聯邦快遞 (FDX) 2025 Q1 法說會逐字稿

Good day and welcome to the FedEx fiscal year 2025 first-quarter earnings call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Jeni Hollander, Vice President of Investor Relations. Please go ahead.

大家好，歡迎參加聯邦快遞 2025 財年第一季財報電話會議。（操作員指示）請注意，此事件正在被記錄。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 first-quarter earnings conference call. The first-quarter earnings release, Form 10-Q, and stat book are available 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 one year. (Operator Instructions)

下午好，歡迎參加聯邦快遞公司第一季財報電話會議。第一季財報、10-Q 表和統計手冊可在我們的網站 investors.fedex.com 上查閱。本次通話和隨附的幻燈片正在透過我們的網站串流傳輸，重播和幻燈片將保留約一年。（操作員指示）

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.

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》所定義的前瞻性陳述。此類前瞻性陳述受風險、不確定性和其他因素的影響，可能導致實際結果與此類前瞻性陳述所表達或暗示的結果有重大差異。

For additional information on these factors, please refer to our press releases and filings with the SEC. 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.

有關這些因素的更多信息，請參閱我們的新聞稿和向美國證券交易委員會提交的文件。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 指標的對照表。

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.

今天參加電話會議的有總裁兼執行長 Raj Subramaniam；執行副總裁兼首席客戶長 Brie Carere；以及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 good afternoon. Our results reflect a challenging Q1 demand environment, which was weaker than we expected, particularly in the US domestic package market. Looking at our performance on a year-over-year basis, there are several factors at play. Weakness in the industrial economy pressured our B2B volumes, particularly in the US.

謝謝你，Jeni，午安。我們的業績反映出第一季的需求環境充滿挑戰，弱於我們的預期，尤其是在美國國內包裹市場。從同比來看我們的表現，有幾個因素在起作用。工業經濟的疲軟給我們的 B2B 業務量帶來了壓力，尤其是在美國。

We saw increasing demand for our lower-yielding services, and some of this demand increase was driven by a shift in customer preference worldwide from priority to deferred services. And we continued to execute on structural cost reductions via DRIVE, which partially offset revenue and expense pressure.

我們發現對低收益服務的需求不斷增加，而這種需求成長的部分原因是全球客戶偏好從優先服務轉向延期服務。我們繼續透過 DRIVE 實施結構性成本削減，這部分抵銷了收入和支出壓力。

That said, we now expect the cadence of DRIVE-related savings throughout the year to increase sequentially by quarter. And we had one fewer operating day in the quarter. Notwithstanding this difficult quarter, with the actions we are taking, we remain confident in the trajectory ahead.

話雖如此，我們現在預計全年與 DRIVE 相關的節省節奏將逐季增加。本季我們的營業日減少了一天。儘管本季很艱難，但透過採取的行動，我們仍然對未來的發展充滿信心。

We are on track to deliver the $4 billion of savings through DRIVE in FY25 compared to the FY23 baseline. We have recently implemented significant new pricing actions relating to both demand and fuel surcharges, which will benefit us in the coming quarters.

與 2023 財年基準相比，我們預計在 2025 財年透過 DRIVE 實現 40 億美元的節省。我們最近實施了與需求和燃油附加費相關的重大新定價措施，這將使我們在未來幾季受益。

We're making significant progress on our network transformation. We're prepared for the expiration of the US Postal Service contract, and we are continuing to roll out Network 2.0.

我們的網路轉型正在取得重大進展。我們已經為美國郵政服務合約到期做好了準備，並且我們正在繼續推出網路 2.0。

The implementation of Tricolor, which is the redesign of our global air network is well underway. The demand changes we're seeing in the market make Tricolor an even more instrumental element of our longer-term strategy to increase flexibility of our network, lower our cost to serve, and grow in new profitable markets.

「三色策略」的實施，也就是我們全球航空網絡的重新設計，正在順利進行中。我們在市場上看到的需求變化使 Tricolor 成為我們長期策略中更重要的元素，以提高我們網路的靈活性、降低我們的服務成本並在新的獲利市場中實現成長。

Taken together, our network transformation actions will drive improved profitability by unlocking efficiencies, improving density, and creating a more flexible network. This will strengthen our competitive position while simultaneously supporting our objectives for improved profitability and returns. Our innovative data-driven solutions are also supporting our transformation and enabling a better experience for our customers.

總的來說，我們的網路轉型行動將透過提高效率、提高密度和創建更靈活的網路來提高獲利能力。這將增強我們的競爭地位，同時支持我們提高獲利能力和回報的目標。我們創新的數據驅動解決方案也支援我們的轉型並為我們的客戶提供更好的體驗。

Additionally, our seamless transition to One FedEx at the start of Q1 allows us to operate more efficiently and effectively as we implement our strategies. Accounting for these factors, our updated expectations for the remainder of the fiscal year and our Q1 performance, we are narrowing our FY25 adjusted EPS outlook range to $20 to $21.

此外，我們在第一季初無縫過渡到“一個聯邦快遞”，這讓我們在實施策略時更有效率、更有效地運作。考慮到這些因素、我們對本財年剩餘時間的最新預期以及我們第一季的業績，我們將 2025 財年調整後的每股收益預期範圍縮小至 20 至 21 美元。

John will provide more color on the underlying assumptions shortly. DRIVE has evolved from a targeted transformation effort to being the foundation for how we work across the enterprise. In the first quarter, we achieved $390 million of DRIVE-related savings.

約翰很快將對基本假設提供更多說明。DRIVE 已從一項有針對性的轉型努力發展成為我們整個企業工作方式的基礎。第一季度，我們實現了 3.9 億美元的 DRIVE 相關節省。

Breaking this down by category, approximately $90 million came from our surface network, $160 million from our air network and international, and $140 million from G&A. Our surface operations focused on efficiency in linehaul planning.

按類別細分，約 9,000 萬美元來自我們的地面網絡，1.6 億美元來自我們的空中網絡和國際網絡，1.4 億美元來自 G&A。我們的地面作業著重幹線運輸規劃的效率。

In air and international, we maintained focus on transforming our network while maximizing staff efficiency at hubs and ramps. In Europe, we further optimized in-station processes. Within G&A, we continued to improve the efficiency of our IT function.

在航空和國際領域，我們繼續專注於改造我們的網絡，同時最大限度地提高樞紐和停機坪員工的效率。在歐洲，我們進一步優化了站內流程。在一般及行政管理方面，我們持續提高 IT 功能的效率。

We also continued our transition from a regional-based procurement support model to one that's centralized and organized by spend category. We are collaborating across sourcing, finance and the businesses to drive cost out. Looking ahead, we expect our quarterly DRIVE cost reductions to build quarter over quarter throughout the year.

我們也繼續從基於區域的採購支援模式轉變為集中式和按支出類別組織的模式。我們正在與採購、財務和業務部門合作以降低成本。展望未來，我們預計全年季度 DRIVE 成本削減幅度將逐季上升。

Within our surface operations, we'll keep focusing on the end-to-end efficiency initiatives, including optimizing our rental fleet and maximizing rail usage. In the air network and international category, a majority of our savings in the remainder of the year will come from Europe.

在我們的地面營運中，我們將繼續專注於端到端的效率舉措，包括優化我們的租賃車隊和最大限度地提高鐵路利用率。在航空網絡和國際類別中，今年剩餘時間我們的大部分節省將來自歐洲。

While we realized some Europe savings in the quarter, most of our Europe-related DRIVE savings was skewed towards the second half of FY25 as we achieve efficiency and productivity improvements across the region. I'm encouraged by the progress we are making in Europe, improving service levels, reducing churn, and winning new business despite difficult market conditions.

雖然我們在本季度實現了歐洲部分節省，但隨著我們在整個地區實現了效率和生產力的提高，我們大部分與歐洲相關的 DRIVE 節省都集中在 2025 財年下半年。儘管市場條件艱難，我們在歐洲取得的進展、服務水準的提高、客戶流失的減少以及新業務的獲勝都令我感到鼓舞。

We continue to expect $600 million of cumulative DRIVE-related savings from Europe, which will help us exit the year with a better performing European business. Across the air network more broadly, we'll maintain our focus on managing our fleet and broader air operation efficiently. And within G&A, we'll continue to optimize functions globally to focus on IT and outside vendor spend.

我們仍預期歐洲將累積節省 6 億美元的 DRIVE 相關費用，這將有助於我們在今年年底實現歐洲業務的表現更好。在更廣泛的航空網絡中，我們將繼續專注於高效管理我們的機隊和更廣泛的航空運營。在 G&A 部門，我們將繼續在全球範圍內優化職能，重點關注 IT 和外部供應商支出。

In the first quarter, we continued to introduce Network 2.0 in select markets. Canada, which is our biggest network optimization yet, is well underway. On completion of Canada's rollout in early calendar year of 2025, nearly 200 facilities across the US and Canada will be handling consolidated and integrated ground and express volume. Optimizations will resume post-peak and continue to ramp into FY26.

第一季度，我們持續在部分市場推出 Network 2.0。加拿大是我們迄今為止規模最大的網路優化項目，目前進展順利。當加拿大在 2025 年初完成部署時，美國和加拿大各地的近 200 個設施將負責處理全面的地面和快遞業務。優化將在高峰後恢復，並持續進入 26 財年。

As we have shared before, we're taking a coordinated and deliberate approach to maintain and enhance customer service while also applying learnings from each rollout to later integrations. For example, we're optimizing pickup and delivery operations to best leverage existing assets and resources, including facilities, equipment, and team members. We're also now looking at geographic markets more holistically rather than by location. This enables us to consider volume and customer mix across an entire market. Our strategy is working.

正如我們之前所分享的，我們正在採取協調和深思熟慮的方法來維護和加強客戶服務，同時將每次推出的經驗應用到以後的整合中。例如，我們正在優化取貨和送貨業務，以充分利用現有資產和資源，包括設施、設備和團隊成員。我們現在也更全面地看待地理市場，而不是按照地理位置。這使我們能夠考慮整個市場的數量和客戶組合。我們的策略正在發揮作用。

We continue to see roughly a 10% reduction in pickup and delivery costs in markets where we have fully rolled out Network 2.0. Service levels in these markets are meeting or exceeding our network average. We're also leveraging new technologies to facilitate high-quality service.

在全面推出 Network 2.0 的市場中，我們繼續看到提貨和送貨成本降低約 10%。這些市場的服務水準達到或超過了我們的網路平均值。我們也利用新技術來提供高品質的服務。

For example, we recently launched what we call the Shipment Eligibility Orchestrator. This is an innovative internal decision-making engine that leverages machine learning to dynamically route packages in real time.

例如，我們最近推出了所謂的「裝運資格協調器」。這是一個創新的內部決策引擎，利用機器學習來即時動態地路由包裹。

For Network 2.0, one application of this tool ensures that we direct high-priority health care and time-sensitive shipments to designated couriers trained to handle them. Shipment Eligibility Orchestrator is an evolving learning platform where we're adding new use cases by the day.

對於網路 2.0，此工具的一個應用可確保我們將高優先級的醫療保健和時間敏感的貨物發送給經過培訓的指定快遞員。Shipment Eligibility Orchestrator 是一個不斷發展的學習平台，我們每天都在添加新的用例。

In the first quarter, we also successfully piloted our new Hold-to-Match solution, which optimizes last-mile delivery costs. It does this by holding early ground stops when another package is assigned for the same stop the following day. We will do this while ensuring an on-time delivery for all packages.

第一季度，我們也成功試行了新的 Hold-to-Match 解決方案，優化了最後一哩的交付成本。其做法是，當第二天有另一個包裹被分配到同一站點時，提前在地面停留。我們將這樣做，同時確保所有包裹準時送達。

Hold-to-Match is increasing stop density and will help lower our cost per package. We look forward to expanding the capability throughout the year. And this month, aligned with our mission to make supply chains smarter for everyone, we announced a strategic alliance and investment with Nimble.

Hold-to-Match 正在增加停止密度並將有助於降低我們每個包裹的成本。我們期待全年擴大這項能力。本月，為了履行我們讓每個人的供應鏈更聰明的使命，我們宣布與 Nimble 建立策略聯盟並進行投資。

Nimble is an AI robotics and autonomous e-commerce fulfillment technology company. FedEx Supply Chain will use Nimble's cutting-edge fulfillment systems to streamline our operations, further penetrate the global e-commerce market, and unlock new opportunities for customers.

Nimble 是一家人工智慧機器人和自主電子商務履行技術公司。聯邦快遞供應鏈將利用 Nimble 的尖端履行系統來簡化我們的運營，進一步滲透全球電子商務市場，並為客戶開啟新的機會。

As we shared last quarter, we are conducting an assessment of the role of FedEx Freight in our portfolio structure. The assessment is well underway and on track to be completed by the end of the calendar year, all while we continue to deliver safe and reliable service to our customers.

正如我們上個季度所分享的，我們正在對聯邦快遞貨運在我們的投資組合結構中的作用進行評估。評估工作正在順利進行中，預計今年底完成，同時我們將繼續為客戶提供安全可靠的服務。

Before I close, I would like to congratulate Mark Allen, our General Counsel and Secretary, on his upcoming retirement. During his distinguished 42-year career with FedEx, Mark has served as an instrumental counselor and a business partner. FedEx has benefited from his strong business acumen, unassuming leadership, and vast international experience.

在結束之前，我想祝賀我們的總法律顧問兼秘書馬克艾倫即將退休。在聯邦快遞 42 年的傑出職業生涯中，馬克曾擔任過重要的顧問和業務合作夥伴。聯邦快遞受益於他強大的商業頭腦、謙遜的領導能力以及豐富的國際經驗。

We thank him for his service. I'm excited to welcome Gina Adams into her new role as General Counsel and Secretary of FedEx effective September 24. Gina joined the company in 1992. Since 2001, she has led Government and Regulatory Affairs. Gina brings extensive experience, addressing many of the most important issues facing our company and advocating for policies that support our customers and our industry.

我們感謝他的服務。我很高興歡迎吉娜亞當斯 (Gina Adams) 於 9 月 24 日起擔任聯邦快遞總法律顧問兼秘書的新職務。吉娜於 1992 年加入該公司。自 2001 年以來，她一直領導政府和監管事務。吉娜擁有豐富的經驗，解決了我們公司面臨的許多最重要的問題，並倡導支持我們的客戶和行業的政策。

I know her expertise and insights will be invaluable as we continue to transform FedEx. I also want to take this opportunity to thank the entire FedEx team for their hard work and dedication as we transform our network, prepare for peak, and deliver for our customers.

我知道，隨著我們繼續改造聯邦快遞，她的專業知識和見解將是無價的。我也想藉此機會感謝整個聯邦快遞團隊在我們改造網路、準備迎接高峰和為客戶提供服務的過程中所付出的辛勤工作和奉獻精神。

I remain confident in the value-creation opportunities ahead as we focus on growing revenue profitably, reducing our structural costs, and leveraging the insights from our vast collection of data.

當我們專注於盈利性地增加收入、降低結構性成本並利用從我們龐大的數據收集中獲得的洞察力時，我對未來的價值創造機會仍然充滿信心。

Now let me turn the call over to Brie.

現在讓我把電話轉給布里。

Thank you, Raj, and good afternoon, everyone. Despite a challenging demand environment, our team continued to deliver high-quality service to our customers. They are drawn to our distinct advantages, including our industry-leading weekend delivery, robust portfolio, and daily weekday delivery in rural areas that the competition simply can't match.

謝謝你，Raj，大家下午好。儘管需求環境充滿挑戰，我們的團隊仍繼續為客戶提供高品質的服務。他們被我們獨特的優勢所吸引，包括我們行業領先的周末送貨服務、強大的產品組合以及農村地區的每日工作日送貨服務，這些都是競爭對手無法比擬的。

Our value proposition continues to attract customers in high-value segments such as health care and small and medium business. In the front half of the calendar year 2024, we continued to gain profitable market share in the United States and around the world.

我們的價值主張持續吸引醫療保健和中小型企業等高價值領域的客戶。在2024年上半年，我們繼續在美國和全球範圍內獲得盈利的市場份額。

Let's review first quarter top line performance by segment on a year-over-year basis. At Federal Express, revenue declined 1%. This was driven by one fewer operating day and a mix shift toward deferred services. Slightly lower US domestic average daily package volume was offset by higher international export package volume.

讓我們按部門來回顧第一季同比的營收表現。聯邦快遞的收入下降了 1%。這是由於營運日減少以及混合服務轉向延期服務所致。美國國內日均包裹量略為下降，但國際出口包裹量增加。

Yield remained positive, driven by higher base rates and fuel surcharges, with growth partially offset by a tapering of international export demand surcharges. At FedEx Freight, revenue declined 2%, driven by reduced weight per shipment and priority shipments, lower fuel surcharges, and one fewer operating day.

受基本利率和燃油附加費上漲的推動，收益率仍保持正值，但國際出口需求附加費的減少部分抵消了收益率的成長。聯邦快遞貨運部門的收入下降了 2%，原因是每批貨物和優先貨物的重量減少、燃油附加費降低以及營業日減少一天。

Revenue per shipment, however, was up 2%, demonstrating our continued focus on revenue quality. We continue to lead the LTL market in total revenue share while maintaining a great revenue per hundredweight. Turning now to volume trends by service during the quarter.

然而，每批貨物的收入成長了 2%，顯示我們持續專注於收入品質。我們在總收入份額方面繼續領先零擔運輸市場，同時保持著較高的每百磅收入。現在來看看本季各服務領域的銷售趨勢。

Volumes were pressured led by weakness in the US market, partially offset by international growth. Across US domestic express services, volumes declined 3% due to a weaker B2B demand environment. Ground volumes were slightly higher, driven by a targeted FedEx Ground Economy growth strategy.

由於美國市場疲軟，銷售量受到壓力，但國際市場的成長部分抵消了這種影響。由於 B2B 需求環境疲軟，美國國內快遞服務業務量下降了 3%。受聯邦快遞地面經濟成長策略的推動，地面運輸量略有增加。

We continue to focus growth on customers who have both the FedEx Ground economy and a FedEx Ground home delivery requirement. This improves both total yield and customer profitability. International export package volumes increased 9% in the quarter, driven by international economy, which is largely consistent with recent quarterly trends.

我們將繼續關注那些既有聯邦快遞地面經濟需求又有聯邦快遞地面送貨上門需求的客戶。這既提高了總產量，也提高了客戶的獲利能力。受國際經濟的推動，本季國際出口包裹數量增加了 9%，這與近期季度趨勢基本一致。

At FedEx Freight, both weight per shipment and average daily shipments declined 3%. We attribute some of this weakness to a shift of heavier freight to the truckload market due to the excess truckload capacity and associated lower rates.

聯邦快遞貨運的每批貨物重量和每日平均貨物量均下降了 3%。我們認為，造成這種疲軟的部分原因是由於貨車運力過剩和運費降低，較重的貨物轉向了貨車運輸市場。

And as a reminder, our contract with the United States Postal Service expires later this month, and we will be making network adjustments post expiration. During the quarter, we continued to meet our service commitments with revenue near contract minimums as we expected. We are operating in a very competitive but still rational pricing environment.

提醒一下，我們與美國郵政服務的合約將於本月稍後到期，合約到期後我們將進行網路調整。在本季度，我們繼續履行服務承諾，收入接近合約最低限額，正如我們預期的那樣。我們處於一個競爭非常激烈但仍然合理的定價環境中。

Against this backdrop, we maintain our focus on revenue quality and continued to grow the yield in the first quarter but at a lower rate than we expected, especially here in the United States. At Federal Express, package yield increased 1% overall, driven by US.

在此背景下，我們繼續專注於收入質量，並在第一季繼續提高收益率，但成長速度低於我們的預期，尤其是在美國。聯邦快遞的包裹收益率整體上漲了 1%，主要得益於美國業務。

Priority and international domestic. Yield for our ground services came in roughly flat, driven by growth in lower-yielding residential volume. As expected, the combined international priority and international economy parcel yield declined, primarily due to the tapering of demand surcharges.

優先和國際國內。受低收益住宅用電量成長的推動，我們的地面服務收益基本上持平。正如預期的那樣，國際優先包裹和國際經濟包裹的綜合收益有所下降，這主要是由於需求附加費的減少。

At FedEx Freight, revenue per shipment was up 2% as we continued to lean into our revenue quality strategy. Lower weights and decreased fuel surcharge revenue due to the lower fuel prices partially offset strength in base yields.

在聯邦快遞貨運，由於我們繼續傾向於收入品質策略，每批貨物的收入增加了 2%。由於燃油價格較低，重量較輕以及燃油附加費收入減少，部分抵消了基本收益率的提升。

Overall, the LTL pricing environment remains disciplined and rational. Importantly, we announced several pricing actions that we expect to improve yield in the coming quarters. Last week, we shared plans for a 5.9% general rate increase effective in January. We expect a high GRI capture this year. We have increased our US

整體而言，零擔定價環境仍保持規範與理性。重要的是，我們宣布了幾項定價措施，預計這些措施將在未來幾季提高收益率。上週，我們分享了從 1 月開始將一般稅率提高 5.9% 的計劃。我們預計今年的 GRI 捕獲量將很高。我們增加了美國

and international fuel surcharge tables and announced new demand surcharges, which take effect in the coming days and weeks. The broader approach to demand surcharges reflects the requirement to cover our incremental peak costs to deliver an outstanding service during the holiday season.

和國際燃油附加費表，並宣布了新的需求附加費，這些附加費將在未來幾天和幾週內生效。更廣泛的需求附加費方法反映了我們在假日期間提供優質服務所需的增量高峰成本。

Looking at FY25, we now expect revenue to grow at low single-digit rate. We previously expected low to mid-single-digit revenue growth this fiscal year. At the midpoint of our outlook range, we expect: the demand environment to moderately improve as we move through the year, driven by a slight recovery in the industrial economy, e-commerce growth, and low inventory levels.

展望 25 財年，我們目前預期營收將以低個位數成長率成長。我們之前預計本財年的收入成長率將達到低至中個位數。在我們的展望範圍的中點，我們預計：在工業經濟略有復甦、電子商務成長和低庫存水準的推動下，需求環境將在今年適度改善。

We anticipate some improvement in the pricing environment skewed toward the second half of the fiscal year. We also expect modest improvement in the US domestic ground parcel volume with the year-over-year increase growing, particularly in the back half of the fiscal year.

我們預計本財年下半年定價環境將會有所改善。我們也預期美國國內地麵包裹量將略有改善，年成長將持續成長，尤其是在本財年下半年。

We expect LTL shipments to inflect positive later in the fiscal year, and our outlook assumes continued strength in Asia export volume demand. The current environment increases our conviction that the market requires a provider with a portfolio with both Express and deferred parcel and air freight solutions.

我們預計零擔貨運量將在本財年後期出現積極變化，我們認為亞洲出口量需求將持續強勁。目前的環境增強了我們的信念，即市場需要一家同時擁有快遞、延期包裹和空運解決方案的供應商。

Our Tricolor strategy positions us to evolve our international business as the market shifts while delivering these services more profitably. In Q1, we established the international network design, and we will continue to optimize our operations to improve profitability.

我們的「三色」策略使我們能夠隨著市場的變化而發展我們的國際業務，同時更有利可圖地提供這些服務。第一季度，我們建立了國際網路設計，並將繼續優化運營，提高獲利能力。

Planned enhancements include both operational and pricing changes, which will drive increased density per flight, lower last-mile costs and improved international dimension capture. As part of this strategy, in Q1, we launched our new FedEx International Deferred Freight service, which has a slower transit time than international economy freight. We will use this extra time to both build dense skid and increase the proportion of volume that is trucked to its final destination.

計劃中的改進包括營運和定價變化，這將提高每個航班的密度，降低最後一英里的成本，並改善國際維度的捕獲。作為該策略的一部分，我們在第一季推出了新的聯邦快遞國際延期貨運服務，該服務的運輸時間比國際經濟貨運更慢。我們將利用這些額外的時間來建造密集的滑軌並增加透過卡車運往最終目的地的貨物比例。

Looking ahead to peak, I am particularly excited about the great service we will deliver for our customers. This holiday season, consumers will have improved visibility to their shipments via real-time map view. And just in time for peak, we will launch our picture proof of delivery attempt, which will provide customers with a picture of a door tag in the event of a missed delivery.

展望未來，我對我們將為客戶提供的優質服務感到特別興奮。這個假期，消費者將可以透過即時地圖視圖更好地了解他們的貨物狀況。適逢高峰期，我們將推出圖片送貨證明服務，如果發生錯過送貨的情況，我們將向客戶提供門標籤的圖片。

This feature will bolster communication about the delivery attempt and elevate the customer experience. In closing, I am proud of our team's hard work and dedication during a difficult quarter. I am confident our pricing actions, our distinct service advantages and, of course, our world-class team will position us incredibly well as we head into peak.

此功能將加強有關送貨嘗試的溝通並提升客戶體驗。最後，我為我們團隊在困難時期的辛勤工作和奉獻精神感到自豪。我相信，我們的定價策略、獨特的服務優勢，當然還有我們世界一流的團隊，將使我們在邁向巔峰的過程中處於有利地位。

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

接下來，我會把話題交給約翰，讓他更詳細地討論財務問題。

Thank you, Brie, and good afternoon, everyone. As Raj and Brie both mentioned, our first quarter results reflect a more challenging environment, which pressured Q1 profitability despite our ongoing progress to reduce structural costs through DRIVE. I'll start with the Q1 adjusted operating income bridge to help explain the quarterly dynamics on a year-over-year basis.

謝謝你，布里，大家下午好。正如 Raj 和 Brie 所提到的，我們的第一季業績反映出一個更具挑戰性的環境，儘管我們透過 DRIVE 不斷降低結構性成本，但這仍給第一季的獲利能力帶來壓力。我將從第一季調整後的營業收入橋開始，以幫助解釋同比的季度動態。

Our first-quarter results were negatively affected by soft revenue trends, with a global decline in priority volume and growth in deferred volume. This dynamic pressured our results twofold: first, a constrained yield growth with total package yield up 1% year over year, almost 1 percentage point lower than we expected.

我們第一季的業績受到疲軟收入趨勢的負面影響，全球優先交易量下降，而遞延交易量成長。這種動態對我們的業績造成了雙重壓力：首先，收益率成長受到限制，總包裹收益率年增 1%，比我們的預期低了近 1 個百分點。

Yield was most constrained internationally with added pressure from more volume and lower-yielding services and reduced demand surcharges. Second, the increase in international economy volume was the primary driver of the $124 million increase in purchase transportation expense at Federal Express.

國際上收益受到的最大限制是，由於運輸量增加、收益較低的服務以及需求附加費減少而產生的額外壓力。其次，國際經濟量的增加是聯邦快遞採購運輸費用增加1.24億美元的主要動力。

In addition, we had one fewer operating day in the quarter, resulting in an approximately $170 million headwind. We were able to partially offset these headwinds and normal inflationary cost pressures with about $390 million of structural cost savings from DRIVE. As Raj mentioned, we now expect quarterly DRIVE-related savings to build throughout the year.

此外，本季我們的營業日減少了一天，導致損失約 1.7 億美元。我們能夠透過 DRIVE 節省約 3.9 億美元的結構性成本，部分抵銷這些不利因素和正常的通膨成本壓力。正如 Raj 所提到的，我們現在預計與 DRIVE 相關的季度儲蓄將在全年增加。

While our Q1 DRIVE results were solid, they were below our expectations from a timing standpoint and will increase sequentially through the remainder of FY25. All these factors combined resulted in an adjusted operating profit decline of $382 million.

雖然我們的 Q1 DRIVE 業績穩健，但從時間角度來看低於我們的預期，並將在 25 財年剩餘時間內持續成長。所有這些因素加在一起，導致調整後的營業利潤下降 3.82 億美元。

Moving to a breakdown by segment. At Federal Express, adjusted operating profit decreased $337 million year over year with $150 million of the decline due to one fewer operating day. The remaining $187 million reduction was a result of the reduced flow-through associated with the revenue softness and the shift toward deferred service offerings, partially offset by DRIVE savings.

轉到按部分細分。聯邦快遞的調整後營業利潤年減 3.37 億美元，其中 1.5 億美元的減少是因為營業日減少一天。剩餘的 1.87 億美元減少是由於收入疲軟和轉向遞延服務產品導致的流通減少，部分被 DRIVE 節省所抵消。

Increased demand for international economy and higher rates were the primary drivers of higher purchase transportation costs. Taking the revenue and associated costs together, international economy growth provided a modest benefit to profitability.

國際經濟需求增加和費率上升是採購運輸成本上升的主要驅動因素。綜合考慮收入和相關成本，國際經濟成長為獲利能力帶來了一定的好處。

We expect international economy profitability to continue improving as we execute on Tricolor. Additionally, we were expecting to achieve higher revenue and profit flow-through from US premium services in Q1, which did not materialize.

我們預計，隨著我們實施“三色政策”，國際經濟獲利能力將繼續提高。此外，我們原本預計第一季美國優質服務的收入和利潤將有所提高，但這一預期並未實現。

As a result, we are adjusting our US domestic network to reflect the softer demand environment. At FedEx Freight, while operating profit was down $43 million, nearly half this decline was due to one fewer operating day.

因此，我們正在調整美國國內網絡，以反映疲軟的需求環境。聯邦快遞貨運的營業利潤雖然下降了 4,300 萬美元，但其中近一半的下降是由於營業日減少了一天。

Lower weight per shipment and decreased priority volumes continue to be headwinds, partially offset by base yield improvement. In light of our Q1 performance and the current demand environment, we are narrowing our FY25 EPS outlook range.

每批貨物重量下降和優先運輸量減少繼續成為不利因素，但基本產量提高部分抵消了這種影響。鑑於我們第一季的業績和當前的需求環境，我們正在縮小 25 財年每股收益預期範圍。

We now expect $20 to $21 in adjusted EPS for FY25 compared to the prior range of $20 to $22. At the top end of our range, we assume an improvement in the pricing environment and the industrial economy. At the low end of the range, we assume the pricing environment continues to be very competitive and the industrial economy remains challenged.

我們現在預計 25 財年的調整後每股收益為 20 至 21 美元，而之前的範圍為 20 至 22 美元。在我們的範圍的高端，我們假設定價環境和工業經濟有所改善。在該範圍的低端，我們假設定價環境繼續保持非常激烈的競爭，而工業經濟仍面臨挑戰。

As Brie shared, we now anticipate our revenue growth rate to be in the low single digits. Regarding our expected earnings cadence for the remainder of the fiscal year, US Postal Service contract termination headwind will begin in Q2 as expected. We plan to reduce our daytime flight hours by approximately 60% with the majority of that reduction taking place in October. We anticipate a negative effect in Q2 from the timing of Cyber Week, which shifts into Q3 this fiscal year.

正如布里所說，我們現在預計我們的收入成長率將達到低個位數。關於我們對本財年剩餘時間的預期獲利節奏，美國郵政服務合約終止逆風將以預期在第二季開始。我們計劃將白天飛行時間減少約 60%，其中大部分減少將在 10 月進行。我們預計，由於網路購物週的時間推遲到本財年第三季度，這將對第二季度產生負面影響。

Overall, from an EPS perspective, we expect lower-than-normal seasonality in Q2 and better-than-normal seasonality in the fiscal second half. Supporting this cadence are ramping DRIVE savings that we are confident we will deliver in the quarters ahead.

總體而言，從每股盈餘的角度來看，我們預計第二季的季節性將低於正常水平，而下半年的季節性將優於正常水平。支持這一節奏的是不斷增加的 DRIVE 節省，我們有信心在未來幾季實現這一目標。

Turning to our updated full year operating income bridge, which shows the year-over-year operating profit elements embedded in our full year outlook. This bridge now reflects adjusted operating profit of $7 billion, which is equivalent to $20.50 adjusted EPS, the midpoint of our outlook range.

轉向我們更新的全年營業收入橋，它顯示了我們全年展望中包含的同比營業利潤要素。這座橋樑現在反映出 70 億美元的調整後營業利潤，相當於 20.50 美元的調整後每股收益，即我們預期範圍的中點。

For revenue, net of cost, which now includes variable incentive compensation, we expect a $100 million headwind, reflecting our lower revenue projection and the shift in the volume mix dynamic I mentioned earlier.

對於扣除成本後的收入（現在包括可變激勵薪酬），我們預計會出現 1 億美元的逆風，這反映了我們較低的收入預測以及我之前提到的銷售組合動態的變化。

We now forecast a $500 million headwind from international export yield pressure, up $100 million from our prior expectations due to lower-than-expected base yields and the mix shift to international economy. We still expect about a $300 million headwind from two fewer operating days, one that was in Q1 and one that will be in Q4.

我們現在預測國際出口收益壓力將帶來 5 億美元的逆風，由於基準收益低於預期以及組合轉向國際經濟，比我們之前的預期高出 1 億美元。我們仍然預計，由於營業日減少兩天，將帶來約 3 億美元的不利影響，一個發生在第一季度，另一個將發生在第四季度。

And lastly, we anticipate a $500 million headwind from the US Postal Service contract termination. And as I just mentioned, we remain confident in our ability to offset these headwinds with $2.2 billion from incremental DRIVE savings.

最後，我們預計美國郵政服務合約終止將帶來 5 億美元的損失。正如我剛才提到的，我們仍然有信心透過增量 DRIVE 節省的 22 億美元來抵消這些不利因素。

Further supporting this revised outlook is our commitment to revenue quality, including our latest demand surcharges, which are broader than they have been historically and fuel surcharge table adjustments, as Brie mentioned. For the full year, at the segment level, we continue to expect adjusted operating margin expansion at Federal Express.

我們對收入品質的承諾進一步支持了這項修訂後的前景，包括我們最新的需求附加費（其範圍比歷史上任何時候都更廣泛）和燃油附加費表調整，正如布里所提到的那樣。從全年來看，從分部層級來看，我們持續預期聯邦快遞的調整後營業利潤率將會擴大。

At FedEx Freight, assuming the challenging revenue environment persists, we now anticipate a modest decline in operating margin. At the midpoint of this new outlook range, we expect to deliver 15% adjusted EPS growth.

對於聯邦快遞貨運而言，假設充滿挑戰的收入環境持續存在，我們現在預期營業利潤率將小幅下降。在這個新的展望範圍的中點，我們預期調整後的每股盈餘將成長 15%。

Moving to capital allocation. In Q1, capital expenditures were $767 million. We are on track to invest $5.2 billion in CapEx for FY25, which is flat versus FY24, and we still anticipate strong adjusted free cash flow this fiscal year.

轉向資本配置。第一季度，資本支出為 7.67 億美元。我們計劃在 25 財年投資 52 億美元資本支出，與 24 財年持平，並且我們仍然預計本財年的調整後自由現金流將強勁。

We'll be allocating capital to the highest return segments of our portfolio, and we remain committed to improving our ROIC. Supported by our healthy cash on hand and strong adjusted free cash flow, we completed $1 billion in stock repurchases in Q1 and plan to repurchase an additional $1 billion in Q2. Overall, I remain confident in the transformation initiatives underway, which will translate to improved profitability in FY25 and beyond.

我們將把資本分配給投資組合中回報率最高的部分，並將繼續致力於提高我們的投資回報。在我們健康的現金和強勁的調整後自由現金流的支持下，我們在第一季完成了 10 億美元的股票回購，並計劃在第二季再回購 10 億美元。總體而言，我對正在進行的轉型舉措充滿信心，這將轉化為 25 財年及以後盈利能力的提高。

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

現在，讓我們開始提問吧。

(Operator Instructions) Brian Ossenbeck, JPMorgan.

（操作員指示）Brian Ossenbeck，摩根大通。

Hey. Good evening. Thanks for taking the question. Just wanted to see if you could give a little bit more color on the negative mix shift. It seems like it's pretty pervasive but maybe a little bit in the US and also some international.

嘿。晚安.感謝您回答這個問題。只是想看看您是否可以對負混合轉變提供更多說明。它似乎相當普遍，但可能在美國有一點，在國際上也有一些。

And why do you think you can push through the additional demand surcharges, fuel surcharges and the GRI? So maybe you can square those two together because it doesn't seem like it's a constructive environment to keep on raising prices at that level. Thank you.

您認為為什麼可以推動額外需求附加費、燃油附加費和 GRI 的實施？因此，也許你可以將這兩者結合起來，因為現在似乎不是一個有利於繼續以該水平提高價格的建設性環境。謝謝。

Good afternoon, Brian, it's Brie. Thank you for the question. So from a pricing perspective, obviously, we look at our entire and our collective pricing strategy in each individual component, but then, of course, holistically. We have been studying the market and the yield, and we're very confident in the capture rate from a GRI that we anticipate in January.

下午好，布萊恩，我是布里。謝謝你的提問。因此，從定價的角度來看，顯然，我們會從每個單獨的組成部分來考慮我們的整體和集體定價策略，但當然，我們會從整體上來考慮。我們一直在研究市場和收益率，我們對 1 月預計的 GRI 捕獲率非常有信心。

From a demand surcharges perspective, I think we have two different factors that we're looking at here: one, we did make the change for the demand surcharge for the domestic market from an e-commerce perspective.

從需求附加費的角度來看，我認為我們在這裡要考慮兩個不同的因素：第一，從電子商務的角度來說，我們確實對國內市場的需求附加費做出了改變。

As we have talked about over the last couple of years, demand surcharges are necessary to improve the profitability and make sure that we deliver the outstanding service that customers expect because, of course, this is the most important time of the year for retailers. And this year, we had to make a shift in addition to using demand surcharges for the customers that drive the peaking factors, we had to have a more widespread distribution.

正如我們在過去幾年中所討論的那樣，需求附加費對於提高盈利能力和確保我們提供客戶期望的優質服務是必要的，因為這當然是零售商一年中最重要的時刻。今年，我們必須做出改變，除了對造成高峰因素的客戶徵收需求附加費之外，我們還必須進行更廣泛的分銷。

But we really are still emphasizing on the customers that drive the increase so we're very confident on the capture from a demand perspective. And then fuel, obviously, when we look at the total yield or customer spend from an international perspective, we think that this is the right mix and the right approach to make sure that we are growing our yield. We still believe that the international service at FedEx is just a great value, and so we're very confident from a capture perspective.

但我們仍然非常重視推動成長的客戶，因此從需求角度來看，我們對捕獲量非常有信心。然後是燃料，顯然，當我們從國際角度看待總收益或客戶支出時，我們認為這是確保我們提高收益的正確組合和正確方法。我們仍然相信聯邦快遞的國際服務具有巨大的價值，因此從捕獲的角度來看我們非常有信心。

When we look at, to your point, the demand distribution, I would say from an international perspective, we knew that there would be the demand surcharge, and international would behave a little differently than the peak surcharges here in the United States and we had anticipated that.

當我們從國際角度來看待需求分佈時，我想說，我們知道會有需求附加費，而且國際表現與美國的峰值附加費略有不同，我們已經預料到了這一點。

And it was -- actually, there was more pressure there in the first quarter. We do anticipate that pressure to taper as we go through the year. And what do I mean by that? We can see the strength still in the Asia export market and we can see the stickiness on demand surcharges.

事實上，第一季的壓力更大。我們確實預計，隨著時間的推移，這種壓力將會逐漸減少。我這樣說是什麼意思呢？我們可以看到亞洲出口市場依然強勁，我們可以看到需求附加費的黏性。

So we've made some changes there so we do expect that, that will improve through the year. So I think that gives you just how we're thinking about the pricing and the mix shift.

因此，我們在那裡做出了一些改變，我們確實希望，這種情況將在全年得到改善。所以我認為這顯示了我們對定價和組合轉變的看法。

Jordan Alliger, Goldman Sachs.

喬丹·阿利格，高盛。

Yeah. Hi. I was wondering, you talked about the lower-than-normal second quarter EPS seasonality. Can you give some sense for order of magnitude below normal? And how do you define normal? Is it like a percentage of typical full-year earnings? And I guess following that, what gives confidence on the sharp second half ramp? Is it more of the economy? Is it mix? Is it B2B coming back? Thanks.

是的。你好。我想知道，您談到了第二季每股收益低於正常水平的季節性。你能解釋一下低於正常水平的數量級嗎？您如何定義正常？它是典型的全年收入的百分比嗎？那我想，接下來是什麼讓我們對下半年的急遽上升充滿信心呢？這更多的是經濟問題嗎？是混合的嗎？B2B 會捲土重來嗎？謝謝。

Yeah. Thanks, Jordan. It's John, and we're really not in a position to give quarterly guidance, but what I can share with you is our expected cadence. So regarding our expected earnings cadence for Q2, as we talked about, we're going to experience the US Postal Service contract termination.

是的。謝謝，喬丹。我是約翰，我們實際上無法提供季度指導，但我可以與您分享我們的預期節奏。因此，關於我們第二季度的預期獲利節奏，正如我們所討論的，我們將經歷美國郵政服務合約終止。

That will be a headwind that begins in Q2, and we also anticipate a negative effect in Q2 from the timing of Cyber Week so that's going to push into Q3. So overall, from an EPS perspective, we expect lower-than-normal seasonality in Q2 and better-than-normal seasonality in the fiscal second half of the year.

這將是從第二季開始的不利因素，我們預計網路週的時間安排也會對第二季產生負面影響，因此這種影響將延續到第三季。因此，總體而言，從每股盈餘的角度來看，我們預計第二季的季節性將低於正常水平，而下半年的季節性將優於正常水平。

And to your question, supporting our view on this is the ramp-up in DRIVE savings as well as the revenue actions, really tangible, meaningful revenue actions that Brie talked about. So that's why we're focused on certainly the whole year but that upside in the second half.

對於您的問題，支持我們對此觀點的是 DRIVE 儲蓄的增加以及收入行動，Brie 談到的真正切實、有意義的收入行動。所以這就是為什麼我們不僅關注全年，還關注下半年的上升空間。

Thank you.

謝謝。

Jonathan Chappell, Evercore.

喬納森·查佩爾（Jonathan Chappell），Evercore。

Thank you. Good afternoon. John, sticking with that theme, you noted the $390 million in DRIVE in the first quarter was lower than what you anticipated. So can you help us understand why that fell short of your first quarter target?

謝謝。午安.約翰，堅持這個主題，你注意到第一季 DRIVE 的 3.9 億美元低於你的預期。那麼，您能幫助我們理解為什麼這未能達到您的第一季目標嗎？

And if you're not -- and if you can't give the cadence quarterly from here or at least how much it's going to be back half weighted, what gives us the confidence that the $2.2 billion is still attainable when coming off a quarter when the quarterly target can be hit?

如果您不是 - 如果您不能從現在開始給出季度節奏，或者至少不能給出一半加權後會回落多少，那麼我們如何才能相信，在達到季度目標的下一個季度，22 億美元仍然可以實現？

Yeah. Thanks, Jonathan. Look, we had a lot of positive momentum coming through Q4 of last year -- last fiscal year and into the first quarter. And as many of you may have heard me say in the past, with regard to these DRIVE initiatives, many of them over-deliver, some of them under-deliver, some of them produce on time, some perhaps a little later in time.

是的。謝謝，喬納森。你看，我們在去年第四季——上個財年的第一季有很多積極的勢頭。正如你們許多人可能聽我說過的那樣，關於這些 DRIVE 計劃，其中許多計劃都超額完成了，有些計劃未能完成，有些計劃按時完成了，有些計劃可能稍晚了一點。

What I can tell you is there's a very robust DRIVE process, and we feel very strongly that while we're pleased with the $390 million that we delivered, we would like to have seen more based on that positive momentum.

我可以告訴你們的是，我們的 DRIVE 流程非常強勁，我們強烈感覺到，雖然我們對已交付的 3.9 億美元感到滿意，但我們希望在這一積極勢頭的基礎上看到更多。

But we're committed to the $2.2 billion for the fiscal year. And I'll just also refer to the $1.8 billion from last year. We laid that marker down and we delivered on it. I personally, as well as other members of the senior team, sit on the DRIVE initiative sessions, which occur every week.

但我們承諾本財政年度投入 22 億美元。我還要提到去年的 18 億美元。我們樹立了這個目標，並實現了這個目標。我本人以及高級團隊的其他成員都會參加每週舉行的 DRIVE 倡議會議。

So that's really what gives me the confidence, seeing the progress, seeing the commitment of the teams and frankly, the strong pipeline of initiatives that are delivered every week. And so it's an evolving exercise, but at the same time, we're committed to those numbers.

所以這真的給了我信心，看到進步，看到團隊的承諾，坦白說，看到每週推出的一系列強有力的舉措。因此，這是一項不斷發展的練習，但同時，我們致力於這些數字。

Thank you.

謝謝。

Tom Wadewitz, UBS.

瑞銀的湯姆·韋德維茨（Tom Wadewitz）。

Yeah. Good afternoon. Wanted to ask you about some of the pressure from purchase transportation costs that were up quite a bit. I think you alluded to them being driven somewhat by international economy growth.

是的。午安.想問一下採購運輸成本上漲帶來的一些壓力。我認為您提到它們在某種程度上受到國際經濟成長的推動。

And I guess the question is, is there something that's a little bit wrong right now with international economy that you're not making money with it or it's just like calibrated wrong? Because it seems like that's part of the problem with PT going up. So yeah, how do we think about IE and also the equation for PT expense to be more manageable and less of a drag on margin? Thank you.

我想問題是，現在國際經濟是不是出了什麼問題，導致你無法從中賺錢，還是只是校準錯誤了？因為這似乎是 PT 上漲的問題的一部分。那麼，我們如何看待 IE 以及 PT 費用方程式，使其更易於管理且對利潤率的拖累更小？謝謝。

Sure. Thanks, Tom. So yeah, as mentioned, the purchase transportation cost did increase. And really, there are three major drivers of this absolute expense increase. And first, I'll note that the PT included $130 million of year-over-year increase, which was from higher freight forwarding revenue in our logistics operating segment.

當然。謝謝，湯姆。是的，正如所提到的，購買運輸成本確實增加了。事實上，造成絕對支出增加的主要因素有三。首先，我要指出的是，業績報告包含 1.3 億美元的年成長，這得益於我們物流營運部門貨運代理收入的增加。

And this increase in purchase transportation expense was directly related to increase in revenue at logistics. So that's the first element. Second, with regard to Federal Express, most of our PT spend is related to our contracted service provider, pickup and delivery, surface linehaul spend, both in the US and internationally, and the remainder at FEC is driven by air commercial linehaul. So in the ordinary course, it's important to note that this is a $4.7 billion-plus spend line item.

而此次採購運輸費用的增加，與物流收入的增加有直接關係。這是第一個要素。其次，就聯邦快遞而言，我們的大部分 PT 支出與我們的合約服務提供者、取貨和送貨、地面幹線運輸支出有關，包括在美國和國際上，而 FEC 的其餘部分則由航空商業幹線運輸推動。因此，在正常情況下，值得注意的是，這是一項超過 47 億美元的支出項目。

And the ordinary course increases of our -- in our rates amounted to about $140 million of PT expense increase. That was partially offset by the efficiency gains and, of course, one fewer operating day. So that's the second element.

我們的費率正常成長，導致 PT 費用增加約 1.4 億美元。這在一定程度上被效率的提高和更少的營運日所抵消。這是第二個要素。

And then finally, the third, the $120 million of PT expense was additional commercial air linehaul capacity, which ties in with your point on the international economy as well as some investment in Tricolor. But what I can say is that those volumes were contributory to the year-over-year profit.

最後，第三，1.2 億美元的 PT 費用是額外的商業航空幹線運輸能力，這與您對國際經濟的觀點以及對 Tricolor 的一些投資相吻合。但我可以說的是，這些銷量對年比利潤有所貢獻。

So a little pressure on margin but they were contributory and not loss-making. So hopefully, that gives you some clarity on that.

因此，利潤率會受到一點壓力，但他們做出了貢獻，並沒有造成虧損。希望這能讓你對此有所了解。

Daniel Imbro, Stephens.

丹尼爾·伊姆布羅，史蒂芬斯。

Thanks. Good evening, guys. Wanted to ask one on the FedEx Freight side. So you guys have been closing locations for a little while. You closed more here in 1Q. I guess, how are you thinking, John, about capital deployment towards that segment and actually reinvesting into growth?

謝謝。大家晚上好。想諮詢一下聯邦快遞貨運的問題。所以你們已經關閉了一些門市一段時間了。您在第一季完成了更多交易。我想，約翰，您如何考慮向該領域部署資本並將其真正再投資於成長？

And then as it relates to the strategic review, whereas I understand by year-end, we'll get the update. But what are the factors you guys are still digging into as you decide what's the best decision for this asset over time? Thanks.

然後，由於它與戰略評估有關，據我了解，到年底，我們將獲得最新消息。但是，當你們決定從長遠來看對這項資產做出最佳決策時，你們還在深入研究哪些因素？謝謝。

Sure. Thanks for that question. Yeah, with regard to freight, it's absolutely part of our capital investment program and our plans. As I mentioned in my remarks, we're looking to invest in those areas of the business that's going to provide the best ROIC and freight is certainly one of them. We feel really good about our investment on the air side in our fleet.

當然。謝謝你的提問。是的，就貨運而言，它絕對是我們資本投資計劃和計劃的一部分。正如我在發言中提到的，我們希望投資那些能提供最佳投資報酬率的業務領域，而貨運無疑是其中之一。我們對機隊空中的投資感到非常滿意。

In fact, that spend is coming down and that allows us some capital to deploy into some of the other areas of the business and freight is absolutely one of them. So stay tuned in terms of the details on that. But from a capital standpoint, we're going to continue to manage our capital intensity. I think from my perspective, on a year-over-year basis, that's a really good news story.

事實上，這筆支出正在下降，這使得我們可以將一些資金部署到業務的其他領域，而貨運絕對是其中之一。因此請繼續關注相關細節。但從資本角度來看，我們將繼續管理我們的資本強度。我認為從我的角度來看，與去年同期相比，這是一個非常好的消息。

We saw both flat expectations year over year as well as some sequential reductions from Q4 of last year. And so facilities are definitely a part of it. It's all part of our integrated plan on One FedEx and Network 2.0 as well.

我們看到預期與去年同期持平，但與去年第四季相比有所下降。因此設施肯定是其中的一部分。這也是我們「One FedEx」和「Network 2.0」綜合計畫的一部分。

Hey, Daniel, it's Brie. The only other thing that I would like to add is I just wanted to make sure there was an assumption in that question that we were constraining growth at FedEx Freight because of capital allocation. That is not at all the case. Obviously, there's a tough freight environment right now. But Lance, John, and I are very committed to profitably growing the FedEx Freight portfolio, and we feel really good about our value proposition.

嘿，丹尼爾，我是布里。我唯一想補充的是，我只是想確保這個問題中有一個假設，即我們由於資本配置而限制了聯邦快遞貨運的成長。事實並非如此。顯然，目前的貨運環境十分艱辛。但蘭斯、約翰和我都非常致力於聯邦快遞貨運業務的獲利成長，我們對我們的價值主張感到非常滿意。

So we are looking always for dock-door expansion in the right markets. And where we make closures, they're simply just from the right place from a growth perspective.

因此，我們一直在尋找在合適的市場中擴展碼頭門的機會。從成長的角度來看，我們關閉的地方是正確的。

Chris Wetherbee, Wells Fargo.

富國銀行的克里斯‧韋瑟比。

Hey. Thanks. Just as we're thinking to try to calibrate a little bit appropriately here, John, maybe if you could help us on the second quarter, is there enough in terms of the walk as you move from 1Q to 2Q for earnings to be up sequentially? I guess, would maybe be the first question.

嘿。謝謝。正當我們考慮嘗試在這裡進行一些適當的調整時，約翰，也許你能幫助我們了解第二季度的情況，從第一季到第二季度，收益是否有足夠的成長空間？我想，這也許是第一個問題。

And I guess maybe for Brie, just very quickly on the pricing side. Obviously some big peak season surcharges that have come -- you've been announced so far, I guess. How do you think about the compliance or capture rate around that?

我想對於 Brie 來說，定價方面可能很快就會改變。顯然，一些大的旺季附加費已經出台——我想，到目前為止你已經宣布過了。您如何看待這一方面的合規性或捕獲率？

And any early indications you're having from your customers on their -- the likelihood of them coming to fruition?

您從客戶那裡得到什麼早期跡象表明這些計劃有可能實現嗎？

Yeah. Thanks, Chris. I'll take the first part of that and then turn it over to Brie. Yeah, but on a sequential basis, when we talk about the revenue actions and the pricing actions that Brie talked about, coupled with the DRIVE savings that we expect and are committed to, yeah, we see definitely the opportunity for sequential quarter-over-quarter profit improvement.

是的。謝謝，克里斯。我將負責第一部分，然後交給布里 (Brie)。是的，但從連續性來看，當我們談論布里談到的收入行動和定價行動時，再加上我們預期和承諾的 DRIVE 節省，是的，我們肯定看到了連續季度利潤增長的機會。

Hi, Chris. From a demand surcharge perspective, obviously, we've got several years of a track record and also our large customer peak surcharges are already pre-negotiated so I feel pretty good from a capture perspective there. We have, to your point, changed methodologies a little bit.

你好，克里斯。從需求附加費的角度來看，顯然我們已經有好幾年的業績記錄，而且我們的大客戶高峰附加費已經預先協商好了，所以從捕獲的角度來看我感覺相當不錯。正如您所說，我們對方法論做了一些改變。

I think we've been conservative in our estimate on the capture right there, and that is reflected already in the range provided. So I think we've got the right balance. I am optimistic about the capture because I think customers do understand that there's a lot of pressure on the network, especially this year.

我認為我們對那裡捕獲量的估計是保守的，這已經反映在所提供的範圍內。所以我認為我們已經達到了正確的平衡。我對這次捕獲感到樂觀，因為我認為客戶確實了解網路面臨的巨大壓力，尤其是今年。

If you think about the shopping period for this year, there's five less shopping days which means there's three less operating days. And so it really is a condensed peak period. And I think our customers understand that and therefore understand the broader approach from a peak demand perspective.

如果你考慮今年的購物期，你會發現購物日少了五天，這意味著營業日少了三天。所以這確實是一個濃縮的高峰期。我認為我們的客戶理解這一點，因此從尖峰需求的角度來理解更廣泛的方法。

Stephanie Moore, Jefferies.

史蒂芬妮摩爾，傑富瑞集團。

Hi, guys. Thank you. Maybe taking a step back here, looking at the quarter, clearly, some challenges outside of your control really that you called out impacting the top line and the full year expectations. But as look at the performance of the quarter, given it was a bit more of a challenging top line environment, still saw a pretty material impact to overall earnings going quarter to quarter here, 4Q to 1Q.

嗨，大家好。謝謝。也許讓我們退一步來看這個季度，顯然，一些超出您控制範圍的挑戰確實影響了營收和全年預期。但從本季的表現來看，考慮到營收環境更具挑戰性，第四季對第一季的整體獲利仍產生了相當大的影響。

So as you think about your ability to flex your network and adjust to maybe some of these challenges that can pop up intra-quarter, how would you rate your performance? And as you think back, is there something that should have been done differently? DRIVE savings, you obviously have called out. But just as again you can flex your network, maybe just some insight there would be helpful. Thanks.

因此，當您考慮靈活調整網路和應對季度內可能出現的一些挑戰的能力時，您如何評估自己的表現？回想起來，是否有些事情應該做成不同的事情？您顯然已經呼籲要推動儲蓄。但就像您可以再次靈活運用您的人脈一樣，也許一些見解會有所幫助。謝謝。

Yeah. Thanks, Stephanie. It's John. Yeah. No, it's a great question. And I think the team does an excellent job of monitoring the demand trends and adjusting as best we can. Pretty dramatic changes, though, when you talk about the mix shift that we experienced.

是的。謝謝，斯蒂芬妮。是約翰。是的。不，這是一個很好的問題。我認為團隊在監控需求趨勢並盡力調整方面做得非常出色。然而，當你談論我們所經歷的混合轉變時，變化相當劇烈。

And volumes were there. Volumes were, for the most part, pretty strong. And when you're operating such an expansive network, it takes a little bit of time to adjust, but we're looking at that every day, and frankly, every week and making schedule adjustments.

那裡有很多卷。整體而言，成交量相當強勁。當你經營如此龐大的網路時，需要一點時間來調整，但我們每天，坦白說，每週都在關注這個問題，並根據情況調整時間表。

And frankly, as we look forward here, as part of the winding down of the postal service contract, I think we're going to have some additional flexibility to continue to create the network of the future, which is going to allow for some additional efficiencies and flexibility.

坦白說，展望未來，作為郵政服務合約逐步終止的一部分，我認為我們將擁有一些額外的靈活性來繼續創建未來的網絡，這將帶來一些額外的效率和靈活性。

So we're optimistic about that. But when -- again, you're talking about a large network. It's tough to flip a switch, if you will. But I think the team does a great job of monitoring that and adjusting.

因此我們對此持樂觀態度。但是當——再說一次，你談論的是一個大型網路。如果你願意的話，要扳動開關是很困難的。但我認為團隊在監控和調整方面做得很好。

Brandon Oglenski, Barclays.

巴克萊銀行的布蘭登‧奧格倫斯基。

Hey. Good afternoon. Thanks for taking my question. Raj, I guess if I listened to the call only, it sounds like DRIVE is working, FedEx One is well underway. The Tricolor initiative is supposed to be delivering profitable market share. But -- and I guess it's just feeding off that last question. The reality is this is one of the lowest profit first quarters that we've seen since maybe 2009. And EPS is very much run rating well below your full year range here.

嘿。午安.感謝您回答我的問題。Raj，我想如果我只聽電話的話，聽起來 DRIVE 正在發揮作用，FedEx One 正在順利進行。Tricolor 計劃預計將帶來豐厚的市場份額。但是——我想這只是最後一個問題的回答。事實上，這可能是 2009 年以來我們看到的第一季利潤最低的一次。且 EPS 的營運評級遠低於全年預期。

So I think it's just -- it's really hard to get credibility with investors with these types of numbers and with costs that are actually up, even though supposedly DRIVE is underway. So I don't know, can you just give us some concrete examples of what's going to change?

所以我認為——儘管 DRIVE 計劃已在進行中，但面對如此多的數字和實際上漲的成本，很難讓投資者相信。所以我不知道，您能否給我們舉一些具體的例子來說明會發生什麼變化？

I get it the post office contract is going away. I think taking down daytime flying is a step in the right direction. But incrementally, how do we get to that much higher earnings run rate?

我知道郵局合約即將消失。我認為取消白天飛行是朝著正確方向邁出的一步。但逐步地，我們要如何達到更高的獲利運行率呢？

Well, thank you, Brandon, for the question. I will just start by saying, yes, this point that we just talked about before, the soft industrial economy is clearly weighing on the B2B volumes. And it was definitely much weaker than we expected, and we have to make adjustments accordingly.

好吧，布蘭登，謝謝你提出這個問題。我首先要說的是，是的，我們剛才談到的這一點，疲軟的工業經濟顯然對 B2B 交易量造成了壓力。而且它確實比我們預期的要弱得多，我們必須做出相應的調整。

And as you know, shipments linked to industrial production are highest-yielding and the most profitable. At the same time, e-commerce is resetting and starting to grow again, and we're also seeing some modest improvements in global trade.

眾所周知，與工業生產相關的貨運收益最高，利潤也最高。同時，電子商務正在重置並開始再次成長，我們也看到全球貿易出現了一些溫和的改善。

So the dynamics of the profile of our traffic changed. Having said all this, we are absolutely focused on what we can control. And this is the mantra that we have preached over the past two years, and we have got real good success that we have demonstrated over several quarters. We have a very, very deep sense of urgency in executing our structural cost structure programs. You can take that to the bank.

因此，我們的交通狀況的動態發生了變化。話雖如此，我們絕對專注於我們能夠控制的事情。這是我們過去兩年來一直在宣揚的口號，並且我們已經在幾個季度中取得了真正的成功。我們對執行結構性成本結構計畫有著非常非常強烈的迫切感。你可以把它存入銀行。

We have revenue quality initiatives that Brie talked about. We have profitable growth opportunities that we are lining up as well. And everything, I mean, everything is now being done with the rigor and the discipline of DRIVE. This is a proven method of success and I'm very confident that our execution will get us to support our FY25 guidance.

我們有布里談到的收入品質舉措。我們也有正在等待的有利可圖的成長機會。我的意思是，現在所有事情都要按照 DRIVE 的嚴謹性和紀律性來做。這是一種行之有效的成功方法，我非常有信心，我們的執行將支持我們的 FY25 指導。

I'm going to turn it to John to talk about any -- specifically some examples on the DRIVE side and maybe Brie on the growth side.

我將邀請約翰來談論任何問題 — — 特別是 DRIVE 方面的一些例子，也許還有增長方面的 Brie。

Sure, Raj. Thank you. So again, across the board, as we look at surface operations, for example, we're going to continue to optimize our staffing and enhance efficiencies across all our segments, frankly, and the implementation of some of our technology tools is going to facilitate not only present day but also as we look forward into Network 2.0. It's going to be a key element of that. On the air network, we're looking at the entire network.

當然，拉傑。謝謝。因此，再次強調，從整體上看，例如，當我們審視地面作業時，我們將繼續優化我們的人員配置，提高所有部門的效率，坦率地說，我們一些技術工具的實施不僅會促進現在的發展，而且也會促進我們展望網絡 2.0。這將是其中的關鍵要素。在空中網路上，我們正​​在關注整個網路。

I mentioned what we're able to do once we're relieved of the postal service flying. But our air network, there's more we can do in Europe. There's more we can do internationally and matching the size of aircraft, the gauge of aircraft with the demand profiles, there's a lot of great work being done there.

我提到了一旦我們不再需要郵政飛行服務，我們能做什麼。但是我們的航空網絡，我們在歐洲可以做更多的事情。在國際上，我們還可以做更多的事情，使飛機的尺寸、規格與需求狀況相匹配，在這方面我們已經做了很多出色的工作。

Europe is another area where we're going to be able to have, as Raj mentioned in his initial comments, some opportunity there and leveraging not only the DRIVE initiatives, but as Raj mentioned, it's a significant ground operation there, and we're leveraging the expertise of what we do exceptionally well here in the US to facilitate and continue to improve what we're doing in Europe.

歐洲是另一個我們可以擁有的地區，正如 Raj 在其初始評論中提到的那樣，我們不僅可以利用 DRIVE 計劃，而且正如 Raj 提到的那樣，這是那裡的一項重要的地面行動，而且我們正在利用我們在美國做得非常出色的專業知識來促進和繼續改進我們在歐洲的工作。

And then the progress we're making on G&A is significant. As we're bringing the opcos together just from a procurement standpoint, I mentioned IT. There's a lot of great work being done, of which there's more to do, but we're getting benefit from leveraging our scale on procurement and centralizing that, and just a whole number of initiatives that are going to contribute to the rest of the year as well as delivering on the $2.2 billion.

我們在 G&A 方面取得的進展是顯著的。當我們從採購的角度將營運公司整合在一起時，我提到了 IT。有很多出色的工作正在進行，當然還有很多工作要做，但我們正在從利用採購規模和集中採購中獲益，而且一系列舉措將為今年剩餘時間做出貢獻，並實現 22 億美元的目標。

Brandon, the only thing that I will add, as we talked about the plans that we have for demand surcharges as well as the fuel surcharge table changes, both the domestic change and the international change, not all of this was planned or in our original assumptions come June, so that is additive.

布蘭登，我唯一要補充的是，當我們談到需求附加費計劃以及燃油附加費表變化時，包括國內變化和國際變化，並不是所有這些都是計劃好的，也不是我們最初假設的 6 月份就會發生，所以這是附加的。

The impact there absolutely is impacting Q2, but the majority of the impact will happen in Q3, given just the distribution of peak and then, of course, our GRI. So that gives us great context -- or sorry, great confidence because we can forecast this with a lot of granularity.

那裡的影響絕對會影響第二季度，但大部分影響將發生在第三季度，僅考慮峰值分佈，當然還有我們的 GRI。所以這給了我們很好的背景資訊——或者抱歉，是很大的信心，因為我們可以非常詳細地預測這一點。

And then I think just additive to what John said, as we look at our European pricing strategy, as I've talked about, we are taking a lot of our tools and capabilities from the US into Europe to improve their profitability and their pricing capture.

然後，我認為，除了約翰所說的之外，當我們審視我們的歐洲定價策略時，正如我所談到的，我們正在將許多工具和能力從美國帶到歐洲，以提高他們的盈利能力和定價能力。

Dimensional capture is significant for Europe because remember, they do have a sizable intra-European freight business and getting all dimensional capture both there and large package for parcel is incredibly important to that business. And you can see some of the discipline improving.

尺寸捕獲對於歐洲來說非常重要，因為請記住，他們確實擁有相當大的歐洲內部貨運業務，並且獲得那裡和包裹的大包裹的所有尺寸捕獲對於該業務來說非常重要。你可以看到一些紀律正在改善。

The international domestic yields did improve, and of course, that is a big part of the Europe business. So I'm very confident in not only what we've announced but some of the things that we have coming for Europe.

國際國內收益率確實有所提高，當然，這是歐洲業務的重要組成部分。因此，我不僅對我們已經宣布的舉措充滿信心，而且對我們即將在歐洲採取的一些舉措也充滿信心。

Jason Seidl, TD Cowen.

傑森·塞德爾（Jason Seidl），TD Cowen。

Hey. Thank you for taking my question. How should we think about the overall macro? I mean, we've seen a very weak industrial environment. You guys seem to point to weaker parcel volumes and then even a trade down. I guess what's in your assumptions going forward for the overall macro. And then as a follow-up, if there is a strike on the East Coast ports and gulf, how could that potentially impact any air freight volumes side?

嘿。感謝您回答我的問題。我們該如何思考整體宏觀？我的意思是，我們看到了非常疲軟的工業環境。你們似乎指出包裹量會下降，甚至交易量會下降。我猜您對未來整體宏觀的假設是什麼。然後作為後續問題，如果東海岸港口和墨西哥灣發生罷工，這可能會對空運量產生什麼影響？

Okay. Thank you, Jason, for the question. Clearly, this quarter, the industrial economy is weighing on our B2B volumes and the S&P US Manufacturing PMI dipped 1.7 points to 47.9, is the lowest reading of the year. And at the same time, e-commerce is resetting and starting to grow again.

好的。謝謝傑森提出的問題。顯然，本季工業經濟對我們的 B2B 交易量造成了壓力，標準普爾美國製造業 PMI 下降 1.7 點至 47.9，為今年的最低讀數。與此同時，電子商務正在重置並開始再次成長。

As of Q2 CY24, e-commerce was 16% of retail sales, which is up from 15.8% in Q1. And the same -- also, we're also seeing modest improvement in the global trade data. The trade was up 1.8% year over year in June and bringing the growth for H1 CY24 to 0.9%. So this is being out of Asia. To give you some idea, the magnitude of the Fed rate cuts yesterday signals the weakness of the current environment.

截至 2024 年第二季度，電子商務佔零售額的 16%，高於第一季的 15.8%。同樣，我們也看到全球貿易數據略有改善。6 月貿易額年增 1.8%，2024 年上半年貿易額成長率達 0.9%。所以這是走出亞洲的。舉個例子，聯準會昨天降息的幅度顯示了當前環境的疲軟。

Now we're not assuming a significant comeback on the industrial environment in the rest of this calendar year. We are cautiously optimistic that industrial production will moderately improve in the second half, but we are dialing in pretty low growth expectations at this point because of the environment we are seeing.

現在我們不認為今年剩餘時間內工業環境會出現顯著復甦。我們謹慎樂觀地認為，下半年工業生產將溫和改善，但考慮到目前的環境，我們目前的成長預期相當低。

Once again, let me just say this, that we remain focused on what we can control, and that is really critical for us. And the actions we're taking on executing our structural cost savings, our revenue initiatives and growth initiatives are absolutely critical, and we are confident we'll deliver on the guidance that we gave you.

我再說一遍，我們仍然專注於我們能夠控制的事情，這對我們來說真的至關重要。我們為執行結構性成本節約、收入計劃和成長計劃所採取的行動絕對至關重要，我們有信心我們將兌現給您的指導。

And Jason, if I could, you had asked about the port disruption, and my experience is anytime you have some port disruption, it generally favors air freight so we'll be watching that closely and keep you posted on that.

傑森，如果可以的話，你問的是港口中斷的情況，我的經驗是，任何時候港口出現中斷，通常都會對空運有利，所以我們會密切關注並隨時向你通報情況。

Conor Cunningham, Melius Research. (Operator Instructions)

康納·坎寧安（Conor Cunningham），Melius Research。（操作員指示）

Scott Group, Wolfe Research.

斯科特集團、沃爾夫研究公司。

Hey. Thanks. Good afternoon, guys. I'm in an airport so sorry about any background noise. Raj, I know we're not through the review yet for LTL, but maybe just, what are the puts and takes, the pros and cons? And if you can say, are you -- do you feel like it's more or less likely that you move forward with the sale or spin? And while we're on the just topic of like strategic reviews, is there a point where you think about strategic options for the Europe business if we can't get that to profitability?

嘿。謝謝。大家下午好。我在機場，所以很抱歉造成背景噪音。Raj，我知道我們還沒有完成對 LTL 的審查，但也許只是，它的利弊是什麼？如果您可以說的話，您是否覺得繼續進行銷售或分拆的可能性更大或更小？當我們討論戰略評估這樣的話題時，如果我們無法實現盈利，您是否會考慮歐洲業務的戰略選擇？

So Scott, I'll take the first one. As Raj mentioned in his remarks, this assessment is well underway, and we're on track to complete it and communicate the outcome of that by the end of the calendar year.

那麼斯科特，我選擇第一個。正如拉吉在演講中提到的那樣，這項評估正在順利進行中，我們預計在今年年底前完成並公佈評估結果。

Okay. And on Europe, let me just say this much. Europe is a top priority for the executive team and we have a long runway of profit improvement there. In fact, the entire exec committee was in the continent in June to show support for the team. Our focus is on capturing profitable share, while at the same time, improving our cost profile.

好的。關於歐洲，我只想說這麼多。歐洲是執行團隊的首要任務，我們在那裡擁有長期的利潤提升空間。事實上，整個執行委員會六月都來到了非洲大陸，以表達對球隊的支持。我們的重點是獲取獲利份額，同時改善我們的成本狀況。

In fact, in FY24, we saw the financial performance in Europe improve year over year. We are seeing improvement in service levels, the commercial execution driving profitable share gains and the service levels have been highest than in the past three years.

事實上，在24財年，我們看到歐洲的財務表現逐年改善。我們看到服務水準正在提高，商業執行推動獲利份額的成長，服務水準也達到了過去三年的最高水準。

Now as we've just talked about before, I mean, Europe is primarily a ground and freight business. And as we have shown in the US, we know how to run a very profitable surface network. And we are taking these learnings from the US.

正如我們之前談到的，歐洲主要以地面和貨運業務為主。正如我們在美國所展示的那樣，我們知道如何運作一個非常有利可圖的地面網路。我們正在從美國吸取這些經驗。

and applying it to Europe. Over the past few months, we've done an incredible amount of work in designing the right physical and technological solutions to enable the streamlined flow of packages and pallets across our intra-European road network, and now this is being put into action.

並將其應用於歐洲。在過去的幾個月裡，我們做了大量的工作來設計正確的實體和技術解決方案，以實現包裹和托盤在歐洲內部公路網路中的簡化流動，現在我們正在付諸行動。

And our US domestic surface executive management team is directly involved and intricately involved in the optimization of the European service network. So with that, we are going to drive improvement in Europe, again, managed through the DRIVE process will improve the station and hub efficiency, will optimize the linehaul and last-mile density.

而我們美國國內地面執行管理團隊直接參與並深度介入歐洲服務網路的最佳化。因此，我們將推動歐洲的改進，同樣，透過 DRIVE 流程進行管理將提高車站和樞紐的效率，優化幹線運輸和最後一英里的密度。

We will continue to improve on our G&A and back office savings, as we talked about, implement dimensional pricing for European freight products. And you put in place a revised organization structure, which added expertise from the US surface team.

我們將繼續改善我們的一般行政費用和後台辦公室節省，正如我們所討論的，對歐洲貨運產品實施尺寸定價。而你們建立了經過修改的組織結構，增加了美國地面團隊的專業知識。

We are confident of this now in Europe, and we are expecting improvement of $600 million over FY23 as part of DRIVE. And we're confident that the right leadership in place with Walter at the helm. So thank you for the question, Scott.

我們現在對歐洲的這項舉措充滿信心，我們預計作為 DRIVE 的一部分，2023 財年的營收將增加 6 億美元。我們相信，在沃爾特的領導下，公司將擁有正確的領導方式。謝謝你的提問，斯科特。

David Vernon, Bernstein. (Operator Instructions)

大衛‧佛農，伯恩斯坦。（操作員指示）

Hi. Sorry about that. I was in the airport. I'm just trying to keep the background noise down. So John, if you think about the cadence of earnings for the remainder of FY25, the [60, 90] or so, can you give us a sense for how much of that is front versus back end loaded? And then I know you can't really talk much about the -- beyond the fact that the freight review is ongoing.

你好。很抱歉。我在機場。我只是想降低背景噪音。那麼約翰，如果你考慮 25 財年剩餘時間的獲利節奏，即 [60, 90] 左右，你能否讓我們了解其中有多少是前端負載，有多少是後端負載？然後我知道除了貨運審查仍在進行之外，您實際上不能談論太多。

But there's been some discussion in the market about whether the freight margins, as they're reported with intercompany costs, would be similar to what they might be coming out if it was a stand-alone business. Can you just talk conceptually whether the intercompany costs that are charged to the freight business right now accurately reflect what a burden might be if you had to equip it with the sales force, for example? Thank you.

但市場上有一些討論，即報告的運費利潤率（包括公司間成本）是否會與獨立業務的利潤率相似。您能否從概念上談談，目前向貨運業務收取的內部公司成本是否準確反映瞭如果必須為其配備銷售人員可能會帶來的負擔？謝謝。

Yeah. Thanks, David. Yeah. I'm not going to comment further on freight. There's a comprehensive assessment taking place that takes all those things into account and look forward to reporting back on that.

是的。謝謝，大衛。是的。我不會對運費發表進一步評論。我們正在進行一項綜合評估，將所有這些因素都考慮在內，並期待對此做出報告。

Now with regard to the cadence, as I said, we're expecting to be, from a seasonal standpoint, below seasonality, and it's going to be back half sequentially, we're going to see continued improvement through the year. And that includes our DRIVE initiatives as well as our profitability initiatives. So thank you.

現在就節奏而言，正如我所說，從季節性的角度來看，我們預計它會低於季節性，並且會比上一季回落一半，我們將看到全年持續改善。其中包括我們的 DRIVE 計劃以及盈利計劃。所以謝謝你。

Bruce Chan, Stifel.

布魯斯陳（Bruce Chan），Stifel。

Hey. Good evening, everyone. You made a couple of mentions of the strong Asia export volumes. Can you just maybe level set on how much of that is coming from the big two or three Chinese e-comm players and how you're thinking about those volumes heading in the peak season?

嘿。大家晚上好。您多次提到亞洲出口量強勁。您能否大致估算一下其中有多少來自中國兩、三家大型電子商務公司，以及您如何看待旺季的銷售量？

And then maybe just a follow-up. If we think about these players taking down a lot of capacity during peak season and maybe pushing airfreight costs upwards, what's the net impact here with Tricolor? I'd imagine that there's some tailwind to the Purple Tails but maybe there's continued PT pressure on some of the other colors. So just maybe some thoughts on how we should think about that.

然後也許只是後續行動。如果我們考慮到這些參與者在旺季會減少大量運力，並可能推高空運成本，那麼 Tricolor 的淨影響是什麼？我可以想像紫尾會有一些順風，但其他一些顏色也許會繼續面臨 PT 壓力。所以也許我只是對我們應該如何看待這個問題有一些想法。

Bruce, it's Brie, I think I've got it all. So as we think about Asia export for the rest of the fiscal year, we are expecting continued strength based on what we saw in Q1. From a seasonality, yeah, of course, we'll have some seasonal improvement in the peak period coming out of Asia. But we think that the volumes will remain very similar seasonally throughout the year. With regards to the big two, we have very productive relationships with them.

布魯斯，我是布里，我想我已經明白了一切。因此，當我們考慮本財年剩餘時間的亞洲出口時，我們預計基於第一季的表現，亞洲出口將繼續保持強勁。從季節性來看，是的，當然，在亞洲的高峰期我們會有一些季節性的改善。但我們認為，全年的季節性產量將保持非常相似。就這兩大巨頭而言，我們與他們保持著非常有成效的關係。

However, we've also been very strategic in making sure that the relationship is mutually beneficial. What do I mean by that? Obviously, these are two massive shippers coming out of the Asia market, and we have found, I would say, small opportunities to work together relative to our overall Asia business.

然而，我們也非常有策略地確保這種關係是互惠互利的。我這樣說是什麼意思？顯然，這兩家公司都是來自亞洲市場的大型貨運公司，我想說，相對於我們整個亞洲業務而言，我們發現合作的機會很小。

So we're really happy with the relationship. They are accretive but we have really focused on the parts of their business where they do need speed and/or where we have available capacity coming into the United States.

所以我們對這段關係感到非常高興。他們正在增值，但我們真正關注的是他們業務中確實需要速度的部分和/或我們有可用容量進入美國的部分。

So we're happy with these relationships. They will not be a significant growth driver for us and we're not planning on that. We also do not see any material risk coming out of peak as a result either. And I guess I should say, from a Tricolor perspective, just to the last part of your question, we absolutely expect that improved Tricolor optimization that John has covered earlier will continue to improve all of our international margins.

所以我們對這些關係感到滿意。它們不會成為我們重要的成長動力，我們也沒有這樣的計畫。我們也沒有看到任何實質的風險因此而出現。我想我應該說，從 Tricolor 的角度來看，就你問題的最後一部分而言，我們絕對希望 John 之前提到的改進的 Tricolor 優化將繼續提高我們所有的國際利潤率。

We really have to think about the Tricolor being the right strategy for the entire international system form as we anticipate that deferred volumes will continue to be the largest growth driver in the industry.

我們確實必須考慮三色策略是否是整個國際體系的正確策略，因為我們預期延期交易量將繼續成為該產業最大的成長動力。

Ken Hoexter, Bank of America.

美國銀行的肯‧霍克斯特 (Ken Hoexter)。

Great. Thanks for squeezing me at the end. I guess maybe just there's still, it seems to be, a bit of confusion based on a lot of questions coming in just on the margin outlook, right? So if you're -- well, I guess one, sequentially, John, you did say it's going to be up both sequentially and year over year, right?

偉大的。謝謝你最後擠壓我。我想也許只是由於許多有關利潤前景的問題，似乎仍然存在一些困惑，對嗎？所以如果你——嗯，我想首先，約翰，你確實說過它會逐年上升，對嗎？

I think you threw the two things together. But if Raj, I guess if we're talking about 5% combined margins now, is the economy service a negative margin business that is dragging you down? If International is still losing money, does the $600 million you're talking about get you to breakeven versus peers at 20%?

我認為你把這兩件事混為一談了。但如果 R​​aj，我想如果我們現在談論的是 5% 的綜合利潤率，那麼經濟服務是否是一項拖累您的負利潤業務？如果國際公司仍在虧損，那麼你所說的 6 億美元是否能讓你以 20% 的虧損率與同業相比達到收支平衡？

Maybe you can talk about where does this go once you're done with the DRIVE savings before Network 2.0, but what is the flow-through that we can expect on a net basis?

也許您可以談論在 Network 2.0 之前完成 DRIVE 節省後這些會去哪裡，但是我們可以預期的淨流量是多少？

So Ken, I'll start with that. I believe I said sequential. I didn't -- don't believe I said year over year so just that one clarification. And so again, from -- we're not going to be providing quarterly guidance. But for modeling purposes, we're anticipating freight margins to be down for the full year due to the challenging US domestic industrial economy. And we do anticipate adjusted FEC margins to be up for FY25 driven by DRIVE and the recent pricing actions, which will support profitable growth.

那麼肯，我就從這個開始。我相信我說的是連續的。我沒有——不相信我說的是年復一年，所以只需要澄清這一點。所以，再說一次，我們不會提供季度指導。但出於建模目的，我們預計由於美國國內工業經濟面臨挑戰，全年貨運利潤率將會下降。我們確實預計，受 DRIVE 和近期定價行動的推動，調整後的 FY25 FEC 利潤率將會上升，這將支持獲利成長。

And let me just add, Ken, that the items that you just talked about, and let me just recap, with Network 2.0 coming into play in the horizon we're talking about in the next couple of years, improvements that we are seeing in Europe and that will continue on, Tricolor will be a huge advantage as we restructure the system.

肯，讓我補充一下，你剛才談到的事項，讓我再概括一下，隨著網絡 2.0 在未來幾年內發揮作用，我們在歐洲看到了改進，並且這種改進將繼續下去，在我們重組系統時，三色系統將是一個巨大的優勢。

These are all accretive to the FedEx story as we move forward here. And so as we complete the $4 billion of DRIVE savings in fiscal '25, we still have significant drivers of profitable expansion for FedEx this year and for some time in the future.

隨著我們不斷前進，這些都對聯邦快遞的故事有所好處。因此，當我們在 25 財年完成 40 億美元的 DRIVE 節省時，我們仍然擁有推動聯邦快遞今年及未來一段時間獲利擴張的重要驅動力。

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。我想將會議交還給 Raj Subramaniam 做最後發言。

Thank you very much. As you know, we faced a very difficult quarter marked by weaker-than-expected demand environment. However, because of the execution focus that we have, I remain confident in the value-creation opportunities ahead.

非常感謝。如您所知，我們面臨著一個非常困難的季度，其特點是需求環境弱於預期。然而，由於我們注重執行，我仍然對未來的價值創造機會充滿信心。

We are focused on delivering structural cost reduction through DRIVE and executing on our network transformation plans. And these efforts will lead to a more flexible, efficient, and intelligent network.

我們專注於透過 DRIVE 實現結構性成本削減並執行我們的網路轉型計劃。這些努力將使網路更加靈活、高效和智慧。

Once again, let me thank the FedEx team members for their hard work and dedication to delivering outstanding customer experience as we prepare for the peak season. And thank you all for your time and attention today.

我再次感謝聯邦快遞團隊成員在我們為旺季做準備時所付出的辛勤工作和奉獻，以提供卓越的客戶體驗。感謝大家今天的時間和關注。

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。