聯邦快遞 (FDX) 2024 Q4 法說會逐字稿

Good day and welcome to the FedEx fiscal year 2024.

美好的一天，歡迎來到聯邦快遞 2024 財年。

For the fourth quarter earnings call, (Operator Instructions) Please note that this event is being recorded.

對於第四季度財報電話會議，（操作員說明）請注意，正在記錄此事件。

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

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 fourth quarter earnings conference call.

下午好，歡迎參加聯邦快遞公司第四季財報電話會議。

The fourth quarter earnings release and stat book are on our website at investors dot FedEx.com. This call and the accompanying slides are being streamed from our website where the replay and slides will be available for about one year during our Q&A session.

第四季度收益發布和統計數據可在我們的投資者網站 FedEx.com 上找到。這次電話會議和隨附的幻燈片正在我們的網站上進行直播，在我們的問答環節中，重播和幻燈片將提供大約一年的時間。

Callers will be limited to one question to allow us to accommodate all those who would like to participate.

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.

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。

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.

此類前瞻性陳述受到風險、不確定性和其他因素的影響，這些因素可能導致實際結果與此類前瞻性陳述明示或暗示的結果有重大差異。

For additional information on these factors, please refer to our press release 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 SEC 提交的文件。

Today's presentation also includes certain non-GAAP financial measures, please refer to the Investor Relations portion of our website at FedEx.com for a reconciliation of the non-GAAP financial measures discussed on this call to the most directly comparable GAAP measures.

今天的演示還包括某些非 GAAP 財務指標，請參閱 FedEx.com 網站的投資者關係部分，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 指標的調整。

Joining us on the call today are Raj Subramaniam, President and CEO; Brie Carere, Executive Vice President and Chief Customer Officer; and John Dietrich, Executive Vice President and CFO.

今天加入我們電話會議的是總裁兼執行長 Raj Subramaniam； Brie Carere，執行副總裁兼首席客戶長；執行副總裁兼財務長約翰‧迪特里希 (John Dietrich)。

Now I will turn the call over to Raj.

現在我將把電話轉給 Raj。

Thank you, Jenny.

謝謝你，珍妮。

Our fourth quarter performance marks strong end to a year of successful execution.

我們第四季度的業績標誌著一年的成功執行的有力結束。

We delivered year-over-year operating profit growth and margin expansion.

我們實現了同比營業利潤成長和利潤率擴張。

In every quarter of FY 24, we lowered our capital intensity, reaching our FY 25 target of less than 6.5% a year earlier, with lower CapEx and higher free cash flow, we returned nearly $4 billion to stockholders and we meaningfully improved our return on invested capital.

在24 財年的每個季度，我們都降低了資本密集度，達到了上年同期低於6.5% 的25 財年目標，憑藉較低的資本支出和較高的自由現金流，我們向股東返還了近40 億美元，並顯著提高了我們的回報率投入的資本。

The entire industry faced a challenging demand environment in FY 20 for our team focused on what we could control.

整個產業在 20 財年面臨著充滿挑戰的需求環境，因為我們的團隊專注於我們可以控制的事情。

And as a result, we delivered full year earnings towards the higher end of our original guidance range, up 19% year-over-year.

因此，我們的全年獲利達到了最初指導範圍的上限，年增 19%。

On an adjusted basis, we did this despite a decline in revenue compared to our initial growth expectation.

儘管收入比我們最初的成長預期有所下降，但在調整後的基礎上，我們還是做到了這一點。

We also advanced our network transformation continuing to rollout network 2.0 and finalizing the transition to one ForEx, which went into effect June the first.

我們也推進了網路轉型，繼續推出網路 2.0 並最終完成向 One ForEx 的過渡，該過渡於 6 月 1 日生效。

We did all of this while maintaining an intense dedication to serving our customers a relentless pursuit of innovation and an unwavering commitment to our people service profit culture.

我們在做到這一切的同時，始終致力於為客戶提供服務，不懈地追求創新，堅定不移地致力於我們的員工服務利潤文化。

Our transformation journey will continue in FY 25 as we build on the teams out spending progress.

我們的轉型之旅將在 25 財年繼續，因為我們將在團隊支出進展的基礎上繼續努力。

Now turning to the quarter in more detail at the enterprise level, revenue growth inflected positive this quarter as expected, while we saw modest yield improvement and signs of volume stabilization across segments.

現在從企業層面更詳細地討論本季度，本季度的營收成長正如預期的那樣出現積極變化，同時我們看到了收益率的小幅改善和各細分市場銷量穩定的跡象。

We have not yet seen a notable increase in demand, continued execution of drive alongside effective expense management enabled year-over-year improvements to adjusted operating income margins and earnings per share Let me pause here to acknowledge and provide context around the team's tremendous Q4 and full year results.

我們尚未看到需求顯著增加，持續執行驅動力以及有效的費用管理使調整後的營業利潤率和每股收益逐年改善。第四季的巨大業績的背景資訊。

Crown delivered its highest adjusted operating income in company history for both the fourth quarter and the full year and freight Q4 operating income increased despite significant demand weakness.

Crown 在第四季和全年均實現了公司歷史上最高的調整後營業收入，儘管需求顯著疲軟，但第四季貨運營運收入仍有所成長。

In fact, because of our strong quarter performance, Breht ended fiscal year 2024 with full year operating margin equal to last year's all-time high.

事實上，由於我們強勁的季度業績，Breht 在 2024 財年結束時的全年營業利潤率等於去年的歷史最高水準。

Adjusting adjusted Express operating margin increased sequentially in the quarter but declined year-over-year.

調整後的快遞營運利潤率在本季環比成長，但年減。

As expected, we continued to take actions to unlock the full profit opportunities that exist in this business drive continues to change the way we work and benefits.

正如預期的那樣，我們繼續採取行動，釋放這項業務驅動力中存在的全部利潤機會，繼續改變我們的工作方式和福祉。

We've achieved our targets $1.8 billion in structural costs out in FY 24 with approximately $500 million from network and international, 550 million from G&A and 750 million from surface network in our air network structural network transformation and reduced flight hours drove the Q4 savings.

我們在24 財年實現了結構性成本18 億美元的目標，其中約5 億美元來自網絡和國際，5.5 億美元來自G&A，7.5 億來自地面網絡，在我們的航空網絡結構網絡轉型中，飛行時間的減少推動了第四季的節省。

Within G&A.

在一般及行政費用內。

We realize procurement savings by centralizing third party transportation, sorting equipment and outside service contracts.

我們透過集中第三方運輸、分類設備和外部服務合約來實現採購節省。

Our surface network continued to maximize the use of rail.

我們的地面網絡繼續最大限度地利用鐵路。

As part of that effort, freight now handles nearly 90% of the drayage volume, up from about 25% just one year ago.

作為這項努力的一部分，貨運現在處理了近 90% 的短駁運輸量，而一年前這一比例約為 25%。

Looking ahead, we are firmly on track to achieve our target of 4 billion of savings in FY 25 compare to the FY 23 baseline.

展望未來，我們堅定地有望實現 25 財年比 23 財年基準節省 40 億美元的目標。

Let me spend a moment on Europe, where we are executing on the 600 million RFY. 25 drive savings target we have shared previously.

讓我花一點時間談談歐洲，我們正在那裡執行 6 億 RFY。我們之前分享過 25 個驅動器節省目標。

I would like to thank Tal Redington for her more than 27 years of service and product.

我要感謝塔爾雷丁頓 (Tal Redington) 超過 27 年的服務和產品。

Most recently as our Europe regional presidents couple of weeks ago and announced our impending retirements, we wish her all the very best Walter owns what was an exceptionally seasoned and experienced executive.

最近，幾週前，作為我們的歐洲區域總裁並宣布我們即將退休，我們祝她一切順利，沃爾特擁有一位經驗豐富、經驗豐富的高管。

We'll become our Europe regional presidents on July first.

我們將於 7 月 1 日就任歐洲區域總裁。

Water has been leading our Europe drive domain since its 2022 inception.

自 2022 年成立以來，水一直引領我們的歐洲驅動領域。

I'm confident that under Walter's leadership team will continue to advance drive initiatives to support improved performance.

我相信，在沃爾特的領導下，團隊將繼續推動推動計劃，以支持績效的提升。

John Bray, other fixed products executives and I were in Europe visiting the team and just last week, our team members there are working with rigor to execute on our efficiency plans.

約翰·布雷 (John Bray)、其他固定產品高管和我在歐洲拜訪了該團隊，就在上週，我們的團隊成員正在嚴格執行我們的效率計劃。

Neuro performance improved on a year-over-year basis.

神經性能逐年改善。

The fourth quarter route optimization improved thought processes and productivity gains led our Europe drive domain savings.

第四季路線優化改善了思維流程並提高了生產力，導致我們的歐洲驅動域節省。

The actions are already underway for FY 25.

25 財年的行動已經開始。

I left the continent and encouraged by our progress and with even more conviction in the opportunity it on June one, we reached an important milestone in our transformation, what we call One FedEx.

當我離開非洲大陸時，我們的進步讓我深受鼓舞，對機會更加堅信。

This is the consolidation of FedEx Express, FedEx Ground and FedEx Services into Federal Express operations.

此次合併將聯邦快遞、聯邦快遞陸運和聯邦快遞服務納入聯邦快遞業務。

There are many benefits.

有很多好處。

This foundational step improves efficiency and reduces costs, allows our teams to move with speed and makes it easier for our team members to manage their products sorry, in Q4, we also continued to rollout network 2.0, including the launch in Canada, our largest market yet in the first half of FY 25, we will complete that Canada transition and optimized dozens of additional locations in the U.S., we expect to significantly pick up the pace into FY 20.

這個基礎步驟提高了效率並降低了成本，使我們的團隊能夠快速行動，並使我們的團隊成員更容易管理他們的產品抱歉，在第四季度，我們還繼續推出網絡2.0，包括在我們最大的市場加拿大的推出然而，在 25 財年上半年，我們將完成加拿大的轉型並優化美國的數十個其他地點，我們預計到 20 財年將大幅加快步伐。

Importantly, even as we streamline our structure.

重要的是，即使我們精簡了我們的結構。

We are maintaining our strong service levels, and we continue to offer the widest portfolio of services with the most compelling value proposition for our customers.

我們將保持強大的服務水平，並繼續為客戶提供最廣泛的服務組合和最具吸引力的價值主張。

Our integrated portfolio offering is a long-term driver of sustained profit improvement and a key enabler of our Tricolor network design.

我們的綜合產品組合是持續利潤改善的長期驅動力，也是我們 Tricolor 網路設計的關鍵推動因素。

We also continue to leverage data to create a more flexible, efficient and intelligent network in November of 2023, we began introducing a new tool to our contract service providers in the US.

我們也持續利用資料創建更靈活、更有效率和智慧的網絡，2023 年 11 月，我們開始向美國的合約服務供應商推出新工具。

That track and drive improvement across key operating metrics tied to demand safety, service and productivity to a common platform that we plan to scale globally, finding insights and enabling outcomes that are beneficial to Pfenex, our contracted service providers and our customers across the 65% of service providers are currently using the platform.

透過我們計劃在全球範圍內擴展的通用平台，追蹤並推動與需求安全、服務和生產力相關的關鍵營運指標的改進，找到對Pfenex、我們的簽約服務提供者和65% 地區客戶有利的見解並實現結果的服務提供者目前正在使用該平台。

It's already driving service and safety improvements, which are translating into cost savings.

它已經推動了服務和安全的改進，從而轉化為成本節約。

Real-time visibility tools like this are particularly important as we start to full packages across our network irrespective of some resolve.

當我們開始在網路上提供完整的套件時，無論某些解決方案如何，像這樣的即時可見性工具尤其重要。

Our FY 20 full results laid a strong foundation as we kick off the new fiscal year in fiscal 2025.

我們 20 財年的全面業績為我們在 2025 財年開啟新財年奠定了堅實的基礎。

We will continue to execute our transformation strategy and expect to deliver adjusted EPS growth of 12% to 24%.

我們將繼續執行轉型策略，預計調整後每股盈餘將成長 12% 至 24%。

John will provide more detail on our outlook and the underlying assumptions shortly with the recent completion of the FY 25 planning process, we have turned our focus to the next phase of our long-term stockholder value creation plan as a part of this work, a management team and the Board of Directors along with outside advisers are conducting an assessment of the role of ForEx rates in our portfolio structure and potential steps to further unlock sustainable shareholder value.

隨著最近完成的25 財年規劃流程，約翰將很快提供有關我們的前景和基本假設的更多詳細信息，作為這項工作的一部分，我們已將重點轉向長期股東價值創造計劃的下一階段，管理團隊和董事會以及外部顧問正在評估外匯匯率在我們的投資組合結構中的作用以及進一步釋放可持續股東價值的潛在步驟。

We're committed to completing this review.

我們致力於完成這次審查。

Our only and deliberately by the end of the calendar year will conduct this assessment while continuing to focus on customers, team members and the safety of our operations.

我們將在今年年底前唯一且有意地進行此項評估，同時繼續專注於客戶、團隊成員和我們營運的安全。

Before I close, I want to thank our FedEx team members for their continued commitment to our customers and their focused execution in FY 24.

在結束之前，我要感謝我們的 FedEx 團隊成員對客戶的持續承諾以及 24 財年的專注執行。

I'm truly excited by the value-creation opportunities in front of us as we continue to win profitable share, execute on our structural cost initiatives and leverage the insights on the vast amount of data we've compiled from moving more than $2 trillion worth of goods every single year.

我對我們面前的價值創造機會感到非常興奮，因為我們將繼續贏得盈利份額，執行我們的結構性成本計劃，並利用我們從價值超過 2 萬億美元的移動中收集的大量數據的見解每年的貨物。

We are firmly on track to achieve our CAD4 billion FY. 25 drive cost savings target compared to the FI. 23 baseline.

我們堅定地朝著實現 40 億加元的財政年度目標邁進。與 FI 相比，25 個驅動器成本節省目標。 23 基線。

We expect another 2 billion to follow from network to narrow our Tricolor strategy will improve the efficiency and asset utilization of the entire direct system.

我們預計另外 20 億人將透過網路縮小我們的 Tricolor 策略，從而提高整個直銷系統的效率和資產利用率。

We expect to continue lowering our capital intensity, improving ROIC, growing free cash flow and delivering significant returns to stockholders, we have a clear line of sight to achieving 10% adjusted operating margin on 100 billion of revenue.

我們預計將繼續降低資本密集度，提高投資資本回報率，增加自由現金流，並為股東帶來可觀的回報，我們有一個明確的目標，即在1000 億美元的收入中實現10% 的調整後營業利潤率。

I have never been more confident in our future as we create the world's most flexible, efficient and intelligent network.

當我們創造世界上最靈活、高效和智慧的網路時，我對我們的未來從未如此充滿信心。

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

接下來，讓我把電話轉給布里。

Thank you, Raj, and good afternoon, everyone.

謝謝拉傑，大家下午好。

I want to congratulate our team on our outstanding Q4 and full year performance.

我要祝賀我們的團隊第四季和全年的出色表現。

Our service and speed advantages continue to attract customers and high-value industries and segments.

我們的服務和速度優勢繼續吸引客戶和高價值產業和細分市場。

With this focus on profitable growth, we have continued to gain market share, both in the United States and around the world.

透過對獲利成長的關注，我們不斷獲得美國和世界各地的市場份額。

We are very pleased to see revenue growth turned positive in the fourth quarter with volume stabilization and modest yield improvement.

我們很高興看到第四季營收成長轉為正值，銷量穩定，產量略有提高。

Let's review fourth quarter top line performance by segment.

讓我們按部門回顧一下第四季的營收表現。

On a year-over-year basis, aesthetics ground revenue increased 2% on a 1% increase in yield and a 1% increase in volumes driven by ground commercial.

與去年同期相比，由於地面商業帶動的產量增長 1% 和銷量增長 1%，美容地面收入增長了 2%。

At direct freight revenue increased 2%, driven by higher yields.

在收益增加的推動下，直接貨運收入成長了 2%。

Average daily shipments increased slightly, but ex Express revenue in the fourth quarter was flat with packaged yield up 2%, while positive yield growth was pressured by a tapering of international export demand surcharges and an increasing mix of deferred services.

平均每日出貨量略有成長，但第四季的除快遞收入持平，包裝收益率上升 2%，而正收益率成長受到國際出口需求附加費逐漸減少和遞延服務組合增加的壓力。

International yields were also pressured by an increased capacity in the global air cargo market.

全球航空貨運市場運力增加也給國際收益率帶來壓力。

Turning now to monthly volume trends during the quarter, volumes continued to stabilize and US domestic package year-over-year volume declines continued to moderate international export package volume increased 8% in the quarter, driven by international economy, largely consistent with the monthly trends we saw last quarter.

現在轉向本季的月度貨運量趨勢，貨運量繼續穩定，美國國內包裹貨運量同比下降繼續放緩，在國際經濟的推動下，本季度國際出口包裹貨運量增長了 8%，與月度趨勢基本一致我們上個季度看到了。

Our continued focus on reliable service at Ground drove volume improvement in ground commercial and ex freight shipments inflected positive as the quarter progressed as we lapped last year's demand softness.

我們對地面可靠服務的持續關注推動了地面商業和出口貨運量的改善，隨著本季度的進展，我們克服了去年的需求疲軟，帶來了積極的影響。

As we previously announced, our contract with the United States Postal Service will expire on September 29th.

正如我們之前宣布的，我們與美國郵政服務的合約將於 9 月 29 日到期。

Until then, we will continue to meet our service commitments.

在此之前，我們將繼續履行我們的服務承諾。

We expect volumes to be near contract minimums, consistent with what we saw in the fourth quarter.

我們預計銷量將接近合約最低水平，與我們在第四季度看到的情況一致。

After the expiration of the contract, we will implement adjustments to our operations and network that will drive efficiencies and create more flexibility.

合約到期後，我們將對我們的營運和網路進行調整，以提高效率並創造更大的靈活性。

Similar to last quarter the pricing environment remains competitive but rational during the fourth quarter, we continue to grow yields as we focus on profitable growth and revenue.

與上季類似，第四季的定價環境仍然具有競爭力但理性，我們繼續提高收益率，因為我們專注於獲利成長和收入。

Quality and express package yield increased 2% driven by higher US domestic package yield, partially offset by international export yield pressure.

由於美國國內包裹收益率上升，品質和快遞包裹收益率增加了 2%，但部分被國際出口收益率壓力所抵消。

Aesthetics Ground yield increased 1%, driven by home delivery and ground commercial.

受送貨上門和地面商業的推動，地面產量增加了 1%。

Our value proposition is translating to increased ground commercial market share gains, which positively contributed to our yields.

我們的價值主張正在轉化為增加地面商業市場份額的收益，這對我們的收益做出了積極貢獻。

And at FedEx Freight, revenue per shipment was up 1%, driven by a continued focus on revenue quality as we grew share in the most attractive parts of the market.

在聯邦快遞貨運 (FedEx Freight)，隨著我們在最具吸引力的市場份額的不斷增長，我們持續關注收入質量，每批貨物的收入增長了 1%。

This was freight strongest yield performance since the third quarter of fiscal year 23.

這是自 23 財年第三季以來貨運業最強勁的殖利率表現。

In light of the overall pricing environment.

從整體定價環境來看。

I am very pleased to report that we had a very strong US domestic capture rate on the 5.9% GRI in January.

我很高興地報告，1 月我們在美國國內的 GRI 捕獲率為 5.9%，非常強勁。

We recently announced fuel surcharge table increases are across our services, which should also benefit yields in fiscal year 25.

我們最近宣布上調整個服務領域的燃油附加費表，也將有利於第 25 財年的收益。

We continue to enhance our portfolio and value proposition to drive profitable growth.

我們繼續增強我們的產品組合和價值主張，以推動獲利成長。

Our world-renowned brand the breadth of our networks and our strong reliability, along with our digital portfolio, our winning the hearts and minds of customers around the world.

我們的世界知名品牌、廣泛的網路、強大的可靠性以及我們的數位產品組合，贏得了世界各地客戶的青睞。

A few commercial highlights.

一些商業亮點。

I would like to share.

我想分享一下。

We are very proud of our health care portfolio last year as part of our commercial drive focus, we increased focus on this attractive segment and experienced great results.

我們對去年的醫療保健產品組合感到非常自豪，作為我們商業驅動重點的一部分，我們加大了對這個有吸引力的細分市場的關注，並取得了巨大的成果。

We have over 1 billion of healthcare related revenue that comes from customers who utilize that extra round FedEx Ground platform provides insights to help our customers monitor and solve their supply chain challenges surround gives customers real-time visibility into their shipments by by combining information about the package with external data such as weather, to predict delivery, timeliness and to mitigate the risk of disruption.

我們擁有超過10 億美元的醫療保健相關收入，這些收入來自使用額外的FedEx Ground 平台的客戶，該平台提供了見解，幫助我們的客戶監控和解決他們的供應鏈挑戰。即時了解其貨運情況。

Another critical element of our health care strategy is our ability to demonstrate our high reliability and our ability to meet customer quality agreements.

我們醫療保健策略的另一個關鍵要素是我們能夠證明我們的高可靠性和滿足客戶品質協議的能力。

Quality agreement is essentially a customized standard operating procedure for critical health care shipments.

品質協議本質上是針對關鍵醫療保健運輸的客製化標準作業程序。

In fiscal 24, we signed new quality agreements for customers tied to over $500 million in revenue as we expand our health care portfolio will continue to focus on high-value areas like clinical trials.

在第 24 財年，我們為客戶簽署了新的品質協議，收入超過 5 億美元，因為我們擴大了醫療保健產品組合，將繼續專注於臨床試驗等高價值領域。

Earlier this month, in the Netherlands, we opened our first European Life Sciences Center.

本月早些時候，我們在荷蘭開設了第一個歐洲生命科學中心。

This state of the art cooling facility is the six of its kind in our global network offering an end to end supply chain solution for temperature sensitive medical storage and transport.

這種最先進的冷卻設施是我們全球網路中的六座此類設施，為溫度敏感的醫療儲存和運輸提供端到端供應鏈解決方案。

In addition to the tremendous work with our health care customers.

除了與我們的醫療保健客戶的大量合作之外。

Our e-commerce portfolio is the most robust in the market.

我們的電子商務產品組合是市場上最強大的。

We have the best speed average and capabilities and your proof of delivery with a great new feature to improved customer confidence.

我們擁有最佳的平均速度和能力，以及您的交付證明，並具有出色的新功能，可以提高客戶的信心。

We recently launched our picture proof of delivery APIC.s API.s enable our customers to expose that your proof of delivery within their own branded notifications and website.

我們最近推出了圖片交貨證明 APIC.s API，使我們的客戶能夠在他們自己的品牌通知和網站中公開您的交貨證明。

This quarter, we signed several new pricing agreements with large retailers for our new at your proof of delivery API.

本季度，我們與大型零售商就我們新的交付證明 API 簽署了幾項新的定價協議。

This is a great differentiator and RevPOR represents what will be the first of many wins for our new FTX. platform.

這是一個巨大的差異化因素，RevPOR 代表我們新 FTX 的眾多勝利中的第一個。平台。

Looking ahead, in fiscal year 25, we expect the demand environment to moderately improve as we move through the year.

展望未來，在第 25 財年，我們預期需求環境將在這一年中適度改善。

Currently, we expect U.S. domestic parcel and LTL volumes to continue to improve with the year-over-year increase growing as the year progresses.

目前，我們預計美國國內包裹和零擔運輸量將繼續改善，同比增幅將隨著時間的推移而不斷增長。

International air cargo demand from Asia accelerated in early May and is stronger versus previous expectation.

5 月初，亞洲國際航空貨運需求加速成長，強於先前預期。

We expect year-over-year growth to be driven by e-commerce and low inventory levels.

我們預計同比成長將由電子商務和低庫存水準推動。

Shippers are facing tightened capacity, both in air and sea freight services spreads see disruption have further exacerbated shipping challenges from Asia to Europe.

托運人面臨運能收緊的局面，空運和海運服務價差都出現中斷，進一步加劇了從亞洲到歐洲的運輸挑戰。

These conditions should bring strength to the overall airfreight yields from Asia in closing I am very confident in our outstanding team, our strong value proposition and our new digital solutions.

這些條件應該會增強亞洲的整體空運收益。

These will continue to power our success as we build on our momentum in fiscal year 25.

當我們在第 25 財年繼續保持勢頭時，這些將繼續為我們的成功提供動力。

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

接下來，我會將其交給約翰，以便更詳細地討論財務狀況。

Thanks, Brie.

謝謝，布里。

For fiscal year 24, we delivered 6.2 billion of adjusted operating profit, which is nearly a $900 million or 16% year over year improvement.

在第 24 財年，我們實現了 62 億美元的調整後營業利潤，年增近 9 億美元，即 16%。

Adjusted operating margin expansion of 110 basis points and adjusted EPS up 19%.

調整後營業利益率擴大 110 個基點，調整後每股盈餘成長 19%。

This is a very strong result in a year where revenue was down 3% or nearly 2.5 billion.

在收入下降 3% 或近 25 億美元的一年中，這是一個非常強勁的業績。

We also reduced our capital intensity and achieved our CapEx to revenue target of 6.5% or less a year ahead of schedule.

我們也降低了資本密集度，提前一年實現了資本支出佔收入 6.5% 或更少的目標。

And with the continued strong cash flow and lower capital intensity, we returned nearly 4 billion to stockholders.

憑藉著持續強勁的現金流和較低的資本密集度，我們向股東返還了近40億美元。

These results reinforce that our transformation efforts are taking hold and demonstrate our commitment creating value for our shareholders.

這些結果強化了我們的轉型努力正在取得成效，並證明了我們為股東創造價值的承諾。

Taking a closer look at our Q4 consolidated performance on a year-over-year basis, adjusted operating income increased by over 100 million and adjusted operating margin expanded by 40 basis points at Ground.

仔細觀察我們第四季的綜合業績年比情況，Ground 的調整後營業收入增加了 1 億多美元，調整後營業利潤率擴大了 40 個基點。

The team delivered another strong quarter.

該團隊又交付了強勁的季度業績。

Adjusted operating income increased by 133 million and adjusted operating margin expanded by 130 basis points.

調整後營業收入增加 1.33 億美元，調整後營業利益率擴大 130 個基點。

This was driven by continued progress on drive increased yield, lower self-insurance costs and commercial volume growth at Freight, operating income increased by $58 million and operating margin improved by 220 basis points, driven by higher yields.

這是由於在提高收益率、降低自保成本和貨運業務量成長方面取得的持續進展所推動的，在收益率提高的推動下，營業收入增加了5,800 萬美元，營業利潤率提高了220 個基點。

Freight's continued focus on revenue, quality and cost management has enabled improved profitability despite the soft demand environment.

儘管需求環境疲軟，貨運公司仍持續專注於收入、品質和成本管理，從而提高了盈利能力。

As directionally expected, adjusted operating income at Express fell by 92 million in the quarter and adjusted operating margin was down 90 basis points.

如方向性預期，Express 本季調整後營業收入下降 9,200 萬美元，調整後營業利潤率下降 90 個基點。

Express results were pressured by lower international yield, higher purchased transportation costs due to the launch of our Tricolor initiative and a headwind from annual incentive compensation, drive cost reductions and higher US domestic package yield partially offset these pressures.

快遞業績受到以下因素的壓力：國際收益率下降、由於推出三色計劃而導致購買運輸成本上升以及年度激勵補償、驅動成本降低和美國國內包裹收益率上升帶來的不利因素部分抵消了這些壓力。

With respect to Europe, earlier this month, we announced a planned reduction in the size of our European non-operational staffing to further support Express profit improvement.

就歐洲而言，本月早些時候，我們宣布計劃削減歐洲非營運人員規模，以進一步支持快遞利潤的改善。

We expect 125 to 175 million in annualized benefits beginning in FY 27 with tailwinds starting later in FY 26.

我們預計從 27 財年開始，年化收益將達到 125 至 1.75 億美元，而順風車將在 26 財年晚些時候開始。

Decisions like these are never easy, but are a necessary step to improve profitability in the region.

諸如此類的決定絕非易事，但卻是提高該地區盈利能力的必要步驟。

In addition to our segment results.

除了我們的部門業績。

Our fourth quarter results include a noncash impairment charge of 157 million relating to our decision to permanently retire 22 Boeing seven five seven aircraft from our US domestic network, along with seven related engines.

我們第四季的業績包括 1.57 億美元的非現金減損費用，該費用與我們決定從美國國內網路中永久退役 22 架波音 757 飛機以及 7 台相關發動機有關。

These actions, coupled with the previously announced retirement of nine MD elevens in the quarter, resulted in the permanent removal of 31 jet aircraft from our fleet in FY 24.

這些行動，加上先前宣布的本季 9 架 MD 11 飛機退役，導致 24 財年從我們的機隊中永久移除了 31 架噴射機。

This reflects our strategy to continue to rightsize our air network capacity with demand and unlock additional operating efficiencies.

這反映了我們繼續根據需求調整航空網路運力並提高營運效率的策略。

Now turning to our outlook for fiscal year 25.

現在轉向我們對 25 財年的展望。

Our adjusted earnings outlook range for the year is $20 to $22 per share.

我們調整後的今年獲利前景範圍為每股 20 美元至 22 美元。

Let me talk through our key assumptions and variables starting with revenue, we expect low to mid single digit growth, driven by improving trends in US domestic parcel and international export demand.

讓我從收入開始談談我們的關鍵假設和變量，我們預計在美國國內包裹和國際出口需求趨勢改善的推動下，將出現低至中個位數的增長。

Primary factors that will ultimately determine our revenue growth are the rate of yield expansion, the pace of global industrial production and growth of domestic e-commerce.

最終決定我們收入成長的主要因素是產量擴張的速度、全球工業生產的節奏以及國內電子商務的成長。

We expect FY 25 yields to benefit from both improved base rates and increased fuel surcharges and consistent with what we have seen over the past year.

我們預計 25 財年的收益率將受益於基本利率的提高和燃油附加費的增加，並且與我們過去一年所看到的情況一致。

We're anticipating a pricing environment that is competitive but rational.

我們期待一個具有競爭力但合理的定價環境。

On the expense side, we remain committed to aggressively managing our cost structure, including the incremental $2.2 billion benefit tied to D.R. I'll walk you through the puts and takes in our FY 25 operating profit bridge in a moment at the business level, in fiscal year 25, we expect the newly combined Express ground and services segment now called Federal Express to be the larger driver of FY. 25 adjusted income and margin improvement.

在費用方面，我們仍然致力於積極管理我們的成本結構，包括與 D.R. 相關的 22 億美元增量收益。我將向您介紹我們25 財年營業利潤橋樑中的看跌期權和買入期權，在業務層面上，在第25 財年，我們預計新合併的快遞地面和服務部門（現在稱為聯邦快遞）將成為更大的推動力財年。 25 調整後的收入和利潤率有所改善。

And we expect FedEx Freight margins to be up modestly year over year.

我們預計聯邦快遞貨運利潤率將年比小幅上升。

We do both yield and volume growth.

我們同時進行產量和銷售量的成長。

I'd also like to provide some color on our quarterly cadence in light of the U.S. Postal Service contract expiration at the end of September, we anticipate headwinds from the expiration of that contract to begin in the second quarter starting in October, with this headwind lessening in the second half as we aggressively reduce our postal service related costs, including our US domestic air network.

鑑於美國郵政服務合約將於 9 月底到期，我還想對我們的季度節奏提供一些信息，我們預計該合約到期帶來的不利因素將從 10 月開始的第二季度開始，這種不利因素隨著我們積極降低郵政服務相關成本（包括美國國內航空網絡），下半年的成本減少。

Turning to other aspects of our outlook.

轉向我們前景的其他方面。

Our estimated effective tax rate for the full year is approximately 24.5% prior to mark-to-market retirement plan adjustments.

在退休計畫按市價調整之前，我們預計全年有效稅率約為 24.5%。

We're also forecasting 560 million of business optimization costs in FY 25 associated with our transformation.

我們也預測 25 財年與轉型相關的業務優化成本將達到 5.6 億美元。

Our operating income bridge shows the operating profit elements embedded in our full year outlook by way of illustration, we're using adjusted operating profit of 7.2 billion, equivalent to $21 of adjusted EPS.

我們的營業收入橋顯示了我們全年展望中嵌入的營業利潤要素，我們使用的調整後營業利潤為 72 億美元，相當於調整後每股收益 21 美元。

The midpoint of our outlook range to get to 7.2 billion of adjusted operating profit.

我們的展望範圍的中點為調整後營業利潤 72 億美元。

We're now assuming revenue net of variable costs and continued inflationary pressures is up 100 million U.S. Postal Service contract termination results in a $500 million headwind.

我們現在假設扣除可變成本和持續通膨壓力後的收入將增加 1 億美元，美國郵政服務合約終止將導致 5 億美元的不利影響。

International Export yield pressure of 400 million as demand surcharges diminish and mix continues shifting toward our deferred services and two fewer operating days in the year decreases profitability by 300 million.

由於需求附加費減少以及結構繼續轉向我們的延期服務，國際出口收益率壓力達到 4 億美元，並且年內營運天數減少 2 個，導致盈利能力下降 3 億美元。

And as a side note, we have not experienced this adverse calendar dynamics since fiscal year 21.

順便說一句，自 21 財年以來，我們還沒有經歷過這種不利的日曆動態。

And lastly, performance based variable compensation increases by 100 million drive, however, will more than offset these pressures, delivering an incremental 2.2 billion in structural cost savings as a result of all of these factors and at the midpoint, we would expect fiscal year 2025 adjusted operating income to increase by approximately 15% year over year.

最後，基於績效的可變薪酬增加 1 億驅動器，但將足以抵消這些壓力，由於所有這些因素，我們預計 2025 財年中可節省 22 億美元的結構性成本調整後營業收入同比增長約15%。

In FY 24, we remained focused on reducing our capital intensity, increasing ROIC and continuing to provide increased stockholder returns, all while maintaining a strong balance sheet.

24 財年，我們仍專注於降低資本密集度、提高投資資本回報率並繼續提供更高的股東回報，同時保持強勁的資產負債表。

Capital expenditures for the quarter were 1.2 billion, bringing year to date CapEx to 5.2 billion, which is a decline of nearly 1 billion compared to last year.

該季度的資本支出為 12 億美元，使年初至今的資本支出達到 52 億美元，比去年減少近 10 億美元。

We delivered ROIC of 9.9%, which is an increase of 120 basis points from last year's 8.7%.

我們的投資報酬率為 9.9%，比去年的 8.7% 成長了 120 個基點。

And we'll continue to focus on improving ROIC, and it is now a significant element of our long-term incentive program consistent with our goal of increasing stockholder returns.

我們將繼續專注於提高投資報酬率，它現在是我們長期激勵計畫的重要組成部分，與我們提高股東回報的目標一致。

We completed 500 million of accelerated share repurchases in the fourth quarter, bringing our total share repurchases for the fiscal year to 2.5 billion.

我們在第四季完成了 5 億股加速股票回購，使本財年的股票回購總額達到 25 億股。

This is 500 million above our plan that we came into the year where for the full year, we also generated 4.1 billion in adjusted free cash flow, which is up about 500 million year over year.

這比我們今年的計畫高出了 5 億美元，全年我們還產生了 41 億美元的調整後自由現金流，比去年同期增加了約 5 億美元。

Looking ahead to FY 25, we anticipate capital spend of 5.2 billion, which will again be down year over year as a percentage of revenue.

展望 25 財年，我們預期資本支出為 52 億美元，佔營收的百分比將再次較去年同期下降。

And we'll work by prioritizing our capital toward optimizing our network as part of network 2.0, further enhancing our fleet and automation to improve operating efficiency, and we remain committed to decreasing aircraft CapEx to approximately 1 billion in FY 26 due to improved earnings and CapEx discipline, we expect to further grow adjusted free cash flow.

作為網絡2.0 的一部分，我們將優先優化我們的網絡，進一步增強我們的機隊和自動化水平，以提高運營效率，並且由於盈利和盈利的改善，我們仍然致力於在26 財年將飛機資本支出減少至約10 億美元。

This will enable us to deploy 2.5 billion in stock repurchases in FY 25, including a planned 1 billion of repurchases in Q1.

這將使我們能夠在 25 財年部署 25 億美元的股票回購，其中包括計劃在第一季回購的 10 億美元。

As previously announced, we are also enhancing our stockholder returns by increasing our dividend by 10%, and this is on top of the 10% increase we implemented in FY 24.

正如先前宣布的，我們還透過將股息增加 10% 來提高股東回報，這是我們在 24 財年實施的 10% 股息成長之上的。

Lastly, we're planning for 800 million of voluntary pension contributions to our U.S. qualified plans.

最後，我們計劃為我們的美國合格計劃提供 8 億美元的自願退休金繳款。

And these plans continue to be well funded and we're at the 98.6% funding level at fiscal year end.

這些計劃的資金仍然充足，到財政年度結束時我們的資金到位率達到 98.6%。

Finally, a quick update on our segment reporting changes now that we have successfully completed the consolidation of Express ground and services into Federal Express Corporation I'm pleased to announce that our reportable segments in FY. 25 will be Federal Express and FedEx Freight with no changes to corporate and other FedEx Freight will include FedEx customer critical, which was previously included in FedEx Express.

最後，快速更新我們的分部報告變化，因為我們已經成功完成了快遞地面和服務併入聯邦快遞公司的工作，我很高興地宣布，我們在財年的可報告分部。 25 號將是聯邦快遞和聯邦快遞貨運，企業沒有變化，其他聯邦快遞貨運將包括聯邦快遞客戶關鍵（之前包含在聯邦快遞快遞中）。

We're making this change to freight due to the business synergies between customer critical and freight.

由於客戶關鍵和貨運之間的業務協同作用，我們對貨運進行了這項變更。

Our new segment structure reflects our commitment to operating a fully integrated air and ground express network.

我們新的部門結構體現了我們對營運完全一體化的空中和地面快遞網路的承諾。

And let me be clear, notwithstanding the consolidation of Express and Ground, optimizing our express services and associated costs, including the cost of our global air network remains critical to our profit and return objectives.

讓我明確一點，儘管快遞和地面合併，優化我們的快遞服務和相關成本，包括我們的全球航空網絡的成本仍然對我們的利潤和回報目標至關重要。

This consolidated structure will support one FedEx and network 2.0 objectives, and we'll provide a more flexible efficient and intelligent network as one.

這個整合的架構將支援 FedEx 和網路 2.0 的目標，我們將提供一個更靈活、更有效率和智慧的網路作為一個整體。

Fedex will continue to provide service level volume and yield detail, and we plan to share a revised statistical book in late August, which will include our recast results for FY 23 and FY 20.

聯邦快遞將繼續提供服務水準數量和產量詳細信息，我們計劃在 8 月下旬分享修訂後的統計手冊，其中將包括我們 23 財年和 20 財年的重新計算結果。

Sorry.

對不起。

Overall, I want to acknowledge and thank the entire team for their efforts in delivering these strong FY 24 results and improving profitability despite a very challenging demand environment.

總體而言，我要感謝整個團隊在需求環境極具挑戰性的情況下為實現 24 財年強勁業績並提高盈利能力所做的努力。

I'm also really inspired by their commitment to achieving even stronger results in FY 25 and beyond as we continue to deliver on the purple promise.

隨著我們繼續兌現紫色承諾，他們致力於在 25 財年及以後取得更強勁的業績，這也讓我深受鼓舞。

With that, let's open it up for questions

有了這個，讓我們打開問題

And we will now begin the question and answer session to ask a question.

現在我們將開始問答環節來提出問題。

You may press star, then one on your touchtone phone.

您可以按星號，然後按按鍵式電話上的一個。

If you're using a speakerphone, please pick up your handset before pressing the keys.

如果您使用免持電話，請在按鍵前拿起聽筒。

To withdraw your question, please press star then to please limit yourself to one question.

若要撤回您的問題，請按星號，然後將自己限制為一個問題。

And at this time, we'll pause momentarily to assemble our roster.

此時，我們將暫停一下以集合我們的名單。

And our first question today will come from Daniel Imbro with Stephens, Inc., please go ahead.

今天我們的第一個問題將來自 Stephens, Inc. 的 Daniel Imbro，請繼續。

Hey, good afternoon, everybody.

嘿，大家下午好。

Thanks for your question.

謝謝你的提問。

And maybe I will ask on the Express side.

也許我會在快遞方面詢問。

So margins obviously came in at two six for the year.

因此，今年的利潤率顯然為二六。

I think obviously it's been volatile, but with the cost progress in Europe, the USPS contract shift?

我認為顯然它一直在波動，但隨著歐洲成本的進步，美國郵政合約會發生變化嗎？

And then just other moving factors in the core business, can you talk about how you expect those margins to trend both in the near term.

然後是核心業務中的其他移動因素，您能否談談您預計這些利潤率在短期內的趨勢如何。

And then as we move through fiscal 25, Roger, give a little bit of color, I think on some of the USPS headwinds and timing.

然後，當我們進入第 25 財年時，羅傑，我想談談美國郵政局的一些不利因素和時機。

But any more detail there and quantifying that would be helpful.

但任何更多的細節和量化都會有所幫助。

Thanks.

謝謝。

Thank you, Daniel, for that question.

謝謝丹尼爾提出這個問題。

Let me start and then John can fill in on some of the details here to firstly, we are sequentially improving our performance in our express services.

讓我開始，然後約翰可以在這裡填寫一些細節，首先，我們正在逐步提高快遞服務的績效。

It remains a top priority for me and the entire team, and we are taking multiple actions here.

這仍然是我和整個團隊的首要任務，我們正在採取多項行動。

Firstly, we are aligning capacity with demand, as we already heard of a multimode 35, 31 aircraft, not just fleet in Q4, as I've mentioned to you in some detail last time, we spoke, I talked to you about Tricolor, and that's a fundamental restructuring of our network.

首先，我們正在根據需求調整運力，因為我們已經聽說了多模式35、31 架飛機，而不僅僅是第四季度的機隊，正如我上次向您詳細提到的那樣，我們交談過，我與您談論了Tricolor，這是我們網路的根本重組。

It does two things.

它有兩件事。

One, it improves or density improves asset utilization and expense margins.

第一，它提高或密度提高了資產利用率和費用利潤。

And secondly, because of risk reduction of cost to serve, it puts us in a position to profitably take share in the premium freight segment.

其次，由於服務成本風險降低，這使我們能夠在優質貨運領域獲得有利可圖的份額。

Next, as I mentioned in my remarks, we will improve our European performance we have in our drive commitment is to improve $600 million or FY. 23 baseline, and that's a critical part of our extra services get better in FY 25.

接下來，正如我在演講中提到的，我們將改善我們在歐洲的業績，我們的承諾是在財政年度提高 6 億美元。 23 基線，這是我們額外服務在 25 財年變得更好的關鍵部分。

And finally, now we are taking active efforts to make sure that our global SG&A is streamlined.

最後，我們現在正在積極努力，確保我們的全球銷售、管理和行政費用得到簡化。

We are extremely confident that we can continue to unlock significant value in our expert services business.

我們非常有信心能夠繼續釋放我們的專家服務業務的巨大價值。

Now let me turn it over to John to add more detail.

現在讓我把它交給約翰來添加更多細節。

Yes, no, thanks, Raj.

是的，不，謝謝，拉傑。

And I think you covered it very well.

我認為你講得很好。

We are pleased to see the sequential improvement in our margins, but recognize we have more to go.

我們很高興看到利潤率連續改善，但也意識到我們還有更多工作要做。

I will also add there is a significant sense of urgency as well drive is heavily focused on the Express business.

我還要補充一點，我們有一種明顯的緊迫感，並且驅動力主要集中在快遞業務上。

And as Raj mentioned, this is going to be a key part of our margin expansion as we go forward here and we'll look forward to updating you along the way.

正如 Raj 所提到的，這將是我們前進過程中利潤擴張的關鍵部分，我們將期待一路向您通報最新情況。

Scott Group, Wolfe Research.

斯科特集團，沃爾夫研究。

Hey, thanks, afternoon.

嘿，謝謝，下午。

So on in the bridge, the $500 million postal headwind for the year.

就這樣，今年郵政業面臨 5 億美元的逆風。

How much of that is in Q2?

第二季有多少？

And what do you think that should mean for sort of like the quarterly earnings cadence?

您認為這對季度收益節奏意味著什麼？

And I guess ultimately, how much of the revenue decline with the Post Office do you think you can fully offset over the next few quarters?

我想最終，您認為未來幾季可以完全抵銷郵局收入下降的多少？

And then if I if I may just a separate topic, Raj, just can you just talk about like the puts and takes of why you would or wouldn't go ahead with that yet with an LTL spin?

然後，如果我可以只是一個單獨的話題，Raj，你能談談為什麼你會或不會繼續進行 LTL 旋轉嗎？

Thank you.

謝謝。

So So thanks, Scott.

所以謝謝，斯科特。

And I'll start with regard to the 500 million.

我將從 5 億開始。

We haven't laid out the spread of where it's going to impact us the most what we what we can say is we've got a pretty good hold on what those costs are.

我們還沒有列出對我們影響最大的範圍，我們可以說的是，我們已經很好地控制了這些成本。

We're going to be aggressively going after them beginning in Q2, and it's going to flow into Q three.

我們將從第二季開始積極追擊他們，並將進入第三季。

And those aggressive mitigation efforts should start to really take hold in Q2 three and beyond and look forward to keeping you posted on that.

這些積極的緩解措施應該會在第二季及之後的第三季開始真正發揮作用，並期待您隨時了解這一情況。

And Roger, I'll turn it over to you on the other question.

羅傑，我將把另一個問題交給你。

Yes, Scott, at this point, all I'm going to say is that the assessment of FedEx Freight in the company's portfolio structure is well underway.

是的，斯科特，在這一點上，我要說的是，對公司投資組合結構中聯邦快遞貨運的評估正在順利進行。

We'll do this analysis thoroughly deliberately and when we have something to communicate on this will, of course, do so.

我們會認真地進行徹底的分析，當我們有什麼要溝通的時候，當然會這樣做。

Thank you, Scott.

謝謝你，斯科特。

I'm sorry.

對不起。

I guess I didn't touch your revenue question on that part.

我想我沒有觸及你那部分的收入問題。

And as you can see from our outlook, we are looking to to year over year improve our revenue.

正如您從我們的前景中看到的那樣，我們希望逐年提高我們的收入。

So that's part of our plan as well as we go forward.

所以這是我們計劃的一部分，也是我們前進的一部分。

Chris Wetherbee, Wells Fargo.

克里斯‧韋瑟比，富國銀行。

Hey, thanks.

嘿，謝謝。

On maybe Kevin, just to follow up again on the LTL piece Raj, just wanted to get a sense, does this include a spin or sale of the assets?

也許凱文只是為了再次跟進 LTL 作品拉吉，只是想了解一下，這是否包括資產的剝離或出售？

I want to make sure we understand all opportunities are public potential is on the table.

我想確保我們了解所有機會都是公共潛力的。

And then I guess, John, maybe you are thinking about that kind of revenue cadence.

然後我想，約翰，也許你正在考慮這種收入節奏。

I guess, how do you how do you think that sort of plays?

我想，你覺得這樣的玩法怎麼樣？

I guess that's the piece I'm looking at as the first step in the bridge on the revenue side, how that sort of plays out.

我想這就是我所關注的收入方面橋樑的第一步，以及這種情況如何發揮作用。

Obviously, you have the big dip in revenue relative to USTS. starting in 2Q.

顯然，相對於 USTS，您的收入大幅下降。從第二季開始。

Just wanted to get a sense of kind of how to think about that over the course of the year.

只是想了解一下在這一年中如何思考這個問題。

Okay.

好的。

Let me start and we and then give it to John and say at this point, I'm not going to say much more on this topic than what I've already said.

讓我開始，然後將其交給約翰並說，在這一點上，我不會在這個話題上說比我已經說過的更多的內容。

As I said, we are looking at the ForEx played in the company's portfolio structure, and we'll do the analysis and the we'll come back to you when we have something to say.

正如我所說，我們正在研究公司投資組合結構中的外匯，我們將進行分析，當我們有話要說時，我們會回覆您。

And so I'll touch on the cadence, we're not going to give quarterly guidance by segment.

因此，我將談談節奏，我們不會按細分市場提供季度指導。

But for your modeling purposes, we're anticipating normal seasonal trends to hold steady in FY.

但出於建模目的，我們預計正常的季節性趨勢在財年保持穩定。

25 Q1 I will note that Q2 will be impacted by a couple of events, including the impact of the U.S. Postal Service contract termination as well as Cyber Monday moves from Q3 of last year to Q2 of this year, and we'll look forward to keeping you.

25 第一季 我要指出的是，第二季度將受到一些事件的影響，包括美國郵政服務合約終止的影響以及網路星期一從去年第三季度移至今年第二季度，我們期待留著你。

I'm sorry, the other way around from Q3 to Q2, Q2 to Q3?

抱歉，反過來從Q3到Q2，從Q2到Q3？

I'm sorry.

對不起。

Conor Cunningham, Melius Research.

康納·坎寧安，Melius 研究中心。

Thank you.

謝謝。

Just in the context of your revenue assumptions, just curious if you could frame up some of the moving parts, just maybe on when you expect volumes to inflect positive.

就您的收入假設而言，只是好奇您是否可以製定一些移動部分，也許只是您預計銷售何時會出現積極變化。

And then just any of it just doesn't seem like a macro-driven plan, but just any of your assumptions around the macro environment, what you need to see there to kind of see volumes.

然後，其中任何一個看起來都不像宏觀驅動的計劃，而只是你對宏觀環境的任何假設，你需要在那裡看到什麼才能看到數量。

Okay.

好的。

Thank you.

謝謝。

Sure.

當然。

Thanks, Conor.

謝謝，康納。

And three, from a macro perspective, we are expecting sort of moderate improvement as we work our way through this fiscal year.

第三，從宏觀角度來看，我們預期本財年會出現適度改善。

As we look at kind of the subsegments of our business from a B2B perspective, we are forecasting the overall B2B market to be around 2% growth.

當我們從 B2B 角度審視我們業務的各個細分市場時，我們預測整體 B2B 市場將成長 2% 左右。

E-commerce will be ahead of that.

電子商務將走在前面。

As we've just seen, e-commerce reset is somewhat done when we adjust for that e-commerce as a percentage of retail in calendar year Q1, we actually were up 1% year over year.

正如我們剛剛看到的，當我們對日曆年第一季電子商務佔零售業的百分比進行調整時，電子商務的重置在某種程度上已經完成，實際上我們同比增長了 1%。

So we do like the fundamentals from an e-commerce perspective that will help us here in the United States and around the world.

因此，我們確實喜歡從電子商務角度來看的基本原理，這將有助於我們在美國和世界各地。

And then from an air cargo perspective, we are looking at the growth in the market around 4%.

然後從航空貨運的角度來看，我們預計市場成長率約為 4%。

So as we work through the year, we do expect there to be modest improvement.

因此，在我們這一年的工作中，我們確實預期會有適度的改善。

We are forecasting that we will have to take some small market share in our profitable target segments, and we feel really good about the plan as we move forward through the year.

我們預測，我們將不得不在盈利的目標細分市場中佔據一些小市場份額，隨著我們今年的前進，我們對該計劃感到非常滿意。

But I'll just add one more point here, just to make sure we will obviously monitor this demand very, very carefully, and we'll make adjustments as needed.

但我在這裡還要補充一點，只是為了確保我們會非常非常仔細地監控這一需求，並且我們會根據需要進行調整。

I would just point out on our tremendous execution in fiscal year 24, where we drove significant bottom line growth despite the lack of a lack of any revenue growth.

我只想指出我們在第 24 財年的出色執行力，儘管收入沒有成長，但我們還是實現了顯著的利潤成長。

Ken Hoexter, Bank of America.

肯‧霍克斯特，美國銀行。

Great.

偉大的。

Thank you.

謝謝。

Good afternoon.

午安.

So, Rod, a lot to digest here and thanks for all the detail.

所以，羅德，這裡有很多東西要消化，感謝所有細節。

Maybe just thoughts on the integration of the networks.

也許只是對網路整合的思考。

Are your early take on how that's proceeding?

您對事情的進展有何初步看法？

And I don't know if it's for you or John or Brie, but your 20 $22 range, maybe thoughts on what's the upside downside within that range from the midpoint?

我不知道這是否適合你、約翰或布里，但你的 20 美元 22 美元範圍，也許你想一下，從中點開始，這個範圍內的上下行空間是什麼？

Thanks.

謝謝。

Thank you, Lynn.

謝謝你，林恩。

Let me start and then John can weigh in on this again, I appreciate the question.

讓我開始，然後約翰可以再次對此發表意見，我很欣賞這個問題。

We are very pleased personally with the execution and transition to one FedEx, which delivers multiple benefits.

我們個人對向單一聯邦快遞的執行和過渡感到非常滿意，它帶來了多種好處。

Firstly, it's more efficient, though in reducing overlapping costs, but more importantly is much more effective.

首先，它更有效率，雖然減少了重疊成本，但更重要的是更有效。

And you know, we are as an organization and makes it also easier for our team members to manage their account careers much better on the network 2.0. We continue to make significant progress in this regard in the US in one of the biggest markets, obviously, the one is Canada and in first half of fiscal year 25, we'll complete the Canada transition and then we expect to significantly pick up the pace into FY.

您知道，我們作為一個組織，也使我們的團隊成員能夠更輕鬆地在網路 2.0 上更好地管理他們的客戶職業生涯。我們在美國最大的市場之一（顯然是加拿大）繼續在這方面取得重大進展，在第 25 財年上半年，我們將完成加拿大的過渡，然後我們預計將顯著提高進入財年。

26.

26.

John?

約翰？

Yes.

是的。

Thanks, Raj and he can book and on the guidance as always, we continue to take a very thoughtful and methodical approach on and there are a number of factors we've taken to into account.

謝謝，拉吉和他可以一如既往地預訂和指導，我們繼續採取非常周到和有條理的方法，並且我們考慮了許多因素。

And as Barry mentioned, we expect a modest improvement in the demand environment in FY 25 and supporting our revenue outlook of a low to mid single digit percentage increase, as we noted, and that will be driven by improving trends in US domestic parcel and international export.

正如巴里所提到的，我們預計25 財年的需求環境將出現適度改善，並支持我們的收入前景實現低至中個位數百分比增長，正如我們所指出的，這將受到美國國內包裹和國際包裹趨勢改善的推動出口。

And while headwinds remain and we lined those out in our in our bridge.

儘管逆風依然存在，但我們還是將這些逆風排在了我們的艦橋上。

We continue to focus on aligning our costs across the enterprise with expected volume and our focus on executing on revenue quality strategy.

我們繼續專注於使整個企業的成本與預期數量保持一致，並專注於執行收入品質策略。

We're going to be focused on drive I would direct your attention to the right side of that slide, the $2.2 billion I'm focused on drive and controlling those things within our control, and that's going to be critical for us deliver on this guidance.

我們將專注於驅動力，我會將您的注意力引向幻燈片的右側，即我專注於驅動力和控制我們控制範圍內的那些事物的22 億美元，這對於我們實現這一目標至關重要指導。

Brandon Oglenski, Barclays.

布蘭登·奧格倫斯基，巴克萊銀行。

Hi, good afternoon.

嗨，下午好。

And maybe if I can just follow-up from Ken's question there, Raj, on network 2.0 and the integration, I think investors are pretty excited about this, but also concerns.

也許如果我能跟進 Ken 的問題，Raj，關於網絡 2.0 和整合的問題，我認為投資者對此非常興奮，但也感到擔憂。

But there could be network disruption.

但可能會出現網路中斷。

I mean, if we've just looked across 20 or 30 years of transportation network integration, that always hasn't gone all that well, we can look no further than TI and TI.

我的意思是，如果我們回顧了 20 或 30 年的交通網絡整合，我們會發現進展並不順利，TI 和 TI 就是我們的最佳選擇。

So what are you guys doing from a systems perspective and maybe like a physical network and facility pickup and delivery line haul perspective that mitigates some of those risks?

那麼，從系統的角度來看，你們正在做什麼，也許從實體網路和設施取貨和送貨線路的角度來看，可以減輕其中一些風險？

And what are the lessons learned thus far?

到目前為止，我們吸取了哪些教訓？

Well, I'll start first and then maybe Brad can comment on it know, absolutely.

好吧，我先開始，然後布拉德也許可以對此發表評論，絕對知道。

We are making sure that our customer experience actually gets better and we now have a very rigorous process through DRIVE rigor and discipline that we have established on multiple projects that like that associated with this is very critical.

我們正在確保我們的客戶體驗真正變得更好，我們現在透過DRIVE 嚴格性和紀律制定了非常嚴格的流程，我們在多個專案上建立了這種嚴格性和紀律，與此相關的專案非常關鍵。

So we will we will follow this very carefully and rigorously and make sure that our customer experience get it gets better as we go through this process.

因此，我們將非常仔細、嚴格地遵循這一點，並確保我們的客戶體驗在我們經歷這個過程時變得更好。

The only thing that I would add, Brandon, is when we looked at network two data, though, is we've given ourselves time and from a pace perspective, we have built in the right cadence so that if we do need to pause, we can we haven't needed to.

布蘭登，我唯一要補充的是，當我們查看網絡兩個數據時，我們已經給了自己時間，從節奏的角度來看，我們已經建立了正確的節奏，這樣如果我們確實需要暫停，我們可以，但我們不需要。

I think that's really important.

我認為這非常重要。

The rigor and the planning and the technology and the tools that Scott Ray and John have have worked services.

史考特雷和約翰所使用的嚴謹性、規劃、技術和工具為我們提供了服務。

Good and in fact, as I've mentioned previously, this also solves our single pickup feature of service, which has been just a huge opportunity for us as we move forward from small business acquisitions so I feel really good and services the strongest in the market aesthetics.

很好，事實上，正如我之前提到的，這也解決了我們的單次提貨服務功能，這對我們來說是一個巨大的機會，因為我們從小型企業收購中前進，所以我感覺非常好，服務是業界最強的。

And as you see, I guess I have to say moving forward, and I feel really good about the domestic network right now.

正如你所看到的，我想我不得不說繼續前進，我現在對國內網絡感覺非常好。

Tom Wadewitz, UBS.

湯姆‧瓦德維茨，瑞銀集團。

Yes, good morning.

是的，早安。

So or good morning, good afternoon.

所以還是早上好，下午好。

Days gone by quickly, um, let's see.

日子過得真快，嗯，看看吧。

I wanted to see if you could give I know you talked a little bit about the some of the factors in drive wanted to see if you could give a little bit more maybe on Europe, I think some of the cost savings you announced, the headcount reductions come a couple of years out, not not in fiscal 25 or the ramp in 26 and more so in 27, can you give just a little more perspective on the changes in Europe and just how important the $600 million improvement in Europe is to the overall drive?

我想看看你是否可以給我知道你談到了一些驅動因素，想看看你是否可以在歐洲方面給予更多的幫助，我認為你宣布了一些成本節約，員工人數幾年後就會出現削減，不是在25 財年，也不是在26 財年，甚至在27 財年，您能否對歐洲的變化提供更多的看法，以及歐洲6 億美元的改善對歐洲經濟的重要性。

Thank you.

謝謝。

Yes.

是的。

Thanks, Tom.

謝謝，湯姆。

It's John.

是約翰。

Yes, the $600 million is very important to drive and it's one of our top priorities.

是的，6 億美元的推動非常重要，也是我們的首要任務之一。

As Raj mentioned, we were all just in Europe last week meeting with the team leadership not only there to support them, but also to stress the urgency of how important.

正如 Raj 所提到的，我們上週剛在歐洲與團隊領導會面，不僅支持他們，而且強調了重要性的緊迫性。

This is and we're looking at every aspect of our operation in Europe, there will be new leadership as well, and we're going to continue to focus not only on the commercial side, but some operational efficiencies, including the network.

我們正在考慮歐洲營運的各個方面，也將有新的領導層，我們將繼續不僅專注於商業方面，還專注於一些營運效率，包括網路。

There's also opportunity now that we're in network to zero full swing of implementation to leverage the expertise that John Smith and his team bring on the US side, which is where we're very strong work in coordination with our team in Europe, something that's been done in the past, but we're really taking it to the next level.

現在還有機會，我們正在網路零全面實施中，利用約翰史密斯和他的團隊在美國方面帶來的專業知識，這是我們與歐洲團隊合作非常有力的地方，過去已經這樣做過，但我們確實將其提升到了一個新的水平。

So I think all those things are key, and we're serious about the $600 million and look forward to updating you on our progress in the other category or the other major main categories again?

所以我認為所有這些都是關鍵，我們對 6 億美元是認真的，並期待再次向您介紹我們在其他類別或其他主要類別方面的進展？

Yes, Tom, that the point that John just talked about is very important.

是的，湯姆，約翰剛才談到的這一點非常重要。

I think the biggest opportunity that we have in Europe and Central Europe theater, and that is down base.

我認為我們在歐洲和中歐戰區擁有的最大機會就是基礎。

And we have a significant amount of interaction now between all the management teams and between Boulder and Scott Ray, for example, never went below that.

現在，我們在所有管理團隊之間以及博爾德和斯科特雷之間都有大量的互動，例如，從未低於此水平。

And also we have now an established KPI dashboards that are very much provide real-time visibility on package flows and to improve service and reduce costs.

此外，我們現在還建立了 KPI 儀表板，可提供包裹流程的即時可見性，並改善服務並降低成本。

So a lot of work going on here.

所以這裡正在進行很多工作。

Very excited about what we're looking, what we can make happen.

對於我們正在尋找的東西以及我們能夠實現的東西感到非常興奮。

Jon Chappell, Evercore ISI.

喬恩·查佩爾，Evercore ISI。

Thank you.

謝謝。

Good afternoon.

午安.

I'm John, you pointed to the right side of the bridge again, on the 2.2 billion.

我是約翰，你又指了指橋的右邊，22億。

I think maybe some of the debate is that 2.2 billion gross or net.

我想也許爭論的焦點是 22 億毛額還是淨額。

It feels like you're saying it's both how much of that is truly in your control, kind of independent of everything else going on in the macro environment and even the yield environment.

感覺就像你在說這有多少是真正在你的控制之下的，有點獨立於宏觀環境甚至收益率環境中發生的一切。

And I guess the other part, another part of that would be if the non-hard borrowing demand even doesn't play out the way that you've kind of expected it to other other kind of variable cost levers to pull?

我想另一部分，另一部分是，如果非硬性借貸需求甚至沒有像你預期的其他類型的可變成本槓桿那樣發揮作用？

Or is this strictly just more of a structural drive cost initiative for fiscal 25?

還是這嚴格來說只是 25 財年的結構性驅動成本計畫？

Sure.

當然。

Thanks, Tom.

謝謝，湯姆。

Yes, the 2.2 is structural in nature.

是的，2.2 本質上是結構性的。

So from our perspective, that is all within our control and to the extent the macro environment doesn't cooperate, we're going to keep that at the 2.2 includes projects that are in motion now.

因此，從我們的角度來看，這一切都在我們的控制範圍內，並且在宏觀環境不配合的情況下，我們將把這一點保持在 2.2，包括現在正在進行的專案。

And as I've said in prior calls, some of our programs are going to over deliver somebody underdeliver, but the pipeline is constant.

正如我在之前的電話中所說，我們的一些計劃可能會超額交付，而有些人交付不足，但管道是恆定的。

So we're going to adapt aggressively not only to the plans that are in place, but also to the change in the demand environment as well.

因此，我們不僅要積極適應現有的計劃，還要適應需求環境的變化。

And John look no further than what we did in FY 24.

約翰只看我們在 24 財政年度所做的事情。

Jordan Alliger, Goldman Sachs.

喬丹·阿利格，高盛。

Yes, Hi, afternoon.

是的，嗨，下午。

A question on the sort of the low to mid single digit revenue growth that you talked about for the year.

關於您提到的今年中低個位數收入成長的問題。

Is there a way to think about and the blend between the yield and volume.

有沒有辦法考慮產量和數量之間的融合。

Is that two and two something along those lines?

這是二加二嗎？

And then just sort of along those lines, I think you gave some color around B2B volumes of demand of up 2% or so.

然後，沿著這些思路，我認為您對 B2B 需求量增加 2% 左右給出了一些解釋。

I'm just sort of wondering, with retailers may be doing more of this just in time focus these days.

我只是想知道，零售商現在可能會及時做更多這樣的事。

Does that sort of play into B2B and fast cycle logistics companies like feta?

這對 B2B 和像羊乳酪這樣的快速週期物流公司有影響嗎？

Yes.

是的。

Yes.

是的。

Great question, Jordan.

好問題，喬丹。

So as we think about this year's revenue plan, you will see it be largely volume-driven and it will be driven from a deferred and an e-commerce perspective, as we just mentioned, we do think e-commerce is going to outpace the B2B growth.

因此，當我們考慮今年的收入計劃時，您會發現它很大程度上是數量驅動的，並且將從遞延和電子商務的角度驅動，正如我們剛才提到的，我們確實認為電子商務將超過B2B 成長。

To your point from a as speed perspective, we are actually seeing the speed conversation elevate in the market and especially with what we would consider sort of your Tier one or household brands from a competition perspective, we're absolutely increasing that conversation and actually there is increased demand from a speed perspective within it.

從速度的角度來看，我們實際上看到市場上的速度對話正在提升，特別是從競爭的角度來看，我們認為您的一級或家喻戶曉的品牌，我們絕對會增加這種對話，而且實際上存在從速度的角度來看，需求的增加是在其中。

So I hope that gives you a little bit more clarity, but we do see volume moving.

所以我希望這能讓你更清楚一些，但我們確實看到成交量正在改變。

Yes.

是的。

Brian Ossenbeck, JPMorgan.

布萊恩‧奧森貝克，摩根大通。

Hey, good afternoon.

嘿，下午好。

Thanks for taking the question.

感謝您提出問題。

So Bruce, maybe just to follow up on the demand environment itself, we expect from peak season and how the planning and integration visibility, I guess more importantly, is going with the major figures relative to prior years where it's been a little bit harder to it may be the right information and the right assets in place.

因此，布魯斯，也許只是為了跟進需求環境本身，我們期望從旺季開始，以及我認為更重要的是，與前幾年相比，規劃和整合可見性如何與主要數據相結合，在前幾年中，要實現這一目標有點困難。

And then, John, can you just give us any sense, maybe I want to give quarterly guidance, but any sense in terms of how to drive 2.2 billion we'll roll out throughout each quarter this year?

然後，約翰，您能否給我們一些建議，也許我想提供季度指導，但對於我們今年每個季度將推出的如何推動 22 億美元的成長，您有什麼建議嗎？

Thanks, Brian.

謝謝，布萊恩。

So from a peak season perspective, we had a really phenomenal peak last year, and that's going to be hard to talk, but if there's a team that can do it, it's John.

因此，從旺季的角度來看，我們去年經歷了一個非常驚人的高峰，這很難說，但如果有一支球隊可以做到這一點，那就是約翰。

And from a collaboration and insight, we are actually getting further integrated with our largest retailers.

透過合作和洞察，我們實際上正在與我們最大的零售商進一步整合。

So we have even better information than we have ever had.

因此，我們擁有比以往任何時候都更好的資訊。

And so from my perspective, I think from an asset and in alignment with capacity this peak, you know, I can't control the weather nor can John's message and you do a lot of things that you can't control the weather, but I do feel really good going into peak.

因此，從我的角度來看，我認為從資產和容量來看，這個峰值，你知道，我無法控制天氣，約翰的信息也無法控制，你做了很多你無法控制天氣的事情，但是進入巔峰時我感覺真的很好。

And in fact, we have taken all of our peak best practices from the United States and we are expanding them around the world.

事實上，我們從美國汲取了所有最佳最佳實踐，並將其推廣到世界各地。

We just had an incredible Hot Sale in Mexico domestic as an example.

以我們剛剛在墨西哥國內進行的令人難以置信的熱銷為例。

So I so I feel pretty comfortable peak season Before John goes, I just want to make sure that you are in terms of the volume growth, what we're expecting is low single digit volume growth for the year.

所以我對旺季感覺很舒服，在約翰走之前，我只想確保您的銷售成長情況，我們預計今年的銷售成長將是低個位數。

Yes.

是的。

And with respect, Bryan, to your question on drive the 2.2 billion, we are committed to that.

布萊恩，對於你關於推動 22 億人口的問題，我們表示尊重，我們將致力於這一點。

And as I said, a number of plans already in place.

正如我所說，許多計劃已經到位。

We talked about the $600 million for Europe for Europe and the majority of the savings will come from the surface network and our legacy Express operations as we're looking to optimize our processes, improve efficiencies there and and G&A IT and procurement will be key drivers for the savings.

我們談到了歐洲的 6 億美元，大部分節省將來自地面網路和我們傳統的快遞業務，因為我們希望優化我們的流程，提高那裡的效率，而 G&A IT 和採購將是關鍵驅動因素為了節省開支。

I know you asked about the timing of that, but we look forward to keeping you updated as these plans solidify and as the year progresses.

我知道您問過這個時間安排，但我們期待著隨著這些計劃的落實和今年的進展向您通報最新情況。

Bascome Majors, Susquehanna.

巴斯科姆專業，薩斯奎哈納。

For the investment community.

對於投資界來說。

We it's very clear to see the potential benefits of separating the less than truckload businesses looking at multiples in domestic.

我們非常清楚地看到，將零擔業務分開並考慮國內倍數的潛在好處。

They are mainly there over the last three or four years.

他們主要是在過去三、四年出現的。

What do we miss when looking at the other side of that?

當我們看到事情的另一面時，我們會錯過什麼？

What do you lose what are you thinking about as the offset that when you make that decision over the next six or so months?

當你在接下來的六個月左右做出這個決定時，你會失去什麼？

Thank you, Bascome.

謝謝你，巴斯科姆。

As I've said before, I'm not going to comment too much more on this.

正如我之前所說，我不會對此發表太多評論。

We have always said historically about what value that access part of the network will do the full analysis.

我們一直在談論歷史上關於網路存取部分將進行全面分析的價值。

And again, like I said, it's going to be very thorough and (unk), when we have something to talk about, we will definitely communicate it.

再說一遍，就像我說的，這將是非常徹底的，而且（unk），當我們有東西要談論時，我們一定會進行溝通。

Ravi Shanker, Morgan Stanley.

拉維‧尚克，摩根士丹利。

Your line is the number one.

你的線路是第一。

I just want to confirm that the headcount reductions in Europe were they part of drive?

我只是想確認歐洲的裁員是否是驅動力的一部分？

I mean, given that you're going to see the benefit of that in FY 27.

我的意思是，考慮到您將在 27 財年看到這樣做的好處。

Just wondering if that was incremental and also kind of when you think of the actions you're taking right now going to how much of that is commercial kind of operating kind of revenue-driven versus actual cost cutting in Europe?

只是想知道這是否是漸進式的，並且當您想到您現在正在採取的行動時，其中有多少是商業類型的收入驅動型運營與歐洲的實際成本削減？

Thank you.

謝謝。

So it's certainly in line with the drive philosophy and because some of the benefits are going to flow beyond the DR FY. 25 period, but we haven't included it in that number.

因此，這當然符合驅動理念，並且因為一些好處將超出 DR FY 的範圍。 25 個週期，但我們沒有將其包含在該數字中。

And it truly is cost takeout and these are nonoperational positions and we look forward to keeping you posted.

這確實是成本支出，這些都是非營運職位，我們期待向您通報最新情況。

David Vernon, Bernstein.

大衛‧佛農，伯恩斯坦。

Hey, guys, thanks for the time.

嘿，夥計們，謝謝您的寶貴時間。

So Roger, to come back to the same topic again.

那麼羅傑，再次回到同一話題。

But when you were with us a few weeks ago here in New York, you were sounding like it was a little bit more of your moving in that direction anyway of more closely integrating some of the freight stuff with the Tricolor network strategy.

但幾週前，當您在紐約與我們會面時，您的聲音聽起來更像是朝著這個方向前進，將一些貨運業務與三色旗網絡策略更緊密地結合起來。

So a question for you is really kind of what's changed in the thinking in the last couple of weeks, like what's the impetus for the decision to do a review here?

所以你要問的問題實際上是過去幾週的想法發生了什麼變化，例如決定在這裡進行審查的動機是什麼？

And second, secondly, as you think about what that review will mean, are there any downstream implications for that on track or network strategy that we should be thinking about?

其次，當你思考這次審查意味著什麼時，我們應該考慮的軌道或網路策略是否有任何下游影響？

Well, David, thanks for the question.

好吧，大衛，謝謝你的提問。

You know, as we have heard from several investors and analysts in this regard.

你知道，正如我們從幾位投資者和分析師那裡聽到的那樣。

And obviously, we take input from our shareholders very, very seriously.

顯然，我們非常非常重視股東的意見。

And so this is the right time and are natural planning calendar as first strike or goes no changes.

因此，這是正確的時間，也是自然的計劃日曆，首先出擊或不做任何改變。

We're moving on ahead.

我們正在繼續前進。

Thank you.

謝謝。

Stephanie Moore, Jefferies.

史蒂芬妮·摩爾，杰弗里斯。

Hi, good afternoon.

嗨，下午好。

Thank you, intermediate.

謝謝中級。

A question for Brian here.

這裡有一個問題想問布萊恩。

Of you noted, you're pleased by the pricing capture that you've been able to achieve.

對於您所提到的，您對自己能夠實現的定價感到滿意。

I noted in light of the current pricing environment.

我注意到當前的定價環境。

Can you maybe talk a little bit about what you're seeing in the current pricing environment from a competitive standpoint or overall rationality?

您能否從競爭的角度或整體合理性的角度談談您在當前定價環境中所看到的情況？

Thanks.

謝謝。

Sure.

當然。

Thanks, Stephanie.

謝謝，斯蒂芬妮。

So from a market perspective, it absolutely is competitive.

所以從市場角度來看，它絕對是有競爭力的。

That's nothing particularly new in this, it's market and so it's competitive, but it's rational.

這並不是什麼特別新鮮的事情，它是市場，因此它具有競爭性，但它是理性的。

I think our team has been very disciplined.

我認為我們的團隊非常有紀律。

We have absolutely been able to maintain the yield increases that we captured in CY 22 and FY 23 and then bolt-on there.

我們絕對能夠維持 22 財年和 23 財年的產量成長，然後繼續增加。

I think it's also really important to note that we're very focused not just on total yields, but getting yield in the right place where we need it.

我認為值得注意的是，我們不僅非常關注總產量，而且還關注在我們需要的正確位置獲得產量。

So for example, I think our team is doing the very best in the market at getting peak surcharges.

例如，我認為我們的團隊在獲得高峰附加費方面做得是市場上最好的。

You know, I should have said that when the peak question just came up, the team has done a really good job in getting the increase.

你知道，我應該說，當高峰問題剛出現時，團隊在獲得提升方面做得非常好。

We need to deliver an amazing peak where we do have to expand capacity, same goes to rural coverage as well as large packages.

我們需要提供一個令人驚嘆的高峰，我們確實必須擴大容量，農村覆蓋範圍以及大包裹也是如此。

So yes, it's competitive, but I think the team is doing a really good job of navigating kind of market share profit and market share growth with getting the right yield for the right package and working really, really closely with the operations blending incredibly pleased.

所以，是的，它具有競爭力，但我認為該團隊在引導市場份額利潤和市場份額增長方面做得非常好，為正確的包裝獲得了正確的產量，並與非常非常密切的運營混合在一起，非常滿意。

Bruce Chan, Stifel.

布魯斯·陳，斯蒂菲爾。

Thanks and good afternoon, everyone.

謝謝大家，下午好。

Lots of good and interesting stuff happening here, but maybe just switching gears a little bit.

這裡發生了很多美好有趣的事情，但也許只是稍微改變一下。

We've got some elections coming up.

我們即將舉行一些選舉。

And I'm just curious how big of an issue, you know, tariffs have been as part of your customer discussions to date?

我只是很好奇，到目前為止，關稅問題一直是你們客戶討論的一部分嗎？

And maybe more specifically, just given your commentary brief around China, e-commerce.

也許更具體地說，鑑於您對中國電子商務的評論簡介。

You've got a couple of big direct e-com customers.

您有幾個大型直接電子商務客戶。

Can you just maybe remind us of how big they are right now as a percentage of your book and what's maybe there volumes here if there is a change in trade policy?

您能否提醒我們，它們目前在您的書中所佔的比例有多大？

Sir, I'll start with the last question and then I'll certainly turn it to the boss to talk about the overall tariff situation.

先生，我先從最後一個問題開始，然後我一定會轉給老闆談談整體關稅狀況。

So from an e-commerce perspective, yes, e-commerce is the largest driver of InterContinental out of China, but actually around the world, both domestically and internationally.

因此，從電子商務的角度來看，是的，電子商務是洲際酒店在中國以外的最大驅動力，但實際上在全球範圍內，無論是國內還是國際。

And we are really proud of how diversified our revenue basis.

我們對我們收入基礎的多元化感到非常自豪。

Yes, we have a great relationship with all of the major e-commerce players out of China, but the benefit of those customers is that they're really large.

是的，我們與中國以外的所有主要電子商務參與者都建立了良好的關係，但這些客戶的好處是他們的規模非常大。

And so we can partner with them to find the right solution.

因此我們可以與他們合作尋找正確的解決方案。

What makes sense for us as well as what makes sense for them?

什麼對我們有意義，什麼對他們有意義？

No, one carrier can serve their are entire needs.

不，一家運營商可以滿足他們的全部需求。

And I think we found a very productive and profitable relationship.

我認為我們建立了一種非常有成效和有利可圖的關係。

And again, I do want to emphasize very diversified base and on the broader point here, the trade as a percentage of GDP is essentially flatlined since about 2016.

再次，我確實想強調非常多元化的基礎，從更廣泛的角度來看，自 2016 年左右以來，貿易​​佔 GDP 的百分比基本上持平。

So we've been operating in this environment for some time now it's important to note that the trade patterns are fundamentally shifting.

因此，我們在這種環境下運作已經有一段時間了，值得注意的是，貿易模式正在發生根本性的轉變。

And the good news for FedEx is our network.

對聯邦快遞來說，好消息是我們的網路。

We are here there and everywhere and that we get the intelligence from the market at the ground level there.

我們無所不在，我們從當地市場獲取情報。

And you know, that is a we are a referendum on a global supply chain every single day.

你知道，這是我們每天對全球供應鏈的公投。

And so because of that, we are able to react very quickly, much more much faster than manufacturing can move.

正因為如此，我們能夠非常迅速地做出反應，比製造業的發展速度快得多。

And also the way the supply chain pattern changes actually works in our favor in many ways because only the only car companies that have established networks that connect all these countries and actually do the states.

而且供應鏈模式的變化實際上在許多方面都對我們有利，因為只有唯一的汽車公司建立了連接所有這些國家並實際上在各州之間建立網路的汽車公司。

So for example, when our manufacturing moves to Mexico, we have a significant presence in Mexico and the United States, the impact on our competitive set, we are the only one who can say that with conviction.

例如，當我們的製造業轉移到墨西哥時，我們在墨西哥和美國擁有重要的影響力，這對我們的競爭格局產生了影響，我們是唯一可以堅定地說這一點的人。

So while we see the overall trade trends flatten out, there are opportunities as supply chain patterns change.

因此，雖然我們看到整體貿易趨勢趨於平緩，但隨著供應鏈模式的變化，也存在著機會。

And again, we are established networks that we have in place and the digital tools have now have.

再說一次，我們已經建立了現有的網路和數位工具。

Our mix is very compelling, and this will conclude our question and answer session.

我們的組合非常引人注目，我們的問答環節到此結束。

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

我想將會議轉回拉傑·蘇布拉馬尼亞姆 (Raj Subramaniam) 發表閉幕詞。

Thank you, operator.

謝謝你，接線生。

Before we wrap, I want to congratulate Rob Carter once again on his upcoming retirement.

在結束之前，我想再次祝賀羅布卡特即將退休。

After more than 30 years of dedication and service to FedEx.

經過 30 多年的奉獻和服務於聯邦快遞。

I also want to take this opportunity to welcome through ambitious Sami in this expanded role as Chief Digital and Information Officer effective next week.

我還想藉此機會歡迎雄心勃勃的薩米擔任首席數位和資訊官，下週生效。

In closing, I'm extremely proud of our FedEx team for a strong end to a year also of incredible performance margin expansion and operating profit growth for four consecutive quarters, despite revenue decline in three of those quarters is a tremendous achievement.

最後，我為我們的聯邦快遞團隊在這一年的強勁表現感到非常自豪，儘管其中三個季度的收入下降，但連續四個季度實現令人難以置信的業績利潤率擴張和營業利潤增長是一項巨大的成就。

I'm excited about the opportunities ahead as we continue to focus on enhancing our profitability and stockholder returns while providing outstanding service for our customers.

我對未來的機會感到興奮，因為我們將繼續專注於提高獲利能力和股東回報，同時為客戶提供卓越的服務。

Thank you very much.

非常感謝。

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。