聯邦快遞 (FDX) 2025 Q2 法說會逐字稿

Good day, and welcome to the FedEx fiscal year 2025 second-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.

美好的一天，歡迎參加聯邦快遞 2025 財年第二季財報電話會議。 （操作員說明）請注意，正在記錄此事件。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 second-quarter earnings conference call. The second-quarter earnings release, freight assessment results 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. During our Q&A session, callers will be limited to one 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二季財報電話會議。第二季財報發布、貨運評估結果發布、10-Q 表格和統計手冊均位於我們的網站 Investors.fedex.com 上。這次電話會議和隨附的幻燈片正在從我們的網站上進行串流傳輸。在我們的問答環節中，來電者將被限制回答一個問題，以便我們能夠滿足所有願意參與的人的需求。

Certain statements in this conference call 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》中定義的前瞻性陳述。實際結果與預期結果有重大差異。

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 SEC 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。

Thanks, Jeni. We are in the home stretch of peak, and I want to begin by thanking our team members for their hard work and dedication as we deliver an outstanding holiday season for our customers.

謝謝，珍妮。我們正處於高峰期的衝刺階段，首先我要感謝我們的團隊成員在我們為客戶提供一個出色的假期期間所付出的辛勤工作和奉獻精神。

Today marks an important step in our transformation. Following our assessment of FedEx Freight, which we announced and commenced back in June, we have decided to pursue a full separation of this business which will result in two industry-leading public companies. Through the separation, we believe we will unlock significant value for stockholders while allowing for continued commercial, operational and technological cooperation between both businesses.

今天標誌著我們轉型的重要一步。繼我們於 6 月宣布並開始對聯邦快遞貨運進行評估後，我們決定對該業務進行完全分離，這將產生兩家領先業界的上市公司。透過分拆，我們相信我們將為股東釋放巨大的價值，同時允許兩家企業之間繼續進行商業、營運和技術合作。

The separation will also enable both companies to benefit from enhanced focus and competitiveness. For FedEx, this will ensure strong execution of our near- and longer-term strategic priorities while preserving the benefits Freight and FedEx enjoy their long-standing connectivity.

此次分離也將使兩家公司受益於增強的專注度和競爭力。對於聯邦快遞來說，這將確保強有力地執行我們的近期和長期戰略重點，同時保留貨運和聯邦快遞享有的長期互聯互通帶來的好處。

Each independent company will be well capitalized with flexibility to invest in profitable growth while continuing to return capital to shareholders. I would like to provide a brief overview on the compelling value proposition of both businesses, starting with FedEx Freight.

每家獨立公司都將擁有充足的資本，能夠靈活地投資於獲利成長，同時繼續向股東返還資本。我想從聯邦快遞貨運開始，簡單概述這兩家公司令人信服的價值主張。

We're excited to create a leading LTL pure play, the largest carrier by revenue with the broadest network and the fastest transit times. FedEx Freight has deep relationships with customers who turn to us or our reliability, simplicity and choice of services.

我們很高興能夠創建一家領先的零擔純粹運營商，這是按收入計算最大的承運商，擁有最廣泛的網絡和最快的運輸時間。聯邦快遞貨運與尋求我們服務或選擇我們的服務的可靠性、簡單性和選擇的客戶有著深厚的關係。

Freight has maintained its leading market share position for a long time and increased operating profit nearly 25% on average per year over the last five years, expanding operating margin by approximately 1,100 basis points. The team's focus on safety, facility utilization, revenue quality and operational efficiency has driven this performance, and these factors will continue to guide Freight's go-forward strategy supported by a strong balance sheet.

貨運業務長期維持領先的市佔地位，過去五年營業利潤平均每年增長近25%，營業利益率擴大約1,100個基點。該團隊對安全、設施利用率、收入品質和營運效率的關注推動了這一業績，這些因素將繼續指導 Freight 在強大的資產負債表支援下的前進策略。

As a separate company, Freight will be better positioned to unlock its full value potential. Areas where we see the greatest opportunity include First, an expanded dedicated LTL sales force led by Tom Connolly, our new VP of LTL sales was nearly 30 years of experience. We've already begun to build out this team and we expect to add more than 300 LTL specialists by the time of separation.

作為一家獨立的公司，貨運公司將能夠更好地釋放其全部價值潛力。我們看到最大機會的領域包括 First，這是一支由 Tom Connolly 領導的擴大的專門零擔銷售團隊，我們的新任零擔銷售副總裁擁有近 30 年的經驗。我們已經開始組建這個團隊，預計在分開時將增加 300 多名零擔專家。

Second, an enhanced LTL specific pricing and invoicing system that drives faster speed to market more intuitive contracts and is more tailored to this particular market. Third, improved freight and FedEx network efficiencies focused on accelerating speed, improving coverage, optimizing touches and lowering our cost to serve.

其次，增強的零擔特定定價和發票系統可以加快推出更直觀合約的速度，並且更適合該特定市場。第三，提高貨運和聯邦快遞網路效率，重點在於加快速度、擴大覆蓋範圍、優化服務範圍和降低服務成本。

And fourth, an LTL-focused automation, which will drive efficiency and reduce outside vendor spend.

第四，以零擔運輸為重點的自動化，這將提高效率並減少外部供應商支出。

FedEx Freight's portfolio of solutions, which includes both priority and economy services, is also well positioned to benefit from the long-term market dynamics shaping the LTL industry. As we pursue the separation, we will remain focused on customer experience by sustaining or improving service to our customers.

聯邦快遞貨運的解決方案組合（包括優先服務和經濟服務）也能夠從塑造零擔產業的長期市場動態中受益。在我們追求分離的同時，我們將透過維持或改善為客戶提供的服務，繼續專注於客戶體驗。

To ensure the focus and seamless transition, Lance Moll will continue to serve as President of FedEx Freight as we execute on our separation. The long-standing cooperation between FedEx and FedEx Freight will continue through commercial, operational and data and technology agreements to enable seamless continuity of service and capture existing benefits from the relationship.

為了確保重點和無縫過渡，蘭斯·莫爾將在我們執行分拆時繼續擔任聯邦快遞貨運總裁。聯邦快遞與聯邦快遞貨運之間的長期合作將透過商業、營運、數據和技術協議繼續下去，以實現服務的無縫連續性並從這種關係中獲取現有利益。

We have an unmatched customer value proposition with two separate companies, we will ensure commercial collaboration that creates a seamless transition for our customers, especially those that turn to FedEx for all three services. From an operational perspective, in addition to the network efficiencies I mentioned earlier, Freight will continue to provide line haul for FedEx strategically including Tricolor, peaks and trade support.

我們與兩家獨立的公司擁有無與倫比的客戶價值主張，我們將確保商業合作，為我們的客戶創造無縫過渡，特別是那些轉向聯邦快遞獲得所有三項服務的客戶。從營運角度來看，除了我之前提到的網路效率之外，Freight還將繼續為FedEx策略性地提供線路運輸，包括Tricolor、peaks和貿易支援。

This requires minimal change as freight already receives a direct financial benefit from supporting Federal Express via intercompany agreements. Additionally, we will implement shared technology and service agreements to facilitate the transition and beyond. Through these agreements, FedEx will provide freight with tech platforms that effectively connect the two businesses as needed and ensure business community.

這需要最小的改變，因為貨運已經透過公司間協議支持聯邦快遞獲得了直接的經濟利益。此外，我們將實施共享技術和服務協議，以促進過渡及後續工作。透過這些協議，聯邦快遞將提供貨運技術平台，根據需要有效連接兩家企業並確保商業社區。

Given the strong reputation and familiarity of our brand, we plan for the new company to continue to operate under the FedEx Freight name.

鑑於我們品牌的良好聲譽和知名度，我們計劃新公司繼續以 FedEx Freight 的名義運作。

Putting all of this together, customers will continue to enjoy the superior service speed and coverage they have come to expect from FedEx Freight while also maintaining access to the unparalleled global ecosystem of FedEx Services.

總而言之，客戶將繼續享受聯邦快遞貨運所期望的卓越服務速度和覆蓋範圍，同時保持對聯邦快遞服務無與倫比的全球生態系統的存取權。

Now turning to FedEx. We pioneered the express transportation industry over 50 years ago and remain the industry leader today. Customers choose us for our advantaged value proposition enabled by our service, speed and breadth of coverage. We delivered nearly 17 million packages each business day to over 220 countries and territories, we link more than 99% of the world's GDP.

現在轉向聯邦快遞。 50 多年前，我們開創了快遞運輸業，至今仍是業界領導者。客戶選擇我們是因為我們的服務、速度和覆蓋範圍所帶來的優勢價值主張。我們每個工作日向 220 多個國家和地區遞送近 1700 萬個包裹，我們連接著世界 99% 以上的 GDP。

We transport approximately $2 trillion worth of goods every year by connecting 3 million shippers to 225 million consumers. In the US, our weakened and rural coverage also serves competitive advantage. And we generate over 1 petabyte of data every single day, which provide insights that drive how we run our company more efficiently how we serve our customers and how our customers manage their own supply chains.

我們每年將 300 萬托運人與 2.25 億消費者連接起來，運送價值約 2 兆美元的貨物。在美國，我們弱化的農村覆蓋範圍也具有競爭優勢。我們每天都會產生超過 1 PB 的數據，這些數據提供了見解，幫助我們更有效地經營公司、為客戶提供服務以及客戶如何管理自己的供應鏈。

The ongoing progress at FedEx gives me confidence that this stand-alone business will continue to thrive into the future. During and post separation, we will continue to focus on delivering significant value to stockholders through our strategic initiatives, which are cementing our leadership position as the world's best transportation and supply chain technology company.

聯邦快遞的持續進步讓我相信這項獨立業務在未來將繼續蓬勃發展。在分離期間和分離後，我們將繼續專注於透過我們的策略性舉措為股東提供巨大的價值，這將鞏固我們作為全球最佳運輸和供應鏈技術公司的領導地位。

This includes Drive, which continues to change the way we work. We are on track to deliver $4 billion in savings by the end of FY25 and versus the FY23 baseline. Network 2.0, which will deliver on the promise of a more efficient network, including one truck, one neighborhood, along with consolidated facilities where we are targeting $2 billion in savings by the end of FY27.

其中包括 Drive，它不斷改變我們的工作方式。與 2023 財年基準相比，我們預計在 25 財年末實現 40 億美元的節省。網路 2.0，將兌現更有效率網路的承諾，包括一輛卡車、一個社區以及綜合設施，我們的目標是到 2027 財年末節省 20 億美元。

Tricolor, the redesign of our global air network, which positions us for strategic growth while improving the efficiency and asset utilization of the entire FedEx system. As a separate company, FedEx will strengthen its leading value proposition with an emphasis on delivering outstanding service, continuing to provide a differentiated offering in premium segments and remaining focused on higher-yielding service and building on our technology ecosystem to create smarter supply chains for all.

Tricolor 是我們全球航空網路的重新設計，它使我們能夠實現策略性成長，同時提高整個聯邦快遞系統的效率和資產利用率。作為一家獨立的公司，聯邦快遞將加強其領先的價值主張，重點是提供卓越的服務，繼續在高端細分市場提供差異化的產品，繼續專注於更高收益的服務，並建立我們的技術生態系統，為所有人創造更智慧的供應鏈。

Our capital allocation priorities remain unchanged. We will prioritize maintaining a strong balance sheet and investment-grade profile. We will continue to make high return investments in the business, while reducing capital intensity and increasing stockholder returns through buybacks and dividends.

我們的資本配置重點維持不變。我們將優先考慮維持強勁的資產負債表和投資等級狀況。我們將繼續對業務進行高回報投資，同時透過回購和股利降低資本密集度並增加股東回報。

Looking ahead, we expect to execute the separation within approximately 18 months. Claude Russ will lead our separation management office bringing the dry rigor and the accountability that we use to run our operations. Claude has spent nearly 25 years at FedEx as the former CFO of FedEx Freight is well worked in our freight business and the LTL market dynamics.

展望未來，我們預計將在大約 18 個月內執行分拆。克勞德·拉斯 (Claude Russ) 將領導我們的離職管理辦公室，為我們的營運帶來嚴謹和問責。克勞德 (Claude) 作為聯邦快遞貨運 (FedEx Freight) 的前首席財務官，在聯邦快遞 (FedEx) 工作了近 25 年，在我們的貨運業務和零擔市場動態方面表現出色。

Claude is currently Enterprise VP of Finance and has been a critical enabler of our drive execution. Today, we have shared the outcome of the assessment in our initial plans. As we have new details and separation milestones to share, we will keep you updated. Upon completion, this full separation will result in two strong, well-capitalized industry leaders.

克勞德目前擔任企業財務副總裁，一直是我們推動執行的關鍵推動者。今天，我們在初步計劃中分享了評估結果。當我們有新的細節和分離里程碑要分享時，我們會及時向您通報最新情況。完成後，這種完全分離將產生兩個實力雄厚、資本充足的產業領導者。

FedEx Freight, which will benefit from continued strategic and operational competitiveness and more flexible capital allocation. And FedEx, well positioned to continue executing on our strategic initiatives in pursuit of sustainable profitable growth. We're confident the separation is the right strategic decision for FedEx and FedEx Freight at this point in our evolution, with a clear path ahead to create significant long-term stockholder value.

聯邦快遞貨運將受益於持續的策略和營運競爭力以及更靈活的資本配置。聯邦快遞處於有利位置，可以繼續執行我們的策略性舉措，以追求可持續的獲利成長。我們相信，對於聯邦快遞和聯邦快遞貨運公司來說，在我們發展的這個階段，分拆是正確的策略決策，為創造顯著的長期股東價值提供了明確的道路。

Importantly, for our employees and our customers, it's business as usual as we look forward to a seamless transition. We are used to navigating change and we will do it while continuing to deliver on the Purple Promise every single day.

重要的是，對於我們的員工和客戶來說，一切照常進行，因為我們期待無縫過渡。我們習慣於駕馭變革，我們將在這樣做的同時繼續每天兌現紫色承諾。

Now turning to our Q2 results. Looking across the enterprise, we delivered sequential improvement both in drive savings and adjusted operating profit. At Federal Express Corporation, we achieved strong results on a year-over-year basis and greater flow-through to the bottom line with adjusted operating profit up 13% on essentially flat revenue.

現在轉向我們第二季的業績。縱觀整個企業，我們在推動節省和調整後的營業利潤方面都取得了連續的改進。在聯邦快遞公司，我們比去年同期取得了強勁的業績，並增加了淨利潤，調整後的營業利潤在收入基本持平的情況下增長了 13%。

We did this despite the challenging demand environment as well as headwinds we have previously identified, including the US post service contract expiration and the timing shift of Cyber Week. This is evidence that our transformation is clearly working.

儘管需求環境充滿挑戰以及我們先前發現的不利因素，包括美國郵政服務合約到期和網路週的時間轉移，我們還是這樣做了。這證明我們的轉型顯然正在發揮作用。

Similar to last quarter, we experienced weakness in the industrial economy, which negatively affected our B2B volumes, particularly in the US domestic package and the LTL markets. continued market pressure, coupled with difficult year-over-year comparisons weighed on our freight segment in the second quarter.

與上季類似，我們經歷了工業經濟疲軟，這對我們的 B2B 業務量產生了負面影響，特別是在美國國內包裹和零擔市場。持續的市場壓力，加上艱難的年比比較，給我們第二季的貨運部門帶來了壓力。

With B2B revenues comprising nearly 60% of our package business and 90% of our LTL business, we are well positioned for profitable growth when the industrial economy recovers. Against this backdrop and in support of evolving market dynamics, we continue to create a more flexible, efficient and intelligent FedEx as we deliver for our customers.

B2B 收入占我們包裹業務的近 60% 和零擔業務的 90%，因此當工業經濟復甦時，我們已做好盈利增長的準備。在此背景下，為了支援不斷變化的市場動態，我們將繼續打造更靈活、更有智慧和智慧的聯邦快遞，為客戶提供服務。

We achieved drive savings of $540 million in Q2. We remain confident that we will deliver our targeted $2.2 billion in incremental savings in FY25. Our Network 2.0 rollout continues and the Canadian market integration will be largely complete in early calendar year '25.

我們在第二季度實現了 5.4 億美元的驅動節省。我們仍有信心在 2025 財年實現 22 億美元增量節省的目標。我們的 Network 2.0 部署仍在繼續，加拿大市場整合將在 25 年初基本完成。

With the expiration of the US postal service contract, we're strategically matching capacity with demand and flexing the network as needed to transport packages more efficiently. At the end of September, we reduced our US domestic daytime flight hours by nearly 60% and strictly began to reduce other associated costs.

隨著美國郵政服務合約的到期，我們正在策略性地將容量與需求相匹配，並根據需要靈活調整網絡，以更有效地運輸包裹。 9月底，我們將美國國內日間飛行時間減少了近60%，並開始嚴格削減其他相關成本。

And we delivered solid service for our customers. This is always our priority and especially important during peak. I'm very pleased with how our teams are navigating a condensed period between Thanksgiving and Christmas.

我們為客戶提供了可靠的服務。這始終是我們的首要任務，在高峰期間尤其重要。我對我們的團隊如何度過感恩節和聖誕節之間的這段短暫時期感到非常滿意。

So far during peak, they're delivering more packages per day on average while maintaining the high-quality shipping experience that our customers expect with the ground average time in transit at two days in the US this peak.

到目前為止，在高峰期，他們平均每天運送更多的包裹，同時保持客戶期望的高品質運輸體驗，高峰期美國的地面平均運輸時間為兩天。

As we look to the second half of the fiscal year, we remain focused on what is within our control. executing against our transformation initiatives to reduce our cost to serve and drive improved performance. However, amid continued uncertainty around the demand environment, we are updating our expectations for FY25.

當我們展望本財年下半年時，我們仍然專注於我們控制範圍內的事情。執行我們的轉型計劃，以降低服務成本並提高績效。然而，由於需求環境持續存在不確定性，我們正在更新 2025 財年的預期。

We now expect an adjusted EPS outlook range of $19 to $20. John will provide more color on the underlying assumptions shortly.

我們現在預計調整後每股收益展望範圍為 19 美元至 20 美元。約翰很快就會就基本假設提供更多資訊。

Turning to Drive. On past earnings calls, I've talked about Drive at our structural cost optimization program. The reality is that within FedEx drive is Vale to be so much more. It's a new data and technology-driven business architecture that has changed how we work across our entire enterprise. Introducing more rigor and accountability to every decision we make, leading to a continuous cycle of efficiency and optimization.

轉向駕駛。在過去的財報電話會議上，我在我們的結構成本優化計劃中談到了 Drive。事實上，在聯邦快遞的推動下，淡水河谷的目標遠不止於此。這是一種新的數據和技術驅動的業務架構，它改變了我們整個企業的工作方式。對我們所做的每一個決策引入更嚴格和負責的態度，從而實現效率和優化的持續循環。

Take Europe, where we expect to achieve $600 million in total drive savings by the end of the fiscal year. Our European business is predominantly a ground-based business. We introduced new European leadership over the summer including a senior operator from our US surface team.

以歐洲為例，我們預計到本財年末，該地區的驅動器節省總額將達到 6 億美元。我們的歐洲業務主要是地面業務。今年夏天，我們引入了新的歐洲領導層，其中包括來自美國地面團隊的一名高級操作員。

In the spirit of One FedEx, we are bringing hub and sort best practices from US to Europe, and we have achieved many recent wins. Our progress includes revenue growth, which, combined with the drive benefits lead to improved performance this quarter. This gives us confidence in Europe's near- and longer-term trajectory.

本著 One FedEx 的精神，我們將集線和分類最佳實踐從美國帶到歐洲，我們最近取得了許多勝利。我們的進步包括收入成長，與驅動效益相結合，導致本季業績改善。這讓我們對歐洲的近期和長期發展軌跡充滿信心。

Our ability to enhance the financial performance of our European business starts with technology. Having implemented a common data platform, we now have a better view of our European network assets and cost to serve using these insights to increase efficiency in the region.

我們提高歐洲業務財務績效的能力始於技術。在實施了通用資料平台後，我們現在可以更了解我們的歐洲網路資產和服務成本，利用這些見解來提高該地區的效率。

For example, with our improved routing in Europe via the enhanced data flow, we reduced the number of touches on intra-European packages. This is not only improving productivity, but also expediting clearance, leading to better service. We also introduced dimensional pricing at our Charles Legal hub in Paris.

例如，透過增強的資料流改進了歐洲的路由，我們減少了歐洲內部包裹的接觸次數。這不僅可以提高生產力，還可以加快清關速度，從而提供更好的服務。我們還在巴黎的查爾斯法律中心引入了維度定價。

This enhancement enabled by new and updated technology seamlessly captures package dimensions and wait and that applies and integrates applicable surcharges via standardized processes. As a result, we are now better and more accurately compensated for the goods we transport especially for the higher-margin packages with unique dimensions.

這項增強功能由新技術和更新技術實現，可無縫捕獲包裹尺寸和等待時間，並透過標準化流程應用和整合適用的附加費。因此，我們現在可以為運輸的貨物提供更好、更準確的補償，特別是對於具有獨特尺寸的高利潤包裹。

We'll continue to roll out this capability to other European facilities over the next year.

明年我們將繼續向其他歐洲設施推廣此功能。

Together with non-stack about shipment surcharges, we expect this initiative to deliver an operating income benefit of over $50 million in FY25. This is a prime example of our new business architecture translating into improved financial and operational outcomes.

加上非堆疊運輸附加費，我們預計這項措施將在 2025 財年帶來超過 5,000 萬美元的營業收入收益。這是我們的新業務架構轉化為改善的財務和營運成果的典型例子。

Looking ahead across Europe, the team remains focused on deploying the right value proposition and network design, the digital tools that enhance the customer experience and the right processes to deliver this experience efficiently and effectively. Improving our financial performance in Europe is a top priority for our entire leadership team. I'm very encouraged by our recent progress and I'm confident in the opportunity ahead.

展望整個歐洲，該團隊仍然專注於部署正確的價值主張和網路設計、增強客戶體驗的數位工具以及高效且有效地提供這種體驗的正確流程。改善我們在歐洲的財務表現是我們整個領導團隊的首要任務。我對我們最近的進展感到非常鼓舞，並對未來的機會充滿信心。

In October, just in time for peak, we celebrated the grand opening of a new state-of-the-art sorting facility at our Memphis World Hub. This new sorting facility marks an important milestone in our modernization efforts, improving the work experience for our employees and service for our customers while increasing the efficiency of our hub.

十月，恰逢高峰期，我們慶祝了孟菲斯世界中心全新的最先進的分揀設施的盛大開幕。這個新的分類設施標誌著我們現代化努力的一個重要里程碑，改善了我們員工的工作體驗和客戶服務，同時提高了我們中心的效率。

We also continue to roll out network 2.0 in select markets in the first half of Q2, and we have now optimized 200 stations to date. And we are continuing to execute on Tricolor, our international air network design strategy, which is improving density and asset utilization across the enterprise while targeting profitable growth.

我們在第二季上也繼續在部分市場推出網路2.0，目前已經優化了200個站點。我們將繼續執行我們的國際航空網路設計策略 Tricolor，該策略旨在提高整個企業的密度和資產利用率，同時瞄準利潤成長。

Before I close, I want to thank the FedEx team once again as we approach the end of our peak season. They make every FedEx experience outstanding positioning us well through peak and beyond.

在結束之前，在我們的旺季即將結束之際，我要再次感謝聯邦快遞團隊。他們使每一次聯邦快遞體驗都非常出色，使我們能夠在巔峰時期及以後保持良好的地位。

Now let me turn the call over to Brie.

現在讓我把電話轉給布里。

Thank you, Raj. Market conditions remain soft, but our solid service levels, unique value proposition and innovative offerings supported our Q2 performance and have positioned us well for a successful peak season.

謝謝你，拉傑。市場狀況仍然疲軟，但我們紮實的服務水準、獨特的價值主張和創新產品支持了我們第二季的業績，並為我們在旺季的成功做好了準備。

Consolidated revenue declined 1% in the quarter, driven by the weak industrial economy. US manufacturing PMI has indicated a contraction for 24 out of the past 25 months representing the second longest downturn in US history. Reviewing each segment on a year-over-year basis now.

由於工業經濟疲軟，本季綜合營收下降 1%。美國製造業PMI在過去25個月有24個月出現收縮，這是美國史上第二長的衰退。現在逐年審查每個部分。

At Federal Express, revenue was essentially flat. Higher yields across our services were partially offset by volumes, which declined year over year. We again saw increased demand for our lower-yielding services.

聯邦快遞的收入基本上持平。我們各項服務的較高收益率被銷量逐年下降所部分抵銷。我們再次看到對我們的低收益服務的需求增加。

Some of this demand increase was driven by a shift in customer preferences, particularly with the shift from home delivery to ground economy, but the majority was due to organic demand and not related to trade down between services. At FedEx Freight, lower volumes, fuel surcharges, and weight per shipment drove the top line decline.

這種需求成長在某種程度上是由客戶偏好的轉變所推動的，特別是從送貨上門到地面經濟的轉變，但大部分是由於有機需求，與服務之間的貿易下降無關。在聯邦快遞貨運方面，貨運量、燃油附加費和每批貨物重量的下降導致收入下降。

Year-over-year comparisons were challenging as some customers won last year from the yellow bankruptcy have since left in search of lower prices. That being said, we are ready to capture additional profitable volume when the market returns.

同比比較具有挑戰性，因為去年從黃色破產中獲勝的一些客戶後來離開，尋求更低的價格。話雖如此，我們已準備好在市場回歸時獲得額外的盈利量。

Turning now to volume trends by service during the quarter. Volumes were pressure led by weakness in the US domestic market, partially offset by strong international growth. Across US

現在轉向本季按服務劃分的數量趨勢。美國國內市場疲軟導致成交量承壓，但國際市場強勁成長部分抵銷了這一壓力。美國各地

Domestic Express Services, volumes declined 1%, primarily due to weakness in the industrial economy. Ground volumes were down 1% as well with the soft B2B environment weighing on ground commercial growth.

國內快遞服務量下降 1%，主要是因為工業經濟疲軟。由於疲軟的 B2B 環境拖累了地面商業成長，地面成交量也下降了 1%。

While we recognize that e-commerce will continue to outpace B2B growth in the years ahead, we know that the priority customer base is stable with low rates of churn, and the current priority volume weakness reflects the state of the broader global macroeconomic environment. Ground residential volumes were adversely affected by a difficult comparison due to Cyber Week, which occurred in Q2 last year and is in Q3 this year.

雖然我們認識到電子商務在未來幾年將繼續超過 B2B 成長，但我們知道優先客戶群穩定且流失率較低，而當前優先交易量的疲軟反映了更廣泛的全球宏觀經濟環境的狀況。由於去年第二季和今年第三季的網路週，地面住宅量受到了困難比較的不利影響。

International export package volumes increased 9% in the quarter, driven by international economy, which is largely consistent with recent quarterly trends. Within FEC, average daily pounds were up 10% for International Priority freight and 5% for international economy freight.

在國際經濟的推動下，本季國際出口包裝量增加了 9%，這與最近的季度趨勢基本一致。在 FEC 內，國際優先貨運的日均英鎊上漲 10%，國際經濟貨運的日均英鎊上漲 5%。

This signals early progress from our Tricolor strategy to drive profitable growth in the global airfreight market. At FedEx Freight, the soft industrial economy led to weakness in both weight per shipment down 3% and average daily shipments down 8%. The pricing environment is competitive, but I'm encouraged that revenue quality actions are gaining traction. Revenue quality remains our highest priority as we ensure that revenue growth is benefiting the bottom line.

這標誌著我們的 Tricolor 策略在推動全球航空貨運市場獲利成長方面取得了初步進展。在聯邦快遞貨運方面，疲軟的工業經濟導致每批貨物的重量下降 3%，平均每日出貨量下降 8%。定價環境具有競爭力，但令我感到鼓舞的是，收入品質行動正在獲得關注。收入品質仍然是我們的首要任務，因為我們確保收入成長有利於獲利。

At Federal Express, composite package yield increased 1%, driven by international priority, US priority, home delivery and ground commercial. Overall yield for ground services was flat with yield growth at home delivery and ground commercial offset by ground economy. As expected, international economy parcel yield declined due to mix and lower weight per shipment.

在聯邦快遞，受國際優先、美國優先、送貨上門和地面商業的推動，綜合包裹收益率增加了 1%。地面服務的整體收益率持平，但送貨上門和地面商業的收益率成長被地面經濟抵消。正如預期的那樣，由於混合和每批貨物重量下降，國際經濟包裹收益率有所下降。

Moving to Federal Express Freight. Composite Freight yield was up 4%, driven by lower postal service volumes tied to the contract expiration and also successful commercial execution in the international export freight market. At FedEx Freight, revenue per shipment was down 4%, driven by decreased fuel surcharge revenue due to lower fuel prices and lower weight per shipment.

轉向聯邦快遞貨運。由於合約到期導致的郵政服務量下降以及國際出口貨運市場成功的商業執行，綜合貨運收益率上升了 4%。聯邦快遞貨運公司的每批貨物收入下降了 4%，因為燃油價格下降和每批貨物重量下降導致燃油附加費收入減少。

We are through a significant part of peak and project the demand surcharge revenue over this season will be up year over year. I am confident that this pricing strategy is supporting the revenue and profit expectations for the third quarter.

我們已經度過了高峰期的重要部分，預計本季的需求附加費收入將年增。我相信這項定價策略將支持第三季的營收和利潤預期。

Looking at the second half of fiscal year '25, we anticipate consolidated revenue to be up slightly on a year-over-year basis in both Q3 and Q4. While we still have five days to go, I'm very pleased with December volumes, which are ahead of our forecast. We expect our general rate increase of 5.9%, which goes live in January to have a very strong capture.

展望 25 財年下半年，我們預期第三季和第四季的合併收入將比去年同期小幅成長。雖然距離我們還有五天的時間，但我對 12 月的銷售感到非常滿意，這超出了我們的預測。我們預計 1 月實施的總體利率將上漲 5.9%，將產生非常強勁的影響。

Federal Express revenue growth in the back half will be supported by ground residential and international economy volume growth driven in Asia and also through European market share acquisition. We continue to see strong commercial traction, particularly in Europe.

聯邦快遞下半年的收入成長將受到亞洲推動的地面住宅和國際經濟量成長以及歐洲市場份額收購的支持。我們繼續看到強勁的商業吸引力，特別是在歐洲。

At FedEx Freight, we anticipate revenue to decline slightly in the second half due to continued softness in average daily shipments and modest yield improvement. As Raj mentioned, in January, we began hiring 300 incremental LTL specialists.

在聯邦快遞貨運公司，由於平均每日出貨量持續疲軟以及殖利率適度改善，我們預計下半年營收將小幅下降。正如 Raj 所提到的，我們從 1 月開始招募 300 名增量零擔專家。

We believe this increased focus will provide better support for our customers and enable us to accelerate profitable growth. As we wrap up the calendar year, it's a great time to remind you of our commercial strategy. I am proud to lead the best team in the industry, and I'm confident that the commercial strategy we have in place will drive significant value in the years ahead.

我們相信，這種更加關注將為我們的客戶提供更好的支持，並使我們能夠加速獲利成長。在我們結束這個日曆年之際，現在是提醒您我們的商業策略的好時機。我很自豪能夠領導業內最好的團隊，我相信我們現有的商業策略將在未來幾年帶來巨大的價值。

Our strategy is in service of our vision to make supply chain smarter for everyone. For our customers, our mission is to be their unrivaled partner in moving their business forward. To deliver on this mission, we will provide a superior digital portfolio and customer experience. It's essentially the Purple Promise 2.0 powered by the FDX platform.

我們的策略是為了實現我們的願景，讓供應鏈對每個人來說都更聰明。對我們的客戶來說，我們的使命是成為他們推動業務發展的無與倫比的合作夥伴。為了實現這項使命，我們將提供卓越的數位產品組合和客戶體驗。它本質上是由 FDX 平台提供支援的 Purple Promise 2.0。

In fiscal year '26, we will begin the transition of our fedex.com customer base to the SDX platform. This will improve our speed to market and allow us to expose new capabilities like advanced visibility for the millions of FedEx small and medium customers.

在 26 財年，我們將開始將 fedex.com 客戶群過渡到 SDX 平台。這將提高我們的上市速度，並使我們能夠向數百萬聯邦快遞中小型客戶展示高級可見性等新功能。

We are designing new experiences for high-value segments and planning for above-market growth we already have a differentiated portfolio. Our target segments are B2B for both health care and automotive, domestic e-commerce, global airfreight and of course, Europe.

我們正在為高價值細分市場設計新體驗，並規劃高於市場的成長，我們已經擁有差異化的產品組合。我們的目標市場是醫療保健和汽車產業的 B2B、國內電子商務、全球空運，當然還有歐洲。

First, B2B, we have experienced tremendous success in health care, which has been our priority B2B vertical. Federal Express already has a double-digit percentage of our revenue in the fast-growing $70 billion health care segment. And this segment is an important contributor to FedEx profit today.

首先，B2B，我們在醫療保健領域取得了巨大的成功，這一直是我們優先考慮的 B2B 垂直領域。聯邦快遞在快速成長的 700 億美元醫療保健領域的收入已經佔了兩位數的比例。該部門是當今聯邦快遞利潤的重要貢獻者。

This fiscal year, we expect to gain market share in the US by leveraging our unique portfolio, including cold chain support, our new quality management program and FedEx Surround monitoring and intervention.

本財年，我們預計透過利用我們獨特的產品組合（包括冷鏈支援、新的品質管理計劃以及 FedEx Surround 監控和乾預）來獲得美國市場份額。

While most of our health care revenue is US-based, the international health care market represents significant opportunity. We will globalize our portfolio and accelerate revenue growth outside of the United States.

雖然我們的醫療保健收入大多來自美國，但國際醫療保健市場代表著巨大的機會。我們將實現我們的產品組合全球化，並加速美國以外地區的收入成長。

Automotive is also a massive market, and we are focused on what we estimate to be a $10 billion market within this industry that requires premium services critical to automotive supply chain. We have created an automotive vertical and expect to provide new benefit in early fiscal year '26.

汽車也是一個巨大的市場，我們專注於該行業估計價值 100 億美元的市場，該市場需要對汽車供應鏈至關重要的優質服務。我們已經創建了一個汽車垂直領域，並預計在 26 財年初期提供新的效益。

Our second priority is the US domestic e-commerce market. E-commerce will continue to drive 90% of the market's incremental parcel growth in the years ahead. Within our US ground services, our superior speed and coverage gives FedEx a competitive advantage.

我們的第二個重點是美國國內電子商務市場。未來幾年，電子商務將繼續推動市場增量包裹成長的 90%。在我們的美國地面服務中，我們卓越的速度和覆蓋範圍為聯邦快遞帶來了競爭優勢。

Not to mention picture proof of delivery, which continues to help us close new business. As we execute on Network 2.0, we will continue to lower our cost to serve, which will lead to improved incremental flow-through from these volumes. Our third target segment is the global airfreight market.

更不用說帶有圖片的交貨證明，它繼續幫助我們完成新業務。當我們在網路 2.0 上執行時，我們將繼續降低服務成本，這將導致這些磁碟區的增量流量得到改善。我們的第三個目標市場是全球航空貨運市場。

This is a market with significant potential. We currently have a low single-digit market share in the $80 billion air freight market. International Priority freight already serves as a profit driver for us.

這是一個潛力無窮的市場。目前，我們在價值 800 億美元的航空貨運市場中的市佔率僅為個位數。國際優先貨運已成為我們的利潤驅動力。

Our Tricolor strategy is a necessary condition to competing and winning in this market. Commercially, we've also made numerous changes to improve our performance. We have created a dedicated sales organization, a new customer service model and are investing in the digital experience. The airfreight market is fragmented and the shipping processes are antiquated. It's a market right for disruption.

我們的三色策略是在這個市場競爭和獲勝的必要條件。在商業上，我們也做出了許多改變來提高我們的性能。我們創建了專門的銷售組織、新的客戶服務模式，並正在投資數位體驗。空運市場分散，運輸流程陳舊。這是一個適合顛覆的市場。

Fourth is Europe. The European parcel market is roughly $130 billion and will continue to grow in the years ahead. Our mix of revenue in Europe is already favorable with the majority coming from B2B. As Raj mentioned, Q2 revenue in Europe grew nicely with strong execution.

第四是歐洲。歐洲包裹市場規模約為 1,300 億美元，並將在未來幾年繼續成長。我們在歐洲的收入組合已經很不錯，其中大部分來自 B2B。正如 Raj 所提到的，歐洲第二季度營收成長良好，執行力強勁。

Drive continues to transform our cost to serve and improve service on the continent while enabling us to lean into the most attractive parts of the market. Regardless of the target segment, revenue quality and capacity management are critical to growing profitably.

Drive 不斷改變我們的服務成本並改善非洲大陸的服務，同時使我們能夠進入市場中最具吸引力的部分。無論目標細分市場如何，收入品質和產能管理對於獲利成長至關重要。

We have made tremendous progress in yield capture in the last several years. A great example, total nonstandard surcharges are generating a significant year-over-year benefit of over $180 million annualized. This is the result of a new AI image capture process.

過去幾年，我們在產量取得方面取得了巨大進展。一個很好的例子是，非標準附加費總額產生了年化超過 1.8 億美元的顯著同比效益。這是新的人工智慧影像捕捉過程的結果。

In calendar year 2025, we will accelerate our work on an end-to-end capacity management system. Within FDX, there is a digital twin of the network. We now have real-time view of the network capacity globally. We will use AI in our digital quote platform to profitably still avoid at a scale and pace that was previously not feasible.

2025年，我們將加快端對端容量管理系統的工作。在 FDX 內，有一個網路的數位孿生。我們現在可以即時查看全球網路容量。我們將在我們的數位報價平台中使用人工智慧，以有利地避免以前不可行的規模和速度。

I am very confident about the future as we lean into these commercial priorities. I am proud to be part of the best team in the industry and extend my sincere thank you to the team members as they deliver for our customers this peak season.

當我們專注於這些商業優先事項時，我對未來非常有信心。我很自豪能夠成為業內最好團隊的一員，並向團隊成員表示誠摯的謝意，感謝他們在這個旺季為我們的客戶提供服務。

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

有了這個，我會把它交給約翰。

Thank you, Brie. Despite soft market conditions, our Q2 performance demonstrates the team's strong commercial execution and actions to lower our cost to serve. We sequentially grew adjusted operating profit by approximately $170 million and increased our adjusted earnings per share year over year with the growth driven primarily by our Federal Express segment.

謝謝你，布里。儘管市場狀況疲軟，我們第二季的表現證明了團隊強大的商業執行力和降低服務成本的行動。我們調整後的營業利潤連續成長了約 1.7 億美元，調整後每股盈餘也逐年增加，成長主要由我們的聯邦快遞部門推動。

And we achieved these results despite revenue declining 1%. Walking through the dynamics of the quarter, the soft global industrial economy, coupled with the competitive pricing environment constrained our results.

儘管收入下降了 1%，我們還是取得了這些成果。綜觀本季的動態，全球工業經濟疲軟，加上競爭激烈的定價環境限制了我們的表現。

The Postal Service contract expiration negatively affected two months of the quarter, resulting in additional operating profit headwind. However, our plans to remove costs associated with this contract expiration are on track.

郵政服務合約到該季度的兩個月產生了負面影響，導致營業利潤受到額外影響。然而，我們消除與合約到期相關的成本的計劃正在按計劃進行。

Drive benefits of $540 million offset these headwinds and supported our consolidated year-over-year adjusted earnings growth. Providing more detail by segment. At Federal Express, we grew adjusted operating income by $146 million year over year as a result of drive savings, base yield improvement and increased international export demand.

5.4 億美元的驅動效益抵消了這些不利因素，並支持我們綜合調整後的年比獲利成長。按細分提供更多詳細資訊。在聯邦快遞，由於節省開支、基本收益率提高和國際出口需求增加，調整後營業收入同比增長了 1.46 億美元。

We achieved this result despite inflationary pressures and several significant headwinds, including the Postal Service contract expiration a $90 million headwind from the Cyber Week timing shift and a $20 million headwind from the hurricanes in the Southeast US.

儘管存在通貨膨脹壓力和一些重大阻力，包括郵政服務合約到期、網絡週時間變化帶來的9,000 萬美元的阻力以及美國東南部颶風帶來的2,000 萬美元的阻力，我們還是取得了這一成果。

As Raj and Brie mentioned, we're pleased that in Europe, our continued network optimization initiatives and strong execution contributed to the profit improvement at Federal Express and the ramping of our Tricolor strategy drove higher average daily pounds and yields year over year for Federal Express international freight.

正如Raj 和Brie 所提到的，我們很高興在歐洲，我們持續的網路優化舉措和強大的執行力為聯邦快遞的利潤改善做出了貢獻，而我們的三色策略的提升推動了聯邦快遞的平均每日英鎊和收益率逐年上升國際貨運。

In Q2, we decreased total US domestic flight hours 24%, largely due to the 60% reduction in daytime flight hours that Raj mentioned due to the expiration of the Postal Service contract. At FedEx Freight, while operating profit was down $179 million, approximately $30 million of this decline was due to our lapping the gain on sales of multiple facilities in Q2 of FY24.

第二季度，我們的美國國內飛行總時數減少了 24%，這主要是由於 Raj 提到的由於郵政服務合約到期而導致日間飛行時數減少了 60%。在 FedEx Freight，雖然營業利潤下降了 1.79 億美元，但其中約 3,000 萬美元的下降是由於我們在 2024 財年第二季的多個設施的銷售收益中所獲得的收益。

Consistent with the broader LTL market, lower average daily shipments, fuel surcharges and weight per shipment continue to be a headwind, largely due to the soft industrial backdrop. These pressures were partially offset by cost management and continued base yield growth.

與更廣泛的零擔市場一致，平均每日貨運量、燃油附加費和每票重量的下降仍然是不利因素，這主要是由於工業背景疲軟。這些壓力被成本管理和持續的基本收益率成長部分抵消。

Moving to Drive. And as planned, we delivered a sequential improvement in savings in Q2 versus Q1. And G&A savings of $210 million in Q2 were a significant lever in the quarter as we continue to optimize our IT and back office functions and reduce outside vendor spend.

轉向駕駛。按照計劃，我們在第二季的節省量與第一季相比取得了連續改善。隨著我們繼續優化 IT 和後台功能並減少外部供應商支出，第二季 G&A 節省了 2.1 億美元，這是本季的重要槓桿。

Surface savings of $150 million benefited the quarter as we continued to maximize third-party rail usage, which lowers our cost to serve on our deferred service offerings and adding the $180 million from Air network and international achieved $540 million total savings in the quarter.

本季地面交通節省了1.5 億美元，因為我們繼續最大限度地利用第三方鐵路，這降低了我們提供延期服務的成本，再加上空中網路和國際航班的1.8 億美元，本季總共節省了5.4億美元。

As we look to the back half of fiscal 2025, we continue to expect a sequential build in drive savings, and we're encouraged by the trends we're seeing in base yields. However, the global industrial economy continues to constrain demand on our most profitable priority and commercial services. As a result, we are revising our FY25 adjusted diluted EPS outlook to $19 to $20 compared to the prior range of $20 to $21.

展望 2025 財年下半年，我們繼續預期驅動器節省將連續增加，並且我們對基本收益率的趨勢感到鼓舞。然而，全球工業經濟繼續限制對我們最有利可圖的優先事項和商業服務的需求。因此，我們將 2025 財年調整後攤薄每股收益展望從先前的 20 美元至 21 美元調整為 19 美元至 20 美元。

At the top end of our range, we assume revenue was up a low single-digit percentage, driven by a modest improvement in industrial production, leading to higher flow-through from B2B demand. At the low end of the range, we're assuming a low single-digit decline in revenue due to incremental softness in the industrial economy and the pricing environment.

在我們範圍的上限，我們假設收入增長了較低的個位數百分比，這是由工業生產適度改善推動的，導致 B2B 需求的流量增加。在該範圍的低端，我們假設由於工業經濟和定價環境的逐漸疲軟，收入將出現較低的個位數下降。

Regarding our expected earnings cadence for the second half of the fiscal year, at Federal Express, we anticipate Q3 will benefit from ramping drive savings, improved top line flow-through due to the timing of Cyber Week, continued revenue quality actions and the encouraging peak demand that Brie talked about.

關於我們對聯邦快遞本財年下半年的預期盈利節奏，我們預計第三季度將受益於不斷增加的驅動節省、網絡週時間安排帶來的收入改善、持續的收入質量行動以及令人鼓舞的峰值布里談到的要求。

However, as a reminder, the Postal Service headwind is expected to increase in Q3 and will lessen in Q4 as we exit the fiscal year. and the Q3 postal service headwind will more than offset the benefit of the Cyber Week timing shift.

然而，提醒一下，隨著我們退出本財年，郵政服務的逆風預計將在第三季增加，並在第四季減少。第三季郵政服務的逆風將遠遠抵銷網路週時間轉變的好處。

We continue to anticipate drive savings to build incrementally in Q3 and Q4, and with a full year total of $2.2 billion. At FedEx Freight, we expect a continued softness in the US industrial economy and lower fuel prices to pressure op profit for the remainder of FY25.

我們繼續預期第三季和第四季將逐步節省開支，全年總額將達到 22 億美元。在聯邦快遞貨運公司，我們預計美國工業經濟持續疲軟以及燃料價格下降將對 25 財年剩餘時間的營運利潤帶來壓力。

Finally, our fourth quarter is typically our strongest earnings quarter of the year. We expect this dynamic to continue despite having one fewer operating day in Q4. I'd now like to turn to our latest full-year adjusted operating income bridge, which shows the year-over-year operating profit elements embedded in our revised outlook. This bridge now reflects adjusted operating profit of $6.6 billion, equivalent to $19.50 of adjusted EPS.

最後，我們的第四季通常是我們一年中獲利最強勁的季度。儘管第四季營業日減少，但我們預計這種動態將持續下去。我現在想談談我們最新的全年調整後營業收入橋樑，它顯示了我們修訂後的前景中包含的同比營業利潤要素。該橋目前反映調整後營業利潤為 66 億美元，相當於調整後每股收益 19.50 美元。

For revenue, net of cost, we now expect a $700 million headwind in compared to the $100 million FY25 headwind assumption we shared last quarter. This reflects both our lower revenue assumptions and continued inflationary pressures.

對於扣除成本後的收入，我們現在預計將出現 7 億美元的逆風，而我們上季度分享的 25 財年逆風假設為 1 億美元。這反映了我們較低的收入假設和持續的通膨壓力。

At the same time, we now forecast a $300 million headwind from international export yield pressure, which is an improvement compared to the prior $500 million estimate. This is a result of execution on our revenue quality initiatives internationally. 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.

同時，我們現在預測國際出口收益壓力將帶來 3 億美元的阻力，比先前的 5 億美元估計有所改善。這是我們在國際上執行收入品質措施的結果。我們仍然預計，由於營運天數減少兩個（第一季和第四季），將帶來約 3 億美元的不利影響。

And lastly, we anticipate a $500 million headwind from the US Postal Service contract expiration. We remain confident in our ability to offset these headwinds with the $2.2 billion from incremental drive savings. Further supporting this revised outlook is our continued commitment to revenue quality as evidenced by our calendar year '25 general rate increase, peak surcharges and fuel table price changes announced in recent months.

最後，我們預計美國郵政服務合約到期將帶來 5 億美元的不利影響。我們仍然有信心能夠透過增量驅動器節省 22 億美元來抵消這些不利因素。我們對收入品質的持續承諾進一步支持了這項修訂後的前景，近幾個月宣布的 25 年總體費率上漲、峰值附加費和燃油表價格變化證明了這一點。

For the full year, we continue to expect year-over-year adjusted operating margin expansion at Federal Express and operating margin contraction at FedEx Freight given the challenging industrial production environment. At the midpoint of our revised FY25 outlook, we are assuming 9.6% adjusted EPS growth on approximately flat revenue.

就全年而言，鑑於充滿挑戰的工業生產環境，我們繼續預期聯邦快遞調整後的營業利潤率將同比增長，而聯邦快遞貨運的營業利潤率將收縮。在我們修訂後的 2025 財年展望的中期，我們假設調整後每股收益成長 9.6%，營收大致持平。

This expectation further highlights how Drive is fundamentally changing the way we do business. We're improving our cost structure to enable us to profitably grow with e-commerce and are well positioned to see significant incremental margins on our priority services once global industrial production improves. It remains my highest priority to ensure that we continue to unlock the value that I know exists in our business.

這項期望進一步凸顯了 Drive 如何從根本上改變我們開展業務的方式。我們正在改善成本結構，使我們能夠透過電子商務實現獲利成長，一旦全球工業生產改善，我們的優先服務就能實現顯著的利潤成長。確保我們繼續釋放我所知道的業務價值仍然是我的首要任務。

Moving to capital allocation. We remain committed to reducing our capital intensity while increasing our capital returns. In Q2, capital expenditures were approximately $820 million. Our planned FY25 CapEx remains $5.2 billion, which is flat on a year-over-year basis, and this will translate into continued strong levels of adjusted free cash flow.

轉向資本配置。我們仍致力於降低資本密集度，同時提高資本回報。第二季度，資本支出約 8.2 億美元。我們計劃的 25 財年資本支出仍為 52 億美元，與去年同期持平，這將轉化為持續強勁的調整後自由現金流水準。

We completed an additional $1 billion in share repurchases in Q2, bringing the year-to-date total to $2 billion, with an additional $500 million of repurchases planned for the fiscal second half.

我們在第二季額外完成了 10 億美元的股票回購，使年初至今的股票回購總額達到 20 億美元，並計劃在本財年下半年額外回購 5 億美元。

I remain confident in our near- and long-term ability to grow earnings while continuing to deliver strong levels of adjusted free cash flow, which will support increased shareholder returns in the years ahead.

我對我們的近期和長期盈利增長能力仍然充滿信心，同時繼續提供強勁的調整後自由現金流水平，這將支持未來幾年股東回報的增加。

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

接下來，讓我們開始提問。

(Operator Instructions) Chris Wetherbee, Wells Fargo.

（操作員說明）Chris Wetherbee，富國銀行。

Great. Thanks. Good afternoon. Maybe I could just hit on the guidance for a moment. So I think the second quarter results were generally in line with at least what you guys talked about on the last call. So as we think about the dollar cut coming from the back half of the year, I know, John, you talked about the industrial production outlook and maybe how that's a bit more tempered I guess I also wanted to think about LTL or the freight business within that context.

偉大的。謝謝。午安.也許我可以暫時看看指導。因此，我認為第二季的業績至少與你們在上次電話會議上談論的內容基本一致。因此，當我們考慮今年下半年的美元貶值時，我知道，約翰，您談到了工業生產前景，也許這會更加溫和，我想我還想考慮零擔或貨運業務在此背景下。

It was obviously under some pressure here. I guess maybe if you could help break down the moving pieces of the dollar in a little bit more detail and then also talk about the cadence of how that plays out? Is it a little bit more 3Q weighted? Or is it a little bit more for weighted? Do you think things get better by the time we get to the end of the fiscal year? Just curious how to think about that.

顯然這裡受到了一些壓力。我想也許你能更詳細地分解美元的變動部分，然後談談它如何發揮作用的節奏嗎？ 3Q 權重是否稍微多一點？還是說權重稍微多了一點？您認為到本財年結束時情況會好轉嗎？只是好奇如何思考這一點。

So thanks, Chris. I appreciate the question. So as you know, our prior guidance factored in drive savings as well as the pricing actions that we implemented. However, the expected volumes and related revenue just didn't materialize. Our updated adjusted EPS range, which is in the $19 to $20 reflects our revised revenue expectations.

所以謝謝，克里斯。我很欣賞這個問題。如您所知，我們先前的指導考慮了驅動器節省以及我們實施的定價措施。然而，預期的銷售量和相關收入並沒有實現。我們更新後的調整後每股盈餘範圍為 19 至 20 美元，反映了我們修改後的營收預期。

And from a timing standpoint, and while we're not giving quarterly guidance, I can tell you that Q3 will benefit from ramping drive savings, improved top line flow-through due to the timing of Cyber Week that we talked about and continued revenue quality actions.

從時間的角度來看，雖然我們沒有提供季度指導，但我可以告訴您，第三季度將受益於不斷增加的驅動節省、由於我們討論的網絡週的時間安排而改善的頂線流量以及持續的收入品質行動。

And as Brie talked about, we're seeing encouraging signs from our peak demand. It's important to remember for Q3, though, that the USPS headwind is expected to increase in Q3 and then somewhat less than in Q4.

正如布里所說，我們從需求高峰中看到了令人鼓舞的跡象。不過，重要的是要記住，第三季美國郵政局的逆風預計將在第三季增加，然後略小於第四季。

But that headwind will more than offset the benefit of the Cyber Week I just mentioned. We continue to anticipate drive savings to build incrementally in Q3 and Q4. And from a Q4 standpoint, that is traditionally our strongest earnings quarter of the year, and we expect this dynamic to hold.

但這種逆風將遠遠抵消我剛才提到的網路週的好處。我們繼續預計第三季和第四季將逐步推動節省。從第四季度的角度來看，這傳統上是我們今年獲利最強勁的季度，我們預計這種動態將持續下去。

So -- and that's true despite even having one fewer operating day. So hopefully, that gives you some more perspective.

所以——儘管營業日減少了一天，但這確實是事實。希望這能帶給你更多的視角。

Ken Hoexter, Bank of America.

肯‧霍克斯特，美國銀行。

Great. And congrats on the freight spend, obviously, long anticipated and a great move to see in value creation. But my question is for Brie. You talked a little bit about peak season here and how it's shifting into third quarter. Maybe can you give a little bit more color on -- you mentioned the peak was strong.

偉大的。顯然，恭喜貨運支出，這是人們期待已久的，也是價值創造的重大舉措。但我的問題是問布里的。您在這裡談到了旺季以及旺季如何轉變為第三季。也許你可以提供更多的顏色——你提到峰值很強。

Is there anything we can read into that in terms of volumes ability to get price to flow through? I guess I'm more focused on the volumes, both at Ground and Express? Thanks.

從成交量的角度來看，我們是否可以解讀出什麼可以讓價格流通？我想我更關注地面和快運的數量？謝謝。

Hey, Ken. Great question. So from a December perspective, we are pleased. I will say it picked up, right, after Cyber Monday, it was a very strong week, and we are from a December perspective, pleased volumes are running ahead of forecast. And as I mentioned, our peak surcharge capture from an absolute dollar amount will be up year over year. So we do think that December is going to be a very strong month.

嘿，肯。很好的問題。因此，從 12 月的角度來看，我們很高興。我想說的是，在“網絡星期一”之後，它有所回升，這是非常強勁的一周，從 12 月份的角度來看，我們很高興銷量超出了預期。正如我所提到的，我們從絕對美元金額中獲得的附加費高峰將逐年上升。因此，我們確實認為 12 月將是非常強勁的一個月。

That being said, I do want to talk about our top-line outlook for the back half of the year because we do not necessarily believe that the December performance is going to carry through in the back half.

話雖這麼說，我確實想談談我們對下半年的營收展望，因為我們不一定相信 12 月的業績會在下半年持續下去。

So as we're thinking about the back half top line outlook, we're looking at some improvement. I think you're going to see that improvement come in the form of domestic volumes, in particular, a ground. We think that, that will improve in the back half. We do anticipate that Q2 was the trough.

因此，當我們考慮後半部分的營收前景時，我們正在尋找一些改進。我認為你會看到國內銷量的改善，特別是地面銷量。我們認為，下半場情況會有所改善。我們確實預計第二季是低谷。

For FedEx Freight from a revenue perspective and then from an international, actually, what we think we'll see in the back half is that total volume will look a lot like the first half with actually some slight softening in Asia. So we're very pleased with December. The execution is going to be great. The capture is going to be great, but we're not yet thinking that this is a signal of more to come in the back half.

對於聯邦快遞貨運來說，從收入角度以及從國際角度來看，實際上，我們認為下半年的總交易量將與上半年非常相似，但亞洲實際上略有疲軟。所以我們對 12 月感到非常滿意。執行效果將會很棒。捕捉將會很棒，但我們還不認為這是下半場會有更多精彩的訊號。

Ari Rosa, Citigroup.

花旗集團的阿里·羅莎。

Hey. Good afternoon. Congratulations on the strategic move here. Raj, I'm just curious to hear you talk a little bit about how you see the separation playing out? Just if you could talk about what are the things that need to be done to ensure a smooth transition.

嘿。午安.祝賀這裡的策略舉措。 Raj，我只是想聽聽你談談你如何看待這次分離的結果？請您談談需要做哪些事情來確保平穩過渡。

And then also, what are your thoughts on the risk of customer attrition as you separate out the two businesses and just ensuring that customers aren't confused by the separation or maybe see it as a risk to their operations, you guys separating out the two businesses. Thanks.

然後，當您將這兩個業務分開時，您對客戶流失的風險有何看法，並確保客戶不會因分離而感到困惑，或者可能將其視為對其運營的風險，您將這兩個業務分開企業。謝謝。

Yes. Thank you, Ari. I think we are -- we decided to separate because of the potential to increase shareholder value for both FedEx and FedEx Freight. As far as we have put in place the separation management office with Claude Russ as the head to make sure that we are on get from here to day one.

是的。謝謝你，阿里。我認為我們決定分拆，因為聯邦快遞和聯邦快遞貨運公司的股東價值都有可能增加。就我們而言，我們已經建立了以克勞德·拉斯（Claude Russ）為首的分離管理辦公室，以確保我們從這裡到第一天都能順利進行。

To the points that you made, as Brie talked about, we have appointed a VP of LTO sales, and we are going to add 300 sales folks, but in the next year, to make sure that we pay more directly deal with the issue that you talked about.

對於你提出的觀點，正如 Brie 所說，我們已經任命了一名 LTO 銷售副總裁，我們將增加 300 名銷售人員，但在明年，為了確保我們更直接地處理以下問題：你談到了。

We are also going to continue to improve our customer experience. It's very important for you to note also that the FedEx Freight company benefits a lot from the association with FedEx. And that association, whether it's commercial, whether it's operational or other's technological, we will have those arrangements in place as we proceed through the separation. So I think we'll be able to handle this transition quite well.

我們也將繼續改善我們的客戶體驗。您還需要注意的是，聯邦快遞貨運公司從與聯邦快遞的合作中受益匪淺。這種關聯，無論是商業性的、營運性的或其他技術性的，在我們進行分離的過程中，我們都會做出這些安排。所以我認為我們將能夠很好地應對這一轉變。

Jordan Alliger, Goldman Sachs.

喬丹·阿利格，高盛。

Yeah. I am just curious if you could give a little more color around the Network 2.0 rollout, the progression that's planned from here. And given the experience with Canada or any other areas? What do you think has gone particularly well? And what has been the more challenging aspect of it all? Thank you.

是的。我只是好奇您是否可以為 Network 2.0 的推出以及從這裡開始計劃的進展提供更多的資訊。鑑於加拿大或任何其他地區的經驗？您認為哪些方面進展特別順利？其中最具挑戰性的方面是什麼？謝謝。

Yes, thank you very much, Jordan. I think, yes, we may continue to make significant progress on network to. We've taken a deliberate approach to roll out and prioritizing service policy. We have optimized 200 stations so far and including 130 in Canada. And we will complete the rest of the Canada integration early in 2025 with the last major market being Montreal as a feature of how we roll this out every overtime, we roll out something, we take lessons to learn and when we keep applying into the next one.

是的，非常感謝你，喬丹。我認為，是的，我們可能會繼續在網路方面取得重大進展。我們採取了深思熟慮的方法來推出服務政策並確定其優先順序。到目前為止，我們已經優化了 200 個站點，其中 130 個位於加拿大。我們將在 2025 年初完成加拿大其餘部分的整合，最後一個主要市場是蒙特利爾，這是我們每次加班推出的一個特點，我們推出一些東西，我們吸取教訓，當我們繼續申請下一個市場時一。

And that's working quite well. We are continuing to see 10% P&D cost reduction where we have fully rolled out 2.0. So at the end of FY25, we expect to have approximately 250 stations integrated. So hopefully, that answers your question, Jordan.

這效果很好。在全面推出 2.0 的情況下，我們將繼續看到 P&D 成本降低 10%。因此，到 25 財年末，我們預計將整合約 250 個站點。希望這能回答你的問題，喬丹。

Daniel Imbro, Stephens Inc.

丹尼爾·因布羅，史蒂芬斯公司

Hey. Good evening, everybody, and thanks for your questions. John, maybe one on capital allocation and the balance sheet. So first, I guess, how do you envision maybe debt being divvied up? Or how should we think about target leverage for each business?

嘿。大家晚上好，感謝您的提問。約翰，也許是關於資本配置和資產負債表的。首先，我想，您認為債務可能會如何分配？或者我們應該如何考慮每個業務的目標槓桿？

And then, John, you've worked hard to reduce the capital intensity of both businesses, I guess how do you envision capital allocation changing at all? Will this spin enable certain investments you previously weren't making? Or how did that change?

然後，約翰，您努力降低兩家企業的資本密集度，我想您對資本配置的改變有何看法？這次轉型是否會促成您先前未進行的某些投資？或者說這是如何改變的？

Sure. Thanks, Daniel. Yes. No, we're not anticipating any changes in capital allocation. We're continuing to be focused on optimizing our existing business, ensuring significant adjusted free cash flow is returned to stockholders.

當然。謝謝，丹尼爾。是的。不，我們預期資本配置不會有任何變動。我們將繼續專注於優化現有業務，確保將大量調整後的自由現金流回饋給股東。

That's going to be true both before and after the separation. We continue to have the programs in place. We're going to -- we've already accomplished $1 billion of share repurchases in Q2 for a total of $2 billion for the full year with remaining $500 million for the remainder of the year.

無論是在分居之前還是之後，情況都是如此。我們繼續實施這些計劃。我們已經在第二季完成了 10 億美元的股票回購，全年回購總額為 20 億美元，剩餘 5 億美元用於今年剩餘時間。

So that's all going to remain in place. Now in terms of capital allocation in the post-separation environment, that's all going to be something we're going to be reviewing over the coming months and look forward to keeping you updated on the progress of that.

所以這一切都將保持不變。現在，就分離後環境中的資本配置而言，我們將在未來幾個月內審查這些內容，並期待向您通報最新進展。

Jason Seidl, TD Cowen.

賈森·塞德爾，TD·考恩。

Thank you, operator. Everyone, evening. Thanks for taking my questions and congrats on the spin. It's always nice to see some value creation out there. I wanted to focus a little bit on the commercial agreements you spoke about.

謝謝你，接線生。大家晚上好。感謝您回答我的問題並祝賀我的旋轉。看到一些價值創造總是令人高興的。我想稍微關註一下你提到的商業協議。

You mentioned the ones that were with peak help and drayage. How long are these agreements for? And also, what about anything on the bundle side between the two companies? I'm assuming existing contracts that are offer be honored. And how should we look at the bundle going forward? I'm assuming they'll just go away.

你提到了那些有高峰幫助和短途運輸的人。這些協議的有效期限是多長？另外，兩家公司之間的捆綁業務又是如何呢？我假設所提供的現有合約得到履行。我們該如何看待未來的捆綁？我猜他們會消失。

That's a great question. So I think we just need to take a step back and just clarify what the customer base of FedEx Freight looks like today. So first and foremost, obviously, FedEx right would not be the powerhouse that it is today without the incredible strategy to take these three networks together, put them together, put the FedEx brand on them, and then to build off just the incredible relationships that FedEx has with customers. That is one of our commercial strength is deep solutioning and partnerships with our customer, and that has really created a lot of momentum.

這是一個很好的問題。因此，我認為我們只需要退後一步，澄清聯邦快遞貨運今天的客戶群是什麼樣的。因此，首先也是最重要的是，如果沒有將這三個網絡整合在一起，將聯邦快遞品牌放在一起，然後建立令人難以置信的關係，聯邦快遞就不會成為今天的強大力量。已與客戶合作。我們的商業優勢之一是深入的解決方案以及與客戶的合作關係，這確實創造了很大的動力。

That being said, if you look at the majority of the FedEx Freight revenue base today, while the majority of small customers are bundled, the majority of the actual volume at FedEx Freight is negotiated on an independent contract today. We really made a pivot, I guess, about four or five years ago recognizing that when we are competing in a fragmented market, we had to negotiate the freight business separately.

話雖這麼說，如果你看看今天聯邦快遞貨運的大部分收入基礎，雖然大多數小客戶都是捆綁的，但聯邦快遞貨運的大部分實際數量今天是根據獨立合約協商的。我想，大約四、五年前，我們確實做出了轉變，認識到當我們在分散的市場中競爭時，我們必須單獨談判貨運業務。

So those contracts will be honored. As you know, the vast, vast majority of FedEx freight contracts are renegotiated every year. So of course, they will be honored as we go through this process.

因此，這些合約將得到履行。如您所知，絕大多數聯邦快遞貨運合約每年都會重新談判。當然，當我們經歷這個過程時，他們會感到榮幸。

And that's why we are very confident in the incremental focus dedicated sales team. It's important to note, we have about 75 sales reps today that are dedicated to large accounts at freight.

這就是為什麼我們對專注增量的專業銷售團隊非常有信心。值得注意的是，我們今天大約有 75 位銷售代表專門為大客戶提供貨運服務。

So this will be additive to them. As we go through the process, we will look at the small customer strategy, and I anticipate that, that will be slightly nuanced because that's where we really have leveraged the benefit of the earned discount program at FedEx. There is a common mess that FedEx Freight revenue is diluted because of that bundle, and that is not true.

所以這對他們有幫助。當我們完成這個過程時，我們將研究小型客戶策略，我預計這將略有細微差別，因為這是我們真正利用聯邦快遞賺取的折扣計劃的好處的地方。有一種常見的混亂情況是，聯邦快遞貨運收入因捆綁銷售而被稀釋，但事實並非如此。

Actually, the way the earned discount program works is that as they ship more FedEx Freight or more LTL you actually get incremental benefit on your parcel side. So there is some potential benefit from small customer improvement, too. But we're very comfortable in our commercial strategy, and we can execute it.

實際上，賺取折扣計劃的運作方式是，當他們運送更多的聯邦快遞貨運或更多的零擔貨物時，您實際上會在包裹方面獲得增量收益。因此，小的客戶改進也有一些潛在的好處。但我們對我們的商業策略非常滿意，並且我們可以執行它。

I think what I would add to that from a intracompany standpoint, it's important to recognize that through separate operating companies previously and as Raj mentioned in his comments, freight has benefited from providing services to Euro Express. So a lot of agreements already exist that will just be enhanced as we go forward with the separation. So we're not going to have to reinvent the wheel on this.

我認為，從公司內部的角度來看，重要的是要認識到，透過先前單獨的營運公司，正如 Raj 在評論中提到的那樣，貨運從向 Euro Express 提供服務中受益。因此，許多協議已經存在，隨著我們推進分離，這些協議將會得到加強。所以我們不必為此重新發明輪子。

Conor Cunningham, Melius Research.

康納·坎寧安，Melius 研究中心。

Hi, everyone. Thank you. Maybe going back to the first question just on EPS, the change in the guidance. So Freight was clearly pressured in the quarter. Is the entirety of the change in the guidance associated with the freight business? It just seems like the underlying core trends in Express are actually improving. I don't know if you could just talk a little bit about the dynamic between the two businesses and the changes overall.

大家好。謝謝。也許回到關於每股收益的第一個問題，即指導的變化。因此，本季貨運明顯面臨壓力。指導意見的全部變更是否與貨運業務相關？ Express 的潛在核心趨勢似乎實際上正在改善。我不知道您是否可以簡單地談論這兩個業務之間的動態以及整體的變化。

Sure. Thank you, Connor. So Look, there's a number of considerations. The pricing actions that we've implemented are supporting our FY25 earnings growth assumptions for sure. However, revenue expectations remain constrained due to the demand environment that largely resulting from the continued weakness in the US industrial economy that Raj talked about.

當然。謝謝你，康納。所以看，有很多考慮因素。我們實施的定價行動肯定支持我們 25 財年獲利成長假設。然而，由於拉吉談到的美國工業經濟持續疲軟造成的需求環境，收入預期仍受到限制。

So US premium services, even though there's some -- we talked a little bit about peak, but US premium services are expected to remain muted for a while. Thereby putting pressure on op income and margin. We do expect continued growth from our deferred services, which are contributing, but with lower margin and lower flow-through to the bottom line.

因此，美國優質服務，儘管有一些——我們談到了一些高峰，但美國優質服務預計將在一段時間內保持沉默。從而給營運收入和利潤率帶來壓力。我們確實預期我們的延期服務將持續成長，這些服務正在做出貢獻，但利潤率較低，淨利潤也較低。

So really, the top end of our range assumes a modest improvement in global industrial production and slight revenue slight growth in revenue. The low end of the range assumes revenues declined slightly year over year driven incremental -- incrementally softer industrial production and pricing and the midpoint just assumes flattish revenue year over year.

因此，實際上，我們範圍的上限假設全球工業生產略有改善，收入略有成長。該範圍的低端假設收入同比略有下降，推動增量——工業生產和定價逐漸疲軟，而中點則假設收入同比持平。

So we're going to be focused on controlling those things we can. We remain confident and drive and those savings will continue to ramp incrementally during the second half. But those are some of the considerations that are going into our outlook.

因此，我們將專注於控制我們能夠控制的事情。我們仍然充滿信心並繼續努力，這些節省將在下半年繼續逐步增加。但這些是我們展望中的一些考慮因素。

Yes. And let me just add one other thing, Connor. I think at an overarching level, I mean, it's been really surprising for me to see the last the last 25 months that were declining ISM to '23. So it's very difficult to say when that will turn around and the fact that we have produced the results and especially in was in this environment, I think it says a lot about what we can do and also shows what can happen when that market turns. But we are assuming that the industrial production and the manufacturing continues to be similar to what we saw in the first half for the second half.

是的。讓我補充一件事，康納。我認為在總體層面上，我的意思是，看到過去 25 個月 ISM 下降至 23 個月，我真的感到驚訝。因此，很難說這種情況何時會扭轉，事實上我們已經取得了成果，尤其是在這種環境下，我認為這充分說明了我們可以做什麼，也顯示了市場扭轉時會發生什麼。但我們假設下半年的工業生產和製造業繼續與上半年相似。

And as was stated earlier, 60% of the revenue for the FCC coming from B2B, while 90% comes from LTL. So hopefully, that will help you with the calculations.

如同之前所說，FCC 60% 的收入來自 B2B，而 90% 來自零擔。希望這能幫助您進行計算。

Brian Ossenbeck, JPMorgan.

布萊恩‧奧森貝克，摩根大通。

Thanks for taking the question. So Brie, I just wanted to come back to you on the general trends for price and competition. You mentioned it's still pretty competitive out there. You don't see a trade down necessarily, but it does sound like the deferred side of the business is growing faster.

感謝您提出問題。布里，我只是想回到你們這裡來談談價格和競爭的整體趨勢。你提到它仍然很有競爭力。你不一定會看到交易下降，但聽起來確實遞延業務的成長速度更快。

So I just want to see if you can offer a little bit more comment. It sounds like the demand surcharge is sticking, but what about the other ones that you've put into place to help optimize the network and get that revenue management moving in the direction that you would want? How are those sticking? And how would that progress from 2Q into the back half of the year? Thanks.

所以我只是想看看你是否可以提供更多評論。聽起來需求附加費仍然存在，但是您為幫助優化網絡並讓收入管理朝著您想要的方向發展而實施的其他附加費又如何呢？那些黏得怎麼樣？從第二季到今年下半年，情況會如何發展？謝謝。

Hi, Brian. Great question. So the market certainly is competitive. I do feel that it's rational. From a pricing strategy, as we think about the yields in the back half, they are going to remain pressured. That is a function of two things: one, the economy; and two, to your point, there is a mix change.

嗨，布萊恩。很好的問題。所以市場一定是有競爭的。我確實覺得這是有道理的。從定價策略來看，當我們考慮下半年的收益率時，他們將繼續面臨壓力。這是兩個因素的作用：一是經濟；二是經濟。第二，就你的觀點而言，有混合變化。

I do want to emphasize that we do have some customers trading down. We're also, as we go to acquire new volume and customers because all of our customers are simply trading less. In a downturn, you need new customers to be able to add to the portfolio. And so there is growth in new customers in the deferred portfolio.

我確實想強調，我們確實有一些客戶在降價。當我們獲得新的交易量和客戶時，我們也正在這樣做，因為我們所有的客戶的交易量都在減少。在經濟低迷時期，您需要新客戶才能添加到產品組合中。因此，延期投資組合中的新客戶有所成長。

From a pricing strategy perspective, I think the team, despite the economy is executing really well. The pressure that we're seeing is on the base rate and then wait. We know every time we're in a downturn, ways are pressured really across all the portfolio, but especially in the freight. And so there's not a lot that the team can do from a weight perspective. What they can do is be really disciplined in getting the surcharge go through from a port perspective.

從定價策略的角度來看，我認為儘管經濟狀況不佳，但團隊執行得非常好。我們看到的壓力來自基本利率，然後等待。我們知道，每次經濟低迷時，所有投資組合都會面臨壓力，尤其是貨運業。因此，從重量的角度來看，團隊能做的並不多。他們能做的就是從港口的角度嚴格遵守附加費的規定。

As you heard, not only are we being disciplined from a large package capture on surcharge, the dimensional capabilities that we're putting in to get capture is increasing it. And then from a rural perspective, we have the best value proposition here in the United States into the rural markets, and that matters for a lot of our customers.

正如您所聽到的，我們不僅受到大包裹捕獲附加費的約束，而且我們為捕獲而投入的空間能力也在增加它。然後從農村的角度來看，我們在美國農村市場擁有最佳的價值主張，這對我們的許多客戶都很重要。

The last 3% or 4% of their volume, they don't want to have to use a different provider. And so we're really being disciplined on getting those surcharges. They are contributing, but the base rate is really pressured because of the economy. I hope that helps.

對於最後 3% 或 4% 的交易量，他們不想使用不同的提供者。因此，我們在收取這些附加費方面確實受到了嚴格的約束。他們正在做出貢獻，但由於經濟的原因，基本利率確實受到了壓力。我希望這有幫助。

Brandon Oglenski, Barclays.

布蘭登·奧格倫斯基，巴克萊銀行。

Hey. Good morning and congratulations on the spend. I know a lot of your shareholders will definitely be happy here, too. But I guess, Raj, can you expand on what you're doing differently under Drive. You spoke about how it's driving the way you do business today versus what you did yesterday, especially in the context of revenue quality, which I think Brie has mentioned many times, and maybe even reflecting on losing your largest customer, but it looks like your margins have actually come up. So what else in the portfolio potentially can you change looking forward?

嘿。早上好，恭喜您的支出。我知道你們的很多股東一定會很高興。但我想，Raj，你能擴展一下你在 Drive 下所做的不同事情嗎？你談到了與昨天相比，它如何推動你今天的經營方式，特別是在收入品質方面，我認為布里已經提到過很多次，甚至可能會反思失去你最大的客戶，但它看起來像你的利潤率其實已經上升了。那麼，您未來還可以改變投資組合中的哪些內容呢？

Okay. I'm trying to digest that question, Brandon. But let me just start with Drive firstly. I think drivers clearly evolved to be how we work in this company. We have established an overarching market-leading approach to overall governance that leads to disciplined execution.

好的。我正在努力消化這個問題，布蘭登。但讓我先從驅動器開始。我認為司機顯然已經成為我們在這家公司的工作方式。我們建立了一種市場領先的整體治理方法，以實現嚴格的執行。

And we are -- it's a data-driven approach and very rigorous and very timely decision-making and ultimately leads to much, much better execution. So this is going to stand us in good stead as a foundation for FedEx to execute as we go forward.

我們是——這是一種數據驅動的方法，非常嚴格、非常及時的決策，最終會帶來更好的執行。因此，這將為我們奠定良好的基礎，為聯邦快遞繼續前進奠定基礎。

The second thing is we also adopted a data-first digital mindset, solving problems while creating differentiation in our service offerings. The underlying technological innovation and transformation that we have created is quite profound.

第二件事是我們也採用了數據優先的數位思維，在解決問題的同時在我們的服務中創造差異化。我們所創造的底層技術創新和變革是相當深刻的。

And that's -- those are the two things powering our execution. And that's also why, as we've changed our vision to making supply chain smarter for everyone, it starts by making our own supply chain smarter the of the $4 billion of drive savings, I think roughly $1.8 billion would be directly the result of the new technologies that we have put in place. So that's what drives all about.

這就是——這是推動我們執行的兩件事。這也是為什麼，當我們改變我們的願景，讓供應鏈對每個人來說都變得更加智能時，首先是讓我們自己的供應鏈更加智能，在節省的40 億美元中，我認為大約18 億美元將直接來自於我們已經採用的新技術。這就是一切的驅動力。

And as we look at what comes next, whether as we implement Network 2.0 or whether we improve and expand on tricolor or expand our operations and expand our performance in Europe, all those are going to be guided through drive, and that's what gives us the confidence of execution. I hope that answers your question that you asked.

當我們考慮接下來會發生什麼時，無論是實施網路2.0，還是改進和擴展三色，或者擴大我們的業務並擴大我們在歐洲的業績，所有這些都將透過驅動力來引導，這就是我們的目標執行力的信心。我希望這能回答您提出的問題。

Bruce Chan, Stifel.

布魯斯·陳，斯蒂菲爾。

Hey. Good evening, everyone. And I echo the sentiments on the spin, great to see. Maybe somewhat of a brief follow-up here to Brian's question. There's been some suggestion of a USPS privatization. Maybe we can get your thoughts on what that would mean for the competitive environment. Is that new bona fide competitor? Or is that maybe introducing a more material profit mandate and thus making the postal service more rational. So any thoughts and color there would be great.

嘿。大家晚上好。我也表達了對旋轉的看法，很高興看到。也許是對布萊恩問題的簡短跟進。有人建議美國郵政局私有化。也許我們可以了解您對這對競爭環境意味著什麼的想法。那是新的真正的競爭對手嗎？或者也許會引入更物質的利潤授權，使郵政服務更加理性。所以任何想法和顏色都會很棒。

Well, it is very early for us to comment on something like that. We will keep that -- we are monitoring the developments there very closely, obviously. But one of the principles that I think it's important to state here is that for our industry, it's important that the package delivery business is not subsidized by the US taxpayer. I think that's a very important consideration set. And hopefully, that will be what will get adopted here.

嗯，我們現在評論這樣的事情還為時過早。我們將保持這一點——顯然，我們正在非常密切地監視那裡的事態發展。但我認為這裡必須聲明的重要原則之一是，對於我們的產業來說，包裹遞送業務不受美國納稅人的補貼很重要。我認為這是一個非常重要的考慮因素。希望這將是這裡所採用的。

Jon Chappell, Evercore ISI.

喬恩·查佩爾，Evercore ISI。

Thank you. Good afternoon. Brie, I was hoping to ask about tariffs. It's a narrative that seems to be dominating some of the sentiment around the group right now. You're at a much different cost structure than you were in the first Trump administration.

謝謝。午安.布里，我想問關稅問題。這種說法目前似乎主導了該團體的一些情緒。與川普第一屆政府相比，現在的成本結構有很大不同。

So just as it relates to tariffs have you heard from your customers about any pull forward? And I guess, secondly, how would you manage your network if there were to be a surge in demand that may be more of like a short term as opposed to a long-term secular shift?

那麼，正如與關稅相關的那樣，您是否從客戶那裡聽說過任何延期的消息？我想，其次，如果需求激增，這可能更像是短期的而不是長期的長期變化，你將如何管理你的人脈？

Yes, it's a great question. From a December perspective, there might be a little bit of a pull forward. As we talked about, we are seeing some movement both in the freight network and in the parcel network from the ports. So there might be a little bit. It's hard to tell right now because we're in the middle of peak.

是的，這是一個很好的問題。從 12 月的角度來看，可能會出現一點點的推動。正如我們所討論的，我們看到港口的貨運網絡和包裹網絡都出現了一些變化。所以可能有一點點。現在很難說，因為我們正處於高峰期。

How much of that is inventory as well as how much is just consumer demand. So obviously, it will be much clearer in January. From a reaction perspective, I am really pleased with how quickly the airline team is able to respond right now.

其中有多少是庫存，有多少只是消費者需求。顯然，一月份情況會更加清晰。從反應的角度來看，我對航空公司團隊現在能夠如此迅速地做出反應感到非常滿意。

To Raj's point, we are doing things differently with Drive. So as far as being able to adapt, I'm very confident as Raj has shared many times, we're everywhere. We have customer relationships everywhere. So as customers prepare to pivot, we're there to pivot with them. So it's very hard at this point to predict what might happen under our future administration.

在 Raj 看來，我們對 Drive 的做法有所不同。因此，就適應能力而言，我非常有信心，正如 Raj 多次分享的那樣，我們無處不在。我們到處都有客戶關係。因此，當客戶準備轉型時，我們會與他們一起轉型。因此，目前很難預測在我們未來的政府領導下可能會發生什麼。

So we're not going to try to, but we are ready to respond with agility.

因此，我們不會嘗試這樣做，但我們已準備好靈活應對。

And Jon, let me just say that, as you can imagine, we are a referendum on global supply chains every single day. And especially on the high value of the economy, and we see this information from the bottom up.

喬恩，我只想說，正如你可以想像的那樣，我們每天都在對全球供應鏈進行公投。尤其是關於經濟的高價值，我們從下到上看到這些資訊。

And we -- and the fact that we have a scale network already in place that connects 99% of global GDP is a significant advantage because we can move our capacity much, much quicker then manufacturing can move. And so it is -- we are very agile, much different than what we've been the case before. And that's -- one other thing I would say is that you can imagine that as part of our value proposition is an end-to-end delivery.

事實上，我們已經擁有一個連接全球 99% GDP 的規模網絡，這是一個顯著的優勢，因為我們可以比製造業更快轉移產能。事實就是如此——我們非常敏捷，與以前的情況有很大不同。我要說的另一件事是，您可以想像，作為我們價值主張的一部分，端到端交付是我們的價值主張的一部分。

International, that includes customs clearance. So we have the data, the expertise, the insights about what it takes to move package from one country to any other country and all the commodities that they're in. So this becomes a competitive differentiation and advantage for us as we make our customer supply chain smarter.

國際，包括清關。因此，我們擁有數據、專業知識、關於如何將包裹從一個國家運輸到任何其他國家以及其中的所有商品的見解。智能。

Scott Group, Wolfe Research.

斯科特集團，沃爾夫研究。

Hey. Thanks. Good afternoon. John, you said a couple of times that the post office headwind is bigger than the Cyber Week tailwind, but there's a lot more moving parts. And so maybe can you just clarify what your trying to communicate around Q3 expectations? And then on the LTL spend, I just want to understand a couple of things. Why is it 18 months seems a little long.

嘿。謝謝。午安.約翰，你說過幾次，郵局的逆風比網路週的順風更大，但還有更多的變化因素。那麼，也許您可以澄清一下您試圖圍繞第三季度的預期傳達什麼內容嗎？關於零擔支出，我只想了解一些事情。為什麼18個月好像有點長。

And then as we do our math, is there any way to just think about if there's much, if any, of the corporate unallocated costs that we should apply to LTL? Thank you.

然後，當我們進行數學計算時，是否有任何方法可以考慮是否有大量（如果有的話）企業未分配成本應該應用於零擔運輸？謝謝。

So thanks, Scott. So let me start with the 18 months. From a timing standpoint, the 18-months period for a transaction of this magnitude is really consistent with what is reasonable to expect. And we do look forward to keeping you posted on our timing and milestones along the way. So we look forward to keeping you posted there.

所以謝謝，斯科特。讓我從 18 個月開始。從時間角度來看，如此規模的交易的18個月期限確實符合合理預期。我們確實期待隨時向您通報我們的時間表和里程碑。因此，我們期待您隨時了解情況。

With regard to the Postal Service, as I mentioned in my remarks, we are on track to take out cost as planned with the US Postal Service contract expiration. We talked about the flight hours taking out.

關於郵政服務，正如我在演講中提到的，隨著美國郵政服務合約到期，我們有望按計劃削減成本。我們討論了起飛的飛行時間。

Roughly 60% of our US domestic daytime flight hours have been taken out, and that makes up about 24% of our total daytime hours. We're also going after all the other related costs. So as I mentioned in my remarks, Q3 will be impacted because it will be a full three months of impact from the Postal Service contract, and that will start to wind down in Q4, and we'll start to see it as a tailwind into FY26. So that just gives you some background and perspective.

我們大約 60% 的美國國內白天飛行時間已被取消，約占我們白天總飛行時間的 24%。我們也將追究所有其他相關費用。因此，正如我在發言中提到的，第三季度將受到影響，因為郵政服務合約將產生整整三個月的影響，並且這種影響將在第四季度開始逐漸減弱，我們將開始將其視為推動26 財年。所以這只是給你一些背景和觀點。

We're pleased with the work that's been done. There's more to be doing and taking that cost out. So hopefully, that gave you some good color on the postal service.

我們對已經完成的工作感到滿意。還有更多的事情要做，並消除這些成本。希望這能讓您對郵政服務有所了解。

Tom Wadewitz, UBS.

湯姆‧瓦德維茨，瑞銀集團。

Yes. Good afternoon. Thanks for getting me on for a question. I appreciate it. Let's see. On the LTL, and thanks for all the detail on the spin, it's complex, but it's helpful to hear your thoughts. Raj, would you anticipate that you get somewhat more volume-focused with LTL in the future?

是的。午安.感謝您邀請我提問。我很感激。讓我們來看看。關於 LTL，感謝您提供有關旋轉的所有細節，它很複雜，但聽到您的想法很有幫助。 Raj，您預計未來會更加關注 LTL 的數量嗎？

You talked about the 1,100 basis points of improvement in the margin over a period of time. And I think that was driven by some of the change in focus on pricing and a lot of discipline. I'm wondering, would you anticipate that hiring a bunch of salespeople focus on those things, would you potentially be more volume focused and maybe compete harder for freight in the future? Or is that the wrong way to look at it? Thank you.

您談到一段時間內利潤率提高了 1,100 個基點。我認為這是由定價重點的一些變化和大量紀律所推動的。我想知道，您是否預計會僱用一群銷售人員專注於這些事情，您是否會更加關注數量，並可能在未來更加激烈地爭奪貨運？或者說這種看待問題的方式是錯的？謝謝。

Tom, it's Brie. So I think, first, in the main, we're really pleased with the discipline that we've got across the team. From a revenue quality perspective, we've made great strides. As we look forward, we do see this as an opportunity to play offense. We are going to invest commercially in new salespeople.

湯姆，這是布里。所以我認為，首先，總的來說，我們對整個團隊的紀律感到非常滿意。從收入品質的角度來看，我們已經取得了長足的進步。展望未來，我們確實認為這是一個進攻的機會。我們將對新銷售人員進行商業投資。

We know we've got an opportunity from a different industrial mix. And as I mentioned earlier, from a wait, while our weight is down right now in our base because of the macro, when we look competitively, we think there is some opportunity using technology to fill up the capacity.

我們知道我們從不同的產業組合中獲得了機會。正如我之前提到的，從等待來看，雖然由於宏觀因素，我們的權重現在在我們的基礎上有所下降，但當我們審視競爭時，我們認為有一些機會利用技術來填補產能。

We know the FedEx Freight network right now can run very at 100 to 105. So we've got some opportunity to be a little bit more strategic also to look at the 3PL market. So the answer is yes, we're going to play more offense and we think there's some great things to come.

我們知道聯邦快遞貨運網絡目前的運行速度可以達到 100 到 105。所以答案是肯定的，我們將打出更多的進攻，我們認為未來會有一些偉大的事情發生。

David Vernon, Bernstein.

大衛‧佛農，伯恩斯坦。

Hey. Thanks for fitting me in here. So coming back to Network 2.0. I think, Raj, you mentioned like 225 stations would be consolidated or something like that by the end of -- I think it was fiscal 2025. Can you give us a sense for what percentage of volume you might have touched with the Network 2.0 integration to date? And then as you think about the timing of when the more difficult to tackle major metros may start to be coming in play.

嘿。謝謝你讓我適應這裡。回到網路2.0。 Raj，我想，您提到過 225 個電台將在 2025 財年年底前進行整合或類似的事情。然後，當您考慮更難以應對的主要地鐵何時開始發揮作用時。

Is this fiscal '26, fiscal '27 timeline? Just trying to get a better sense for when the rubber really starts to meet the road, so to speak, on the physical integration of the core operations in the heart of the domestic network. Thanks.

這是 26 財年、27 財年的時間表嗎？只是試著更了解橡膠何時真正開始接觸道路，可以這麼說，關於國內網路核心核心業務的實體整合。謝謝。

Yeah. Thank you, David. The FY25 numbers, 250 stations integrated. I think the big lift is going to be in FY26. So we have FY26 and FY27 are the two big years, but FY 2016 will be the big lift for us for Network 2.0.

是的。謝謝你，大衛。 2025 財年數字為 250 個。我認為重大提升將出現在 2026 財年。因此，2026 財年和 2027 財年是兩個重要的年份，但 2016 財年將是我們網路 2.0 的重大提升。

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

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

Thank you, operator. In closing, I'd like to thank our team members for delivering this outstanding peak season. We have five more days to go, and I really look forward to a very strong finish. Let me wish all of you listening on this call a very happy holiday season. Thank you so much.

謝謝你，接線生。最後，我要感謝我們的團隊成員為我們帶來了這個出色的旺季。我們還有五天的時間，我真的期待著一個非常強勁的結局。讓我祝福所有收聽本次電話會議的人節日快樂。太感謝了。

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。