聯邦快遞 (FDX) 2026 Q1 法說會逐字稿

Good day, and welcome to the FedEx first-quarter fiscal 2026 earnings call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加聯邦快遞 2026 財年第一季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

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

現在，我想將會議交給聯邦快遞投資者關係副總裁 Jeni Hollander。

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

下午好，歡迎參加聯邦快遞公司第一季財報電話會議。第一季財報、10-Q 表和統計資料手冊已發佈於我們的網站 investors.fedex.com。本次電話會議及隨附的幻燈片已從其網站線上播放。

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

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

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

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。此類前瞻性陳述受風險、不確定性和其他因素的影響，可能導致實際結果與此類前瞻性陳述所表達或暗示的結果有重大差異。有關這些因素的更多信息，請參閱我們的新聞稿和向美國證券交易委員會提交的文件。

Today's presentation also includes certain non-GAAP financial measures. 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公認會計準則財務指標。請參閱我們網站 fedex.com 的投資者關係部分，以了解本次電話會議中討論的非 GAAP 財務指標與最直接可比較的 GAAP 指標的對照。

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 和執行副總裁兼財務長 John Dietrich。

Now, I will turn the call over to Raj.

現在，我將把電話轉給 Raj。

Thank you, Jeni. We delivered a solid quarter in line with the Q1 outlook we shared in June despite significant volatility and uncertainty around the global trade environment. Our results demonstrate the resilience we have built into our network. They also reflect the dedication of our world-class team who have adapted quickly to serve customers with excellence through an evolving demand environment. I'm very appreciative of Team FedEx.

謝謝你，詹妮。儘管全球貿易環境存在巨大波動和不確定性，但我們本季的業績表現穩健，與我們 6 月分享的第一季展望一致。我們的成果證明了我們在網路中建立的彈性。它們也體現了我們世界一流團隊的奉獻精神，他們能夠迅速適應不斷變化的需求環境，為客戶提供卓越的服務。我非常感謝聯邦快遞團隊。

We continue to reduce structural costs while deploying Tricolor, advancing Network 2.0, and improving our European operations. These strategies are enabling us to flex the network faster than ever before and lowering our cost to serve, all while providing our customers with high-quality service. Importantly, we are continuing to win new business in high-value verticals, driven in part by our differentiated digital tools that are enhancing the FedEx value proposition and customer experience.

我們在部署 Tricolor、推進 Network 2.0 和改善歐洲業務的同時，繼續降低結構性成本。這些策略使我們能夠比以往更快地靈活調整網路並降低服務成本，同時為我們的客戶提供高品質的服務。重要的是，我們繼續在高價值垂直領域贏得新業務，部分原因是我們的差異化數位工具增強了聯邦快遞的價值主張和客戶體驗。

We also continue to make meaningful progress preparing for the spin-off of FedEx Freight, which remains on track. Following the spin-off, Freight will be a separate public company with the best customer value proposition in the LTL market and a proven track record of strong operational execution.

我們在為聯邦快遞貨運業務的分拆做準備方面也繼續取得有意義的進展，目前分拆工作仍在按計劃進行。分拆後，Freight 將成為一家獨立的上市公司，在零擔貨運市場中擁有最佳的客戶價值主張，並擁有強大的營運執行力記錄。

Turning to our consolidated Q1 results. Revenue was up 3% year over year, driven by strength across our US domestic package services. We achieved our targeted $200 million in transformation-related savings and grew adjusted operating income by 7%.

談到我們第一季的綜合業績。得益於美國國內包裹服務的強勁成長，營收年增 3%。我們實現了與轉型相關的 2 億美元節省目標，調整後的營業收入成長了 7%。

Similar to last quarter, the results at Federal Express Corporation, or FEC, demonstrate the operating leverage that we built into our business. On a 4% year-over-year increase in FEC revenue, we grew adjusted operating income by 17% and expanded adjusted operating margin by 70 basis points.

與上一季類似，聯邦快遞公司（FEC）的業績證明了我們在業務中建立的營運槓桿。在 FEC 收入年增 4% 的情況下，我們的調整後營業收入成長了 17%，調整後營業利潤率擴大了 70 個基點。

Notably, we achieved this result despite continued headwinds from the trade environment and the US Postal Service contract expiration. Consistent with the industry trends that we have seen in recent quarters, revenue at Freight remained pressure. That said, despite the prolonged weakness in the industrial economy, the LTL market remains rational, and we are well-positioned with our disciplined approach to strategic growth.

值得注意的是，儘管貿易環境和美國郵政服務合約到期持續不利，我們仍然取得了這一成果。與我們最近幾季看到的行業趨勢一致，貨運收入仍然面臨壓力。儘管如此，儘管工業經濟長期疲軟，但零擔運輸市場仍保持理性，我們憑藉嚴謹的策略成長方式佔據了有利地位。

I'm proud of the results our team is delivering across the enterprise, despite industrial economic weakness. While an industrial recovery is not required for long-term value creation at FedEx, I'm confident that we'll unlock significant upside across the enterprise when the demand environment improves.

儘管工業經濟疲軟，但我對我們團隊在整個企業中的成果感到自豪。雖然聯邦快遞的長期價值創造不需要產業復甦，但我相信，當需求環境改善時，我們將為整個企業帶來顯著的上升空間。

Last quarter, I spoke about the degree to which we flexed our networks to better match the demand environment amid global trade shifts. As policies and demand evolved throughout the first quarter, we further adjusted capacity, thanks to our Tricolor strategy. For example, we reduced our purple tail transpacific Asia bond capacity by 25% year over year. and nearly 10% versus the prior quarter. We also decreased our third-party or white tail capacity by similar percentages. At the same time, we shifted capacity to capture profitable revenue on the Asia to Europe lane.

上個季度，我談到了我們在多大程度上靈活調整網路以更好地適應全球貿易變化中的需求環境。隨著第一季政策和需求的變化，我們透過「三色」策略進一步調整了產能。例如，我們將紫色尾部跨太平洋亞洲債券承銷能力年減了 25%，與上一季相比減少了近 10%。我們也將第三方或白尾容量減少了類似的百分比。同時，我們轉移了運力，以獲取亞洲至歐洲航線的獲利收入。

With the full removal of the de minimis exemption in the United States late last month, we have been working closely with our customers, helping them maintain effective and efficient access to the vital US market. Given a significant portion of our de minimis volume exposure previously came from China, we were able to use learnings from our experiences in May to help shippers elsewhere navigate the more recent exemption elimination.

隨著上個月底美國全面取消最低限度豁免，我們一直與客戶密切合作，幫助他們保持有效、有效率地進入重要的美國市場。鑑於我們之前的最低限度量敞口很大一部分來自中國，我們可以利用 5 月份的經驗來幫助其他地方的托運人應對最近的豁免取消。

This level of connectivity extends to how we're advancing the elements of our transformation that are unique to FedEx. The Network 2.0 rollout is progressing well and customer feedback, especially when it comes to the consolidated pickup experience remains very positive. In the first quarter, as planned, we optimized approximately 70 additional US stations. Our total optimized station count across the US and Canada is now approximately 360, enabling us to exit September with nearly 3 million in average daily volume flowing through Network 2.0 optimized operations.

這種程度的連結延伸到了我們如何推動聯邦快遞獨有的轉型要素。Network 2.0 的推出進展順利，客戶回饋，尤其是綜合取貨體驗的回饋仍然非常積極。第一季度，我們按照計劃優化了大約70個額外的美國電台。我們在美國和加拿大的優化站點總數目前約為 360 個，這使得我們在 9 月透過 Network 2.0 優化營運的日均流量接近 300 萬。

Looking beyond Network 2.0, improving profitability in Europe remains the top priority, and I am especially pleased with the team's year-over-year improvements in labor and on-road productivity metrics. Q1 also marked our best new business quarter in Europe in the last two years. driven by express parcel growth on both the intra-European and Transatlantic lanes. Importantly, this business was well balanced between B2B and B2C customers demonstrating our focus on growing in premium B2B and longer haul export B2C segments. This commercial strategy, combined with our rigorous focus on cost management, led to a meaningful contribution to our year-over-year FEC profit improvement.

展望網絡 2.0 之外，提高歐洲的盈利能力仍然是重中之重，我對團隊在勞動力和道路生產力指標方面的逐年改善感到特別高興。第一季也是我們過去兩年來在歐洲表現最好的新業務季度，這得益於歐洲內部和跨大西洋航線的快遞包裹成長。重要的是，這項業務在 B2B 和 B2C 客戶之間實現了良好的平衡，表明我們專注於高端 B2B 和長途出口 B2C 領域的成長。這項商業策略，加上我們對成本管理的嚴格關注，為我們 FEC 利潤的同比提升做出了有意義的貢獻。

I talked earlier about how our Tricolor strategy enabled us to flex the network to adapt to changing demand patterns. Tricolor is also driving greater densification and reduced unit costs across our pearl, orange and white networks. The strategy is simultaneously focused on enhancing service quality and mitigating congestion at major sort locations. Our execution on this important initiative is bolstering end-to-end solutions for global customers as we grow profitably in the global airfreight market. This strategy supported an impressive 14% year-over-year Q1 revenue growth in international priority and economy freight with high flow-through.

我之前談到了我們的三色策略如何使我們能夠靈活地調整網路以適應不斷變化的需求模式。Tricolor 也推動了珍珠色、橙色和白色網路的密度提高和單位成本降低。此策略同時注重提高服務品質和緩解主要分類地點的擁擠。我們實施這項重要措施是為了在全球航空貨運市場實現獲利成長的同時，為全球客戶提供端到端解決方案。這項策略支持了國際優先貨運和經濟貨運業務第一季營收年增 14%，且流通量龐大。

Data and technology remain foundational to our business, but we are entering a new chapter in how we leverage them. Our founder's vision more than 45 years ago, that information about the package is as important as the package itself has proven precious.

數據和技術仍然是我們業務的基礎，但我們正在進入如何利用它們的新篇章。我們的創辦人在 45 多年前就提出了這樣的願景：包裝資訊與包裝本身一樣重要，這一點已被證明是十分寶貴的。

Today, FedEx operates an advanced digital twin that goes beyond tracking. It is becoming an intelligent system that anticipates disruptions provides optimized route information in real time, and creates predictive customer experiences.

如今，聯邦快遞運作著一種超越追蹤功能的先進數位孿生。它正在成為一個智慧系統，可以預測中斷，即時提供優化的路線信息，並創造預測性的客戶體驗。

We moved 17 million packages through our network daily, generating 2 petabytes of data and 100 billion transactions across software applications. The real value is in the volume. It is in the unique nature of this data. Our position at the intersection of global commerce gives us an unmatched view of physical supply chain patterns, seasonal demand shifts, and emerging trade corridors. This real-world operational data platform cannot be replicated by any competitor or a tech solution. Simply put, FedEx owns one of the richest logistics, intelligent assets in the world.

我們每天透過網路運送 1700 萬個包裹，在軟體應用程式中產生 2PB 的數據和 1000 億筆交易。真正的價值在於數量。這是該數據的獨特性質。我們處於全球商業交匯點，這讓我們對實體供應鏈模式、季節性需求變化和新興貿易走廊有著無與倫比的了解。這個現實世界的營運數據平台是任何競爭對手或技術解決方案都無法複製的。簡而言之，聯邦快遞擁有世界上最豐富的物流、智慧資產之一。

I'm excited to welcome Vishal Talwar, our new Chief Digital and Information Officer and President of FedEx Dataworks, who joined us last month. As the former Chief Growth Officer at Accenture Technology, Vishal brings deep expertise in enterprise AI and understands how to leverage our unique physical digital assets into next-generation AI-led capabilities.

我很高興歡迎上個月加入我們的新任首席數位和資訊長兼聯邦快遞數據工程總裁 Vishal Talwar。身為埃森哲科技公司的前首席成長官，Vishal 在企業人工智慧方面擁有深厚的專業知識，並且了解如何將我們獨特的實體數位資產利用到下一代人工智慧主導的功能中。

Under Vishal's leadership, we will continue accelerating two key priorities: scaling AI across the enterprise from enterprise function to how we operate and sell our customers and exploring new revenue models that leverage our unique assets. We're also strengthening our cybersecurity posture to protect our strategic advantages.

在 Vishal 的領導下，我們將繼續加速推進兩項關鍵優先事項：將人工智慧擴展到整個企業，從企業職能到我們如何經營和銷售客戶，以及探索利用我們獨特資產的新收入模式。我們也正在加強網路安全態勢，以保護我們的戰略優勢。

Before I turn the call over to Brie, I'd like to update you on our expectations for the remainder of the fiscal year. Based on our current assumptions, we expect full-year adjusted earnings to be $17.20 to $19 per diluted share. This reflects a range of scenarios in what remains a dynamic global operating environment. As it continues to evolve, we will remain focused on executing on our commercial priorities, dynamically matching capacity with demand and delivering on the $1 billion in transformation-related savings we shared previously. Brie and John will provide more details on the key variables and underlying assumptions for this outlook shortly.

在我將電話轉給布里之前，我想向您介紹我們對本財年剩餘時間的預期。根據我們目前的假設，我們預計全年調整後每股收益為 17.20 美元至 19 美元。這反映了全球經營環境依然動態變化的一系列情景。隨著它的不斷發展，我們將繼續專注於執行我們的商業優先事項，動態地匹配產能和需求，並實現我們先前分享的 10 億美元轉型相關節省。Brie 和 John 很快就會提供有關該展望的關鍵變數和基本假設的更多詳細資訊。

We have made tremendous progress on our transformation, and there is much more to come. To that end, we are excited to announce that our next FedEx Corp., Investor Day will be held in Memphis on February 11 and 12, 2026. I look forward to seeing many of you there where we will provide more detailed updates on our strategic initiatives and our longer-term financial targets.

我們的轉型已經取得了巨大進展，未來還會取得更多進展。為此，我們很高興地宣布，下一屆聯邦快遞公司投資者日將於 2026 年 2 月 11 日至 12 日在孟菲斯舉行。我期待在那裡見到你們，我們將提供有關我們的策略舉措和長期財務目標的更詳細的更新。

Now, over to you, Brie.

現在輪到你了，布里。

Thank you, Raj. I'm very proud of our entire global team for how they are supporting our customers in the current trade environment. Our strong value proposition, including superior weekend coverage, supported 3% year-over-year revenue growth across the enterprise. This is the highest quarterly rate we have seen since the pandemic.

謝謝你，拉傑。我為我們整個全球團隊在當前貿易環境下為我們的客戶提供的支援感到非常自豪。我們強大的價值主張（包括卓越的周末報道）支持了整個企業 3% 的同比增長。這是自疫情爆發以來我們看到的最高季度成長率。

At FEC, revenue was up 4%, driven by US domestic package revenue strength. This was a direct result of profitable share growth in the US domestic market. This strength was partially offset by continued weakness at FedEx Freight due to the continued pressure for the industrial economy.

在 FEC，受美國國內包裹收入強勁推動，營收成長了 4%。這是美國國內市場獲利份額成長的直接結果。由於工業經濟持續承壓，聯邦快遞貨運業務持續疲軟，部分抵銷了這一優勢。

Our value proposition is helping us deepen our customer relationships and win business. For example, in Q1, Best Buy names FedEx as their primary national parcel carrier. Leveraging our advanced visibility tool, Best Buy will provide real-time tracking data and customer order communication, improving their customers' experiences. By providing customers with more timely and accurate updates, the company also expects to reduce support calls, cancellations, and reship costs. We are excited to partner with Best Buy to create a smarter, more reliable supply chain that further strengthens their customer trust.

我們的價值主張幫助我們加深與客戶的關係並贏得業務。例如，在第一季度，百思買將聯邦快遞指定為其主要的全國包裹承運商。利用我們先進的視覺化工具，百思買將提供即時追蹤數據和客戶訂單溝通，從而改善客戶體驗。透過為客戶提供更及時、更準確的更新，該公司還希望減少支援電話、取消和重新出貨的成本。我們很高興與百思買合作，創造更聰明、更可靠的供應鏈，進一步增強客戶信任。

We were pleased to deliver a 5% increase in US domestic ADV year over year, with growth across the majority of our services. In line with our expectations and consistent with the trends we saw in May, international export volumes declined, particularly on the China to US lane.

我們很高興看到美國國內平均每日交易量年增 5%，我們的大部分服務均實現了成長。與我們的預期一致，也與我們 5 月看到的趨勢一致，國際出口量下降，尤其是中國至美國的航線。

Knowing our strongest international lane would be under pressure, we pivoted the commercial team, and they have done a tremendous job capturing demand out of Southeast Asia and Europe. This provided a partial offset against the headwinds to demand on the China to US export lane. The team has also done a great job maximizing US outbound capacity. We are seeing improving trends in both outbound weight and volume, supported by strong growth in our healthcare vertical.

我們知道我們最強大的國際航線將面臨壓力，因此我們調整了商業團隊，他們在抓住東南亞和歐洲的需求方面做得非常出色。這在一定程度上抵消了中國至美國出口航線需求的阻力。該團隊還在最大限度地提高美國出境運力方面做出了巨大貢獻。受醫療保健垂直領域強勁成長的推動，我們看到出貨重量和數量均呈現改善趨勢。

At FedEx Freight, along with broader industry trends, average daily shipments declined. Weakness in the industrial economy and excess capacity in the truckload market continue to pressure our results. That said, Freight made excellent progress in the quarter continuing to stand up its dedicated sales team. This team is focused on improving the customer experience and maintaining strong yields. As the industrial economy improves, Freight is poised for growth and margin expansion.

在聯邦快遞貨運方面，隨著整個行業的趨勢，平均每日出貨量有所下降。工業經濟的疲軟和卡車市場的產能過剩繼續對我們的業績造成壓力。儘管如此，Freight 在本季度取得了出色的進展，繼續支持其專門的銷售團隊。該團隊致力於改善客戶體驗並保持強勁的收益。隨著工業經濟的改善，貨運將迎來成長和利潤擴大。

The parcel pricing environment continues to improve. We have achieved strong capture from our pricing changes in the quarter, which included an increase in our fuel surcharge index. At FEC, US domestic package yield was up 3%, driven by strength across all services. International export package yield grew 4%, driven by higher fuel surcharges, favorable exchange rate impacts, and the reduction in lightweight e-commerce volume due to the change in the de minimis exemption.

包裹定價環境持續改善。本季度，我們的價格變化取得了顯著成效，其中包括燃油附加費指數的上漲。在 FEC，受所有服務強勁成長的推動，美國國內包裹殖利率上漲了 3%。國際出口包裹收益增加了 4%，這得益於燃油附加費上漲、有利的匯率影響以及最低限度豁免變化導致的輕量級電子商務量減少。

Our Tricolor strategy continued to drive growth in international priority and economy freight, where we delivered a 9% increase in revenue per pound. At FedEx Freight, revenue per shipment declined 1%, and driven by lower revenue per hundredweight and lower fuel surcharges. While weight per shipment was flat year over year, we are encouraged by the sequential improvement in weight for shipment over the past few quarters. And FedEx Freight revenue per hundredweight remains amongst the highest in the industry.

我們的「三色」策略繼續推動國際優先貨運和經濟貨運的成長，每磅收入成長了 9%。聯邦快遞貨運的每批貨物收入下降了 1%，因為每英擔貨物收入下降以及燃油附加費下降。雖然每批貨物的重量與去年同期持平，但我們對過去幾季貨物重量的連續改善感到鼓舞。聯邦快遞貨運每英擔的收入仍位居業界最高之列。

We announced our demand surcharges in July, which are needed to offset the incremental cost at peak to deliver outstanding service while protecting profitability. Earlier this month, we announced a 5.9% general rate increase effective in January. We expect strong capture from both.

我們在 7 月宣布了需求附加費，這是為了抵消高峰期的增量成本，以提供優質服務並保護獲利能力。本月初，我們宣布從 1 月起將一般稅率調高 5.9%。我們預計兩者都將獲得強勁的成績。

In Q1, we prepared for the ramping of our new Amazon business, which was minimal in the first quarter as we expected. We believe the onboarding will be complete by the third quarter, which will support continued US domestic revenue growth in the quarters ahead. This profitable business will skew towards larger, heavier weight packages.

在第一季度，我們為擴大新的亞馬遜業務做好了準備，正如我們預期的那樣，第一季的業務成長幅度很小。我們相信，入職培訓將在第三季完成，這將支持未來幾季美國國內收入的持續成長。這項利潤豐厚的業務將偏向更大、更重的包裹。

We are cautiously optimistic about peak season growth based on what we are hearing from our customers currently. As a reminder, this year's peak season will last one day longer than last year. With that in mind, we are expecting a modest increase in peak ADV versus fiscal year '25 and a mid- to high-single-digit increase in year-over-year total peak volume, with growth driven by our larger B2C customers.

根據我們目前從客戶那裡聽到的情況，我們對旺季成長持謹慎樂觀的態度。提醒一下，今年的旺季將比去年多一天。考慮到這一點，我們預計峰值 ADV 將與 25 財年相比略有增長，總峰值交易量將與去年同期相比出現中高個位數增長，而增長主要由我們更大的 B2C 客戶推動。

Regarding the full-year outlook, we are currently planning for revenue growth of 4% to 6%. The top of this range assumes that current favorable trends in the US Domestic segment continue, and the lower end assumes incremental pressure on US demand, particularly in the second half of the fiscal year.

對於全年前景，我們目前計劃收入成長 4% 至 6%。此範圍的上限假設美國國內市場目前的有利趨勢持續下去，而下限假設美國需求面臨增量壓力，特別是在本財年下半年。

On the international side, the top of the revenue range assumes the current level of international export revenue pressures continue through the rest of the fiscal year, while the lower end assumes an acceleration in these pressures. At FedEx Freight, we expect revenue to be flat to up modestly year over year, depending largely on the market conditions in the second half of the year.

在國際方面，收入範圍的上限假設目前的國際出口收入壓力水準將持續到本財政年度的剩餘時間，而下限則假設這些壓力會加速。對於聯邦快遞貨運，我們預計收入將與去年同期持平或略有成長，這主要取決於下半年的市場狀況。

We continue to advance our commercial priorities, sharply focused on B2B, small- and medium-sized businesses, Europe, and of course, global airfreight. Within B2B, we continue to onboard new health care business in Q1, building on our momentum from prior quarters. This includes strong health care-related growth within our global air freight business. Later this month, we are launching a new flight linking Dublin and Indianapolis. This new flight will move goods one day faster, supporting healthcare and other high-value verticals with shipments between Ireland and the US.

我們繼續推進我們的商業重點，專注於 B2B、中小型企業、歐洲，當然還有全球空運。在 B2B 領域，我們在第一季繼續開展新的醫療保健業務，延續前幾季的良好勢頭。這包括我們全球航空貨運業務中與醫療保健相關的強勁成長。本月晚些時候，我們將開通連接都柏林和印第安納波利斯的新航班。這趟新航班將使貨物運輸速度加快一天，為愛爾蘭和美國之間的醫療保健和其他高價值垂直行業的貨運提供支援。

We grew our US domestic small business revenue by more than 10% year-over-year in the first quarter. This was fueled by focused and targeted sales execution and a close alignment between our sales and our operations teams. This collaboration is accelerating onboarding, shortening deal cycles, and driving meaningful new acquisition.

第一季度，我們美國國內小型企業營收年增了 10% 以上。這是由專注和有針對性的銷售執行以及我們的銷售和營運團隊之間的緊密配合所推動的。此次合作正在加速入職、縮短交易週期並推動有意義的新收購。

We are also scaling high-impact support to deliver exceptional customer experiences during this complex environment. FedEx Rewards, our loyalty program, which is unique in the industry continues to see significant growth while deepening our SMB customer relationships.

我們也正在擴大高影響力的支持，以便在這種複雜的環境中提供卓越的客戶體驗。我們的忠誠度計畫 FedEx Rewards 在業界獨樹一幟，在深化我們與中小企業客戶關係的同時，繼續實現顯著成長。

In closing, I am very proud of our team's strong execution in this dynamic environment. We are helping our customers manage through evolving policies and changing demand patterns. We remain disciplined in our approach to revenue quality. We are ready to continue providing outstanding service to our customers before, during, and after peak.

最後，我為我們團隊在這種充滿活力的環境中所表現出的強大執行力感到非常自豪。我們正在透過不斷發展的政策和不斷變化的需求模式來幫助我們的客戶進行管理。我們在收入品質方面始終保持嚴謹的態度。我們準備在高峰期之前、期間和之後繼續為客戶提供優質服務。

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

說完這些，我就把麥克風交給約翰。

Thanks, Brie. Our Q1 results reflect the tenacity and agility of the FedEx team in providing outstanding service while delivering on our strategic initiatives and increasing stockholder returns. We executed very well in Q1, with results above the midpoint of our adjusted EPS outlook range. We also maintained our disciplined approach to capital expenditure, continue to repurchase stock, and grew our quarterly dividend.

謝謝，布里。我們第一季的業績反映了聯邦快遞團隊的堅韌和敏捷，在提供卓越服務的同時，也實施了我們的策略性舉措並提高了股東回報。我們在第一季的表現非常出色，業績高於我們調整後的每股盈餘預期範圍的中點。我們也維持了嚴謹的資本支出方式，繼續回購股票，並增加了季度股利。

Turning to our financial results. On a consolidated basis, in the first quarter, we delivered $3.83 in adjusted earnings per share, up 6% year over year. And we delivered these positive results despite significant headwinds from reduced international export demand and the expiration of the US Postal Service contract. Overall, we delivered revenue growth of 3%, which supported 20 basis points of adjusted margin expansion and 7% adjusted operating income growth.

談談我們的財務結果。綜合來看，第一季我們的調整後每股收益為 3.83 美元，年增 6%。儘管面臨國際出口需求下降和美國郵政服務合約到期等巨大阻力，我們仍然取得了這些積極成果。總體而言，我們的營收成長了 3%，這支持了調整後利潤率擴大 20 個基點和調整後營業收入成長 7%。

As Brie mentioned, our yield management and strong commercial execution resulted in higher revenue growth from US domestic packaged services, which contributed to our year-over-year adjusted operating income improvement.

正如布里所提到的，我們的收益管理和強大的商業執行力使得美國國內打包服務的收入成長更高，這有助於我們調整後的營業收入年增。

We grew adjusted operating income by approximately $90 million despite the $150 million headwind from the global trade environment, $130 million of headwind from the US Postal Service contract expiration, and continued softness at FedEx Freight. As a reminder, will lap the expiration of the Postal Service contract at the end of this month. Additionally, our Q1 results reflect a higher-than-expected Q1 GAAP tax rate of 27.3% and which was unfavorably impacted by a nonrecurring income tax expense related to the examination of prior-year tax return filings.

儘管全球貿易環境帶來 1.5 億美元的不利因素、美國郵政服務合約到期帶來 1.3 億美元的不利因素以及聯邦快遞貨運持續疲軟，我們的調整後營業收入仍增長了約 9,000 萬美元。提醒一下，郵政服務合約將於本月底到期。此外，我們的第一季業績反映出第一季 GAAP 稅率高於預期，為 27.3%，並受到與審查上一年報稅表相關的非經常性所得稅費用的不利影響。

Turning to performance by segment. At FEC, adjusted operating income increased by $168 million, up 17% and adjusted operating margin expanded by 70 basis points. This marks the fourth consecutive quarter of year-over-year adjusted margin expansion for FEC. This was driven by higher yields, continued cost reduction efforts, and increased US domestic package volume. These drivers were partially offset by higher wage and purchase transportation rates and the headwinds I mentioned earlier.

轉向按部分劃分的表現。在 FEC，調整後的營業收入增加了 1.68 億美元，成長了 17%，調整後的營業利潤率擴大了 70 個基點。這標誌著 FEC 調整後利潤率連續第四個季度同比增長。這是由於產量提高、成本持續降低以及美國國內包裹量增加所致。這些驅動因素被更高的工資和購買運輸費率以及我之前提到的阻力部分抵消。

As expected, due to the evolving trade environment in the quarter, we experienced a material headwind on our Asia to US lane, largely from China outbound, driving most of the $150 million international export headwind to adjusted operating income.

正如預期的那樣，由於本季貿易環境的變化，我們在亞洲至美國的航線上遇到了重大阻力，主要來自中國的出口，導致 1.5 億美元的國際出口阻力大部分影響到調整後的營業收入。

At FedEx Freight, adjusted operating income declined by just over $70 million and adjusted operating margin contracted 250 basis points. Though the current operating environment is challenging for the entire LTL sector, FedEx Freight is uniquely positioned to see strong incremental margins in the eventual market upswing.

聯邦快遞貨運的調整後營業收入下降了 7,000 多萬美元，調整後的營業利潤率下降了 250 個基點。儘管目前的營運環境對整個零擔運輸產業來說都充滿挑戰，但聯邦快遞貨運具有獨特的優勢，能夠在最終的市場回升中實現強勁的增量利潤。

Moving on to capital allocation. During the quarter, we opportunistically purchased $500 million worth of stock, which, alongside our increased dividend payout demonstrates our unwavering commitment to increasing stockholder value. We have $1.6 billion remaining under our 2024 stock repurchase authorization and subject to business and market conditions, we expect to continue repurchasing shares during the remainder of FY26.

繼續討論資本配置。在本季度，我們抓住機會購買了價值 5 億美元的股票，這與我們增加的股息支付一起表明了我們堅定不移地致力於提高股東價值。我們的 2024 年股票回購授權剩餘金額為 16 億美元，並且根據業務和市場情況，我們預計將在 26 財年剩餘時間內繼續回購股票。

FedEx maintains a healthy balance sheet with $6.2 billion of cash on hand exiting Q1 and with investment-grade credit ratings from the major agencies. I'm also very pleased that our recent euro-denominated bond offering was significantly oversubscribed, a testament to the strength of our business, balance sheet, and capital allocation strategy.

聯邦快遞保持著健康的資產負債表，第一季末持有 62 億美元現金，並獲得了主要機構的投資等級信用評級。我也很高興看到我們最近發行的歐元債券獲得了超額認購，這證明了我們的業務、資產負債表和資本配置策略的強勁。

Q1 CapEx was $623 million, driven by Network 2.0 related facility enhancements of modernization and continued investments to maintain our fleet of aircraft and vehicles. and we continue to target $4.5 billion in annual CapEx for FedEx Corp., in FY26.

第一季資本支出為 6.23 億美元，主要得益於網路 2.0 相關設施的現代化升級以及對維護飛機和車輛隊的持續投資。我們繼續將聯邦快遞的年度資本支出目標定為 26 財年 45 億美元。

With regard to pension contributions, given the well-funded status of our pension plan, we are reducing our expected pension cash contribution. We now anticipate making up to $400 million in voluntary pension contributions to our US qualified plan in fiscal 2026 compared to our prior forecast of up to $600 million.

關於退休金繳款，鑑於我們的退休金計畫資金充足，我們正在減少預期的退休金現金繳款。我們現在預計，2026 財年我們將向我們的美國合格計畫自願繳納高達 4 億美元的退休金，而先前預測的最高金額為 6 億美元。

Moving to our FY26 adjusted EPS outlook, which is based on the information that is known to us today. Though the global operating environment remains fluid with dynamic economic conditions across geographies, our value proposition remains strong, and we continue to execute effectively. As a result, we expect to deliver adjusted EPS of $17.20 to $19, which reflects a range of potential scenarios for the year.

轉向我們的 FY26 調整後每股收益展望，該展望基於我們今天所知的資訊。儘管全球經營環境依然動盪，各地區的經濟狀況也不斷變化，但我們的價值主張依然強勁，並且我們將繼續有效地執行。因此，我們預計調整後的每股收益為 17.20 美元至 19 美元，這反映了今年的一系列潛在情景。

Factors that will determine where we ultimately fall in the outlook range include the evolution of global trade, the health of the industrial economy, the US domestic demand environment, traction in our higher-margin B2B verticals, and inflation. Adjusted EPS of $18.10, which is the midpoint of our range, assumes consolidated revenue growth of 5% and $1 billion in transformation-related savings from our structural cost reductions and Network 2.0 and associated One FedEx savings in FY26.

決定我們最終處於展望範圍的因素包括全球貿易的發展、工業經濟的健康狀況、美國國內需求環境、利潤率較高的 B2B 垂直行業的牽引力以及通貨膨脹。調整後的每股收益為 18.10 美元，這是我們預期範圍的中點，假設合併收入增長 5%，並且透過結構性成本削減、Network 2.0 和相關的 One FedEx 節省，在 26 財年實現 10 億美元的轉型相關節省。

We expect adjusted operating income offsets to include a $1 billion headwind due to the global trade environment, recognizing this number could flex in either direction as the environment evolves, and a $160 million headwind to adjusted operating income from the expiration of the postal contract. We expect our FY26 effective tax rate to be approximately 25% and EPS to be supported by our share repurchase program, as I mentioned earlier.

我們預計，調整後的營業收入抵銷將包括因全球貿易環境而產生的 10 億美元逆風，同時認識到隨著環境的變化，這一數字可能會向任何一個方向變動，以及郵政合約到期而對調整後的營業收入造成的 1.6 億美元逆風。正如我之前提到的，我們預計 26 財年的有效稅率約為 25%，每股盈餘將受到股票回購計畫的支持。

At the midpoint of our range, we anticipate a 6% increase in Federal Express revenue with adjusted operating margin down slightly. Also at the midpoint, we expect low-single-digit improvement in FedEx Freight revenue with margin down year over year.

在我們的預期範圍中點，我們預期聯邦快遞的營收將成長 6%，調整後的營業利潤率將略有下降。此外，我們預計聯邦快遞貨運收入將出現低個位數成長，但利潤率將年減。

Now turning to our FY26 adjusted operating income bridge. We're introducing a new view of this bridge to provide deeper insights into the expected drivers of profitability this year. The bridge shows the year-over-year elements embedded in our outlook in one of the scenarios at the midpoint, resulting in adjusted operating income of $6 billion. Of course, the assumptions behind the variables at the midpoint may flex as the environment changes.

現在轉向我們的 FY26 調整後營業收入橋。我們正在引入對這座橋樑的新視角，以便更深入地了解今年預期的獲利驅動因素。這座橋樑顯示了我們在中點情境之一的展望中包含的同比因素，導致調整後的營業收入達到 60 億美元。當然，中點變數背後的假設可能會隨著環境的變化而改變。

In this scenario, for FEC volume-related revenue net of variable costs associated with this volume, we expect a $400 million tailwind driven largely by US domestic package services, offset by a material headwind from reduced international export demand.

在這種情況下，對於 FEC 數量相關收入扣除與此數量相關的變動成本，我們預計主要由美國國內包裹服務推動的 4 億美元順風，將被國際出口需求減少帶來的重大逆風所抵消。

With respect to FEC yield, we expect a $2.3 billion tailwind, demonstrating our commitment to revenue quality and continued pricing discipline. Offsets to these tailwinds include a $2.1 billion base expense increase across the business, excluding FedEx Freight, a $300 million headwind from direct trade-related expenses, including higher customs clearance costs, the $160 million US Postal Service contract expiration headwind I mentioned earlier, a $100 million decline in adjusted operating profit at Freight, and a $100 million headwind from the net impact of foreign exchange fluctuations.

就 FEC 收益而言，我們預計將獲得 23 億美元的順風，這表明我們致力於收入品質和持續的定價紀律。抵銷這些順風因素的因素包括：整個業務（不包括聯邦快遞貨運）基本費用增加 21 億美元，直接貿易相關費用（包括更高的清關成本）帶來的 3 億美元逆風，我之前提到的 1.6 億美元美國郵政服務合同到​​期逆風，貨運調整後營業利潤下降 1 億美元，以及外匯波動影響的淨風。

Embedded in our assumptions are the previously mentioned $1 billion in headwind to adjusted operating profit from the global trade environment and $1 billion in transformation-related savings from Drive and Network 2.0. And while Drive began as a cost reduction program, it is now fundamental to how we run our business.

我們的假設中涵蓋了前面提到的全球貿易環境將對調整後營業利潤造成10億美元的不利影響，以及Drive和Network 2.0帶來的10億美元轉型相關成本節省。雖然Drive最初是一項成本削減計劃，但現在它已成為我們業務營運的基石。

With regard to we anticipate a sequential improvement in adjusted EPS. At FEC, we expect to maintain or improve operating margins sequentially. And at FedEx Freight, we expect the year-over-year decline in adjusted operating margin to begin moderating sequentially in Q2.

我們預計調整後的每股盈餘將持續改善。在 FEC，我們預計將維持或連續提高營業利潤率。對於聯邦快遞貨運，我們預計調整後的營業利潤率年減將在第二季開始逐步減緩。

Before turning to Q&A, I want to provide an update on our spin-off of FedEx Freight, which is progressing well and on track for the June 2026 separation. In August, we submitted our confidential Form 10 to the FEC and in September, we submitted a request for a private letter ruling on the tax treatment of the transaction to the IRS. These are important milestones as we move toward the tax-efficient spin-off. Freight now has about 200 frontline LTL sales and sales support personnel on board and is well on its way towards our goal of 400 sales specialists prior to the spin-off. I'm confident that both the expanded dedicated sales force and our ramping technology investments will continue to improve the customer experience.

在進入問答環節之前，我想先介紹一下聯邦快遞貨運分拆的最新情況，目前分拆工作進展順利，預計於 2026 年 6 月完成。8 月份，我們向聯邦選舉委員會提交了機密的 10 號表格；9 月份，我們向美國國稅局提交了一份關於該交易稅收處理的私人信函裁定請求。這些都是我們邁向稅收效率分拆的重要里程碑。Freight 目前擁有約 200 名第一線 LTL 銷售和銷售支援人員，並順利實現分拆前擁有 400 名銷售專家的目標。我相信，擴大的專業銷售團隊和不斷增加的技術投資將繼續改善客戶體驗。

Once separated, FedEx Freight will be a separately traded public company listed on the New York Stock Exchange under the ticker symbol FDXF. And we plan to host our FedEx Freight Investor Day in New York City in spring of 2026 prior to the separation.

分離後，聯邦快遞貨運將成為在紐約證券交易所上市的獨立上市公司，股票代號為FDXF。我們計劃在分離之前於 2026 年春季在紐約市舉辦聯邦快遞貨運投資者日。

Overall, I remain confident that the FedEx Freight separation and the continued execution of our strategic priorities will unlock significant stockholder value in the years ahead.

總體而言，我仍然相信，聯邦快遞貨運的分離和我們戰略重點的持續執行將在未來幾年釋放巨大的股東價值。

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

現在，讓我們開始提問吧。

(Operator Instructions) Jordan Alliger, Goldman Sachs.

（操作員指示）Jordan Alliger，高盛。

Hi, afternoon. Thanks for the color on the midpoint. I'm curious on the low-

嗨，下午好。感謝中點的顏色。我很好奇低

and the high end of your EPS range. Is it simply a function of where it comes out in that revenue range? Or is there other things that could help impact where it winds up sitting? Thanks.

以及 EPS 範圍的高階。它是否只是收入範圍內的函數？或者有其他因素會影響它最終的位置嗎？謝謝。

Yeah. Thank you, Jordan. It's John. I'll start by saying it's really important to note that we're basing this outlook on the information available today. We did center on the midpoint of our range, and I think it's fair to say that where we ultimately land will be determined by a variety of variables. And I touched on them in some of my prepared remarks, including the evolution of global trade and its impact on demand, the health of the industrial economy, US domestic demand and so forth. So it's not any one factor. It's a variety of factors, and we're going to be monitoring those closely. It's going to be a very dynamic environment that we intend to capitalize on.

是的。謝謝你，喬丹。我是約翰。首先我要說的是，我們必須注意到，我們是根據今天掌握的資訊來得出這一觀點的。我們確實以我們的範圍的中點為中心，我認為可以公平地說，我們最終的落腳點將由各種變數決定。我在一些準備好的演講中談到了這些問題，包括全球貿易的演變及其對需求的影響、工業經濟的健康狀況、美國國內需求等等。所以這不是任何單一因素造成的。這有多種因素，我們將密切監測這些因素。這將是一個非常活躍的環境，我們打算充分利用它。

Ken Hoexter, Bank of America.

美國銀行的肯‧霍克斯特 (Ken Hoexter)。

Hey, good afternoon, and thanks for the details on the cost there. I just want to dig into that a little bit to understand because if I look at the incremental margin growth of 4% to 6%, yet the incremental operating gains are not keeping pace. So is that because of the headwinds that you ran through, maybe, John, maybe you can refine that a little bit on the $1 billion cost, the $300 million headwind on the trade expenses? I just want to maybe parse that out a little bit further.

嘿，下午好，感謝您提供有關那裡的費用的詳細信息。我只是想深入一點來理解這一點，因為如果我看一下 4% 到 6% 的增量利潤率成長，但增量營運收益卻沒有跟上腳步。那麼，這是因為你遇到的阻力嗎？約翰，也許你可以對 10 億美元的成本、3 億美元的貿易費用阻力稍微改進一下？我只是想進一步分析這一點。

Sure. Yeah, there will be pressure. I mean, what we're talking about here is $1 billion of headwind as a result of some of the environmental impacts. So our full year assumption, it does include the removal of the de minimis exemption for the rest of the world that went to effect in the end of August. But I think it's fair to say that, that $1 billion will be something that we'll be focused on, but something that will be a challenge for us as we go forward.

當然。是的，會有壓力。我的意思是，我們在這裡談論的是由於某些環境影響而造成的 10 億美元逆風。因此，我們的全年假設確實包括取消 8 月底生效的針對世界其他地區的最低​​限度豁免。但我認為可以公平地說，這 10 億美元將是我們關注的重點，但這對我們未來的發展也將是一個挑戰。

If I can add to that, Ken, I think that is a big headwind for fiscal year '26. We're doing everything in our power to make sure that we can improve our customer experience and mitigate the costs as we move forward. The underlying business is very strong as we move into '27 and beyond.

肯，如果我可以補充一點的話，我認為這對 26 財年來說是一個巨大的阻力。我們正在竭盡全力，確保能夠改善客戶體驗並降低成本。隨著我們進入 27 年及以後，基礎業務將非常強勁。

Bascome Majors, Susquehanna.

巴斯科姆梅傑斯，薩斯奎哈納。

Thanks for taking our questions here. Raj, you leaned a little further into the data side of the business post the higher Vishal I know we just started a month ago. I don't know if he's on the call or could talk a little bit high level about strategy, particularly where you're talking about finding new revenue models to monetize that part of the FedEx story? Or if not him, just a little more thought on where you're heading in that and how big a business that might be for FedEx going forward? Thank you.

感謝您在這裡回答我們的問題。Raj，在 Vishal 擔任高階職位後，你對業務的數據方面有了更深入的了解，我知道我們一個月前才剛開始。我不知道他是否在通話中，或者是否可以從高層次上談談戰略，特別是您談到的尋找新的收入模式來將聯邦快遞故事的這一部分貨幣化？或者如果不是他，您能再多想一下您的目標是什麼，以及這對聯邦快遞未來的業務來說可能有多大？謝謝。

Well, thank you, Bascome, for raising that question. One of the things that we are clear about is the value of the data that we have. We move 17 million packages a day, 2 petabytes of data. As I said earlier, it's not just the volume of the data. It's the value of the data, especially in the dynamic world that we live today.

好吧，謝謝巴斯科姆提出這個問題。我們清楚的一件事就是我們所擁有的數據的價值。我們每天運送 1700 萬個包裹，2PB 的數據。正如我之前所說，這不僅僅是數據量的問題。這就是數據的價值，特別是在我們今天所處的這個動態世界。

The important thing is that we started this work back in 2020, and we started organizing and engineering this data on a platform basis for some time now. And that's what gives us the edge, especially as AI has now evolved and is moving quickly, the fuel for AI is data and have engineered data and the high-value data of what we have is now super critical as we move forward.

重要的是，我們早在 2020 年就開始了這項工作，並且我們已經開始在平台基礎上組織和設計這些數據一段時間了。這就是我們的優勢，特別是隨著人工智慧的不斷發展和快速發展，人工智慧的燃料是數據和工程數據，而我們擁有的高價值數據對於我們前進至關重要。

It's already bearing fruit. It's bearing fruit in our operations as deep learning models are enhancing our predictability. We couldn't have done network with without the data platform that we have and the technology we have. is already bearing fruit from a differentiation perspective.

它已經結出碩果。深度學習模型增強了我們的可預測性，這在我們的營運中取得了成果。如果沒有我們現有的數據平台和技術，我們就不可能實現網路。從差異化的角度來看，它已經取得了成果。

We have premium monitoring and intervention tools for our customers and the healthcare business that Brie's team is winning, 40% of them or on the around platform, which is essentially based on the data platform and AI tools that we have.

我們為客戶和 Brie 團隊正在贏得的醫療保健業務提供優質的監控和介入工具，其中 40% 或在 around 平台上，這基本上是基於我們擁有的數據平台和 AI 工具。

We also launched the commerce platform, fdx, and that essentially is now becoming a workflow tool for our customers or orchestrating their supply chains. And especially in this complex trade environment, those kind of -- it's the added value as we improve our value proposition for moving things across borders and being predictive using GenAI to create value from HS classifications and so on. That area is quite nascent, and we have a long road in runway ahead of us.

我們還推出了商務平台 fdx，它現在實際上已成為我們客戶的工作流程工具或協調其供應鏈的工具。特別是在這種複雜的貿易環境中，這些——這是我們改進跨境運輸價值主張的附加價值，並且使用 GenAI 進行預測以從 HS 分類等創造價值。該地區還處於起步階段，我們還有很長的路要走。

So our mission and vision has evolved to make supply chain smarter for everyone. It begins with our data platform and the insights that we have on supply chain and the role of AI and the tools that we have. So I think as you look ahead, we'll talk more about this in February as it becomes an enabler for our operations, a differentiator from our customers' point of view, and new revenue models that we can create based on this. So thank you again for that question.

因此，我們的使命和願景已經演變為讓每個人的供應鏈變得更加智慧。它始於我們的數據平台以及我們對供應鏈的洞察以及人工智慧的作用和我們擁有的工具。因此，我認為展望未來，我們將在二月更多地討論這個問題，因為它將成為我們營運的推動因素、從客戶的角度看的差異化因素，以及我們可以在此基礎上創造的新收入模式。再次感謝您的提問。

Scott Group, Wolfe Research.

斯科特集團、沃爾夫研究公司。

Hey, thanks, afternoon. So any color on the magnitude of sequential earnings growth that you'd expect? And then just -- that was for Q2?

嘿，謝謝，下午好。那麼，您對連續獲利成長幅度有何預期？然後只是——那是針對第二季的嗎？

And then just bigger picture. If I think about the last couple of years, we've heard we're reducing costs and growing earnings despite lower revenue. And then whenever we get the revenue growth the operating leverage is going to be really strong. And now we've got 5% revenue growth and $1 billion of cost reduction and buyback, but earnings are flat. I guess, why aren't we seeing the better operating leverage? I get the global headwind, but you're still -- you're growing revenue 5% even with that $1 billion global headwind.

然後就是更大的圖景。如果我回想起過去幾年，我們聽說儘管收入下降，但成本卻在降低，收益也在增加。每當我們的營收成長時，經營槓桿就會非常強勁。現在我們的營收成長了 5%，成本削減和回購了 10 億美元，但收益卻持平。我想，為什麼我們沒有看到更好的經營槓桿呢？我知道全球面臨逆風，但即使面臨 10 億美元的全球逆風，你們的收入仍成長了 5%。

So Scott, thanks for that. Let me start with the Q2. And we have focused our commentary on the full year guidance and are not giving Q2 guidance. But that said, as Brie mentioned, we're cautiously optimistic about peak season demand. And we do expect consistent with last year's sequential earnings improvement in Q2 and versus Q1 [383], but we're not guiding to Q2 being up or down on a year-over-year basis. We expect continued benefits from our transformation-related savings and large trade-related OI headwind than in Q1 of the $150 million.

所以斯科特，謝謝你。讓我從 Q2 開始。我們的評論重點是全年指引，不會給予第二季指引。但正如布里所提到的，我們對旺季需求持謹慎樂觀的態度。我們確實預期第二季的獲利將與去年第一季的獲利連續成長一致[383]，但我們不會預測第二季的獲利將較去年同期上升或下降。我們預計，與轉型相關的節省和與貿易相關的大量 OI 逆風將持續帶來收益，而第一季的收益將超過 1.5 億美元。

But just pivoting to your second question on kind of the flow-through. I'll repeat what I said before, we're facing a $1 billion headwind due to the trade environment. In Q1, we experienced $150 million of that to adjusted op income primarily driven by reduced demand out of China on the US lane. And so for the full year, and just to give a little bit more detail, we're assuming a material revenue headwind from the global trade environment. Operating income at the midpoint of the range will require us to execute, but there's going to be pressure. So the flow-through is not as great, given some of the pressures.

但現在我們來談談你的第二個問題，關於流通方式。我重複我之前說過的話，由於貿易環境，我們面臨著 10 億美元的逆風。在第一季度，我們的調整後營業收入減少了 1.5 億美元，這主要是由於中國對美國航線的需求減少。因此，對於全年而言，為了提供更多細節，我們假設全球貿易環境將對收入造成重大阻力。處於範圍中點的營業收入需要我們去執行，但會有壓力。因此，考慮到一些壓力，流通量並不是那麼大。

The $1 billion is embedded in lost opportunity in our FEC volume net of cost line. The direct trade-related expenses for things like customers clearance and staffing and base expense increases. So there's a fair amount of pressure there from which we intend to deliver on and we'll be focused on staying in the range.

這 10 億美元是我們的 FEC 交易量扣除成本線後失去的機會。客戶清關、人員配備及基本費用等直接貿易相關費用增加。因此，我們面臨著相當大的壓力，我們打算努力實現這一目標，並將重點放在保持這一範圍內。

Tom Wadewitz, UBS.

瑞銀的湯姆·韋德維茨。

Hi, Yes, good afternoon. John, I guess it's maybe a little more on that same topic that Scott was just asking about. The global trade headwind, I still feel like I don't really understand what it is. If I look at your international export revenue, I think, was up a little bit in 1Q.

嗨，是的，下午好。約翰，我想這可能跟史考特剛才問的那個話題有點相似。全球貿易逆風，我仍然感覺我不太明白它是什麼。如果我看一下你們的國際出口收入，我認為第一季略有上升。

And then I think on one of your slides you were pointing to some nice reduction in hours in flight hours on Asia, US, and both purple tail and white tail. So I guess it's not clear to me what that $150 million in 1Q is. It doesn't seem to be revenue. It doesn't seem to be clear where the cost impact is. So I really just wanted to see if you could just help us understand that a little bit better? And also why that gets meaningfully worse on a full year basis to like $1 billion instead of versus the $150 million in 1Q? Thank you.

然後，我認為您在一張幻燈片上指出了亞洲、美國以及紫尾和白尾的飛行時間都有所減少。所以我猜我不清楚第一季的 1.5 億美元是什麼。這似乎不算收入。成本影響在哪裡似乎不清楚。所以我真的只是想看看你是否可以幫助我們更好地理解這一點？而且為什麼全年來看情況會變得更糟，達到 10 億美元，而不是第一季的 1.5 億美元？謝謝。

Hey Tom, it's Brie. I'll take the top-line question and then certainly let John kind of add in the color on the expense increase. So what we saw in the first quarter is the vast majority of that $150 million was impact from reduction in top-line revenue. Specifically, the majority of that is de minimis impacted in coming out of the China lane.

嘿，湯姆，我是布里。我將回答最重要的問題，然後讓約翰補充一下費用增加的原因。因此，我們在第一季看到的是，這 1.5 億美元中的絕大部分是營業收入減少的影響。具體來說，其中大部分都是在中國航線上受到的微不足道的影響。

We anticipate that, that will continue to flow through the year. In addition to the $150 million per quarter as we are planning for incremental pressure because of the global de minimis change, which took place at the end of August, we've got $100 million of bottom-line pressure throughout the year. And then we have $300 million of incremental expense. So to be really clear that $1 billion of headwind is predominantly an impact of top-line revenue reduction because China to the US is a very profitable lane for us.

我們預計，這種情況將持續全年。由於 8 月底發生的全球最低限度變化，我們計劃每季承受 1.5 億美元的增量壓力，除此之外，我們全年還面臨 1 億美元的底線壓力。然後我們有 3 億美元的增量支出。因此，要明確一點，10 億美元的逆風主要是營業收入減少的影響，因為從中國到美國的航線對我們來說是一條非常有利可圖的航線。

John?

約翰？

Yeah. No, Brie, just to add what I mentioned before, I mean, you touched on the direct trade related expenses of the $300 million for additional custom clears and related capabilities and also running through the base expense increases that coupled with the top line that you mentioned.

是的。不，布里，我只是想補充我之前提到的內容，我的意思是，你提到了與直接貿易相關的 3 億美元費用，用於額外的清關和相關功能，以及基本費用的增加以及你提到的頂線費用。

Jonathan Chappell, Evercore ISI.

喬納森‧查佩爾 (Jonathan Chappell)，Evercore ISI。

Thank you. Good afternoon. I think we're all trying to get to the same place here. So I'll just lay it on top of Tom and Scott. If this is all the top-line impact from the global trade $150 million in the first quarter, yes, $850 million for the rest of the year, which is close to $300 million. So it's almost doubling the impact in fiscal Q3, Q and 4Q.

謝謝。午安.我認為我們都在努力到達同一個地方。所以我就把它放在湯姆和史考特的上面。如果這就是第一季全球貿易 1.5 億美元的全部收入影響，那麼今年剩餘時間全球貿易將產生 8.5 億美元收入影響，接近 3 億美元。因此，其對財政第三季、第四季的影響幾乎翻了一番。

You have to get to the midpoint or even the low end of the full year revenue guide, the rate of change will have to accelerate from the 3% in the first quarter and your year-over-year comps and even two-year stock comps are more difficult. So can you just help us bridge where the revenue acceleration comes from if this announced headwind is intensifying, potentially doubling? Is it all from price and yield? Are you expecting some significant volume pickup at some point absent the global tariff headwinds in de minimis?

你必須達到全年收入指南的中點甚至低端，變化率必須從第一季的 3% 加速，而你的同比甚至兩年股票同比都會更加困難。那麼，如果這一不利因素正在加劇，甚至可能翻倍，您能否幫助我們彌補收入成長的不足？一切都取決於價格和收益嗎？您是否預計在不存在全球關稅逆風的情況下，某個時候銷量會大幅回升？

Hey, Jonathan, it's Brie. So great question. So yes, we were very pleased with the 3% revenue growth in the first quarter. To get to the midpoint of 5%, first of all, we do expect the majority of trends will continue. So right now, what we're seeing in September looks a lot like August with a continuation of trend with a couple of really important notes.

嘿，喬納森，我是布里。這個問題問得真好。是的，我們對第一季 3% 的營收成長感到非常滿意。為了達到 5% 的中點，首先，我們確實預期大多數趨勢將會持續下去。因此，目前，我們看到 9 月的情況與 8 月非常相似，趨勢延續，但有幾個非常重要的點。

Number one, in the first quarter, we had a $280 million top-line headwind because of USPS. That goes away in Q2 and beyond.

首先，在第一季度，由於美國郵政服務 (USPS) 的影響，我們遭遇了 2.8 億美元的營業收入損失。這種情況將在第二季及以後消失。

Two, we are still onboarding some of the wins from Q1 -- or Q4 of last year and early Q1. And as I mentioned, as an example, Amazon is still onboarding and it had very little impact in Q1. There are several other examples of onboarding. And then in the back half of the year, we do expect FedEx Freight to have modest yield improvement and better than the first quarter or the first quarter and the second quarter from an expectation perspective.

二，我們仍在延續去年第一季（或第四季和第一季初）取得的一些勝利。正如我所提到的，例如，亞馬遜仍在加入，並且對第一季的影響很小。還有其他幾個入職訓練的例子。然後，在今年下半年，我們確實預計聯邦快遞貨運的收益率將適度提高，並且從預期角度來看將優於第一季或第一季和第二季。

So we do think the midpoint is very realistic, and we're clear about how to get from Q1 to the rest of the year's range.

因此，我們確實認為中點非常現實，我們清楚如何從第一季達到今年剩餘時間的範圍。

Brandon Oglenski, Barclays.

巴克萊銀行的布蘭登‧奧格倫斯基。

Hi, good evening, and thanks for taking my question. Brie, I appreciate all those details. I was wondering if maybe you could walk through the outlook for domestic volumes on the package side again. And it's no secret that your largest competitor is shrinking here. So can you talk about maybe the competitive landscape? What's presenting for market share opportunities and pricing? Thank you.

大家好，晚上好，感謝您回答我的問題。布里，我很欣賞這些細節。我想知道您是否可以再次介紹一下包裹方面的國內銷量前景。而你最大的競爭對手正在萎縮，這已經不是什麼秘密了。那你能談談競爭格局嗎？市佔率機會和定價有何表現？謝謝。

Yeah, great question. So from a domestic perspective, we're not and I'm speaking specifically to parcel, we're not expecting a massive trend chain, we are expecting, as I mentioned, the onboarding. I think you'll see the next look very similar from a different package profile a couple of things the team done a really good job from an execution perspective. We've had the best momentum in S&B in the last quarter that I've seen for a while, so that's helping our yield growth from a yield -- the other thing to note is a force fuel was very helpful in the first quarter and that will continue through the year.

是的，很好的問題。因此，從國內角度來看，我們並不期待出現大規模的潮流鏈，正如我所提到的，我們預期的是入職培訓。我認為從不同的軟體包設定檔你會看到接下來的幾件事看起來非常相似，從執行的角度來看，團隊做得非常好。上個季度，S&B 的勢頭是我見過的最好的，這有助於我們的收益率增長——另外需要注意的是，強力燃料在第一季非常有用，而且這種勢頭將持續一整年。

In addition to that, we executed some price changes that came in in the middle of the quarter, and those will be helpful Q2 and beyond. So net takeaway, I don't see a massive trend change. This is a self-help, if you will. This is market share at strategic profitable market share acquisition, and we expect it to continue.

除此之外，我們在本季中期實施了一些價格調整，這些調整將對第二季及以後產生幫助。因此，總體而言，我沒有看到大規模的趨勢變化。如果你願意的話，這是一種自助。這是策略性獲利市場佔有率取得的市場份額，我們預期這種情況將會持續下去。

To your point on price, we're really focused on winning with the value proposition. We're winning in health care. We're winning in small business. We're winning because of our seven day. I think you all heard the Best Buy example. Pricing is improving in the market and I think very rational, competitive but rational.

對於您提到的價格問題，我們真正關注的是利用價值主張獲勝。我們在醫療保健領域取得了勝利。我們在小企業領域取得了勝利。我們憑藉著七天的努力取得了勝利。我想你們都聽過百思買的例子。市場定價正在改善，我認為非常合理，有競爭力但合理。

Chris Wetherbee, Wells Fargo.

富國銀行的克里斯‧韋瑟比。

Hey, thanks, good afternoon. I guess maybe I just wanted to ask about the range. So 4% to 6% on the top line and $17.20 to $19 on the bottom line. Midpoint is 5% of revenue for the midpoint of the EPS. Should we assume that 4% revenue growth lines up with $17.20 and 6%? Is it the $19 side?

嘿，謝謝，下午好。我想也許我只是想問範圍。因此，營業收入為 4% 至 6%，利潤為 17.20 美元至 19 美元。中點是每股收益中點的收入的 5%。我們是否應該假設 4% 的收入成長與 17.20 美元和 6% 一致？是 19 美元那邊嗎？

And then maybe just a quick clarification point. What exactly is the $300 million of direct related expenses on the trade side? Just want to get a sense of what that is?

然後也許只是一個快速澄清的要點。貿易方面的3億美元直接相關費用到底是什麼？只是想了解一下那是什麼嗎？

Yeah. Hey, Chris. It's John. I would not make that direct connection between the factor you described on the 4% leading to on the low end. As I said before, this is a dynamic environment. There's going to be a lot of puts and takes as we go forward here, and we're going to be aggressively monitoring and managing it. That was just -- we just gave one scenario. As we mentioned when we talked about how we get to the midpoint, there could be a number of others as well.

是的。嘿，克里斯。我是約翰。我不會將您所描述的 4% 因素與低端因素直接聯繫起來。正如我之前所說，這是一個動態的環境。隨著我們不斷前進，將會有許多事情要做，我們將積極地監控和管理它。那隻是——我們只是給了一個場景。正如我們在討論如何達到中點時提到的那樣，可能還有許多其他問題。

With regard to your second question, I'm just trying to recall if you could -- the $300 million, yes, I'm sorry. That was customs clearance and related staffing and related administrative expenses as a result of adapting to the current trade environment.

關於您的第二個問題，我只是想回憶一下您是否可以——3 億美元，是的，對不起。這是為了適應當前貿易環境而產生的通關及相關人員配備及相關行政費用。

Richa Harnain, Deutsche Bank.

德意志銀行的 Richa Harnain。

Okay, thanks. So regarding the top end of your guidance, you said it's predicated on the continuation of strength in domestic. I guess this question are. You saw some of the best conditions you said since like COVID period, your pricing was certainly the best, we believe, volume growth third consecutive quarter of mid-single-digit plus growth in domestic volumes. Broad SMB best momentum you've seen in while. So maybe you can help us understand what's really driving the share gain what do we need to see to make it sustainable?

好的，謝謝。因此，關於您指導的最高點，您說這是基於國內實力的持續成長。我猜這個問題是的。您說您看到了自 COVID 時期以來的一些最佳條件，我們相信您的定價肯定是最好的，銷量增長連續第三個季度達到中等個位數以上，國內銷量也實現了增長。這是您一段時間以來見過的中小企業最佳發展勢頭。那麼也許您可以幫助我們了解真正推動份額成長的因素，我們需要看到什麼才能使其永續發展？

And then regarding the onboarded the business you're onboarding, what does it look like? What's the profitability profile, et cetera? Thank you.

那麼關於您正在開展的業務，它是什麼樣的呢？獲利狀況如何等等？謝謝。

Thanks for the question, Richa. Honestly, from an execution perspective, we're really focused on strategic segments.

謝謝你的提問，Richa。老實說，從執行的角度來看，我們確實專注於策略領域。

SMB, we are selling direct. Our primary competitor sells through more platforms and third parties, and we've really seen some just outstanding execution momentum -- we have a loyalty program that is highly effective and we've been very focused on making sure customers are aware and engaged in loyalty program, and that is working from a healthcare, that's why you're seeing the premium volume momentum that we have seen over the last two quarters essentially. So we're pleased with that.

SMB，我們直接銷售。我們的主要競爭對手透過更多平台和第三方進行銷售，我們確實看到了一些出色的執行勢頭——我們有一個非常有效的忠誠度計劃，我們非常注重確保客戶了解並參與忠誠度計劃，這是從醫療保健角度出發的，這就是為什麼你會看到我們在過去兩個季度看到的優質銷售勢頭。所以我們對此感到高興。

Healthcare is very sticky revenue. It is high service expectations very, very custom SOP and who it is profitable, but it's also very sticky.

醫療保健是一項非常黏性的收入。它對服務期望很高，非常客製化 SOP，並且有利可圖，但它也非常黏稠。

And then, of course, from an e-commerce perspective, you have seen that HD ground economy bundle working. We are growing there. We are faster than our primary competitor. We have rural coverage that they don't have. And of course, we now cover about 65% of GDP on Sunday.

當然，從電子商務的角度來看，您已經看到高清地面經濟捆綁正在發揮作用。我們正在那裡成長。我們比主要競爭對手更快。我們有他們所沒有的農村覆蓋範圍。當然，我們現在週日報道的GDP約為65%。

So really pleased with the team's focus, equally pleased with their revenue quality. We've been pulling pricing levers as appropriate and that definitely benefited us in the first quarter, and we anticipate that we'll get a high capture throughout the year. Of course, we're also planning very rigorously for peak surcharges are in place. They are working. The team has got a very, very focused plan for that I'm excited about.

因此，我對團隊的專注度感到非常滿意，對他們的收入品質也同樣滿意。我們一直在適當地調整定價策略，這無疑使我們在第一季受益，我們預計全年都會獲得高收益。當然，我們也在為高峰附加費制定非常嚴格的計劃。他們正在工作。團隊制定了一個非常非常有針對性的計劃，我對此感到非常興奮。

Ravi Shanker, Morgan Stanley.

摩根士丹利的拉維‧尚克 (Ravi Shanker)。

Okay, thanks, guys. A two-parter, if I may. On the de minimis, kind of what has been the customer reaction to the expiry of the rule, and do you think that is a new normal going forward?

好的，謝謝大家。如果可以的話，我會把它分成兩個部分。關於最低限度，客戶對規則到期的反應是什麼？您認為這會成為未來的新常態嗎？

And also, does it feel like there's been much pull forward in international volumes that may have benefited you in fiscal 1Q? And kind of what does that kind of normal run rate look like for the next kind of several quarters as well?

此外，您是否感覺到國際交易量大幅成長，可能在第一季為您帶來好處？那麼未來幾季的正常運作率又會是怎麼樣呢？

Thanks for the question. I'm certainly not going to speculate on the future trade environment. But I will tell you, obviously, from a customer perspective, it has been a very stressful period. I'm really proud of our clearance operations team and our commercial team because they are lockstep customers and has been particularly challenging for small exporters because they do not have the expertise and the staffing, and that's where our teams have come in and really partnered with them to help, as Raj talked about, automate some of their clearance inputs from a digital perspective. So we're very, very focused from a partnership perspective, but it has been -- it has been really tough on small customers and exporters.

謝謝你的提問。我當然不會對未來的貿易環境進行猜測。但我要告訴你，顯然，從客戶的角度來看，這是一個非常緊張的時期。我對我們的清關營運團隊和商業團隊感到非常自豪，因為他們是步調一致的客戶，對於小型出口商來說尤其具有挑戰性，因為他們缺乏專業知識和人員，而這正是我們的團隊介入並真正與他們合作的地方，正如 Raj 所說的那樣，從數字角度幫助他們實現部分清關輸入的自動化。因此，我們非常非常注重合作，但對於小型客戶和出口商來說，這確實很艱難。

As far as the pull forward, I will remain optimistic the American consumer from our numbers has been resilient. We do not see any indication in either air freight for our domestic parcel business that this is all forward. I will absolutely acknowledge July was quite strong for us, especially the Prime Week. We saw a lot of US retailers sales in market, and they were affected. We saw strong volumes in July, but I don't necessarily see that as a pull forward. And like I said, right now, from our forecasting, we both peak in the back half, we're confident in the range we put out from a top line perspective.

就未來前景而言，我仍然保持樂觀，從我們的數據來看，美國消費者一直具有韌性。無論是空運還是國內包裹業務，我們都沒有看到任何跡象表明這一切都在向前發展。我完全承認，七月對我們來說相當強勁，尤其是黃金週。我們看到很多美國零售商在市場上銷售，他們受到了影響。7 月的交易量非常強勁，但我並不認為這是一種進步。就像我說的，現在，從我們的預測來看，我們都在下半年達到頂峰，我們對從頂線角度提出的範圍充滿信心。

Brian Ossenbeck, JPMorgan.

摩根大通的 Brian Ossenbeck。

Hey, afternoon. Thanks for taking questions. Maybe Brie, just to start off by elaborating a bit more on the peak. It sounds like some of its visibility to maybe some of these new contracts that are onboarding, some of it is more of a macro. So maybe you can separate just how much of the peak strength is FedEx related versus what you see in the underlying market? I think that would be helpful.

嘿，下午好。謝謝你們的提問。也許是布里，只是想先更詳細地介紹這座山峰。聽起來它的一些可見性可能只針對一些正在簽訂的新合同，有些則更具宏觀性。那麼，也許您可以將聯邦快遞的峰值強度與您在基礎市場中看到的情況區分開來？我認為那會有幫助的。

And also maybe a little bit of context on freight. We didn't get too much color on that, but certainly a tough market and tough quarter, but it sounds like you expect things to stabilized to improve pretty significantly from here. So I wanted to get some additional thoughts on what's embedded in that outlook. Thanks.

也許還有一些關於貨運的背景資訊。我們對此沒有得到太多的了解，但這肯定是一個艱難的市場和艱難的季度，但聽起來你預計情況會從現在開始穩定下來並有相當大的改善。所以我想對這種觀點的意思做一些額外的思考。謝謝。

Okay. I think I got it all, Brian, but stop me if I don't hit all of it. From a peak perspective, yes, when we look at kind of the number of operating days in the season of peak. We are expecting kind of from an ADV perspective, sort of a low to moderate growth from an ADV, but total volume will be up because we have that extra day.

好的。布萊恩，我想我已經全部掌握了，但如果我沒有全部掌握，就阻止我。從高峰期的角度來看，是的，當我們查看高峰期的營運天數時。從日均交易量 (ADV) 角度來看，我們預計 ADV 會出現低到中等程度的成長，但由於我們有額外的一天，因此總量將會上升。

I do think a relatively significant portion of this volume growth is our acquisition that we took in the back half of last year. And so you're going to have that lapping benefit for us from a peak perspective, I anticipate our numbers will be slightly elevated versus market.

我確實認為，這一銷量成長中相當大一部分歸功於我們去年下半年進行的收購。因此，從高峰角度來看，您將獲得這種重疊優勢，我預計我們的數字將比市場略有上升。

Also, from a performance perspective, we do see this driven by large B2C retailers and brands. That's definitely heavy from a peak perspective. Rest assured, we have the revenue quality strategy and the peak surcharges in place. The team has done really good job or lockstep with Scott Ray and the surface team to manage capacity and service. So we feel very good from a peak perspective. But to your point, I don't necessarily think that it is an indicator of overall market performance.

此外，從業績角度來看，我們確實看到這是由大型 B2C 零售商和品牌推動的。從巔峰角度來看，這絕對是沉重的。請放心，我們已經制定了收入品質策略和高峰附加費。該團隊與 Scott Ray 和地面團隊在管理容量和服務方面做得非常出色。因此，從巔峰角度來看，我們感覺非常好。但就你的觀點而言，我並不認為它是整體市場表現的指標。

From a FedEx Freight perspective, you've all tracked the pressures on the industrial economy, we are the -- where FedEx is the market share leader in the LTL industry. And so of course, we are feeling that pressure. The team's one priority at FedEx Freight and take this responsibility very seriously is revenue quality. We will have the benefit of the lapping in the back half. So we do anticipate that yields will increase in the back half, but we remain very disciplined and very focused.

從聯邦快遞貨運的角度來看，大家都關注工業經濟的壓力，而聯邦快遞是零擔運輸產業的市佔率領導者。因此，我們當然感受到了壓力。聯邦快遞貨運團隊的首要任務之一就是收入質量，並且非常重視這項責任。我們將從後半部的重疊中獲益。因此，我們確實預計下半年收益率會增加，但我們仍然非常自律且非常專注。

Bruce Chan, Stifel.

布魯斯陳（Bruce Chan），Stifel。

Yeah. Good afternoon, and thanks for the question. Maybe just one on the broader airfreight market. We've been hearing about some potential supply constraints as the global fleet sort of ages here. I guess, first, are you seeing signs of that? And then so how do you think about the flow-through with Tricolor. I imagine you've got some good flexibility to shift volumes sort of between the purple tails and third-party capacity.

是的。下午好，感謝您的提問。也許只是更廣泛的航空貨運市場上的一個。隨著全球船隊老化，我們聽說了一些潛在的供應限制。我想，首先，你看到了這個跡象嗎？那麼，您如何看待 Tricolor 的流通？我想您可以靈活地在紫色尾部和第三方容量之間轉移容量。

Yeah. From an air freight perspective, again, we're a relatively small market share participant from a global airfreight perspective. We are being selective and really focused on premium freight.

是的。從空運角度來看，從全球空運角度來看，我們的市佔率相對較小。我們非常注重選擇性並真正專注於優質貨運。

I am particularly proud of the airline team this quarter. They shifted capacity and equally proud of the commercial team. We knew because of the trade environment that our China, the US lane, and we are the market share leader there would be pressured. And so we pivoted. We are growing between Asia and Europe, which is a large lane. We're being selective there.

我對本季的航空團隊感到特別自豪。他們轉移了產能，也為商業團隊感到自豪。我們知道，由於貿易環境的原因，我們的中國、美國航線以及我們在那裡的市場份額領先者將面臨壓力。因此我們做出了轉變。我們在亞洲和歐洲之間發展，這是一條大通道。我們對此是有選擇性的。

And then equally important on the purple tail that we balance capacity, and the team did a really good job from a US. I'll give the healthcare team a shout out almost 50% of the weight growth from a US expert perspective came from healthcare, air freight, so our healthcare strategy is working there, too.

同樣重要的是，我們要平衡紫色尾部的能力，而美國的團隊做得非常好。我要向醫療團隊大聲呼喊，從美國專家的角度來看，體重增長的近 50% 來自醫療保健、空運，所以我們的醫療保健策略也在那裡發揮作用。

Bruce, if I can jump in on this Tricolor, if you remember the conversations that we have had before, the idea was to decongest the hubs and to have a truck-fly-truck network so that it links all our networks together optimally and densification of our network.

布魯斯，如果我可以加入這個三色旗，如果你還記得我們之前的對話，我們的想法是疏通樞紐，建立一個卡車-飛行-卡車網絡，以便將我們所有的網絡最佳地連接在一起，並提高我們網絡的密度。

All those are being tracked at KPI level very carefully, and I'm happy to report that the team has done a tremendous job and it's working. And that's what enables us to provide the value proposition to our customers to strategically and profitably grow in these segments. So again, we are in early innings on Tricolor, but the implementation has been stellar.

所有這些都在 KPI 級別上進行非常仔細的跟踪，我很高興地報告，團隊已經完成了出色的工作並且正在發揮作用。這使我們能夠向客戶提供價值主張，從而在這些領域實現策略性和獲利性成長。所以，雖然我們在 Tricolor 上還處於早期階段，但實作效果非常出色。

Jason Seidl, TD Cowen.

傑森·塞德爾 (Jason Seidl)，TD Cowen。

Hi, thank you. This is Elliot Alper on for Jason Seidl. So in terms of Network 2.0 and heading into peak season, are you planning for any changes in the process like putting some stations on hold in busier markets as you work through peak. Could that affect any timing in terms of the cadence of the $1 billion in cost savings or anything to think about there?

你好，謝謝。這是 Elliot Alper 取代 Jason Seidl 上場。那麼，就網路 2.0 和進入旺季而言，您是否計劃在流程中做出任何改變，例如在高峰期暫停繁忙市場中的一些電台的運作。這是否會影響 10 億美元成本節約的節奏或任何需要考慮的事情？

Well, thank you for the question. We are very encouraged by the progress on Network 2.0.

好的，謝謝你的提問。我們對網路 2.0 的進展感到非常鼓舞。

The Canada transition is complete and the service levels there are very strong. We're obviously moving forward in the US market underway as we planned. There is no change to the plans that we have set in place. We have exiting Q1 with 18% of our US ADV running through the Network 2.0 model. We have close to about 140 facilities and integrated 360 stations in the process.

加拿大的轉型已經完成，那裡的服務水準非常高。我們顯然正在按照計劃向美國市場邁進。我們所製定的計劃沒有改變。我們已經退出第一季度，其中 18% 的美國 ADV 透過 Network 2.0 模型運行。我們擁有近 140 個設施，並在流程中整合了 360 個站點。

And at the end of the day, I want to -- that's pretty much as planned, and that's what we will continue to execute going forward. You had rumor Network 2.0 is an efficiency story, but also a growth story as we improve our customer value and customer experience that this becomes what efficiency part of the equation and also ability for us to grow in this segment. Thank you.

最終，我想——這基本上符合計劃，而且我們將繼續執行這項計劃。您曾傳言網路 2.0 是一個效率故事，但也是一個成長故事，因為我們提高了客戶價值和客戶體驗，這成為了等式的效率部分，也是我們在這個領域成長的能力。謝謝。

I think it's important to note, we never plan for a new optimization in the middle of peak. So our rollout schedule is a given that, that just doesn't happen in because service is our top priority for our customers.

我認為值得注意的是，我們從未計劃在高峰期進行新的最佳化。因此，我們的推出時間表是既定的，但這不會發生，因為服務是我們為客戶提供的首要任務。

David Vernon, Bernstein.

大衛‧佛農，伯恩斯坦。

Hey, good afternoon, and thanks for taking the question. So John, I wanted to kind of come back to this question on operating leverage and try to help better understand the bridge that you laid out here. When we think about first quarter, is there anything in the comp on a year-over-year basis that may be added to the leverage, whether it's incentives or anything like that?

嘿，下午好，感謝您回答這個問題。所以約翰，我想回到關於經營槓桿的問題，並嘗試幫助更好地理解你在這裡鋪設的橋樑。當我們考慮第一季時，與去年同期相比，是否有任何可以增加槓桿的東西，無論是激勵措施還是類似的東西？

And then as we think about the remainder of the year, right, obviously, there's a lot of things happening on trade and things happening top line, bottom line. Is the answer here of why we're not getting more leverage just that the mix is shifting to less profitable traffic? I'm just trying to kind of really understand this thing at a high level, like if we've got $1 billion worth of costs taking out that would offset the headwind and then we got 5% of revenue growth, like why isn't there more falling to the bottom line?

然後，當我們考慮今年剩餘的時間時，顯然，貿易方面會發生很多事情，底線也會發生很多事情。這裡的答案是否就是為什麼我們沒有獲得更多的槓桿，只是因為組合正在轉向利潤較低的流量？我只是想從高層次上真正理解這一點，例如，如果我們有價值 10 億美元的成本可以抵消不利因素，然後我們的收入成長 5%，那麼為什麼沒有更多的收入落到底線呢？

Yeah. As I mentioned before, there's a variety of factors in play here, including kind of the opportunity cost of the hit to revenue as a result of the change in the trade environment. Mix shift is a factor to lower-yielding mix. But I should say it's profitable, it's profitable mix, I want to be clear on that. But that is certainly a consideration. But there's a whole dynamic environment of factors that are putting pressure on us that run the range that are factored into that $1 billion.

是的。正如我之前提到的，這裡有各種各樣的因素在起作用，包括貿易環境變化導致的收入損失的機會成本。混合轉變是導致混合產量降低的因素。但我應該說它是有利可圖的，它是有利可圖的組合，我想清楚地說明這一點。但這確實是一個考慮因素。但是，整個動態環境中的許多因素都給我們帶來了壓力，這些因素都影響著我們實現 10 億美元目標的範圍。

Ari Rosa, Citi.

花旗銀行的阿里羅莎 (Ari Rosa)。

Hi, good afternoon. So just on the revenue growth target, maybe you could help us understand how much of that is coming from new business wins because I don't think that's been totally clear. So like is there a way to segment how much of the 4% to 6% is driven -- is organic versus kind of new business wins? Anything you can give us on kind of the margin contribution of that?

嗨，下午好。因此，就收入成長目標而言，也許您可以幫助我們了解其中有多少來自新業務的成功，因為我認為這並不完全清楚。那麼有沒有辦法細分這 4% 到 6% 的成長是由有機成長還是新業務成長所推動的？您能告訴我們關於這種利潤貢獻的任何資訊嗎？

And then if I can squeeze one other one in the $600 million of freight spin costs, maybe you could just give a little bit of color on what that is? Thank you.

然後，如果我可以在 6 億美元的貨運成本中再擠進一項，也許您可以稍微解釋一下那是什麼？謝謝。

Well, I'll start with the freight spin costs and then turn it over to that like with any large transaction, there's a significant amount of cost that's incurred it's largely driven by the IT and the systems and enhancing the systems have freight to improve the customer experience.

好吧，我將從貨運自轉成本開始，然後將其轉交給任何大型交易，這會產生大量成本，這主要是由 IT 和系統驅動的，增強系統可以提高貨運質量，從而改善客戶體驗。

There are some staffing costs, but I would say those are small in the scheme of things. We talked about the sales force and so forth but largely IT-related and systems-related.

有一些人員成本，但我認為這些成本在整個計劃中是很小的。我們討論了銷售團隊等等，但主要涉及 IT 和系統。

Yeah. As far as the revenue range, it's a combination of factors, as I talked about. We've got execution from a share gain perspective, we've got execution on getting the right business in and the yield.

是的。就收入範圍而言，正如我所說，這是多種因素綜合作用的結果。我們從份額收益的角度進行了執行，我們從開展正確的業務和獲得收益的角度進行了執行。

The one thing that I can emphasize that as we look at the difference between the and Q2 through Q4, the domestic momentum. One of the larger factors there will be continued onboarding, but we'll also be pushing on yields.

我可以強調的一點是，當我們觀察第二季和第四季之間的差異時，國內發展動能有所增強。其中一個更大的因素是繼續引進新員工，但我們也會努力提高收益率。

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 並請他做最後發言。

Well, thank you, operator. In closing, our Q1 results demonstrate our ability to support customers through this dynamic environment, and I'm incredibly proud of the FedEx team for their outstanding commitment to our customers and for driving such strong performance in this quarter. I'm confident that the momentum we have established positions us well for the peak season ahead. Thank you very much.

好的，謝謝您，接線生。最後，我們的第一季業績證明了我們有能力在這種動態環境中為客戶提供支持，我為聯邦快遞團隊對客戶的傑出承諾以及本季度如此強勁的業績感到無比自豪。我相信，我們已經建立的勢頭將使我們為即將到來的旺季做好準備。非常感謝。

The conference is 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。