的價值主張。

I think the other question was about the mix. And are we seeing any customers make trades within the portfolio where we're seeing that most pronounced and we have planned for it, to Mike's point, it's in our range accounted for, is in Asia. Obviously, capacity has come back relative to demand, and we did reopen our IE product in the fourth quarter. That has performed well. And actually, I'm really pleased with the performance that I'm seeing from the Asia Pacific team and their sales pipeline, but that's where we've seen the biggest shift.

我認為另一個問題是關於混合的。我們是否看到任何客戶在我們看到最明顯的投資組合內進行交易，並且我們已經對此進行了計劃，就邁克的觀點而言，它在我們的範圍內，是在亞洲。顯然，產能相對於需求已經恢復，我們確實在第四季度重新開放了 IE 產品。這已經表現得很好了。事實上，我對亞太團隊及其銷售渠道的表現感到非常滿意，但這正是我們看到最大轉變的地方。

The next question will come from Jack Atkins with Stephens.

下一個問題將由傑克·阿特金斯和斯蒂芬斯提出。

So I guess, maybe if I could, a 2-parter here, the guidance itself, I think the bottom end, Mike, if the way you described it, if I understood it correctly, contemplates the operating environment remains as it is right now. if we were to see things deteriorate in terms of just underlying customer demand, is the company prepared to maybe pull forward some of the drive savings from FY '25 into FY '24. Is that even really plausible at this point? If you maybe could talk about that.

所以我想，也許如果可以的話，這裡有一個兩部分，指導本身，我認為底端，邁克，如果按照你描述的方式，如果我理解正確的話，考慮操作環境保持現在的樣子。如果我們看到潛在客戶需求方面的情況惡化，該公司是否準備將部分驅動節省從 25 財年推遲到 24 財年。現在這真的合理嗎？如果你能談談這個的話。

And then for Brie, for the second part of the question, is the $800 million of international export yield pressure that you guys are going to be seeing this year? Is that kind of fully capture sort of getting back to sort of pre-COVID levels there? Again, thanks for the 2-parter, but would appreciate the insights.

對於布里，問題的第二部分是，你們今年將面臨 8 億美元的國際出口收益壓力嗎？這種完全捕獲是否會回到新冠疫情前的水平？再次感謝兩人的合作，但我很感激您的見解。

All right. Jack, we'll give you a special pass then. So on the low end there, I'd characterize that's flattish revenue year-over-year. So that would be the low end of our expectation. But in terms of how we navigate and manage through that, the flexibility that Raj mentioned, too, that we are incorporating into the network is allowing us to then react to that and adjust, and again, point to the tremendous progress we've made and the results you've seen at ground in the last few quarters of material volume declines yet improved margins and profitability. And you saw in the last quarter here, Express is mitigating the flow-through from the reduced demand. So we will move with great urgency, should it be below our range of expectations.

好的。傑克，那麼我們會給你一張特別通行證。因此，在低端，我認為收入同比持平。所以這將是我們期望的低端。但就我們如何駕馭和管理這一問題而言，拉傑也提到過，我們融入網絡的靈活性使我們能夠對此做出反應並進行調整，並再次指出我們所取得的巨大進步您在過去幾個季度中看到的實際結果是，材料量下降，但利潤率和盈利能力有所提高。您在上個季度看到，Express 正在減少需求減少帶來的流量。因此，如果低於我們的預期範圍，我們將非常緊急地採取行動。

And let me just jump in before I turn it over to Brie here. It's a simple 1, 2, 3 formula. At 1%, we have the low end of the range. At 2%, we are in the middle. At 3%, we're at the higher end of the range in terms of revenue growth. Now if we go beyond that, there's -- we become nonlinear in terms of significant operations leverage. So DRIVE is working, and we have flexibility to pull additional levers as we need to. Brie?

在我把它交給布里之前，讓我先插話一下。這是一個簡單的1、2、3公式。 1% 是該範圍的下限。 2%，我們處於中間位置。就收入增長而言，我們處於 3% 的較高水平。現在，如果我們超越這一點，我們在重要的運營槓桿方面就會變得非線性。因此，DRIVE 正在發揮作用，我們可以根據需要靈活地拉動額外的槓桿。布里乾酪？

Thanks, Raj. So Jack, the short answer is yes, that we have planned for the $800 million impact this fiscal year. And then as we lap that impact, we will be able to build back from there. So the short answer is yes.

謝謝，拉吉。所以傑克，簡短的回答是肯定的，我們計劃在本財年產生 8 億美元的影響。然後，當我們接受這種影響時，我們將能夠從那裡開始重建。所以簡短的回答是肯定的。

The next question will come from Chris Wetherbee with Citigroup.

下一個問題將由花旗集團的 Chris Wetherbee 提出。

Maybe just on the $1.8 billion of cost saves. Can you just understand the timing of that as we go through fiscal '24. How much of that comes, I guess, in 1Q or in the first half? And how much should be sort of spread out over the rest of the year?

也許只是節省了 18 億美元的成本。當我們經歷 24 財年時，您能理解這一時間點嗎？我想其中有多少是在第一季度或上半年發生的？今年剩餘時間應該分攤多少資金？

Sure, Chris. This is Mike. Of the $1.8 billion, it is a sequential build as we go through. We continue with the discipline and rigor of the DRIVE framework. So as certain things are implemented during the year, we won't get the full run rate of that because there is a continuous flow of initiatives. So it will be -- the least amount of that $1.8 billion will be in the first quarter and at a build as we go through the year. And then that gives us the run rate momentum then to get to the $4 billion fully by FY '25.

當然，克里斯。這是邁克。在我們所經歷的 18 億美元中，這是一個連續的建設。我們繼續遵循 DRIVE 框架的紀律和嚴格性。因此，當某些事情在這一年中實施時，我們將無法獲得其全部運行率，因為有持續不斷的舉措。因此，這 18 億美元中最少的金額將用於第一季度，並在全年中逐步增加。這給了我們運行速度的動力，到 25 財年達到 40 億美元。

The next question will come from Brandon Oglenski with Barclays.

下一個問題將由巴克萊銀行的布蘭登·奧格倫斯基提出。

Yes. Raj, I think in your prepared remarks, you said that you've already transitioned something like 20 markets to 1 FedEx operation, but not every market is the same. Can you elaborate on that a little bit? And how is this hybrid model going to work in the States where you do have overlapping contractors and potentially employee drivers?

是的。 Raj，我想在您準備好的發言中，您說過您已經將 20 個市場轉變為 1 個 FedEx 運營機構，但並非每個市場都是一樣的。您能詳細說明一下嗎？這種混合模式如何在有重疊承包商和潛在僱員司機的州發揮作用？

Yes, Brandon, the markets that we have transitioned over -- we're in Alaska. We're working through Hawaii and certain other markets in Minneapolis. So we have learned a lot in this process from technology, from facilities and people. And the hybrid model is that in some markets, we will have couriers, in some markets we have a contractor. So those things will be determined with daily data driven and they'll work through with our people first, P-S-P philosophy. And as I said, we do this -- it is going to take a little bit of time as we told you, but I'm glad we're making the progress we're making already.

是的，布蘭登，我們已經過渡的市場——我們在阿拉斯加。我們正在夏威夷和明尼阿波利斯的某些其他市場開展業務。因此，我們在這個過程中從技術、設施和人員中學到了很多東西。混合模式是，在某些市場，我們將有快遞員，在某些市場，我們將有承包商。因此，這些事情將通過日常數據驅動來確定，並將與我們的“以人為本”的 P-S-P 理念相結合。正如我所說，我們這樣做——正如我們告訴你們的那樣，這將需要一些時間，但我很高興我們正在取得我們已經取得的進展。

The next question will come from Tom Wadewitz with UBS.

下一個問題將由瑞銀集團的湯姆·瓦德維茨提出。

Yes. So Raj, if I take a look at what happened last kind of August, September that outcome was quite a bit different than you expected. I think your international fell off quite a bit, maybe some other things. And I think the way you guided looking forward, if we look at our results in November quarter and February quarter, you set a bar that was achievable, maybe you just executed a little better.

是的。 Raj，如果我看看去年八月、九月發生的事情，結果與你的預期有很大不同。我認為你的國際比賽成績下降了很多，也許還有其他一些事情。我認為，如果我們看看 11 月季度和 2 月季度的結果，您設定了一個可以實現的標準，也許您只是執行得更好了一點。

How do you think about the guidance that you're giving us for fiscal '24? You've talked about the different macro assumptions and revenue. But is there some element of having a conservative bar where you could potentially do better on cost or maybe pricing comes in a bit better? Just kind of reflecting what seemed to be a pattern of giving yourself a little bit of room to overachieve in the last couple of quarters?

您如何看待您為我們提供的 24 財年指導？您談到了不同的宏觀假設和收入。但是，是否有一些保守的酒吧可以讓您在成本方面做得更好，或者定價會更好一些？這只是反映了過去幾個季度給自己一點超額成就空間的模式？

Tom, firstly, let me say this much. As I said in my prepared remarks, it's the first time in the history of FedEx, that in the FedEx Ground where the volumes declined and our operating margin expanded. So clearly, this is beyond just flexing for volume, and we -- this is really -- DRIVE taking effort -- effect as well. So this is -- we are just very, very pleased with how John and his team are performing in Ground. And by the way, I'll give kudos to the Express team and Richard's team as well as we have starting to see significant improvement in the fourth quarter.

湯姆，首先讓我說這麼多。正如我在準備好的發言中所說，這是聯邦快遞歷史上第一次出現聯邦快遞地面貨運量下降而我們的營業利潤率擴大的情況。很明顯，這不僅僅是為了數量而彎曲，而且我們——這確實是——努力推動——效果。所以這就是——我們對約翰和他的團隊在地面上的表現非常非常滿意。順便說一句，我要向 Express 團隊和理查德的團隊表示敬意，我們在第四季度開始看到顯著的進步。

To your question about the macro. So when we talked in September, we pointed to 3 things: we said that the industrial economy was slowing down and because of inflation, interest rates and slowdown in global trade; we said that the consumer spending was shifting to services versus goods; and then thirdly, there was an e-commerce reset coming out of the pandemic. Well, all those 3 things happen, and they were detrimental to volume for the whole industry. So I mean, we're roughly the same revenue performance on the calendar quarter that is comparable across the sector.

關於你關於宏的問題。因此，當我們在 9 月份談論時，我們指出了三件事：我們說工業經濟正在放緩，這是由於通貨膨脹、利率和全球貿易放緩所致；我們說過消費者支出正在轉向服務而非商品；第三，疫情后電子商務發生了重置。好吧，所有這三件事都發生了，它們對整個行業的銷量不利。所以我的意思是，我們在日曆季度的收入表現大致相同，整個行業具有可比性。

If you look ahead here, at this point, the 1 and 2 are basically along the same lines we've seen in the last few months. I think on the e-commerce side, we expect to see growth now. I think this process can probably complete and e-commerce is going to grow into the next calendar -- sorry, the next FY '24 time frame. So we are watching this very carefully. Visibility, especially in the second half, is very difficult given the dynamic circumstances we are seeing. We'll see how the industrial production goes. We'll see how GDP and trade goes, and we'll follow the inventory stocking and inventory to sales ratio very carefully.

如果你向前看，此時，1 和 2 基本上與我們在過去幾個月中看到的相同。我認為在電子商務方面，我們預計現在會看到增長。我認為這個過程可能會完成，電子商務將在下一個日曆中發展——抱歉，是下一個 24 財年的時間框架。所以我們正在非常仔細地觀察這一點。考慮到我們所看到的動態環境，能見度，特別是在下半場，是非常困難的。我們將看看工業生產的進展如何。我們將關注 GDP 和貿易的走勢，我們將非常仔細地關注庫存庫存和庫存與銷售比率。

But at the end of the day, we are focused on the things we can control. We made a determination that we're going to come out of this stronger than we went in and it's exactly what we're doing, and I'm very, very pleased with the way we are executing DRIVE. So sorry, I got a long answer, Tom, but I thought I want to give you a full perspective there.

但歸根結底，我們會專注於我們可以控制的事情。我們下定決心，我們將比剛開始時更強大地走出困境，這正是我們正在做的事情，我對我們執行 DRIVE 的方式非常非常滿意。很抱歉，湯姆，我的答案很長，但我想我想給你一個完整的視角。

And Tom, this is Mike. I want to just amplify 1 aspect there as well to just highlight. We talked about Ground and the progress on the numbers there. But there has been tremendous progress at Express amidst the headwinds here. So talk -- you asked about the guidance broadly, but keep in mind, all $800 million of that international headwind is at Express as a nonrecurring headwind, a significant component of the variable compensation is at Express and the domestic freight headwind that Brie alluded to earlier, that's about $400 million, right, there as a headwind in '24. So despite all that through the discipline and rigor of DRIVE, and a new to demand environment, we are projecting up margins at Express in '24. So again, just to reiterate, we're looking at this very thoughtfully and are planning to adapt to any further changes in the environment.

湯姆，這是邁克。我只想放大其中的一個方面來強調。我們討論了地面以及那裡的數字進展。但 Express 在逆風中取得了巨大進步。所以說——你廣泛地詢問了指導意見，但請記住，所有 8 億美元的國際逆風都是 Express 的非經常性逆風，可變薪酬的一個重要組成部分是 Express 和布里提到的國內貨運逆風早些時候，這大約是 4 億美元，對吧，這是 24 年的逆風。因此，儘管如此，通過 DRIVE 的紀律和嚴格性以及新的需求環境，我們預計 Express 在 24 年的利潤率將會上升。再次重申，我們正在仔細考慮這一問題，併計劃適應環境的任何進一步變化。

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

下一個問題將由美國銀行的 Ken Hoexter 提出。

Great. Mike, if I can just follow up on a couple of thoughts there. Your thoughts on the scale of improvement at Express, can you reach mid-single digits? Is there kind of a range as you'd put within the target. Same at Ground, is that going to reach double digits. If we're going up and then magnitude at freight margin, if you're looking at declining expectations? And then, I guess, within that, any thoughts on Europe and TNT integration within that Express category.

偉大的。邁克，我能否跟進一些想法。您對 Express 改進規模的看法，能否達到中個位數？您是否在目標中設定了一個範圍？地面也是如此，這是否會達到兩位數。如果我們要提高運費利潤率，那麼您是否會看到預期下降？然後，我想，在這之中，有關於歐洲和 TNT 在 Express 類別中整合的任何想法。

That was a lot. Certainly, like I said, we will see margin improvements at Express and at Ground in '24. Freight will definitely, we'll see some margin pressure there. So I'm going to leave it at that. The Freight will mitigate, like I said earlier, we'll see the largest margin pressure at Freight in Q1 and that will mitigate as we move through the year. Similarly, I would expect express margin improvement to improve to a greater degree beyond Q1 as well as we move through the year. So I'll leave it at that.

那是很多。當然，正如我所說，我們將在 24 年看到 Express 和 Ground 的利潤率有所提高。貨運肯定會出現一些利潤壓力。所以我就這樣吧。正如我之前所說，貨運將減輕，我們將在第一季度看到貨運的最大利潤率壓力，隨著全年的推移，這種壓力將會減輕。同樣，我預計快速利潤率的改善將比第一季度以及全年都有更大程度的改善。所以我就這樣吧。

As it relates to Europe, we are absolutely as a component of that Express improvement, projecting improved profitability in Europe. Keep in mind that within the DRIVE domains, we've identified $600 million of value that we'll realize from the Europe initiatives there. So we will absolutely see progress on that in '24 and going forward.

就歐洲而言，我們絕對是 Express 改進的一部分，預計歐洲的盈利能力將會提高。請記住，在 DRIVE 領域，我們已經確定將從歐洲舉措中實現 6 億美元的價值。因此，我們絕對會在 24 年及未來看到這方面的進展。

The next question will come from Scott Group with Wolfe Research.

下一個問題將來自斯科特集團和沃爾夫研究公司。

So Raj, on one of the earlier answers, you basically said 1, 2, 3, right, for the earnings sensitivity and revenue sensitivity. So that's basically every $1 billion of revenue gets you an extra dollar of earnings, is that the right sensitivity to think about just longer term beyond just this year as Freight eventually recovers? And then just separately, the $5.7 billion of CapEx this year, how much is included in aircraft. I just want to get a sense of what the CapEx could look like in a couple of years when we're spending a lot less on planes.

Raj，在之前的一個答案中，您基本上說的是 1、2、3，對吧，對於盈利敏感性和收入敏感性。因此，基本上每 10 億美元的收入都會給你帶來額外的收入，隨著貨運最終恢復，考慮今年以外的更長期情況是否是正確的敏感度？另外，今年 57 億美元的資本支出中，有多少包含在飛機上。我只是想了解幾年後當我們在飛機上的支出大幅減少時，資本支出會是什麼樣子。

Okay, Scott. So first, on the aircraft CapEx, we came in about $1.7 billion in '23, about $1.5 billion for '24, slightly lower than that in '25. And then as Raj said, approximately below that even into '26. So that's the aircraft component of it.

好吧，斯科特。首先，在飛機資本支出方面，23 年我們的收入約為 17 億美元，24 年約為 15 億美元，略低於 25 年。然後正如 Raj 所說，大約低於這個數字，甚至到了 26 年。這就是它的飛機部件。

And Scott, on the 1, 2, 3, I just want to keep the math straightforward here. It's a simple 1, 2, 3 formula. But the point I wanted to make also is that as it accelerates beyond that, then the curve becomes nonlinear. As we have significant operating leverage. I think you are the one to -- open the jaws of the crocodile, then that's kind of what's going to happen.

斯科特，關於 1、2、3，我只想在這裡保持數學簡單。這是一個簡單的1、2、3公式。但我還想說的是，當它加速超過這個值時，曲線就會變得非線性。因為我們擁有巨大的運營槓桿。我認為你是那個——張開鱷魚的嘴的人，然後就會發生這樣的事情。

The next question will come from Conor Cunningham with Melius Research.

下一個問題將來自 Melius Research 的康納·坎寧安 (Conor Cunningham)。

Just on the '24 revenue assumption, I'm a little confused on how that will work with export yield pressure. It just seems like the other lever is going to be volumes in general. Just to be super clear, are you assuming a year-over-year increase in '24 at the midpoint? Just any help there would be great.

就 24 年收入假設而言，我有點困惑這將如何應對出口收益率壓力。看起來另一個槓桿將是總體上的成交量。需要澄清的是，您是否假設 24 年的中點會出現同比增長？任何幫助都會很棒。

Sure, Conor. So yes, the assumption at the midpoint, as Raj just mentioned, would be 2% revenue growth. And as you think about the build back from a revenue perspective, it's important to note, as I think Mike mentioned earlier, in the U.S. domestic as we get late into Q1, early Q2, you will see volumes domestic Express and Ground parcel, they'll get to flat and then we do anticipate they will build back from there.

當然，康納。所以，是的，正如 Raj 剛才提到的，中間的假設是 2% 的收入增長。當您從收入角度考慮重建時，重要的是要注意，正如我認為邁克之前提到的那樣，在美國國內，當我們進入第一季度末、第二季度初時，您將看到國內快遞和地麵包裹的數量，他們將會趨於平緩，然後我們預計他們會從那裡恢復過來。

FedEx Freight will lag that slightly because as Mike talked about, the impact lagged. And then when we get into our international business, the $800 million is really yield impact. We are anticipating to build back some volume in our international business this year. And again, that will happen throughout the year. So that's -- yes, 2% is the midpoint, volumes will start to go back throughout the year.

聯邦快遞貨運將稍微滯後，因為正如邁克所說，影響滯後。當我們進入國際業務時，8 億美元確實是對收益的影響。我們預計今年國際業務量將有所回升。同樣，這將在全年發生。所以，是的，2% 是中點，全年銷量將開始回落。

The next question will come from Jeff Kauffman with Vertical Research Partners.

下一個問題將由垂直研究合作夥伴的傑夫考夫曼提出。

Brie, I just want to follow up on that, if I can. You gave your range of outcomes, but we do have higher interest rates, credit cards. I know there's been a lot of chatter about school loans being paid later this year and that may be a negative for holiday season and e-commerce. As you look around the world, let me phrase this a little differently than you've been answering. Where are potential green shoots starting to show up in your network or reasons for optimism. And where are we seeing -- let's forget the international yields, but more in terms of activity that you're seeing out there in incremental red?

布里，如果可以的話，我只想跟進此事。你給出了你的結果範圍，但我們確實有更高的利率、信用卡。我知道有很多關於今年晚些時候支付學校貸款的討論，這可能對假期和電子商務產生負面影響。當你環顧世界時，讓我的措辭與你的回答略有不同。您的網絡中哪些地方開始出現潛在的新芽或樂觀的理由。我們在哪裡看到的——讓我們忘記國際收益率，但更多的是你看到的紅色增量活動？

Yes, absolutely. It's a fair question. So we plan right now for flattish to single -- low single revenue growth. And that's really basically on the backdrop of the economy that we're experiencing right now. We're all watching the consumer, as Raj talked about, we are still seeing consumer strength here in the United States. But we are seeing an e-commerce reset.

是的，一點沒錯。這是一個公平的問題。因此，我們現在計劃實現持平到單一——低單一收入增長。這基本上是在我們現在正在經歷的經濟背景下發生的。我們都在關註消費者，正如拉傑所說，我們仍然看到美國消費者的實力。但我們看到電子商務正在重置。

So from a green shoots perspective, one of the things that we're going to be looking at is that e-commerce growth that's sitting at 7% to 8%. It's important to note our percentage of that is closer to 2% to 3% because we don't play in grocery and obviously, within that 7% to 8% is also a buy online, pick up in store. So we will be keeping an eye on that consumer strength here in the United States and would love to see as we head into peak a little bit of a different shift. We have not seen that yet, but we'll be watching for it.

因此，從萌芽的角度來看，我們要關注的事情之一是電子商務的增長率為 7% 到 8%。值得注意的是，我們的比例接近 2% 到 3%，因為我們不在雜貨店玩，顯然，其中 7% 到 8% 也是在線購買、在商店提貨的。因此，我們將密切關注美國的消費者實力，並希望在我們進入高峰時看到一些不同的轉變。我們還沒有看到這一點，但我們會密切關注。

And then the other thing from an Asia perspective, is we're going to watch closely on Asia reopening. We haven't seen significant uptick there. But if that happens to Raj's point, that will absolutely be a tailwind for us. And then honestly, our own execution in Europe. I'm really pleased with the service that the European team is delivering. We've got some green shoots in the domestic markets in Europe, and we're working that really, really hard from an operations and a sales perspective. So there are definitely some green shoots we're working on.

從亞洲的角度來看，另一件事是我們將密切關注亞洲的重新開放。我們還沒有看到那裡的顯著上升。但如果拉吉的觀點確實如此，那對我們來說絕對是順風順水。老實說，我們自己在歐洲執行。我對歐洲團隊提供的服務非常滿意。我們在歐洲國內市場已經有了一些萌芽，從運營和銷售的角度來看，我們正在非常非常努力地工作。因此，我們正在努力開發一些新芽。

Next question will come from Helane Becker with TD Cowen.

下一個問題將由 Helane Becker 和 TD Cowen 提出。

So easy questions. I think the pilots are voting on a new contract, and I'm wondering if the cost increase associated with that is included in the guidance. And the other part of the question is, as you retire your older aircraft, are you also retiring pilots or is there an excess of pilots?

這麼簡單的問題。我認為飛行員正在對新合同進行投票，我想知道與此相關的成本增加是否包含在指南中。問題的另一部分是，當你退役舊飛機時，你是否也會退役飛行員，或者飛行員是否過剩？

Okay. Helane, a couple of questions there. So first, as it relates to the aspects of the pilot tentative agreement there, A component of that is a payment upon implementation. So we've previously accrued for that date of signing payment there. And then within the guidance here, we have the FY '24 scale increases. And then within the pension figures I gave earlier, that incorporates the considerations as it relates to that as well. So that's fully incorporated into the outlook there. And as we mentioned earlier, we're expecting to park 29 additional aircraft during the year, 9 of which will be permanently retired.

好的。 Helane，有幾個問題。首先，因為它涉及試點暫定協議的各個方面，其中一個組成部分是實施時的付款。因此，我們之前已經在那裡簽署付款的日期進行了累計。然後，在此處的指導範圍內，我們的 24 財年規模有所增加。然後，在我之前給出的養老金數據中，也包含了與此相關的考慮因素。所以這完全融入到那裡的前景中。正如我們之前提到的，我們預計今年將額外停放 29 架飛機，其中 9 架將永久退役。

The next question will come from Scott Schneeberger with Oppenheimer.

下一個問題將由斯科特·施尼伯格和奧本海默提出。

I'm going to keep it on the airplanes. Just curious on flight, if you could kind of frame the answer in where you were a year ago, where you are now and where you anticipate being in a quarter or 2 with regard to taking out slight transpacific, transatlantic, Asia, Europe, if we could just get an update on that for what you've done and what may come going forward.

我會把它放在飛機上。只是對飛行感到好奇，如果你能從一年前的情況、現在的情況以及你預計在四分之一或兩個季度內的情況來得出答案，關於跨太平洋、跨大西洋、亞洲、歐洲的情況，如果我們可以了解您所做的事情以及未來可能發生的事情的最新情況。

Scott, look, as Raj mentioned, flight hours were down 12% in the fourth quarter, which is greater than the volume decline. So we've taken significant flying out of the network.

斯科特，你看，正如 Raj 提到的，第四季度的飛行時數下降了 12%，降幅大於客運量降幅。因此，我們已經大幅減少了網絡飛行。

We've said that, that was anticipated once the supply-demand constraints were eased. And so that is the decision to then retire these aircraft because we continue to reduce the transpacific and transatlantic flying to match demand, and we'll continue to lean into that as well as utilizing the flexibility of capacity in the market.

我們已經說過，一旦供需限制得到緩解，這是可以預料到的。因此，我們決定退役這些飛機，因為我們繼續減少跨太平洋和跨大西洋航班以滿足需求，我們將繼續依靠這一點並利用市場上運力的靈活性。

The next question will come from David Vernon with Bernstein.

下一個問題將由大衛·弗農和伯恩斯坦提出。

So Mike, in the scenarios you've outlined for us, is there a scenario where margins on a consolidated basis don't get better on an adjusted basis in 2023 or are we looking for margin expansion? And then, Brie, as you think about the large customer change in behavior, I'm assuming we're talking about the post office. Are we expecting more of that priority mail revenue to decline given what the (inaudible) said publicly around his desire to ground some of that traffic? And then how do we think about that sort of in connection with your desire also to kind of reduce the fly network a bit?

那麼，邁克，在您為我們概述的情景中，是否存在 2023 年合併利潤率在調整後的基礎上沒有改善的情況，或者我們是否正在尋求利潤率擴張？然後，布里，當你想到客戶行為的巨大變化時，我假設我們正在談論郵局。鑑於（聽不清）公開表示他希望減少部分流量，我們是否預計優先郵件收入會下降更多？然後，我們如何考慮與您也希望稍微減少飛行網絡的願望有關的情況？

Yes. I mean, David, the short answer is we're projecting margin improvement with the outcomes here that we have highlighted and the specific drivers within that.

是的。我的意思是，大衛，簡短的回答是，我們正在預測利潤率的提高，其中包括我們強調的結果以及其中的具體驅動因素。

Yes. So the customer we are talking about is the United States local service. Obviously, we've had a long and productive and profitable relationship with the post office, you're correct. Their 10-year strategic plan is to track more volume and fly less. So to Mike's point earlier, we have accounted that -- for that in this year's fiscal range. We are committed to meeting the service obligations in that contract, which does end in September 2024. And so we've accounted for that headwind. At that point, it will become a tailwind as we either renegotiate or we will adjust our network accordingly.

是的。所以我們說的客戶就是美國本地服務。顯然，我們與郵局有著長期、富有成效和盈利的關係，你是對的。他們的十年戰略計劃是增加追踪量並減少飛行次數。因此，對於邁克早些時候的觀點，我們已經在今年的財政範圍中考慮到了這一點。我們致力於履行該合同中的服務義務，該合同將於 2024 年 9 月結束。因此，我們已經考慮到了這一不利因素。到那時，它將成為一種順風，因為我們要么重新談判，要么相應地調整我們的網絡。

The next question will come from Stephanie Moore with Jefferies.

下一個問題將由杰弗里斯的斯蒂芬妮·摩爾提出。

This is actually Joe Hafling on for Stephanie. My question is maybe for Mike, it's a bit in the weeds. Looking at the ground operating profit expansion, purchase transportation costs are obviously down big year-over-year at 40%, I think it's the lowest percent of revenue in 10 years or something with a softer macro. So how should we think about PT particularly in the context of a volume rebound and the need to maybe source third-party capacity if the macro improves especially as more costs that are coming out of the network.

這實際上是喬·哈夫林為斯蒂芬妮代言的。我的問題可能是問邁克的，這有點雜草叢生。從地面營業利潤的擴張來看，採購運輸成本同比明顯下降了 40%，我認為這是 10 年來或者宏觀經濟疲軟的情況下收入的最低百分比。因此，我們應該如何考慮 PT，特別是在交易量反彈的背景下，以及如果宏觀經濟改善，尤其是隨著網絡成本增加，可能需要採購第三方產能的情況。

Okay, Joe. Well, in my remarks, I mentioned how one of the drivers of the margin expansion and cost control of ground was lower linehaul expense. So we moved a lot of high-cost ad hoc external linehaul spend into our scheduled network as we optimize that and lower rates on the planned linehaul purchase transportation.

好吧，喬。嗯，在我的講話中，我提到了利潤率擴張和地面成本控制的驅動因素之一是線路運輸費用的降低。因此，我們將大量高成本的臨時外部長途運輸支出轉移到我們的預定網絡中，同時我們優化了計劃網絡並降低了計劃長途運輸購買運輸的費率。

So again, it's all part of the broader optimization of the network holistically, both pickup and delivery linehaul as well as the sort and facility operations.

再說一次，這都是網絡整體更廣泛優化的一部分，包括取貨和送貨長途運輸以及分揀和設施運營。

The next question will come from Bruce Chan with Stifel.

下一個問題將由陳小龍和斯蒂菲爾提出。

Congrats, Mike, on the retirement. Just want to ask about the LTL side since we haven't talked about it too much. You recently had a large competitor announced some material solvency concerns. And I just wanted to see what the playbook here is if we do see a major competitor exit. Would you rethink some of the facility closures and furloughs at that point or even just the stronger-than-expected LTL market.

恭喜邁克退休。只是想問一下零擔方面的問題，因為我們還沒有討論太多。最近，一家大型競爭對手宣布了一些重大償付能力問題。我只是想看看如果我們確實看到主要競爭對手退出，這裡的策略是什麼。您是否會重新考慮當時的一些設施關閉和休假，甚至只是強於預期的零擔市場。

Sure. Thanks for that, Bruce. But yes, on the LTL side, look, you've seen how fast the team reacted to declining volume environment earlier in the year, and we still were expanding margins that accelerated, so that was more challenging. So look, we will continue to look to optimize the facilities. It's a holistic perspective. So the 29 facilities were smaller ones that weren't the most efficient. So as we lean into what could be a demand recovery, that volume could be accommodated within the larger facilities, and that just has that much more incremental contribution as and when that comes back.

當然。謝謝你，布魯斯。但是，是的，在零擔方面，您已經看到團隊對今年早些時候銷量下降環境的反應有多快，而且我們仍在加速擴大利潤率，因此更具挑戰性。所以看，我們將繼續尋求優化設施。這是一個整體的視角。因此，這 29 個設施規模較小，效率也不是最高的。因此，當我們傾向於需求復蘇時，該數量可以容納在更大的設施中，並且當需求恢復時，就會有更多的增量貢獻。

And the final question will come from Amit Mehrotra with Deutsche Bank.

最後一個問題將由德意志銀行的 Amit Mehrotra 提出。

Mike, I know there's a lot of questions on the long-term 12-month view. That's hard, I get it. But maybe help us calibrate expectations for the near term. Do you expect Express and ground profits to be up in the next quarter? I know there's seasonality, but the question, there's obviously drive savings. And then Raj, the decision to go external for the CEO search that obviously wasn't lost upon me that external criteria. That's a big deal for FedEx, obviously. And wondering if you can talk about what your -- what the Board, what you're trying to achieve there in terms of hiring somebody from the outside, which really hasn't happened before for such a senior position.

邁克，我知道對於 12 個月的長期觀點存在很多疑問。這很難，我明白了。但也許可以幫助我們調整近期的預期。您預計下一季度快遞和地面利潤會增長嗎？我知道存在季節性，但問題是，顯然可以節省開支。然後，拉傑決定到外部尋找首席執行官，這顯然讓我沒有忘記外部標準。顯然，這對聯邦快遞來說是一件大事。想知道您是否可以談談您的董事會是什麼，您在從外部聘用某人方面想要實現什麼目標，這在如此高級的職位上確實沒有發生過。

Amit, this is Mike. So first, I'll reiterate, as I mentioned earlier, Freight margins will be down for the year, and that will be most pronounced in Q1.

阿米特，這是邁克。首先，我要重申，正如我之前提到的，今年的貨運利潤率將會下降，這在第一季度最為明顯。

And at Express, as we saw the significant inflection in demand were very late in the first quarter last year. So Express, we'll see the smallest year-over-year margin change in Q1 relative to the rest of the year. So I'll leave it at that and go from there.

在 Express，我們看到去年第一季度需求的顯著變化非常晚。因此，Express 表示，與今年剩餘時間相比，我們將看到第一季度的同比利潤率變化最小。所以我就這樣吧，然後從那裡開始。

And Amit, yes, first of all, let me again thank Mike for just incredible work over the last 18 years and particularly in the last 3. And we have a fantastic finance team and a great organization. From a succession planning, we're looking at somebody who has deep financial expertise, but also strong operational capabilities and help lead FedEx through our drive transformation program. So again, thank you for your question.

阿米特，是的，首先，讓我再次感謝邁克在過去 18 年，特別是在過去 3 年所做的令人難以置信的工作。我們擁有一支出色的財務團隊和一個出色的組織。從繼任計劃來看，我們正在尋找具有深厚的財務專業知識和強大的運營能力並幫助領導聯邦快遞完成我們的推動轉型計劃的人。再次感謝您的提問。

This concludes our question-and-answer session. I would like to turn the conference back over to management for any closing remarks. Please go ahead.

我們的問答環節到此結束。我想將會議轉交管理層發表閉幕詞。請繼續。

Thank you, operator. Before we close, I want to give Mike an opportunity to say a few words.

謝謝你，接線員。在我們結束之前，我想給邁克一個機會說幾句話。

Thank you, Raj. The last 18 years at FedEx has been a tremendous experience, and it was my great honor to serve as CFO for the last 3 years. Who would have known when I was named as this position in March of 2020, what we and the world were about to face. But this team rose to the occasion again and again through many obstacles, and we are now well positioned for the future. I want to express my gratitude to the entire FedEx team and the finance team, in particular, for their dedication throughout all of the change, to Fred and Raj for their vision and leadership and most importantly, to my wife, Jane and our sons for their support along the way. I've also valued the engagement with this audience in sharing the exciting plans and bright future for FedEx. As I start my next chapter, I leave knowing that FedEx is in a strong position I couldn't ask for any more than that. Thank you.

謝謝你，拉吉。過去 18 年在 FedEx 的經歷是一段寶貴的經歷，我很榮幸在過去 3 年擔任首席財務官。誰會知道當我在 2020 年 3 月被任命為這個職位時，我們和世界將要面對什麼。但這支球隊一次又一次地克服重重困難，站穩了腳跟，我們現在已經為未來做好了準備。我要感謝整個聯邦快遞團隊和財務團隊，特別是他們在整個變革過程中的奉獻精神，感謝 Fred 和 Raj 的遠見和領導力，最重要的是感謝我的妻子 Jane 和我們的兒子們他們一路走來的支持。我也很重視與觀眾的互動，分享聯邦快遞令人興奮的計劃和光明的未來。當我開始我的下一章時，我離開時知道聯邦快遞處於有利地位，我不能要求更多。謝謝。

Thank you, Mike. In closing, I also want to thank our team members for their hard work and dedication as we build the world's modest logistics network. We made tremendous progress on our transformation efforts in fiscal year '23. And the team is already moving with urgency as we enter fiscal year '24. We know there is significant opportunity ahead, and I'm confident in our ability to continue to execute.

謝謝你，邁克。最後，我還要感謝我們的團隊成員在我們建設全球最簡的物流網絡過程中的辛勤工作和奉獻精神。我們在 23 財年的轉型工作中取得了巨大進展。當我們進入 24 財年時，團隊已經開始緊急行動。我們知道前面有重大機遇，我對我們繼續執行的能力充滿信心。

Thank you very much.

非常感謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。