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.

大家好，歡迎參加聯邦快遞 2025 財年第二季財報電話會議。

(Operator Instructions) Please note, this event is being recorded.

（操作員指示）請注意，此事件正在記錄中。

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

現在，我想將會議交給投資者關係副總裁 Jeni Hollander。

Please go ahead.

請繼續。

Good afternoon, and welcome to FedEx Corporation's second-quarter earnings conference call.

下午好，歡迎參加聯邦快遞公司第二季財報電話會議。

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.

第二季財報、貨運評估結果報告、10-Q 表和統計手冊均可在我們的網站 investors.fedex.com 上查看。本次通話和隨附的幻燈片正在從我們的網站上串流傳輸。

During our Q&A session, callers will be limited to one question to allow us to accommodate all those who would like to participate.

在我們的問答環節中，來電者只會提出一個問題，以便我們能夠滿足所有想要參與的人的需求。

Certain statements in this conference call may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995.

本次電話會議中的某些聲明可能被視為《1995 年私人證券訴訟改革法》所定義的前瞻性聲明。

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.

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.

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。

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

今天的報告還包括一些非公認會計準則財務指標。

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.

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.

現在我將電話轉給 Raj。

Thanks, Jeni.

謝謝，詹妮。

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.

我們正處於高峰期的最後階段，首先我要感謝我們的團隊成員的辛勤工作和奉獻精神，我們為客戶帶來了一個出色的假期。

Today marks an important step in our transformation.

今天標誌著我們轉型的重要一步。

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.

根據我們六月宣布並開始的對聯邦快遞貨運業務的評估，我們決定將該業務完全分離，從而產生兩家領先業界的上市公司。

Through the separation, we believe we will unlock significant value for stockholders while allowing for continued commercial, operational and technological cooperation between both businesses.

透過分離，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.

分離也將使兩家公司受益於增強的專注度和競爭力。

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.

對聯邦快遞而言，這將確保我們強力執行近期和長期戰略重點，同時保留貨運和聯邦快遞長期以來所享有的連通性優勢。

Each independent company will be well capitalized with flexibility to invest in profitable growth while continuing to return capital to shareholders.

每家獨立的公司都將擁有充足的資本，可以靈活地投資於獲利性成長，同時繼續向股東返還資本。

I would like to provide a brief overview on the compelling value proposition of both businesses, starting with FedEx Freight.

我想簡單介紹一下這兩家公司的引人注目的價值主張，首先從聯邦快遞貨運開始。

We're excited to create a leading LTL pure play, the largest carrier by revenue with the broadest network and the fastest transit times.

我們很高興能夠創造一家領先的零擔運輸純粹企業，成為收入最高的承運商、網路最廣泛、運輸時間最快的企業。

FedEx Freight has deep relationships with customers who turn to us or our reliability, simplicity and choice of services.

聯邦快遞貨運與選擇我們或我們的可靠性、簡單性和服務選擇的客戶保持著深厚的關係。

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.

貨運業務長期維持領先市場份額，過去五年來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。

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.

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，這些因素將在強勁的資產負債表的支持下繼續指導貨運公司的未來策略。

As a separate company, Freight will be better positioned to unlock its full value potential.

作為一家獨立的公司，貨運將能夠更好地釋放其全部價值潛力。

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.

我們認為最大機會的領域包括首先，一支擴大的專門 LTL 銷售隊伍，由湯姆康諾利 (Tom Connolly) 領導，我們的新任 LTL 銷售副總裁擁有近 30 年的銷售經驗。

We've already begun to build out this team and we expect to add more than 300 LTL specialists by the time of separation.

我們已經開始組建這個團隊，預計在分開時將增加 300 多名 LTL 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.

其次，增強的 LTL 特定定價和發票系統可以加快上市速度，制定更直觀的合同，並且更適合這個特定的市場。

Third, improved freight and FedEx network efficiencies focused on accelerating speed, improving coverage, optimizing touches and lowering our cost to serve.

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、優化接觸點並降低服務成本。

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

第四，以 LTL 為重點的自動化，這將提高效率並減少外部供應商的支出。

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.

聯邦快遞貨運的解決方案組合包括優先服務和經濟服務，也能從影響零擔運輸業的長期市場動態中獲益。

As we pursue the separation, we will remain focused on customer experience by sustaining or improving service to our customers.

在實現分離的過程中，我們將繼續專注於客戶體驗，維持或改善對客戶的服務。

To ensure the focus and seamless transition, Lance Moll will continue to serve as President of FedEx Freight as we execute on our separation.

為了確保重點關注和無縫過渡，在分拆實施期間，蘭斯·莫爾 (Lance Moll) 將繼續擔任聯邦快遞貨運總裁。

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.

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進行，以實現服務的無縫連續性並從合作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.

我們與兩家獨立的公司有著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，特別是那些依靠聯邦快遞提供所有三種服務的客戶。

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.

從營運角度來看，除了我之前提到的網路效率之外，貨運還將繼續為聯邦快遞提供策略性的幹線運輸，包括三色、高峰和貿易支援。

This requires minimal change as freight already receives a direct financial benefit from supporting Federal Express via intercompany agreements.

這需要很少的改變，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。

Additionally, we will implement shared technology and service agreements to facilitate the transition and beyond.

此外，我們將實施共享技術和服務協議，以促進過渡及其他事宜。

Through these agreements, FedEx will provide freight with tech platforms that effectively connect the two businesses as needed and ensure business community.

透過這些協議，聯邦快遞將為貨運提供技術平台，根據需要有效連接兩家企業並確保企業社區。

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聯邦快遞貨運的名義運作。

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.

綜合上述所有優勢，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，同時也能繼續享受聯邦快遞服務無與倫比的全球生態系統。

Now turning to FedEx.

現在轉向聯邦快遞。

We pioneered the express transportation industry over 50 years ago and remain the industry leader today.

50多年前，我們開創了快遞運輸業，至今仍保持著該行業的領先地位。

Customers choose us for our advantaged value proposition enabled by our service, speed and breadth of coverage.

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。

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.

我們每個工作日向超過 220 個國家和地區運送近 1700 萬個包裹，連接全球 99% 以上的 GDP。

We transport approximately $2 trillion worth of goods every year by connecting 3 million shippers to 225 million consumers.

我們透過將 300 萬托運人與 2.25 億消費者聯繫起來，每年運輸價值約 2 兆美元的貨物。

In the US, our weakened and rural coverage also serves competitive advantage.

在美國，我們較弱的農村覆蓋範圍也具有競爭優勢。

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.

我們每天都會產生超過 1PB 的數據，這些數據為我們如何更有效地經營公司、如何為客戶提供服務以及我們的客戶如何管理自己的供應鏈提供了深刻的見解。

The ongoing progress at FedEx gives me confidence that this stand-alone business will continue to thrive into the future.

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。

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.

分離期間和分離後，我們將繼續致力於透過策略性措施為股東創造重大價值，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.

其中包括 Drive，它正在不斷改變我們的工作方式。

We are on track to deliver $4 billion in savings by the end of FY25 and versus the FY23 baseline.

我們預計在 25 財年末實現 40 億美元的節餘，以 23 財年為基準。

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.

網路 2.0 將兌現更有效率網路的承諾，包括一輛卡車、一個社區以及整合的設施，我們的目標是到 27 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.

Tricolor 是我們全球航空網絡的重新設計，它使我們處於戰略成長的位置，同時提高了整個聯邦快遞系統的效率和資產利用率。

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.

作為一家獨立公司，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產品，繼續專注於提供更高收益的服務，並基於我們的技術生態系統為所有人打造更智慧的供應鏈。

Our capital allocation priorities remain unchanged.

我們的資本配置重點維持不變。

We will prioritize maintaining a strong balance sheet and investment-grade profile.

我們將優先維持強勁的資產負債表和投資等級狀況。

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.

展望未來，我們預計將在大約 18 個月內完成分離。

Claude Russ will lead our separation management office bringing the dry rigor and the accountability that we use to run our operations.

克勞德·拉斯 (Claude Russ) 將領導我們的分離管理辦公室，帶來我們營運中所使用的嚴謹性和責任感。

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.

克勞德在聯邦快遞工作了近 25 年，曾擔任聯邦快遞貨運首席財務官，對我們的貨運業務和零擔市場動態有著深入的了解。

Claude is currently Enterprise VP of Finance and has been a critical enabler of our drive execution.

克勞德目前是企業財務副總裁，也是我們推動執行的關鍵推動者。

Today, we have shared the outcome of the assessment in our initial plans.

今天，我們在初步計劃中分享了評估的結果。

As we have new details and separation milestones to share, we will keep you updated.

當我們有新的細節和分離里程碑需要分享時，我們將及時向您更新。

Upon completion, this full separation will result in two strong, well-capitalized industry leaders.

完成後，此次全面分離將產生兩家強大、資金雄厚的產業領袖。

FedEx Freight, which will benefit from continued strategic and operational competitiveness and more flexible capital allocation.

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。

And FedEx, well positioned to continue executing on our strategic initiatives in pursuit of sustainable profitable growth.

聯邦快遞已做好準備，繼續執行我們的策略性舉措，追求可持續的獲利成長。

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.

我們堅信，對於聯邦快遞和聯邦快遞貨運而言，分離是當前發展階段正確的策略決策，為創造長期股東價值提供了清晰的方向。

Importantly, for our employees and our customers, it's business as usual as we look forward to a seamless transition.

重要的是，對於我們的員工和客戶來說，一切照常，我們期待實現無縫過渡。

We are used to navigating change and we will do it while continuing to deliver on the Purple Promise every single day.

我們已經習慣於應對變化，我們也將在應對變化的同時繼續每天履行紫色承諾。

Now turning to our Q2 results.

現在來談談我們的第二季業績。

Looking across the enterprise, we delivered sequential improvement both in drive savings and adjusted operating profit.

縱觀整個企業，我們在驅動器節省和調整後營業利潤方面都實現了連續的改善。

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.

聯邦快遞公司取得了同比強勁的業績，調整後營業利潤成長 13%，營收基本上持平。

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.

儘管需求環境充滿挑戰，我們之前已經發現存在許多不利因素，包括美國郵政服務合約到期和網路購物週的時間轉變，但我們仍然做到了這一點。

This is evidence that our transformation is clearly working.

這證明我們的轉型確實有了成效。

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.

與上一季類似，我們經歷了工業經濟的疲軟，這對我們的 B2B 業務量產生了負面影響，尤其是在美國國內包裹和零擔市場。持續的市場壓力加上年比困難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.

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，我們完全有能力實現獲利成長。

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.

在此背景下，為了適應不斷變化的市場動態，我們將持續打造更靈活、更有智慧和智慧的聯邦快遞，為客戶提供更優質的服務。

We achieved drive savings of $540 million in Q2.

我們在第二季度實現了 5.4 億美元的驅動器節約。

We remain confident that we will deliver our targeted $2.2 billion in incremental savings in FY25.

我們堅信，我們將在 25 財年實現 22 億美元的增量節省目標。

Our Network 2.0 rollout continues and the Canadian market integration will be largely complete in early calendar year '25.

我們的網路 2.0 推出工作仍在繼續，加拿大市場整合將於 2025 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.

隨著美國郵政服務合約的到期，我們正在策略性地匹配運力和需求，並根據需要靈活調整網絡，以更有效地運輸包裹。

At the end of September, we reduced our US domestic daytime flight hours by nearly 60% and strictly began to reduce other associated costs.

9月底，我們將美國國內白天航班飛行時間減少了近60%，並開始嚴格削減其他相關成本。

And we delivered solid service for our customers.

我們為客戶提供了優質的服務。

This is always our priority and especially important during peak.

這始終是我們的首要任務，在高峰期尤其重要。

I'm very pleased with how our teams are navigating a condensed period between Thanksgiving and Christmas.

我很高興看到我們的團隊能夠順利度過感恩節和聖誕節之間的這段短暫時光。

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，他們平均每天運送的包裹更多，同時保持了客戶期望的高品質運輸體驗，美國高峰期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.

展望財政年度下半年，我們仍將專注於我們能夠控制的事情。執行我們的轉型計劃，以降低服務成本並提高績效。

However, amid continued uncertainty around the demand environment, we are updating our expectations for FY25.

然而，由於需求環境持續不確定，我們正在更新 2025 財年的預期。

We now expect an adjusted EPS outlook range of $19 to $20.

我們現在預計調整後的每股盈餘預期範圍為 19 美元至 20 美元。

John will provide more color on the underlying assumptions shortly.

約翰很快就會對基本假設提供更多解釋。

Turning to Drive.

轉向駕駛。

On past earnings calls, I've talked about Drive at our structural cost optimization program.

在過去的財報電話會議上，我談到了我們結構成本優化計劃中的 Drive。

The reality is that within FedEx drive is Vale to be so much more.

實際情況是，在聯邦快遞的推動下，淡水河谷的發展空間遠大於此。

It's a new data and technology-driven business architecture that has changed how we work across our entire enterprise.

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。

Introducing more rigor and accountability to every decision we make, leading to a continuous cycle of efficiency and optimization.

使我們所做的每一個決定都更加嚴格、更負責，從而不斷實現效率和最佳化。

Take Europe, where we expect to achieve $600 million in total drive savings by the end of the fiscal year.

以歐洲為例，我們預計到本財年末將達到 6 億美元的總驅動器節省。

Our European business is predominantly a ground-based business.

我們的歐洲業務主要是地面業務。

We introduced new European leadership over the summer including a senior operator from our US surface team.

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位高級營運商。

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.

本著「一個聯邦快遞」的精神，我們將樞紐和分類最佳實踐從美國帶到歐洲，並且我們最近取得了許多勝利。

Our progress includes revenue growth, which, combined with the drive benefits lead to improved performance this quarter.

我們的進步包括營收成長，再加上驅動效益，導致本季業績有所提升。

This gives us confidence in Europe's near- and longer-term trajectory.

這使我們對歐洲的近期和長期發展充滿信心。

Our ability to enhance the financial performance of our European business starts with technology.

我們提升歐洲業務財務表現的能力始於技術。

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.

實施通用資料平台後，我們現在可以更了解我們的歐洲網路資產和服務成本，並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.

例如，我們透過增強資料流改進了歐洲的路線，減少了歐洲內部包裹的接觸次數。

This is not only improving productivity, but also expediting clearance, leading to better service.

這不僅提高了生產效率，還加快了通關速度，從而提供了更好的服務。

We also introduced dimensional pricing at our Charles Legal hub in Paris.

我們還在位於巴黎的 Charles Legal 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.

這項由新技術和更新技術實現的增強功能可以無縫捕捉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。

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.

因此，我們現在可以更好、更準確地獲得所運輸貨物的補償，特別是那些利潤率較高且具有獨特尺寸的包裹。

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工廠推出此功能。

Together with non-stack about shipment surcharges, we expect this initiative to deliver an operating income benefit of over $50 million in FY25.

加上非堆疊的貨運附加費，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。

This is a prime example of our new business architecture translating into improved financial and operational outcomes.

這是我們的新業務架構轉化為更好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.

展望整個歐洲，團隊將繼續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提供這種體驗的正確流程。

Improving our financial performance in Europe is a top priority for our entire leadership team.

提高我們在歐洲的財務表現是我們整個領導團隊的首要任務。

I'm very encouraged by our recent progress and I'm confident in the opportunity ahead.

我對我們最近的進展感到非常鼓舞，我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.

十月份，正值高峰期，我們在孟菲斯世界樞紐慶祝了一座新的最先進的分揀設施的盛大開幕。

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.

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，它改善了我們員工的工作體驗和客戶服務，同時提高了我們樞紐的效率。

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.

我們也在第二季上半年繼續在部分市場推出網路 2.0，迄今為止我們已經優化了 200 個站點。

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.

我們將繼續執行我們的國際航空網路設計策略“三色”，該策略旨在提高整個企業的密度和資產利用率，同時實現獲利成長。

Before I close, I want to thank the FedEx team once again as we approach the end of our peak season.

最後，在我們的旺季即將結束之際，我想再次感謝聯邦快遞團隊。

They make every FedEx experience outstanding positioning us well through peak and beyond.

他們讓每一次聯邦快遞體驗都變得十分出色，讓我們能夠順利度過高峰期，甚至超越高峰期。

Now let me turn the call over to Brie.

現在，讓我把電話轉給布里。

Thank you, Raj.

謝謝你，拉吉。

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.

市場狀況仍然疲軟，但我們穩健的服務水準、獨特的價值主張和創新的產品支撐了我們第二季的業績，並為我們成功的旺季做好了準備。

Consolidated revenue declined 1% in the quarter, driven by the weak industrial economy.

受工業經濟疲軟的影響，本季綜合收入下降了 1%。

US manufacturing PMI has indicated a contraction for 24 out of the past 25 months representing the second longest downturn in US history.

美國製造業PMI顯示，過去25個月有24個月處於萎縮狀態，這是美國史上第二長時間的衰退。

Reviewing each segment on a year-over-year basis now.

現在對每個部分進行逐年回顧。

At Federal Express, revenue was essentially flat.

聯邦快遞的收入基本上持平。

Higher yields across our services were partially offset by volumes, which declined year over year.

我們各項服務的收益率有所提高，但被服務量年減部分抵銷。

We again saw increased demand for our lower-yielding services.

我們再次看到對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.

需求成長的部分原因是顧客偏好的轉變，特別是從送貨上門到地面經濟的轉變，但大部分需求成長是由於有機需求，而與服務之間的交易無關。

At FedEx Freight, lower volumes, fuel surcharges, and weight per shipment drove the top line decline.

對於聯邦快遞貨運而言，貨運量下降、燃油附加費以及單件貨物重量增加導致營收下滑。

Year-over-year comparisons were challenging as some customers won last year from the yellow bankruptcy have since left in search of lower prices.

與去年同期相比，情況有些困難，因為去年從黃色破產中贏得的一些客戶後來為了尋找更低的價格而離開。

That being said, we are ready to capture additional profitable volume when the market returns.

話雖如此，我們已準備好在市場回升時獲取額外的盈利量。

Turning now to volume trends by service during the quarter.

現在來看看本季各服務的業務量趨勢。

Volumes were pressure led by weakness in the US domestic market, partially offset by strong international growth.

由於美國國內市場疲軟，銷售面臨壓力，但強勁的國際成長部分抵消了這種壓力。

Across US

美國各地

Domestic Express Services, volumes declined 1%, primarily due to weakness in the industrial economy.

國內快遞服務量下降了 1%，主要原因是工業經濟疲軟。

Ground volumes were down 1% as well with the soft B2B environment weighing on ground commercial growth.

由於 B2B 環境疲軟，地面商業交易量也下降了 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.

雖然我們意識到未來幾年電子商務的成長速度將持續超過 B2B，但我們知道優先客戶群是穩定的，流失率很低，而當前優先交易量的疲軟反映了全球宏觀經濟環境的整體狀況。

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.

由於網路購物週（去年第二季發生，今年第三季發生），地面住宅銷售量受到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.

受國際經濟的推動，本季國際出口包裹數量增加了 9%，這與近期的季度趨勢基本一致。

Within FEC, average daily pounds were up 10% for International Priority freight and 5% for international economy freight.

在 FEC 內，國際優先貨運的每日平均重量上漲 10%，國際經濟貨運的每日平均重量上漲 5%。

This signals early progress from our Tricolor strategy to drive profitable growth in the global airfreight market.

這標誌著我們的「三色」策略取得了初步進展，推動了全球航空貨運市場的獲利成長。

At FedEx Freight, the soft industrial economy led to weakness in both weight per shipment down 3% and average daily shipments down 8%.

對於聯邦快遞貨運而言，疲軟的工業經濟導致每票貨運重量下降 3%，日均貨運量下降 8%。

The pricing environment is competitive, but I'm encouraged that revenue quality actions are gaining traction.

定價環境競爭激烈，但我很高興看到收入品質行動正在獲得關注。

Revenue quality remains our highest priority as we ensure that revenue growth is benefiting the bottom line.

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.

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，複合包裹收益率增加了 1%。

Overall yield for ground services was flat with yield growth at home delivery and ground commercial offset by ground economy.

地面服務整體收益率持平，送貨上門和地面商業收益的成長被地面經濟收益所抵銷。

As expected, international economy parcel yield declined due to mix and lower weight per shipment.

如預期，由於包裹種類繁多且每批包裹重量較低，國際經濟包裹的收益率下降。

Moving to Federal Express Freight.

轉向聯邦快遞貨運。

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.

綜合貨運收益率上漲 4%，這主要得益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的商業執行成功。

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.

聯邦快遞貨運每批貨物的收入下降了 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.

我們已度過高峰期的大部分時間，預計本季的需求附加費收入將年增。

I am confident that this pricing strategy is supporting the revenue and profit expectations for the third quarter.

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.

展望25財年下半年，我們預期第三季和第四季的綜合營收將較去年同期略有成長。

While we still have five days to go, I'm very pleased with December volumes, which are ahead of our forecast.

雖然還有五天的時間，但我對 12 月的銷售感到非常滿意，因為它超出了我們的預測。

We expect our general rate increase of 5.9%, which goes live in January to have a very strong capture.

我們預計，明年 1 月開始實施的一般利率上調 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.

聯邦快遞下半年的營收成長將得益於亞洲地面住宅和國際經濟運量的成長，以及歐洲市場份額的收購。

We continue to see strong commercial traction, particularly in Europe.

我們繼續看到強勁的商業吸引力，尤其是在歐洲。

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.

對於聯邦快遞貨運而言，我們預計下半年營收將略有下降，原因是日均出貨量持續疲軟且殖利率略有改善。

As Raj mentioned, in January, we began hiring 300 incremental LTL specialists.

正如 Raj 所提到的，從一月起，我們就開始招募 300 名增量 LTL 專家。

We believe this increased focus will provide better support for our customers and enable us to accelerate profitable growth.

我們相信，這種更關注的焦點將為我們的客戶提供更好的支持，並使我們能夠加快獲利成長。

As we wrap up the calendar year, it's a great time to remind you of our commercial strategy.

隨著一年的結束，這是一個提醒您我們的商業策略的好時機。

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.

我們的策略是為了實現我們的願景，讓供應鏈為每個人提供更智慧的服務。

For our customers, our mission is to be their unrivaled partner in moving their business forward.

對於我們的客戶，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。

To deliver on this mission, we will provide a superior digital portfolio and customer experience.

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。

It's essentially the Purple Promise 2.0 powered by the FDX platform.

它本質上是基於 FDX 平台驅動的 Purple Promise 2.0。

In fiscal year '26, we will begin the transition of our fedex.com customer base to the SDX platform.

在26財年，我們將開始將我們的fedex.com客戶群轉向SDX平台。

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.

這將提高我們的產品上市速度，並使我們能夠向數百萬聯邦快遞中小型客戶提供高級視覺等新功能。

We are designing new experiences for high-value segments and planning for above-market growth we already have a differentiated portfolio.

我們正在為高價值細分市場設計新的體驗，並規劃高於市場的成長，我們已經擁有差異化的產品組合。

Our target segments are B2B for both health care and automotive, domestic e-commerce, global airfreight and of course, Europe.

我們的目標市場是醫療保健和汽車領域的 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.

首先是B2B，我們在醫療保健領域取得了巨大的成功，這是我們優先考慮的B2B垂直領域。

Federal Express already has a double-digit percentage of our revenue in the fast-growing $70 billion health care segment.

聯邦快遞在快速成長的 700 億美元醫療保健領域的收入已占到我們總收入的兩位數百分比。

And this segment is an important contributor to FedEx profit today.

而這一部門目前是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，我們希望利用我們獨特的產品組合，包括冷鏈支援、我們的新品質管理計劃和聯邦快遞週邊監控和乾預，在美國獲得市場份額。

While most of our health care revenue is US-based, the international health care market represents significant opportunity.

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也蘊藏著巨大的機會。

We will globalize our portfolio and accelerate revenue growth outside of the United States.

我們將全球化我們的投資組合併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.

汽車也是一個巨大的市場，我們重點關注的這個行業預計價值 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。

We have created an automotive vertical and expect to provide new benefit in early fiscal year '26.

我們已經創建了一個汽車垂直市場，並預計在 26 財年初提供新的收益。

Our second priority is the US domestic e-commerce market.

我們的第二個重點是美國國內電子商務市場。

E-commerce will continue to drive 90% of the market's incremental parcel growth in the years ahead.

未來幾年，電子商務將繼續推動市場90%的包裹增量成長。

Within our US ground services, our superior speed and coverage gives FedEx a competitive advantage.

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.

更不用說交貨圖片證明，這繼續幫助我們完成新業務。

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.

隨著我們實施網路 2.0，我們將繼續降低服務成本，從而提高這些資料的增量流通。

Our third target segment is the global airfreight market.

我們的第三個目標領域是全球航空貨運市場。

This is a market with significant potential.

這是一個具有巨大潛力的市場。

We currently have a low single-digit market share in the $80 billion air freight market.

目前，我們在價值 800 億美元的航空貨運市場中僅佔有個位數的低市場份額。

International Priority freight already serves as a profit driver for us.

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.

我們的「三色策略」是在這個市場上競爭並獲勝的必要條件。

Commercially, we've also made numerous changes to improve our performance.

在商業方面，我們也做出了許多改變來提升我們的表現。

We have created a dedicated sales organization, a new customer service model and are investing in the digital experience.

我們創建了專門的銷售組織和新的客戶服務模式，並正在投資數位體驗。

The airfreight market is fragmented and the shipping processes are antiquated.

航空貨運市場分散，運輸流程陳舊。

It's a market right for disruption.

這是一種顛覆性的市場權利。

Fourth is Europe.

第四是歐洲。

The European parcel market is roughly $130 billion and will continue to grow in the years ahead.

歐洲包裹市場規模約 1,300 億美元，未來幾年也將持續成長。

Our mix of revenue in Europe is already favorable with the majority coming from B2B.

我們在歐洲的收入結構已經很有利，其中大部分來自B2B。

As Raj mentioned, Q2 revenue in Europe grew nicely with strong execution.

正如 Raj 所提到的，憑藉強勁的執行力，歐洲第二季度的營收實現了良好成長。

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.

Drive 不斷轉變我們的服務成本，改善非洲大陸的服務，同時使我們能夠傾向於市場上最具吸引力的部分。

Regardless of the target segment, revenue quality and capacity management are critical to growing profitably.

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.

過去幾年我們在收益獲取方面取得了巨大進展。

A great example, total nonstandard surcharges are generating a significant year-over-year benefit of over $180 million annualized.

一個很好的例子是，非標準附加費總額每年產生超過 1.8 億美元的顯著年收益。

This is the result of a new AI image capture process.

這是全新 AI 影像捕捉流程的成果。

In calendar year 2025, we will accelerate our work on an end-to-end capacity management system.

2025年，我們將加快端到端容量管理系統的建置工作。

Within FDX, there is a digital twin of the network.

FDX 內部有一個網路的數位孿生。

We now have real-time view of the network capacity globally.

我們現在可以即時查看全球的網路容量。

We will use AI in our digital quote platform to profitably still avoid at a scale and pace that was previously not feasible.

我們將在我們的數位報價平台中使用人工智慧，以以前無法實現的規模和速度實現盈利避免。

I am very confident about the future as we lean into these commercial priorities.

當我們依靠這些商業優先事項時，我對未來非常有信心。

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.

我很自豪能夠成為業界最佳團隊的一員，並向團隊成員表達最誠摯的感謝，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.

現在，我將把話題交給約翰。

Thank you, Brie.

謝謝你，布里。

Despite soft market conditions, our Q2 performance demonstrates the team's strong commercial execution and actions to lower our cost to serve.

儘管市場狀況疲軟，但我們第二季的業績證明了團隊強大的商業執行力和降低服務成本的行動。

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.

我們的調整後營業利潤連續成長約 1.7 億美元，調整後每股盈餘較去年同期成長，主要得益於聯邦快遞部門的成長。

And we achieved these results despite revenue declining 1%.

儘管收入下降了 1%，我們仍然取得了這些業績。

Walking through the dynamics of the quarter, the soft global industrial economy, coupled with the competitive pricing environment constrained our results.

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業績。

The Postal Service contract expiration negatively affected two months of the quarter, resulting in additional operating profit headwind.

郵政服務合約到期對本季度的兩個月產生了負面影響，導致額外的營業利潤阻力。

However, our plans to remove costs associated with this contract expiration are on track.

然而，我們消除與該合約到期相關的費用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.

5.4 億美元的驅動效益抵消了這些不利因素，並支持了我們合併後與年比調整後的獲利成長。

Providing more detail by segment.

按細分提供更多詳細資訊。

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.

在聯邦快遞，由於成本節省、基礎收益提高和國際出口需求增加，我們的調整後營業收入較上年同期增加了 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.

儘管面臨通膨壓力和若干重大阻力，包括郵政服務合約到期、網路購物週時間調整帶來的9000 萬美元阻力以及美國東南部颶風帶來的2000 萬美元阻力，我們仍然取得了這一成績。

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，我們很高興看到，在歐洲，我們持續的網路優化舉措和強有力的執行為聯邦快遞的利潤提升做出了貢獻，而我們三色戰略的推進也推動了聯邦快遞的日均貨運量和收益率逐年上升。

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.

在第二季度，我們將美國國內航班總飛行小時數減少了 24%，這主要是由於 Raj 提到的郵政服務合約到期導致白天飛行小時數減少了 60%。

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.

聯邦快遞貨運雖然營業利潤下降了 1.79 億美元，但其中約 3000 萬美元的下降是由於我們在 24 財年第二季度套利了多個設施的銷售收益。

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.

與更廣泛的零擔貨運市場一致，較低的每日平均貨運量、燃油附加費和每批貨運量的重量繼續成為不利因素，這主要是由於工業背景疲軟。

These pressures were partially offset by cost management and continued base yield growth.

這些壓力被成本管理和持續的基礎收益成長部分抵消。

Moving to Drive.

移至驅動器。

And as planned, we delivered a sequential improvement in savings in Q2 versus Q1.

按照計劃，我們第二季的儲蓄額與第一季相比有所改善。

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.

由於我們繼續優化 IT 和後台職能並減少外部供應商支出，第二季度的 2.1 億美元 G&A 節省是本季的重要槓桿。

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.

由於我們繼續最大限度地利用第三方鐵路，降低了我們提供的遞延服務的成本，加上來自航空網絡和國際運輸的 1.8 億美元，本季度共節省了 1.5 億美元，從而受益匪淺。

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.

展望 2025 財年下半年，我們預期驅動器儲蓄將繼續連續增加，並且我們對基礎收益率的趨勢感到鼓舞。

However, the global industrial economy continues to constrain demand on our most profitable priority and commercial services.

然而，全球工業經濟繼續限制我們最賺錢的優先服務和商業服務的需求。

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.

因此，我們將 25 財年調整後稀釋每股盈餘預期從先前的 20 至 21 美元修改為 19 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.

在我們的預期範圍的最高端，我們假設收入增長了低個位數百分比，這得益於工業生產的溫和改善，從而導致 B2B 需求的流通量增加。

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，收入將出現個位數的低幅下降。

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.

關於聯邦快遞下半年財年的預期盈利節奏，我們預計第三季度將受益於不斷增加的驅動器節省、由於網絡週的時機而改善的營收流轉、持續的收入質量行動以及令人鼓舞的峰值布裡談到的需求。

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.

不過，需要提醒的是，預計郵政服務的逆風將在第三季加劇，並將在財政年度結束時在第四季減弱。第三季郵政服務的逆風將遠遠抵銷網路購物週時間調整的好處。

We continue to anticipate drive savings to build incrementally in Q3 and Q4, and with a full year total of $2.2 billion.

我們繼續預計第三季和第四季的驅動儲蓄將逐步增加，全年總額將達到 22 億美元。

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.

對於聯邦快遞貨運，我們預計美國工業經濟將持續疲軟，且燃料價格下跌將對 25 財年剩餘時間的營業利潤造成壓力。

Finally, our fourth quarter is typically our strongest earnings quarter of the year.

最後，我們的第四季通常是一年中獲利最強勁的季度。

We expect this dynamic to continue despite having one fewer operating day in Q4.

儘管第四季的營運日減少了一天，但我們預計這種動態仍將繼續下去。

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.

現在，我想談談我們最新的全年調整後營業收入橋，它顯示了我們修訂後的展望中包含的同比營業利潤因素。

This bridge now reflects adjusted operating profit of $6.6 billion, equivalent to $19.50 of adjusted EPS.

這座橋現在反映出 66 億美元的調整後營業利潤，相當於 19.50 美元的調整後每股收益。

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.

就收入而言，扣除成本後，我們現在預計逆風為 7 億美元，而上個季度我們提出的 2025 財年逆風假設為 1 億美元。

This reflects both our lower revenue assumptions and continued inflationary pressures.

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.

同時，我們現在預測國際出口收益壓力將帶來 3 億美元的逆風，與先前 5 億美元的預期相比有所改善。

This is a result of execution on our revenue quality initiatives internationally.

這是我們在國際上實施收入品質措施的結果。

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.

我們仍然預計，由於營業日減少兩個，將帶來約 3 億美元的逆差，一個是第一季的營業日，另一個是第四季的營業日。

And lastly, we anticipate a $500 million headwind from the US Postal Service contract expiration.

最後，我們預計美國郵政服務合約到期將帶來 5 億美元的損失。

We remain confident in our ability to offset these headwinds with the $2.2 billion from incremental drive savings.

我們仍然有信心，我們有能力利用增量驅動器節省的 22 億美元來抵消這些不利因素。

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.

進一步支持這項修改後的前景的是我們對收入品質的持續承諾，這從我們最近幾個月宣布的 25 日曆年的一般費率上調、高峰附加費和燃油表價格變化中可以看出。

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.

鑑於嚴峻的工業生產環境，我們繼續預期聯邦快遞全年調整後的營業利潤率將同比擴大，而聯邦快遞貨運的營業利潤率將收縮。

At the midpoint of our revised FY25 outlook, we are assuming 9.6% adjusted EPS growth on approximately flat revenue.

在我們修訂的 FY25 展望中位數中，我們假設調整後的每股盈餘成長 9.6%，營收大致持平。

This expectation further highlights how Drive is fundamentally changing the way we do business.

這項期望進一步凸顯了 Drive 如何從根本上改變我們的經營方式。

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.

我們正在改善成本結構，以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，我們就有能力在優先服務上實現顯著的增量利潤。

It remains my highest priority to ensure that we continue to unlock the value that I know exists in our business.

確保我們繼續釋放我所知道的我們業務中存在的價值仍然是我的首要任務。

Moving to capital allocation.

轉向資本配置。

We remain committed to reducing our capital intensity while increasing our capital returns.

我們將繼續致力於降低資本密集度並提高資本報酬率。

In Q2, capital expenditures were approximately $820 million.

第二季度，資本支出約 8.2 億美元。

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.

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。

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.

我們在第二季完成了額外的 10 億美元股票回購，使年初至今的回購總額達到 20 億美元，並計劃在下半年額外回購 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.

我對我們近期和長期增加盈利的能力充滿信心，同時繼續提供強勁的調整後自由現金流，這將支持未來幾年股東回報的提高。

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

現在，我們可以開始提問了。

(Operator Instructions) Chris Wetherbee, Wells Fargo.

（操作員指示）富國銀行的克里斯·韋瑟比 (Chris Wetherbee)。

Great.

偉大的。

Thanks.

謝謝。

Good afternoon.

午安.

Maybe I could just hit on the guidance for a moment.

也許我只需要稍微點擊一下指導。

So I think the second quarter results were generally in line with at least what you guys talked about on the last call.

因此，我認為第二季的業績總體上至少與你們在上次電話會議上談論的內容一致。

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.

因此，當我們考慮下半年的美元貶值時，我知道，約翰，你談到了工業生產前景，也許這會更加緩和，我想我還想考慮一下 LTL 或貨運業務在此背景下。

It was obviously under some pressure here.

這裡顯然承受著一些壓力。

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?

我想您能否幫助我們更詳細地分析一下美元變動的各個部分，然後再談談其發展節奏？

Is it a little bit more 3Q weighted?

它的 3Q 權重是否稍微大一些？

Or is it a little bit more for weighted?

或者說重量稍微重一點？

Do you think things get better by the time we get to the end of the fiscal year?

您認為到財政年度結束時情況會有所改善嗎？

Just curious how to think about that.

只是好奇如何看待這個問題。

So thanks, Chris.

所以謝謝你，克里斯。

I appreciate the question.

我很感謝你提出這個問題。

So as you know, our prior guidance factored in drive savings as well as the pricing actions that we implemented.

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行動。

However, the expected volumes and related revenue just didn't materialize.

然而，預期的銷售量和相關收入並未實現。

Our updated adjusted EPS range, which is in the $19 to $20 reflects our revised revenue expectations.

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.

從時間角度來看，雖然我們沒有提供季度指引，但我可以告訴你，第三季度將受益於硬碟節省的增加、由於我們談到的「網路週」的時機而改善的營收流轉以及持續的收入品質動作。

And as Brie talked about, we're seeing encouraging signs from our peak demand.

正如布里所說，我們從高峰需求中看到了令人鼓舞的跡象。

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.

不過，對於第三季來說，需要記住的是，USPS 的逆風預計會在第三季增加，但會比第四季略有減弱。

But that headwind will more than offset the benefit of the Cyber Week I just mentioned.

但這種不利因素將遠遠抵消我剛才提到的網路購物週所帶來的好處。

We continue to anticipate drive savings to build incrementally in Q3 and Q4.

我們繼續預計第三季和第四季的驅動器節省將逐步增加。

And from a Q4 standpoint, that is traditionally our strongest earnings quarter of the year, and we expect this dynamic to hold.

從第四季度的角度來看，這傳統上是我們一年中獲利最強勁的季度，我們預計這種勢頭將持續下去。

So -- and that's true despite even having one fewer operating day.

所以 — — 儘管營運日少了一天，但情況仍然如此。

So hopefully, that gives you some more perspective.

希望這能給你更多的視角。

Ken Hoexter, Bank of America.

美國銀行的肯‧霍克斯特 (Ken Hoexter)。

Great.

偉大的。

And congrats on the freight spend, obviously, long anticipated and a great move to see in value creation.

並對貨運支出表示祝賀，顯然，這是期待已久的，也是創造價值的重大舉措。

But my question is for Brie.

但我的問題是針對布里的。

You talked a little bit about peak season here and how it's shifting into third quarter.

您談到了這裡的旺季以及它如何轉變到第三季度。

Maybe can you give a little bit more color on -- you mentioned the peak was strong.

也許您可以給出更多細節——您提到峰值很強勁。

Is there anything we can read into that in terms of volumes ability to get price to flow through?

從交易量影響價格流通的能力這個角度，我們能看出什麼嗎？

I guess I'm more focused on the volumes, both at Ground and Express?

我想我更關注的是地面運輸和快遞的數量？

Thanks.

謝謝。

Hey, Ken.

嘿，肯。

Great question.

好問題。

So from a December perspective, we are pleased.

因此從 12 月的角度來看，我們感到高興。

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.

我想說的是，在網絡星期一之後，銷量有所回升，這是非常強勁的一周，從 12 月的角度來看，我們很高興看到銷量超出了預期。

And as I mentioned, our peak surcharge capture from an absolute dollar amount will be up year over year.

正如我所提到的，我們從絕對美元金額中收取的峰值附加費將逐年上升。

So we do think that December is going to be a very strong month.

因此我們確實認為十二月將是一個非常強勁的月份。

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.

話雖如此，我確實想談談我們對今年下半年的營收前景，因為我們不一定相信 12 月的表現會延續到下半年。

So as we're thinking about the back half top line outlook, we're looking at some improvement.

因此，當我們考慮下半年的營收前景時，我們看到了一些改善。

I think you're going to see that improvement come in the form of domestic volumes, in particular, a ground.

我認為你會看到這種改善以國內銷量的形式出現，特別是在地面上。

We think that, that will improve in the back half.

我們認為，後半段情況將會改善。

We do anticipate that Q2 was the trough.

我們確實預計第二季將是低谷。

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.

對於聯邦快遞貨運而言，從收入角度和國際角度來看，實際上我們認為下半年的總量將與上半年非常相似，但亞洲的貨運量實際上會略有下降。

So we're very pleased with December.

因此，我們對十二月感到非常滿意。

The execution is going to be great.

執行效果將會非常棒。

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.

捕獲將會非常精彩，但我們還沒有想到這是後半部分將有更多內容的預兆。

Ari Rosa, Citigroup.

花旗集團的阿里·羅莎 (Ari Rosa)。

Hey.

嘿。

Good afternoon.

午安.

Congratulations on the strategic move here.

恭喜您採取了這項策略舉措。

Raj, I'm just curious to hear you talk a little bit about how you see the separation playing out?

拉吉，我很好奇，想聽你談談你對這種分離的看法？

Just if you could talk about what are the things that need to be done to ensure a smooth transition.

您能否談談需要採取哪些措施來確保平穩過渡？

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.

另外，你們將兩家公司分開後，對客戶流失的風險有什麼看法？企業。

Thanks.

謝謝。

Yes.

是的。

Thank you, Ari.

謝謝你，阿里。

I think we are -- we decided to separate because of the potential to increase shareholder value for both FedEx and FedEx Freight.

我認為我們決定分開是因為有可能增加聯邦快遞和聯邦快遞貨運的股東價值。

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.

我們已經設立了分離管理辦公室，由克勞德拉斯 (Claude Russ) 擔任負責人，以確保我們從現在到第一天的順利進行。

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.

對於你提出的問題，正如 Brie 所說，我們已經任命了一位 LTO 銷售副總裁，我們將增加 300 名銷售人員，但明年，為了確保我們能夠更直接地處理這個問題你談到的。

We are also going to continue to improve our customer experience.

我們也將繼續改善我們的客戶體驗。

It's very important for you to note also that the FedEx Freight company benefits a lot from the association with FedEx.

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。

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.

並且，無論是商業關聯、營運關聯或其他技術關聯，我們都將在分離過程中做好相應安排。

So I think we'll be able to handle this transition quite well.

所以我認為我們能夠很好地處理這一轉變。

Jordan Alliger, Goldman Sachs.

高盛的喬丹·阿利格（Jordan Alliger）。

Yeah.

是的。

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.

我只是好奇您是否可以更詳細地介紹 Network 2.0 的推出以及接下來的規劃進度。

And given the experience with Canada or any other areas?

有沒有加拿大或其他地區的經驗？

What do you think has gone particularly well?

您認為哪些方面進展得特別順利？

And what has been the more challenging aspect of it all?

那麼這一切中更具挑戰性的是什麼呢？

Thank you.

謝謝。

Yes, thank you very much, Jordan.

是的，非常感謝，喬丹。

I think, yes, we may continue to make significant progress on network to.

我認為，是的，我們可能會繼續在網路方面取得重大進展。

We've taken a deliberate approach to roll out and prioritizing service policy.

我們採取了謹慎的方式來推出和優先考慮服務政策。

We have optimized 200 stations so far and including 130 in Canada.

到目前為止，我們已經優化了 200 個站點，其中包括加拿大的 130 個站點。

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.

我們將在 2025 年初完成加拿大其餘地區的整合，最後一個主要市場是蒙特利爾，這是我們每次加班推出新產品時都會做的一個事情，我們會吸取教訓，然後繼續應用到下一個一。

And that's working quite well.

而且效果非常好。

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.

在全面推出 2.0 版後，我們繼續看到 P&D 成本降低了 10%。因此，我們預計在 25 財年末將整合約 250 個站點。

So hopefully, that answers your question, Jordan.

所以希望這能回答你的問題，喬丹。

Daniel Imbro, Stephens Inc.

伊姆布羅（Daniel Imbro），Stephens Inc.

Hey.

嘿。

Good evening, everybody, and thanks for your questions.

大家晚上好，感謝你們的提問。

John, maybe one on capital allocation and the balance sheet.

約翰，也許有一個關於資本配置和資產負債表的。

So first, I guess, how do you envision maybe debt being divvied up?

那麼首先，我想問一下，您設想如何分配債務？

Or how should we think about target leverage for each business?

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?

然後，約翰，你一直努力降低兩家企業的資本密集度，我想你認為資本配置將如何改變？

Will this spin enable certain investments you previously weren't making?

這次旋轉是否會使您之前沒有進行的某些投資成為可能？

Or how did that change?

或者說它是如何改變的？

Sure.

當然。

Thanks, Daniel.

謝謝，丹尼爾。

Yes.

是的。

No, we're not anticipating any changes in capital allocation.

不，我們預期資本配置不會有任何變動。

We're continuing to be focused on optimizing our existing business, ensuring significant adjusted free cash flow is returned to stockholders.

我們將繼續專注於優化現有業務，確保向股東返還大量調整後的自由現金流。

That's going to be true both before and after the separation.

分開前和分離後都是如此。

We continue to have the programs in place.

我們將繼續實施這些計劃。

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.

我們在第二季已經完成了 10 億美元的股票回購，全年總計 20 億美元，剩餘 5 億美元將用於今年剩餘時間的回購。

So that's all going to remain in place.

所以這一切都將保持不變。

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.

現在，就分離後環境中的資本配置而言，這些都是我們將在未來幾個月內進行審查的內容，並期待向您通報進度。

Jason Seidl, TD Cowen.

傑森·塞德爾（Jason Seidl），TD Cowen。

Thank you, operator.

謝謝您，接線生。

Everyone, evening.

大家晚上好。

Thanks for taking my questions and congrats on the spin.

感謝您回答我的問題並祝賀您獲得成功。

It's always nice to see some value creation out there.

看到創造價值總是令人欣慰的。

I wanted to focus a little bit on the commercial agreements you spoke about.

我想稍微關註一下您談到的商業協議。

You mentioned the ones that were with peak help and drayage.

您提到了那些擁有高峰援助和短途運輸的。

How long are these agreements for?

這些協議的有效期限是多長？

And also, what about anything on the bundle side between the two companies?

另外，兩家公司之間的捆綁事宜又如何呢？

I'm assuming existing contracts that are offer be honored.

我假設現有的合約將會被履行。

And how should we look at the bundle going forward?

那我們該如何看待未來的捆綁政策呢？

I'm assuming they'll just go away.

我猜他們會走開。

That's a great question.

這是一個很好的問題。

So I think we just need to take a step back and just clarify what the customer base of FedEx Freight looks like today.

因此，我認為我們只需要退一步思考，明確聯邦快遞貨運的客戶群目前是什麼樣的。

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.

首先，很明顯，如果沒有將這三個網絡整合在一起、將聯邦快遞品牌放在上面，以及建立令人難以置信的關係的不可思議的戰略，聯邦快遞就不可能成為如今的巨頭。客戶建立了合作關係。

That is one of our commercial strength is deep solutioning and partnerships with our customer, and that has really created a lot of momentum.

我們的商業優勢之一是與客戶建立深度解決方案和合作夥伴關係，這確實創造了巨大的動力。

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.

話雖如此，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銷售的，但聯邦快遞貨運的大部分實際業務量今天都是根據獨立合約談判達成的。

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.

我想，大約四、五年前，我們確實做出了轉變，意識到當我們在分散的市場中競爭時，我們必須單獨協商貨運業務。

So those contracts will be honored.

因此這些合約將會得到履行。

As you know, the vast, vast majority of FedEx freight contracts are renegotiated every year.

眾所周知，絕大多數聯邦快遞貨運合約每年都會重新談判。

So of course, they will be honored as we go through this process.

因此，我們當然會在這個過程當中對他們表示尊敬。

And that's why we are very confident in the incremental focus dedicated sales team.

這就是我們對增量專注銷售團隊非常有信心的原因。

It's important to note, we have about 75 sales reps today that are dedicated to large accounts at freight.

值得注意的是，我們目前約有 75 位銷售代表專門負責貨運大客戶。

So this will be additive to them.

所以這對他們來說會是有益的。

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.

在我們進行這一過程的過程中，我們將研究小型客戶策略，我預計這將略有不同，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。

There is a common mess that FedEx Freight revenue is diluted because of that bundle, and that is not true.

人們普遍認為，聯邦快遞貨運收入因該捆綁業務而被稀釋，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.

實際上，賺取折扣計劃的工作方式是，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。

So there is some potential benefit from small customer improvement, too.

因此，小規模的客戶改進也能夠帶來一些潛在的利益。

But we're very comfortable in our commercial strategy, and we can execute it.

但我們對我們的商業策略非常滿意，而且我們可以執行它。

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.

我想從公司內部的角度補充一點，重要的是要認識到，透過以前的獨立營運公司，以及正如 Raj 在評論中提到的那樣，貨運業已從為 Euro Express 提供服務中受益。

So a lot of agreements already exist that will just be enhanced as we go forward with the separation.

因此，許多協議已經存在，隨著分離的推進，這些協議將得到加強。

So we're not going to have to reinvent the wheel on this.

因此我們不必再為此重新發明輪子。

Conor Cunningham, Melius Research.

康納·坎寧安（Conor Cunningham），Melius Research。

Hi, everyone.

大家好。

Thank you.

謝謝。

Maybe going back to the first question just on EPS, the change in the guidance.

也許回到第一個問題，僅關於每股收益，指導方針的變化。

So Freight was clearly pressured in the quarter.

因此，本季貨運量明顯面臨壓力。

Is the entirety of the change in the guidance associated with the freight business?

指導意見的全部變化是否與貨運業務有關？

It just seems like the underlying core trends in Express are actually improving.

看起來 Express 的底層核心趨勢實際上正在改善。

I don't know if you could just talk a little bit about the dynamic between the two businesses and the changes overall.

我不知道您是否可以稍微談談這兩家企業之間的動態以及整體變化。

Sure.

當然。

Thank you, Connor.

謝謝你，康納。

So Look, there's a number of considerations.

所以看，有很多考慮因素。

The pricing actions that we've implemented are supporting our FY25 earnings growth assumptions for sure.

我們實施的定價行動肯定支持了我們的 25 財年獲利成長假設。

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.

然而，正如 Raj 所說，由於需求環境主要受到美國工業經濟持續疲軟的影響，收入預期仍然受到限制。

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.

因此，儘管美國優質服務有一些 - 我們談論了一些高峰，但美國優質服務預計將在一段時間內保持低迷。

Thereby putting pressure on op income and margin.

從而對營業收入和利潤造成壓力。

We do expect continued growth from our deferred services, which are contributing, but with lower margin and lower flow-through to the bottom line.

我們確實預期我們的遞延服務將繼續成長，這些服務確實有所貢獻，但利潤率較低，且對底線的傳導較低。

So really, the top end of our range assumes a modest improvement in global industrial production and slight revenue slight growth in revenue.

因此實際上，我們預期的最高值是全球工業生產將略有改善，收入將略有增長。

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.

該範圍的低端假設收入同比略有下降，導致工業生產和定價逐步走軟，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.

因此我們將集中精力控制那些我們能夠控制的事情。

We remain confident and drive and those savings will continue to ramp incrementally during the second half.

我們仍然充滿信心並繼續努力，這些儲蓄將在下半年繼續逐步增加。

But those are some of the considerations that are going into our outlook.

但這些都是我們在展望未來時考慮的一些因素。

Yes.

是的。

And let me just add one other thing, Connor.

康納，讓我補充一點。

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.

我認為從整體層面來看，ISM 指數在過去 25 個月中一直呈下降趨勢，這令我感到非常驚訝。

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.

因此很難說什麼時候情況會好轉，事實上我們已經取得了成果，特別是在這樣的環境下，我認為這說明了我們能做什麼，也顯示了當市場轉變時會發生什麼。

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.

但我們假設下半年的工業生產和製造業將繼續與上半年的狀況相似。

And as was stated earlier, 60% of the revenue for the FCC coming from B2B, while 90% comes from LTL.

如同先前所提到的，FCC 60% 的收入來自 B2B，而 90% 的收入來自 LTL。

So hopefully, that will help you with the calculations.

希望這能對您的計算有所幫助。

Brian Ossenbeck, JPMorgan.

摩根大通的布萊恩‧奧森貝克。

Thanks for taking the question.

感謝您回答這個問題。

So Brie, I just wanted to come back to you on the general trends for price and competition.

所以布里，我只是想跟你討論一下價格和競爭的整體趨勢。

You mentioned it's still pretty competitive out there.

您剛才提到，那裡的競爭仍然相當激烈。

You don't see a trade down necessarily, but it does sound like the deferred side of the business is growing faster.

你不一定會看到交易的減少，但這聽起來像是業務的延期方面正在增長得更快。

So I just want to see if you can offer a little bit more comment.

所以我想看看您是否可以提供更多評論。

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?

聽起來需求附加費是固定的，但是您為幫助優化網絡和使收入管理朝著您希望的方向發展而採取的其他措施怎麼樣呢？

How are those sticking?

它們是怎樣黏住的？

And how would that progress from 2Q into the back half of the year?

從第二季到今年下半年將會如何發展？

Thanks.

謝謝。

Hi, Brian.

你好，布萊恩。

Great question.

好問題。

So the market certainly is competitive.

所以市場競爭一定是激烈的。

I do feel that it's rational.

我確實覺得這是合理的。

From a pricing strategy, as we think about the yields in the back half, they are going to remain pressured.

從定價策略來看，我們考慮下半年的收益率，它們仍將面臨壓力。

That is a function of two things: one, the economy; and two, to your point, there is a mix change.

這是由兩件事決定的：一是經濟；第二，正如您所說，存在混合變化。

I do want to emphasize that we do have some customers trading down.

我確實想強調的是，我們確實有一些客戶的消費水準下降。

We're also, as we go to acquire new volume and customers because all of our customers are simply trading less.

我們也不斷獲得新的交易量和客戶，因為我們所有客戶的交易量都在減少。

In a downturn, you need new customers to be able to add to the portfolio.

在經濟低迷時期，您需要新客戶來擴充您的投資組合。

And so there is growth in new customers in the deferred portfolio.

因此，延期投資組合中的新客戶數量有所增長。

From a pricing strategy perspective, I think the team, despite the economy is executing really well.

從定價策略的角度來看，我認為儘管經濟狀況不佳，但團隊的表現仍然非常好。

The pressure that we're seeing is on the base rate and then wait.

我們看到的壓力在於基準利率，然後等待。

We know every time we're in a downturn, ways are pressured really across all the portfolio, but especially in the freight.

我們知道，每次經濟低迷時，整個投資組合都會面臨壓力，尤其是貨運方面。

And so there's not a lot that the team can do from a weight perspective.

因此從重量角度來看，球隊能做的事情並不多。

What they can do is be really disciplined in getting the surcharge go through from a port perspective.

他們能做的就是從港口的角度嚴格遵守附加費的徵收規定。

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.

正如您所聽到的，我們不僅因收取附加費而受到大包裹捕獲的處罰，而且我們為獲得捕獲而投入的尺寸能力也在增加。

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.

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來說很重要。

The last 3% or 4% of their volume, they don't want to have to use a different provider.

對於最後 3% 或 4% 的業務量，他們不想使用其他供應商。

And so we're really being disciplined on getting those surcharges.

因此，我們在收取這些附加費方面確實非常嚴格。

They are contributing, but the base rate is really pressured because of the economy.

他們確實做出了貢獻，但是由於經濟原因，基準利率確實面臨壓力。

I hope that helps.

我希望這能有所幫助。

Brandon Oglenski, Barclays.

巴克萊銀行的布蘭登‧奧格倫斯基 (Brandon Oglenski)。

Hey.

嘿。

Good morning and congratulations on the spend.

早上好，恭喜您消費。

I know a lot of your shareholders will definitely be happy here, too.

我知道你們的許多股東一定也會很高興。

But I guess, Raj, can you expand on what you're doing differently under Drive.

但是我想，Raj，你能否詳細說明一下你在 Drive 下做了哪些不同的事情？

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.

你談到了它如何影響你今天的經營方式與昨天的經營方式，特別是在收入質量方面，我認為布里已經多次提到過這一點，甚至可能反思了失去你最大的客戶，但看起來你的利潤率確實已經上升。

So what else in the portfolio potentially can you change looking forward?

那麼，展望未來，您還可以對投資組合進行哪些潛在的改變？

Okay.

好的。

I'm trying to digest that question, Brandon.

我正在努力消化這個問題，布蘭登。

But let me just start with Drive firstly.

但我首先要從 Drive 開始。

I think drivers clearly evolved to be how we work in this company.

我認為驅動因素顯然已經演變為我們在這家公司的工作方式。

We have established an overarching market-leading approach to overall governance that leads to disciplined execution.

我們建立了一套整體市場領先的全面治理方法，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.

我們採用數據驅動的方法，決策非常嚴格且及時，最終帶來更好的執行效果。

So this is going to stand us in good stead as a foundation for FedEx to execute as we go forward.

因此，這將為我們今後的聯邦快遞行動奠定良好的基礎。

The second thing is we also adopted a data-first digital mindset, solving problems while creating differentiation in our service offerings.

第二件事是我們也採用了數據優先的數位思維，解決問題的同時在我們的服務中創造差異化。

The underlying technological innovation and transformation that we have created is quite profound.

我們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.

這就是—這兩件事推動著我們的執行。

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.

這也是為什麼，當我們改變願景，讓供應鏈更智能，造福所有人時，首先要讓我們自己的供應鏈更智能。已經採用的新技術。

So that's what drives all about.

這就是驅動一切的因素。

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.

當我們展望下一步時，無論是實施網路 2.0，還是改進和擴展三色旗，還是擴大我們的業務並擴大我們在歐洲的表現，所有這些都將透過驅動力來引導，這就是我們執行的信心。

I hope that answers your question that you asked.

我希望這能回答你所提出的問題。

Bruce Chan, Stifel.

布魯斯陳（Bruce Chan），Stifel。

Hey.

嘿。

Good evening, everyone.

大家晚上好。

And I echo the sentiments on the spin, great to see.

我同意關於旋轉的觀點，很高興看到。

Maybe somewhat of a brief follow-up here to Brian's question.

也許這裡是對 Brian 的問題的一個簡短的跟進。

There's been some suggestion of a USPS privatization.

有跡象表明，美國郵政服務 (USPS) 將進行私有化。

Maybe we can get your thoughts on what that would mean for the competitive environment.

也許我們可以聽聽你對這對競爭環境意味著什麼的看法。

Is that new bona fide competitor?

那是新的真正的競爭對手嗎？

Or is that maybe introducing a more material profit mandate and thus making the postal service more rational.

或者也許引入更實質的利潤要求，使郵政服務更加合理。

So any thoughts and color there would be great.

因此，任何想法和色彩都是很棒的。

Well, it is very early for us to comment on something like that.

嗯，我們現在對這樣的事情發表評論還為時過早。

We will keep that -- we are monitoring the developments there very closely, obviously.

我們會保持這種狀態——顯然，我們正在密切關注那裡的事態發展。

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.

但我認為這裡需要說明的原則之一是，對於我們的產業而言，重要的是包裹遞送業務不由美國納稅人補貼。

I think that's a very important consideration set.

我認為這是一個非常重要的考慮因素。

And hopefully, that will be what will get adopted here.

希望這能夠被這裡採納。

Jon Chappell, Evercore ISI.

喬恩‧查佩爾 (Jon Chappell)，Evercore ISI。

Thank you.

謝謝。

Good afternoon.

午安.

Brie, I was hoping to ask about tariffs.

布里，我想問的是關稅問題。

It's a narrative that seems to be dominating some of the sentiment around the group right now.

這種說法似乎目前主導著該群體的部分情緒。

You're at a much different cost structure than you were in the first Trump administration.

現在的成本結構與川普第一屆政府時期相比有很大不同。

So just as it relates to tariffs have you heard from your customers about any pull forward?

那麼就關稅問題而言，您是否聽到客戶關於提前加徵關稅的消息？

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?

其次，如果需求激增，而這種激增可能更像是短期的而不是長期的轉變，那麼您將如何管理您的人脈？

Yes, it's a great question.

是的，這是一個很好的問題。

From a December perspective, there might be a little bit of a pull forward.

從 12 月的角度來看，可能會有一點提前。

As we talked about, we are seeing some movement both in the freight network and in the parcel network from the ports.

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。

So there might be a little bit.

所以可能會有一點。

It's hard to tell right now because we're in the middle of peak.

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.

其中有多少是庫存，有多少只是消費者需求。

So obviously, it will be much clearer in January.

因此顯然，一月份情況會更加明朗。

From a reaction perspective, I am really pleased with how quickly the airline team is able to respond right now.

從反應角度來看，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.

正如 Raj 所說，我們在 Drive 方面採取了不同的做法。

So as far as being able to adapt, I'm very confident as Raj has shared many times, we're everywhere.

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。

We have customer relationships everywhere.

我們在各地都有客戶關係。

So as customers prepare to pivot, we're there to pivot with them.

因此，當客戶準備轉型時，我們會與他們一起轉型。

So it's very hard at this point to predict what might happen under our future administration.

因此現在很難預測我們未來政府的政策下會發生什麼。

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.

喬恩，我只想說，你可以想像，我們每天都在對全球供應鏈進行全民公投。

And especially on the high value of the economy, and we see this information from the bottom up.

尤其是在經濟的高價值上，我們從下至上看到了這些資訊。

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.

事實上，我們已經建立了一個連接全球 99% GDP 的規模網絡，這是一個顯著的優勢，因為我們的產能轉移速度比製造業的轉移速度快得多。

And so it is -- we are very agile, much different than what we've been the case before.

事實確實如此——我們非常敏捷，與以前的情況大不相同。

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.

我想說的另一件事是，你可以想像，我們的價值主張的一部分就是端到端的交付。

International, that includes customs clearance.

國際，包括清關。

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.

因此，我們擁有數據、專業知識和見解，了解將包裹從一個國家運送到另一個國家需要什麼，以及其中涉及的所有商品。

So this becomes a competitive differentiation and advantage for us as we make our customer supply chain smarter.

因此，當我們使客戶供應鏈變得更加智慧時，這就成為我們的競爭差異和優勢。

Scott Group, Wolfe Research.

斯科特集團、沃爾夫研究公司。

Hey.

嘿。

Thanks.

謝謝。

Good afternoon.

午安.

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.

約翰，你曾多次說過，郵局的逆風比網路購物週的順風更大，但還有更多的可變因素。

And so maybe can you just clarify what your trying to communicate around Q3 expectations?

那麼，您能否澄清一下您想要傳達的有關第三季度的預期？

And then on the LTL spend, I just want to understand a couple of things.

然後關於 LTL 支出，我只想了解幾件事。

Why is it 18 months seems a little long.

為什麼 18 個月似乎有點長？

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?

然後，當我們進行計算時，有沒有辦法考慮一下，是否有大量的公司未分配成本（如果有的話）應該應用於 LTL？

Thank you.

謝謝。

So thanks, Scott.

所以謝謝你，斯科特。

So let me start with the 18 months.

那麼就讓我從 18 個月開始吧。

From a timing standpoint, the 18-months period for a transaction of this magnitude is really consistent with what is reasonable to expect.

從時間角度來看，如此規模的交易耗時 18 個月確實符合合理預期。

And we do look forward to keeping you posted on our timing and milestones along the way.

我們非常期待隨時向您通報我們進展的時間表和里程碑。

So we look forward to keeping you posted there.

因此，我們期待向您通報最新情況。

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.

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，我們將按計劃削減成本。

We talked about the flight hours taking out.

我們討論了飛行小時數的減少。

Roughly 60% of our US domestic daytime flight hours have been taken out, and that makes up about 24% of our total daytime hours.

我們的美國國內日間飛行時長約有 60% 被取消，這約占我們日間總飛行時長的 24%。

We're also going after all the other related costs.

我們也將追討所有其他相關費用。

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.

因此，正如我在發言中提到的那樣，第三季度將受到影響，因為郵政服務合約的影響將持續整整三個月，並且這種影響將在第四季度開始逐漸消退，我們將開始將其視為順風26 財年。

So that just gives you some background and perspective.

這只是為您提供一些背景和觀點。

We're pleased with the work that's been done.

我們對已完成的工作感到滿意。

There's more to be doing and taking that cost out.

還有很多事情要做，以消除這些成本。

So hopefully, that gave you some good color on the postal service.

希望這能讓您對郵政服務有一些了解。

Tom Wadewitz, UBS.

瑞銀的湯姆‧韋德維茲 (Tom Wadewitz)

Yes.

是的。

Good afternoon.

午安.

Thanks for getting me on for a question.

感謝您讓我回答問題。

I appreciate it.

我很感激。

Let's see.

讓我們來看看。

On the LTL, and thanks for all the detail on the spin, it's complex, but it's helpful to hear your thoughts.

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, would you anticipate that you get somewhat more volume-focused with LTL in the future?

Raj，您是否預計未來您會更加重視 LTL 的數量？

You talked about the 1,100 basis points of improvement in the margin over a period of time.

您談到了一段時間內利潤率提高了 1,100 個基點。

And I think that was driven by some of the change in focus on pricing and a lot of discipline.

我認為這是由於定價重點的轉變以及許多紀律的嚴格。

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?

我想知道，您是否預計僱用一批銷售人員專注於這些事情，您是否可能更加註重數量，並可能在未來更加激烈地競爭貨運？

Or is that the wrong way to look at it?

或者說這是錯誤的看法？

Thank you.

謝謝。

Tom, it's Brie.

湯姆，這是布里。

So I think, first, in the main, we're really pleased with the discipline that we've got across the team.

因此我認為，首先，總的來說，我們對整個團隊的紀律感到非常滿意。

From a revenue quality perspective, we've made great strides.

從收入品質的角度來看，我們已經取得了長足的進步。

As we look forward, we do see this as an opportunity to play offense.

展望未來，我們確實將此視為進攻的機會。

We are going to invest commercially in new salespeople.

我們將對新的銷售人員進行商業投資。

We know we've got an opportunity from a different industrial mix.

我們知道，不同的產業組合為我們帶來了機會。

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.

正如我之前提到的，從等待的角度來看，雖然由於宏觀原因，我們目前的基數權重有所下降，但從競爭的角度來看，我們認為有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.

我們知道聯邦快遞貨運網路目前的運行速度可達 100 到 105。

So we've got some opportunity to be a little bit more strategic also to look at the 3PL market.

因此，我們有機會以更具策略性的眼光來看待第三方物流市場。

So the answer is yes, we're going to play more offense and we think there's some great things to come.

所以答案是肯定的，我們將會更加積極地進攻，而且我們認為將會有一些偉大的事情發生。

David Vernon, Bernstein.

大衛‧佛農，伯恩斯坦。

Hey.

嘿。

Thanks for fitting me in here.

謝謝你讓我來這裡。

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.

那麼回到網路 2.0。拉吉，我認為你提到到 2025 財年末會有 225 個車站被合併或類似的情況。

Can you give us a sense for what percentage of volume you might have touched with the Network 2.0 integration to date?

您能否告訴我們，到目前為止，您可能透過 Network 2.0 整合接觸到了多少比例的資料？

And then as you think about the timing of when the more difficult to tackle major metros may start to be coming in play.

然後，您會想到更難應對的大都市何時會開始發揮作用。

Is this fiscal '26, fiscal '27 timeline?

這是 26 財年和 27 財年的時間表嗎？

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.

只是想更了解橡膠何時真正開始與道路接觸，也就是國內網路中心的核心運作的實體整合。

Thanks.

謝謝。

Yeah.

是的。

Thank you, David.

謝謝你，大衛。

The FY25 numbers, 250 stations integrated.

FY25 數字，整合 250 個站點。

I think the big lift is going to be in FY26.

我認為最大的提升將在 26 財年出現。

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.

因此，2026 財年和 2027 財年是兩個重要年份，但 2016 財年對我們的 Network 2.0 來說將是一個重大提升。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to Mr. Raj Subramaniam for any closing remarks.

我想將會議交還給拉吉·蘇布拉馬尼亞姆先生，請他作最後發言。

Please go ahead, sir.

先生，請繼續。

Thank you, operator.

謝謝您，接線生。

In closing, I'd like to thank our team members for delivering this outstanding peak season.

最後，我要感謝我們的團隊成員為我們提供了這個出色的旺季。

We have five more days to go, and I really look forward to a very strong finish.

我們還有五天的時間，我真的期待有一個圓滿的結局。

Let me wish all of you listening on this call a very happy holiday season.

我祝福收聽本次電話會議的各位節日快樂。

Thank you so much.

太感謝了。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。