聯邦快遞 (FDX) 2024 Q3 法說會逐字稿

Good day, and welcome to the FedEx Fiscal Year 2024 Third 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 財年第三季財報電話會議。 （操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Jeni Hollander, Vice President of Investor Relations. Please go ahead.

現在我想將會議交給投資者關係副總裁 Jeni Hollander。請繼續。

Good afternoon, and welcome to FedEx Corporation's Third Quarter Earnings Conference Call. The third quarter earnings release, Form 10-Q and stat book are on our website at 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. During our Q&A session, callers will be limited to 1 question 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三季財報電話會議。第三季財報發布、10-Q 表格和統計數據可在我們的網站 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。在我們的問答環節中，來電者將被限制提出 1 個問題，以便我們能夠滿足所有願意參與的人的需求。

Certain statements in this conference call may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks, uncertainties and other factors that 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.

本次電話會議中的某些陳述可能被視為1995 年《私人證券訴訟改革法案》中定義的前瞻性陳述。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所表達的結果有重大差異或此類前瞻性陳述所暗示的。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。

Today's presentation also includes certain non-GAAP financial measures. 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.

今天的演示還包括某些非公認會計準則財務指標。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 and Chief Customer Officer; and John Dietrich, Executive Vice President and CFO.

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)。

Now I will turn the call over to Raj.

現在我將把電話轉給 Raj。

Thank you, Jeni, and welcome to your first earnings call at FedEx. We are happy to have you on board leading the Investor Relations team.

謝謝你，Jeni，歡迎參加聯邦快遞的第一次財報電話會議。我們很高興您加入領導投資者關係團隊。

Before we discuss the quarter, I would like to congratulate Rob Carter on his upcoming retirement, which we announced last week. He has served as CIO for the last 24 years leading FedEx in modernizing our IT infrastructure. I'm immensely grateful to Rob for his numerous contributions in establishing FedEx as an innovative, data-driven and a people-focused company. We thank him for his dedication and service to FedEx over the years, and wish him well in his upcoming retirement.

在我們討論本季之前，我要祝賀 Rob Carter 即將退休，我們上週宣布了這一消息。過去 24 年來，他一直擔任首席資訊官，領導 FedEx 實現 IT 基礎設施現代化。我非常感謝 Rob 在將聯邦快遞打造成創新、數據驅動和以人為本的公司方面做出的巨大貢獻。我們感謝他多年來對聯邦快遞的奉獻和服務，並祝他即將退休。

Thank you also to the FedEx team for their exceptional work in Q3 by providing superior service for customers and delivering strong results, all while advancing our transformation initiatives.

也要感謝聯邦快遞團隊在第三季的出色工作，為客戶提供優質服務並取得強勁成果，同時推進我們的轉型計劃。

For the third consecutive quarter, we delivered operating income growth and margin expansion in a declining revenue environment. This is a very positive dynamic and a unique one in our industry. It demonstrates clear progress on our transformation and ability to manage what's within our control through DRIVE.

在收入下降的環境下，我們連續第三個季度實現了營業收入成長和利潤率擴張。這是一種非常積極的動力，也是我們產業中獨一無二的。它展示了我們在轉型方面取得的明顯進展以及透過 DRIVE 管理我們控制範圍內的事情的能力。

We're strengthening our value proposition, improving the customer experience and increasing profitability. This progress supports our long-term goals for sustainable margin expansion, improvements in ROIC and value creation for our stockholders.

我們正在強化我們的價值主張，改善客戶體驗並提高獲利能力。這項進展支持了我們可持續利潤擴張、提高投資資本回報率和為股東創造價值的長期目標。

Now turning to the details. Our transformation is driving continued improvements in adjusted operating income, margins and earnings per share. At the enterprise level, we delivered a 16% improvement in adjusted operating income and adjusted margin expansion of 90 basis points compared to the prior year, even as revenue declined 2%.

現在轉向細節。我們的轉型正在推動調整後營業收入、利潤率和每股盈餘的持續改善。在企業層面，儘管收入下降了 2%，但與前一年相比，我們的調整後營業收入提高了 16%，調整後利潤率增加了 90 個基點。

Adjusted operating income growth was driven by continued strength at Ground and improvement at Express. At the segment level, I'm particularly pleased with the results at Ground, where adjusted operating income increased 14% on 1% revenue growth and adjusted operating margin improved to over 11% in the quarter. This reflects continued progress controlling expenses and effective yield management, including the ramping benefits from DRIVE.

調整後的營業收入成長是由地面航空的持續成長和快遞航空的改善所推動的。在細分市場層面，我對 Ground 的業績特別滿意，該季度調整後的營業收入在收入增長 1% 的基礎上增長了 14%，調整後的營業利潤率提高到 11% 以上。這反映了控制費用和有效收益管理的持續進展，包括 DRIVE 帶來的收益不斷增加。

At Freight, the team's continued focus on profitable growth and cost management delivered strong margins and mitigated year-over-year volume challenges. Service levels remain exceptionally high, demonstrating our differentiated execution capabilities.

在 Freight，團隊持續專注於獲利成長和成本管理，帶來了強勁的利潤並緩解了同比銷售挑戰。服務水準仍然非常高，並展示了我們差異化的執行能力。

We're also making progress at Express, where adjusted operating income increased enabled by our ability to remove structural costs.

我們在 Express 方面也取得了進展，由於我們消除結構性成本的能力，調整後的營業收入增加。

Looking ahead, we are reaffirming the midpoint of our fiscal '24 adjusted EPS range while narrowing the range to $17.25 to $18.25. In fact, we now expect to deliver adjusted earnings above the midpoint of the range we shared last June despite full year revenue expectations that have deteriorated significantly over the past 9 months. This is clear evidence of our ability to execute.

展望未來，我們重申 24 財年調整後每股收益範圍的中點，同時將範圍縮小至 17.25 美元至 18.25 美元。事實上，儘管全年收入預期在過去 9 個月中大幅惡化，但我們現在預計調整後收益將高於去年 6 月公佈的區間中點。這是我們執行能力的明確證據。

Turning to the Express business. It is my top priority to continue to make the changes necessary to align our air network with an evolving demand environment and unlock the full profit opportunity. While we have made progress at Express this quarter, there are several areas we are aggressively working to address in order to accelerate profit improvement: service mix, network utilization, continued inflation and other cost headwinds.

轉向快遞業務。我的首要任務是繼續進行必要的變革，使我們的航空網絡適應不斷變化的需求環境，並釋放全部利潤機會。雖然本季我們在 Express 方面取得了進展，但我們正在積極努力解決幾個領域的問題，以加速利潤的提高：服務組合、網路利用率、持續的通貨膨脹和其他成本阻力。

First, with respect to service mix. We're seeing a clear international market shift towards deferred services. This is tied in part to the rapid growth of many of our e-commerce customers, where we are a critical enabler of global trade, offering unique solutions for our customers. More on how we are addressing this mix shift shortly.

首先，關於服務組合。我們看到國際市場明顯轉向延期服務。這在一定程度上與我們許多電子商務客戶的快速成長有關，我們是全球貿易的關鍵推動者，為客戶提供獨特的解決方案。稍後將詳細介紹我們如何解決這種混合轉變。

Second, weakness in global trade continues to constrain demand in our international business, which has remained challenged for longer than expected. As such, we're continuing to proactively realign our air network to match capacity to demand.

其次，全球貿易疲軟持續限制我們國際業務的需求，這項挑戰持續的時間比預期更長。因此，我們將繼續積極調整我們的航空網絡，以滿足運能和需求。

And third, this quarter, Express experienced over $200 million of inflationary pressure on a year-over-year basis. We offset this with benefits from DRIVE as well as responsible head count management. The dynamics I just outlined create significant opportunities for us to improve our network utilization.

第三，本季 Express 年比經歷了超過 2 億美元的通膨壓力。我們透過 DRIVE 的優勢以及負責任的人員管理來抵消這一點。我剛才概述的動態為我們提高網路利用率創造了重要機會。

Last quarter, we introduced our Tricolor strategy. Ultimately, this network design will enable us to improve the efficiency and asset utilization of the entire FedEx system; put the right product in the right network, taking advantage of our continental surface networks in Europe and our market-leading FedEx Freight LTL network in the United States; and profitably penetrate new market segments at the right cost structure, including the premium air freight market. As we move forward, we are managing the execution of Tricolor with the rigor and discipline of DRIVE, and this will be a key element to our success.

上個季度，我們推出了三色策略。最終，這種網路設計將使我們能夠提高整個聯邦快遞系統的效率和資產利用率；利用我們在歐洲的大陸地面網絡和我們在美國市場領先的 FedEx 貨運零擔網絡，將正確的產品放入正確的網絡中；並以正確的成本結構滲透新的細分市場，包括優質航空貨運市場，從而實現盈利。在我們前進的過程中，我們以 DRIVE 的嚴謹和紀律來管理 Tricolor 的執行，這將是我們成功的關鍵因素。

Moving to another area of opportunity. In Europe, we continue to improve our service levels and focus on commercial execution. However, the B2B environment remains challenged. And in this context, we are making progress on DRIVE on track to generate $600 million of savings in fiscal year '25 and seeking further profit optimization opportunities.

轉移到另一個有機會的領域。在歐洲，我們不斷提高服務水準並專注於商業執行。然而，B2B 環境仍面臨挑戰。在此背景下，我們在 DRIVE 方面取得了進展，預計在 25 財年節省 6 億美元，並尋求進一步的利潤優化機會。

As we have mentioned in previous calls, we are also experiencing a continued headwind for the United States Postal Service, which has reduced volume. Despite this volume and revenue drawdown, our service obligations to the USPS remain fixed.

正如我們在先前的電話會議中所提到的，我們也面臨美國郵政服務的持續阻力，該服務的業務量有所減少。儘管數量和收入有所下降，我們對 USPS 的服務義務仍然是固定的。

At Express, and across the business, DRIVE remains a key enabler of improved profitability, both in the near and the long term as we change the way we work and identify areas for structural cost reductions. In Q3, we delivered $550 million of benefits from DRIVE, offsetting the impact of revenue declines and cost pressures.

在 Express 以及整個業務領域，隨著我們改變工作方式並確定結構性成本削減領域，DRIVE 仍然是短期和長期獲利能力提高的關鍵推動因素。第三季度，我們從 DRIVE 中獲得了 5.5 億美元的收益，抵消了收入下降和成本壓力的影響。

I'm encouraged by the progress across all 3 categories. This includes $290 million in our surface network, $110 million of savings in air network and in international operations and $150 million of G&A. Given the progress we have made year-to-date, we will deliver on our goal of $1.8 billion in permanent cost reduction benefits from DRIVE this fiscal year and are highly confident on the additional $2.2 billion in fiscal year '25.

我對所有三個類別的進展感到鼓舞。這包括地面網路的 2.9 億美元、空中網路和國際運營的 1.1 億美元節省以及 1.5 億美元的一般管理費用。鑑於我們今年迄今的進展，我們將在本財年實現 DRIVE 帶來的 18 億美元永久性成本削減效益的目標，並對 25 財年額外的 22 億美元收益充滿信心。

The work we are doing with DRIVE is also helping advance planning for Network 2.0. This quarter, we rolled out our new surface operations leadership structure. Under this new structure, leaders and their teams will be responsible for all Express and Ground package operations and facilities in their respective divisions, regions and districts. This will enhance operational execution and offer greater insights into the package business overall with accountability at all levels.

我們在 DRIVE 所做的工作也有助於推進 Network 2.0 的規劃。本季度，我們推出了新的地面營運領導架構。在這個新架構下，領導者及其團隊將負責各自部門、地區和地區的所有快遞和地麵包裹營運和設施。這將增強營運執行力，並提供對整個包裹業務以及各級問責制的更深入的了解。

More broadly, we have now implemented Network 2.0 in over 50 locations, with dozens more to follow in calendar 2024, all while maintaining outstanding service. And as a reminder, we will begin the rollout of Canada in April and expect to complete this transition by October of 2024.

更廣泛地說，我們現在已在 50 多個地點實施了 Network 2.0，並在 2024 年實施了數十個地點，同時保持出色的服務。謹此提醒，我們將於 4 月開始在加拿大推出，並預計在 2024 年 10 月之前完成此過渡。

And as part of our transformation, we are on track to complete the consolidation of FedEx operating companies into one streamlined and simplified organization, creating efficiencies as we build a stronger, more profitable enterprise. In June 2024, FedEx Express, FedEx Ground and FedEx Services will consolidate into Federal Express Corporation.

作為我們轉型的一部分，我們有望將聯邦快遞營運公司整合為一個精簡的組織，在我們建立一個更強大、更有利可圖的企業的同時提高效率。 2024 年 6 月，FedEx Express、FedEx Ground 和 FedEx Services 將合併為聯邦快遞公司。

The work we are doing to create a more flexible, efficient and intelligent network is translating into direct improvements in our customer offering and profitability. When severe weather hits, it can cause a domino effect of delays and reduced service levels across our network. While we have always used data and analytics to assess the effect of weather events, our new weather contingency playbook developed by our planning, engineering and data works teams enhances the process by leveraging predictive capabilities to proactively divert storm-bound volumes across our networks.

我們為創建更靈活、高效和智慧的網路所做的工作正在轉化為我們的客戶服務和獲利能力的直接改進。當惡劣天氣來襲時，可能會造成骨牌效應，導致延誤並降低整個網路的服務水準。雖然我們一直使用數據和分析來評估天氣事件的影響，但我們的規劃、工程和數據工作團隊開發的新天氣應急手冊透過利用預測功能主動轉移整個網路中受風暴影響的流量來增強流程。

By combining the power of digital insights and predictive analytics with our physical network, we effectively mitigated the impact of the January winter storm that hit our Express hub in Memphis, by shifting Memphis down Express volume to ground our freight at the origin location. Despite this year's event having a longer impact to Memphis operations when compared to the weather event in February 2023, our network recovery was twice as fast.

透過將數位洞察和預測分析的力量與我們的物理網絡相結合，我們透過減少孟菲斯的快遞量以將我們的貨運停放在始發地，有效減輕了一月冬季風暴襲擊孟菲斯快遞中心的影響。儘管與 2023 年 2 月的天氣事件相比，今年的事件對孟菲斯營運的影響更長，但我們的網路恢復速度是其兩倍。

This quarter, we also announced a significant initiative, fdx, a fully integrated data-driven commerce platform that connects the entire customer journey from demand to returns. It will provide real-time visibility to help our customers optimize and grow their business, leveraging our analytical capabilities and data from the 15 million packages we deliver every day.

本季度，我們還宣布了一項重大舉措 fdx，這是一個完全整合的數據驅動的商務平台，連接從需求到退貨的整個客戶旅程。它將提供即時可見性，利用我們的分析能力和我們每天交付的 1500 萬個包裹的數據，幫助我們的客戶優化和發展業務。

I'm excited to have Sriram Krishnasamy serving as Chief Digital and Information Officer effective July 1. His proven track record of driving optimization and innovation for our business through data and insights, combined with his deep knowledge of the network, will be critical to moving FedEx forward as we become a data-driven, digital-first company.

我很高興Sriram Krishnasamy 於7 月1 日起擔任首席數位和資訊長。他透過數據和見解推動我們業務優化和創新的良好記錄，加上他對網路的深入了解，對於推動我們的業務發展至關重要。隨著我們成為一家數據驅動、數位優先的公司，聯邦快遞不斷前進。

As I look across the business and these financial results, there are clear signs of progress on our transformation. Our strategy is generating results, and we are well placed to maintain our leadership position while delivering improving financial outcomes. Together, we remain focused and committed to our long-term goals, supporting the creation of significant, long-term value for our stockholders.

當我縱觀整個業務和這些財務表現時，我們的轉型有明顯的進展跡象。我們的策略正在產生成果，我們有能力保持領先地位，同時改善財務成果。我們將共同專注並致力於我們的長期目標，支持為我們的股東創造重大的長期價值。

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. First, I want to thank our FedEx team for strong performance during the peak season. As a result of their hard work and commitment, we once again delivered the best service offering in the industry.

謝謝拉吉，大家下午好。首先，我要感謝我們的聯邦快遞團隊在旺季期間的出色表現。由於他們的辛勤工作和承諾，我們再次提供了業內最好的服務。

We continue to execute on our commercial priorities, with a focus on revenue quality while maintaining our industry-leading service. As a result, we took profitable share in the quarter at market rates and we continue to retain the vast majority of the volume we gained from UPS in the second half of 2023.

我們繼續執行我們的商業優先事項，重點關注收入質量，同時保持行業領先的服務。因此，我們在本季度按市場價格獲得了盈利份額，並繼續保留了 2023 年下半年從 UPS 獲得的絕大多數銷售量。

Our unmatched value proposition has enabled recent high-value wins in the semiconductor, health care and aerospace industry. We will continue to execute our commercial strategy to compete and grow further in the high-margin areas of the market.

我們無與倫比的價值主張最近在半導體、醫療保健和航空航太產業取得了高價值的勝利。我們將繼續執行我們的商業策略，以在市場的高利潤領域中進一步競爭和發展。

Looking now by geography. In the United States, conditions have been weaker than we anticipated. And internationally, we continue to see softness. We, however, remain very focused on strong commercial execution.

現在按地理來看。在美國，情況比我們預期的還要弱。在國際上，我們繼續看到疲軟的情況。然而，我們仍然非常注重強大的商業執行力。

Taking a look at third quarter revenue performance by segment. At FedEx Ground, revenue was up about 1% year-over-year on a modest yield improvement and flat volumes. Our team remains disciplined on growing with the right customers and mix while offering the best value proposition in the industry.

按部門查看第三季的營收表現。 FedEx Ground 的營收年增約 1%，原因是收益率略有改善且銷量持平。我們的團隊始終遵守紀律，與合適的客戶和組合一起成長，同時提供業界最佳的價值主張。

At FedEx Freight, revenue declined 3%. While volume decreased compared to last year, the year-over-year decline moderated on a sequential basis. Revenue was also negatively affected by lower fuel surcharges and a decrease in weight per shipment, although the decline was partially offset by higher base yields.

FedEx Freight 的營收下降了 3%。儘管成交量與去年相比有所下降，但同比降幅有所放緩。燃油附加費降低和每批貨物重量減少也對收入產生了負面影響，儘管基礎收益率上升部分抵消了下降幅度。

And at FedEx Express, revenue was down 2% year-over-year, driven by continued volume softness, lower fuel and demand surcharges and a mix shift towards deferred and e-commerce products. The actions Raj outlined will allow us to profitably grow this business while continuing to deliver excellent service for our customers.

聯邦快遞 (FedEx Express) 的營收年減 2%，原因是貨量持續疲軟、燃油和需求附加費降低以及向延期產品和電子商務產品的混合轉型。 Raj 概述的行動將使我們能夠在業務成長的同時實現盈利，同時繼續為我們的客戶提供優質的服務。

Turning to our monthly volume trends during the quarter. Broadly speaking, volumes are stabilizing as we lap weaker demand from a year ago. International export increased 4% in the quarter, driven by a 29% growth in international economy, which, of course, is the market reset we expected. Freight shipments declined, but they continued to moderate sequentially.

轉向我們本季的月度銷售趨勢。整體而言，隨著需求較一年前疲軟，銷售量正趨於穩定。在國際經濟成長29%的推動下，本季國際出口成長4%，這當然是我們預期的市場重置。貨運量有所下降，但環比繼續放緩。

As Raj mentioned, postal volumes were a headwind in the quarter. Our current contract with the United States Postal Service expires on September 29. We have made significant progress in negotiations for a new contract that aligns with our ongoing network transformation plan while providing the USPS with the operational reliability and outstanding service we have delivered for them for more than 2 decades. A new multiyear agreement would provide a more efficient network with service to fewer markets. It would allow us to better adjust our overall network to demand. We, of course, will let you know when we have an update.

正如 Raj 所提到的，本季的郵政量是一個阻力。我們與美國郵政局的當前合約將於9 月29 日到期。我們在新合約談判方面取得了重大進展，該合約符合我們正在進行的網路轉型計劃，同時為美國郵政局提供了我們為他們提供的運營可靠性和出色的服務超過20年。新的多年期協議將提供更有效率的網絡，為更少的市場提供服務。這將使我們能夠更好地根據需求調整我們的整體網路。當然，當我們有更新時，我們會通知您。

We continue to operate in a competitive but rational market environment. During the quarter, yield trends were similar to what we saw last quarter, with dynamics remaining mixed across the segments. At FedEx Express, yields remained pressured due to a tapering of international export demand surcharges and an increasing mix of lower-yielding e-commerce and deferred products. Yield was also pressured by increased capacity in the market.

我們繼續在競爭激烈但理性的市場環境中運作。本季的收益率趨勢與我們上季度看到的類似，各個細分市場的動態仍然參差不齊。在聯邦快遞，由於國際出口需求附加費逐漸減少以及低收益電子商務和延期產品的增加，其收益率仍然受到壓力。市場產能增加也給產量帶來壓力。

At FedEx Ground, yield increased 1%, driven by home delivery, partially offset by ground economy. Higher weight per package and favorable customer segment mix offset a lower fuel surcharge relative to the prior year. And at FedEx Freight, revenue per shipment was down 1%, driven by lower fuel surcharges and lower weight.

在聯邦快遞陸運 (FedEx Ground)，在送貨上門的推動下，收益率增加了 1%，但部分被地面經濟所抵消。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。在聯邦快遞貨運公司，由於燃油附加費降低和重量減輕，每批貨物的收入下降了 1%。

In January, we rolled out a 5.9% GRI. And importantly, we've been able to capture a high percentage of that rate increase. During peak, our holiday peak residential surcharges enabled us to respectively offset higher costs, delivering $120 million in profit. We are very confident we have the right strategy in place balancing both volume and yield growth.

一月份，我們推出了 5.9% 的 GRI。重要的是，我們已經能夠獲得較高比例的成長率。在高峰期間，我們的假日高峰住宅附加費使我們能夠分別抵消更高的成本，從而實現 1.2 億美元的利潤。我們非常有信心擁有平衡銷售和產量成長的正確策略。

We are building our network of the future with digital and data-driven solutions that simplify the customer experience and further strengthen our best-in-class customer offerings. For example, earlier this month, we enhanced our health care offering with more powerful capabilities to prioritize critical life-saving health care shipments above other volume within the network.

我們正在透過數位和數據驅動的解決方案建立未來網絡，以簡化客戶體驗並進一步增強我們一流的客戶服務。例如，本月早些時候，我們透過更強大的功能增強了我們的醫療保健服務，將關鍵的救生醫療保健運輸優先於網路內的其他運輸量。

Health care customers now have the ability to select monitoring and intervention service options. They cover categories such as temperature requirements and vaccines, and they do this at the package level. Each Express shipment now includes specific health care identifiers so that if we need to intervene, we are able to do it with more speed and more precision.

醫療保健客戶現在能夠選擇監測和介入服務選項。它們涵蓋了溫度要求和疫苗等類別，並且在包裝層面上做到了這一點。現在，每件快遞貨物都包含特定的醫療保健標識符，因此，如果我們需要幹預，我們能夠更快、更精確地進行幹預。

And of course, in January, we announced the fdx Commerce platform. fdx connects the entire customer journey by offering end-to-end e-commerce solutions, making it easier for companies to grow demand, increase conversion, optimize fulfillment and streamline their returns. The fdx platform will enable us to enhance our longstanding relationships with merchants of all sizes to help them optimize and grow their business. We have opened a private preview for select brands and retailers. And based on their feedback, I am incredibly excited about the official launch later this year.

當然，一月份，我們宣布了 fdx Commerce 平台。 fdx 透過提供端到端電子商務解決方案連接整個客戶旅程，使公司能夠更輕鬆地成長需求、提高轉換率、優化履行並簡化回報。 fdx 平台將使我們能夠加強與各種規模商家的長期關係，幫助他們優化和發展業務。我們已經為選定的品牌和零售商開放了私人預覽。根據他們的回饋，我對今年稍後的正式發布感到非常興奮。

In closing, I am very proud of our entire global team and how they continue to deliver outstanding service as we navigate a very dynamic market. And with that, I'll turn it over to John to cover our financials in more detail.

最後，我為我們整個全球團隊以及他們如何在我們駕馭充滿活力的市場時繼續提供出色的服務感到非常自豪。接下來，我會將其交給約翰，以更詳細地介紹我們的財務狀況。

Thanks, Brie. Our third quarter results reflect ongoing progress on our DRIVE initiative as well as our continued focus on service and revenue quality. As a result of these efforts, we delivered operating income growth and margin expansion for the third quarter in a row despite declining revenue in a challenging market environment.

謝謝，布里。我們第三季的業績反映了我們 DRIVE 計劃的持續進展以及我們對服務和收入品質的持續關注。由於這些努力，儘管在充滿挑戰的市場環境中收入下降，但我們連續第三季實現了營業收入成長和利潤率擴張。

Taking a closer look at our performance in the quarter on a year-over-year basis and at the enterprise level, adjusted operating income increased by $192 million and adjusted operating margin expanded by 90 basis points. At Express, adjusted operating income increased by $134 million and adjusted operating margin expanded 130 basis points. The benefits of DRIVE initiatives and an additional operating date more than offset lower revenue.

仔細觀察本季的年比和企業層面的業績，調整後的營業收入增加了 1.92 億美元，調整後的營業利潤率擴大了 90 個基點。 Express 的調整後營業收入增加了 1.34 億美元，調整後營業利潤率擴大了 130 個基點。 DRIVE 計劃和額外營運日期的好處足以抵消收入的下降。

At Ground, the team delivered another quarter of strong results. Adjusted operating income increased by $120 million and adjusted operating margin expanded by 140 basis points due to cost reductions and yield improvement. Despite slightly lower volumes and in an inflationary environment, ground cost per package was flat year-over-year, with lower line-haul expenses and improved dock productivity offsetting higher first and last mile costs.

在 Ground，團隊又取得了一個季度的強勁業績。由於成本降低和產量提高，調整後營業收入增加了 1.2 億美元，調整後營業利潤率擴大了 140 個基點。儘管運輸量略有下降且處於通貨膨脹環境下，但每個包裹的地面成本同比持平，線路運輸費用的降低和碼頭生產力的提高抵消了首英里和最後一英里成本的上升。

And at Freight, while operating margin remained strong, operating income declined by $46 million and operating margin declined by 170 basis points driven by lower fuel surcharges, reduced weight per shipment and lower shipments. These results also reflect the lapping of a $30 million facility gain last year, partially offset by the benefit of an additional operating day during the quarter. Looking at the quarter overall, weather had an immaterial year-over-year effect on profitability.

在貨運方面，雖然營業利潤率依然強勁，但由於燃油附加費降低、每批貨物重量減少以及發貨量減少，營業收入下降了 4,600 萬美元，營業利潤率下降了 170 個基點。這些結果也反映了去年 3,000 萬美元的設施收益，部分被本季額外營業日的收益所抵銷。從整個季度來看，天氣對獲利能力的年比影響並不大。

Before turning to the outlook, I'd like to spend a few moments updating you on our cost reduction initiatives, including DRIVE and more specifically, G&A. As an initial matter, and as part of responsible headcount management, we have reduced our workforce by nearly 22,000 over the last year and expect additional opportunities in the future as we move forward with our transformation.

在展望前景之前，我想花一些時間向您介紹我們的成本削減計劃的最新情況，包括 DRIVE，更具體地說，G&A。首先，作為負責任的員工管理的一部分，我們在去年減少了近 22,000 名員工，並預計隨著轉型的推進，未來將有更多機會。

Within G&A, we continue to make significant changes to how we approach areas like procurement and technology so that we are a more efficient, digitally led organization. In addition, global functional alignment provides savings opportunities. I'm pleased that we have achieved $350 million of G&A savings year-to-date, including $150 million in the third quarter.

在 G&A 內部，我們繼續對採購和技術等領域的處理方式進行重大改變，使我們成為一個更有效率、數位化主導的組織。此外，全球職能調整也提供了節省成本的機會。我很高興我們今年迄今已實現 3.5 億美元的一般管理費用節省，其中第三季節省了 1.5 億美元。

Taking a closer look at sourcing and procurement, we've continued to evolve the sourcing and procurement function from a segregated and regional structure to a centralized global organization that will manage most third-party spend across the entire enterprise. With new leaders in place, we're developing new category strategies and have already identified about 20 discrete categories that we'll manage centrally in cooperation with functional leaders.

仔細研究尋源和採購，我們不斷將尋源和採購職能從隔離的區域結構發展為集中的全球組織，該組織將管理整個企業的大多數第三方支出。隨著新領導的就位，我們正在製定新的品類策略，並已經確定了大約 20 個獨立的品類，我們將與職能領導合作集中管理這些品類。

By implementing these new strategies at the enterprise level will have tighter spend oversight, will better leverage our scale and buying power and generate significant cost savings. Overall, I'm very pleased with our enterprise-wide DRIVE progress this quarter and we will deliver $1.8 billion in savings for the full fiscal year.

透過在企業層級實施這些新策略，將有更嚴格的支出監督，更好地利用我們的規模和購買力，並大幅節省成本。總體而言，我對本季我們整個企業範圍內的 DRIVE 進展感到非常滿意，我們將在整個財年實現 18 億美元的節省。

Now turning to our fiscal year outlook. And as Raj shared earlier, based on our performance year-to-date and our current view of the rest of the year, we are reaffirming the midpoint of our adjusted EPS range while narrowing our outlook from the prior range of $17 to $18.50 to $17.25 to $18.25. At the midpoint of the narrowed range, we continue to assume a low single-digit percentage decline in revenue for the full year. As always, we'll closely monitor the global demand environment and other key factors, including inventory restocking, global trade, inflation and e-commerce trends, which informs our view of overall expected revenue.

現在轉向我們的財政年度展望。正如Raj 早些時候分享的那樣，根據我們今年迄今為止的業績以及我們對今年剩餘時間的當前看法，我們重申調整後每股收益範圍的中點，同時將我們的前景範圍從之前的17 美元縮小到18.50 美元到17.25 美元至 18.25 美元。在收窄區間的中點，我們繼續假設全年收入將出現較低的個位數百分比下降。一如既往，我們將密切關注全球需求環境和其他關鍵因素，包括庫存補充、全球貿易、通貨膨脹和電子商務趨勢，這些因素將影響我們對整體預期收入的看法。

With regard to our fourth quarter expectations, as implied by our outlook range, we expect year-over-year profit improvement despite lapping the onset of certain structural benefits executed in last year's fourth quarter at Express and Ground. Looking on a sequential basis, the leap day in the third quarter affects our typical seasonality. At the segment level, we're maintaining our full year expectations for a modest year-over-year adjusted margin contraction at Express, adjusted margin improvement at Ground and strong but lower year-over-year margin at Freight.

關於我們第四季度的預期，正如我們的展望範圍所暗示的那樣，儘管 Express 和 Ground 在去年第四季度實現了某些結構性效益，但我們預計利潤將比去年同期改善。從順序來看，第三季的閏日影響了我們的典型季節性。在細分市場層面，我們維持全年預期，即快遞調整後利潤率同比小幅收縮，地面調整後利潤率改善，貨運利潤率強勁但同比下降。

At Express, we're looking at every aspect of the business, including taking a fresh look at additional opportunities to improve our European business. And we're confident in our ability to unlock more value at Express and across all our businesses as we continue to seek optimization opportunities.

在 Express，我們正在專注於業務的各個方面，包括重新審視改善我們歐洲業務的其他機會。隨著我們繼續尋求優化機會，我們對在 Express 以及我們所有業務中釋放更多價值的能力充滿信心。

Our bridge shows the operating profit elements embedded in our full year outlook. For illustrative purposes, we continue to use adjusted operating profit of $6.3 billion, the equivalent to $17.75 of adjusted EPS, as the midpoint of our narrowed outlook range.

我們的橋樑顯示了我們全年展望中所包含的營業利潤要素。出於說明目的，我們繼續使用 63 億美元的調整後營業利潤（相當於調整後每股收益 17.75 美元）作為我們縮小的展望範圍的中點。

To walk the bridge to $6.3 billion of adjusted operating profit, we're now assuming that revenue net of cost increases is up $200 million that we experienced $800 million of international export yield pressure as peak surcharges diminished and product mix continues shifting toward deferred, variable compensation increases by $300 million and that these pressures are more than offset by $1.8 billion in structural cost savings from DRIVE. At the midpoint, we would expect fiscal 2024 adjusted operating income to increase approximately 17% despite revenue declining by a low single-digit percentage.

為了實現63 億美元的調整後營業利潤，我們現在假設扣除成本增加後的收入增加2 億美元，隨著峰值附加費的減少和產品組合繼續轉向遞延、可變產品，我們經歷了8 億美元的國際出口收益壓力薪酬增加了 3 億美元，而 DRIVE 節省的 18 億美元結構成本足以抵銷這些壓力。儘管收入下降了較低的個位數百分比，但我們預計 2024 財年調整後營業收入將成長約 17%。

As I've discussed on prior calls, we remain focused on reducing our capital intensity and continuing to provide increased stockholder returns as well as maintaining a strong balance sheet prudent capital allocation and improving return on invested capital. Our capital investment priorities will be on improving efficiency, modernizing facilities and optimizing our network.

正如我在之前的電話會議中所討論的那樣，我們仍然專注於降低資本密集度，繼續提供更高的股東回報，以及保持強勁的資產負債表、審慎的資本配置和提高投資資本回報率。我們的資本投資重點將放在提高效率、現代化設施和優化我們的網路上。

Capital expenditures for the quarter were $1.4 billion, bringing year-to-date CapEx to $4 billion. We now anticipate capital spend of $5.4 billion for the full year, which is down over $700 million from last year and down $300 million from our prior forecast of $5.7 billion. We also continue to expect aircraft-related CapEx to decline to approximately $1 billion in fiscal year '26. And we expect CapEx as a percentage of revenue will keep declining in the future as we reduce our facilities footprint through Network 2.0 and continue to plan for lower annual aircraft CapEx beyond fiscal year '26.

該季度的資本支出為 14 億美元，使年初至今的資本支出達到 40 億美元。我們現在預計全年資本支出為 54 億美元，比去年減少 7 億多美元，比我們先前預測的 57 億美元減少 3 億美元。我們也繼續預期 26 財年與飛機相關的資本支出將下降至約 10 億美元。我們預計，隨著我們透過 Network 2.0 減少設施佔地面積，並繼續計劃在 26 財年之後降低年度飛機資本支出，資本支出佔收入的百分比將持續下降。

We currently have 37 jet aircraft parked, which is up from 20% last quarter. And as previously communicated, we will retire 9 more MD-11s in Q4.

目前，我們停放 37 架噴射機，比上季度的 20% 有所增加。正如之前所傳達的，我們將在第四季度再退役 9 架 MD-11。

Consistent with our goal of increasing stockholder returns, we completed a $1 billion accelerated share repurchase transaction in the third quarter bringing our total share repurchases for the first 9 months of the fiscal year to $2 billion, and we expect to repurchase an additional $500 million of common stock in the fourth quarter bringing total fiscal year '24 repurchases to $2.5 billion, while also paying our dividend in line with our previously stated capital return plan.

與我們提高股東回報的目標一致，我們在第三季完成了10 億美元的加速股票回購交易，使本財年前9 個月的股票回購總額達到20 億美元，並且我們預計將額外回購5 億美元的股票。第四季的普通股回購總額使 24 財年的回購總額達到 25 億美元，同時也根據我們先前規定的資本回報計畫支付股利。

I'm also pleased to announce that our Board of Directors has authorized a new $5 billion share repurchase program, which augments the $600 million that remains available for repurchase under the $5 billion 2021 authorization. This reinforces our commitment to support long-term stockholder returns.

我還很高興地宣布，我們的董事會已批准一項新的 50 億美元股票回購計劃，該計劃增加了 2021 年 50 億美元授權下仍可用於回購的 6 億美元。這強化了我們支持長期股東回報的承諾。

Overall, I want to acknowledge and thank the entire team for their efforts in continuing to improve profitability in a challenging revenue environment. We have more work to do, but I'm encouraged by the commitment and focus I've seen from our teams to advance our transformation and provide our customers and stockholders with even greater value.

總的來說，我要感謝整個團隊在充滿挑戰的收入環境中為繼續提高獲利能力所做的努力。我們還有更多的工作要做，但我看到我們的團隊致力於推動轉型並為客戶和股東提供更大的價值，這讓我深受鼓舞。

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

說到這裡，讓我們開始提問吧。

(Operator Instructions) Today's first question comes from Jordan Alliger with Goldman Sachs.

（操作員說明）今天的第一個問題來自高盛的喬丹·阿利格（Jordan Alliger）。

Thanks for the update on DRIVE. If I did the math right, I think there's about $35 million or so left for the final quarter of this fiscal year. Can you maybe talk to where you think this money, with the savings, which buckets are going to go: surface air or G&A? And I'm also just sort of curious on the surface side, how much of that is actually tied to Express surface stuff?

感謝您對 DRIVE 的更新。如果我算得對的話，我認為本財年最後一個季度還剩下大約 3500 萬美元左右。您能否談談您認為這筆錢以及節省下來的資金將用於哪些方面：地面空氣還是一般行政費用？我也只是對錶面現象感到好奇，其中有多少實際上與 Express 表面的東西有關？

So thank you, Jordan, for the question. It's John. And I'm not going to speak specifically to the number you raised with regard to the remainder of the year on DRIVE except to say that we are committed to the $1.8 billion for the fiscal year. And I think it's safe to assume that's spread across all of our operating companies.

謝謝喬丹提出這個問題。是約翰。我不會具體談論您在 DRIVE 上提出的有關今年剩餘時間的數字，只是說我們承諾在本財年籌集 18 億美元。我認為可以肯定的是，我們所有的營運公司都存在這種情況。

And with regard to your question on surface, it's predominantly Ground. But as we continue to migrate towards Network 2.0 and through our DRIVE initiatives, there's a lot of complementary work that's being done together by the teams. So those savings are being realized both at Express and Ground.

至於你表面上的問題，主要是地面問題。但隨著我們繼續向網路 2.0 遷移並透過我們的 DRIVE 計劃，團隊正在共同完成許多補充工作。因此，這些節省在 Express 和 Ground 上都實現了。

The next question is from Tom Wadewitz with UBS.

下一個問題來自瑞銀集團的湯姆·瓦德維茨。

I wanted to ask you a bit about the trajectory of the margin on Express that February quarter was quite a bit better than expected. And I'm just wondering, how do we think about that as you go into fiscal '25? I think 2 specific items you did mention, one, the $600 million improvement in Europe that I think would go to Express. So just kind of visibility on that. And also how we should think about postal where you had some comments, and I think that's been characterized as a $400 million headwind. So is it reasonable to say that that's $400 million you kind of add back to the numbers? So anyway, just some broader comments on Express and some of the bigger items.

我想問一下 Express 的利潤率軌跡，二月季度比預期好很多。我只是想知道，當你進入 25 財年時，我們如何看待這個問題？我認為你確實提到了兩個具體項目，一個是歐洲的 6 億美元改進，我認為這將流向 Express。所以只是對此有一定的了解。還有我們應該如何考慮您提出的一些評論的郵政，我認為這被描述為 4 億美元的逆風。那麼，您將 4 億美元加回這些數字是否合理？不管怎樣，只是對 Express 和一些更大的項目進行一些更廣泛的評論。

Great. Thanks, Tom. It's John, again. Yes, we're quite pleased with the progress we've made at Express and the margin expansion. As Raj mentioned, this is all of our primary focus to continue that expansion, and we're excited about the opportunities that lie ahead for us in DRIVE. With regard to Europe, that will be a key focus area of ours, and we are committed to the $600 million that you mentioned.

偉大的。謝謝，湯姆。又是約翰。是的，我們對 Express 的進展和利潤成長感到非常滿意。正如 Raj 所提到的，這是我們繼續擴張的主要重點，我們對 DRIVE 中面臨的機會感到興奮。至於歐洲，這將是我們重點關注的領域，我們承諾提供你提到的6億美元。

And the Postal Service, certainly, as we're negotiating towards the deal, if that deal were to materialize, you would expect that it's mutually beneficial for both sides. So we're looking forward to bringing that to closure as soon as possible. And all of that will contribute to our ability to continue to expand our margins at our largest sector at Express.

當然，對於郵政服務，當我們正在就該交易進行談判時，如果該交易得以實現，您會期望這對雙方都是互惠互利的。因此，我們期待盡快結束這項工作。所有這些都將有助於我們繼續擴大快遞最大部門的利潤率。

The next question is from Jonathan Chappell with Evercore.

下一個問題來自 Evercore 的 Jonathan Chappell。

Brie, you'd mentioned a competitive but rational market environment as it relates to pricing and yields. We are several quarters into the demand downturn here. And of course, there's been some competitive issues directly in your business. As we look forward, if we continue to kind of bounce along this bottom on demand internationally but I think more specifically to the United States, does the pricing environment start to waver at all a bit? Do you really need a macro tailwind before we can see maybe a stabilization or reacceleration of yield?

布里，您提到了一個競爭性但理性的市場環境，因為它與定價和收益率有關。我們這裡的需求低迷已經有幾個季度了。當然，您的業務中直接存在一些競爭問題。展望未來，如果我們繼續根據國際需求沿著這個底部反彈，但我認為更具體地說是美國，定價環境是否會開始有點動搖？在我們看到殖利率穩定或重新加速之前，你真的需要宏觀順風嗎？

Jonathan, I think from a competitive environment perspective, yes, it is competitive, but I don't think that's particularly different in our industry. We're very used to a competitive environment, and the market does feel quite rational to me. When we look at the yield focus for the team, I'm actually pleased with the discipline of both the sales and the pricing organization. If you remove the fuel headwind across each one of our segments, Express, Ground and FedEx Freight, we have kind of low single-digit yield improvement on the base. So I think the team is continuing to execute on our revenue quality strategy.

喬納森，我認為從競爭環境的角度來看，是的，它具有競爭力，但我認為這在我們的行業中並沒有特別不同。我們已經非常習慣競爭的環境，市場對我來說確實是相當理性的。當我們專注於團隊的產量重點時，我實際上對銷售和定價組織的紀律感到滿意。如果消除我們每個細分市場（快遞、地面和聯邦快遞貨運）的燃料阻力，我們的收益率將得到較低的個位數改善。因此，我認為團隊正在繼續執行我們的收入品質策略。

And from a momentum perspective, we do have some headwinds this year that will diminish next year, especially in the international market. If you think about calendar year '23 from an air freight perspective, the overall air freight market yields decreased between 30% and 40%. That is not going to repeat next year. And then, of course, from an international demand surcharge, it will continue to be a headwind in FY '25, but less of a headwind than this fiscal year.

從勢頭的角度來看，我們今年確實遇到了一些阻力，這些阻力明年將會減弱，特別是在國際市場上。如果從航空貨運的角度考慮 23 日曆年，整個航空貨運市場的收益率下降了 30% 到 40%。明年不會再出現這種情況。當然，從國際需求附加費來看，這將繼續成為 25 財年的阻力，但比本財年的阻力還要小。

The next question comes from Bascome Majors with Susquehanna.

下一個問題來自巴斯科姆梅傑斯與薩斯奎哈納。

So in June, you'll complete the legal consolidation of Express, Ground and Services as part of the One FedEx effort. Can you give us a look at how that will change how you manage the business starting in July, how it will change how you report your financials and operating stats? And can you give us some assurance that we'll get a deep history of comparable financial and operating data to help track your progress as you get further into the operational side of the integration in 2025, '26 and '27?

因此，作為 One FedEx 工作的一部分，您將在 6 月完成快遞、陸運和服務的法律整合。您能否向我們介紹一下，從 7 月開始，這將如何改變您管理業務的方式，以及您報告財務和營運統計數據的方式？您能否向我們保證，當您在 2025 年、26 年和 27 年進一步進入整合的營運方面時，我們將獲得可比財務和營運數據的深厚歷史記錄，以幫助追蹤您的進度？

Thank you, Bascome, and let me start, and then John can add on to this. First of all, we are well on track to complete our consolidation of FedEx operating companies. This has been -- a lot of great work has already been done and into one streamlined and simplified organization. I think 2 words kind of describe this move, one is efficiency, the other one is effectiveness. I think we are looking forward to the structure that actually moves us forward on both fronts. And I think at the end of the day, this transformation effort will set us up to drive improved performance and profitability over the long term. I'll give it to John to talk about the rest of it.

謝謝巴斯科姆，讓我開始，然後約翰可以補充這一點。首先，我們正在順利完成聯邦快遞營運公司的整合。已經完成了許多偉大的工作，並形成了一個精簡和簡化的組織。我認為有兩個詞可以形容這一舉動，一個是效率，另一個是有效性。我認為我們期待著能夠真正推動我們在兩個方面向前發展的結構。我認為最終，這種轉型努力將使我們能夠在長期內推動業績和獲利能力的提升。我會把它交給約翰來討論剩下的事情。

Yes. Thanks, Raj. And from a reporting standpoint, and we'll be providing more details regarding the new reporting structure as we go forward. But I think it's fair to say that we'll continue to break out both Ground and Express yield and volume by service as we currently do, and frankly, continue to provide sufficient data for you all to monitor the performance in those business segments.

是的。謝謝，拉吉。從報告的角度來看，我們將在今後提供有關新報告結構的更多詳細資訊。但我認為可以公平地說，我們將繼續像目前一樣按服務細分地面和快捷產量和數量，坦白說，繼續為大家提供足夠的數據來監控這些業務部門的績效。

The next question comes from David Vernon with Bernstein.

下一個問題來自大衛·弗農和伯恩斯坦。

So Raj, in your prepared remarks, you talked about the Tricolor strategy and going after the premium air freight market. Could you talk a little bit more about what that is? I guess I'd always been to the assumption that you guys led the premium part of the air freight market? And how does this realignment actually open up some revenue that maybe you don't have access to today?

Raj，在您準備好的演講中，您談到了三色策略以及對優質航空貨運市場的追求。能多談談那是什麼嗎？我想我一直假設你們領導著空運市場的高端部分？這種調整實際上如何帶來一些你今天可能無法獲得的收入？

Thank you, David. Well, I think I'm going to take a minute here to talk about Tricolor because I think it's a good opportunity. So bear with me for the time I'm going to take here. Firstly, Tricolor is a fundamental redesign of our network to improve the utilization of assets, our ROIC, profitability and our operating margin. And first and foremost, our overall capacity will be determined by the demand environment and Tricolor will allow us to better flex our capacity to mass demand.

謝謝你，大衛。好吧，我想我要在這裡花一點時間談談 Tricolor，因為我認為這是一個很好的機會。所以請耐心等待我要在這裡講的時間。首先，Tricolor 對我們的網路進行了根本性的重新設計，以提高資產利用率、ROIC、獲利能力和營業利潤率。首先也是最重要的是，我們的整體產能將由需求環境決定，而 Tricolor 將使我們能夠更好地調整我們的產能以滿足大眾需求。

Now within that capacities, when we'll break it into 3 networks, purple, orange and white, we call it, and that cater to the different cohorts of traffic. The idea is to move the right product and the right network while reducing the cost to serve. The purple network will be a highly optimized and a leaner network designed to move international priority parcel volume that protects our value proposition in different geographies. Now -- this network now becomes much more parcel-centric will have significantly better service but also density, and that density will improve the revenue proposition and revenue per flight.

現在，在這種能力範圍內，我們將其分為 3 個網絡，即紫色、橙色和白色，我們稱之為紫色、橙色和白色，以滿足不同的流量群體。這個想法是移動正確的產品和正確的網絡，同時降低服務成本。紫色網路將是一個高度優化和精簡的網絡，旨在轉移國際優先包裹量，從而保護我們在不同地區的價值主張。現在，這個網路變得更加以包裹為中心，將提供更好的服務和密度，而這種密度將改善收入主張和每次航班的收入。

Now turning to the orange network, that will cater to the premium freight traffic. And these are FedEx planes that will operate off cycle from the purple system, which allows 2 things. Firstly, it allows us the ability, once again, to maximize density and asset utilization. It also decongest hubs and improve service. But most importantly, it allows a truck-fly-truck model that reduces the cost to serve. And in this context, you should be noted that we are fully leveraging the existing capacity in our trucking networks in the U.S. and Europe.

現在轉向橙色網絡，它將滿足優質貨運流量的需求。這些是聯邦快遞的飛機，將在紫色系統之外運行，它允許做兩件事。首先，它使我們能夠再次最大化密度和資產利用率。它還可以緩解樞紐的擁塞並改善服務。但最重要的是，它允許卡車-飛行-卡車模型降低服務成本。在這種情況下，您應該注意到，我們正在充分利用美國和歐洲貨運網絡的現有能力。

Prior to fiscal '24, we haven't really moved any international freight shipments in our market-leading LTL network with FXF. And now it's already begun to change, but in Tricolor, it will take for hold here. So by doing so, we reduced the cost to serve and we are able to target more of the premium air freight segment. And I'm going to call it a new term, think of it as the "global" LTL segment. That's what this is about.

在 24 財年之前，我們尚未透過 FXF 在市場領先的零擔網絡中真正運輸任何國際貨運。現在它已經開始改變，但在 Tricolor 中，它會在這裡保留下來。因此，透過這樣做，我們降低了服務成本，並且能夠瞄準更多優質的航空貨運市場。我將稱之為一個新術語，將其視為「全球」零擔運輸細分市場。這就是本文的目的。

Now as you rightly asked, are we adding capacity to go up at a low yield, and the perfect answer is no. We are going to gate the overall capacity by the premium demand. It should also be noted that 20% of the global air freight shipments approximately drive about 80% of the weight, which is a primary target for freight forwarders. We're going to focus on the other 80% that will readily work with the model I described. So the white network then is primarily use of passenger belly capacity to move lower-yielding e-commerce and deferred traffic. So these 3 networks working in concert with high technological orchestration is what we call Tricolor.

現在，正如您正確地問的那樣，我們是否會增加產能以提高低產量，完美的答案是否定的。我們將透過溢價需求來控制整體產能。還應該指出的是，全球空運貨物的20%大約驅動著80%左右的重量，這是貨運代理的首要目標。我們將重點放在另外 80%，它們可以輕鬆地與我描述的模型配合使用。因此，白色網路主要利用乘客腹部容量來轉移收益較低的電子商務和延遲流量。因此，這 3 個網絡與高科技編排協同工作，就是我們所說的三色網絡。

Let me just reinforce again that it helps the baseline productivity. It improves our existing asset utilization and makes the entire system more efficient. And we're going to manage the execution of Tricolor with the rigor of DRIVE and to ensure success. So again, thanks for the question.

讓我再次強調，它有助於提高基線生產力。它提高了我們現有的資產利用率，使整個系統更有效率。我們將以 DRIVE 的嚴格性來管理 Tricolor 的執行並確保成功。再次感謝您的提問。

The next question comes from Brian Ossenbeck with JPMorgan.

下一個問題來自摩根大通的布萊恩·奧森貝克。

Just wanted to come back and maybe better understand the moving pieces for Express during the quarter. Obviously, quite a strong result, but there's oftentimes some impact from fuel. Incentive compensation, I think, was a bit of a tailwind here. That changed a little bit as well. So maybe -- and then weather, that was a pretty significant surprise considering it was as difficult as you mentioned, Raj, but it seems like it really didn't affect the network. So maybe, John, if you can unpack some of the moving pieces. And then Raj, if you can comment on the durability of the network if weather just isn't going to be as big of an impact going forward.

只是想回來，也許可以更好地了解 Express 在本季的變化。顯然，這是一個相當強勁的結果，但通常會受到燃料的影響。我認為，激勵性薪酬在這裡起到了一定的推動作用。這也發生了一些變化。所以也許 - 然後是天氣，考慮到它像你提到的那樣困難，Raj，這是一個相當大的驚喜，但看起來它確實沒有影響網絡。所以也許，約翰，如果你能解開一些令人感動的部分。然後拉吉，如果天氣不會對未來產生那麼大的影響，您可以評論一下網路的耐用性嗎？

Yes. Thanks, Brian. I'll start with that last point because I think it's worth repeating on the weather piece, which ties into some of our digital strategies and our ability to adapt to allow for what was substantially poor weather here in Memphis to be rerouted in a manner that had an immaterial impact on us. So as you'd expect, there was a lot of moving parts at Express, both positive and negative, and the levers of DRIVE, the focus on flight reductions.

是的。謝謝，布萊恩。我將從最後一點開始，因為我認為值得在天氣部分重複一遍，這與我們的一些數位策略以及我們的適應能力有關，以允許孟菲斯的惡劣天氣以某種方式改變路線對我們產生了無形的影響。因此，正如您所預料的那樣，Express 有很多變化的部分，無論是積極的還是消極的，以及 DRIVE 的槓桿，重點是減少航班。

For example, we had 5% fewer flight hours in the quarter. And there are some additional benefits that flow from that on your cost side because when you're not flying airplanes, you're able to avoid certain maintenance costs. The air ops team is doing an exceptional job of managing its cost for aircraft that are grounded, whether you're using what's called green time on engines that are available, limiting your inventory purchases and so forth.

例如，本季我們的飛行時數減少了 5%。在成本方面還有一些額外的好處，因為當您不駕駛飛機時，您可以避免某些維護成本。空中行動團隊在管理停飛飛機的成本方面做得非常出色，無論您是否在可用的發動機上使用所謂的“綠燈時間”，限制您的庫存購買等等。

So it's really across the gamut where we're seeing improvement there, all in the midst of some revenue headwinds that Raj and Brie talked about. So we're going to continue to keep our head down and focus on our costs. One of the things I'd like to say, this is a journey, not a destination. And we still have a long way to go at Express, and it is our primary focus. And look forward to keeping you posted on further improvements.

因此，我們確實看到了全面的改善，儘管拉傑和布里談到了一些收入逆風。因此，我們將繼續低調並專注於我們的成本。我想說的一件事是，這是一段旅程，而不是目的地。 Express 還有很長的路要走，這是我們的首要關注點。並期待隨時向您通報進一步的改進。

And Brian, I don't think I have much to add to what John has talked about. I think the idea that we use our latest and greatest in digital tools and the notion that we are now able to look at FedEx as an overarching network and able to move things helps us. Of course, you've got to see as the weather patterns that are very impossible to predict, but I'm just pleased with the work that we did this time around, and we'll continue to get better in this regard.

布萊恩，我認為對於約翰所說的內容我沒有什麼可補充的。我認為，我們使用最新、最好的數位工具的想法，以及我們現在能夠將聯邦快遞視為一個整體網路並能夠運輸物品的想法對我們有幫助。當然，你必須看到很難預測的天氣模式，但我對我們這次所做的工作感到滿意，我們將在這方面繼續做得更好。

The next question comes from Jeff Kauffman with Vertical Research Partners.

下一個問題來自垂直研究夥伴的傑夫考夫曼。

And thank you for the detail on DRIVE. Jeni, welcome. Look forward to working with you. Real quick, the puck doesn't stay in one place. It's always moving around, and I think you're alluding to this with what you're doing with DRIVE and Tricolor. But I'm just kind of curious from your perspective. We announced this plan about, what, 1.5 years ago, back at the analyst meeting almost 2 years ago. How has the network design and some of the drive goals when you're completed with this changed since you began this process?

感謝您提供有關 DRIVE 的詳細資訊。傑妮，歡迎。期待與您合作。真的很快，冰球不會停留在一個地方。它總是在移動，我認為你正在用 DRIVE 和 Tricolor 所做的事情來暗示這一點。但我只是從你的角度好奇。我們在 1.5 年前、大約 2 年前的分析師會議上宣布了這個計畫。自從您開始此過程以來，網頁設計和完成此任務後的一些驅動目標有何變化？

Well, I think we introduced Tricolor in the last conference call. And I think this design is just being put in place as we're speaking here. And so in terms of the DRIVE commitments, we had originally talked about $4 billion by FY '25 and less than 50% in FY '24, where we will hit those numbers, right, for FY '24 and on track for FY '25. And again, the other part of it, of course, is Network 2.0, which we said $2 billion by FY '27, and that's underway.

嗯，我想我們在上次電話會議中介紹了 Tricolor。我認為當我們在這裡講話時，這個設計才剛剛到位。因此，就DRIVE 承諾而言，我們最初討論的是到25 財年40 億美元，到24 財年不到50%，我們將在24 財年達到這些數字，對吧，並在25 財年按計劃實現。當然，它的另一部分是網路 2.0，我們說過到 27 財年將達到 20 億美元，而且正在進行中。

So with the focus on making sure that we have structural cost reductions, we have network redesigns with the whole FedEx portfolio in play and the idea that we are moving forward on our digital tools, all 3 are working. And I think we've got work to do but -- as we made some good progress. John is going to add more to what I just said.

因此，我們的重點是確保結構性成本降低，我們對整個聯邦快遞產品組合進行了網路重新設計，並且我們正在推進我們的數位工具，這三者都在發揮作用。我認為我們還有工作要做，但是——我們取得了一些良好的進展。約翰將對我剛才所說的內容做更多補充。

Yes. I think what I would add to that as well is, to your comment about kind of changing environment, the teams meet weekly on this. And there are some programs that are delivering more than we expected, and there are some programs that are delivering less than we expected. But we're always looking to fill the pipeline as well on additional opportunities. And that's an ongoing project, and that speaks to DRIVE being part of our culture going forward. That's not going to stop. And we're going to adapt to a changing environment. And I think that will help us as we move forward.

是的。我想我還要補充的是，對於您對環境變化的評論，團隊每週都會就此舉行會議。有些計劃的交付量超出了我們的預期，而有些計劃的交付量則低於我們的預期。但我們一直在尋求填補管道以及其他機會。這是一個正在進行的項目，這表明 DRIVE 已成為我們未來文化的一部分。這不會停止。我們將適應不斷變化的環境。我認為這將有助於我們前進。

The next question comes from Ken Hoexter with Bank of America.

下一個問題來自美國銀行的 Ken Hoexter。

So Raj, and team, I guess I love the results in terms of the speed here at Express, but I'm confused a bit by the messaging. Last quarter, you talked about seasonal declines at Express and what occurred from Express going down to -- which should be maybe near breakeven given the seasonal moves, yet it was up so significantly 130 basis points year-over-year. Was there a massive shift in the DRIVE or other programs or your speed of execution? Because it sounds like from what you're saying on the targets, nothing has really changed, but I'm just wondering what shifted intra-quarter so much that we're now seeing this quick of an improvement?

Raj 和他的團隊，我想我很喜歡 Express 的速度結果，但我對訊息感到有點困惑。上個季度，您談到了 Express 的季節性下降以及 Express 下降到的情況——考慮到季節性變化，這應該接近盈虧平衡，但它卻同比大幅增長了 130 個基點。 DRIVE 或其他程式或您的執行速度是否發生了巨大變化？因為從你所說的目標來看，一切都沒有真正改變，但我只是想知道是什麼在季度內發生瞭如此大的變化，以至於我們現在看到瞭如此迅速的改善？

And then just -- I'm sorry, just a side clarification. Did you say Canada was about to be rolled out because I thought you had already said that with Hawaii and Alaska, Canada was done. So I just -- maybe I wanted to clarify that.

然後——抱歉，我只是做一個側面澄清。你說加拿大即將推出，因為我以為你已經說過，有了夏威夷和阿拉斯加，加拿大就完成了。所以我只是——也許我想澄清這一點。

Ken, it's John. I'll start with the last one. It's about to be rolled out. It has not been completed, and Brie can talk more about that in a minute. But Q3, as I mentioned earlier, was a combination of things. We saw while the revenue was soft, we're focused on quality revenue, the cost controls were solid and strong. And there were some other levers that were alluded to earlier. As you can see, variable comp, for example, is down. So that was a contributor. But all these things taken together resulted in our focus on improving our results for Q3.

肯，是約翰。我將從最後一個開始。即將推出。它還沒有完成，布里可以稍後再詳細討論。但正如我之前提到的，第三季是多種因素的結合。我們看到，雖然收入疲軟，但我們專注於優質收入，成本控制紮實而有力。前面提到的還有一些其他槓桿。正如您所看到的，例如，可變補償下降了。所以這是一個貢獻者。但所有這些因素加在一起，使我們專注於改善第三季的業績。

Yes. And Ken, I'm just happy to clarify from a Network 2.0 perspective, the Canada plan has not changed. Alaska and Hawaii are done, and we are beginning the rollout of the integration in Canada that will begin this April, and we will be done before peak, and it's on track.

是的。 Ken，我很高興從 Network 2.0 的角度澄清，加拿大的計劃沒有改變。阿拉斯加和夏威夷已經完成，我們正開始在加拿大推出整合，並將於今年四月開始，我們將在高峰期之前完成，一切都步入正軌。

The next question comes from Brandon Oglenski with Barclays.

下一個問題來自巴克萊銀行的布蘭登‧奧格倫斯基。

Maybe a quick follow-up there on Network 2.0, Raj, I think you mentioned you've made some management changes on both Ground and Express surface operations in the U.S. Can you talk maybe a little bit more about that and how that plays into long-term integration?

也許是關於網絡 2.0 的快速跟進，Raj，我想您提到過您對美國的地面和快速地面運營進行了一些管理變革。您能否多談談這一點以及它如何影響長期發展長期整合？

Yes. Thank you, Brandon. I think first of all, Network 2.0 is on track and we just take a step back here. You'll recall that we said we plan to deliver $2 billion in savings by the end of fiscal '27, and we are taking that measured and deliberate approach. And as we just rolled out our new leadership structure in the United States, and it's obviously a much more streamlined structure and much more effective structure and essentially with the goal of putting one truck and one neighborhood designed into action.

是的。謝謝你，布蘭登。我認為首先，網路2.0已經步入正軌，我們只是退後一步。您可能還記得，我們​​說過我們計劃在 27 財年末節省 20 億美元，而且我們正在採取這種審慎而審慎的方法。當我們剛在美國推出新的領導結構時，這顯然是一個更精簡的結構和更有效的結構，其本質目標是將一輛卡車和一個社區的設計付諸行動。

We are encouraged by the early results we're seeing in the initial rollout as well so far, Network 2.0 model on the whole has shed approximately 10% reduction in P&D cost and maintained very strong service levels. As we become more tech-enabled in this regard, we'll deliver even greater improvements. And as we have already talked about, we are focused on implementation of Canada before peak. And I'm also happy to say that I'm very excited about Network 2.0 from a service perspective because it will drive a better customer pickup experience. So we are on our way, on track and again, some ways to go.

到目前為止，我們對最初推出時看到的早期結果感到鼓舞，網路 2.0 模式總體上減少了約 10% 的 P&D 成本，並保持了非常強勁的服務水準。隨著我們在這方面變得更加技術化，我們將提供更大的改進。正如我們已經討論過的，我們的重點是加拿大在高峰之前的實施。我還很高興地說，從服務角度來看，我對 Network 2.0 感到非常興奮，因為它將帶來更好的客戶取貨體驗。所以我們正在路上，走上正軌，還有很長的路要走。

The next question is from Scott Group with Wolfe Research.

下一個問題來自 Scott Group 和 Wolfe Research。

So John, this year is $1.8 billion of DRIVE savings, and you've talked about $900 million of offset. So about $900 million of actual profit. As we think about fiscal '25, do you think the actual profit improvement should be closer to the $2.2 billion of DRIVE savings? Or do you think there's another year of material offsets to that DRIVE in fiscal '25? And then just separately, just -- no one's asked about Ground yet, and it's by far the biggest part of the business. So if I can just ask one. The margins, 12% this year. Do you think there's further margin improvement to go at Ground?

John，今年 DRIVE 節省了 18 億美元，而您談到了 9 億美元的抵消。實際利潤約 9 億美元。當我們考慮 25 財年時，您認為實際利潤改善是否應該接近 DRIVE 節省的 22 億美元？或者您認為 25 財年的這項措施還會有實質抵銷嗎？然後單獨來說，還沒有人問過 Ground，而且它是迄今為止業務中最大的部分。所以我可以問一下嗎？今年的利潤率為 12%。您認為 Ground 的利潤率還會進一步提高嗎？

Thanks, Scott. And let me start by saying on that $2.2 billion. That's certainly our goal to have that all flow through, but we have to be realistic and understand that a lot of the pressures that we're seeing today are expected to continue for a while. And while we're going to continue to focus on those things within our control, there are certain things outside of our control. And so our goal is to have as much pass-through to the bottom line as possible, and we look forward to keeping you up to speed on that, including when we next talk in June.

謝謝，斯科特。首先讓我談談這 22 億美元。這當然是我們的目標，讓這一切順利進行，但我們必須現實並理解，我們今天看到的許多壓力預計將持續一段時間。雖然我們將繼續關注我們控制範圍內的事情，但有些事情是我們無法控制的。因此，我們的目標是盡可能傳遞到底線，我們期待讓您及時了解這一情況，包括我們在 6 月進行下一次談話時。

With regard to Ground, exceptional story, exceptional performance from the team. I believe those margins are sustainable, and there's still a number of projects in the pipeline that allow us to continue to grow and expand that business and those margins. So again, that's going to be our focus as well.

關於地面，非凡的故事，團隊的出色表現。我相信這些利潤是可持續的，並且仍有許多項目正在進行中，使我們能夠繼續發展和擴大該業務和這些利潤。同樣，這也將是我們的重點。

The next question comes from Helane Becker with TD Cowen.

下一個問題來自 Helane Becker 和 TD Cowen。

I have, I guess, 2 questions. One is as part of the whole redesign of the network and the business and collapsing everything into one, have you thought about shifting to a calendar year rather than staying on a May fiscal year? And my second question is maybe for Raj. A lot of investors push back to me about the business, the way you're structuring the business, and I noticed the stock aftermarket was up quite a lot after the earnings release. Why do you think investors are so skeptical of your business plan and aren't willing to give you the credit that maybe you deserve for the changes you've made as speedily as you've made them?

我想我有兩個問題。一個是作為網路和業務整體重新設計的一部分，並將所有內容整合為一個，您是否考慮過轉向日曆年度而不是停留在五月份的財政年度？我的第二個問題可能是問拉傑的。很多投資人都對我的業務、業務結構方式提出異議，我注意到收益發布後股票售後市場上漲了很多。您認為為什麼投資者對您的商業計劃如此懷疑，並且不願意給予您可能應得的讚譽，因為您做出的改變速度如此之快？

Thanks, Helane. I'll start on the first part, on the calendar year. As you'd expect, with everything going on, there's legal and accounting exercises that need to take place to get us through this next period, including June 1 date of One FedEx. But I can share, it's certainly on my radar to migrate towards that, and we'll keep you posted on developments towards that.

謝謝，海蘭。我將從第一部分開始，即日曆年。正如您所期望的，隨著一切的進展，我們需要進行法律和會計工作才能度過下一階段，包括 6 月 1 日的 One FedEx。但我可以分享，我肯定會朝著這個方向遷移，我們會隨時向您通報這方面的進展。

And Helane, as far as your second question, all I can say is that we, as a team, are very much convinced that we have a unique story at FedEx here. The opportunities that we have won in the industry is one thing, but within the industry, we have a unique opportunity because of the strategies that we have deployed. We started moving early than anybody else. We are performing better than our competition, both on the top and the bottom line. And we have a longer runway because of the opportunities we have identified.

Helane，至於你的第二個問題，我只能說，作為一個團隊，我們非常確信聯邦快遞在這裡有一個獨特的故事。我們在產業中贏得的機會是一回事，但在產業內，由於我們部署的策略，我們擁有獨特的機會。我們比任何人都早開始行動。無論是在營收或利潤方面，我們的表現都比競爭對手更好。由於我們發現了機會，我們擁有更長的跑道。

And so we will try to educate as many people as we possibly can on our strategy and where we are. But we are just seeing the early stages of what's possible at FedEx. Any one particular quarter sometimes kind of throw you off, but the long-term strategy is sound. And we all believe in it, and it's going to be a good run in the next 3, 4 years.

因此，我們將盡力讓盡可能多的人了解我們的策略和我們的現狀。但我們才剛看到聯邦快遞的早期階段。任何一個特定的季度有時都會讓你感到困惑，但長期策略是合理的。我們都相信它，並且在未來 3、4 年裡將會有良好的表現。

The next question is from Ravi Shanker with Morgan Stanley.

下一個問題來自摩根士丹利的 Ravi Shanker。

Apologies if I missed this, but regarding the USPS contract, kind of when do you expect that to reach fruition? Is that something that happened in FY '24, '25? Can you also share how much of the volume has come off already? And kind of how much would you dimension kind of that net with the new contract ends up being?

如果我錯過了這一點，我深表歉意，但關於美國郵政合同，您預計什麼時候能實現？這是24、25財年發生的事嗎？您能否分享一下已經減少了多少數量？新合約最終的網路規模是多少？

Ravi, it's Brie. From a USPS contract, I really can't say more than I already said earlier. In short, we are feeling very positive about the negotiations. Both parties are working eagerly. We're at the table. I think we are days or weeks away from knowing if we will have a contract, not months. And as we have shared previously, their current contract ends on September 29. So we will know very, very soon. And I'm certainly not at liberty to talk about the details of our future contracts.

拉維，我是布里。從美國郵政合約來看，我真的不能說更多。簡而言之，我們對談判感到非常積極。雙方都在積極工作。我們在桌旁。我認為我們需要幾天或幾週的時間才能知道我們是否會簽訂合同，而不是幾個月。正如我們之前所分享的，他們目前的合約將於 9 月 29 日結束。所以我們很快就會知道。我當然不能隨意談論我們未來合約的細節。

The next question is from Stephanie Moore with Jefferies.

下一個問題來自傑弗里斯的史蒂芬妮摩爾。

I appreciate the incremental color on Network 2.0. And I was hoping you could maybe provide a little bit of color in terms of some of the investments that have to be made in order to execute on the integration, particularly as you enter or you be in the execution in a much larger market like Canada. Any color in terms of maybe lessons learned from your Alaska and Hawaii integration and then what investments we should expect to see as you implement it in Canada?

我很欣賞 Network 2.0 的增量色彩。我希望您能為執行整合而必須進行的一些投資提供一些信息，特別是當您進入或正在執行加拿大這樣一個更大的市場時。從阿拉斯加和夏威夷一體化中汲取的經驗教訓以及當您在加拿大實施時我們應該看到哪些投資？

Yes. Thanks, Stephanie, it's John. Yes, certainly, there's going to be some investment required when you're consolidating facilities, particularly sort facilities, but there's also upside in that you're able to reduce your facilities' footprint along the way. So that will involve certainly some planning and processes analysis and all that. But we're excited actually about the end game here, and that is our overall footprint will far -- the benefits of that will far exceed the investment and contribute to a really efficient network.

是的。謝謝，史蒂芬妮，我是約翰。是的，當然，當您整合設施（特別是分類設施）時，需要一些投資，但也有一個好處，即您可以在此過程中減少設施的佔地面積。因此，這肯定會涉及一些規劃和流程分析等等。但我們實際上對這裡的最終遊戲感到興奮，那就是我們的整體足跡將遠遠超過投資，並為真正高效的網路做出貢獻。

And honestly, from lessons learned, I think the team feels really good about their execution to date. To Raj's point, we have seen kind of the P&D benefits that we anticipated as well as we've seen the team be able to execute from a service perspective. I will say we are being very disciplined. We're being very methodical, and we are giving customers the advanced notice as we go into market.

老實說，根據所學到的經驗教訓，我認為團隊對迄今為止的執行情況感到非常滿意。對於 Raj 來說，我們已經看到了我們預期的 P&D 好處，並且我們已經看到團隊能夠從服務角度執行。我會說我們非常有紀律。我們非常有條理，在進入市場時我們會提前通知客戶。

That was one piece of feedback for customers, even though we anticipate being able to deliver the same level of service with the combined organization as we are as the individual, they do want that notification. And so we, of course, are giving customers that advanced notification. And to Raj's point on the positive, I cannot emphasize how important that single pickup is to our small customer segment. This has been the only feature gap we had to UPS in that segment, and we are about to close it. So I'm pretty excited about that.

這是給客戶的回饋之一，儘管我們預計合併後的組織能夠提供與我們個人相同程度的服務，但他們確實希望得到這項通知。因此，我們當然會提前向客戶發出通知。對於 Raj 的正面觀點，我無法強調單次取貨對於我們的小型客戶群的重要性。這是我們在該領域與 UPS 的唯一功能差距，我們即將彌補這一差距。所以我對此感到非常興奮。

The next question is from Bruce Chan with Stifel.

下一個問題是由 Bruce Chan 和 Stifel 提出的。

Hey, Raj, Brie, John; and Jeni, welcome to the mix here. I don't know if you've really talked about it, but we've been hearing that you've had some pretty material service improvements, especially at Ground over the last call it, a year or so, and that's despite the cost savings' push. Can you maybe just talk about that a little bit, where are the service levels today? What are the levers that you're pulling? And then what kind of opportunity do you have to DRIVE core pricing as a result of that?

嘿，拉傑，布里，約翰；和 Jeni，歡迎來到這裡。我不知道你們是否真的談論過這個問題，但我們聽說你們已經進行了一些相當實質性的服務改進，尤其是在地面服務上，在過去一年左右的時間裡，這還是不考慮成本的儲蓄的推動。能簡單談談今天的服務水準嗎？你拉動的槓桿是什麼？那麼，您有什麼樣的機會來推動核心定價呢？

I love this question. John Smith and Scott Ray are crushing it. When we went back and looked at our Q4, the toughest quarter. I should say, Q4 calendar year, the toughest quarter to deliver awesome service. Not only are we faster, I am quite confident, we -- on those higher standards from a delivery service perspective, we also had better reliability.

我喜歡這個問題。約翰史密斯和史考特雷正在粉碎它。當我們回顧第四季時，這是最艱難的季度。我應該說，今年第四季是提供優質服務最困難的季度。我們不僅速度更快，而且我非常有信心，從送貨服務的角度來看，我們在更高的標準上，我們也有更好的可靠性。

How are they doing this? It's discipline. It's day in and day out execution. We look at our service metrics every single morning. We talk about Net Promoter Score every week at our Revenue Management Committee. And to Raj's coverage, on the integrated leadership team now with the service organization, we absolutely expect to extend that across the entire network, and I just could not be more appreciative of our operators and how well they're doing.

他們是怎麼做的？這是紀律。這是日復一日的執行。我們每天早上都會​​查看我們的服務指標。我們每週都會在收入管理委員會討論淨推薦值。根據 Raj 的報道，在現在與服務組織的綜合領導團隊中，我們絕對希望將其擴展到整個網絡，我對我們的運營商以及他們的表現非常感激。

Yes, I wanted Brie to answer that question because she holds their feet to the fire every single day. So I'm glad that you heard that answer directly from Brie.

是的，我想讓布里回答這個問題，因為她每天都把他們的腳放在火上。所以我很高興你直接從布里那裡聽到了這個答案。

The next question is from Conor Cunningham with Melius Research.

下一個問題來自 Melius Research 的 Conor Cunningham。

I was hoping you could talk about the opportunity you see just with the e-commerce return business. You've obviously been a big player there. But there's been a lot of changes in the network. Is that now a larger focus? The reason why I asked, obviously, there's been a press report about you reengaging with Amazon. So just any thoughts there would be helpful.

我希望您能談談您在電子商務退貨業務中看到的機會。顯然你已經是那裡的大玩家了。但網路發生了很多變化。現在這是一個更大的焦點嗎？我之所以問這個問題，顯然是因為有媒體報告說您與亞馬遜重新合作。所以任何想法都會有幫助。

Sure, happy to. I think we've got the best returns portfolio in the market. When you look at our retail coverage as well as our transportation solution, it is best-in-class. And when we looked at our January numbers, the FedEx Ground returns portfolio did see some healthy growth. You layer that on with the new announcement of our fdx platform. We are going to be the only provider that has not only the physical capabilities, but a very comprehensive digital capability.

當然，很高興。我認為我們擁有市場上回報率最高的投資組合。當您查看我們的零售覆蓋範圍以及運輸解決方案時，您會發現它是一流的。當我們查看一月份的數據時，聯邦快遞地面回報投資組合確實出現了一些健康的成長。您可以透過我們的 fdx 平台的新公告來實現這一點。我們將成為唯一一家不僅擁有實體能力，而且擁有非常全面的數位能力的提供者。

And what do I mean by that? We are going to be able to help all retailers, brands and merchants process their returns on their website, manage their exchanges, manage the inventory, integrate their branded tracking and communications to customers. It's a really powerful offering. As I mentioned earlier, we started to preview this with some customers. We've got some pretty big names in what we're calling our private preview, and I look forward to sharing more results once we do the full launch later in the fall. I think I'll stop there. I'm enthusiastic about this.

我這是什麼意思？我們將能夠幫助所有零售商、品牌和商家在其網站上處理退貨、管理換貨、管理庫存、整合品牌追蹤和與客戶的溝通。這是一個非常強大的產品。正如我之前提到的，我們開始與一些客戶進行預覽。在我們所謂的私人預覽中，我們有一些相當大的名字，我期待在秋季晚些時候全面發布後分享更多結果。我想我就到此為止。我對此充滿熱情。

No. I'll just say this, when we integrate with those customers, even I can program. And there's no cohort environment, I can set up the returns policy. So if I can do that, anyone can do it.

不，我只是說，當我們與那些客戶整合時，我甚至可以編程。而且沒有群組環境，我可以設定退貨政策。因此，如果我能做到這一點，那麼任何人都可以做到。

The next question is from Scott Schneeberger with Oppenheimer.

下一個問題是由史考特·施尼伯格和奧本海默提出的。

It's basically 2 questions. One is a follow-up to Bruce's. Brie, I was hoping if you could kind of give an overview of peak season, kind of takeaways, learnings. And then I think we have 5 less calendar days for the 2024 calendar peak. So just things that you're going to learn and manage ahead of time as it's a much more condensed season.

基本上是2個問題。其中之一是布魯斯的後續行動。布里，我希望你能概述旺季的概況、要點和經驗教訓。然後我認為 2024 年的日曆高峰期少了 5 天。因此，這些都是你需要提前學習和管理的事情，因為這是一個更濃縮的賽季。

And then the second question for any of you. But just in Ground cost per package, it was down 2% in the fiscal second quarter, and you cited improved first and last mile productivity. Flat here in this quarter and the offset was higher first and last mile cost. Just curious if there's anything we should read into there.

然後是你們中的任何人的第二個問題。但僅就每個包裹的地面成本而言，第二財季就下降了 2%，而且您提到了第一英里和最後一英里生產力的提高。本季度持平，抵消的第一英里和最後一英里成本較高。只是好奇是否有我們應該讀到的內容。

Yes. I think from a peak perspective, we're really pleased with how we're managing peak from a service, from a customer and from a profitability perspective. First and foremost, the team starts literally now for this coming peak. And what do I mean by that? We are already talking to customers about what their peak requirements are for next year. And so that John and Scott have advanced planning. And then, of course, as we get closer to peak, we take the top 100 customers and we are managing forecast on a weekly basis.

是的。我認為從高峰角度來看，我們對如何從服務、客戶和獲利角度管理高峰感到非常滿意。首先也是最重要的，團隊現在就開始為即將到來的巔峰做好準備。我這是什麼意思？我們已經在與客戶討論他們明年的最高需求是什麼。這樣約翰和史考特就有了提前的計畫。當然，當我們接近高峰時，我們會選取前 100 名客戶，並每週管理預測。

I think some of the integrated planning that we are doing with DataWorks is also incredibly helpful so that we have real-time information. We're not waiting for spreadsheets should be passed over, but we've actually got real-time visibility into some of our largest customers, which has been incredibly helpful. So I don't anticipate us doing much different this year, but more of the same. And again, I also was really pleased with the peak surcharge capture. We are ensuring that the customers that really drive the investment we need in December were getting recruited for that cost. So we feel good.

我認為我們使用 DataWorks 進行的一些綜合規劃也非常有幫助，這樣我們就可以獲得即時資訊。我們並不是等待電子表格被忽略，而是我們實際上已經即時了解了一些最大的客戶，這非常有幫助。因此，我預計今年我們的做法不會有太大不同，但會更多相同。再說一遍，我對高峰附加費的捕捉也非常滿意。我們確保在 12 月真正推動我們所需投資的客戶能夠以這筆成本被招募。所以我們感覺很好。

Yes. And I'll speak to the Ground piece. And I think one of the drivers of the margin expansion and cost control at Ground was lower line haul expense that I alluded to. And we moved a lot of high cost and ad hoc external line haul spend into our scheduled network, and as a result, achieved lower rates on the planned line haul purchased transportation. And this is all part of a broader optimization and ongoing optimization that's taking place in the network through DRIVE and through Network 2.0.

是的。我將與地面部分交談。我認為地面利潤擴張和成本控制的驅動因素之一是我提到的線路運輸費用較低。我們將大量高成本和臨時外部長途運輸支出轉移到我們的預定網路中，因此，在計劃的長途運輸購買運輸上實現了較低的費率。這都是透過 DRIVE 和 Network 2.0 在網路中進行的更廣泛優化和持續優化的一部分。

And so every aspect, and even those first and last mile, will be part of that. And we're also leveraging the capacity that we have. And we do have some additional capacity in the Ground network that can absorb additional volumes at no incremental cost. So that should help improve margins as well.

因此，每個方面，甚至第一英里和最後一英里，都將成為其中的一部分。我們也在利用我們所擁有的能力。我們的地面網路確實有一些額外的容量，可以在不增加成本的情況下吸收額外的容量。因此，這也應該有助於提高利潤率。

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

我們的問答環節到此結束。我想將會議轉回拉傑·蘇布拉馬尼亞姆 (Raj Subramaniam) 發表閉幕詞。

Thank you, operator. In closing, we saw continued operating income growth, margin expansion despite lower revenue for the third consecutive quarter, and this is clear evidence that DRIVE is working. While these results are encouraging, it is our top priority to maintain momentum and continue to transform our network and the way we work.

謝謝你，接線生。最後，我們看到儘管收入連續第三個季度下降，但營業收入持續成長，利潤率擴大，這是 DRIVE 正在發揮作用的明確證據。雖然這些結果令人鼓舞，但我們的首要任務是保持動力並繼續改變我們的網路和工作方式。

Once again, let me thank our FedEx team members for their hard work and dedication to delivering outstanding customer service. I'm really proud of the work that we have accomplished as we continue to build the world's most flexible, efficient and intelligent network. Thank you for your time and attention today.

讓我再次感謝我們的聯邦快遞團隊成員的辛勤工作和奉獻精神，以提供出色的客戶服務。我對我們在繼續建立世界上最靈活、高效和智慧的網路過程中所取得的工作感到非常自豪。感謝您今天的時間和關注。

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

會議現已結束。感謝您參加今天的演講。現在您可以斷開線路。