聯邦快遞 (FDX) 2025 Q3 法說會逐字稿

Good day, and welcome to the FedEx third quarter fiscal 2025 earnings call. (Operator Instructions) Please note, this event is being recorded.

大家好，歡迎參加聯邦快遞 2025 財年第三季財報電話會議。（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. Please go ahead.

現在，我想將會議交給投資者關係副總裁 Jeni Hollander。請繼續。

Good afternoon, and welcome to FedEx Corporation's third quarter earnings conference call. The third quarter earnings release, Form 10-Q and stat book are on our website at investors.fedex.com. This call and the accompanying slides are being streamed from our website.

下午好，歡迎參加聯邦快遞公司第三季財報電話會議。第三季財報、10-Q 表和統計手冊可在我們的網站 investor.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. Certain statements in this conference call may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. For additional information on these factors, please refer to our press releases and filings with the SEC.

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。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。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。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 pre 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.

今天的預演示還包括某些非 GAAP 財務指標。請參閱我們網站 fedex.com 的投資者關係部分，以了解本次電話會議中討論的非 GAAP 財務指標與最直接可比較的 GAAP 指標的對照表。

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

今天參加電話會議的有總裁兼執行長 Raj Subramaniam；執行副總裁兼首席客戶長 Brie Carere；以及執行副總裁兼財務長約翰·迪特里希（John Dietrich）。

Now I will turn the call over to Raj.

現在我將電話轉給 Raj。

Thank you, Jeni. I want to start by expressing my heartfelt gratitude to our team members. They delivered a strong peak within a compressed timeline and managed weather events ranging from unprecedented wildfires to severe winter storms. They accomplished this with a focus on safety and customer service. And I'm very appreciative of their dedication and success.

謝謝你，詹妮。首先我要向我們的團隊成員表達衷心的感謝。他們在緊迫的時間內達到了強勁的峰值，並管理了從前所未有的野火到嚴重的冬季風暴等各種天氣事件。他們透過注重安全和客戶服務實現了這一目標。我非常欣賞他們的奉獻和成功。

Now turning to our Q3 results. Revenue was up 2%, growing on a year-over-year basis for the first time this fiscal year. Our drive savings continue to build sequentially, and we achieved $600 million of savings in the quarter. Taken together, these two factors enabled us to achieve 12% adjusted operating income growth compared to last year.

現在來談談我們的第三季業績。營收成長2％，本財年首次實現年成長。我們的驅動節約持續增加，本季實現了 6 億美元的節約。綜合起來，這兩個因素使得我們實現了較去年同期12%的調整後營業收入成長。

At Federal Express Corporation, we delivered strong year-over-year results with adjusted operating income up 17% despite significant headwinds from the expiration of the United States Postal Service contract and severe weather events. Weakness in the industrial economy continued to pressure our higher-margin B2B volumes.

聯邦快遞公司雖然面臨美國郵政服務合約到期和惡劣天氣事件帶來的巨大阻力，但我們仍取得了強勁的同比業績，調整後營業收入增長了 17%。工業經濟的疲軟持續對我們利潤較高的B2B業務造成壓力。

Similar to last quarter, this dynamic was most pronounced at Freight. Where fewer shipments and lower weights continue to negatively affect our results, albeit to a lesser extent than last quarter. Considering our B2B mix, we are well positioned to capture strong incremental flow-through when the industrial economy recovers. The current environment, however, is adding uncertainty to demand. We continue to work closely with our customers to help them adapt to this evolving market.

與上一季類似，這種動態在貨運方面最為明顯。出貨量減少和重量下降繼續對我們的業績產生負面影響，儘管影響程度比上一季減輕。考慮到我們的 B2B 組合，當工業經濟復甦時，我們有能力獲得強勁的增量流通。然而，當前環境增加了需求的不確定性。我們將繼續與客戶密切合作，幫助他們適應這個不斷發展的市場。

Our flexible and unmatched global network, digital tools and data ecosystem enable us to quickly support our customers' needs. With our vast data on cross-border trade, we are uniquely positioned to create more value for our customers as they navigate change. This includes providing a streamlined clearance experience for customers while helping them comply with regulatory requirements. And through our automated processes, we can clear packages more quickly better addressed in properly filed paperwork and reduce manual work to respond rapidly to our customers' needs while improving our operating efficiency.

我們靈活且無與倫比的全球網路、數位工具和數據生態系統使我們能夠快速支援客戶的需求。憑藉我們豐富的跨境貿易數據，我們能夠為客戶在變革過程中創造更多價值。這包括為客戶提供簡化的清關體驗，同時幫助他們遵守監管要求。透過我們的自動化流程，我們可以更快地清關包裹，更好地處理正確歸檔的文件，並減少人工工作，以快速回應客戶的需求，同時提高我們的營運效率。

As a reminder, in terms of our revenue split by geography, we serve an extremely diversified customer base across the more than 220 countries and territories. To put some numbers around this, taking our FY25 revenue through the third quarter, nearly 75% comes from our US domestic services. Another approximately 10% of our revenue comes from non-US intra-country or intra-regional services.

提醒一下，按照我們的收入按地區分佈來看，我們為超過 220 個國家和地區的極其多樣化的客戶群提供服務。具體來說，從我們 25 財年第三季的營收來看，近 75% 來自美國國內服務。我們另外約 10% 的收入來自美國以外的國內或地區內服務。

And from a bilateral US trade perspective, our biggest single country exposure represents only about 2.5% of total revenue. Against this backdrop, we remain focused on what we can control. First, Q3 drive savings continue to ramp and were in line with our expectations. We expect to achieve our increment target of $2.2 billion for FY25 and our total of $4 billion of our FY23 baseline.

從美國雙邊貿易的角度來看，我們對最大單一國家的投資僅佔總收入的2.5％左右。在這種背景下，我們仍然專注於我們能夠控制的事情。首先，第三季的驅動器節省持續增加，符合我們的預期。我們預計實現 25 財年 22 億美元的增量目標和 23 財年基線總額 40 億美元的目標。

Second, we are creating a more flexible, efficient intelligence network. As planned, we resumed our US stations since the beginning of the calendar year. And expect to optimize [45] more in Q4. We are on track to complete the rollout in Canada by the end of April. By the end of FY25, about 12% of our average daily global volume will flow through Network 2.0 optimized facilities.

第二，我們正在建立一個更靈活、更有效率的情報網。按照計劃，我們從今年年初開始恢復美國站的運作。並期望在第四季進一步優化[45]。我們預計將於 4 月底在加拿大完成推廣。到 2025 財年末，我們全球日均流量的約 12% 將流經網路 2.0 優化設施。

Third, Tricolor is driving better asset utilization as we improve aircraft density and better leverage our surface network. We have a broad range of KPIs that we are tracking to measure our progress. We're especially pleased that on a year-over-year basis, payloads across our air network are up 9%, with a 5% improvement in density. This is a key objective of our Tricolor operating model. Importantly, our progress is leading to positive flow-through on revenue growth from international export freight.

第三，隨著我們提高飛機密度並更好地利用我們的地面網絡，Tricolor 正在推動更好的資產利用率。我們有一系列的 KPI 可供追踪，以衡量我們的進展。我們特別高興的是，與去年同期相比，我們的航空網路的有效載荷增加了 9%，密度提高了 5%。這是我們的三色營運模式的關鍵目標。重要的是，我們的進步正在為國際出口貨運收入的成長帶來正面的影響。

Fourth, our plan transition away from the US postal service contract is going well, and we are continuing to remove costs associated with the expired contract. Fifth, our freight separation work is underway. John will share more details shortly.

第四，我們脫離美國郵政服務合約的計畫進展順利，我們正在繼續消除與到期合約相關的成本。第五，我們的貨物分流工作正在進行中。約翰很快就會分享更多細節。

And lastly, we are providing our customers with the best value proposition in the industry. FedEx Ground and FedEx Home Delivery are faster to more locations than UPS Ground. As we look to the fourth quarter, in light of the uncertain demand environment, and higher than previously expected inflationary pressures on our cost base, we are lowering our FY25 adjusted EPS outlook to $18 to $18.60.

最後，我們為客戶提供業界最佳的價值主張。與 UPS Ground 相比，FedEx Ground 和 FedEx Home Delivery 可以更快到達更多地點。展望第四季度，鑑於需求環境的不確定性，以及成本基礎通膨壓力高於先前預期，我們將 25 財年調整後每股收益預期下調至 18 美元至 18.60 美元。

John will provide more color on the underlying assumptions. I'm excited about our transformation progress as we continue to integrate our networks, reduce our cost to serve and enable better performance. Technology remains a key facilitator of our transformation.

約翰將對基本假設提供更多詮釋。隨著我們繼續整合網路、降低服務成本並實現更好效能，我對我們的轉型進展感到非常興奮。科技仍然是我們轉型的關鍵推動因素。

Last quarter, I shared details on the encouraging improvement we are seeing in Europe. That trend continued in Q3 with our simplified technology platform driving both operational efficiency and a better experience for our customers. This is also leading to the best European service levels we have seen in years which is driving profitable share growth. We remain on track to achieve the $600 million in total drive savings from Europe by the end of this fiscal year. In support of our network transformation, last month, we acquired RouteSmart Technologies, a global leader in route optimization solutions.

上個季度，我分享了我們在歐洲看到的令人鼓舞的改善的詳細資訊。這一趨勢在第三季得以延續，我們簡化的技術平台既提高了營運效率，也為客戶提供了更好的體驗。這也使得我們多年來一直看到歐洲最好的服務水平，從而推動了獲利份額的成長。我們仍有望在本財年結束前實現歐洲 6 億美元的總計減排目標。為了支持我們的網路轉型，上個月我們收購了路線優化解決方案的全球領導者 RouteSmart Technologies。

This acquisition allows us to bring in-house a dynamic route mapping solution with the best-in-class algorithm. Our legacy ground business has used this technology with great success, and we are now rolling it out globally. This will be an important enabler of both Network 2.0 and our global network transformation, helping our team members to work and smarter.

此次收購使我們能夠在內部推出具有一流演算法的動態路線映射解決方案。我們傳統的地面業務已經成功地運用了這項技術，現在我們正在全球推廣它。這將成為網路2.0和我們全球網路轉型的重要推動因素，幫助我們的團隊成員更聰明地工作。

In closing, I'm proud of the team for their continued success. We navigated many headwinds in this third quarter, including a volatile demand environment, the postal service contract expiration severe weather events and inflation. Yet, we still delivered 60 basis points of adjusted operating margin expansion and a 12% improvement in adjusted operating income. Looking ahead, I'm confident that our transformation initiatives such as DRIVE, Network 2.0 and Tricolor will create long-term value for our stakeholders.

最後，我為團隊持續取得的成功感到自豪。我們在第三季克服了許多阻力，包括不穩定的需求環境、郵政服務合約到期、惡劣天氣事件和通貨膨脹。然而，我們仍然實現了調整後營業利潤率擴大 60 個基點、調整後營業收入提高 12% 。展望未來，我相信我們的 DRIVE、Network 2.0 和 Tricolor 等轉型舉措將為我們的利害關係人創造長期價值。

Now let me turn the call over to Brie.

現在，讓我把電話轉給布里。

Thank you, Raj. First, I also want to thank our team for a very successful peak. On Cyber Monday, we picked up nearly 24 million packages in the United States. That's nearly 70% more than we pick up in the US on an average day.

謝謝你，拉吉。首先，我還要感謝我們團隊的登頂成功。在網路星期一，我們在美國收到了近 2400 萬個包裹。這比我們美國平均每天收集的數量高出近 70%。

And given the compressed timeline, we handled more packages per day year-over-year this peak season, while, of course, continuing to deliver the Purple Promise for all our customers. While the demand during peak exceeded our expectations, a post-peak trends were largely consistent with the market weakness of recent quarters. Consolidated revenue increased 2%, driven by higher volume in a Federal Express. Partially offset by Freight.

由於時間緊迫，在這個旺季，我們每天處理的包裹比去年同期更多，同時，我們當然會繼續為所有客戶兌現紫色承諾。雖然高峰期間的需求超出了我們的預期，但高峰後的趨勢與最近幾季的市場疲軟基本一致。受聯邦快遞業務量增加的推動，綜合收入增加了 2%。部分由運費抵消。

The weak industrial economy continued to weigh on our global priority volumes in our LTL business. Against this backdrop, we continue to focus on profitable share growth. As we closed out calendar year '24, we took profitable share in the US domestic and an international parcel and also because of our Tricolor strategy, we grew profitable global air freight share. Looking at each segment on a year-over-year basis.

疲軟的工業經濟持續對我們的零擔業務的全球優先運輸量造成壓力。在此背景下，我們繼續關注獲利份額的成長。在 24 日曆年結束時，我們在美國國內和國際包裹中佔據了盈利份額，而且由於我們的三色戰略，我們在全球空運貨運中的盈利份額也有所增長。逐年觀察每個部分的情況。

At Federal Express, revenue increased 3%, driven by increased volume in our deferred services. At freight, lower volumes, fuel surcharges and weight per shipment pressured our top line performance. This led to a 5% revenue decline.

聯邦快遞的收入成長了 3%，這得益於延期服務業務量的增加。在貨運方面，較低的貨運量、燃油附加費和每批貨物的重量給我們的營收表現帶來了壓力。這導致收入下降了5%。

Overall volume trends improved in the quarter to our highest year-over-year average daily volume growth since Q4 of fiscal year '21 led by 5% growth in Federal Express package volumes. Our volume growth was driven by deferred services and the timing benefit of Cyber Week. And while LTL volumes were pressured, the rate of decline in average daily shipments improved compared to Q2.

本季整體貨量趨勢有所改善，自 21 財年第四季以來，日均貨量年增最高，其中聯邦快遞包裹量成長 5%。我們的銷售成長主要得益於延期服務和網路購物週的時間優勢。儘管零擔運輸量面臨壓力，但與第二季度相比，日均運輸量的下降率有所改善。

Across US Domestic Express Services, volumes increased slightly, with growth in deferred services, partially offset by a decline in priority volume. Ground volumes increased 7% supported both by B2B and B2C growth. International export package volumes increased 8% in the quarter due to continued growth in the international economy.

在美國國內快遞服務中，貨運量略有增加，其中延期服務有所增長，但優先貨運量的下降部分抵消了這一增長。在 B2B 和 B2C 成長的推動下，地面運輸量增加了 7%。由於國際經濟持續成長，本季國際出口包裹數量增加了 8%。

With air freight, average daily pounds increased 3% for international priority freight. As we shared last quarter, the growth here is tied directly to our Tricolor strategy to grow profitably in the global air freight market. As expected, total US domestic express freight pounds declined significantly, largely due to the Postal Service contract expiration. And at FedEx Freight, the soft industrial economy led to a 5% decline in average daily shipments and a 3% decline in weight per shipment.

隨著空運的開展，國際優先貨運的日均重量增加了 3%。正如我們上個季度所分享的，這裡的成長與我們的「三色」策略直接相關，以實現全球航空貨運市場的獲利成長。正如預期的那樣，美國國內快遞貨運總量大幅下降，這主要是由於郵政服務合約到期。對聯邦快遞貨運而言，工業經濟疲軟導致日均貨運量下降 5%，每票貨運重量下降 3%。

We remain focused on quality growth and made a competitive but rational pricing environment. I am encouraged by recent pricing trends. Holiday demand surcharges supported our results and consistent with historical trends, we are seeing a strong capture rate on the 5.9% GRI implemented this past January. At Federal Express, US domestic package yield was flat year-over-year as higher US. Express overnight package, ground commercial and home delivery yield was offset by lower ground economy yield.

我們繼續專注於有品質的成長並創造競爭但合理的定價環境。近期的定價趨勢令我感到鼓舞。假日需求附加費支撐了我們的業績，並且與歷史趨勢一致，我們看到今年 1 月實施的 5.9% GRI 的捕獲率強勁。在聯邦快遞，美國國內包裹收益與去年同期持平，因為美國國內包裹收益較高。特快隔夜包裹、地面商業和家庭遞送的收益率被較低的地面經濟收益率所抵消。

Similar to last quarter and in line with our expectations, international export package yield declined driven by international economy, partially offset by an 8% yield increase for international priority. At FedEx Freight, revenue per shipment declined 1% due to lower fuel surcharge revenue and lower weight per shipment. However, revenue per hundredweight increased 2%. A testament to our focus on revenue quality and the industry's continued pricing discipline. As we look ahead, we expect FY25 revenue to be flat to down slightly versus last year.

與上一季類似且符合我們的預期，受國際經濟影響，國際出口包裹收益率下降，但國際優先包裹收益率成長 8% 部分抵消了這一影響。聯邦快遞貨運部門由於燃油附加費收入下降和每批貨物重量下降，每批貨物的收入下降了 1%。然而，每百磅的收入增加了2％。這證明了我們對收入品質和產業持續定價紀律的關注。展望未來，我們預計 25 財年營收將與去年持平或略有下降。

For the fourth quarter, this implies essentially flat revenue at Federal Express driven primarily by continued volume growth in deferred service offerings, partially offset by one fewer operating days. At Freight, we expect a continued revenue decline on a year-over-year basis in Q4, but also expect the Q4 decline to moderate sequentially.

對於第四季而言，這意味著聯邦快遞的收入基本上持平，這主要得益於延期服務產品的銷售持續成長，但部分抵消了營業日減少的影響。在貨運方面，我們預計第四季營收將繼續同比下降，但預計第四季的降幅將季減。

Last quarter, I shared with you the framework for our commercial priorities. Growth, including health care and automotive, a focus on US domestic e-commerce, profitable growth in global airfreight segment, and of course, we want to accelerate profitable growth in Europe. I am very pleased to report that we've had progress across all of our priorities. A few highlights from the quarter.

上個季度，我與大家分享了我們的商業重點架構。成長包括醫療保健和汽車、專注於美國國內電子商務、全球航空貨運領域的獲利成長，當然，我們希望加速歐洲的獲利成長。我很高興地報告，我們在所有優先事項上都取得了進展。本季度的一些亮點。

We continue to build unique capabilities for our high-margin health care vertical. For example, we are taking our established returns platform and using that technology for customers that require recurring collaborative shipments with their business partners or vendors. This has varied use cases across industries, including lab shipments between medical providers. This process enables a simpler shipping process with more visibility allowing shipment recipients to staff more appropriately and efficiently.

我們將繼續為高利潤的醫療保健垂直領域打造獨特的能力。例如，我們正在利用我們已建立的退貨平台，並將該技術應用於需要與其業務合作夥伴或供應商定期合作發貨的客戶。這在各個行業都有不同的用途，包括醫療服務提供者之間的實驗室運輸。此流程可簡化運輸流程，提高可視性，使貨物收件人能夠更適當、更有效率地安排人員。

Due to the hard work of our team and our compelling health care value proposition, are onboarding nearly $400 million in new annualized health care revenue over the next 90 days. Our advanced capabilities helped to track this new business with 3/4 of this business tied to bundled customers who are using in the FedEx Surround suite. As a result of these wins, we will exit FY25 with approximately $9 billion in health care revenue. Additionally, we further expanded FedEx Surround monitoring and intervention. And now we offer this solution in over 40 countries.

由於我們團隊的辛勤工作和我們引人注目的醫療保健價值主張，我們將在未來 90 天內帶來近 4 億美元的新年度醫療保健收入。我們的先進功能幫助我們追蹤這項新業務，其中四分之三的業務與使用 FedEx Surround 套件的捆綁客戶相關。由於這些勝利，我們在 25 財年結束時將獲得約 90 億美元的醫療保健收入。此外，我們也進一步擴大了聯邦快遞週邊監控和介入範圍。現在我們在40多個國家提供此解決方案。

Surround's real-time AI-powered dashboard gives customers enhanced visibility and control over their shipments. Which is especially helpful for customers transporting high-value or sensitive goods. With 90% of the market's incremental parcel growth expected to come from e-commerce, we continue to refine how we profitably serve this market. Based on that from our largest customers, we've expanded our Sunday residential coverage to nearly 2/3 of the US population, up from 50% previously.

Surround 的即時人工智慧儀表板讓客戶更了解並控制其貨物。這對於運輸高價值或敏感貨物的客戶尤其有幫助。預計市場 90% 的包裹增量將來自電子商務，我們將繼續改進如何為該市場提供獲利服務。根據我們最大客戶的情況，我們將週日住宅覆蓋範圍從先前的 50% 擴大到美國人口的近 2/3。

We have already received incremental commitments of more than 0.5 million packages per week from existing customers tied to our Sunday delivery capabilities. This change is enabling us to better utilize our existing assets without adding capacity while meeting the needs of our customers. As a result, we expect this incremental coverage to be profit accretive in Q1 of fiscal year '26. We will continue to lean into these key strategies as we target profitable growth in the quarters and years ahead.

我們已經從現有客戶那裡獲得了每週超過 50 萬個包裹的增量承諾，這些包裹與我們週日的送貨能力掛鉤。這項變更使我們能夠更好地利用現有資產，而無需增加產能，同時滿足客戶的需求。因此，我們預計這一增量覆蓋將會在 26 財年第一季帶來利潤成長。我們將繼續依靠這些關鍵策略來實現未來幾季和幾年的獲利成長。

And with that, I will turn it over to John.

現在我將把麥克風交給約翰。

Thanks, Brie, and good afternoon. Our Q3 performance demonstrates our team's strong commercial execution and our rigor in reducing structural cost to drive. On a year-over-year basis, we grew adjusted operating profit in Q3 by nearly $160 million or 12% despite headwinds from the Postal Service contract expiration, pressures at FedEx Freight and the severe weather events Raj mentioned. As a result, we delivered adjusted EPS growth of 17%. Now walking through the dynamics of the quarter.

謝謝，布里，下午好。我們第三季的表現證明了我們團隊強大的商業執行力和在降低結構性驅動成本方面的嚴謹態度。與去年同期相比，儘管面臨郵政服務合約到期、聯邦快遞貨運壓力以及 Raj 提到的惡劣天氣事件等阻力，我們第三季度的調整後營業利潤仍然增長了近 1.6 億美元，增幅為 12%。結果，我們實現了調整後每股收益成長 17%。現在來回顧本季的動態。

Commercial execution at Federal Express focused on the key priorities Brie mentioned and drove a $509 million increase in revenue, which resulted in strong flow-through to the bottom line. drive benefits of $600 million continue to reduce our structural costs and supported our earnings growth.

聯邦快遞的商業執行集中在布里提到的關鍵優先事項上，並推動了 5.09 億美元的收入成長，為獲利帶來了強勁的流動。 6億美元的驅動效益繼續降低我們的結構性成本並支持我們的獲利成長。

With respect to headwinds, Q3 was the first full quarter following the Postal Service contract expiration. And as expected, this resulted in a $180 million headwind to adjusted operating income. This headwind will ease in Q4 as we continue to reduce costs associated with the contract. We also experienced severe weather headwinds of approximately $70 million relative to last year.

就不利因素而言，第三季是郵政服務合約到期後的第一個完整季度。正如預期的那樣，這導致調整後營業收入減少 1.8 億美元。隨著我們繼續降低與合約相關的成本，這一不利因素將在第四季度緩解。與去年相比，我們還遭遇了約 7,000 萬美元的惡劣天氣損失。

And finally, the soft US industrial economy continued to weigh on B2B demand and FedEx Freight's weight per shipment. Now to providing more segment detail for Q3 on a year-over-year basis. At Federal Express, we grew adjusted operating income by $206 million, driven by drive savings, base yield improvement and increased US and international export demand. Progress in Europe also contributed to adjusted operating income improvement in the quarter and I'm confident we'll continue this positive momentum in Q4 and FY26.

最後，美國工業經濟疲軟繼續對 B2B 需求和聯邦快遞貨運的每批貨物重量造成壓力。現在來提供更多同比第三季細分市場的詳細資訊。在聯邦快遞，我們的調整後營業收入增加了 2.06 億美元，這得益於驅動器節省、基礎收益提高以及美國和國際出口需求的成長。歐洲的進展也促進了本季調整後營業收入的改善，我相信我們將在第四季和26財年繼續保持這一積極勢頭。

At FedEx Freight, operating profit declined $80 million year-over-year as lower fuel surcharges and the soft US industrial economy continued to challenge the business. Base yield improvement as well as effective cost and head count management partially offset these headwinds at Freight.

聯邦快遞貨運業務的營業利潤年減 8,000 萬美元，原因是燃油附加費降低和美國工業經濟疲軟繼續對業務造成挑戰。基本收益率的提高以及有效的成本和員工數量管理部分抵消了貨運方面的這些不利因素。

Moving to DRIVE. As we committed, we continued to sequentially improve our DRIVE savings, and we expect even further savings in Q4. We delivered $600 million of savings in Q3 compared to $390 million in Q1 and $540 million in Q2. Air and international savings of $245 million benefited the quarter as we continue to optimize commercial line haul against aircraft capacity in our network. Additionally, we optimized route productivity and pickup and delivery operations in our European network.

轉向 DRIVE。正如我們所承諾的，我們繼續逐步提高我們的 DRIVE 節省，我們預計第四季度將進一步節省開支。我們在第三季節省了 6 億美元，而第一季節省了 3.9 億美元，第二季節省了 5.4 億美元。由於我們繼續優化商業幹線運輸以適應我們網路中的飛機容量，本季航空和國際運輸節省了 2.45 億美元。此外，我們也優化了歐洲網路的路線生產力和取貨及送貨業務。

We achieved G&A savings of $220 million as we continue to rationalize vendor spend and increase back office efficiency. And at surface, we achieved DRIVE savings of $135 million and all of these elements contributed to the total DRIVE savings of $600 million in the quarter.

由於我們繼續合理化供應商支出並提高後台辦公室效率，我們實現了 2.2 億美元的 G&A 費用節省。從表面上看，我們實現了 1.35 億美元的 DRIVE 節約，所有這些因素共同促成了本季 6 億美元的 DRIVE 總節約。

Turning to our outlook. I'm encouraged by both our sequential earnings momentum and year-over-year growth. That said, given the ongoing challenges in the global industrial economy, inflationary pressures and the uncertainties surrounding global trade policies, we now project FY25 adjusted earnings per share to be in the range of $18 to $18.60 compared to our $19 to $20 range. For Q4, we expect continued execution of our revenue quality strategy and further acceleration in drive savings to support sequential and year-over-year growth in adjusted operating income. We'll exit the fourth quarter by achieving our FY25 goal at an annualized DRIVE run rate north of $2.2 billion.

轉向我們的展望。我們的連續獲利動能和年成長令我感到鼓舞。儘管如此，考慮到全球工業經濟面臨的持續挑戰、通膨壓力以及全球貿易政策的不確定性，我們現在預測 25 財年調整後每股收益將在 18 美元至 18.60 美元之間，而我們的預期範圍為 19 美元至 20 美元。對於第四季度，我們預計將繼續執行收入品質策略，並進一步加快節約成本，以支持調整後營業收入的連續和同比增長。在第四季結束時，我們將實現 2025 財年目標，年化 DRIVE 運行率將超過 22 億美元。

We expect headwinds from FedEx Freight to continue in Q4, but forecast some moderation on a year-over-year basis. Turning now to our latest full year adjusted operating income bridge. This shows the year-over-year operating profit elements embedded in our revised outlook.

我們預計聯邦快遞貨運的阻力將在第四季度持續，但預計將年比將有所緩和。現在來談談我們最新的全年調整後營業收入橋。這顯示了我們修訂後的展望中包含的年比營業利潤因素。

This bridge now reflects adjusted operating profit of $6.2 billion, equivalent to $18.30 of adjusted EPS. For revenue net of costs, we now expect a $1.1 billion headwind, which is $400 million above our prior forecast. This is a result of revised second half assumptions for revenue and inflation. We now project a $400 million headwind from international export yield pressure.

這座橋現在反映出 62 億美元的調整後營業利潤，相當於 18.30 美元的調整後每股收益。對於扣除成本後的收入，我們目前預計逆風為 11 億美元，比我們先前的預測高出 4 億美元。這是對下半年收入和通膨假設進行修改的結果。我們目前預計國際出口收益壓力將帶來 4 億美元的逆風。

The $100 million increase is a result of base yield pressure, particularly in international economy and greater than previously expected demand for our lower-yielding deferred service offerings. We still expect a $300 million headwind from two fewer operating days in Q1 and Q4.

1 億美元的成長是由於基礎收益壓力，特別是在國際經濟環境下，以及對我們低收益延期服務產品的需求超出先前預期。我們仍然預計，第一季和第四季營業日減少兩天將帶來 3 億美元的損失。

And lastly, we now anticipate a $400 million impact from the expiration of the US Postal Service contract, which is an improvement of $100 million from our prior guidance due to our ability to swiftly eliminate contract-related costs. As I mentioned, we also expect to see our $2.2 billion in expected drive savings for FY25, which is offsetting these headwinds.

最後，我們現在預計美國郵政服務合約到期將產生 4 億美元的影響，由於我們能夠迅速消除與合約相關的成本，這比我們之前的預期高出 1 億美元。正如我所提到的，我們也預計 2025 財年將節省 22 億美元，以抵消這些不利因素。

At the midpoint of our revised FY25 outlook, we're now assuming 3% adjusted EPS growth on flat to slightly down revenue year-over-year. Overall, our revenue in Q3 and expectation for Q4 are softer than previously anticipated, with weakness coming primarily from B2B and priority service. This further pressures our bottom line.

在我們修訂的 FY25 展望的中點，我們目前假設調整後的每股盈餘成長 3%，營收較去年同期持平或略有下降。總體而言，我們第三季的營收和第四季的預期低於先前的預期，疲軟主要來自 B2B 和優先服務。這進一步給我們的底線帶來壓力。

In addition, inflationary pressures on our cost base are expected to be higher than planned, further reducing our full year outlook. Moving to capital allocation. We continued to significantly reduce capital intensity while returning capital to shareholders. We completed approximately $500 million in share repurchases in Q3, bringing the year-to-date number to $2.5 billion, our target for the full year. And including our dividend, we're on track to return $3.8 billion to shareholders in FY25.

此外，我們成本基礎的通膨壓力預計將高於計劃，這將進一步降低我們全年的預期。轉向資本配置。我們在向股東返還資本的同時，繼續大幅降低資本密集度。我們在第三季完成了約 5 億美元的股票回購，使年初至今的股票回購金額達到 25 億美元，這也是我們的全年目標。如果算上股息，我們預計在 25 財年向股東返還 38 億美元。

In Q3, capital expenditures were $997 million, and our planned FY25 CapEx is now down to $4.9 billion, a $300 million decline compared to last year's $5.2 billion, supporting strong free cash flow and shareholder returns. From a fleet standpoint, we recently reached agreements to purchase eight new Boeing 777 freighter aircraft and two used 777 freighters which will be phased in during calendar years '26 and '27. These modern and fuel-efficient aircraft were purchased at attractive prices and will help us manage our fleet for the long term while still upholding our FY26 commitment to approximately $1 billion of aircraft CapEx.

第三季的資本支出為 9.97 億美元，我們計劃的 25 財年資本支出現已降至 49 億美元，與去年的 52 億美元相比下降了 3 億美元，支持了強勁的自由現金流和股東回報。從機隊角度來看，我們最近達成協議，購買八架新的波音 777 貨機和兩架二手 777 貨機，這些貨機將於 26 和 27 日曆年分階段投入使用。這些現代化且省油的飛機是以極具吸引力的價格購買的，將幫助我們長期管理我們的機隊，同時仍能履行我們 26 財年約 10 億美元飛機資本支出的承諾。

Given that these new planes are highly efficient and will retire our older, more maintenance-intensive fleet over time, I'm confident that aircraft CapEx in the immediate years beyond FY26 will remain in the area of $1 billion. We've continued to manage and rationalize the size of our jet fleet, including retiring some of our older aircraft over the last several years.

鑑於這些新飛機效率極高，並且會隨著時間的推移淘汰我們較舊、維護更密集的機隊，我相信 2026 財年之後的幾年裡飛機資本支出將保持在 10 億美元左右。我們一直在管理和合理化我們的噴射機機隊的規模，包括在過去幾年中退役一些老舊的飛機。

This is consistent with our go-forward strategy to prioritize revenue quality and grow in the premium segment of the market. We've retired 20 MD11s over the past three years and now expect to retire the remainder of the MD-11s fleet by the end of FY32 versus our prior FY28 target. This extension of some of these aircraft will help us ensure network flexibility while minimizing aircraft CapEx.

這與我們優先考慮收入品質和在高端市場中實現成長的未來策略一致。在過去三年中，我們已經退役了 20 架 MD11 飛機，目前我們預計在 32 財年末退役剩餘的 MD-11 飛機，而我們先前的目標是 28 財年。部分飛機的延長將有助於我們確保網路靈活性，同時最大限度地減少飛機資本支出。

In December, we shared our plans to fully separate FedEx Freight. Since our December announcement, we set up a separation management office and established a cross-functional team to ensure a smooth transition, and we're making progress on all fronts. In anticipation of the separation, last month, will be completed a very successful $16 billion debt exchange offer and consensus solicitation. This will create more flexibility for both companies' capital structures as we prepare for the separation which will come in the form of a tax (inaudible) spin-off. As our separation management office continues to advance our spend-related work, it's business as usual for our other team members and all our customers.

12 月，我們分享了全面分離聯邦快遞貨運的計畫。自去年 12 月宣布這項消息以來，我們專門設立了分離管理辦公室，並組建了一個跨職能團隊，以確保順利過渡，目前我們在各方面都取得了進展。在分離的準備階段，上個月將完成一項非常成功的160億美元債務交換要約和共識徵求。當我們準備以稅收（聽不清楚）分拆的形式實現分離時，這將為兩家公司的資本結構創造更大的靈活性。隨著我們的分離管理辦公室繼續推進與支出相關的工作，我們的其他團隊成員和所有客戶的業務都照常進行。

At Freight, this includes the same unwavering focus on safety and disciplined approach on revenue quality, network utilization and operational efficiency that has driven the business' success in recent years. In conclusion, I remain confident in our long-term ability to continue increasing shareholder returns, and I'm committed to ensuring that we unlock the value that I know is embedded in our business.

在貨運方面，這包括同樣堅定不移地專注於安全，並在收入品質、網路利用率和營運效率方面採取嚴格的態度，這些都推動了該公司近年來的業務成功。總之，我仍然對我們長期持續提高股東回報的能力充滿信心，並且我致力於確保我們釋放我所知道的隱藏在我們業務中的價值。

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

現在，我們可以開始提問了。

(Operator Instructions) Jonathan Chappell, Evercore ISI.

（操作員指示）Jonathan Chappell，Evercore ISI。

Thank you, John, part of the reasons for the guidance cut, I think, are pretty clear, the B2B weakness party services uncertainty, et cetera. The higher inflation element of the cost side seems to be pretty new. Is there any way to quantify exactly how much that's impacting the guide change kind of how sticky that is and what that may mean for margins going forward?

謝謝你，約翰，我認為下調指引的部分原因非常清楚，例如 B2B 弱勢方服務的不確定性等等。成本方面的高通膨因素似乎還是一個新現象。有沒有辦法可以準確量化這對指南變化的影響有多大，其黏性有多大，以及這對未來的利潤率意味著什麼？

So Jonathan, Hello. With regard to inflation, it's been consistent. It's just when we look at some of the factors that aren't going to go away when you look at PT, for example, as we increase our volumes, particularly during peak, for example, inflation has been a constant. And also with regard to our wages (inaudible) group, it's just something that we're going to continue to keep our eye and we're going to continue to try and contain that, but it's been a constant throughout this. And it's been a factor that has been one of the several that you flagged as part of our guidance.

喬納森，你好。就通貨膨脹而言，它一直保持穩定。當我們觀察 PT 時，我們發現一些因素不會消失，例如，隨著我們增加產量，特別是在高峰期，通貨膨脹一直是常數。關於我們的薪資（聽不清楚）群體，我們將繼續密切關注這個問題，並將繼續努力控制這個問題，但這始終是一個不變的問題。這是我們指導中提到的幾個因素之一。

Rich Harney, Deutsche Bank.

德意志銀行的里奇‧哈尼 (Rich Harney)。

Hey, everyone. Thanks for welcoming me on to this call for the first time. So I was hoping we could learn a little bit more about FedEx's exposure maybe to de minimis shipments and might have a likely change to the tax code on such shipments. Maybe you could help us better understand your exposure there. How much of FedEx in volumes is tied to minimis? And how is the team preparing for this change? And if that's sort of how that works into your calculus around flat revenue for Q4 and I guess, going forward?

嘿，大家好。感謝您第一次歡迎我參加本次電話會議。因此，我希望我們能夠更多地了解聯邦快遞可能面臨的最低限度運輸風險，並可能對此類運輸的稅法做出改變。也許您可以幫助我們更好地了解您在那裡的曝光情況。聯邦快遞 (FedEx) 的貨運量中有多少與最低限度相關？那麼團隊如何為這項變化做準備呢？如果這是您對第四季和未來收入持平的計算結果，那該怎麼辦？

Richa, welcome to the call. From a de minimis perspective, I think the most important thing to note is that we are very ready from an operational capability perspective. Our clearance teams around the world have made the necessary changes. We are working with customers. Obviously, this is probably the largest impact would be customers coming out of the Asia market.

Richa，歡迎來電。從最低限度的角度來看，我認為最重要的是要注意我們從作戰能力的角度來看已經做好了充分的準備。我們遍佈全球的清關團隊已經做出了必要的改變。我們正在與客戶合作。顯然，這可能是對來自亞洲市場的客戶最大的影響。

And so from an operational perspective, we feel very ready to execute the necessary change. In addition to that, I think it's really important to remember that we have insight around the world into clearance data. And so we're working very closely with our customers to be able to prepare themselves for any change, whether it's de minimis or a change in market due to tariffs. And so we're working very closely with this from a Q4 perspective and an outlook on revenue and volume, our focus really is that the majority of the volumes in the back half of this year will look a lot like Q3.

因此，從營運角度來看，我們已經準備好執行必要的變革。除此之外，我認為真正重要的是要記住我們擁有對世界各地的清關數據的深入了解。因此，我們正與客戶密切合作，以便為任何變化做好準備，無論是微不足道的變化還是由於關稅導致的市場變化。因此，我們正在從第四季度的角度和收入與銷售的前景密切關注這一問題，我們的重點是今年下半年的大部分銷售將與第三季非常相似。

There's a couple of exceptions that I want to note is that we look at those volume trends in December, obviously, with a very strong month for us. So really January through May look similar. In Q4, as we head into Q4 and we think about revenue and volume outlook, it's also important to remember that Q4 has one less operating year-over-year. And so that's really how I'm thinking about the back half of the year. But from a de minimis perspective, we're ready to help our customers through any change.

我想指出幾個例外，那就是我們來看看 12 月的銷售趨勢，顯然，對我們來說這是一個非常強勁的月份。因此從一月到五月的情況確實類似。在第四季度，當我們進入第四季度並考慮收入和銷售前景時，同樣重要的是要記住第四季度的營業收入同比減少了一個。這就是我對今年下半年的想法。但從最低限度的角度來看，我們已準備好幫助我們的客戶應對任何變化。

Scott Group, Wolfe Research.

斯科特集團、沃爾夫研究公司。

Thanks. So John, I know it's a bit early but wondering if you want to share any thoughts on some of the puts and takes to think about for fiscal '26 and some of the company-specific stuff in terms of, I don't know, DRIVE, Network 2.0 and anything like that. And then on the LTL side, can you just give us an update on how we're trending relative to that 18-month timeline? And any additional commentary, Brie you want to make on -- is there comments last quarter about playing off if I think, spook-people a little and just anything you got?

謝謝。所以約翰，我知道現在有點早，但我想知道你是否想分享一下對 26 財年的一些考慮和展望，以及一些公司特定的內容，例如 DRIVE、Network 2.0 等等。那麼在 LTL 方面，您能否向我們介紹我們相對於 18 個月時間表的趨勢？還有什麼補充評論嗎，布里，你想說——上個季度有沒有關於玩遊戲的評論，我覺得，有點嚇人，你有什麼想法嗎？

Scott, thanks for those three questions. So look, for '26, I'm not going to be providing outlook. We'll be providing that to you in June. What I can say is that we're going to be focused on profitable growth. I think it's reasonable to assume that the macro environment is not going to significantly improve at least for the first half of FY26.

史考特，謝謝你提出這三個問題。所以，對於 26 年，我不會提供展望。我們將在六月向您提供該資訊。我可以說的是，我們將專注於獲利成長。我認為可以合理地假設宏觀環境至少在 26 財年上半年不會顯著改善。

But some other high-level points to help frame our thinking for the year we'll enjoy the annualization of benefits from our current drive initiatives, which will amount to about $400 million of benefit. Of course, and as Raj has talked about, DRIVE is life for us, we're going to keep feeding that pipeline for further savings and pose levers at every chance.

但是其他一些高層次的觀點有助於我們形成對今年的思考，我們將享受當前驅動計畫帶來的年度化收益，這將達到約 4 億美元的收益。當然，正如 Raj 所說的，DRIVE 對我們來說就是生命，我們將繼續為該管道提供進一步的節約，並抓住一切機會採取槓桿作用。

We're also going to be continuing to advance Network 2.0, Tricolor in our Europe initiatives, all that we're excited about. But we do expect inflationary cost pressures to continue. I can say that. And we'll also have some headwinds with regard to the postal service for four of the months of FY26, namely the three months in Q1 and one month in Q2.

我們也將繼續推進網路 2.0 和歐洲三色旗計劃，我們對此感到非常興奮。但我們確實預期通膨成本壓力將持續存在。我可以這麼說。在26財年的四個月中，也就是第一季的三個月和第二季的一個月，我們在郵政服務方面也會遇到一些阻力。

Now I talked about Network 2.0 savings, and we will benefit in FY26, but I want to be clear that we expect these savings to have a heavier ramp in FY27, resulting in the significant majority of those savings occurring in FY27. So we're going to continue to focus on FY26 on those things within our control. So that's question number one. Question number two, with regard to the LTL timeline. Yes, we're on track.

現在我談到了網路 2.0 的節省，我們將在 26 財年受益，但我想明確的是，我們預計這些節省將在 27 財年有更大幅度的增長，從而導致絕大多數節省將在 27 財年發生。因此，我們將繼續關注 26 財年我們可以控制的事情。這是第一個問題。第二個問題是關於 LTL 時間表的。是的，我們正在按計劃進行。

As I mentioned in my prepared remarks, we have set up a separation office. We have project plans in place, and we're on track to meet the timelines that we discussed when we announced the separation.

正如我在準備好的演講中提到的，我們已經設立了分離辦公室。我們已經制定了專案計劃，並且正在按計劃實現我們宣布分離時討論的時間表。

And then finally, I know your comment on offense. And I think that was taken really out of context. Our focus is going to be on -- for freight quality revenue. And the comment was we're going to bolster our sales staffing that are going to have subject matter expertise in this specific LTL space. So we expect the pricing environment to remain rational, and that's our focus.

最後，我知道你對進攻的評論。我認為這完全是斷章取義。我們的重點是貨運品質收入。評論是，我們將加強我們的銷售人員，這些人員將在這個特定的 LTL 領域擁有專業知識。因此，我們預計定價環境將保持合理，這是我們的重點。

We want to maximize revenue quality, not diminish it. So hopefully, that covered all three.

我們希望最大限度地提高收入質量，而不是降低它。希望這涵蓋了所有三個方面。

Yes. Let me -- that's terrific. And let me just add a point here. And Scott, thanks for the question. I think when we look at what we have accomplished over the last couple of years, we have fundamentally changed our structural cost.

是的。讓我--那太棒了。我在此補充一點。斯科特，謝謝你的提問。我認為，當我們回顧過去幾年所取得的成就時，我們已經從根本上改變了我們的結構性成本。

And that puts us in good tertiary. And we have -- when you look at the top and bottom-line performance versus our competition, we have really done a lot better. So that sets the stage for FY26. At the same time, we have several transformational network projects, whether it is Tricolor, Network 2.0, taking down the daytime network that supported the post office, that really increases our flexibility. At the same time, also now have technology that's supporting all this to make sure that we are more optimized.

這使我們處於良好的第三級水平。當你對比我們的競爭對手的營收和淨利表現時，你會發現我們確實做得更好。這為 FY26 奠定了基礎。同時，我們有幾個轉型網絡項目，無論是三色網絡、網絡 2.0，還是拆除支持郵局的日間網絡，這些都確實提高了我們的靈活性。同時，現在也有支援這一切的技術，確保我們更加優化。

What this is doing now is allowing us to expand the market that we can now grow profitably in. So while, yes, there is a -- we don't know exactly how the business environment, especially the industrial environment is going to play out. You would assume that one of these days, it will turn back into the positive. That, we now have opportunity to grow in those segments of the market profitably because of the work we have done on our cost structure as well as our network transformation.

此舉將使我們能夠擴大能夠實現獲利成長的市場。因此，雖然我們確實不知道商業環境，特別是工業環境將如何發展。你會認為有一天，它會重新轉變為正面的狀態。由於我們在成本結構和網路轉型方面所做的努力，我們現在有機會在這些領域實現獲利成長。

So it's a broader point. So we are looking whether it's business or residential, whether it's US or global parcel or pallet, as fast or slow, big or small, we now have had a proposition that allows us to grow profit.

所以這是一個更廣泛的觀點。因此，我們正在考慮無論是商業還是住宅，無論是美國還是全球的包裹或託盤，無論是快還是慢，大還是小，我們現在都有一個可以讓我們增加利潤的主張。

Bascome Majors, Susquehanna.

巴斯康姆梅傑斯，薩斯奎哈納。

Can you talk about where you are in the build-out of the dedicated sales force. I think you said 300 with the December update. And just some early thoughts on what those incentives looks like and the outcomes you want to drive from that team?

您能談談您在專業銷售團隊建立方面所取得的進展嗎？我認為您說的是 12 月更新後的 300。您對這些激勵措施以及您希望從該團隊獲得的結果有何初步想法？

Sure. Thanks, Bascome. And to Scott, to your point, I know what words I won't use on future calls, but -- so John and Raj's point, we do want to continue to focus on profitable growth, and that is going to be the focus of the dedicated sales team to John's point, really, that is the focus there is that we're becoming a very large organization. As you've just heard from Raj, we have multiple growth strategies that we need to execute, and we're particularly excited about those. This team then allows us to go deep and have deep expertise in the LTL.

當然。謝謝，巴斯康姆。對於斯科特，就你的觀點而言，我知道在未來的電話會議中我不會使用什麼詞，但是 - 所以約翰和拉吉的觀點是，我們確實希望繼續關注盈利增長，這將是專門銷售團隊的重點，對於約翰的觀點，實際上，這就是重點，我們正在成為一個非常大的組織。正如您剛剛從 Raj 那裡聽到的，我們有多個成長策略需要執行，我們對此特別興奮。這個團隊使我們能夠深入了解 LTL 並擁有深厚的專業知識。

We also since this coverage will allow us to continue to take share in the small and medium customer segment. We already do a very good job there. But we see that as upside opportunity as we get better coverage for small customers with a focused team. the officer, the Vice President is in place.

我們也因為這種覆蓋範圍將使我們能夠繼續在中小型客戶領域佔據份額。我們在那裡已經做得很好了。但我們認為這是一個上行機會，因為我們可以透過專注的團隊為小客戶提供更好的服務。官員，副總統已到位。

I think I mentioned that on the last call. He's doing a great job of bringing some hiring on. We want to hire the right expertise that can appropriately represent the brand that can appropriately execute our revenue quality strategy. So it will take several months. We're in good shape right now but this hiring will continue through next fiscal year.

我想我在上次通話中提到過這一點。他在招募方面做得非常出色。我們希望聘請合適的專業人士，能夠適當地代表品牌，並適當地執行我們的收入品質策略。所以這將需要幾個月的時間。我們目前狀況良好，但招募將持續到下一個財政年度。

David Vernon, Bernstein.

大衛‧佛農，伯恩斯坦。

So with the Network 2.0 project and the 200 facilities that you guys have run, I appreciate the data point on 12 of the average daily volume now running through an integrated facility. Can you help us kind of think about what the productivity benefits you're getting out of that sample size some of the challenges you're seeing or maybe areas for further kind of refinement as you're working on rolling out the broader Network 2.0 (inaudible)

因此，透過網路 2.0 專案和你們運作的 200 個設施，我很欣賞目前透過綜合設施運作的平均每日流量中的 12 個數據點。您能否幫助我們思考一下，您從這個樣本量中獲得了哪些生產力優勢，您看到了哪些挑戰，或者在推廣更廣泛的網絡 2.0 時可能需要進一步改進的領域（聽不清楚）

Yes. Thank you, David. Firstly, our -- we are pleased with our -- how this Network 2.0 rollout is going on and is doing it a thoughtful and a calculated pace. As they said, we have integrated under the Network 2.0 model. We have maintained solid service levels while still achieving our goal of a 10% reduction on our P&D costs.

是的。謝謝你，大衛。首先，我們對網路 2.0 的推出感到滿意，並且正在以深思熟慮和有計劃的步伐推進。正如他們所說，我們已經在網路2.0模式下進行了整合。我們維持了穩定的服務水平，同時實現了將 P&D 成本降低 10% 的目標。

By the end of fiscal '25, as we talked about 12% of the total volume flowing through Network 2.0 facility, flowing through these Network 2.0 facilities. And by the end of FY26, we expect that number to be about 40%. And also, Network 2.0 represents a significant reduction in our surface capacity over the years to come. So yes, we are quite pleased with how this is going. We have a terrific team that for every rollout, we take the learnings and apply it to the next one and the next one and so once we get better going forward.

到 25 財年末，正如我們所說，流經網路 2.0 設施的總流量的 12% 流經這些網路 2.0 設施。到 26 財年末，我們預計這一數字將達到 40% 左右。此外，網路 2.0 也意味著未來幾年我們的地面容量將大幅減少。是的，我們對事情的進展非常滿意。我們擁有一支出色的團隊，每次推出新產品時，我們都會吸收經驗，並將其運用到下一次推出新產品的過程中，因此我們會不斷進步。

The team has done a really remarkable job, and I think more to come as we -- as FY26.

團隊已經做出了非常出色的工作，我認為在 FY26 期間我們還會做出更多的工作。

Jordan Alliger, Goldman Sachs.

高盛的喬丹·阿利格（Jordan Alliger）。

I know the LTL margins have been under pressure with the industrial economy. I'm just sort of curious, once things start to get better there, can you maybe talk to where do you want to see or where do you think what should LTL margins look like sort of more in the medium and long term? Do we get back to the levels we saw prior to a few quarters ago?

我知道零擔貨運的利潤率一直受到工業經濟的壓力。我只是有點好奇，一旦情況開始好轉，您能否談談您希望看到什麼，或者您認為中長期內 LTL 利潤率應該是多少？我們能回到幾個季度前的水平嗎？

Yes. Thanks, Jordan. Look, we have tremendous confidence in our LTL business and what's been built there. It's important to remember that a large percentage, roughly 90% of the LTL revenue is linked to B2B. And as we've talked about at length, the B2B business and industrial production has been softer.

是的。謝謝，喬丹。你看，我們對我們的 LTL 業務以及在那裡建立的一切充滿信心。重要的是要記住，很大一部分（大約 90%）的 LTL 收入與 B2B 相關。正如我們詳細討論過的，B2B 業務和工業生產一直較為疲軟。

And that's put pressure on the industry, frankly. So we're confident in our ability to -- and are well positioned once the B2B business rebounds. But in the meantime, as Brie talked about, we're focusing on constant improvement, customer service coverage, our sales team. So yes, we're highly confident in expanding the margins for sure.

坦白說，這給該行業帶來了壓力。因此，我們對自己的能力充滿信心——一旦 B2B 業務反彈，我們就會處於有利地位。但同時，正如布里所說，我們專注於持續改進、客戶服務覆蓋和我們的銷售團隊。所以是的，我們非常有信心擴大利潤率。

Chris Wetherbee, Wells Fargo.

富國銀行的克里斯‧韋瑟比。

Yes. Maybe I could pick up on that comment around freight margins and maybe get a sense of what you need to start to begin to stabilize them and maybe move them forward. It seems that the pricing -- underlying pricing environment remains quite good. I get the volumes down (inaudible) down. But I guess the pricing as good -- is it something as we turn the quarter into where you can start to see some expansion again in that business? Or what are the levers you need to pull to start to that come back?

是的。也許我可以理解有關貨運利潤率的評論，並了解需要採取哪些措施來穩定貨運利潤率並推動其向前發展。看來定價——潛在的定價環境仍然相當良好。我把音量調低了（聽不清楚）。但我想定價是好的——當我們進入這個季度時，您是否可以開始看到該業務再次擴張？或者您需要拉動哪些槓桿才能開始恢復？

Chris, I'll start and then turn it over to John if he has any additional color. I think to John's point is that -- right now, we are being very prudent in our growth strategy as we see the market come back from a B2B demand perspective. We are very well positioned to capture that growth, the flow-through and team's ability to capture incremental profit on that volume, we feel very confident.

克里斯，我先開始，然後如果約翰還有其他顏色的話就交給他。我認為約翰的觀點是——目前，我們對我們的成長策略非常謹慎，因為我們從 B2B 需求的角度看到市場正在復甦。我們完全有能力抓住這一成長、流通和團隊在這一數量上獲取增量利潤的能力，我們感到非常有信心。

We do anticipate from a margin perspective that Q4 will be strong for us. We'll see sequential improvement in revenue at the Freight division. It will still be down year-over-year from a revenue perspective, but I'm anticipating quite a good margin in Q4, and that will then be similar in FY26.

從利潤率的角度來看，我們確實預期第四季的業績將會強勁。我們將看到貨運部門的收入連續成長。從營收角度來看，它仍將同比下降，但我預計第四季的利潤率將相當高，2026 財年的利潤率也將保持類似水準。

And I'll just add, we sell a service and continuing to focus on service will allow us to capture more business. And that's all going to be part of the more volume we get focusing on the density and weight per shipment. So all those things taken together, we think we'll operate favorably for LTL.

我還要補充一點，我們銷售的是服務，繼續專注於服務將使我們能夠獲得更多的業務。我們將重點放在每批貨物的密度和重量，從而獲得更多的貨運量。因此，綜合考慮所有這些因素，我們認為 LTL 的營運將呈現有利局面。

Brandon Oglenski, Barclays.

巴克萊銀行的布蘭登‧奧格倫斯基 (Brandon Oglenski)。

Brie, I appreciate the commentary on volumes through the fourth quarter. I think that's very helpful. But US investors are increasingly worried about a recession here, just given all the uncertainty around policies, especially trade and tariffs. So can you give us some maybe more qualitative inputs on what your customers are seeing right now and how they're reacting to this environment? And how future tariff impositions could impact your business?

布里，我很欣賞對第四季銷售的評論。我認為這非常有幫助。但考慮到政策（尤其是貿易和關稅）的種種不確定性，美國投資者越來越擔心美國出現經濟衰退。那麼您能否為我們提供一些更定性的意見，說明您的客戶現在看到了什麼以及他們對這種環境的反應？未來徵收關稅將如何影響您的業務？

Thanks for the question, Brandon. From an outlook perspective, we think that we have given you a very prudent forecast for the fourth quarter and that this incorporates the feedback that we've had from our customers around the world. I would say that from a feedback perspective, I think our number one thing that we keep getting asked is, has there been a pull forward, we did not see any significant pull forward in Q3.

謝謝你的提問，布蘭登。從展望的角度來看，我們認為我們已經給出了第四季度非常審慎的預測，並且這考慮到了我們從全球客戶那裡得到的回饋。我想說，從反饋的角度來看，我認為我們不斷被問到的頭等大事是，是否有向前推動的跡象，我們在第三季度沒有看到任何明顯的向前推動。

We did see a little volatility in APAC kind of at the end of February, early March. But for the most part, a pull forward is really hard. So we have not seen that actually in all the sales calls that I've done over the last 90 days, I've actually only met one customer who attempted it, and they regretted it because they ended up storing some excess inventory.

我們確實在二月底三月初看到亞太地區出現了一些波動。但大多數情況下，向前拉真的很困難。因此，我們實際上並沒有看到，在過去 90 天我打過的所有銷售電話中，我實際上只遇到過一位嘗試過這種方法的客戶，但他們後悔了，因為他們最終儲存了一些多餘的庫存。

As far as kind of how customers are planning, we're having a lot of conversations about being able to move the network as they require. And of course, we are able to do that. We are looking at making sure all of our pricing tools are very dynamic. We've been very pleased with that. So from our ability to respond to customers, most customers have not made any major changes to date because it's really quite difficult to be able to set up additional inventory in our country or move manufacturing.

至於客戶的規劃方式，我們正在進行大量關於如何根據他們的需求遷移網路的討論。當然，我們能夠做到這一點。我們正在確保我們所有的定價工具都是非常動態的。我們對此感到非常高興。因此，從我們回應客戶的能力來看，大多數客戶迄今為止都沒有做出任何重大變更，因為在我們國家建立額外的庫存或轉移製造確實非常困難。

These are things that happen over months and years, not over weeks. I would say to the point on inflation that we are talking to a lot of customers who are anticipating that they will increase prices or already have. So systematically, that is one conversation that we've heard a lot from. I don't know, Raj, John, if you want to add anything?

這些事情會持續數月和數年而不是數週的時間發生。關於通貨膨脹的問題，我想說，我們正在與很多客戶溝通，他們預計會提高價格，或者已經提高了價格。因此，有系統地講，這是我們經常聽到的對話。我不知道，Raj，John，你們還有什麼要補充嗎？

Well, let me just jump in as well. I think in a broader perspective, we'll see the short-term demand environment plays out here. But from -- think about the network that FedEx has built, we connect 220 countries and territories, one to the other. And as the supply chain patterns change, the good news is scale is going to help us because we're already in all these markets. I was just in our LAC headquarters this week, and they were reported to me that many countries in the region are seeing more inbound into those markets.

好吧，我也加入進來吧。我認為從更廣泛的角度來看，我們會看到短期需求環境在這裡發揮作用。但從——想想聯邦快遞所建立的網絡，我們將 220 個國家和地區連接起來。隨著供應鏈模式的變化，好消息是規模將對我們有所幫助，因為我們已經進入了所有這些市場。本週我剛剛訪問了我們位於拉丁美洲和加勒比地區的總部，他們向我匯報說，該地區許多國家的市場都出現了越來越多的入境遊客。

We don't have to do a thing different because the network is already in place, and we are -- that volume is coming through the network. The second thing is, and as Brie has already covered on the operational side, we are obviously ready to make that happen for our customers. but this is another important point. Think about all the data that's required for one country to every other country for every commodity.

我們不需要做任何不同的事情，因為網路已經到位，而且我們正在透過網路傳輸資料。第二件事是，正如 Brie 已經在營運方面提到的那樣，我們顯然已經準備好為我們的客戶實現這一目標。但這是另一個重點。考慮一個國家向其他國家提供的每種商品所需的所有資料。

Well, we have that data as we have from an operational perspective, but most importantly, we have organized that data and structured that data over the last five years. So now in these more complicated times, we now have an ability to provide new value for our customers, leveraging the insights that we have on what global supply chains and customs clearance. So again, that's also becomes an enabler but also a differentiator and a value creator in its own right. So this is a dynamic environment as we speak.

嗯，從營運角度來看，我們擁有這些數據，但最重要的是，我們在過去五年中組織並建立了這些數據。因此，現在在這個更複雜的時期，我們現在有能力利用我們對全球供應鏈和清關的了解，為客戶提供新的價值。所以，這又成為一種推動因素，同時也是一種差異化因素和價值創造者。因此，正如我們所說，這是一個動態的環境。

Daniel Imbro, Stephens.

丹尼爾伊姆布羅、史蒂芬斯。

You mentioned pricing back up was stable. I think peak [surcharges] helped the quarter. But how has that progressed here into fiscal 4Q? The industry seems to be remaining rational, but obviously, you mentioned breakdown. I guess how should we think about or net those two things against each other as we think about the pace of pricing moving through the end of this year and into fiscal '26?

您提到價格回升至穩定水準。我認為高峰[附加費]對本季有所幫助。但第四財季的情況如何呢？這個行業似乎保持理性，但顯然你提到了崩潰。我想，當我們考慮今年年底和 26 財年的定價速度時，我們應該如何考慮或將這兩件事相互抵消？

Thanks for the question, Daniel. So I think a couple of things. First, from a market and a pricing environment perspective, it's always competitive. But it's been rational. And honestly, I think if anything, we've seen improvement in the environment throughout the fiscal year.

謝謝你的提問，丹尼爾。所以我想到了幾點。首先，從市場和定價環境的角度來看，它始終是有競爭力的。但它是理性的。老實說，我認為如果有的話，我們已經看到整個財政年度的環境有所改善。

I was really pleased with our demand surcharge capture in December. I've also been very pleased out of the gate with our capture, which was 5.9%. So from a pricing perspective, I feel pretty good. You said something about trade down. I really want to correct that a bit.

我對我們 12 月的需求附加費感到非常滿意。我對我們的捕獲率也感到非常滿意，達到了 5.9%。所以從定價的角度來看，我覺得相當不錯。您談到了有關降級貿易的事情。我確實想稍微糾正一下。

When we looked at, first of all, all of our yields, and I think it's really important to look at this, when you look at the individual products, I'm quite pleased with the yield growth overall. Domestic priority yield is up. I yield is up.

首先，當我們查看所有收益時，我認為查看這一點非常重要，當您查看單一產品時，我對整體收益成長感到非常滿意。國內優先股收益率上升。我屈服了。

When you look at the ground segment, both ground commercial as well as ground home delivery are up what we are simply seeing is that the demand for deferred volume is outpacing the growth for priority. In addition to that, the team has done an outstanding job of capturing that deferred growth both internationally as well as domestically. I think the best proof point that I can give you is the 17% improvement in margin in the quarter at SEC that really does show that not only did we capture the deferred domestically, we captured it internationally.

當您查看地面部分時，地面商業和地面送貨上門業務都在增加，我們只是看到延期交付量的需求超過了優先交付量的增長。除此之外，該團隊在國際和國內都出色地實現了延遲成長。我認為我能給出的最好證明是本季度 SEC 利潤率提高了 17%，這確實表明我們不僅在國內獲得了遞延收益，而且在國際上也獲得了遞延收益。

So we're doing a job of managing each product. And then when there is a deferred demand, it's important that we capture it in the right product because as we optimize our network and implement our transformation whether it's Network 2.0, whether it's DRIVE, whether it's Tricolor, where you're building the right cost structure with the right transit for those deferred products. So it's not been a shift. It really is just about the deferred growth growing faster.

所以我們的職責就是管理每件產品。當出現延期需求時，重要的是我們要用正確的產品來捕捉它，因為當我們優化網絡並實施轉型時，無論是網絡 2.0、DRIVE 還是 Tricolor，您都要為這些延期產品構建正確的成本結構和正確的運輸方式。所以這並不是什麼轉變。這實際上只是延遲成長速度加快了。

And I want to jump on the last point that we just talked about. It also connects as I said earlier, on our networks. So as we have engineering our networks not by the legacy opcos, but now across the whole enterprise, we have now unique combinations of light truck fly or truck trucks, so many different pieces, aided by latest technology.

我想談談我們剛才討論的最後一點。正如我之前所說，它也連接到我們的網路。因此，我們的網路設計不再由傳統的營運公司完成，而是涵蓋整個企業，現在我們擁有輕型卡車或卡車的獨特組合，以及許多不同的部件，並藉助最新技術。

And this we are able to now profitably grow in these deferred markets as well. And that's a big difference because now we are getting to a cost structure to profitably serve this increasings water demand. And by the way, as we roll our Network 2.0, as we -- as Europe gets better as we roll out Tricolor, these things just get better as we move forward.

現在我們也能夠在這些延期市場中獲利成長。這是一個很大的區別，因為現在我們正在製定一種成本結構來滿足日益增長的用水需求，並實現盈利。順便說一句，隨著我們推出網路 2.0，隨著歐洲隨著我們推出三色旗而變得更好，這些事情只會隨著我們的前進而變得更好。

Tom Wadewitz, UBS.

瑞銀的湯姆‧韋德維茲 (Tom Wadewitz)

Yes, wanted to ask you a little bit more. I think you're talking about it a bit just on the deferred volumes in ground. You saw a pretty significant lift in, I guess, ground residential, right? And I'm wondering if you like have a sense of where that's coming from? Is that a function of the SurePost changes at UPS or something else?

是的，想多問你一點問題。我認為您只是在談論地面上的延期量。我想，您看到地面住宅的價格有相當顯著的成長，對嗎？我想知道您是否知道這是從哪裡來的？這是 UPS SurePost 變更的功能嗎？

And I guess, broadly on Parcel Select as postal service really changes that dynamic. Is that a meaningful impact? Is that positive to pricing in a significant way? And then I guess one last piece. Just any thoughts on LTL leadership, external or internal.

我認為，從廣義上講，Parcel Select 郵政服務確實改變了這種動態。這是一個有意義的影響嗎？這對於定價是否有重大正面作用？我想還有最後一件。只是關於 LTL 領導力（無論是外部還是內部）的任何想法。

Sorry, I know there's a couple in there.

抱歉，我知道裡面有幾個。

Okay. I'll take the first two, and I'll let my boss take the third one. From a deferred growth, from our ground portfolio in the past quarter and actually throughout the year, our FedEx Ground economy product has been driving that residential growth. Actually, it's been a really good news story for FedEx. First of all, our Ground Economy product is incredibly competitive.

好的。我會選擇前兩個，然後讓我的老闆選第三個。從遞延成長來看，從上個季度以及實際上全年的地面投資組合來看，我們的聯邦快遞地面經濟產品一直在推動住宅成長。事實上，這對聯邦快遞來說是一個非常好的消息。首先，我們的地面經濟產品極具競爭力。

The team does a really good job from a transit perspective. Every single ground economy package also has picture proof of delivery, which we've just had a tremendous response from. And of course, the product also has some of the weekend advantage, not all of the weekend advantage that home delivery does, but some of the weekend advantage.

從運輸角度來看，該團隊做得非常出色。每個地面經濟包裹都附有送達的圖片證明，我們剛剛收到了熱烈的反響。當然，該產品還具有一些週末優勢，不是送貨上門所具有的全部週末優勢，但具有部分週末優勢。

So it's a very competitive product. What we have seen as we have taken share through FedEx Ground economy this year is, first of all, we're really pleased with the yields that we're getting with that. in addition to and what I'm so proud of the sales team is if you look at the incremental volume that we have taken on this year, every FedEx Ground package comes with two other packages domestically, and the revenue is $1 to $4. So for every dollar we bring in from a FedEx Ground economy, we're getting $4 of domestic revenue. We're really pleased with that.

所以這是一個非常有競爭力的產品。我們今年透過聯邦快遞地面經濟佔據了一定份額，首先，我們對所獲得的收益感到非常滿意。除此之外，讓我為銷售團隊感到驕傲的是，如果你看看我們今年的增量，你會發現每個聯邦快遞地麵包裹都會附帶兩個國內的另外包裹，收入為 1 到 4 美元。因此，我們從聯邦快遞地面經濟中獲得的每一美元，都會帶來 4 美元的國內收入。我們對此感到非常高興。

That is very specific to the new customers we've acquired this year, but we're really pleased with that. And then again, I think we're capturing it. Is it because of some of the changes in the market -- that certainly has helped. But honestly, I think it's about our value proposition being the strongest in the market.

這與我們今年獲得的新客戶具體相關，但我們對此感到非常高興。而且我再次認為我們已經抓住了它。是不是因為市場發生了一些變化？但老實說，我認為這與我們在市場上最強的價值主張有關。

And Tom, to your last question there, we are conducting a very comprehensive search for the CEO of FedEx Freight, and I'm confident that through our thorough process that we will provide FedEx Freight with the right visionary leader who can help chart the core of this new stand-alone own company. And we'll look forward to updating you on that decision as well as it's a broader leadership team in the near future.

湯姆，回到你最後一個問題，我們正在對聯邦快遞貨運進行全面的首席執行官搜尋，我相信，通過我們全面的搜尋過程，我們將為聯邦快遞貨運找到合適的、有遠見的領導者，幫助規劃這個新的獨立公司的核心。我們期待在不久的將來向您以及更廣泛的領導團隊通報這項決定。

Jason Seidl, Cowen.

傑森·塞德爾，考恩。

Wanted to jump back on the Freight side here. You mentioned that your expectations are for the shipment declines get a little less worse. I was wondering, is that due to some of maybe shifts in the weather pushing some freight from quarter-to-quarter? Or do you think things might be getting just a little bit better on the LTL side? And then if I could just throw one other one in there.

想回到貨運方面。您提到，您預計出貨量下降的情況會有所改善。我想知道，這是否是由於天氣變化導致貨運量逐季下降？或者您認為 LTL 方面的情況可能會稍微好一點？然後如果我可以再把一個放進去的話。

Any thoughts on some of the proposed changes at the USPS on the cost side?

您對美國郵政服務在成本方面提出的一些變化有何看法？

So Jason, I'll start with the LTL. I think it's all the factors we talked about is why we have confidence in our LTL business, the expanded sales force to improve service. the back-office focus. And it's I think an important note to mention even though we've set up the separation management office, that office is charged with really two work streams: one, continue to improve the business today as well as prepare for the future separation tomorrow. So all those reasons factor into why we have confidence in that growth.

那麼 Jason，我將從 LTL 開始。我想我們討論的所有因素都是我們對我們的零擔業務、擴大銷售團隊以改善服務充滿信心的原因。後台焦點。我認為需要指出的是，儘管我們已經成立了分離管理辦公室，但該辦公室實際上負責兩項工作：一是繼續改善當前的業務，二是為未來的分離做好準備。所有這些原因都說明了我們為什麼對這種成長充滿信心。

Thanks, John. I think the second half of the question was about some of the competitive changes that USPS has made in the market. I think the first and most important thing is, of course, we are very focused on customers that appreciate our value proposition, the quality service, the reliability that we provide. FedEx Ground economy, as I mentioned early, are very well positioned compared to the USPS' ground Advantage product. We are being selective, but I will say that some of the pricing and honestly, some of the service challenges in the market from our competitors are in a from an acquisition perspective, certainly.

謝謝，約翰。我認為問題的後半部分是關於 USPS 在市場上做出的一些競爭變化。我認為首要的事情當然是，我們非常關注欣賞我們的價值主張、優質服務和我們提供的可靠性的客戶。正如我之前提到的，聯邦快遞地面經濟型產品與美國郵政服務的地面優勢產品相比，處於非常有利的位置。我們是有選擇性的，但我要說的是，從收購的角度來看，我們的競爭對手在市場上面臨的一些定價和坦白地說一些服務挑戰肯定是存在問題的。

Brian Ossenbeck, JPMorgan.

摩根大通的布萊恩‧奧森貝克。

Quick follow-up for Brie. Can you just talk about the ability to keep pushing price in this sort of environment. We're seeing surcharges increased core price obviously increase. You mentioned the trade down, certainly deferred product growth, but I would imagine that some of that is coming from people making that decision. And then if you can maybe just touch on Europe.

快速跟進 Brie。您能否談談在這種環境下繼續推高價格的能力？我們看到附加費增加，核心價格明顯上漲。您提到了交易降級，這肯定會推遲產品成長，但我想其中部分原因是人們做出了這個決定。然後您可以談談歐洲嗎？

We haven't had a lot of positivity around that space in a little while, but it sounds like you're actually seeing some momentum. So I want to hear about how that was progressing and if we should start to see a little bit more acceleration as that economy starts to pick up a little bit of pace eased on a relative basis?

一段時間以來，我們並沒有在該領域看到太多積極跡象，但聽起來你實際上看到了一些動力。所以我想聽聽進展如何，以及隨著經濟開始回升，我們是否應該開始看到更多的加速，相對而言步伐有所減緩？

Sure. Let me start with the second part. I've got a lot of positivity for Europe. When I look at the ability to grow, and I think we've mentioned it before, the European division, when we look at their parcel market share has taken share now seven quarters in a row.

當然。讓我先講第二部分。我對歐洲抱持非常正面的看法。當我看到成長能力時，我想我們之前提到過，歐洲分部的包裹市場份額已經連續七個季度保持領先。

So from a momentum perspective, I am really pleased and of course, the economy in Europe is not helping that team, and it's much more difficult to take profitable market share in a down economy, but that's exactly what the team is doing. How are they doing it? Service has been sequentially better quarter after quarter. Huge shout out to [Wilder] and the team over in Europe.

因此從勢頭的角度來看，我真的很高興，當然，歐洲的經濟對這個團隊沒有幫助，在經濟低迷的情況下獲得有利可圖的市場份額要困難得多，但這正是該團隊正在做的事情。他們是如何做到的？每個季度，服務品質都在不斷提高。向 [Wilder] 和歐洲隊致以最崇高的敬意。

Productivity is also improving. And so we're seeing great flow-through, which allows that flywheel to continue. So from a Europe perspective, we do have upside opportunities still, some work we have to do in that region. There's no doubt about it, but we are really pleased with the fiscal year that team is having. And I should also say they've done a great job on Intercontinental out of Europe as well as across Europe.

生產效率也在提高。因此，我們看到了巨大的流動性，這使得飛輪能夠繼續運轉。因此從歐洲的角度來看，我們確實仍然存在上行機會，我們必須在該地區做一些工作。毫無疑問，我們對團隊本財年的表現感到非常滿意。我還應該說，他們在歐洲以外以及整個歐洲的洲際航線都做得非常出色。

And then from a deferred perspective, to your point, yes, there has been some trade down. But again, the majority of the deferred parcel volume that we are seeing is incremental customer. That's a new customer acquisition, which we're really pleased with. From a pricing perspective, as I mentioned, when we look at our discipline, we continue to be the market leader. So I look at each one of those products and are we moving them forward.

然後從延遲的角度來看，正如您所說，是的，確實存在一些貿易下滑。但同樣，我們看到的延期包裹數量大部分是增量客戶。這是一次新客戶的收穫，我們對此感到非常高興。從定價角度來看，正如我所提到的那樣，當我們審視自己的紀律時，我們仍然是市場領導者。因此，我審視每一個產品並研究它們是否正在向前發展。

As I just talked about, when you look at the premium segment, we're making sure we're not discounting the premium parcels to capture share. You can see that, that we are getting yield improvement. We're being very disciplined on surcharges. I talk about that a lot because it's really important. We do the best job in the market on large package.

正如我剛才所說，當你看高端市場時，我們會確保我們不會打折高端產品來搶佔市場份額。您可以看到，我們的產量正在提高。我們對附加費非常嚴格。我經常談論這個，因為它確實很重要。我們在大包裝市場上做得最好。

We are the only versus our primary competitor, we go to all of the rural markets in the country. And so those are helping get a disproportionate margin on some of those harder to handle packages. So surcharges are really important. And I do think that we are going to start to see as we move into FY26, some lapping of some of the pressure that we have seen on base. It won't be all the way through in the front half of FY26, given the length of our contracts but we are certainly seeing an improvement in the pricing market.

我們是唯一與我們的主要競爭對手相比，我們進入了全國所有的農村市場。這些有助於在一些較難處理的包裹上獲得不成比例的利潤。因此附加費確實很重要。我確實認為，隨著我們進入 26 財年，我們將開始看到我們在基地看到的一些壓力減輕。考慮到我們合約的期限，它不會在 26 財年上半年完全實現，但我們確實看到定價市場的改善。

Conor Cunningham, Melius Research.

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

I'm a little confused on the changes to the air fleet side. With the incremental 777s, I would have thought that would have resulted in maybe a retirement of MD-11, but you actually extended up. So can you just give some color on what's going on with the fleet strategy. And maybe it's just as simple as you have a bunch of planes that are parked and maybe you could just talk about that relative to where you were last year and where you are now, that would be helpful?

我對空軍方面的變化有點困惑。隨著 777 的不斷增加，我原本以為這可能會導致 MD-11 的退役，但你們實際上卻延長了這一期限。那麼能否介紹一下艦隊戰略的進展？也許這很簡單，例如你有一堆停放的飛機，也許你可以談談相對於去年和現在的情況，這會有所幫助嗎？

Sure. Thanks, Conor. And let me just take a moment to reiterate our commitment to stay on track to what we put out there for FY26 on the $1 billion aircraft CapEx target. As I stated in my prepared remarks, we're planning to stay within that area of investment, not only in FY26, but for the immediate years beyond, and these aircraft acquisitions are within that framework. That all said, our investments are focused on return on invested capital, right, which is now also included in our executives' long-term incentive compensation.

當然。謝謝，康納。請容許我花一點時間重申我們的承諾，繼續實現 2026 財年 10 億美元的飛機資本支出目標。正如我在準備好的發言中所說，我們計劃繼續在該投資領域進行投資，不僅在26財年，而且在接下來的幾年裡，這些飛機收購都屬於這一框架之內。總而言之，我們的投資重​​點是投資資本的回報，現在這也包含在我們高階主管的長期激勵薪酬中。

So I'm getting that to you by a way of a little bit of background. I did a little homework. I haven't been here all that long, but I did some homework on the last 777 orders, and they were all the way back in 2018.

因此我將透過一些背景知識來向您介紹這一點。我做了一點作業。我來這裡的時間並不長，但我對最後的 777 訂單做了一些功課，它們都是 2018 年的。

So it's been a while since we ordered new airplanes. And these airplanes are particularly attractive. In fact, I'd say they're coveted assets because they're the last -- the eight new ones, I'm not talking about the two used ones with the eight new ones, they're the last of the current model of the 777 freighter to be produced by Boeing, and we acquired them at very attractive prices.

所以我們已經有一段時間沒有訂購新飛機了。這些飛機特別有吸引力。事實上，我想說它們是令人垂涎的資產，因為它們是最後的——八架新飛機，我說的不是八架新飛機和兩架二手飛機，它們是波音公司生產的最後幾架現役 777 貨機，而且我們以非常誘人的價格收購了它們。

And I note that because those of you who know me from my prior company know that I also acquired the last 4, 747s that were ever produced that turned out to be one of the best financial acquisitions for that company. These aircraft are in very high demand, and we didn't want to let them go for one, but our decision was really informed by both our MD-11 retirement plans as well as our growth projections for the international freight market. I think it's important to remember, not only has it been a while since we ordered 777s, but we permanently removed 31 aircraft at the end of FY24, which were 9 MD-11 and 22 757s.

我之所以要指出這一點，是因為那些在我之前的公司認識我的人都知道，我還收購了該公司最後生產的 4 架 747 飛機，這後來成為該公司最成功的財務收購之一。這些飛機的需求非常大，我們不想放棄購買其中一架，但我們的決定實際上是基於我們的 MD-11 退役計劃以及我們對國際貨運市場的成長預測。我認為需要記住的是，不僅我們訂購 777 已經有一段時間了，而且我們在 24 財年末永久淘汰了 31 架飛機，其中包括 9 架 MD-11 和 22 架 757。

So it's a combination of incremental versus replacement capacity. With regard to the MD-11s and the kind of push to the right of those retirements, those -- that was done for business reasons. Due to our international economy growth, we've made the decision to extend those to FY32. Those assets are mostly depreciated, but have some useful life left in them and can support our profitable growth strategy. So if the demand environment doesn't pan out, we also have the ability to accelerate any retirements on MD-11s.

因此，它是增量容量與替代容量的結合。至於 MD-11 以及推動其退役的舉措，這些都是出於商業原因。由於國際經濟的成長，我們決定將這些延長至 2032 財年。這些資產大部分已折舊，但仍有一定的使用壽命，可以支持我們的獲利成長策略。因此，如果需求環境沒有好轉，我們也有能力加速 MD-11 的退役。

But right now, given the demand that we're seeing out there, particularly in the international economy growth, we elected to extend the life of those aircraft. So it's a combination of all those factors. So hopefully, that was helpful.

但目前，考慮到我們看到的需求，特別是國際經濟成長，我們選擇延長這些飛機的使用壽命。所以這是所有這些因素的綜合作用。希望這對您有幫助。

Ravi Shanker, Morgan Stanley.

摩根士丹利的拉維‧尚克 (Ravi Shanker)。

Just a couple of follow-ups here. Just on the minimus, what percentage of your revenues comes from customers typically use a de minimis rule for shipping their products? And second, on Europe, you mentioned profitable growth there. Can you confirm if Europe is profitable or not? And if not, kind of when do you think it might get there once you guys put in all drive and other initiatives?

這裡僅有幾個後續問題。至少，您的收入中有多少比例來自於通常使用最低限度規則來運送產品的客戶？第二，關於歐洲，您提到了那裡的獲利成長。你能確認歐洲是否有獲利嗎？如果沒有，那麼您認為，在你們全力以赴並採取其他舉措之後，什麼時候才可能實現這一目標？

Well, I'll just say, Ravi, that the majority of our export volumes are linked to B2B volumes and a minority of our revenue base on export lanes are covered under the de minimis exemption. And the -- and of course, we are just pleased with the progress we're making in Europe, the $600 million of drive savings are in FY -- this fiscal year, and we expect to see more of that in the next year.

好吧，拉維，我只想說，我們的大部分出口量都與 B2B 量相關，並且我們出口航線收入基礎的一小部分屬於最低限度豁免的範疇。當然，我們對歐洲的進展感到非常滿意，本財年我們節省了 6 億美元，我們預計明年將節省更多。

Ken Hoexter, Bank of America.

美國銀行的肯‧霍克斯特 (Ken Hoexter)。

Just to clarify [Dave Vernon's] question earlier on Network 2.0. As you accelerate on a number of markets, is there any initial volume loss or added costs such as software rollout that that needs to be done or do you need to slow down ops just to check out how things are progressing. And then brief the thoughts on the shift to economy. Can you talk about how you adjust the cost structure to meet the significantly lower yield on those products?

只是為了澄清 [Dave Vernon] 之前關於 Network 2.0 的問題。當您在多個市場上加速發展時，是否存在任何初始銷售損失或額外成本（例如需要進行的軟體推出），或者您是否需要放慢營運速度以檢查事情的進度。然後簡單談談轉向經濟的想法。能談談如何調整成本結構以因應這些產品產量明顯下降的情況嗎？

Our network so far, so good. And so we are, again, in the early stages. Like I said, we are doing it very methodically. And the objective here is not only to improve our efficiency, but make sure that our customer experience gets better, and that's what we are focused on.

到目前為止，我們的網路一切順利。因此，我們又處於早期階段。正如我所說的，我們做得非常有條不紊。這裡的目標不僅是提高我們的效率，而且確保我們的客戶體驗變得更好，這就是我們關注的重點。

And if I could also, Ken, on that point, as reflected in our budget of coming down to $300 million, and we're well underway on Network 2.0. We're staying within budget and looking for opportunities to tighten our CapEx investment along the way, too, and that's being reflected in our ability to bring down our CapEx for this year. So I guess that's a long-winded way of saying that we're staying within budget on executing Network 2.0.

肯，如果可以的話，就這一點而言，正如我們的預算降至 3 億美元所反映的那樣，我們在網路 2.0 上進展順利。我們在控制預算的同時，也尋找機會收緊資本支出投資，這反映在我們降低今年資本支出的能力。所以我想這是一種冗長的說法，我們在執行網路 2.0 時保持在預算之內。

To answer the question on how are we getting a lower cost structure from economy? The answer is there's multiple ways. I think here domestically on the FedEx Ground economy, John and the surface team have done an outstanding job of using surface. We are trying to sort of cycle. We are looking at different delivery ways.

回答我們如何從經濟中獲得更低成本結構的問題？答案是有多種方法。我認為，在國內的聯邦快遞地面經濟方面，約翰和地面團隊在使用地面運輸方面做得非常出色。我們正在嘗試進行循環。我們正在尋找不同的交付方式。

From an air freight perspective, as Raj just talked about, we are absolutely increasing our trucking versus flying. In addition to that, the IPFS as well as the [IEF] product, we were moving off cycle. So we're not hitting prime sort, which allows us to sweat our assets the extra time in transit from an IEF perspective allows us to build far greater dense loads. It allows us to improve our stackability. It allows us to layer on small parcels when you think about an air freight container.

從空運角度來看，正如 Raj 剛才所說，我們絕對會增加卡車運輸量而非航空運輸量。除此之外，IPFS 以及 [IEF] 產品也正在脫離週期。因此，我們不會達到最佳排序，這使我們能夠充分利用我們的資產，從 IEF 的角度來看，運輸過程中的額外時間使我們能夠建立更大的密集負載。它使我們能夠提高可堆疊性。當您考慮空運貨櫃時，它使我們能夠對小包裹進行分層。

We are going to load it with airfreight and then top it off with your poly bags from an e-commerce perspective. So multiple levers we are pulling in addition, as we talk about the drive growth, we are managing SG&A very tightly.

我們將用空運裝載它，然後從電子商務的角度用您的塑膠袋將其裝上。因此，我們正在採取多種措施，此外，當我們談論推動成長時，我們正在嚴格管理銷售、一般和行政費用。

So as we take on deferred volume, we know that we cannot have the same amount of SG&A on the deferred yield. So multiple levers. The team is pulling all of them. And as you saw, it's showing up in the P&L.

因此，當我們承擔遞延量時，我們知道我們不能在遞延收益率上獲得相同數量的銷售、一般和行政費用。因此有多個槓桿。團隊正在拉動他們所有人。正如您所看到的，它會出現在損益表中。

Ari Rosa, Citigroup.

花旗集團的阿里·羅莎 (Ari Rosa)。

So I was hoping we could revisit some of the longer-term targets, whether those are the targets that you spoke about at Investor Day or if you want to speak to kind of how you're thinking about the longer-term opportunity in the business? Because you've talked a lot about some of the savings, the progress that's being made with DRIVE, but here we are kind of multiple quarters in a row where kind of the outlook has been revised lower. So maybe you could talk about it, is it just -- is the macro that much weaker than expected at the time that you set out those targets.

所以我希望我們可以重新審視一些長期目標，無論這些是您在投資者日談到的目標，還是您想談談您如何看待業務中的長期機會？因為您已經多次談論了 DRIVE 所取得的一些節約和進展，但是我們已經連續多個季度下調了預期。所以也許您可以談論它，是否——宏觀經濟是否比您設定這些目標時預期的要弱得多。

And then as we think about longer term, maybe you could talk about kind of what level of operating leverage we could expect to see or what kind of contribution to operating earnings, we could see over the longer term as the macro improves, given kind of some of the structural improvements that you put in place?

然後，當我們考慮長期時，也許您可以談談我們可以預期看到什麼水平的營業槓桿，或者在宏觀經濟改善的情況下，考慮到您實施的一些結構性改進，我們可以在長期內看到對營業利潤的何種貢獻？

Thank you, Ari. When we spoke about this a couple of years ago, we had obviously had a different expectation on where the revenue is going to be. But our goals, if you remember, were improved operating margin, improve our return on invested capital. And we have accomplished those. The fact that we have done it in an environment where the revenues now actually came down is, I think, is extraordinarily impressive.

謝謝你，阿里。當我們幾年前談論這個問題時，我們顯然對收入來源有不同的期望。但如果您還記得的話，我們的目標是提高營業利潤率，提高投資資本報酬率。我們已經實現了這些。我認為，我們在收入實際上下降的環境下完成了這一目標，這是非常令人印象深刻的。

I would have thought that the industrial production would be down 24 of 25 months in the last 24, 25 months, it's just -- that was not definitely factored in. But the fact that the work that we have done to make sure that our structural costs will reduce and that when we see a turn back and we will on the industrial environment, then there is a significant leverage that exists in our business.

我原本以為，在過去的 24、25 個月中，工業生產會有 24 個月出現下降，只是──這一點並沒有被明確考慮。但事實上，我們所做的工作確保了我們的結構性成本將會降低，而且當我們看到工業環境出現改善時，我們的業務就會產生很大的槓桿作用。

At the same time, we have also now transformed our networks. And because of -- it's not easy to do that, but we are in the process of doing that through Tricolor, Network 2.0, the work that we are doing in Europe and other projects, that then allows us to reduce the overall cost to serve for some of the other segments of the market in international air freight is a classic case. So we now have an opportunity to not only to grow in the industrial economy comes back, but now we have an opportunity to profitably grow in new segments of the market. So those combination of it is what gives me a lot of confidence as we go forward.

同時，我們現在也改變了我們的網路。因為——這並不容易，但我們正在透過 Tricolor、Network 2.0、我們在歐洲和其他專案上開展的工作來實現這一目標，這使我們能夠降低為國際空運市場其他部分提供服務的總體成本，這是一個典型的例子。因此，我們現在不僅有機會在工業經濟復甦中實現成長，而且有機會在新的細分市場中實現獲利成長。所以這些因素的結合給了我很大的信心，讓我們繼續前進。

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

我們的問答環節到此結束。我想將會議交還給 Raj Subramaniam，請他作最後發言。

I'm going to just rephrase some of the things I just said to Ari's question because this is really important. Firstly, though, I would just want to take this opportunity to thank the entire FedEx team for the performance that we have delivered here. and we have significantly reduced our cost structure over the past couple of years.

我將重新表達我剛才回答 Ari 的問題時所說的一些內容，因為這確實很重要。首先，我只想藉此機會感謝整個聯邦快遞團隊的出色表現。我們在過去幾年中大幅削減了成本結構。

I couldn't be proud of Team FedEx as we are on target to reduce more than $4 billion in structural cost by end of FY25 versus '23. We have outperformed the industry on both top and bottom line over this time period. We have enshrined drive as the way we work. It's an execution framework that will serve us well into the future. We also created a powerful data infrastructure that serves as an enabler, differentiated and a value creator.

我為聯邦快遞團隊感到自豪，因為我們的目標是到2025財年末將結構性成本與2023財年末相比減少40億美元以上。在此期間，我們的營收和利潤均超越了行業平均。我們已將動力視為我們的工作方式。這是一個能為我們未來提供良好服務的執行架構。我們還創建了強大的數據基礎設施，作為推動者、差異化者和價值創造者。

With Network 2.0, Tricolor and other initiatives, we are transforming our networks and making them more efficient and differentiated aided enabled by the latest technology. So I said, look ahead, we have a better, more flexible cost structure that can create significant value as you probably profitably expand the markets where we compete. And benefit from significant leverage with the industrial economy returns to growth. And these are some of the very powerful reasons that I feel very confident in the future of FedEx. Thank you very much, operator.

透過網路2.0、三色旗和其他舉措，我們正在利用最新技術改造我們的網絡，使其變得更加高效和差異化。所以我說，展望未來，我們擁有更好、更靈活的成本結構，可以創造巨大的價值，因為你可能會有利可圖地擴大我們競爭的市場。並受益於工業經濟恢復成長的明顯槓桿作用。這些都是我對聯邦快遞的未來充滿信心的一些非常強大的原因。非常感謝，接線生。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。