聯邦快遞 (FDX) 2024 Q1 法說會逐字稿

Good day, and welcome to the FedEx Fiscal Year 2024 First Quarter Earnings Call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Mr. Mickey Foster, Vice President of Investor Relations. Please go ahead, sir.

美好的一天，歡迎參加聯邦快遞 2024 財年第一季財報電話會議。 （操作員說明）請注意此事件正在被記錄。我現在將會議交給投資者關係副總裁米基·福斯特先生主持。請繼續，先生。

Good afternoon, and welcome to FedEx Corporation's First Quarter Earnings Conference Call. The first 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. 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.

下午好，歡迎參加聯邦快遞公司第一季財報電話會議。第一季收益發布、10-Q 表格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串流傳輸，重播和幻燈片將在大約一年內提供。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，來電者將被限制提出 1 個問題，以便我們可以容納所有願意參加的人。

Certain statements in this conference call such as projections regarding future performance may be considered forward-looking statements. 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.

本次電話會議中的某些陳述，例如有關未來績效的預測，可能被視為前瞻性陳述。此類前瞻性陳述受到風險、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明示或暗示的結果有重大差異。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，以了解本次電話會議中討論的非 GAAP 財務指標與最直接可比較的 GAAP 指標的對帳。

Joining us on the call today are Raj Subramaniam, President and CEO; Brie Carere, Executive Vice President, Chief Customer Officer; and John Dietrich, Executive Vice President and CFO. Before I turn the call over to Raj, I wanted to let everyone know that I'm retiring from FedEx at the end of October. It has been a privilege being a longtime part of the FedEx team. I truly believe that FedEx's best days are ahead, but I will be cheering from the sidelines as I am 67 years old, and I want to spend more time with my family.

今天加入我們電話會議的是總裁兼執行長 Raj Subramaniam； Brie Carere，執行副總裁兼首席客戶長；執行副總裁兼財務長約翰‧迪特里希 (John Dietrich)。在將電話轉給 Raj 之前，我想讓大家知道我將於 10 月底從 FedEx 退休。能夠長期成為聯邦快遞團隊的一員是一種榮幸。我堅信聯邦快遞最好的日子就在前方，但我會在場外歡呼，因為我已經 67 歲了，我想花更多時間陪伴家人。

With that, I will now turn it over to Raj for him to share his views on the quarter.

現在，我將把它交給 Raj，讓他分享他對本季的看法。

Thank you, Mickey, and good afternoon. I would like to first congratulate Mickey on his upcoming retirement. He has led our Investor Relations team for nearly 18 years, spanning 70 earnings calls, and after tomorrow, 18 annual meetings. He will be missed by all and especially this audience, and we thank him for his outstanding service to FedEx over the years.

謝謝你，米奇，下午好。我首先要祝賀米奇即將退休。他領導我們的投資者關係團隊近 18 年，主持了 70 次財報電話會議，明天之後又召開了 18 次年度會議。所有人，尤其是觀眾都會懷念他，我們感謝他多年來為聯邦快遞提供的出色服務。

Let me also take this opportunity to welcome John Dietrich, our Chief Financial Officer for FedEx. With more than 30 years of experience in the aviation and air cargo industries, John brings a unique blend of financial and operational expertise to our leadership team at a very important time for this company. He's already hit the ground running and I'm very happy that he has joined FedEx.

我還要藉此機會歡迎聯邦快遞財務長約翰‧迪特里希 (John Dietrich)。約翰在航空和航空貨運行業擁有 30 多年的經驗，在公司非常重要的時刻，他為我們的領導團隊帶來了獨特的財務和營運專業知識。他已經開始工作，我很高興他加入聯邦快遞。

So now turning to the quarter. We entered fiscal year '24 with strength and momentum, delivering results ahead of expectations in what remains a dynamic environment. I'm proud of what the FedEx team has accomplished over the last 12 months. Amid significant demand disruption, we delivered on what we said we would do, driving over $2 billion in year-over-year cost savings in fiscal '23. We are now well advanced in executing on that transformation to be the most efficient, flexible and intelligent global network.

現在轉向本季。我們帶著實力和動力進入了 24 財年，在充滿活力的環境中取得了超乎預期的成果。我對聯邦快遞團隊在過去 12 個月所取得的成就感到自豪。在需求嚴重中斷的情況下，我們兌現了承諾，在 23 財年實現了超過 20 億美元的年比成本節省。我們現在在轉型成為最高效、靈活和智慧的全球網路方面取得了很大進展。

Our first quarter progress gives me great conviction in our ability to execute going forward. We came into the quarter determined to provide excellent service to our customers despite the industry dynamics. We achieved that goal while delivering innovative and data-driven solutions that further enhance the customer experience. As a result, we are well positioned as we prepare for the peak season.

我們第一季的進展讓我對未來的執行能力充滿信心。儘管產業動態不斷變化，我們進入本季仍決心為客戶提供優質服務。我們實現了這一目標，同時提供創新和數據驅動的解決方案，進一步增強客戶體驗。因此，我們在為旺季做準備時處於有利位置。

As you can see in our results on Slide 6, our transformation is enhancing our profitability. Ground was a bright spot with higher revenue year-over-year driven by higher yield. On top of this growth, Ground drove exceptional operational performance, leading to its most profitable quarter ever on an adjusted basis. As expected, total revenue declined as volumes and yields were pressured at Express and Freight. We indicated last quarter that Express revenue would be adversely impacted by international export yield pressure as well as a change in strategy by the U.S. Postal Service, which we are addressing through DRIVE as we build a more nimble airline.

正如您在幻燈片 6 上的結果中看到的，我們的轉型正在提高我們的獲利能力。地面業務是一個亮點，由於收益率上升，收入同比增加。除了這一成長之外，Ground 還實現了卓越的營運業績，實現了調整後利潤最高的季度。正如預期的那樣，由於快遞和貨運的數量和收益率受到壓力，總收入下降。我們上季表示，快遞收入將受到國際出口收益壓力以及美國郵政服務策略變化的不利影響，我們正在透過 DRIVE 解決這個問題，因為我們正在建立更靈活的航空公司。

For the total company, we delivered 200 basis points of adjusted margin improvement as we realize efficiencies across our networks. This performance is a testament to the power of DRIVE and the FedEx team working collaboratively to implement structural cost reductions throughout the enterprise. During the quarter, labor negotiations at our primary competitor and the bankruptcy of Yellow disrupted the market. Our priorities were clear: protect our customers, deliver outstanding service and focus on high-quality revenue. We delivered on those priorities, leveraging our flexible network to profitably add volume while maintaining the highest levels of service.

隨著我們網路效率的提高，整個公司的調整後利潤率提高了 200 個基點。這項表現證明了 DRIVE 和 FedEx 團隊合作實現整個企業結構性成本削減的力量。本季度，我們主要競爭對手的勞資談判以及 Yellow 的破產擾亂了市場。我們的優先事項很明確：保護我們的客戶、提供卓越的服務並專注於高品質的收入。我們實現了這些優先事項，利用我們靈活的網路來增加銷量，同時保持最高水準的服務。

While we capture upside as a result of these onetime events, we were highly discerning in terms of the business we accepted in keeping with our goal to drive high-quality revenue. Importantly, we expect to maintain the majority of the volume we added in the quarter. I want to thank our FedEx team for deftly navigating these conditions to execute on our disciplined strategy.

雖然我們從這些一次性事件中獲得了好處，但我們對所接受的業務具有高度的洞察力，以實現我們推動高品質收入的目標。重要的是，我們預計將維持本季新增的大部分銷售量。我要感謝我們的聯邦快遞團隊巧妙地駕馭這些條件來執行我們嚴格的策略。

Now turning to DRIVE. We are fundamentally changing the way we work. DRIVE is taking cost out of our network, and we are on track to deliver our targeted $1.8 billion in structural benefits from DRIVE this fiscal year. At Ground, our DRIVE initiatives reduced costs by $130 million this quarter. These savings were primarily driven by lower third-party transportation rates as a result of a newly implemented purchase bid system as well as optimized rail usage, the continued benefit from reduced Sunday coverage and the consolidation of sorts.

現在轉向駕駛。我們正在從根本上改變我們的工作方式。 DRIVE 正在降低我們的網路成本，我們預計在本財年從 DRIVE 實現 18 億美元的結構性效益目標。在 Ground，我們的 DRIVE 計畫本季減少了 1.3 億美元的成本。這些節省主要是由於新實施的採購投標系統以及優化的鐵路使用而降低的第三方運輸費率，以及週日覆蓋範圍減少和各種整合帶來的持續收益。

At Freight, we continue to manage our cost base more effectively. For example, during the quarter, Freight completed the planned closure of 29 terminal locations during August. And at Express, despite headwinds from Asia yields and the U.S. Postal Service, we delivered on our plan. We're making our global network more efficient primarily through structural flight takedowns and efficiencies at our hubs and sorts as we rightsize the capacity across the network. In Europe, DRIVE initiatives are on track and we expect them to gain further traction over the course of the year and into FY '25. Looking ahead, we are excited to leverage John's aviation experience as we continue to transform our air network. And our DRIVE expectations for this year include the G&A savings we have previously outlined, which we believe will start to ramp in the second half of this fiscal year.

在貨運，我們繼續更有效地管理我們的成本基礎。例如，本季 Freight 完成了 8 月計劃關閉的 29 個碼頭地點。在 Express，儘管亞洲收益率和美國郵政服務帶來了阻力，我們還是實現了我們的計劃。我們主要透過結構性的航班取消以及我們的樞紐和分類點的效率以及整個網路的運力調整來提高我們的全球網路的效率。在歐洲，DRIVE 計畫正在步入正軌，我們預計它們將在今年和 25 財年獲得進一步的支持。展望未來，我們很高興能夠利用約翰的航空經驗，並繼續改造我們的航空網絡。我們今年的 DRIVE 預期包括我們先前概述的一般行政費用節省，我們相信這將在本財年下半年開始增加。

Finally, on Slide 8, I will provide a brief update on our key strategic focus areas as we move into the next phase of our transformation. This includes One FedEx, which is how we are better aligning our organization to enable Network 2.0. We are well underway with plans to simplify our organization. In June 2024, FedEx Express, FedEx Ground and FedEx Services will consolidate into 1 company, Federal Express Corporation. The reorganization will reduce and optimize overhead, streamline our go-to-market capabilities and improve the customer experience.

最後，在投影片 8 中，我將簡要介紹我們進入轉型下一階段時的關鍵策略重點領域的最新情況。其中包括 One FedEx，這是我們更好地調整我們的組織以實現網路 2.0 的方式。我們正在順利實施簡化組織的計劃。 2024 年 6 月，FedEx Express、FedEx Ground 和 FedEx Services 將合併為一家公司：聯邦快遞公司。重組將減少和優化管理費用，簡化我們的上市能力並改善客戶體驗。

To date, we have implemented or announced Network 2.0 in several markets, including Alaska, Hawaii and Canada. As each market is different, we're continuously learning and tailoring the network to adapt to the operational characteristics unique to each region while delivering the highest quality service for our customers. We'll continue to use both employee careers and service providers for pickup and delivery operations across the network. As with any significant transformation, these changes are being thoughtfully executed and will take time to complete.

迄今為止，我們已在多個市場實施或宣布了 Network 2.0，包括阿拉斯加、夏威夷和加拿大。由於每個市場都不同，我們不斷學習和客製化網絡，以適應每個地區獨特的營運特徵，同時為客戶提供最優質的服務。我們將繼續利用員工職業和服務提供者來進行整個網路的取貨和送貨操作。與任何重大轉型一樣，這些變革正在經過深思熟慮的執行，並且需要時間才能完成。

The network that FedEx has built over the last 50 years provides us a foundation that is unmatched. This physical network enables us to transport millions of packages a day around the world, generating terabytes of data that contain invaluable insights about the global supply chain. We are focused on harnessing the power of this rich data to make supply chains smarter for everyone, for our customers, for our customers' customers and for ourselves. As we move to the next phase of our transformation, I have given the team 3 specific challenges: to use data to make our network more efficient, make our customer experiences better and drive new profitable revenue streams through digital.

聯邦快遞在過去 50 年建立的網路為我們提供了無與倫比的基礎。這個實體網路使我們能夠每天在世界各地運輸數百萬個包裹，產生數 TB 的數據，其中包含有關全球供應鏈的寶貴見解。我們致力於運用這些豐富數據的力量，為每個人、我們的客戶、客戶的客戶和我們自己打造更智慧的供應鏈。當我們進入轉型的下一階段時，我給團隊提出了 3 個具體挑戰：利用數據使我們的網路更加高效，使我們的客戶體驗更好，並透過數位化推動新的獲利收入流。

Looking ahead to the rest of FY '24, we remain focused on delivering the highest-quality service and aggressively managing what is within our control. Factoring in better-than-expected first quarter results, we are increasing the midpoint of our adjusted EPS outlook range. As we continue to deliver on our commitments, I'm confident we have the right strategy and the right team in place to create significant value. With that, let me turn the call over to Brie.

展望 24 財年剩下的時間，我們仍然專注於提供最高品質的服務並積極管理我們控制範圍內的事情。考慮到第一季業績優於預期，我們提高了調整後每股盈餘展望範圍的中點。隨著我們繼續履行我們的承諾，我相信我們擁有正確的策略和合適的團隊來創造巨大的價值。接下來，讓我把電話轉給布里。

Thank you, Raj, and good afternoon, everyone. In the first quarter, we remained focused on revenue quality and being a valued partner to our customers. We did this in an operating environment marked by continued but moderating volume pressure, mixed deal dynamics and unique developments in the competitive landscape.

謝謝拉傑，大家下午好。第一季度，我們仍然專注於收入品質並成為客戶的重要合作夥伴。我們在這樣的營運環境中做到了這一點：銷售壓力持續但有所緩和、交易動態複雜且競爭格局獨特發展。

Let's take each segment in turn. At FedEx Ground, first quarter revenue was up 3% year-over-year, driven by a 1% increase in volume and 3% increase in yield. Revenue at FedEx Express was down 9% year-over-year. Volume remained pressured though total Express volume declines moderated sequentially. International export package volumes were up 3% year-over-year. Similar to the fourth quarter, parcel volume declines were most pronounced in the United States. Additionally, U.S. freight pounds were down 27%, continuing the trend we mentioned last quarter tied to the change in strategy by the United States Postal Service.

讓我們依次來看每個部分。在 FedEx Ground，第一季營收年增 3%，這得益於數量增加 1% 和收益成長 3%。聯邦快遞的收入年減 9%。儘管快遞總量下降幅度逐年放緩，成交量仍承壓。國際出口包裹量較去年同期成長 3%。與第四季類似，美國的包裹量下降最為明顯。此外，美國貨運英鎊下降了 27%，延續了我們上季度提到的與美國郵政服務策略變化相關的趨勢。

Across Ground and Express, volumes improved sequentially, aided by the threat of a strike at our primary competitor. We onboarded new customers who valued our service and were committed to a long-term partnership with FedEx. As a result, we added approximately 400,000 in average daily volume by the end of the first quarter, and the team did an excellent job focusing on commercial Ground business acquisition. At FedEx Freight, revenue was down 16%, driven by a 13% decline in volume. We experienced significant improvement in volume in August due to Yellow's closure. Freight benefited from approximately 5,000 incremental average daily shipments at attractive rates as we exited the quarter.

在我們的主要競爭對手受到罷工威脅的幫助下，地面和快遞業務的銷售量持續成長。我們吸引了重視我們服務並致力於與聯邦快遞建立長期合作夥伴關係的新客戶。結果，到第一季末，我們的日均交易量增加了約 40 萬份，團隊在專注於商業地面業務收購方面做得非常出色。聯邦快遞貨運 (FedEx Freight) 的收入下降了 16%，因為貨運量下降了 13%。由於 Yellow 的關閉，我們 8 月的銷量有了顯著改善。當我們結束本季時，貨運量受益於平均每日出貨量的約 5,000 件增量，且價格具有吸引力。

As you can see on Slide 11, monthly volumes have improved sequentially, with Ground and international export volumes inflecting positively on a year-over-year basis. We expect to continue benefiting from this quarter's market share gains throughout the fiscal year. We anticipate improved year-over-year growth rate, especially late in the fiscal year, albeit within a muted demand environment. The yield trends we shared last quarter persisted, particularly at FedEx Express, where we saw reduced fuel and demand surcharges year-over-year. Product mix shifts, including an increase in e-commerce volume and demand for our International Economy service after the May reopening in EMEA also put pressure on yield growth.

正如您在幻燈片 11 中看到的那樣，月度出口量連續有所改善，地面和國際出口量同比出現積極變化。我們預計整個財年將繼續受益於本季市佔率的成長。儘管需求環境低迷，但我們預計同比成長率將有所改善，尤其是在本財年末。我們上季分​​享的收益率趨勢持續存在，特別是在聯邦快遞，我們看到燃油和需求附加費較去年同期下降。產品結構的變化，包括歐洲、中東和非洲地區 5 月重新開放後電子商務量的增加以及對我們國際經濟服務的需求的增加，也給產量成長帶來了壓力。

At FedEx Ground, we saw better-than-expected yields as a result of higher weight per package and product mix. At FedEx Freight, base rates were strong despite lower weights. The revenue per shipment year-over-year decline was due to lower fuel surcharges.

在 FedEx Ground，由於每個包裹和產品組合的重量增加，我們看到產量好於預期。在聯邦快遞貨運方面，儘管權重較低，但基本費率仍然強勁。每船收入年減是由於燃油附加費降低。

Now looking ahead to peak, we recently announced demand surcharges for the holiday shipping season to stay well positioned relative to market. We also announced a 5.9% general rate increase effective this coming January. This average annual increase, 1 point below last year's rate, reflects the current cost and market environment along with the investment we need to serve customers effectively. We had a high capture rate for our GRI in FY '23 and believe this year's increase will ensure that continues. We continue to find new revenue quality opportunities. In 2024, we will implement technology changes to increase our capture of packaged dimensions in several markets outside of the United States. Further, we are updating our dimensional pricing to market practice in Europe, moving from per shipment to a per piece strategy.

現在展望高峰，我們最近宣布了假日運輸季節的需求附加費，以保持相對於市場的有利地位。我們也宣布全面升息 5.9%，今年 1 月生效。這一平均年增長率比去年低 1 個百分點，反映了當前的成本和市場環境以及我們有效服務客戶所需的投資。我們在 23 財年的 GRI 捕獲率很高，相信今年的成長將確保這種情況持續下去。我們繼續尋找新的收入品質機會。 2024 年，我們將實施技術變革，以增加我們對美國以外多個市場的包裝尺寸的捕捉。此外，我們正在根據歐洲的市場慣例更新我們的尺寸定價，從每次發貨轉向每件策略。

Moving to Slide 13, I was very pleased with our service levels around the world. I'm proud of how our team delivered here in the United States as we added volume late in the quarter. We are also building momentum in Europe. We improved service year-over-year in the region. And as a result, the Europe team was able to win back market share that we lost due to previous service challenges. There's still work to do, but our service improvements are also leading to better financial performance in Europe with much more to come.

轉到幻燈片 13，我對我們在世界各地的服務水準感到非常滿意。我對我們的團隊在美國的交付感到自豪，因為我們在本季末增加了銷售量。我們也在歐洲建立勢頭。我們在該地區的服務逐年改善。結果，歐洲團隊贏回了我們因先前的服務挑戰而失去的市場份額。雖然還有很多工作要做，但我們的服務改進也正在為歐洲帶來更好的財務業績，而且未來還會有更多的工作要做。

As Raj stated, we have a vision to make supply chains smarter for everyone, and I have a few examples of how our digital infrastructure is enabling new capabilities for our customers. We are improving the customer experience through technology with recent investment in Salesforce data cloud. We will integrate 3 customer platforms: customer service, marketing and sales into one, giving the customer a more informed, efficient and personalized experience when doing business with FedEx. We are now offering our estimated delivery time window, which provides customers with a 4-hour window for their package delivery for 96% of inbound volume globally across 48 countries. This growing capability is nicely complemented by picture proof of delivery, or as we like to say, PPOD, which has expanded across Europe in the first quarter. Now available in 53 markets, PPOD provides shippers with increased confidence in package delivery and helps reduce the volume of customer calls and claims.

正如 Raj 所說，我們的願景是讓供應鏈對每個人來說都變得更加智能，我有幾個例子來說明我們的數位基礎設施如何為我們的客戶提供新功能。我們最近投資了 Salesforce 資料雲，透過科技改善客戶體驗。我們將把客戶服務、行銷和銷售三大客戶平台整合為一，為客戶在與聯邦快遞開展業務時提供更明智、高效和個人化的體驗。我們現在提供預計遞送時間窗口，為客戶提供 4 小時的包裹遞送時間窗口，涵蓋全球 48 個國家/地區 96% 的入境貨物量。這種不斷增長的能力得到了圖片交付證明（或我們喜歡說的 PPOD）的很好補充，該功能已於第一季在整個歐洲擴展。 PPOD 現已在 53 個市場推出，讓托運人對包裹遞送更有信心，並有助於減少客戶電話和索賠的數量。

One FedEx and Network 2.0 will simplify how we do business, which is particularly important for our small and medium customers. For example, our current customer contracts reflect 3 independent companies. One FedEx will enable us to change that, making doing business with FedEx and becoming a new customer easier. Network 2.0 will be more efficient for FedEx but also more efficient for our customers. When we integrate our market with 1 truck in 1 neighborhood that's not just for deliveries, it also means a streamlined pickup experience, 1 pickup per day versus 2. This is a simple but very impactful change, and customer feedback has been overwhelmingly positive. Small and medium businesses are a high-value growth segment, and we are confident that the improvements underway will further enable share gains.

One FedEx 和 Network 2.0 將簡化我們開展業務的方式，這對我們的中小型客戶尤其重要。例如，我們目前的客戶合約反映了 3 個獨立的公司。 One FedEx 將使我們能夠改變這一現狀，使與 FedEx 開展業務並成為新客戶變得更加容易。網路 2.0 將提高 FedEx 的效率，也將提高我們的客戶的效率。當我們將我們的市場與1 個社區的1 輛卡車整合在一起時，這不僅僅是為了送貨，還意味著簡化的取貨體驗，每天1 次提貨而不是2 次。這是一個簡單但非常有影響力的變化，客戶回饋非常正面。中小型企業是高價值成長領域，我們相信正在進行的改進將進一步實現份額成長。

And lastly, we've expanded My FedEx Rewards beyond the United States into nearly 30 other countries, with 9 more European countries to launch later this year. My FedEx Rewards is the only loyalty program in the industry and benefits our customers by providing them with rewards they can invest back into their business. They can use them to recognize their employees for a job well done or give back to the communities. My FedEx Rewards has been a successful program in the United States, and we've built lasting relationships as we continue to invest in our customers. We are excited about the potential to replicate this success in Europe and around the world.

最後，我們已將「我的聯邦快遞獎勵」從美國擴展到其他近 30 個國家/地區，今年稍後還將在另外 9 個歐洲國家推出。我的 FedEx Rewards 是業內唯一的忠誠度計劃，透過為客戶提供可投資回業務的獎勵，使他們受益匪淺。他們可以用它們來表彰員工的出色工作或回饋社區。我的聯邦快遞獎勵計劃在美國是一項成功的計劃，隨著我們不斷投資於客戶，我們已經建立了持久的關係。我們對在歐洲和世界各地複製這一成功的潛力感到興奮。

Striving to anticipate customers' needs and provide them with superior service is deeply embedded in our FedEx culture. I'm proud of how our teams work together to support our current customers, build relationships with new ones and ensure that FedEx was positioned to succeed during the quarter. Now I will turn it over to John to discuss the financials in more detail.

努力預測客戶的需求並為他們提供優質的服務已深深植根於我們的聯邦快遞文化中。我對我們的團隊如何共同努力支持現有客戶、與新客戶建立關係並確保聯邦快遞在本季取得成功感到自豪。現在我將把它交給約翰來更詳細地討論財務狀況。

Thank you, Brie, and good afternoon, everyone. I'm really excited to be here. It's been a full sprint these last few weeks as I continue to get up to speed with this great company. As some of you may know, I've done business with FedEx throughout my career. Through that experience, I've always admired how FedEx literally created a new industry and has built a differentiated network that serves customers all over the world. I've also admired its great culture that has thrived through the People-Service-Profit or PSP philosophy.

謝謝你，布里，大家下午好。我很高興來到這裡。過去幾週我一直在全力衝刺，不斷跟上這家偉大公司的步伐。你們有些人可能知道，我在整個職業生涯中一直與聯邦快遞有業務往來。透過這次經歷，我一直欽佩聯邦快遞如何真正創建了一個新行業，並建立了一個為世界各地的客戶提供服務的差異化網絡。我還欽佩其透過「人員-服務-利潤」或 PSP 理念蓬勃發展的偉大文化。

After only being here a few short weeks, I've seen the incredible opportunity we have before us. Not only will we continue to provide our customers with the best service and product offerings, but our plans to bring our businesses together through One FedEx and execute on DRIVE and Network 2.0 initiatives will be truly transformative. These initiatives will leverage and optimize everything that the talented teams across FedEx have built over the last 50 years. It will make us smarter, it will make us more efficient and it will enable us to serve our customers better.

來到這裡短短幾週後，我看到了擺在我們面前的難以置信的機會。我們不僅將繼續為客戶提供最好的服務和產品，而且我們計劃透過 One FedEx 將我們的業務整合在一起並執行 DRIVE 和 Network 2.0 計劃，這將是真正的變革。這些措施將利用和優化 FedEx 優秀團隊在過去 50 年來所建立的一切。它將讓我們變得更聰明，讓我們更有效率，讓我們能夠更好地為客戶服務。

Before getting into the numbers, I want to share a brief overview of the priorities that will guide me and the finance organization as we move forward. First and foremost, I'm committed to setting stringent financial goals that reflect the significant opportunity we have to improve margins and returns. This will be enabled by the DRIVE initiatives and the integration of Network 2.0 as we move towards One FedEx. I've been really impressed by the tremendous amount of work already completed on DRIVE from the initiatives in place, the accountability embedded in the program and the team's steadfast focus on execution.

在討論這些數字之前，我想簡要概述一下將指導我和財務組織前進的優先事項。首先也是最重要的是，我致力於設定嚴格的財務目標，以反映我們提高利潤和回報的重大機會。隨著我們向 One FedEx 邁進，這將透過 DRIVE 計劃和 Network 2.0 的整合來實現。 DRIVE 上已經完成的大量工作，包括現有的舉措、專案中嵌入的問責制以及團隊對執行的堅定關注，給我留下了深刻的印象。

In terms of our capital priorities, I'll focus on maintaining a healthy balance sheet, returning cash to shareholders and reinvesting in the business with a focus on the highest returns. Our finance organization will partner closely with Raj and the leadership team to ensure we deliver consistent progress towards these priorities with the goal of delivering significant value for our employees, partners, customers and shareholders in the years to come.

就我們的資本優先事項而言，我將專注於維持健康的資產負債表、向股東返還現金以及對業務進行再投資，重點關注最高回報。我們的財務組織將與 Raj 和領導團隊密切合作，確保我們在實現這些優先事項方面取得持續進展，目標是在未來幾年為我們的員工、合作夥伴、客戶和股東創造巨大價值。

Finally, a guiding principle for me will be to have open and transparent communication with all key stakeholders, including all of you in the financial community. I already know some of you from my prior roles. I look forward to continuing to work together and engaging with the rest of you in the weeks and months ahead.

最後，我的指導原則是與所有主要利害關係人（包括金融界的所有人）進行公開和透明的溝通。我已經透過之前的角色認識了你們中的一些人。我期待在未來幾週和幾個月內繼續與你們合作並互動。

Now taking a closer look at our results. Our fiscal year 2024 is off to an outstanding start as demonstrated by the strong operational execution in the first quarter. At FedEx Ground, DRIVE initiatives are taking hold, and we delivered the most profitable quarter in our history for that segment on an adjusted basis. Adjusted operating income at Ground was up 61%, and adjusted operating margin expanded 480 basis points to 13.3%. These strong results were driven by yield improvement and cost reductions, including lower line haul expense and improved first and last mile productivity. As a result, cost per package was down more than 2%.

現在仔細看看我們的結果。我們的 2024 財年有一個出色的開局，第一季強勁的營運執行力就證明了這一點。在 FedEx Ground，DRIVE 計劃正在紮根，我們在調整後的基礎上實現了該細分市場歷史上利潤最高的季度。 Ground 調整後營業收入成長 61%，調整後營業利益率擴大 480 個基點至 13.3%。這些強勁的業績得益於產量的提高和成本的降低，包括線路運輸費用的降低以及首英里和最後一英里生產力的提高。結果，每個包裝的成本下降了 2% 以上。

At FedEx Express, the business was able to improve operating income despite a decline in revenue. This further demonstrates that DRIVE is working. Adjusted operating income at Express was up 14% and adjusted operating margin expanded 40 basis points to 2.1%. Cost reductions and transformation efforts at FedEx Express included structural flight reductions, alignment of staffing with volume levels, parking aircraft and shifting to 1 delivery wave per day in the U.S., all of which more than offset the impact of lower revenue. It's important to note that expanding operating margins and reducing cost at Express will be a key focus for me and the team.

在聯邦快遞，儘管收入下降，但該業務仍能夠提高營業收入。這進一步表明 DRIVE 正在發揮作用。 Express 調整後營業收入成長 14%，調整後營業利益率擴大 40 個基點至 2.1%。聯邦快遞的成本削減和轉型工作包括結構性航班減少、根據運量水平調整人員配置、停放飛機以及在美國改為每天一波投遞，所有這些都足以抵消收入下降的影響。值得注意的是，擴大 Express 的營運利潤和降低成本將是我和團隊的重點。

At FedEx Freight, the team diligently managed costs and revenue quality amid a dynamic volume environment. Operating margin declined 290 basis points based on lower fuel surcharges and shipments but remained strong at 21%.

在聯邦快遞貨運，團隊在動態的運輸量環境中努力管理成本和收入品質。由於燃油附加費和出貨量下降，營業利潤率下降了 290 個基點，但仍維持在 21% 的強勁水準。

Now turning to our fiscal year outlook on Slide 17. As we've been discussing, we're beginning to see the benefits of our DRIVE initiatives and our focus on improved revenue quality. Based on our solid first quarter performance and our view of the rest of the year, we're raising the low end of our full year adjusted earnings per share outlook by $0.50. We're now expecting adjusted EPS in the range of $17 to $18.50. We're confident we can deliver on this higher earnings outlook despite the constrained demand environment. We're now assuming revenue to be relatively flat at the midpoint of our fiscal year 2024 adjusted EPS outlook range.

現在轉向幻燈片 17 上的財政年度展望。正如我們一直在討論的那樣，我們開始看到 DRIVE 計劃的好處以及我們對提高收入品質的關注。基於我們第一季穩健的業績以及對今年剩餘時間的看法，我們將全年調整後每股收益前景的下限上調了 0.50 美元。我們目前預計調整後每股收益將在 17 美元至 18.50 美元之間。儘管需求環境有限，我們仍有信心實現更高的獲利前景。我們現在假設營收在 2024 財年調整後每股盈餘展望範圍的中點相對持平。

Of course, an improvement in demand would translate into greater operating leverage and earnings upside, supporting the high end of our range. We'll be closely monitoring the demand environment going forward, including economic activity in North America, Europe and Trans-Pacific trade. We'll also be keeping a close watch on other key factors that impact the demand environment, including inventory restocking, inflation and e-commerce trends.

當然，需求的改善將轉化為更大的營運槓桿和獲利上漲，支撐我們範圍的高端。我們將密切關注未來的需求環境，包括北美、歐洲和跨太平洋貿易的經濟活動。我們也將密切關注影響需求環境的其他關鍵因素，包括庫存補充、通貨膨脹和電子商務趨勢。

Turning to Slide 18. And consistent with last quarter, we want to share how we're thinking about the operating profit considerations embedded in our full year outlook. For illustration purposes, we used adjusted operating profit of $6.3 billion, which is the equivalent of the adjusted EPS midpoint of $17.75. Within this outlook, we're highlighting a few key assumptions. Revenue, net of cost increases, is now expected to be up $500 million due to improved revenue quality and flow-through at Ground. We continue to expect approximately $800 million of international export yield pressure as demand surcharges significantly diminish and service mix continues shifting towards deferred offerings. As a result of our strong first quarter performance, we're also planning for a $600 million increase in variable compensation. These headwinds are more than offset by the $1.8 billion in structural cost savings from our DRIVE initiatives, which we shared with you last quarter and are on track to achieve.

轉向投影片 18。與上季一樣，我們希望分享我們如何考慮全年展望中包含的營業利潤考量。出於說明目的，我們使用調整後營業利潤 63 億美元，相當於調整後每股收益中點 17.75 美元。在這項展望中，我們強調了一些關鍵假設。由於收入品質和地面流量的改善，扣除成本增加後的收入預計將增加 5 億美元。隨著需求附加費顯著減少以及服務組合繼續轉向延期提供，我們仍然預計國際出口收益壓力約為 8 億美元。由於第一季業績強勁，我們還計劃將可變薪酬增加 6 億美元。我們的 DRIVE 計劃節省了 18 億美元的結構性成本，足以抵消這些不利因素，我們上季度與您分享了該計劃，並且有望實現這一目標。

Moving on to Slide 19. We remain steadfast in our commitment to prudent capital allocation and shareholder returns. Our liquidity position remains strong and we ended the quarter with $7.1 billion in cash. Capital expenditures for the quarter were $1.3 billion, and we continue to expect to achieve our target of less than 6.5% CapEx to revenue for the year. Our capital expenditures at Ground will decline as we reduce capacity investment, and we're planning for lower annual aircraft CapEx over time, which we expect to be approximately $1 billion in fiscal year '26. And as we previously communicated, we're standing behind our commitment to capital discipline by tying executive compensation to ROIC.

轉到投影片 19。我們仍然堅定地致力於審慎的資本配置和股東回報。我們的流動性狀況依然強勁，本季結束時我們擁有 71 億美元的現金。本季的資本支出為 13 億美元，我們繼續預期今年資本支出將佔收入比例低於 6.5% 的目標。隨著我們減少產能投資，我們在地面的資本支出將會下降，並且我們計劃隨著時間的推移降低年度飛機資本支出，我們預計 26 財年將約為 10 億美元。正如我們之前所傳達的，我們透過將高階主管薪酬與投資報酬率掛鉤來支持我們對資本紀律的承諾。

Given improved earnings, we're generating significant and improved cash flow. This is supporting our ability to enhance shareholder returns demonstrated by the completion of our $500 million accelerated share repurchase program in the quarter. Looking ahead, we expect to repurchase an additional $1.5 billion in common stock this fiscal year while we're also paying our dividend. With that, let's open it up for questions.

鑑於收入的提高，我們正在產生大量且改善的現金流。這支持了我們提高股東回報的能力，本季完成的 5 億美元加速股票回購計畫就證明了這一點。展望未來，我們預計本財年將額外回購 15 億美元的普通股，同時我們也將支付股利。說到這裡，讓我們開始提問吧。

(Operator Instructions) And the first question will come from Jon Chappell with Evercore ISI.

（操作員說明）第一個問題將由 Evercore ISI 的 Jon Chappell 提出。

Brie, if I can ask you a question. You've had a major competitor that's really been very disciplined on price over the last few years. But now after some of the disruptions that you mentioned in your prepared remarks, it seems like they may be more aggressive on price to win back volume. How does that change the way you think about strategy, both as it relates to share and pricing not just for this year but kind of for the 2- to 3-year time period?

布里，我可以問你一個問題嗎？在過去的幾年裡，你的主要競爭對手在價格方面確實非常嚴格。但現在，在您在準備好的發言中提到的一些幹擾之後，似乎他們可能會在價格上更加激進，以贏回銷售。這如何改變您對策略的思考方式，因為它不僅與今年的份額和定價有關，而且還與 2 到 3 年的時間段有關？

Jon, thanks for the question. So a couple of things that I would like to comment on. I think the first and foremost is the pricing market has been very rational for the last several years. I think it's also important to remember that we are the price leader. In every market segment in the domestic market, we actually lead on price and that's because we have the better value proposition. We've got 7 days a week, and we've got picture POD and we've got the faster network.

喬恩，謝謝你的提問。我想評論幾件事。我認為首先也是最重要的是定價市場在過去幾年中一直非常理性。我認為記住我們是價格領導者也很重要。在國內市場的每個細分市場，我們實際上在價格上處於領先地位，這是因為我們有更好的價值主張。我們每周有 7 天的時間，我們有圖片 POD，我們有更快的網路。

So as I think about responding to the current competitive pressure, my job is to make it very difficult for our primary competitor to win back that share. The team has done an outstanding job of onboarding the business that we won in the last quarter and we have some time to prepare for it. So the executive team has been out. We've met with a lot of these new customers. They're happy, service is good. And that's really what I'm focused on right now is delivering just awesome service, and so they want to stay with FedEx because we're the better provider.

因此，當我考慮應對當前的競爭壓力時，我的工作就是讓我們的主要競爭對手很難贏回這一份額。該團隊在上季度贏得的業務方面做得非常出色，我們有一些時間為此做好準備。所以執行團隊已經退出。我們遇到了很多這樣的新客戶。他們很高興，服務也很好。我現在真正關注的是提供優質的服務，因此他們希望繼續使用聯邦快遞，因為我們是更好的提供者。

The next question will come from Jack Atkins with Stephens.

下一個問題將由傑克·阿特金斯和史蒂芬斯提出。

Okay, great. And first, John, congrats to you on your new role with FedEx, and Mickey, congratulations on your great career. So I guess I would like to maybe dig into the revenue guidance for a moment in terms of what's changing there. It feels like the macro assumptions are perhaps a bit weaker, but we have some competitive dynamics both in Freight and at Ground that are helping. Could you maybe kind of help us understand a little bit, Brie, in terms of what's changing to your macro outlook? And it seems like you're a bit more conservative there.

好的，太好了。首先，約翰祝賀您在聯邦快遞擔任新職務，米奇則祝賀您取得了偉大的職業生涯。所以我想我可能想深入研究一下收入指導的變化。感覺宏觀假設可能有點弱，但我們在貨運和地面方面都有一些競爭動態，這很有幫助。布里，您能否幫助我們了解您的宏觀前景發生了什麼變化？看來你在那裡更保守一點。

Yes, absolutely. Fair question. So as I just mentioned, we really did feel good about how we executed within the quarter, but the macro did not help. As we're thinking about the domestic market specifically from a parcel perspective, if you look at calendar year '23, total volume for the whole year will be down about 0.5% for the total year. That's a little bit lower than we anticipated for full year. So we have adjusted. Like I said, the market is not helping so we really have to work hard to kind of -- to grow the yield and the team is doing a great job.

是的，一點沒錯。公平的問題。正如我剛才提到的，我們確實對本季的執行情況感到滿意，但宏觀政策並沒有幫助。由於我們特別從包裹的角度來考慮國內市場，如果你看看 23 年，全年的總成交量將下降約 0.5%。這比我們全年的預期要低一些。所以我們已經調整了。就像我說的，市場沒有提供幫助，所以我們真的必須努力工作，以提高產量，而團隊做得很好。

When we get to international, again, the team executed. They took share in Europe. But when I look at the macro, a couple of things. Trade is growing at 1.7%, that's down versus 2.2% the previous year. As we look at inventory, they're in a pretty good place in that from a retailer's perspective, I think the retailers have done a good job. They're not carrying a lot of extra in this -- a lot of extra inventory. Wholesalers are, but the net takeaway is that inventory restocking is not going to help us.

當我們再次進入國際比賽時，球隊執行了。他們在歐洲佔據了份額。但當我看宏觀時，有幾件事。貿易成長率為 1.7%，低於上年度的 2.2%。當我們查看庫存時，從零售商的角度來看，他們處於一個非常好的位置，我認為零售商做得很好。他們並沒有攜帶太多額外的東西——大量的額外庫存。批發商是這樣，但最重要的是，庫存補充對我們沒有幫助。

And then if you look at capacity from a packs perspective, Trans-Atlantic packs capacity is back. And while it's not that coming out of Asia, total capacity is back to pre-COVID levels. So we don't see inventories helping. We don't see trade giving us a huge boost, and so we're going to work really hard to execute. That being said, I think it's really important to note that this revised sort of demand outlook is already reflected in the range. And so despite the fact that the macro is a little bit softer, we raised the midpoint for really good.

如果你從背包的角度來看容量，跨大西洋的背包容量又回來了。雖然不是來自亞洲，但總產能已恢復到新冠疫情前的水準。所以我們認為庫存沒有幫助。我們認為貿易不會為我們帶來巨大的推動力，因此我們將非常努力地執行。話雖如此，我認為值得注意的是，這種修改後的需求前景已經反映在該範圍內。因此，儘管宏觀經濟有點疲軟，但我們還是提高了中點，效果非常好。

Jack, let me just add on to the last point that Brie just mentioned, that's really important as we -- even despite the fact that we have lower revenue expectations, we actually raised the bottom line. This is a sign of our DRIVE execution working. Last time on the call, I gave you all a simple formula of 1, 2, 3. 1% revenue growth for the bottom of the range and 3% for the top of the range well. I can now say it's minus 1, 0, 1. It's not quite catchy as 1, 2, 3, but in fact, it's a better performance. Thank you for the question, Jack.

傑克，讓我補充布里剛才提到的最後一點，這對我們來說非常重要 - 儘管我們的收入預期較低，但我們實際上提高了底線。這是我們的 DRIVE 執行工作正常的跡象。上次電話會議時，我給了大家一個簡單的公式：1、2、3。收入成長率為 1% 為該範圍的底部，3% 為該範圍的頂部。我現在可以說它是負 1, 0, 1。它不像 1, 2, 3 那樣引人注目，但事實上，它的性能更好。謝謝你的提問，傑克。

The next question will come from Tom Wadewitz with UBS.

下一個問題將由瑞銀集團的湯姆·瓦德維茲提出。

Congratulations on the good result at particularly in Ground, a very impressive margin performance. I wanted to ask you about how we think about that Ground margin going forward. And what happens if the volume side is a little bit softer? So we would think that some volume probably came over from diversion, maybe from UPS. Kind of how much was that a factor in driving this Ground margin performance? And if you lose a little momentum on volume, should we still expect a lot of momentum on that Ground margin?

恭喜您取得了良好的成績，特別是在地面方面，這是非常令人印象深刻的利潤表現。我想問您我們如何看待未來的地面利潤。如果音量側稍微柔和一點會發生什麼事？因此，我們認為一些交易量可能來自轉移，也許來自 UPS。這對推動地面利潤表現有多少影響？如果成交量失去了一點動力，我們是否還應該預期地面利潤會有很大的動力？

Tom, this is John. Thanks for that question. Yes. Look, we've demonstrated substantial improvement in year-over-year margins in Q1, and we anticipate continued improvement in Q2 on a year-over-year basis. Also, we're focusing on revenue quality, which resulted in solid yields in Q1, up 6% year-over-year, excluding fuel surcharges, which also helped boost margins. I think the team is doing a great job identifying those opportunities with the best revenue quality and we'll continue to do so. And as Brie mentioned, we got this business and we want to keep it. So thanks for the question.

湯姆，這是約翰。謝謝你提出這個問題。是的。看，我們在第一季的同比利潤率方面取得了實質改善，並且我們預計第二季的同比利潤率將繼續改善。此外，我們還關注收入質量，這導致第一季收益率穩健，年增 6%（不包括燃油附加費），這也有助於提高利潤率。我認為團隊在識別那些具有最佳收入品質的機會方面做得非常出色，我們將繼續這樣做。正如布里所提到的，我們得到了這項業務，並且我們想保留它。謝謝你的提問。

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。

Just curious, can you talk a little bit more about DRIVE? You sort of talked about some of the things that you've worked on this quarter, but can you maybe tease up what we could expect the upcoming quarters or 2, whether it be cost saves, aggregate cost saves expected in the second quarter, and maybe some of the targeted areas in Ground and Express from here, what we could look forward to?

只是好奇，您能多談談 DRIVE 嗎？您談到了本季度您所做的一些工作，但是您能否梳理一下我們對未來兩個季度的預期，無論是成本節省、第二季度預期的總成本節省，以及也許是地面和快車的一些目標區域，我們可以期待什麼？

Thank you, Jordan. Let me start off, and then I will turn it to John for additional color here. I'm just delighted with the way we are executing against DRIVE. It's not any one thing and it's a series of initiatives. It's changing the way we are working inside this company with a lot of rigor, a lot of accountability and a lot of measurement. In fact, last week, we had an internal DRIVE meeting with all the stakeholders. I have not seen much energetic conversation and with real numbers.

謝謝你，喬丹。讓我開始吧，然後我會將其轉給約翰以獲取更多資訊。我對我們針對 DRIVE 的執行方式感到非常滿意。這不是一件事，而是一系列舉措。它正在改變我們在公司內部的工作方式，更加嚴格、更負責、更有衡量標準。事實上，上週我們與所有利害關係人舉行了內部 DRIVE 會議。我還沒有看到太多充滿活力的對話和真實的數字。

So that's one of the -- if you look at the first quarter, one of the -- obviously, we've got some benefit from the competitive activity, but the bigger issue is really the execution of DRIVE, which we expect to continue to perform as we go forward. The momentum that we have in the first quarter gives me a lot of confidence. So let me give it to John to give some more color on that.

因此，如果你看看第一季度，顯然，我們從競爭活動中獲得了一些好處，但更大的問題實際上是 DRIVE 的執行，我們預計將繼續我們繼續前進。第一季的勢頭給了我很大的信心。因此，讓我把它交給約翰，讓他對此有更多的了解。

Yes. Thanks, Raj, and I echo everything that you said. And as I said in my remarks, one of the things I'm most impressed with is the rigor around this program and the accountability in the project plan. It's really extraordinary to see that come together such that we're really confident in our -- reaching our goal of the $1.8 billion for the year. And to Raj's point, it's coming from everywhere in the organization.

是的。謝謝拉吉，我同意你所說的一切。正如我在發言中所說，令我印象最深刻的事情之一是該計劃的嚴謹性和專案計劃中的問責制。看到大家齊心協力，我們對實現今年 18 億美元的目標充滿信心，真是太棒了。在 Raj 看來，這種影響來自組織的各個角落。

One of the examples we used was the example of Ground. I think it was the $130 million we referenced. The reason I referenced that not only because of the significant savings, because it also adopted some technology tools, which helped us and our bidding system, which allowed us to capture more revenue and a more efficient basis bidding system. So it's a combination of everything, operational execution, leveraging technology and going after the market. So thank you.

我們使用的例子之一是地面的例子。我想這就是我們提到的 1.3 億美元。我之所以提到這一點，不僅是因為節省了大量費用，還因為它還採用了一些技術工具，這對我們和我們的投標系統有幫助，這使我們能夠獲得更多的收入和更有效率的基礎投標系統。所以它是一切的結合，營運執行、利用技術和追求市場。所以謝謝。

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。

John, any color how much of the $1.8 billion of DRIVE you've gotten so far? And then I know you said Ground margins would continue to improve year-over-year in Q2. Any thoughts on sequential margins at Ground and just across the rest of the business for Q2?

約翰，你知道到目前為止你已經獲得了 18 億美元的 DRIVE 多少錢嗎？然後我知道您說過第二季地面利潤率將繼續同比改善。對第二季地面和其他業務的連續利潤率有何想法？

Yes. Thanks, Scott, and good to talk to you again. Yes. With regard to DRIVE, we're -- that $1.8 billion, we expect it to be reasonably spread out fairly evenly through the year. We had an exceptional Q1. We're expecting that to continue to ratchet up in Q2, maybe slightly heavily loaded in the back half of the year as some of these programs get their traction and start to show the results through the year. So again, I won't -- I'm not going to sit here and say there's any dramatic changes for any 1 quarter. It's fairly evenly spread.

是的。謝謝，斯科特，很高興再次與你交談。是的。關於 DRIVE，我們預計這 18 億美元將在全年合理分配。我們有一個出色的第一季。我們預計第二季度這一數字將繼續上升，下半年可能會略有增加，因為其中一些計劃得到了關注並開始在全年中顯示結果。所以，我再說一遍，我不會坐在這裡說任何一個季度都會發生巨大的變化。分佈得相當均勻。

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。

John, just to follow up on that, I guess. Can you outline what the savings was realized from DRIVE in the other segments, Freight and Express and that you outlined the Ground, the $130 million there, that would be helpful. And then just wanted to sort of think about the guidance a little bit bigger picture. So it sounds like you want to hold on to or expect to hold on to a big piece of the 400,000 packages per day that you captured from a competitive standpoint.

約翰，我想只是為了跟進此事。您能否概述一下 DRIVE 在其他細分市場（貨運和快遞）中實現的節省以及您概述的地面方面的節省，即 1.3 億美元，這將會有所幫助。然後只是想從更大的角度思考指導。因此，從競爭的角度來看，您似乎想保留或期望保留每天捕獲的 400,000 個包裹中的很大一部分。

But can you walk us through the puts and takes of the guidance of what you're adding in Yellow and maybe UPS into that and then maybe some of the macro there to help kind of bridge from where you were before to kind of moving that midpoint up a little bit?

但是您能否向我們介紹一下您在 Yellow 中添加的內容以及 UPS 的指導，然後也許還有一些巨集可以幫助您從之前的位置過渡到移動中點漲一點點？

Sure. With regard to DRIVE first, it really is coming from every aspect of the organization. We highlighted Ground. But for some of the flight restructurings, for example, I think Express is doing a nice job there as well, taking down aircraft as well as revised the flight schedules, and that will be a continued focus for me. I'm not going to be listing by group exactly where, specifically on the savings. But in the aggregate, what I will say is we're committed to achieving and we'll achieve that $1.8 billion for the year.

當然。關於“驅動第一”，它確實來自組織的各個方面。我們強調了地面。但例如，對於一些航班重組，我認為 Express 在這方面也做得很好，拆除了飛機並修改了航班時刻表，這將是我持續關注的焦點。我不會按組列出具體地點，特別是節省的費用。但總的來說，我想說的是，我們致力於實現這一目標，今年我們將實現 18 億美元。

With regard to the guidance, look, we took a thoughtful approach on guidance. It was a strong quarter, we recognize that and we're delighted to have been able to raise our guidance for the full year. Not only does that reflect strong executions for the quarter but really a focus on those things that we can control amid a soft market. Things are playing out largely as we expected. And there are going to be puts and takes. Yes, we enjoyed some upside from UPS and Yellow. But as Brie mentioned, it was a soft market. There were some offsets there and yield pressure in the soft market.

關於指導，看，我們採取了深思熟慮的指導方法。這是一個強勁的季度，我們認識到這一點，並且很高興能夠提高全年指導。這不僅反映出本季的強勁執行力，而且真正關注我們在疲軟的市場中可以控制的事情。事情的發展基本上正如我們所預期的那樣。並且會有投入和拿取。是的，我們享受了 UPS 和 Yellow 帶來的一些好處。但正如布里所說，這是一個疲軟的市場。疲軟的市場中存在一些抵銷和收益率壓力。

Also embedded in our outlook is $600 million in incremental variable compensation through the balance of the year. That's $100 million more than our prior estimate. But at the end of the day, we're really pleased to have increased the lower end of the range, even when we're seeing this uncertainty, and we will keep you posted as the year progresses.

我們的展望中也包含了今年剩餘時間內 6 億美元的增量可變薪酬。這比我們先前的估計多出 1 億美元。但歸根結底，我們真的很高興提高了範圍的下限，即使我們看到了這種不確定性，隨著今年的進展，我們將隨時向您通報情況。

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。

Just wanted to ask about another angle of the Teamsters contract negotiation. Obviously, we've seen a lot of these union contracts get reset higher. This one reset the bar for comp and benefits in logistics, and I think it came in even higher than you guys expected. So do you think there's a catch-up across the board from a cost perspective as you look across your various segments as they now deal with what was reset in the reality in the market?

只是想問卡車司機合約談判的另一個角度。顯然，我們已經看到很多工會合約被重置得更高。這重置了物流方面的薪資和福利標準，我認為它的表現甚至比你們預期的還要高。那麼，當您審視各個細分市場，因為它們現在正在處理市場現實中重置的內容時，您認為從成本角度來看，是否存在全面的追趕？

Yes. Thank you, Brian. As you all know or may recall that in FY '22, we increased compensation annually to be about $1 billion. I mean, we are dealing with market conditions in real time. And we knew that our competition would see a step change, it's exactly what happened. And also, you know we have 2 pickup and delivery models in the market. And while we have taken a majority of the increase, we will continue to invest in our people. That's a given, and our outlook reflects that.

是的。謝謝你，布萊恩。大家都知道或可能還記得，在 22 財年，我們每年將薪資增加至約 10 億美元。我的意思是，我們正在即時處理市場狀況。我們知道我們的競爭對手將會發生巨大的變化，事實也確實如此。而且，您知道我們在市場上有 2 種取貨和送貨模式。雖然我們已經獲得了大部分成長，但我們將繼續投資於我們的員工。這是必然的，我們的前景也反映了這一點。

In fact, coming up in October, we have our annual merit increases, which are a regular and important component of our overall compensation structure. It's also important to remember that beyond compensation, working at FedEx offers our team members a great overall value proposition, a collaborative culture and offers great career opportunities, among other things. So it's very important for all of us, issue for all of us, and we are staying right on top of it and we appreciate your question. Thank you.

事實上，在十月份，我們將進行年度績效加薪，這是我們整體薪酬結構的常規且重要的組成部分。同樣重要的是要記住，除了薪酬之外，在聯邦快遞工作還為我們的團隊成員提供了良好的整體價值主張、協作文化，並提供了良好的職業機會等。因此，這對我們所有人來說都非常重要，對我們所有人來說都是一個問題，我們正在密切關注這個問題，我們感謝您的提問。謝謝。

The next question will come from Allison Poliniak with Wells Fargo.

下一個問題將由富國銀行的艾莉森·波利尼亞克提出。

Raj, you mentioned peak season, the upcoming peak season in your opening remarks. Just given sort of the dynamic environment, your approach to disciplined revenue quality and such. Has your approach to this peak season changed at all? Just any colors there.

Raj，您在開場白中提到了旺季，即將到來的旺季。只要考慮到動態環境、嚴格的收入品質方法等。您對這個旺季的態度有改變嗎？那裡有任何顏色。

Thank you for the question, Allison. The peak season, I would say, is that there is really no difference in our approach other than to say our service is really strong. There is -- now we expect normal seasonality versus the volumes we are seeing today and probably year-over-year comparable to where we were last year. And the networks are running very well, and the team is ready to support our customers during this most important season. And Brie, I don't know if you want to add any more to it than I just sort of just said.

謝謝你的提問，艾莉森。我想說的是，旺季除了說我們的服務非常強大之外，我們的方法確實沒有什麼不同。現在我們預計正常的季節性與我們今天看到的數量相比，可能與去年同期相當。網路運作良好，團隊已準備好在這個最重要的季節為我們的客戶提供支援。布里，我不知道你是否還想補充我剛才所說的更多內容。

No, Raj. I think you covered it. We feel good about peak. And from a pricing strategy perspective, we're committed to our strategy, which does include peak surcharges. We think that's really important. We need to invest in the network. This is a really important time of year for us, but it's also a really important time for our customers. And so having that surcharge there allows us to flex the network, deliver great service. And then we'll wind it down in January but we see no major change in strategy.

不，拉傑。我認為你涵蓋了它。我們對峰值感覺很好。從定價策略的角度來看，我們致力於我們的策略，其中確實包括高峰附加費。我們認為這非常重要。我們需要投資網絡。這對我們來說是一年中非常重要的時刻，對我們的客戶來說也是非常重要的時刻。因此，收取附加費使我們能夠靈活使用網絡，提供優質的服務。然後我們將在一月份結束它，但我們認為策略沒有重大變化。

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。

Mickey, best of luck in retirement. It's been a great 18-year run. And John, welcome. Look forward to working with you. Just overall a great job in results and particularly at Ground. But at 2% margins at Express, any reason we're not seeing maybe more leverage at Express, given the moves you've made with parked aircraft and the structural change you talked about? Maybe walk through some of the timing on the gains at Express in particular?

米奇，祝你退休後好運。這是一個偉大的18年曆程。約翰，歡迎。期待與您合作。總體而言，結果非常出色，尤其是在地面上。但是，鑑於 Express 的利潤率為 2%，考慮到您對停放飛機採取的行動以及您談到的結構性變化，我們有什麼理由沒有看到 Express 的槓桿作用更大呢？也許可以特別介紹 Express 收益的一些時機？

And I guess to wrap it up, like given the beat of $0.80 in the quarter versus the Street, yet you're raising the bottom target by $0.50, is that -- are there softening gains the rest of the year on some of the margins? I know you talked about the $600 million in cost but you had prior talked about $500 million. So I'm just wondering if there's maybe some slimmer margins that you're looking at in other areas.

我想總結一下，就像本季相對於華爾街的 0.80 美元的節拍，但你將底部目標提高了 0.50 美元一樣，今年剩餘時間裡某些利潤率的漲幅是否會減弱？我知道您談到了 6 億美元的成本，但您之前談到過 5 億美元。所以我只是想知道你們在其他領域是否有一些較小的利潤。

Well, again, let me start off, and John can add to what I'd say here. I think it's important to remember for Express some of the key headwinds that we're facing in this quarter. Firstly, the demand surcharges declined substantially year-over-year. We also opened up International Economy and the reopening of International Economy resulted in yields decline. As we have mentioned in the talk back earlier that the volumes from USPS also declined as part of their strategy. That's number three. And then at the same time, we also have market-driven headwinds from fuel prices. So net of all that, it was a revenue decline of $1.1 billion.

好吧，再次讓我開始，約翰可以補充我在這裡所說的內容。我認為對於 Express 來說，記住我們在本季面臨的一些主要阻力非常重要。一是需求附加費較去年同期大幅下降。我們也開放了國際經濟，國際經濟的重新開放導致殖利率下降。正如我們在先前的談話中提到的，作為其策略的一部分，美國郵政局的數量也有所下降。這是第三個。同時，我們也面臨燃料價格所帶來的市場驅動的阻力。扣除所有這些因素，收入下降了 11 億美元。

In addition to that, the variable compensation increase for Express was also there. Despite all that, we increased our earnings and improved profit, and this is actually DRIVE working. And as we start to lap these headwinds, DRIVE progress will become even more visible in the numbers. And again, we think there's a tremendous opportunity and the teams are working hard to capture that. I'll just make a quick comment on the forecast and then I'll turn it over to John. The demand environment remains uncertain, and we are being prudent in our financial projections, given that environment. And once again, our ability to drive better results even in a lower demand environment is what's really encouraging to me. Now the environment changes and we are more positive. Obviously, there's significant leverage on that. So John, if you want to add anything to it?

除此之外，Express 的可變薪酬成長也存在。儘管如此，我們還是增加了收入並提高了利潤，這實際上是 DRIVE 的作用。當我們開始克服這些逆風時，DRIVE 的進展將在數字中變得更加明顯。再說一次，我們認為這是一個巨大的機會，團隊正在努力抓住這個機會。我將對預測進行快速評論，然後將其轉交給約翰。需求環境仍然不確定，鑑於這種環境，我們對財務預測持謹慎態度。再一次，即使在需求較低的環境中，我們也能取得更好的成果，這對我來說是真正令人鼓舞的。現在環境發生了變化，我們更加積極了。顯然，這有很大的影響力。約翰，你想加什麼嗎？

No, Raj, I think you've really captured it. All the significant headwinds that Express faced, yet they were able to turn a profit and the year-over-year improvement is exceptional. But that said, we're going to be focusing on those markets. We're going to be focusing on continuous improvement. We're going to be focusing on the DRIVE initiatives to keep improving those margins. And on the guidance, yes, I think, Raj covered it. Thank you.

不，拉傑，我認為你已經真正抓住了它。 Express 面臨所有重大阻力，但他們仍然能夠扭虧為盈，而且比去年同期改善非常出色。但話雖如此，我們將專注於這些市場。我們將專注於持續改善。我們將重點關注 DRIVE 計劃，以不斷提高利潤率。關於指導，是的，我認為，拉吉涵蓋了它。謝謝。

The next question will come from Amit Mehrotra with Deutsche Bank.

下一個問題將由德意志銀行的 Amit Mehrotra 提出。

Congrats on the quarter. John, I guess wondering on the Ground performance, obviously, it's incredibly strong. I'm just wondering if you would -- is there anything to ringfence there that you would consider kind of onetime due to the volume diversion opportunity? I'm just looking at that plus 4 in August and wondering is there any cadence shift throughout the month and some of that volume went back.

恭喜本季。約翰，我想對地面性能感到好奇，顯然，它非常強大。我只是想知道您是否會——由於數量轉移的機會，您會考慮一次性考慮什麼嗎？我只是在關注 8 月份的 plus 4，想知道整個月是否有任何節奏變化，並且其中一些音量有所回落。

And I guess just clarifying on Express, I think -- it sounds like there was a $150 million step-up sequentially in Express related to the incentive comp. Can you just confirm that? I can get it from the queue, but I was just wondering that maybe that may explain why the decrementals sequentially were so high. And I guess that moderates as we go on because that's now in the cost structure. If you can just clarify that.

我想只是澄清 Express，我認為 - 聽起來 Express 與激勵補償相關，連續增加了 1.5 億美元。能確認一下嗎？我可以從隊列中獲取它，但我只是想知道也許這可以解釋為什麼遞減量依次如此高。我想隨著我們的繼續，這種情況會有所緩和，因為現在已經在成本結構中了。如果你能澄清一下的話。

I think what I said was $100 million incremental to our last report, from the last time we reported on it. So that's that piece of it. With regard to Ground, look, as I mentioned just a short while ago, we think the improvement is going to continue on a year-over-year basis in terms of ringfencing anything, as Brie talked about, we're going to be looking to keep that incremental business and, in fact, have terms that require we are very discerning on the customers we took on and have agreements in place with those customers.

我認為我所說的與我們上次報告相比增加了 1 億美元。這就是其中的一部分。關於地面，正如我剛才提到的，我們認為在圍欄方面的改進將逐年持續，正如布里談到的那樣，我們將尋找為了保持增量業務，事實上，我們制定的條款要求我們對我們所接手的客戶非常挑剔，並與這些客戶簽訂協議。

And on the Freight side as well with Yellow, that capacity, at least for now, has come out of the market and Freight is going to be taking advantage of those additional volumes. But I mean, just getting back to Ground for a moment, we're expecting continued year-over-year improvement and no ringfence to identify. With regard to Express, the -- we're going to be focusing on the margin expansion. I'm not exactly sure on your question from perspective otherwise. But we're going to be focused on that margin expansion and continuing to grow and leverage the opportunities we have at Express.

在貨運方面，與 Yellow 一樣，至少目前，這種運力已經退出市場，貨運將利用這些額外的運量。但我的意思是，回到地面一會兒，我們預計會持續逐年改善，並且不會出現任何問題。對於 Express，我們將專注於利潤率的擴張。從其他角度來看，我不太確定你的問題。但我們將專注於利潤率的擴張，並繼續發展並利用我們在 Express 擁有的機會。

The next question will come from Bascome Majors with Susquehanna.

下一個問題將來自巴斯科姆梅傑斯與薩斯奎哈納隊。

This spring, your primary competitor talked about potentially launching some dynamic pricing products in the parcel space, which we haven't seen a lot of from the larger carriers before. Can you talk a little bit about where and if FedEx uses dynamic pricing in its U.S. domestic products at this point? And has that evolved in the competitive landscape as a tool for market share and network efficiencies?

今年春天，您的主要競爭對手談到可能在包裹領域推出一些動態定價產品，我們以前從未在大型承運商中看到過很多這種產品。您能否談談聯邦快遞目前在何處以及是否在其美國國內產品中使用動態定價？它是否在競爭格局中演變為市場佔有率和網路效率的工具？

Sure. Great question. We're actually really pleased with the progress that we're making. Our pricing team along with DataWorks are building a great platform to be able to dynamic -- to price more dynamically. Where we are currently using this capability now is we have made our peak surcharges around the world more dynamic. We have a great spot pricing capability that we're using in our airfreight products that we are using to kind of match capacity to the market, as well as we're starting to use that domestically in some backhauling.

當然。很好的問題。事實上，我們對所取得的進展感到非常滿意。我們的定價團隊與 DataWorks 正在建立一個出色的平台，以便能夠進行動態定價——更動態地定價。我們目前使用此功能的地方是我們使世界各地的峰值附加費更加動態。我們擁有強大的現貨定價能力，我們在空運產品中使用這種能力，以將運力與市場相匹配，並且我們開始在國內的一些回程中使用這種能力。

We've got a long road map of things that we're going to bring to market that we're very excited about to drive revenue quality. But I have to admit, I really don't want to share much more than what's already visible in market because I certainly don't want to provide any competitive intelligence that I don't need to.

我們已經制定了一個漫長的路線圖，我們將把這些產品推向市場，我們對提高收入品質感到非常興奮。但我必須承認，我真的不想分享比市場上已經可見的更多的內容，因為我當然不想提供任何我不需要的競爭情報。

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。

Mickey, congratulations. John, welcome to the circus. Quick question for you on the cost per piece in the Ground segment. The [$10.30] sort of sequentially is a big surprise. How should we feel about that number in absolute terms as we look at the rest of the year? Should we be kind of running at that [$10.25, $10.35] range? Are there additional things that are going to be popping in and out of that on a cost per piece basis? I'm just trying to get a sense for kind of where we should be expecting the cost structure for the full year.

米奇，恭喜你。約翰，歡迎來到馬戲團。關於地面部分每件成本的快速問題。 [$10.30] 排序是一個很大的驚喜。當我們展望今年剩餘時間時，我們該如何看待這個絕對數字？我們應該在 [$10.25, $10.35] 範圍內運作嗎？是否有其他東西會以每件成本為基礎出現或出現？我只是想了解我們應該預期全年的成本結構。

And if you could talk a little bit more about the drivers in this quarter. You mentioned line haul. I'm just wondering if you renegotiated a bunch of line haul rates in a down truck market, that kind of thing, which is going to -- which should be sticky for the rest of the year.

您能否多談談本季的驅動因素。您提到了長途運輸。我只是想知道你們是否在卡車市場上重新協商了一系列線路運輸費率，這種事情將會在今年剩餘時間內保持黏性。

So I'll take that in reverse order. On the measures taking, yes, it's across the board with DRIVE, line haul and all the things we mentioned in our prepared remarks. And with regard to the rate environment, we're expecting it to remain consistent so that's factored into our forecast. But we will continue to update as time goes on. Again, line haul, dock productivity, higher wage and settlement rates that we're focused on, as Raj touched on, and just across the board focused on productivity. And that's true at Ground, and that's going to be true at Express and with Freight as well. And I mentioned first and last mile in my remarks.

所以我會以相反的順序來處理。至於所採取的措施，是的，是全面的，包括駕駛、長途運輸以及我們在準備好的發言中提到的所有措施。至於利率環境，我們預計其將保持一致，因此我們的預測中也考慮到了這一點。但隨著時間的推移，我們會繼續更新。正如拉吉所提到的，我們再次關注的是線路運輸、碼頭生產力、更高的工資和結算率，並且全面關註生產力。對於地面來說是這樣，對於快遞和貨運也是如此。我在發言中提到了第一英里和最後一英里。

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。

This is Eric Morgan on for Brandon. Congrats to Mickey and welcome to John. I wanted to ask on Network 2.0. Raj, you mentioned you're continually learning and tailoring the network as you go through this process. So can you give us some color on what has gone right and wrong so far with co-locating the Express and Ground terminals? And on the employee service provider decisions, I know it's market by market, but maybe could you give us some insight into what variables you're considering when making those decisions? Just trying to better understand the strategy there and how confident you are in execution?

這是布蘭登的艾瑞克摩根。恭喜米奇，歡迎約翰。我想問網路2.0。 Raj，您提到在經歷這個過程時您會不斷學習和定製網路。那麼，您能否告訴我們到目前為止，將快運航站樓和地面航站樓共置一處的做法是對還是錯？關於員工服務提供者的決策，我知道這是逐個市場的，但也許您能給我們一些關於您在做出這些決策時考慮的變數的見解嗎？只是想更了解那裡的策略以及您對執行的信心如何？

Well, thank you for the question. Things are going quite well as we feel we are on track to complete our Network 2.0 by our commitment of fiscal year '27. As you know, we have announced and/or implemented optimization changes in Alaska, Hawaii, Canada, as well as several other locations in the Lower 48. And we are definitely learning a lot in this process. I mean, we have technology, we have facilities, we have people. And they know -- our principle is pretty straightforward, we know it's going to be data-driven and it's going to follow the PSP philosophy.

嗯，謝謝你的提問。一切進展順利，我們認為我們正在按照 27 財年的承諾完成 Network 2.0。如您所知，我們已經在阿拉斯加、夏威夷、加拿大以及 48 州其他地區宣布和/或實施了優化更改。在這個過程中我們肯定學到了很多東西。我的意思是，我們有技術，我們有設施，我們有人才。他們知道——我們的原則非常簡單，我們知道它將是數據驅動的，並將遵循 PSP 理念。

And again, it's important to note that we will continue to use both the courier and the service provider model for pickup and delivery operations tailored to the characteristics of each market. So, so far, so good. And again, we are putting all this in place as we move forward. And post peak, we'll announce the next wave of rollout of Network 2.0.

再次需要注意的是，我們將繼續使用快遞和服務提供者模式來針對每個市場的特點量身定制取貨和送貨業務。所以，到目前為止，一切都很好。再說一次，我們在前進的過程中將所有這些落實到位。高峰過後，我們將宣布下一波 Network 2.0 的推出。

The next question will come from Helane Becker with TD Cowen.

下一個問題將由 Helane Becker 和 TD Cowen 提出。

Mickey, congratulations. John, welcome on board. So my #1 question is the UAW is doing these targeted strikes. And I know automotive and automotive parts is a big part of your vertical, one of your big verticals. I'm kind of wondering how you're thinking about that, the impact in the current quarter, how you're thinking about mitigating any impact and so on, if you can help out there.

米奇，恭喜你。約翰，歡迎加入。所以我的第一個問題是 UAW 正在進行這些有針對性的攻擊。我知道汽車和汽車零件是您的垂直行業的重要組成部分，也是您的大型垂直行業之一。我想知道您如何看待這個問題，本季度的影響，您如何考慮減輕任何影響等等，如果您能提供幫助的話。

Yes, it's a fair question. We do have a healthy business in automotive here in the United States and around the world, but we're also highly diversified. We have looked at the -- our initial numbers, and we have accounted for in our current demand forecast for some fluctuations in automotive. We do anticipate that there will be, in certain locations, some rolling strikes, and so we have accounted for that within the current demand outlook. Right now, we believe that both FedEx and the entire economy would benefit obviously from a fast resolution but we've accounted for it.

是的，這是一個公平的問題。我們在美國和世界各地的汽車產業確實擁有健康的業務，但我們也高度多元化。我們查看了最初的數據，並在當前的需求預測中考慮了汽車產業的一些波動。我們確實預計在某些地區將會出現一些滾動罷工，因此我們已在當前的需求前景中考慮到了這一點。目前，我們相信聯邦快遞和整個經濟都將明顯受益於快速解決方案，但我們已經考慮到了這一點。

The next question will come from Bruce Chan with Stifel.

下一個問題將由陳小龍和史蒂菲爾提出。

Mickey, John, congrats to you both. If I could maybe go back to something that you talked about, Brie, FedEx having a superior value prop with regard to service and speed. Does Network 2.0 make FedEx even faster? And if so, do you think that opens more yield capture opportunity that maybe goes beyond some of the guidance that you've given around the initiative?

米奇，約翰，恭喜你們兩位。如果我可以回到你談到的事情，布里，聯邦快遞在服務和速度方面具有卓越的價值支撐。 Network 2.0 會讓 FedEx 更快嗎？如果是這樣，您是否認為這會帶來更多收益捕獲機會，這可能超出您圍繞該計劃給出的一些指導？

So from a Network 2.0 perspective, I'm actually really excited about this from a FedEx Service perspective. The piece that I mentioned in my opening remarks is pickup, and I just wouldn't underestimate this. We have long known that this was an opportunity. And when Raj talked about some of the early learnings in the U.S. market, we knew it was an opportunity but the enthusiasm from customers on how much easier it is to manage as we collapse and make the -- not just the pickup experience, the physical pickup one, but we also will rationalize our pricing there, and we will automate pickups in a more streamlined fashion. So it's a better customer experience.

因此，從 Network 2.0 的角度來看，從 FedEx 服務的角度來看，我實際上對此感到非常興奮。我在開場白中提到的部分是拾取，我只是不會低估這一點。我們很早就知道這是一個機會。當Raj 談到美國市場的一些早期經驗時，我們知道這是一個機會，但客戶的熱情讓我們知道，當我們崩潰並創造——不僅僅是取貨體驗，還有物理體驗時，管理起來會容易得多。皮卡，但我們也將合理化我們的定價，並且我們將以更簡化的方式實現皮卡自動化。所以這是更好的客戶體驗。

To date, we do not -- we have not yet found opportunities to speed up the network from a Network 2.0 perspective, but we continue to iterate. What we have found is it's a lot easier to respond and adapt in the network as we bring them together. And so that has also been something that customers have asked for, especially in the B2B space and health care. So we are learning a lot, but the net takeaway is customers are actually very supportive and excited about Network 2.0.

到目前為止，我們還沒有找到從 Network 2.0 角度加速網路的機會，但我們會繼續迭代。我們發現，當我們將它們聚集在一起時，在網路中響應和適應要容易得多。因此，這也是客戶所要求的，特別是在 B2B 領域和醫療保健領域。因此，我們學到了很多東西，但最重要的是客戶實際上對 Network 2.0 非常支持和興奮。

The next question will come from Ravi Shanker with Morgan Stanley.

下一個問題將由摩根士丹利的 Ravi Shanker 提出。

Mickey, good luck and thanks for the help over the years. Brie, just one quick follow-up for you. You said that pricing traction was good so far, and you're converting a pretty decent amount of the base rate increase. What percentage of that? I think historically, it's been like closer to 50%. What rate are you converting right now? And also, you said that the pricing environment remains pretty rational. But you saw the U.S. post office basically say they're not going to have any pricing surcharges and the USPS. So the UPS changes were noted on the call. I think Amazon is launching some competitive service as well. Do you think 2024 could be a tougher environment pricing-wise across the industry?

米奇，祝你好運，感謝你多年來的幫助。布里，我只是為您做一個快速跟進。您說到目前為止定價牽引力良好，並且您正在轉換相當可觀的基本利率增長量。其中的百分比是多少？我認為從歷史上看，這個比例接近 50%。您現在兌換的匯率是多少？而且，您說定價環境仍然相當合理。但你看到美國郵局和美國郵政局基本上都說他們不會收取任何定價附加費。因此，UPS 在電話中註意到了這些變化。我認為亞馬遜也正在推出一些有競爭力的服務。您認為 2024 年整個產業的定價環境是否會更加嚴峻？

Okay, that was a lot. But I think I got it, Ravi. Jump in here if I don't get it all. So from a GRI perspective, if we go back to last January, the answer is the vast majority of our customers pay the full GRI. That is excluding the large customers where we've already prenegotiated but the customers that are on our service guide terms, we get a very high capture rate. And so we anticipate that we will see the same thing this coming January. From a peak surcharge perspective, I think it's really important to understand that we structure our peak surcharge to really target volume that will surge and drive the network to flex.

好吧，就這麼多了。但我想我明白了，拉維。如果我沒有全部明白，請跳到這裡。因此，從 GRI 的角度來看，如果我們回到去年 1 月，答案是我們的絕大多數客戶全額支付了 GRI。這不包括我們已經預先協商好的大客戶，但符合我們服務指南條款的客戶，我們獲得了非常高的捕獲率。因此，我們預計今年一月我們也會看到同樣的情況。從峰值附加費的角度來看，我認為了解我們建立峰值附加費以真正瞄準將激增並推動網路靈活的流量非常重要。

So the vast majority of our customers actually do not pay a peak surcharge because their volume just doesn't flex up enough to qualify for the peak surcharge. And so when we look from a competitive environment, I actually don't think the USPS' peak surcharge is particularly relevant in what we're doing so I'm not worried about that and actually continue to feel good. And we've also prenegotiated peak surcharges with the vast majority of those customers that pay them. So I feel good heading into peak.

因此，我們的絕大多數客戶實際上並沒有支付高峰附加費，因為他們的交易量沒有足夠的彈性來滿足高峰附加費的資格。因此，當我們從競爭環境來看時，我實際上並不認為美國郵政局的高峰附加費與我們正在做的事情特別相關，所以我並不擔心這一點，而且實際上繼續感覺良好。我們也與絕大多數付費客戶預先協商了高峰附加費。所以我在進入巔峰時感覺很好。

And then when you think about Amazon or Ship with Amazon, I think it's really important to remember, we spent the last 50 years building the best transportation network in the world. We get up every day thinking about nothing other than making our supply chain better for our customers. And the market and customers, I think, really value the fact that when they win, we win, and they don't have to worry about a provider who is going to compete with them. I do think that we've taken competition very seriously, and I'm focused on continuing to provide an even better value proposition. And we've got some things planned for 2024 that I'm really excited about sharing with you in a couple of months. So I feel good. Thanks, Ravi, for the question.

然後，當您想到亞馬遜或透過亞馬遜發貨時，我認為記住這一點非常重要，我們在過去 50 年裡建立了世界上最好的運輸網絡。我們每天起床只想讓我們的供應鏈更好地為客戶服務。我認為，市場和客戶真正重視這樣一個事實：當他們獲勝時，我們就獲勝，並且他們不必擔心供應商將與他們競爭。我確實認為我們非常重視競爭，並且我致力於繼續提供更好的價值主張。我們為 2024 年制定了一些計劃，我很高興能在幾個月後與您分享。所以我感覺很好。謝謝拉維的提問。

The next question will come from Stephanie Moore with Jefferies.

下一個問題將由傑弗里斯的史蒂芬妮·摩爾提出。

I appreciate the color that you gave on the Freight segment and kind of what you're seeing in August. But given just the major disruption in the market, can you talk a little bit about how some of those diverted volumes, just the mix, probably fits with FedEx's current Freight mix would be helpful just for context?

我很欣賞您在貨運部分所提供的顏色以及您在八月看到的情況。但考慮到市場的重大混亂，您能否談談其中一些轉移的數量（僅是組合）可能與聯邦快遞當前的貨運組合相適應，僅對背景有幫助？

Sure. Happy to answer that question. So when we talk about the volume that came on, I think it's important to split it. Actually, if you look at both, half of it came directly from Yellow customers, so give or take, about 2,500 pieces a day. And the reason being is that Yellow had a lot of low-quality revenue. And so there was some revenue there and some customers that really didn't want to pay for the value of the FedEx Freight fee and the quality that we provide. What happened, however, was some competitors took on more Yellow volume and their service was not what it needed to be. And so as a result, we went and got an additional 2,500 pieces from the market.

當然。很高興回答這個問題。因此，當我們談論出現的音量時，我認為將其分開很重要。事實上，如果你看一下兩者，一半直接來自黃色客戶，所以或多或少，每天大約 2,500 件。原因是Yellow有大量低品質的收入。因此，那裡有一些收入，而一些客戶確實不想為聯邦快遞貨運費的價值和我們提供的品質付費。然而，發生的情況是，一些競爭對手接受了更多的黃色流量，但他們的服務卻達不到所需的水平。因此，我們又從市場上購買了 2,500 件。

Net takeaway is the margin of the 5,000 was very healthy. The sales team was incredibly disciplined, and both Lance and I are very, very pleased with that volume that the network is running really well. And I am confident that we will keep the majority of that, and that's what we've planned to do.

淨外送利潤 5,000 是非常健康的。銷售團隊紀律嚴明，蘭斯和我都對網路運作良好的銷售感到非常非常滿意。我相信我們將保留其中的大部分，這就是我們計劃要做的。

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

今天我們的最後一個問題將來自垂直研究合作夥伴的傑夫考夫曼。

And congratulations, John. And Mickey, it's been great working with you all these years, so thank you. John, a question for you, and I just wanted to go back and clarify kind of what Ken Hoexter was asking on the guidance. The adjusted earnings went up, I guess, about $0.25 at the midpoint and you highlighted the reasons why. But it looked like the unadjusted earnings went down about $0.15 at the midpoint. You took the high end of the range down to $16.60 and the low end up a little bit.

恭喜你，約翰。米奇，這些年來與你合作非常愉快，所以謝謝你。約翰，有個問題要問你，我只是想回去澄清一下肯·霍克斯特在指南中提出的問題。我猜調整後的收益中位數上漲了約 0.25 美元，您強調了原因。但看起來未經調整的收益在中點下降了約 0.15 美元。您將該範圍的高端降低至 16.60 美元，並將低端提高​​了一點。

And I just want to understand, you talked about the $100 million of incremental incentive comp. You talked about some of the continued yield pressure. You talked about some of the negatives. And then I saw that it looked like you also extended the adjustment range for the business optimization costs up from about $500 million to $620 million. So is that the net that explains the difference between the $0.15 reduction in the unadjusted guidance and the $0.25 increase in the adjusted guidance at the midpoint?

我只是想了解一下，您談到了 1 億美元的增量激勵補償。您談到了一些持續的收益率壓力。您談到了一些負面因素。然後我看到你們好像還把業務優化成本的調整範圍從大約5億美元擴大到了6.2億美元。那麼，這個淨值是否可以解釋未調整指導值減少 0.15 美元與調整後指導值增加 0.25 美元之間的差異？

Yes, Jeff, that's correct. You have that right.

是的，傑夫，這是正確的。你有這個權利。

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

我們的問答環節到此結束。我想將會議轉交拉傑·蘇布拉馬尼亞姆先生發表閉幕詞。請繼續，先生。

Thank you very much, operator. Let me say that in closing how proud I am of our team for delivering such a strong start to the year. Our execution of the structural cost reductions remain on track, and as we prepare for peak, we will continue to make every FedEx experience outstanding for our customers. We've proven that DRIVE is changing the way we work, and we're enabling continued transformation across FedEx as we build the world's most flexible, efficient and intelligent network. Thank you for your attention today. I will see you next time.

非常感謝您，接線生。最後我要說的是，我為我們的團隊在今年取得如此強勁的開局感到非常自豪。我們對結構性成本削減的執行仍在按計劃進行，在為高峰做好準備的同時，我們將繼續為客戶提供卓越的聯邦快遞體驗。我們已經證明，DRIVE 正在改變我們的工作方式，隨著我們建立世界上最靈活、高效和智慧的網絡，我們正在推動整個 FedEx 的持續轉型。感謝您今天的關注。下次再見。

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。您現在可以斷開連線。