聯邦快遞 (FDX) 2024 Q2 法說會逐字稿

Good day, and welcome to the FedEx Fiscal Year 2024 Second Quarter Earnings Call. (Operator Instructions). Please note this event is being recorded.

美好的一天，歡迎參加聯邦快遞 2024 財年第二季財報電話會議。 （操作員說明）。請注意此事件正在被記錄。

I would now like to turn the conference over to Mr. Stephen Hughes, Director of Investor Relations. Please go ahead, sir.

我現在將會議交給投資者關係總監史蒂芬·休斯先生主持。請繼續，先生。

Good afternoon, and welcome to FedEx Corporation's Second Quarter Earnings Conference Call. The second quarter earnings release Form 10-Q and stat book are on our website at investors.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二季財報電話會議。第二季財報發布表 10-Q 和統計資料可在我們的網站 Investors.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。

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

今天加入我們電話會議的還有媒體成員。在我們的問答環節中，來電者將被限制回答一個問題，以便我們能夠滿足所有願意參與的人的需求。

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，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. I now turn it over to Raj, who will share his views on the quarter.

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)。我現在將其轉交給 Raj，他將分享他對本季的看法。

Thank you, Steve, and good afternoon, everyone. Let me begin by thanking the FedEx team for their commitment to delivering yet another strong holiday season. This peak FedEx has the best service offerings in the industry. This includes the most expansive global network and the fastest U.S. Ground service with broadest weekend residential coverage. Strong service and speed are also coming with a more aggressive peak transit compared to this time last year with the Ground time-in-transit in the U.S. at 1.94 days. I'm incredibly proud of the team's ability to sustain superior service levels while we continue to transform our global network.

謝謝史蒂夫，大家下午好。首先，我要感謝聯邦快遞團隊致力於打造另一個強勁的假期季節。這個高峰聯邦快遞擁有業內最好的服務。這包括最廣泛的全球網絡和最快的美國地面服務以及最廣泛的周末住宅覆蓋。與去年同期相比，美國的地面運輸時間為 1.94 天，高峰運輸也更加強勁，服務更加強勁，速度也更快。我對團隊在繼續改造全球網路的同時維持卓越服務水準的能力感到無比自豪。

Our second quarter performance reflects clear signs of progress in our transformation in what remains a difficult demand environment. We are moving at speed and agility to deliver on DRIVE, which is supporting improved profitability and enabling us to maintain our earnings outlook for the year even as our revenue expectations have moderated further.

我們第二季的業績反映出我們在仍然困難的需求環境中轉型取得進展的明顯跡象。我們正在快速、敏捷地實現 DRIVE，這支持了盈利能力的提高，並使我們能夠維持今年的盈利前景，即使我們的收入預期進一步放緩。

As you can see in our results in Slide 6, our transformation is driving improved profitability. At the enterprise level, we delivered a 17% improvement in adjusted operating income and adjusted margin improvement of 110 basis points compared to the prior year even as the total revenue declined 3%. These results reflect benefits from DRIVE, a continued focus on revenue quality and meaningful differentiation across our products and services as we build the world's smartest logistics network. Our focused execution enabled us to retain a majority of the high-quality volume we won over the summer from UPS and as a result of the Yellow shutdown.

正如您在投影片 6 中看到的結果，我們的轉型正在推動獲利能力的提升。在企業層面，儘管總收入下降了 3%，但與前一年相比，我們的調整後營業收入提高了 17%，調整後利潤率提高了 110 個基點。這些結果反映了 DRIVE 帶來的好處，即在我們建立世界上最聰明的物流網絡的過程中，我們持續關注收入品質以及我們產品和服務的有意義的差異化。我們專注的執行力使我們能夠保留今年夏天從 UPS 以及因黃色停駛而贏得的大部分高品質訂單。

At the segment level, Ground continued to deliver outstanding results with adjusting operating income up 57% and adjusted margin expansion of 370 basis points. This was driven in part by revenue growth due to higher yield and volume combined with solid operational performance.

在細分市場層面，Ground 持續取得優異業績，調整後營業收入成長 57%，調整後利潤率擴大 370 個基點。這在一定程度上是由於較高的產量和產量以及穩健的營運表現而導致的收入成長。

Freight delivered strong performance as well driving double-digit profit improvement and margin expansion of over 270 basis points compared to the prior year. Express total revenue declined due to both volume and yield pressures. These headwinds more than offset continued benefits will drive and led to a margin decline compared to the prior year. There's more work to do at Express, where we're structurally redesigning our network for speed and density. We continue to make progress at Express to unlock the value that exists across this business.

貨運業務表現強勁，利潤達到兩位數成長，利潤率較上年增長超過 270 個基點。由於數量和產量壓力，快遞總收入下降。這些不利因素抵消了持續的收益驅動力，並導致利潤率較前一年下降。 Express 還有更多工作要做，我們正在從結構上重新設計我們的網絡，以提高速度和密度。我們將繼續在 Express 取得進展，以釋放整個業務中存在的價值。

Turning to Slide 7. DRIVE continues to fundamentally change the way we work. The impact of DRIVE is clear as our lower cost structure enables improved profitability. Just look at the powerful chart on the left-hand side of the slide. Look across market cycles over the last 15 years. We have now delivered 2 consecutive quarters of operating income growth against declining revenues. When you step back and review how our business has performed in environments with suppressed demand, we are delivering much better profitability today than we have historically.

轉向投影片 7.DRIVE 繼續從根本上改變我們的工作方式。 DRIVE 的影響是顯而易見的，因為我們較低的成本結構可以提高獲利能力。只需查看幻燈片左側的強大圖表即可。綜觀過去 15 年的市場週期。在收入下降的情況下，我們現已連續兩季實現營業收入成長。當你退一步回顧我們的業務在需求受到抑制的環境中的表現時，我們今天的盈利能力比歷史上要好得多。

In the quarter, we reduced cost by approximately $200 million in our surface network, including our U.S. Express operations. This was driven by shifting to a single daily carrier dispatch, applying dock product initiatives, consolidating underutilized [routes] and maximizing the use of rail. Across our air network and international operations, our DRIVE initiatives are helping offset pressures with about $115 million in total cost reductions in Q2, primarily driven by structural flight takedowns.

本季度，我們的地面網路（包括美國快遞業務）成本降低了約 2 億美元。這是透過轉向單一的每日承運人調度、應用碼頭產品計劃、整合未充分利用的[路線]以及最大限度地利用鐵路來推動的。在我們的航空網絡和國際運營中，我們的 DRIVE 計劃正在幫助抵消壓力，第二季度總成本削減了約 1.15 億美元，這主要是由於結構性航班取消所致。

And in G&A, we're making significant changes to how we approach procurement and functional excellence. In the second quarter, we realized over $100 million in savings driven by reducing the use of temporary labor, leveraging the scale of the enterprise to negotiate favorable surface transportation rates, optimizing certain benefit programs and lowering head count. Given our progress, we are highly confident that we will deliver on our goal of $1.8 billion in cost reduction benefits from DRIVE this fiscal year.

在 G&A 方面，我們正在對採購和卓越職能的方式進行重大改變。第二季度，我們透過減少臨時勞動力的使用、利用企業規模協商有利的地面運輸費率、優化某些福利計劃和減少員工人數，實現了超過 1 億美元的節省。鑑於我們的進展，我們非常有信心在本財年實現 DRIVE 帶來 18 億美元成本削減收益的目標。

Turning to Slide 8. Despite progress on DRIVE, profitability at FedEx Express was pressured by an ongoing volume mix shift and related yield headwinds. Our ability to drive margin improvement in the near term has been constrained by transitory factors, including the year-over-year decline in the U.S. Postal Service volume, combined with minimum required service obligations associated with our current USPS contract. And also the timing of the structural redesign of our air network.

轉向幻燈片 8。儘管 DRIVE 取得了進展，但聯邦快遞的盈利能力仍受到持續的數量結構變化和相關收益率不利因素的壓力。我們在短期內推動利潤率改善的能力受到暫時性因素的限制，包括美國郵政服務量的同比下降，以及與我們目前的 USPS 合約相關的最低要求服務義務。還有我們空中網路結構重新設計的時機。

Historically, our unmatched global air network was primarily built on a hub and spoke system to support speed and global connectivity. With the rapid growth of e-commerce and as volume mix continues to shift to deferred, we recognize the need to reconfigure our network to focus on both speed and density. This fundamental network redesign, which we call Tricolor design, is momentous in our history and includes several key elements.

從歷史上看，我們無與倫比的全球航空網絡主要建立在軸輻系統上，以支持速度和全球連接。隨著電子商務的快速成長以及交易量組合繼續轉向延遲，我們認識到需要重新配置我們的網路以關注速度和密度。這個基本的網路重新設計，我們稱之為三色設計，在我們的歷史上具有重要意義，包括幾個關鍵要素。

First, we will deploy what we call our purple tail fleet which is our FedEx owned assets time for delivering high priority, high-margin volumes using the existing hub and spoke model. This is our purple network which will be the backbone of our International Priority Parcel business.

首先，我們將部署所謂的紫尾車隊，這是我們聯邦快遞擁有的資產，使用現有的中心輻射模型交付高優先級、高利潤的貨物。這是我們的紫色網絡，它將成為我們國際優先包裹業務的支柱。

Second, we will retime a portion of our purple tail flights for what we call our orange network which will operate off cycle. This change will give us time to build density, decongest our hubs during the precious night sort and feed into our surface networks including our international road network as well as FedEx Ground and FedEx Freight in the U.S. This provides us a differentiated capability to drive profitable, less capital-intensive growth in the sizable global deferred parcel and air freight markets.

其次，我們將重新調整部分紫尾航班的時間，以適應我們所謂的橙色網絡，該網絡將非週期運行。這項變更將使我們有時間建立密度，在寶貴的夜間排序期間緩解我們的樞紐擁堵，並反饋到我們的地面網絡，包括我們的國際公路網絡以及美國的聯邦快遞地面和聯邦快遞貨運。這為我們提供了一種差異化的能力來推動獲利，規模龐大的全球延期包裹和空運市場的資本密集成長較少。

And third, we will continue to leverage our global partner network as an adaptive capacity layer, particularly on imbalanced trade lanes. This is our white network.

第三，我們將繼續利用我們的全球合作夥伴網路作為適應性能力層，特別是在不平衡的貿易通道上。這是我們的白色網路。

These changes will improve utilization of our assets, increase margins and enhance ROIC. The air network redesign is a critical piece of our DRIVE execution at Express and will support the realization of our targeted $4 billion of total DRIVE savings in fiscal year 2025. We're approaching this network transformation in a deliberately measured manner to ensure we continue to provide our customers with the best service levels in the industry.

這些變化將提高我們資產的利用率、增加利潤並提高投資報酬率。空中網路重新設計是 Express DRIVE 執行的關鍵部分，並將支援我們在 2025 財年實現 DRIVE 總節省 40 億美元的目標。我們正在以審慎衡量的方式進行這項網路轉型，以確保我們繼續為我們的客戶提供業內最好的服務水準。

Simultaneously, as you know, we're executing Network 2.0. Taken together, these efforts will improve our ability to protect profitability and returns through various market environments. Big picture, we're making clear progress on our transformation and DRIVE is having a real impact. Additionally, our team is advancing efforts to combine the strength of our physical transportation network with our digital and data-driven solutions. We are leveraging our world-class engineering skill base to deliver cost-effective cutting-edge capabilities globally.

同時，如您所知，我們正在執行網路 2.0。總而言之，這些努力將提高我們在各種市場環境中保護獲利能力和回報的能力。總體而言，我們的轉型正在取得明顯進展，DRIVE 正在產生真正的影響。此外，我們的團隊正在努力將實體交通網絡的優勢與數位和數據驅動的解決方案相結合。我們正在利用世界一流的工程技術基礎在全球範圍內提供具有成本效益的尖端能力。

Earlier this month, we opened our first Advanced Capability Community or ACC, in Hyderabad, India, which will serve as a hub for our technological and digital innovation. I'm truly excited about the opening of the ACC and the vast opportunity to use digital to run our business better, enhance our customer experience and generate new profitable revenue streams.

本月早些時候，我們在印度海得拉巴開設了第一個高級能力社群或 ACC，它將作為我們的技術和數位創新的中心。我對 ACC 的開業以及使用數位技術更好地經營我們的業務、增強我們的客戶體驗並產生新的盈利收入來源的巨大機會感到非常興奮。

Overall, I'm confident we have the right strategy and the right team in place to create significant stockholder value. In these last few months and weeks, our team's dedication to the Purple Promise has been tremendous. And I would like to express my sincere thanks to our colleagues. This performance has put FedEx in good position as we enter the full structure peak and deliver the best service offerings in the industry.

總的來說，我相信我們擁有正確的策略和合適的團隊來創造顯著的股東價值。在過去的幾個月和幾周里，我們的團隊對紫色承諾的奉獻是巨大的。並向我們的同事表示衷心的感謝。這一表現使聯邦快遞處於有利地位，因為我們進入了全面結構的巔峰並提供業界最好的服務。

With that, let me turn the call over to Brie.

接下來，讓我把電話轉給布里。

Thank you, Raj, and good afternoon, everyone. Revenue quality and industry-leading service remains top priorities for us in the quarter. Our ability to retain the majority of the business we won from both UPS and Yellow is a testament to the team's hard work and our value proposition, which is the best service offering in the industry. And as a result, we are gaining parcel share here in the United States and around the world.

謝謝拉傑，大家下午好。收入品質和行業領先的服務仍然是我們本季的首要任務。我們能夠保留從 UPS 和 Yellow 贏得的大部分業務，這證明了團隊的辛勤工作和我們的價值主張，即業內最好的服務。因此，我們在美國和世界各地贏得了包裹份額。

Looking at the U.S., market conditions remain soft, with Q2 demand lower than we anticipated. The industry has now experienced 10 consecutive quarters of decline in U.S. domestic average daily volume. Additionally, international market pressure continued. Despite this pressure, our Europe and EMEA teams did a great job of growing parcel volume.

就美國而言，市場狀況依然疲軟，第二季需求低於我們的預期。該行業目前美國國內日均交易量已連續 10 個季度下降。此外，國際市場壓力持續。儘管面臨這種壓力，我們的歐洲和歐洲、中東和非洲團隊在增加包裹量方面仍然表現出色。

Let's now look at each segment. At FedEx Ground, second quarter revenue was up 3% year-over-year, driven by higher yield and volume. We remain focused on growing our business with the right customer and service mix to improve profitability and maintain our position as the price leader in every domestic market segment.

現在讓我們看看每個部分。在聯邦快遞陸運 (FedEx Ground)，由於產量和數量增加，第二季營收年增 3%。我們仍然專注於透過合適的客戶和服務組合來發展我們的業務，以提高盈利能力並保持我們在國內各個細分市場的價格領導者地位。

At FedEx Freight, new customers that came over as a result of the Yellow shutdown are enjoying a better value proposition and we have retained a majority of this volume. Freight results showcase our disciplined focus on revenue quality as we gained share amid the industry disruptions. The market was down and revenue declined 4% as lower shipments offset an increase in yield. But on a sequential basis, our revenue decline moderated significantly as volume pressure lessened and revenue per shipment inflected positively.

在聯邦快遞貨運公司，由於黃色關閉而帶來的新客戶正在享受更好的價值主張，並且我們保留了這一數量的大部分。貨運結果顯示了我們對收入品質的嚴格關注，因為我們在行業混亂中贏得了市場份額。由於出貨量減少抵消了產量的增加，市場低迷，收入下降 4%。但從環比來看，隨著銷售壓力減輕和每批貨物收入出現正面變化，我們的收入下降幅度顯著放緩。

Revenue at FedEx Express was down 6% year-over-year, driven by market contraction and lower fuel and demand surcharges. Global Freight pounds were down 18% year-over-year, driven by lower postal service volume as well as the weakness in industrial production. Despite these headwinds, we are encouraged by the progress in areas we can control. For example, the improvement in European service levels enabled profitable share gains. With less than 1 week to Christmas, our focus remains on delivering outstanding service. Our networks are running extremely well, and we are receiving very positive customer feedback this peak. We are delivering this excellent service while creating new value for customers and driving customer acquisition.

受市場萎縮以及燃油和需求附加費降低的推動，聯邦快遞的收入年減 6%。由於郵政服務量下降以及工業生產疲軟，全球貨運英鎊年減 18%。儘管存在這些不利因素，但我們對我們可以控制的領域所取得的進展感到鼓舞。例如，歐洲服務水準的提高帶來了可獲利的份額成長。距離聖誕節還有不到 1 週的時間，我們的重點仍然是提供卓越的服務。我們的網路運作得非常好，並且在這個高峰期我們收到了非常積極的客戶回饋。我們在提供卓越服務的同時，為客戶創造新價值並推動客戶獲取。

This holiday season, we estimate over 365 million packages will be delivered with a picture showing proof of delivery, PPOD as we call it. It's a great new feature that has helped us win new customers. PPOD and other digital tools such as estimated delivery time window and FedEx Delivery Manager provide customers with peace of mind when it comes to holiday shipments.

這個假期，我們估計將有超過 3.65 億個帶有顯示遞送證明圖片的包裹（我們稱之為 PPOD）遞送。這是一項很棒的新功能，幫助我們贏得了新客戶。 PPOD 和其他數位工具（例如預計遞送時間窗口和 FedEx Delivery Manager）讓客戶在假日出貨時高枕無憂。

Overall, this year's peak season has been relatively similar to last year, and it's in line with our expectations. But looking ahead, we're ready to support our customers for post-holiday returns. Our robust returns portfolio is well positioned to handle the returns that inevitably follow peak. Our portfolio includes both a prelabeled and a no label no-box solution that creates convenient, seamless experiences for retailers and for consumers.

整體而言，今年的旺季與去年比較相似，符合我們的預期。但展望未來，我們已準備好為客戶提供節後退貨支援。我們穩健的回報投資組合能夠很好地應對高峰後不可避免的回報。我們的產品組合包括預標籤和無標籤無盒子解決方案，可為零售商和消費者創造便利、無縫的體驗。

Now taking a step back to look at monthly volumes during the quarter. Importantly, as I mentioned earlier, we gained parcel share in both the United States and in international markets. This is a clear indication of our winning value proposition in a contracting market. Volumes have continued to improve sequentially with Ground and international export volumes maintaining last quarter's trend of growth on a year-over-year basis.

現在退後一步來看看本季的月度銷量。重要的是，正如我之前提到的，我們在美國和國際市場上都獲得了包裹份額。這清楚地表明我們在承包市場中贏得了價值主張。出口量持續持續改善，地面和國際出口量維持上季年增趨勢。

Turning to Slide 14. Overall, the market is competitive but rational. And we are committed to delivering on our revenue quality strategy. During the quarter, yield trends improved slightly, but the dynamics were mixed across the segments. At FedEx Ground, yield increased 1%, driven by home delivery and commercial ground offset by Ground economy. Higher weight per package and favorable customer segment mix offset a lower fuel surcharge relative to the prior year.

轉向幻燈片 14。總體而言，市場競爭激烈但理性。我們致力於實現我們的收入品質策略。本季度，收益率趨勢略有改善，但各細分市場的動態參差不齊。聯邦快遞地面 (FedEx Ground) 的收益率成長了 1%，這主要得益於送貨上門和商業地面的推動，但地面經濟抵消了這一影響。每件包裹重量的增加和有利的客戶群組合抵消了較上一年較低的燃油附加費。

At FedEx Freight, revenue per shipment increased 1%, with base rates strong despite lower fuel surcharges and weights. At FedEx Express, yield was pressured due to lower fuel and demand surcharges. Shift towards e-commerce and the reopening of our International Economy service in EMEA also pressured yield. We continue to focus on our revenue quality strategy. Earlier this month, we raised U.S. Express and Ground fuel surcharges by 1% and International Express fuel surcharges by 1.5%.

在聯邦快遞貨運公司，儘管燃油附加費和重量有所下降，但每票貨物的收入增長了 1%，基本費率仍然強勁。在聯邦快遞，由於燃油附加費和需求附加費降低，收益率受到壓力。向電子商務的轉變以及我們在歐洲、中東和非洲地區重新開放國際經濟服務也給收益率帶來壓力。我們繼續關注我們的收入品質策略。本月早些時候，我們將美國快遞和地面燃油附加費提高了 1%，國際快遞燃油附加費提高了 1.5%。

Looking ahead, we expect a high capture rate from our 5.9% general rate increase. We will reset our delivery area surcharges consistent with our usual practice. As we've shared previously, we are also resetting our approach to dimensional pricing for international shipments. This is moving from a shipment to a per piece dimensional pricing, which is the global market practice. We are confident in our strategy, and we are balancing both volume and yield growth.

展望未來，我們預計整體利率將上漲 5.9%，從而實現較高的捕獲率。我們將按照慣例重新調整配送區域附加費。正如我們之前所分享的，我們也將重新調整國際貨運的尺寸定價方法。這正在從按裝運定價轉向按件尺寸定價，這是全球市場慣例。我們對我們的策略充滿信心，我們正在平衡銷售和產量的成長。

Moving now to Slide 15. Raj mentioned our focus on digital and efforts to identify new revenue streams. I am particularly excited about our new tracking API that we will launch in early 2024. Our tracking API is for both e-commerce shippers and platform, providing them with best-in-class visibility for their customers, including a Picture Proof of Delivery. This new for fee offering is a significant enhancement for our retail customers as well as for those third-party e-commerce platforms that rely on our data as an integral part of their value proposition. This is just one example of how we're thinking about our digital capabilities to better serve our customers and generate profitable incremental revenue for FedEx.

現在轉到投影片 15。Raj 提到我們對數位化的關注以及尋找新收入來源的努力。我對我們將於 2024 年初推出的新追蹤 API 感到特別興奮。我們的追蹤 API 適用於電子商務托運人和平台，為他們的客戶提供一流的可見性，包括交付圖片證明。對於我們的零售客戶以及那些依賴我們的資料作為其價值主張不可或缺的一部分的第三方電子商務平台來說，這項新的收費服務是一項重大增強。這只是我們如何考慮我們的數位能力以更好地服務我們的客戶並為聯邦快遞創造可盈利的增量收入的一個例子。

In closing, I want to thank our entire global team for how they are executing around the world to deliver an absolutely positively outstanding peak season.

最後，我要感謝我們整個全球團隊在世界各地的執行工作，以交付一個絕對積極出色的旺季。

And with that, I'll turn it over to John to discuss the financials.

接下來，我會交給約翰討論財務問題。

Thanks, Brie. I'll start on Slide 17. Despite a revenue decline, the FedEx team delivered improved profitability with strong adjusted operating margin growth driven by a continued focus on revenue quality and execution of the company's drive initiatives.

謝謝，布里。我將從幻燈片 17 開始。儘管收入下降，但聯邦快遞團隊在持續關注收入品質和公司推動計劃執行的推動下，透過調整後的營業利潤率強勁增長，實現了盈利能力的提高。

Taking a closer look at our segment performance in the quarter, starting with Ground. The team continues to deliver strong results. Adjusted operating income increased 57% due to yield improvement, cost reductions and higher volumes. Cost per package declined by 2% driven by lower line-haul expense and improved first- and last-mile productivity.

從地面開始，仔細研究我們本季的細分市場表現。該團隊持續取得強勁成果。由於產量提高、成本降低和銷售增加，調整後營業收入增加了 57%。由於線路運輸費用降低以及首英里和最後一英里生產力提高，每個包裹的成本下降了 2%。

At Freight, operating income increased 11% during the quarter, driven by higher yield and increased efficiency, partially offset by lower shipments. The team continues to focus on improving profitability while navigating this lower demand environment. And at Express profitability was pressured as impacts of softening demand on revenue were only partially offset by structural and volume-related cost improvements.

在貨運方面，由於產量提高和效率提高，本季營業收入成長了 11%，但部分被出貨量下降所抵銷。該團隊繼續專注於提高盈利能力，同時應對需求較低的環境。 Express 的獲利能力受到壓力，因為需求疲軟對收入的影響僅被結構性和與數量相關的成本改善所部分抵消。

Adjusted operating income at Express declined 49% during the quarter and a 6% decline in revenue. As Raj mentioned, we have more work to do at Express, and I'm confident that the structural redesign of our network and other drive initiatives once complete, will make us more resilient in future periods of demand weakness.

Express 調整後的營業收入在本季下降了 49%，營收下降了 6%。正如 Raj 所提到的，我們在 Express 上還有更多的工作要做，我相信，我們的網路結構重新設計和其他推動計劃一旦完成，將使我們在未來的需求疲軟時期更具彈性。

Now turning to our fiscal year outlook. Based on our performance year-to-date and our current view of the rest of the year, we are reaffirming our outlook for adjusted EPS in the range of $17 to $18.50. At this midpoint of the range, we're now assuming a low single-digit percentage decline in revenue. This is lower than our previous assumption of flat revenue growth. The reaffirmation of our earnings outlook despite the weaker demand environment reflects the continued benefits of our transformation. We'll continue to closely monitor the global demand environment and other key factors, including inventory restocking, inflation and e-commerce trends, which informs our view of overall expected performance.

現在轉向我們的財政年度展望。根據我們今年迄今的業績以及我們目前對今年剩餘時間的看法，我們重申調整後每股收益在 17 美元至 18.50 美元之間的預期。在該範圍的中點，我們現在假設收入將出現較低的個位數百分比下降。這低於我們先前營收成長持平的假設。儘管需求環境疲軟，我們仍重申獲利前景，這反映了我們轉型的持續效益。我們將繼續密切關注全球需求環境和其他關鍵因素，包括庫存補充、通膨和電子商務趨勢，這些因素將影響我們對整體預期績效的看法。

With regard to our third quarter expectations, as we've shared previously, we anticipate our typical seasonality, which implies a lighter quarter sequentially for earnings. We're also facing a higher comp at Ground given our exceptionally strong operating income performance during the third quarter of last year. At the enterprise level, we continue to expect year-over-year adjusted margin expansion in FY '24.

關於我們第三季的預期，正如我們之前所分享的，我們預計我們的典型季節性，這意味著季度收益將較輕。鑑於去年第三季我們異常強勁的營業收入表現，我們在 Ground 也面臨更高的競爭。在企業層面，我們持續預期 24 財年調整後的利潤率將出現年增。

At the segment level, we continue to expect adjusted margin improvement in FY '24 Ground. We also continue to expect freight margin to remain strong in FY '24, but lower than FY '23, given volume reductions in yield pressure. We now anticipate a modest year-over-year adjusted margin contraction at Express.

在細分市場層面，我們持續預期 24 財年地面調整後利潤率將有所改善。我們也繼續預期 24 財年貨運利潤率將保持強勁，但低於 23 財年，因為產量壓力導致貨運量減少。我們現在預計 Express 的調整後利潤率將出現小幅同比收縮。

Turning to Slide 19. And consistent with previous quarters, we're providing a bridge to share how we're thinking about operating profit considerations embedded in our full year outlook.

轉向幻燈片 19。與前幾季一樣，我們提供了一個橋樑來分享我們如何思考全年展望中包含的營業利潤考慮因素。

For illustrative purposes, we continue to use adjusted operating profit of $6.3 billion equivalent to the adjusted EPS midpoint of $17.75. As a reminder, and while our revenue performance will vary based on market trends, we are committed to delivering the $1.8 billion in structural cost savings from our DRIVE initiatives. Importantly, while this bridge remains the same as what we showed you in the first quarter, the composition of the second bar showing revenue net of cost increases has changed significantly. We now forecast materially lower revenue but expect to achieve the same net profit impact of $500 million at the midpoint as we proactively manage volume-related expenses and revenue quality in this difficult demand environment.

出於說明目的，我們繼續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。提醒一下，雖然我們的收入表現會根據市場趨勢而有所不同，但我們致力於透過 DRIVE 計畫節省 18 億美元的結構性成本。重要的是，雖然這座橋樑與我們在第一季度向您展示的相同，但顯示扣除成本增長的收入淨額的第二個條形圖的組成發生了顯著變化。我們現在預計收入將大幅下降，但由於我們在這種困難的需求環境下積極管理與數量相關的費用和收入質量，因此預計中點將實現同樣的 5 億美元淨利潤影響。

Now moving to Slide 20. We remain focused on maintaining a strong balance sheet, prudent capital allocation, improved return on invested capital, all while providing increased shareholder returns. Our liquidity position remained strong, ending the quarter with $6.7 billion in cash. Capital expenditures for the quarter were $1.3 billion, bringing year-to-date CapEx to $2.6 billion. And we continue to expect to achieve our target of less than 6.5% CapEx to revenue for the year.

現在轉到投影片 20。我們仍然專注於維持強勁的資產負債表、審慎的資本配置、提高投資資本回報率，同時提供更高的股東回報。我們的流動性狀況依然強勁，本季末現金為 67 億美元。本季資本支出為 13 億美元，使年初至今的資本支出達到 26 億美元。我們繼續期望實現今年資本支出佔收入比例低於 6.5% 的目標。

As we previously stated, our capital expenditures will decline as we continue to reduce capital intensity by reducing facility and other capacity investment and continue to plan for lower annual aircraft CapEx. We still anticipate aircraft-related CapEx to decline to approximately $1 billion in fiscal year '26.

正如我們之前所說，隨著我們繼續透過減少設施和其他產能投資來降低資本密集度，並繼續計劃降低年度飛機資本支出，我們的資本支出將會下降。我們仍預期 26 財年與飛機相關的資本支出將下降至約 10 億美元。

Consistent with our capital return priority, we completed another $500 million accelerated share repurchase transaction in the quarter. This brings our total share repurchases for the first 6 months of the fiscal year to $1 billion and $2.5 billion over the last 18 months. Looking ahead, we expect to repurchase an additional $1 billion in common stock this fiscal year while also paying our dividend in line with our previously stated capital return plan.

與我們的資本回報優先順序一致，我們在本季完成了另一筆 5 億美元的加速股票回購交易。這使得我們本財年前 6 個月的股票回購總額達到 10 億美元，過去 18 個月的股票回購總額達到 25 億美元。展望未來，我們預計本財年將額外回購 10 億美元的普通股，同時根據我們先前規定的資本回報計畫支付股利。

Before we turn to Q&A, I just wanted to comment that now that I'm nearly 5 months into my new role as CFO, I'm even more excited about our strategy, relentless focus on execution and the opportunity ahead to create long-term value for all our stakeholders. I want to thank all our team members for their continued efforts and focus on our common goals.

在我們進行問答之前，我只想評論一下，現在我擔任財務長的新角色已近 5 個月了，我對我們的策略、對執行的不懈關注以及未來創造長期機會的機會感到更加興奮為我們所有利害關係人創造價值。我要感謝我們所有團隊成員的持續努力和對我們共同目標的關注。

With that, let's open it up for questions.

說到這裡，讓我們開始提問吧。

(Operator Instructions). And the first question will come from Ken Hoexter with Bank of America.

（操作員說明）。第一個問題將由美國銀行的 Ken Hoexter 提出。

Great. So I guess John or Raj, maybe just sticking with Express to start. Margins were down year-on-year. I get volumes are down and you have negative leverage. But just to be at 1.7%, we're seeing higher purchase trends, higher employee expense, I guess, what does it really take, may be just walk us through, one, why margins are stubbornly so low?

偉大的。所以我猜約翰或拉吉，也許只是堅持從 Express 開始。利潤率較去年同期下降。我知道交易量下降了，而且槓桿率為負。但僅僅為了達到 1.7%，我們就看到了更高的購買趨勢、更高的員工費用，我想，這真正需要什麼，可能只是讓我們明白，一，為什麼利潤率頑固地這麼低？

And then two, you're talking about a new plan in terms of the Orange, Purple and White plan. Are we talking about structurally changing Express and pulling additional costs out, parking more planes, pulling employees out? What does it take to get this structural margin out of this low bar? And I get you're still in the middle of your range, so I get the earnings outlook. I'm just trying to understand just the constraint on Express and the ability to get the margins up there over time.

第二，你正在談論橙色、紫色和白色計劃的新計劃。我們是在談論對快遞進行結構性改變、削減額外成本、停放更多飛機、撤出員工嗎？怎樣才能使這種結構性利潤擺脫如此低的水平？我知道你仍然處於你的範圍的中間，所以我得到了盈利前景。我只是想了解 Express 的限制以及隨著時間的推移提高利潤的能力。

Yes. Thank you, Ken. Let me start and I'll -- and then John can add as he wishes here. So this has been a particularly difficult year for Express. Several headwinds this year, and many of them are transitory, but we're dealing with as we speak. So firstly, the demand surcharges out of Asia are significantly lower year-over-year. We've also seen the product mix shift from priority to economy traffic. And then our fuel surcharges also have been lower.

是的。謝謝你，肯。讓我開始吧，然後約翰可以在這裡按照他的意願添加。因此，對 Express 來說，今年是特別困難的一年。今年出現了一些不利因素，其中許多都是暫時的，但我們正在應對。首先，亞洲地區的需求附加費較去年同期顯著降低。我們也看到產品組合從優先流量轉向經濟流量。然後我們的燃油附加費也降低了。

Finally, as part of the strategy from USPS, they have shifted more volume from air to ground. And so that's been also a headwind for FedEx this year. On top of all this, we have seen now the market demand weakened primarily because of slowdown of industrial production across the world, which has impacted our International Express Freight business as well. So this is the background we're dealing with. I would say that despite this, the team has done a really good job on execution on DRIVE and flexing down variable cost to the tune of $1.5 billion in year-over-year expense reduction year-to-date. Clearly, Express is an opportunity for us as we look ahead.

最後，作為美國郵政戰略的一部分，他們將更多的運輸量從空中轉移到地面。因此，這對聯邦快遞今年也是一個阻力。除此之外，我們現在看到市場需求減弱主要是因為全球工業生產放緩，這也影響了我們的國際快遞貨運業務。這就是我們正在處理的背景。我想說，儘管如此，該團隊在 DRIVE 執行方面做得非常好，並將可變成本降低到今年迄今為止年比費用減少了 15 億美元。顯然，展望未來，Express 對我們來說是一個機會。

The redesign that I just talked about is very profound and would be called Tricolor because recognizing the fact that we now have a significant mixture of freight traffic as well as deferred traffic to change a portion of the existing flight schedule to a different clock, so to speak, allowing our ability to drive more ability to fill up the traffic and improve density.

我剛才談到的重新設計是非常深刻的，被稱為三色，因為我們認識到這樣一個事實，即我們現在有大量的貨運流量以及延遲流量，將現有航班時刻表的一部分更改為不同的時鐘，因此講，讓我們的駕駛能力更強，填滿交通，提高密度。

And again, most importantly, allowing us to feed into not only our international road network, but also into our FedEx Ground and FedEx Freight network for the first time. And so this is a significant change, probably is one of the biggest changes that we've seen in decade. I think that's got the opportunity here to improve our asset utilization, improve density, improve return on invested capital in a significant manner.

再說一遍，最重要的是，這使我們不僅能夠融入我們的國際公路網絡，而且還能首次融入我們的聯邦快遞地面和聯邦快遞貨運網絡。所以這是一個重大的變化，可能是我們十年來看到的最大的變化之一。我認為這有機會顯著提高我們的資產利用率、密度和投資資本回報率。

So I just want to also just use this opportunity to say, at the enterprise level, we are -- we have improved our operating profit 17% and 110 basis points in operating margins despite a 3% revenue decline.

因此，我也想藉此機會說，在企業層面，我們的營業利潤提高了 17%，營業利潤率提高了 110 個基點，儘管收入下降了 3%。

Let me turn it over to John to see if he wants to add.

讓我把它轉給約翰看看他是否想補充。

Yes. Thanks, Raj. I echo everything you said. I think the only thing I would add is that our cost structure can -- anticipated a little higher demand than what we saw. So we'll be laser-focused on bringing out as much of that cost as possible as we go forward.

是的。謝謝，拉吉。我贊同你所說的一切。我想我唯一要補充的是，我們的成本結構可以預期需求比我們看到的要高一些。因此，我們將在前進的過程中集中精力盡可能降低成本。

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 sticking on the back of that financial, John, I guess, if you think about the sequential performance in Express from 1Q to 2Q, I don't think we've seen, really since maybe fiscal ['11], a deterioration in operating profit. Revenue was up sequentially. So, I guess, was it just a mix that was moving around or maybe misjudging what you thought the demand environment was going to look like. And then, as we think about the back half of the year in Express, you're facing particularly easier comps, both on a revenue and a profit basis. So I know margin is down for the full year, but can you get margin and profit up in the back half of the fiscal year in Express?

約翰，我猜想，如果你考慮一下 Express 從第一季到第二季的連續表現，我認為我們可能沒有看到，實際上自財政 ['11] 以來，財務狀況惡化營業利潤。營收季增。所以，我想，這只是一個正在改變的混合體，還是可能誤判了你對需求環境的看法。然後，當我們考慮 Express 今年下半年的情況時，無論是在收入還是利潤的基礎上，你都面臨著特別容易的競爭。所以我知道全年的利潤率下降了，但是 Express 在本財年後半段能否提高利潤率和利潤？

So as you pointed out, there's a whole host of factors that went into the Express performance. And as Raj mentioned, we see that there will be continuing opportunities at Express. The cost in terms of the relationship with the demand will definitely be a primary focus of mine. And as we go forward, I know Brie and the team are really focused on revenue quality. And we're confident we're going to be able to manage that outcome and look forward to keeping you posted as we go forward.

正如您所指出的，影響 Express 性能的因素有很多。正如 Raj 所提到的，我們看到 Express 將會持續提供機會。就與需求的關係而言，成本肯定是我的首要關注點。隨著我們的前進，我知道布里和團隊非常關注收入品質。我們相信我們將能夠管理這一結果，並期待在我們前進的過程中隨時向您通報最新情況。

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。

One of the things that you talked about more on the last call than you did on this although, Brie, you did mention that you saw a shift in postal service business to ground from air. And I know that contract is up in -- at the end of the current government's fiscal year. So how are you thinking about incorporating the rest of the business into the network versus renewing the contract or maybe it doesn't make sense to renew the contract going forward?

你在上次電話中談論的事情比在這次電話中談論的更多，儘管布里，你確實提到你看到郵政服務業務從空中轉向地面。我知道合約將在本屆政府財政年度結束時到期。那麼，您如何考慮將其餘業務合併到網路中，而不是續約合同，或者未來續約合約可能沒有意義？

Great question. So from a USPS perspective, yes, this was a significant headwind this quarter as it was last quarter. From a negotiation perspective, we are having very collaborative negotiations with the post office. But I think we've also been very clear that it will take quite a significant change in contractual terms and agreement to renew that contract. We continue to value the partnership. We're both at the table. And of course, we're honoring our service commitments. And with the current volume levels, that is a headwind this fiscal year. So we're still negotiating, as soon as we have a renewed contract or a decision, we'll let all of you know, I am optimistic one way or the other, we will improve the profit situation at Express regardless of our relationship with the post office.

很好的問題。因此，從美國郵政的角度來看，是的，與上季一樣，本季這是一個重大阻力。從談判的角度來看，我們正在與郵局進行非常協作的談判。但我認為我們也非常清楚，合約條款和協議需要進行相當大的改變才能續約。我們繼續重視這種夥伴關係。我們兩個都在桌邊。當然，我們會履行我們的服務承諾。就目前的銷售量而言，這是本財年的一個阻力。所以我們仍在談判，一旦我們續約或做出決定，我們就會讓大家知道，我對這種或那種方式感到樂觀，無論我們與 Express 的關係如何，我們都會改善 Express 的利潤狀況郵局。

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 if I look, Ground yields were up about 1% in the quarter. Ground volumes in November are now flat. So going forward, is this still an environment where Ground margin should be improving year-over-year? I guess, the comps are harder, so less improvement. But do you think you still see improvement in the back half of the year in Ground margin improvement. And then, John, you talked about just seasonality lower in Q3. Maybe just some directional color on how much lower and then what that means for Q4 and all that.

因此，如果我看一下，本季地面殖利率上漲了約 1%。 11 月的地面成交量目前持平。那麼展望未來，這仍是地面利潤率應該逐年改善的環境嗎？我想，比賽更難，所以進步也更少。但您是否認為今年下半年地面利潤率仍有改善？然後，約翰，您談到第三季的季節性較低。也許只是一些方向性的顏色，說明降低了多少，然後這對第四季度意味著什麼等等。

Sure, Scott. Thank you. Yes, looking at Ground, we're really excited about the results we're seeing at Ground. And through DRIVE and all our other initiatives, we're focused on maintaining those margins. I think we have tremendous flexibility to continue to leverage the surface modes, including rail, and Raj touched on some of those other things. In talking with the team, we also have some additional opportunities to leverage our LTL network as well. So we certainly are looking favorably on the Ground margins going forward.

當然，斯科特。謝謝。是的，看看 Ground，我們對在 Ground 看到的結果感到非常興奮。透過 DRIVE 和所有其他舉措，我們致力於維持這些利潤。我認為我們有巨大的靈活性來繼續利用包括鐵路在內的地面模式，拉傑談到了其他一些事情。在與團隊交談時，我們還有一些額外的機會來利用我們的零擔網絡。因此，我們當然看好未來的地面利潤。

With respect to Q3, and while I'm not going to give quarterly guidance, historically, it has been our lowest profitable quarter, and we expect seasonal trends to continue, but a lighter third quarter and more moderate margin improvement in Q3.

關於第三季度，雖然我不會提供季度指導，但從歷史上看，這是我們盈利最低的季度，我們預計季節性趨勢將持續下去，但第三季度的業績將較輕，第三季度的利潤率改善也更為溫和。

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。

So Raj or John, maybe can you guys comment on your nonfuel expenses at Express because I see them at about $8.9 billion now for the last 3 quarters. And I think what has gotten investors really excited around DRIVE is the idea that structural cost reductions are coming. So can you talk about that $1.8 billion that you want to achieve here? How much you've already seen at Express. And is there more to come sequentially on that cost structure? And for that Tricolor fleet initiative that you talked about, Raj, is that a signal that you're just reallocating capacity? Or should we be thinking that's a structural reduction in air capacity going forward?

Raj 或 John，也許你們可以評論一下 Express 的非燃料支出，因為我認為過去 3 個季度的非燃料支出約為 89 億美元。我認為讓投資者真正對 DRIVE 感到興奮的是結構性成本削減即將到來的想法。那麼您能談談您希望在這裡實現的 18 億美元目標嗎？您已經在 Express 上看到了多少內容。該成本結構還會有更多後續內容嗎？拉吉，對於您談到的三色艦隊計劃，這是否是您正在重新分配容量的信號？或者我們應該認為這是未來航空運力的結構性減少？

Let me start on the latter question, and I'll have John hit the former. We'll size the overall capacity to what the demand looks like, and we are very prudent in that. In fact, we're checking down a lot of flight hours in the last 12 months accordingly. So the one part of it is sizing the capacity to demand. But within that capacity, now there's a fundamental restructuring that allows us to really improve our service on our core IP business, improve density across all our networks and then essentially bring to a lower cost point and access some of our ground networks that are really unparalleled. So that's the idea with Tricolor. And so let me turn it over to John for the other part.

讓我從後一個問題開始，然後我將讓約翰回答前一個問題。我們將根據需求調整整體產能，對此我們非常謹慎。事實上，我們正​​在相應地檢查過去 12 個月內的大量飛行時間。因此，其中的一部分就是調整需求能力。但在這種能力範圍內，現在進行了根本性的重組，使我們能夠真正改善我們的核心 IP 業務服務，提高我們所有網絡的密度，然後從根本上降低成本並訪問我們一些真正無與倫比的地面網絡。這就是 Tricolor 的想法。所以讓我把另一部分交給約翰。

Sure. Thanks, Raj. So the majority of our adjusted operating expense decline in the first half was the result of lower volume-related expenses as we've continued to align our costs across the enterprise with reduced volumes. In addition, as you pointed out, we're making strong progress on our DRIVE, and we are on track to achieve the $1.8 billion in structural savings in fiscal year '24 that we talked about. It's fairly evenly spread throughout the year with slightly more heavily weighted in the second half as some of these initiatives take hold. In Q2, Raj touched on some of the points in his presentation of structural cost reductions included approximately $115 million in the air and international permanent savings category, $200 million in surface savings and over $100 million in G&A. So we're on track for that $1.8 billion as well.

當然。謝謝，拉吉。因此，上半年我們調整後的營運費用下降的主要原因是與銷售相關的費用減少，因為我們繼續根據銷售量的減少調整整個企業的成本。此外，正如您所指出的，我們在 DRIVE 方面正在取得強勁進展，並且我們預計在 24 財年實現我們談到的 18 億美元的結構性節約。全年分佈相當均勻，下半年隨著其中一些措施的實施，權重略有增加。在第二季度，Raj 在介紹結構性成本削減時談到了一些要點，其中包括航空和國際永久成本節省約 1.15 億美元、地面成本節省 2 億美元以及一般管理費用超過 1 億美元。因此，我們也有望實現 18 億美元的目標。

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。

I just wanted to go back to the air network redesign commentary for a moment. Just to be clear, was that contemplated within your initial DRIVE program? And then, I guess, were there costs associated with that in the second quarter? And if so, could you break that out? And then finally, as you sort of think about when you're going to start seeing a benefit from this network redesign, is that something we could see -- show up in the second half of this fiscal year? Or is that more of an FY '25 event?

我只是想暫時回到空中網路重新設計評論。需要明確的是，您最初的 DRIVE 計劃是否考慮過這一點？然後，我想第二季是否有與此相關的成本？如果是這樣，你能解決這個問題嗎？最後，當你思考什麼時候你會開始看到網路重新設計帶來的好處時，我們是否可以看到──在本財年下半年出現？還是這更像是 25 財年的活動？

Thanks Jack. It's John. So yes, Tricolor was factored into our outlook. It's something we've been looking at for quite a while. It's very well developed. We're looking forward to implementation, and it is factored into our full year outlook. From a cost standpoint, we're leveraging, as Raj said, the assets that we have. There may be some incidental facilities costs that we incur, but nothing that I would describe in the material category.

謝謝傑克。是約翰。所以，是的，Tricolor 已納入我們的前景之中。這是我們已經研究了一段時間的事情。它非常發達。我們期待著實施，並將其納入我們的全年展望中。從成本的角度來看，正如拉吉所說，我們正在利用我們擁有的資產。我們可能會產生一些附帶的設施成本，但我不會在材料類別中描述任何費用。

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。

I wanted to see if you could offer some -- a little bit of help on what the yields look like ex fuel, so perhaps Ground and Domestic Express. What did those revenue per piece numbers look like ex fuel? And then some thoughts on what the pricing environment is doing. I mean I think there's certainly been some evidence out there that UPS is competing to get business back and you're competing as well. And so I'm just wondering if you are seeing some of that, and that's a point of pressure as well just in terms of getting a bit less price than you had expected.

我想看看你們是否可以提供一些關於燃油收益的一些幫助，也許是地面和國內快遞。這些每件收入的數字看起來像什麼（不含燃料）？然後是對定價環境的一些思考。我的意思是，我認為確實有一些證據表明 UPS 正在競相奪回業務，而你們也在競爭。所以我只是想知道您是否看到了其中的一些情況，這也是一個壓力點，因為價格比您預期的要低一些。

Hi, Tom, thank you for the question. It's Brie. I think the most important thing is that the market is quite rational. Yes, the yields have reset since the height of the pandemic, but I think everybody in this room fully anticipated that. As we mentioned, we continue to get a higher yield per package per segment in the U.S. domestic market than our primary competitor, and we're very proud of that. We've been able to maintain that yield leadership and take market share.

嗨，湯姆，謝謝你的提問。這是布里。我認為最重要的是市場還是比較理性的。是的，自大流行最嚴重以來，收益率已經重置，但我認為在座的每個人都充分預料到了這一點。正如我們所提到的，與我們的主要競爭對手相比，我們在美國國內市場上每個細分市場的每個包裝的產量繼續提高，我們對此感到非常自豪。我們已經能夠保持產量領先地位並佔據市場份額。

So, yes, it's a competitive market, but it's overall very rational, and we feel really good about the team's performance. From an overall demand or performance in the quarter, we're actually quite pleased where yield was in totality. As Raj talked about, we do have some pressures from a mix perspective. But that was more of an Express story. We feel really good about Ground. And actually, when you double-click and we look at the market share we gained, we actually took more share in the B2B segment. So from a mix perspective, that's helping.

所以，是的，這是一個競爭激烈的市場，但總體來說是非常理性的，我們對團隊的表現感覺非常好。從本季度的整體需求或表現來看，我們實際上對整體收益率感到非常滿意。正如 Raj 所說，從混合角度來看，我們確實面臨一些壓力。但這更像是一個《快報》的故事。我們對地面感覺非常好。事實上，當你雙擊我們所獲得的市場份額時，我們實際上在 B2B 領域佔據了更多份額。所以從混合的角度來看，這是有幫助的。

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, Raj, I want to kind of come back to the struggles of the Express segment here, obviously, bopping around between sort of 2% and 4% on the margin side. If you think about this on a 3-year view, obviously, we have a lot of plans that are in place to pull cost out and we've got a lot of initiatives to work on this. At what point do you say like we haven't gotten to where we want to go and we need to think about something else, deeper or more structural around the business. I'm just trying to like address some investor concerns that I've certainly been hearing about. Is the margin profile here fixable? And if it's not, then what's going to happen next?

所以，Raj，我想回到 Express 領域的困境，顯然，利潤率在 2% 到 4% 之間波動。如果你從三年的角度來考慮這個問題，顯然，我們已經制定了很多計劃來降低成本，並且我們已經採取了很多措施來解決這個問題。您認為我們什麼時候還沒有達到我們想要的目標，我們需要圍繞著業務思考其他更深入或更結構化的事情。我只是想解決一些我確實聽說過的投資者擔憂的問題。這裡的保證金配置可以修復嗎？如果不是，那麼接下來會發生什麼事？

So we're very confident in the future potential for Express. And I think if you look at the -- I mean, you've got to take a step back and look at the vagaries of the global supply chain over the last few years. And we have -- the pandemic was one of those biggest supply chain bullwhip effects we've seen in the last 30 to 40 years, and we are in the aftermath of that. We have seen now multiple quarters of the market being down. So here we are in a situation where we are growing faster in the market and yet the overall demand environment is weak for our sector.

所以我們對 Express 的未來潛力非常有信心。我認為，如果你看看——我的意思是，你必須退後一步，看看過去幾年全球供應鏈的變幻莫測。這場大流行是過去 30 到 40 年來我們所見過的最大的供應鏈牛鞭效應之一，而我們正處於其後果之中。我們現在已經看到市場多個季度都在下跌。因此，我們面臨的情況是，我們在市場上的成長速度更快，但我們行業的整體需求環境卻很疲軟。

So the structural changes that we are putting in the Express network are real, and they are actually designed to improve our profitability and return on invested capital. I'm very confident that the margins in Express will return and the structural cost, the takeout that's continuing to take place it will serve us very well and especially as the demand profile returns is going to be a very good opportunity for FedEx in the future.

因此，我們在快遞網路中進行的結構性變革是真實的，它們實際上是為了提高我們的獲利能力和投資資本回報率而設計的。我非常有信心快遞的利潤率將會恢復，結構性成本以及持續發生的外賣將為我們提供很好的服務，特別是需求狀況的恢復將成為聯邦快遞未來的一個非常好的機會。

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

下一個問題將來自 Melius Research 的 Conor Cunningham。

Just quickly, does the pilot contract -- the lack of pilot contract, what you can do just in terms of pulling out your Express costs? And then on Network 2.0, I think in the past, you've talked about how you're testing that in certain markets. Just curious on how those markets have performed relative to expectations.

很快，試點合約——缺乏試點合同，你能做些什麼來降低你的快遞成本？然後，關於網路 2.0，我想您過去已經談到過如何在某些市場進行測試。只是好奇這些市場相對於預期的表現如何。

So I'll touch on the pilot piece, if I understood your question. Look, most of what we're doing here is to increase the utilization of our assets and leverage the Purple network. So the pilot contract allows for flex up and flex down. But where we are now is looking to take full advantage of assets that we have. So there -- we'll work within the agreement constraints, but we have a fair amount of flexibility to execute on Tricolor and our other initiatives here.

如果我理解你的問題，我會談談試點部分。看，我們在這裡所做的大部分工作是提高資產的利用率並利用 Purple 網路。因此，試點合約允許向上彎曲和向下彎曲。但我們現在正在尋求充分利用我們擁有的資產。因此，我們將在協議限制範圍內開展工作，但我們有相當大的靈活性來執行 Tricolor 和我們的其他計劃。

I'm sorry, I'm not sure I caught the full part of the second part of your question.

抱歉，我不確定我是否聽懂了您問題第二部分的全部內容。

On Network 2.0, if that's your question, I think this fits in quite well. There's no strength, we're talking about on the pilot side on Network 2.0. In fact, it's complementary from my perspective.

在網路 2.0 上，如果這是您的問題，我認為這非常適合。沒有力量，我們談論的是網路 2.0 的試點方面。事實上，從我的角度來看，這是互補的。

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

您的下一個問題將由富國銀行的艾莉森·波利尼亞克（Allison Poliniak）提出。

Looking at purple today, just how much of that volume that's going on purple tail today that could go on white as an example? And if there's any context that you can provide in terms of the relative cost savings there?

看看今天的紫色，今天紫色尾巴上的體積有多少可以變成白色的？您是否可以提供有關相對成本節省的任何背景資訊？

Hey, Allison, we didn't hear the first part of your question. Could you please repeat it?

嘿，艾莉森，我們沒有聽到你問題的第一部分。您能再說一次嗎？

Sure. Just trying to understand in terms of the volume impact from Tricolor, how much that's going on, say, a purple tail today could eventually go on white and sort of what the cost impact would be to FedEx by doing that?

當然。只是想了解三色旗對數量的影響，比如說，今天的紫色尾巴最終可能會變成白色，以及這樣做對聯邦快遞的成本影響是什麼？

So -- and just to answer that question, I think one of the things that you remember is that the lot of the growth that's happening in the international space is happening in the deferred space, in the Air Freight space and also e-commerce. So whether -- as the future market evolves, this is the right design for us to be able -- to serve each part of the market with the right network in place. Now how much where it's going to fit in, that's yet to be determined as the market evolves. But again, what we're designing for is the right network for the right kind of traffic. So we have an opportunity to be able to grow profitably in the international space.

因此，為了回答這個問題，我認為您記得的一件事是，國際領域發生的大量成長發生在延期領域、空運領域以及電子商務領域。因此，隨著未來市場的發展，這是否是我們能夠透過適當的網路服務於市場各個部分的正確設計。現在，隨著市場的發展，它的適應程度仍有待確定。但同樣，我們設計的目的是為正確類型的流量提供正確的網路。因此，我們有機會在國際領域實現獲利成長。

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

您的下一個問題將由德意志銀行的 Amit Mehrotra 提出。

I guess, I just want to come back to, I think, Chris Wetherbee's question. and talk about, I mean typically, John, we see Express profits go down, I don't know, about 50% sequentially from 2Q to 3Q. Obviously, 2Q is not where we wanted it to be, but any sense of seasonality -- normal seasonality? Or are we -- is it that type of magnitude relative to where we are in the second quarter?

我想，我只是想回到克里斯‧韋瑟比的問題。約翰，我的意思是，通常情況下，我們看到 Express 的利潤下降了，我不知道，從第二季到第三季連續下降了大約 50%。顯然，第二季度不是我們想要的，但有季節性的感覺嗎——正常的季節性？或者說，相對於第二季的情況，我們的規模是這樣的嗎？

And then just related to that, I'm having a little bit of a hard time or maybe a lot of hard time understanding sequentially revenue is up in Express packages were up, composite yield was up, DRIVE savings were up, but profits were down. So maybe you can dumb it down for me, but I really don't understand why profits would be down sequentially when all those pieces of mix and revenue are up sequentially.

與此相關的是，我遇到了一點困難，或者可能很難理解快遞套餐中的收入連續增加，綜合收益率上升，DRIVE 節省增加，但利潤下降。所以也許你可以幫我簡化一下，但我真的不明白為什麼當所有這些組合和收入依次上升時，利潤會依次下降。

So I'll start with the discussion on Q3. I'm not going to be giving Q3 guidance. But as I said, I think it's reasonable to expect that typical seasonality will apply. I will say for Q3, in particular, due to FedEx Ground's very strong performance in last year's third quarter with Ground operating margin inflecting positive by 240 basis points versus the prior year. We'll have a more difficult comparison. But I think it's fair to say seasonality will play a role.

所以我將從第三季的討論開始。我不會提供第三季的指導。但正如我所說，我認為可以合理地預期典型的季節性將適用。我要特別提到的是第三季度，因為 FedEx Ground 在去年第三季的表現非常強勁，Ground 營運利潤率比去年同期成長了 240 個基點。我們將進行更困難的比較。但我認為可以公平地說季節性將發揮作用。

Now with regard to the Express margins and the profits, we're going to continue to be laser-focused on that. As I said, our cost structure did not anticipate the higher demand. You cannot underestimate the impacts of all the things that Raj and Brie talked about. If you look to the year-over-year decline in the U.S. Postal Service volume, combined with some of the minimum service requirements that are required that really has a drag on your cost. And what I will say, too, is we're really well pensioned when volumes return in light of all the initiatives we're taking right now.

現在，關於快遞的利潤和利潤，我們將繼續高度關注。正如我所說，我們的成本結構並沒有預見到更高的需求。你不能低估拉吉和布里談論的所有事情的影響。如果您看到美國郵政服務量的逐年下降，再加上所需的一些最低服務要求，這確實會拖累您的成本。我還要說的是，鑑於我們現在採取的所有舉措，當銷量恢復時，我們確實得到了豐厚的退休金。

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。

John, just keeping with that. You mentioned a few times now that the costs were kind of above and beyond what you would normally have for this type of demand environment and you're laser-focused on it. Those costs that I would imagine, are variable that you would look to pull out pretty quickly over the course of the next couple of months, especially with the seasonal slowdown in Express? Or do you have to kind of manage keeping some of those costs on, as you noted, for when volumes come back? Just trying to think again about the pace of the margin improvement potential at Express. Can it happen very quickly? Or do you kind of have to keep a little bit more cost on, just in case the demand comes back sooner than expected?

約翰，堅持下去。您現在多次提到，成本有點高於此類需求環境的通常成本，並且您非常關注它。我想像的這些成本是可變的，您希望在接下來的幾個月內快速消除這些成本，尤其是在 Express 的季節性放緩的情況下？或者，正如您所指出的，您是否必須設法在銷售恢復時保留其中一些成本？只是想再次思考 Express 利潤率改善潛力的速度。它能很快發生嗎？或者您必須保留更多一點的成本，以防需求比預期更快恢復？

Great. That's really a great question. And I think the answer is yes to all of that, right? And what I would throw in as well is maintaining our high standards of service that Brie talked about. We're factoring in all those factors, the ability to take on additional volumes when it returns, coupled with maintaining the highest quality service that Brie talked about, but also with a sense of urgency to be focused on that which we can take out as quickly as possible without prejudicing those 2 very important factors.

偉大的。這確實是一個很好的問題。我認為所有這些問題的答案都是肯定的，對吧？我還要補充的是保持布里談到的我們的高標準服務。我們正在考慮所有這些因素，當它返回時能夠承擔額外的數量，再加上保持布里談到的最高品質的服務，但也有一種緊迫感，專注於我們可以拿出來的東西在不損害這兩個非常重要的因素的情況下盡快完成。

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。

It sounds like the [deferred] day network underutilization there with your core customer has been a bigger problem than (inaudible) realized the bottom line of Express. Can you talk a little bit about if we get to a point where you do end up walking away or significantly downsizing that customer into next year. What are your options for consolidating that network, either with some of your Ground opportunities or so the night network. Are there options for the day network going away sizably and in addition to subtraction trend into next year and the year beyond?

聽起來您的核心客戶的[延遲]天網路利用率不足是一個比（聽不清楚）意識到 Express 底線更大的問題。您能否談談我們是否已經到了明年您最終會離開或大幅縮減該客戶規模的地步。您可以選擇哪些方式來鞏固該網絡，無論是地面機會還是夜間網絡。除了明年和後年的減法趨勢之外，是否還有其他方案可以讓當天的網路大幅消失？

Yes, it's a fair question. One of the things that we have been pretty candid about is that we are planning actively for both scenarios that we are working in completely good faith to maintain this relationship and improve the profitability and deliver the service that USPS would like. And we think, quite frankly, that FedEx is uniquely positioned to deliver. In parallel, through our DRIVE initiatives, we already are working our plan, if that is not the case, so that we can continue to grow Express margin and deliver on our DRIVE's commitment as we have previously stated.

是的，這是一個公平的問題。我們相當坦誠的一件事是，我們正在積極規劃這兩種情況，我們完全真誠地致力於維持這種關係，提高盈利能力並提供 USPS 想要的服務。坦白說，我們認為聯邦快遞在交付方面具有獨特的優勢。同時，透過我們的 DRIVE 計劃，我們已經在製定我們的計劃（如果情況並非如此），以便我們能夠繼續增加快遞利潤並兌現我們先前聲明的 DRIVE 承諾。

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。

So it was mentioned a few times that fuel was a headwind for yields as surcharges were coming down. Maybe with some context around that, did that have the timing effect? Did it have any negative impact on operating income and sort of what you think for the rest of this year?

因此，有人多次提到，隨著附加費的下降，燃料對產量來說是一種阻力。也許在一些背景下，這會產生時間效應嗎？它對營業收入以及您對今年剩餘時間的看法是否有任何負面影響？

And then Brie, maybe you can talk a little bit about in Freight with the auction that went on a couple of weeks ago, there's another one going on right now. You've closed a few facilities. Do you still think that market stays disciplined now that some of the capacity has changed hands.

然後布里，也許你可以在貨運中談談幾週前舉行的拍賣會，現在還有另一場拍賣會正在進行。您已經關閉了一些設施。既然部分產能已易手，您是否仍認為市場仍保持紀律？

Yes. Great question, and we'll start with the second one first. We are seeing, yes, a very disciplined freight market. And I will say, I think we're leading the disciplined freight. If you look at the volume that we took during the summer, we really like what we got. We actually were quite surprised that we found some really high-yielding customers, and those customers have been very vocal about the great service that FedEx Freight is delivering. And so market is rational. We're delivering a great service. Lance and the team have just done an outstanding job. And so we're continuing to be very optimistic about the margin profile in the future of FedEx for freight.

是的。很好的問題，我們先從第二個問題開始。是的，我們看到的是一個非常有紀律的貨運市場。我想說，我認為我們正在引領有紀律的貨運。如果你看看我們在夏天拍攝的數量，我們真的很喜歡我們得到的東西。事實上，我們非常驚訝我們發現了一些真正高收益的客戶，這些客戶對聯邦快遞貨運提供的優質服務直言不諱。所以市場是理性的。我們正在提供優質的服務。蘭斯和他的團隊剛剛完成了出色的工作。因此，我們繼續對聯邦快遞貨運業務未來的利潤狀況非常樂觀。

I have to admit I forgot the first half of the question. Fuel, thank you. So yes, fuel was a headwind, obviously, at the top line and the bottom line in the quarter. Moving forward, we do anticipate that fuel overall will be a headwind for the year.

我必須承認我忘記了問題的前半部。加油，謝謝。所以，是的，燃料顯然是本季收入和利潤的逆風。展望未來，我們確實預期燃料整體將成為今年的阻力。

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 a question more on the macro. Is it your expectation that there's not going to be any macro improvement for the balance of this fiscal year or maybe even for all of calendar 2024, I mean there has been a lot of destocking. Online sales weren't too bad and some would say consumer spend might be pretty good next year. So just sort of curious your thoughts or color on the macro expectations that you've thought through in terms of your numbers.

只是一個關於宏觀的問題。您是否預計本財年的餘額或甚至 2024 年全年宏觀經濟不會出現任何改善？我的意思是，庫存已經大量減少。網路銷售還不錯，有些人會說明年的消費者支出可能會相當不錯。因此，只是好奇您對您根據數字所考慮的宏觀預期的想法或顏色。

Yes. Thank you, Jordan. I think on the macro, we have been pretty consistent over the last few quarters about 2 or 3 things. One is that the industrial production around the world continues to be weak. And again, that's reflected in our Express Freight numbers and even in our domestic Express numbers. even though we are growing faster than the market, these are headwinds to the -- for the industry volume.

是的。謝謝你，喬丹。我認為在宏觀方面，過去幾季我們在兩三件事上保持了相當一致的態度。一是全球工業生產持續疲軟。同樣，這也反映在我們的快遞貨運數量甚至國內快遞數量。儘管我們的成長速度快於市場，但這些都是產業銷售的阻力。

On the consumer spending, I think the mix between goods and services, I think now that's nearly back to the prepandemic levels. As far as inventory is concerned, we believe that the inventory destocking phase is over, but the restocking phase is yet to begin in earnest. So we -- for the rest of the fiscal year, we're not assuming any kind of improvement in these trends. Obviously, if that changes, that will be a positive. And we are definitely, and we have said this over and over again over the last few quarters, we're focused on the things that we can control. And that's why we are so focused on the execution of DRIVE. And again, I just reiterate that I'm so proud of the team for delivering meaningful bottom line improvement despite the challenges on the top line.

在消費者支出方面，我認為商品和服務之間的組合現在幾乎回到了疫情前的水平。就庫存而言，我們認為去庫存階段已經結束，但補庫存階段尚未真正開始。因此，在本財年剩餘時間內，我們不認為這些趨勢會出現任何改善。顯然，如果這種情況發生變化，那將是積極的。我們絕對是，而且我們在過去幾個季度一遍又一遍地說過，我們專注於我們可以控制的事情。這就是為什麼我們如此關注 DRIVE 的執行。我再次重申，儘管面臨頂線挑戰，但我為團隊實現了有意義的底線改進感到非常自豪。

The next question will come from Scott Schneeberger with Oppenheimer.

下一個問題將由史考特·施尼伯格和奧本海默提出。

It's, Brie, probably for you. Could you address, as you took a good amount of share over the summer, from UPS in its situation. What are you seeing competitively out there now that we're in peak season as far as it was asked a little earlier on pricing. But how are you holding up as far as maintaining your customers, if you could address this on large and on small and midsize and to go forward question as well, going into the next year and how you think you'll hold up [FX].

布里，這可能是給你的。由於您在整個夏天從 UPS 獲得了大量份額，因此您能否談談目前的情況。現在我們正處於旺季，就早些時候詢問的定價而言，您看到的競爭是什麼？但是，如果您能解決大型、小型和中型客戶的問題，那麼您如何維持客戶的穩定，並繼續提出問題，進入明年，您認為您將如何維持[FX] 。

Okay. Scott, let me try to unpack that. I think, first of all, from a peak perspective, our peak volumes are very much in line with what we anticipated for the month of December. And from a structural pricing perspective in peak, as you know peak surcharges are a significant contribution to the month of December and we're very pleased. They continue to be something that we are enforcing and customers really understand that. They are there to cover the incremental costs from our largest [seeking] customers. So from a peak perspective, we feel really good.

好的。史考特，讓我試著解開這個謎團。我認為，首先，從高峰角度來看，我們的高峰成交量與我們對 12 月的預期非常一致。從高峰時段的結構性定價角度來看，如您所知，高峰附加費對 12 月的貢獻很大，我們對此感到非常高興。它們仍然是我們正在執行的事情，客戶也真正理解這一點。他們的存在是為了支付我們最大的[尋求]客戶的增量成本。所以從巔峰的角度來看，我們感覺非常好。

As I mentioned, there is no question I get asked more around here is are we holding on to all of the share that we took from UPS. And the answer I can give you is confidently yes. We gave you last quarter the 400,000 average daily packages. That's a slightly conservative number. We are tracking all accounts that we won specifically because of their concerns on the labor negotiation. The vast majority of those had an early termination clause. And to my knowledge, we have not lost a single one of those accounts.

正如我所提到的，毫無疑問，我在這裡被問到的更多問題是，我們是否保留了從 UPS 獲得的所有份額。我可以自信地給你的答案是肯定的。上季我們為您提供了平均每日 400,000 個包裹。這是一個稍微保守的數字。我們正在追蹤所有因關注勞資談判而贏得的客戶。其中絕大多數都有提前終止條款。據我所知，我們沒有遺失任何一個帳戶。

Now of course, we do trade accounts with UPS, and we have accounted for the trades between the 2 of us over the last quarter, and we're still up more than 400 average daily packages in the United States. In addition, we looked at their Q3 numbers, we've gained share. And also, I think it's important to note, we gained share here in the United States, but globally, we outperformed the market. So it's a confident, yes. And we have the better value proposition. I believe we have the better commercial team. I'm confident we'll hold on.

當然，現在我們和UPS有貿易帳戶，我們已經統計了上個季度我們兩個人之間的交易，而且我們在美國的日均包裹數量仍然超過400個。此外，我們查看了他們第三季的數據，我們已經獲得了份額。而且，我認為值得注意的是，我們在美國獲得了份額，但在全球範圍內，我們的表現優於市場。所以這是一個自信，是的。我們有更好的價值主張。我相信我們有更好的商業團隊。我有信心我們會堅持下去。

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。

Appreciate the question. Maybe touching on the prior one, talking about the demand environment. First, I'm kind of curious what you're seeing on the international side of your business and just the reports of tighter air cargo markets from kind of the lower cost, e-commerce exports out of Asia, if that's had an impact as of late on your business. And then more of a broader view what's your view on when you think this volume environment might finally turn the corner here just based on what you're seeing today.

感謝這個問題。也許會觸及上一個，談論需求環境。首先，我有點好奇你們在國際業務方面看到了什麼，以及來自亞洲的低成本電子商務出口的航空貨運市場收緊的報道，如果這有影響的話你的生意遲到了。然後，當您認為這個數量環境可能最終會根據您今天所看到的情況出現拐點時，您會有更廣泛的看法。

Sure. Great question. I think as Raj mentioned, of course, we're tracking all of the same economic indicators that all of you are tracking. And when you look at some of those indicators, you do start to see optimism, what we're doing is we're planning conservatively. Right now, we believe that we will see FedEx sequential improvement throughout the back half, but the overall market demand will not change within our fiscal year.

當然。很好的問題。我認為正如拉傑所提到的，當然，我們正在追蹤你們所有人正在追蹤的所有相同的經濟指標。當你看到其中一些指標時，你確實開始看到樂觀情緒，我們正在做的是保守計劃。目前，我們相信聯邦快遞在下半年會較上月改善，但整體市場需求在本財年不會改變。

When we've seen the momentum, I talked about a couple of places where we've got momentum, specifically on parcel. That -- the vast majority of that is 2 things. It's e-commerce and its market share gain. When we look at the largest indicator of industrial production and what we're seeing, we're not seeing a lot of restocking in our numbers yet. It doesn't mean that it won't come, but we're not seeing it yet. One of the greatest indicators of that is actually, if you look at our freight business outside of the United States, weights are not where they need to be. Shipment volume was decent, but it's really the weight that we're looking at and weight per shipment is still down dramatically, as you can see in the numbers. So we're planning conservatively. We're focused very much on what we can control. And of course, we'll keep you updated as things move on.

當我們看到這種勢頭時，我談到了我們有動力的幾個地方，特別是在包裹方面。其中絕大多數是兩件事。這是電子商務及其市場份額的成長。當我們觀察最大的工業生產指標和我們所看到的情況時，我們還沒有看到大量的庫存補充。這並不意味著它不會到來，但我們還沒有看到它。事實上，最重要的指標之一是，如果你看看我們在美國以外的貨運業務，你會發現重量不在他們需要的地方。發貨量還不錯，但我們真正關注的是重量，每批發貨的重量仍然大幅下降，正如您在數字中看到的那樣。所以我們正在保守地計劃。我們非常關注我們可以控制的事情。當然，隨著事情的進展，我們會及時向您通報最新情況。

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。

Just maybe want to get a follow-up on Network 2.0. If you could give us an update on where you are with the market network integration. I imagine it was a little bit slower during peak season, but what's been completed at this point? And what markets are next? And then maybe just a follow-up for John here in terms of the model, where should we think about -- where the impact of those changes occur with regard to the [opcos]?

也許只是想獲得 Network 2.0 的後續內容。您能否向我們介紹您在市場網絡整合的最新進展？我想旺季的速度會慢一些，但現在已經完成了什麼？接下來是什麼市場？然後，也許只是約翰在模型方面的後續行動，我們應該在哪裡考慮——這些變化對 [opcos] 的影響發生在哪裡？

Okay. Bruce, let me take the first part, and then I'll turn it over to John. As we have -- we are on track to -- on Network 2.0 for -- in implementation, as we have told you by fiscal year '27. We have announced and/or implemented optimization changes in Alaska, Hawaii, Canada as well as several locations in the Lower 48, and we have learned a lot in this process. And in January, we'll announce the next wave of rollout once we get past the peak season. So overall, we are on track. We're learning a lot in this process here. We're building the right technology solutions and the facilities required to move forward, and I'm quite pleased with the progress.

好的。布魯斯，讓我先講第一部分，然後我會把它交給約翰。正如我們在 27 財年告訴您的那樣，我們正在實施網路 2.0。我們已經在阿拉斯加、夏威夷、加拿大以及美國 48 個州的幾個地點宣布和/或實施了優化更改，我們在這個過程中學到了很多東西。一月份，一旦過了旺季，我們將宣布下一波推出。總的來說，我們正在步入正軌。我們在這個過程中學到了很多。我們正在建造正確的技術解決方案和前進所需的設施，我對進展感到非常滿意。

Yes. And Raj, what I would just add to that is that our expectations as a result of all that planning is factored into our guidance.

是的。 Raj，我要補充的是，我們對所有規劃的期望都已納入我們的指導中。

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。

So thank you very much. And in closing, we are showing clear progress on our transformation delivering an unprecedented 2 consecutive quarters of operating income growth and margin expansion even with lower revenue. At the same time, we are providing our customers with outstanding service and speed through the peak and beyond. I'm very confident in our path ahead as we become a more flexible, efficient and intelligent company.

非常感謝。最後，我們在轉型方面取得了明顯進展，即使在收入較低的情況下，也實現了前所未有的連續兩季的營業收入成長和利潤率擴張。同時，我們為客戶提供卓越的服務和速度，超越巔峰。我對我們未來的道路充滿信心，因為我們將成為一家更有彈性、更有效率和智慧的公司。

Let me take this opportunity to once again thank the FedEx team members who are delivering just as simply an outstanding peak. It's the best peak season I can remember in some time to come. And we also take this opportunity to wish everyone on this call and all our FedEx team members a very, very happy holiday season. Thank you very much.

讓我藉此機會再次感謝聯邦快遞團隊成員，他們的表現也同樣出色。這是我記憶中未來一段時間最好的旺季。我們也藉此機會祝福參加本次電話會議的每個人以及我們所有的聯邦快遞團隊成員度過一個非常非常愉快的假期。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。您現在可以斷開連線。