聯邦快遞 (FDX) 2026 Q3 法說會逐字稿

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

大家好，歡迎參加 FedEx 2026 會計年度第三季財報電話會議。(操作員指示) 請注意，本活動正在錄音。

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

現在我想把會議交給投資人關係副總裁 Jeni Hollander。請-- 。

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. (Operator Instructions)

各位下午好，歡迎參加 FedEx Corporation 第三季財報電話會議。第三季財報新聞稿、10-Q 表格與統計資料手冊已公布於我們的網站 investors.fedex.com。本次電話會議及隨附投影片正透過我們的網站進行串流播放。(操作員指示)

Certain statements in this conference call may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements.

本次電話會議中的某些陳述，可能構成《1995 年私人證券訴訟改革法》所定義的前瞻性陳述。此類前瞻性陳述受風險、不確定性及其他因素影響，可能導致實際結果與該等前瞻性陳述所明示或暗示者存在重大差異。

For additional information on these factors, please refer to our press releases and filings with the SEC. Today's presentation also includes certain non-GAAP financial measures. Please refer to investors.fedex.com for a reconciliation of the non-GAAP financial measures discussed on this call to the most directly comparable GAAP measures.

關於上述因素的更多資訊，請參閱我們的新聞稿及向美國證券交易委員會（SEC）提交的文件。今日簡報亦包含若干非 GAAP 財務衡量指標。請至 investors.fedex.com 查閱本次電話會議所討論之非 GAAP 財務衡量指標與最直接可比之 GAAP 指標之調節表。

Joining us for prepared remarks on the call today are Rajesh Subramaniam, President and CEO; Brie Carere, Executive Vice President and Chief Customer Officer; and John Dietrich, Executive Vice President and CFO. Now I'll turn the call over to Raj.

今日電話會議的預備發言由總裁暨執行長 Rajesh Subramaniam、執行副總裁暨首席客戶長 Brie Carere，以及執行副總裁暨財務長 John Dietrich 共同出席。現在把電話交給 Raj。

Thank you, Jeni. First, I want to extend a sincere thank you to Team FedEx for delivering very strong results this quarter, supported by an exceptional peak, our most profitable yet. The team's commitment to make every FedEx experience outstanding and their consistent execution drove our strong Q3 financial performance.

謝謝你，Jeni。首先，我要向 FedEx 團隊致上誠摯的感謝，感謝大家在本季交出非常強勁的成果；在一個表現卓越的旺季支撐下，這也是我們迄今最具獲利能力的一次旺季。團隊致力於讓每一次 FedEx 體驗都出色無比，並以一貫的執行力推動我們第三季強勁的財務表現。

I also want to express my gratitude to our team members in the Middle East. The safety and security is our top priority. We are closely monitoring the situation, have implemented contingencies and are operating in alignment with local authorities as we continue delivering the best possible service to our customers.

我也要向我們在中東的團隊成員表達感謝。安全與保全是我們的首要優先事項。我們正密切監控情勢、已啟動應變措施，並在持續為客戶提供最佳服務的同時，依照當地主管機關的指引進行營運。

Our strong Q3 results were largely driven by Federal Express Corporation, or FEC, demonstrating the power and resilience of our global industrial network. As we recently outlined at our Investor Day, the entire FEC organization is aligned in making progress across our four strategic priorities: growing in high-margin verticals, transforming our network, and building on our data and technology advantage while delivering ongoing efficiency gains.

我們第三季的強勁成果主要由 Federal Express Corporation（FEC）所帶動，展現了我們全球工業網路的力量與韌性。正如我們近期在投資人日所說明，整個 FEC 組織已就位並一致推進四項策略重點：在高毛利垂直領域成長、轉型我們的網路、在資料與科技優勢上持續加碼，同時帶來持續的效率提升。

Our strategy enabled us to deliver sequential and year-over-year adjusted EPS growth for FedEx Corp, ahead of our expectations coming into the quarter. This operational performance, combined with our CapEx discipline is translating to strong adjusted free cash flow. Additionally, our plan is to spin off FedEx Freight on June 1 remain on track. We are confident that the separation will unlock meaningful long-term value for our stockholders.

我們的策略使 FedEx Corp 得以實現連續季與年對年調整後 EPS 成長，且優於我們在本季開始時的預期。此一營運表現，加上我們對資本支出（CapEx）的紀律，正轉化為強勁的調整後自由現金流。此外，我們計畫於 6 月 1 日分拆 FedEx Freight 的進度仍按計畫推進。我們有信心，此次分拆將為股東釋放具意義的長期價值。

Turning to our consolidated Q3 results. Revenue was up 8% year-over-year, driven by yield and volume strength across nearly all our packaged services and we delivered a 7% increase in adjusted operating income year-over-year as we successfully managed headwinds tied to changing global trade policies, a challenging LTL demand environment and the grounding of our MD-11 fleet. We also effectively overcame significant weather-related service constraints.

接著看我們合併第三季的業績。營收年增 8%，主要由幾乎所有包裹服務的單位收益（yield）與運量強勁所帶動；同時，在我們成功管理全球貿易政策變動、LTL 需求環境具挑戰性，以及 MD-11 機隊停飛所帶來的逆風下，調整後營業利益仍年增 7%。我們也有效克服了顯著的天候因素所造成的服務限制。

At FEC, we grew revenue 10% and expanded adjusted operating margin by 50 basis points. This marked our sixth consecutive quarter of margin expansion, allowing us to grow adjusted operating income 18%. This is a clear proof point that our commercial strategy to move up the value chain is working.

在 FEC，我們營收成長 10%，調整後營業利益率擴張 50 個基點。這是我們連續第六季的利潤率擴張，使調整後營業利益成長 18%。這清楚證明我們「往價值鏈上移」的商業策略正在奏效。

At the same time, we are executing on our transformation and cost reduction priorities. As anticipated, freight results remain pressured as a result of ongoing LTL industry trends along with increased separation-related expenses.

同時，我們也在推進轉型與成本降低的優先事項。如預期，受 LTL 產業趨勢持續影響，加上分拆相關費用增加，貨運業績仍承受壓力。

Importantly, we are laser-focused on revenue quality. As a result, higher weights and revenue per shipment at FedEx Freight helped mitigate lower shipment volumes.

重要的是，我們高度聚焦於營收品質。因此，FedEx Freight 較高的重量與每票收入，有助於抵銷較低的出貨量。

Given the strength of our consolidated Q3 results and updated assumptions for Q4, we are raising our FY26 adjusted earnings outlook to $19.30 to $20.10 per diluted share. Brie and John will detail the outlook assumptions shortly.

鑑於我們合併第三季業績的強勁表現，以及對第四季假設的更新，我們將 2026 會計年度調整後獲利展望上調至每股稀釋後 19.30 美元至 20.10 美元。Brie 與 John 稍後將說明展望假設的細節。

Revenue share gains in our priority B2B verticals were an important driver of our Q3 performance. Similar to Q2, nearly half our revenue growth were driven by B2B services an important enabler of increased profitability.

在我們優先的 B2B 垂直領域中，營收市占提升是推動第三季表現的重要因素。與第二季類似，我們近一半的營收成長由 B2B 服務所帶動，而這也是提升獲利能力的重要推手。

Our transformation to one integrated intelligent network is well underway. By the end of this month, about 35% of eligible volume will flow through nearly 400 Network 2.0 optimized facilities. We remain on track for about 65% of our eligible volume to be going through Network 2.0 facilities by next Peak.

我們朝向「單一整合的智慧網路」的轉型正在順利推進。到本月底，約 35% 的符合條件運量將流經近 400 個 Network 2.0 最佳化設施。我們仍按計畫在下一個旺季前，讓約 65% 的符合條件運量通過 Network 2.0 設施。

And we continue to expect $2 billion in cumulative savings from Network 2.0 and associated One FedEx initiatives by end of 2027. This was our first peak with meaningful volume flowing through Network 2.0 facilities and the results speak for themselves.

我們也持續預期，到 2027 年底，Network 2.0 及相關 One FedEx 計畫將帶來累計 20 億美元的節省。這是我們首次在旺季期間有具規模的運量流經 Network 2.0 設施，而成果不言自明。

Data-driven solutions continue to support the Network 2.0 rollout and played a crucial role in enhancing service during peak. We recently introduced our unload trailer prioritization tool, which uses real-time data to intelligently sequence yard operations based on trailer content.

以數據驅動的解決方案持續支援 Network 2.0 的推進，並在旺季期間提升服務方面扮演關鍵角色。我們近期推出「卸貨拖車優先排序工具」，運用即時數據，依拖車內容智慧化安排場站作業的順序。

As Network 2.0 facilities scale, this capability becomes increasingly important, enabling us to better understand a trailer service mix, especially during morning source. This tool supports strong service levels by helping prioritize our most time-critical packages even more efficiently.

隨著 Network 2.0 設施規模擴大，這項能力愈發重要，使我們能更好地理解拖車的服務組合，尤其是在早晨來源作業期間。該工具透過協助更有效率地優先處理時效性最高的包裹，以支援強健的服務水準。

Internationally, we continue to flex our air network in response to global trade policy changes. We reduced transpacific outbound purple and white tail capacity by approximately 15% and 25%, respectively, during the quarter. Asia to Europe and intra-Asia where we are reallocating some of our Purple-tail capacity continue to drive strong revenue growth.

在國際方面，我們持續因應全球貿易政策變化，彈性調整航空網路。本季我們將跨太平洋出境的紫尾機與白尾機運能分別降低約 15% 與 25%。亞洲至歐洲以及亞洲區內航線（我們正將部分紫尾機運能重新配置至此）持續帶動強勁的營收成長。

In a quarter with significant package volume growth, we reduced net capacity, jet fuel usage and vehicle fuel usage, signaling our success in densifying this network. The team continues to focus on transformation in Europe, where we achieved our 11 consecutive quarter of international revenue share gains. In January, we shared plans to transform our ground operations in France with the goal of improving the experience for our employees, contractors, and customers.

在包裹運量顯著成長的一季中，我們仍降低了淨運能、航空燃油使用量與車輛燃油使用量，顯示我們在提升網路密度方面的成功。團隊持續聚焦歐洲轉型，我們已連續第 11 季在國際業務的營收市占取得成長。今年 1 月，我們分享了在法國轉型地面作業的計畫，目標是改善員工、承攬商與客戶的體驗。

As part of this effort, we plan to simplify our domestic footprint, optimize our road network, streamline our value proposition and leverage digital capabilities to enhance France's competitiveness. More specifically, we are optimizing the hub-and-spoke network with fewer, better placed hubs and reducing our overall station count by over 40%.

作為此項工作的一部分，我們計畫簡化國內據點布局、最佳化公路網路、精簡我們的價值主張，並運用數位能力以提升法國的競爭力。更具體而言，我們將以更少但位置更佳的樞紐來最佳化樞紐—輻射（hub-and-spoke）網路，並將整體站點數量減少超過 40%。

Last month, we also announced our participation in a consortium, making an offer for all shares of impulse. As I discussed at our recent Investor Day, high-value B2B verticals are a core priority within our profitable growth strategy.

上個月，我們也宣布參與一個財團，提出收購 impulse 全部股份的要約。正如我在近期投資人日所談到的，高價值的 B2B 垂直領域是我們獲利成長策略中的核心優先事項。

At the same time, our commitment to provide excellent service to consumers around the world remains unchanged. InPost's strong presence and highly profitable track record in Europe's out-of-home delivery segment complements our strategy, allowing us to focus on our core strengths.

同時，我們為全球消費者提供卓越服務的承諾始終不變。InPost 在歐洲「戶外取件／投遞」（out-of-home）配送領域具備強大據點與高獲利的長期紀錄，與我們的策略相輔相成，使我們得以專注於核心優勢。

This transaction is expected to be accretive to our earnings in year one upper close, which is targeted for the second half of calendar year 2026. Upon completion of the transaction, we will enter into commercial agreements that are expected to yield benefits to both parties. Importantly, FedEx and InPost will not integrate operations, and we will remain competitors each operating in their respective markets and segments.

此交易預期在第一年（以上半年完成交割為前提）即可增厚每股盈餘；交割目標為 2026 曆年下半年。交易完成後，我們將簽訂商業協議，預期可為雙方帶來效益。重要的是，FedEx 與 InPost 不會整合營運，我們仍將是競爭對手，各自在其各自的市場與區隔中營運。

At our Investor Day, we highlighted the role of FedEx Digital Intelligence as our force multiplier reshaping how we plan, operate, serve customers and create new services. A great example of new value creation for our digital intelligence to a strategic collaboration with Dun & Bradstreet. Together, we will be launching the Dun & Bradstreet and FedEx DataWorks, Retail Momentum Index, an early warning system designed to detect crucial inflection points in US retail supply and demand, combining vast amounts of shipping intelligence and business data insights, we can provide a near real-time aggregated view of US retail supply and demand.

在投資人日上，我們強調 FedEx Digital Intelligence 作為我們的「力量倍增器」，正重塑我們如何規劃、營運、服務客戶並創造新服務。一個很好的新價值創造例子，是我們的數位智慧與 Dun & Bradstreet 的策略合作。我們將共同推出 Dun & Bradstreet 與 FedEx DataWorks 的「零售動能指數」（Retail Momentum Index），這是一套預警系統，旨在偵測美國零售供需的關鍵轉折點；透過結合大量的運輸智慧與商業數據洞察，我們可提供近乎即時的美國零售供需彙總視圖。

This intelligence can help business leaders detect inflection points before they appear in traditional economic reports like monthly retail sales or inventory data. We plan to release this index monthly beginning this spring, marking the start of growing collaboration to develop additional joint insights for the market.

這些洞察可協助企業領導人在傳統經濟報告（如每月零售銷售或庫存數據）出現之前，就先行偵測轉折點。我們計畫自今年春季起按月發布該指數，這也標誌著我們擴大合作的起點，以開發更多面向市場的聯合洞察。

Physical AI is another critical element of our longer-term strategy, which will complement and strengthen our extensive and indispensable industrial network. Unloading trailers is one of the most physically demanding tasks in our package operations.

實體 AI（Physical AI）是我們長期策略的另一個關鍵要素，將補強並強化我們廣泛且不可或缺的產業網路。在我們的包裹作業中，卸載拖車是體力負荷最高的工作之一。

Last month, we announced the implementation of a new autonomous robotic system from Berkshire Grey, the Scoop, robotic package unloader. This collaboration nicely complements our partnership with Dexterity, which provides robots for trailer loading. Both collaborations are in the pilot phase and expected to be further deployed later this calendar year. This work signals our commitment to both the safety of our team members and innovation that improves the efficiency and profitability of our operations.

上個月，我們宣布導入 Berkshire Grey 的新型自主機器人系統——Scoop 機器人包裹卸載機。這項合作與我們和 Dexterity 的夥伴關係相得益彰；Dexterity 提供用於拖車裝載的機器人。兩項合作目前皆處於試點階段，預期將於本曆年稍晚進一步部署。這些工作展現我們對團隊成員安全的承諾，以及對提升營運效率與獲利能力之創新的投入。

In closing, we delivered a strong quarter while successfully navigating a dynamic environment. We grew in high-margin verticals. We continued to transform our network. We leveraged our data and technology capabilities to enhance execution and value creation. Team FedEx performed exceptionally well, delivering great service for our customers during the critical peak season and beyond.

最後，我們在成功應對多變環境的同時，交出強勁的一季表現。我們在高毛利的垂直領域實現成長。我們持續推動網路轉型。我們運用數據與科技能力，提升執行力與價值創造。FedEx 團隊表現卓越，在關鍵的旺季及其後續期間，為客戶提供了優異服務。

I'm truly grateful for their performance. Now over to you, Brie.

我由衷感謝他們的表現。接下來交給你，Brie。

Thank you, Raj. I would like to add my thanks to our team members for delivering another incredible peak season. On a year-over-year basis, we increased volume and improved service during the quarter, all while delivering faster to more locations than the competition.

謝謝你，Raj。我也要感謝我們的團隊成員，再次交出令人驚豔的旺季表現。以年對年來看，我們在本季提升了貨量並改善服務，同時在更多地點做到比競爭對手更快的配送。

In December, we delivered the best monthly revenue performance in our company history, which of course, supported strong Q3 earnings growth. We served our customers with excellence during this critical period and delivered on our targeted growth strategy while of course, remaining disciplined on pricing.

在 12 月，我們創下公司史上最佳的單月營收表現，當然也支撐了第三季強勁的獲利成長。我們在這個關鍵期間以卓越服務支援客戶，並在維持定價紀律的同時，落實我們鎖定的成長策略。

With our team's focus and outstanding execution, we grew FEC revenue 10%, driven by 10% US domestic package revenue growth. This marked our highest quarterly US domestic revenue since fiscal year '22.

在團隊的專注與出色執行下，我們的 FEC 營收成長 10%，主要由美國國內包裹營收成長 10% 所帶動。這是自 2022 會計年度以來，我們美國國內營收最高的一個季度。

International export package revenue also grew a strong 8%. Europe and the Asia-to-Europe lane stood out as key drivers. We continue to win profitable share in the global airfreight market, delivering 14% growth in international priority and economy freight revenue supported by our Tricolor strategy.

國際出口包裹營收亦強勁成長 8%。歐洲以及亞洲至歐洲航線是主要驅動因素。在 Tricolor 策略的支持下，我們持續在全球空運市場贏得具獲利性的市占，帶動國際優先與經濟型貨運營收成長 14%。

At FedEx Freight, revenue declined 5%, pressured by lower shipments. We are encouraged by our sequential increases in both revenue per shipment and in the attainment of contractual price increases as FedEx Freight prioritizes revenue quality in a challenged LTL mark.

在 FedEx Freight，受出貨量下降影響，營收下滑 5%。隨著 FedEx Freight 在具挑戰的 LTL 市場中優先提升營收品質，我們對每票營收與合約調價落實率的連續性提升感到鼓舞。

At FEC, we grew average daily US domestic volume by 5%. Our strategic focus on B2B vertical supported 7% volume growth in US priority and deferred Express services. International export volumes inflected positively for the first time in fiscal year '26, up 2% year-over-year.

在 FEC，我們美國國內日均貨量成長 5%。我們對 B2B 垂直領域的策略聚焦，帶動美國優先與延後（deferred）Express 服務貨量成長 7%。國際出口貨量在 2026 會計年度首次出現正向拐點，年增 2%。

This is an impressive achievement given the sustained declines on the Transpacific lane due to the dynamic global trade environment. This international growth is a direct result of our targeted strategy to reroute capacity to our Asia Europe and intra-Asia lane, both of which delivered significant revenue growth, along with continued growth in US international outbound and our European region.

考量到在多變的全球貿易環境下，跨太平洋航線持續下滑，這是一項令人印象深刻的成就。這項國際成長直接來自我們的目標策略：將運能重新配置至亞洲—歐洲與亞洲區內航線；兩者皆帶來顯著營收成長，同時也包括美國國際出口與我們歐洲區域的持續成長。

At FedEx Freight, in line with continued challenging LTL industry trends, shipments declined 6%. With nearly all of the planned dedicated LTL sales force now hired, we are confident Freight is well positioned to grow as the market recovers.

在 FedEx Freight，與持續具挑戰的 LTL 產業趨勢一致，出貨量下滑 6%。隨著幾乎所有規劃中的專屬 LTL 銷售團隊人員現已到位，我們有信心 Freight 已具備良好定位，可在市場復甦時實現成長。

Our pricing strategy is driving yield growth. These trends are a direct result of our focus on high-value shipments and industry-leading service supported by an improving pricing environment. We have seen strong capture rate on the 5.9% general rate increase we implemented in January. We also enhanced our dimensional pricing models, both in package and express freight supported by machine learning tools that improve accuracy.

我們的定價策略正推動單位收益（yield）成長。這些趨勢直接反映我們聚焦高價值貨件，以及在改善中的定價環境支持下所提供的業界領先服務。我們看到 1 月實施的 5.9% 一般運價調升具有強勁的落實率（capture rate）。我們也強化了材積計價模型，涵蓋包裹與快遞貨運，並以機器學習工具提升精準度。

Additionally, the adjustment of fuel surcharge we put in place in December supported our Q3 results. At FEC, US domestic package yield increased 5% and driven by strength across all services. International export package yield grew 6%, driven by higher weight per shipment tied to the de minimis change, favorable currency and revenue quality actions.

此外，我們於 12 月採取的燃油附加費調整亦支撐了第三季表現。在 FEC，美國國內包裹單位收益提升 5%，且各項服務皆呈現強勁表現。國際出口包裹單位收益成長 6%，主要受每票重量提高（與 de minimis 變更相關）、有利匯率，以及營收品質改善措施所帶動。

At FedEx Freight, revenue per shipment increased 1% primarily due to the increased rate per shipment. Regarding fuel, at both FEC and FedEx Freight, we update our fuel surcharges weekly based on the current fuel price. Our US domestic and US export package and freight fuel surcharges are indexed to fuel prices published by the US Department of Energy, allowing us to detect profitability during periods of energy price volatility.

在 FedEx Freight，每票營收成長 1%，主要由每票運價提高所致。就燃油而言，在 FEC 與 FedEx Freight，我們會依據當前燃油價格每週更新燃油附加費。我們的美國國內與美國出口包裹及貨運燃油附加費，係以美國能源部公布的燃油價格為指數基準，使我們能在能源價格波動期間維持獲利能力。

At our Investor Day, we detailed our plan to drive disciplined growth in the segments where our differentiation matters the most to our customers, specifically high-value B2B and specialized B2C. We are encouraged by our Q3 wins and growing sales pipeline across key B2B verticals.

在投資人日上，我們詳細說明了計畫：在我們的差異化對客戶最重要的領域推動有紀律的成長，特別是高價值 B2B 與專業化 B2C。我們對第三季的得標成果，以及在關鍵 B2B 垂直領域持續擴大的銷售管線感到鼓舞。

Our sales team has done a phenomenal job selling bundled FEC services to our customers, supporting higher win rates and a stronger customer loyalty.

我們的銷售團隊在向客戶銷售整合式（bundled）的 FEC 服務方面表現出色，帶動更高的得標率與更強的客戶忠誠度。

Within health care, we continue to grow our core transportation revenue along with value-added services. To attract new business in pharma, where we are currently underpenetrated, we are enhancing our offering to serve the specialized unique needs of our customers with an extreme emphasis on quality.

在醫療保健領域，我們持續擴大核心運輸營收以及加值服務。為了在目前滲透率不足的製藥領域吸引新業務，我們正強化產品與服務，以極度重視品質的方式，滿足客戶專業且獨特的需求。

Just last week, we onboard a health care-focused Vice President of Quality, who brings deep external experience in global health care logistics. This newly created position will help strengthen our global quality governance and harmonized standards across our network.

就在上週，我們延攬了一位專注醫療保健的品質副總裁，其在全球醫療保健物流方面具備深厚的外部經驗。這個新設職位將有助於強化我們的全球品質治理，以及全網路一致化的標準。

I am excited about the pace at which our team is introducing new innovations at FedEx. Last month, we announced FedEx Returns+, a market-leading AI-powered digital tracking and returns offering for our customers.

我對我們團隊在 FedEx 推出新創新的速度感到振奮。上個月，我們宣布推出 FedEx Returns+，這是一項市場領先、以 AI 驅動的數位追蹤與退貨解決方案，提供給我們的客戶。

Our new capabilities enable shippers to simplify the customer experience after checkout, embedding more visibility, communication, and efficiency into the shippers own digital channels with direct connectivity to our near real-time data.

我們的新能力讓託運人能在結帳後簡化客戶體驗，透過與我們近乎即時的數據直接連結，將更多可視性、溝通與效率嵌入託運人自有的數位渠道中。

The early market reaction for this US launch has been very positive, and we're excited to expand the offering to Europe this coming April. Shifting now to our revenue outlook for fiscal year '26 and for the fourth quarter.

這次在美國推出後，市場的早期反應非常正面，我們也很期待在即將到來的四月把這項服務擴展到歐洲。接下來談我們 26 財年的營收展望以及第四季的展望。

Factoring in Q3 FEC strength and our expectation that these trends will persist, we now expect a 6% to 6.5% consolidated revenue growth this fiscal year compared to our prior 5% to 6% growth forecast. This implies a 6% to 7.5% revenue growth in Q4 on a consolidated basis.

考量第三季 FEC 的強勁表現，以及我們預期這些趨勢將持續，我們目前預期本財年合併營收成長 6% 至 6.5%，高於先前預估的 5% 至 6%。這意味著第四季在合併基礎下的營收成長將達 6% 至 7.5%。

At FEC, the midpoint of our full year range now implies approximately 8% revenue growth year-over-year. Q4, we forecast approximately 8% FEC revenue growth at the midpoint, driven by strong US domestic and international yields. As we lean further into our strategy to grow in high-margin verticals, we expect sustained yield growth.

在 FEC 方面，我們全年區間的中點目前意味著年增約 8% 的營收成長。第四季，我們預估 FEC 營收在中點約成長 8%，主要由美國國內與國際的強勁收益率所帶動。隨著我們更深入推進在高毛利垂直領域成長的策略，我們預期收益率成長將可持續。

We expect US domestic volume growth to continue in Q4. As a reminder, we will be lapping the onboarding of significant health care revenue, which creates a difficult comp for our US priority service in Q4. At FedEx Freight, we now expect fiscal year '26 revenue to be down low single digits year-over-year, with revenue flat to down slightly in Q4 due to the continued LTL industry demand weakness. We continue to expect Q4 yield growth to provide an offset to a mid-single-digit percentage decline in shipments.

我們預期美國國內貨量成長將在第四季延續。提醒一下，我們將面臨去年導入大量醫療保健營收的比較基期，這會使我們第四季的美國優先服務面臨較具挑戰性的同比比較。在 FedEx Freight 方面，我們目前預期 26 財年營收將年減低個位數百分比；由於 LTL 產業需求疲弱持續，第四季營收預期持平至小幅下滑。我們仍預期第四季收益率成長可抵銷出貨量中個位數百分比下滑的影響。

In closing, we have a winning commercial strategy, and you are seeing the direct results of this strategy. Our team executed exceptionally well this peak season delivering for our customers and positioning us for a very strong finish to the fiscal year.

最後，我們擁有致勝的商業策略，而你們正看到這項策略帶來的直接成果。我們的團隊在這個旺季執行表現極為出色，為客戶交付成果，並讓我們有望在本財年末段以非常強勁的態勢收官。

Thank you, Team FedEx, for your outstanding work. And now I'll turn it over to John.

感謝 FedEx 團隊的各位，付出卓越的努力。接下來我把時間交給 John。

Thanks, Brie. Our Q3 results highlight our team's commercial execution and delivering premium revenue growth while aggressively managing our costs in a very dynamic environment. And we achieved these strong results while also continuing to advance our longer-term transformational and strategic initiatives.

謝謝你，Brie。我們第三季的結果凸顯了團隊在商業執行上的成果：在非常動態的環境中，一方面帶來優質營收成長，另一方面也積極管理成本。同時，我們也持續推進更長期的轉型與策略性計畫，並在此過程中取得了這些強勁成果。

On a year-over-year basis, we grew Q3 adjusted operating income by 7% and delivered strong adjusted EPS growth of 16%. I should note that our Q3 adjusted EPS includes a one-time benefit of $0.41 due to a favorable effective tax rate impact of $99 million related to our business restructuring in Brazil.

以年對年來看，我們第三季調整後營業利益成長 7%，調整後每股盈餘（EPS）強勁成長 16%。我也要指出，我們第三季調整後 EPS 包含一次性利益 0.41 美元，源自巴西業務重組相關、有效稅率有利影響所帶來的 9,900 萬美元效益。

And we delivered these results while navigating the impact of global trade policy changes, demand pressures at FedEx Freight and the grounding of our MD-11 fleet. This is a true testament to the tireless focus of our team and the resilience of our premier global industrial network.

我們在交出這些成果的同時，也必須因應全球貿易政策變動的影響、FedEx Freight 的需求壓力，以及我們 MD-11 機隊停飛。這充分證明了我們團隊不懈的專注力，以及我們頂尖全球工業網路的韌性。

Now providing more segment detail for Q3 on a year-over-year basis. At FEC, we grew adjusted operating income by $252 million or 18%. This was driven by both base yield and volume improvement as well as execution on our cost reduction priorities. Growth in premium revenue in our international export range particularly US outbound and our Asia to Europe lane contributed to adjusted operating income improvement in the quarter.

接著提供第三季各事業部門年對年的更多細節。在 FEC，我們調整後營業利益增加 2.52 億美元，或成長 18%。這主要由基礎收益率與貨量改善，以及我們在成本降低優先事項上的執行所帶動。本季國際出口產品組合（特別是美國出口，以及亞洲到歐洲航線）的優質營收成長，也促成了調整後營業利益的改善。

Yield trended better than expected, which reflects the improving pricing environment, both in US domestic and international, and we'll be focused on continuing this momentum in the fourth quarter. With respect to our fleet, Q3 marked the first full quarter with our MD-11 fleet grounded.

收益率走勢優於預期，反映出定價環境正在改善，涵蓋美國國內與國際市場；我們將在第四季持續聚焦延續這股動能。就機隊而言，第三季是我們 MD-11 機隊停飛後的第一個完整季度。

My sincere thanks go out to our world-class team, including our pilots, network planning and flight operations teams who did an outstanding job adjusting the network under very difficult circumstances to mitigate the operational and financial impacts of the grounding during the peak season.

我由衷感謝我們世界級的團隊，包括飛行員、航網規劃與飛航作業團隊；他們在非常艱難的情況下調整航網，在旺季期間有效降低停飛對營運與財務的影響，表現非常出色。

In total, the MD-11 grounding led to a headwind of $120 million of adjusted operating income in the quarter due to higher operating costs and lost revenue. And we expect an additional year-over-year headwind in Q4 of up to $55 million as we plan to begin returning these aircraft to service late in the quarter.

整體而言，MD-11 停飛在本季造成調整後營業利益 1.2 億美元的不利影響，原因是營運成本上升與營收流失。我們預期第四季還會有額外的年對年不利影響，最高可達 5,500 萬美元；我們計畫在本季末開始讓這些飛機逐步復飛。

At FedEx Freight, adjusted operating income declined $127 million year-over-year as industry market softness and demand pressure continued, along with added separation costs related to the freight spend.

在 FedEx Freight，調整後營業利益年對年下滑 1.27 億美元，原因是產業市場疲弱與需求壓力持續，以及與貨運分拆相關的額外分離成本。

Specifically, we incurred approximately $60 million in separation-related costs that were not adjusted out of our results. These costs were primarily related to hiring and other necessary stand-alone public company costs that will drive long-term stockholder value creation. However, base yield improvement partially offset the spin and demand headwinds.

具體而言，我們發生約 6,000 萬美元的分離相關成本，且未自我們的結果中調整剔除。這些成本主要與招募，以及其他必要的獨立上市公司營運成本相關，將有助於長期股東價值的創造。不過，基礎收益率改善部分抵銷了分拆與需求帶來的不利因素。

Turning to our outlook and given our better-than-expected Q3 performance, along with expected and sustained positive trends at FEC, we're increasing our FY26 adjusted diluted earnings per share forecast to $19.30 to $20.10. This compares to our prior range of $17.80 to $19.

接著談展望。鑑於第三季表現優於預期，以及 FEC 預期且可持續的正向趨勢，我們將 26 財年調整後稀釋每股盈餘（EPS）預測上調至 19.30 至 20.10 美元；相較之下，先前區間為 17.80 至 19.00 美元。

The midpoint of our outlook range implies Q4 adjusted EPS of approximately $5.80, which would be our highest quarterly earnings of the year and is directionally consistent with typical trend. However, due to the strength of our peak profitability in Q3, we do not expect as large of a sequential increase in third to fourth quarter earnings as we've seen in recent years.

我們展望區間的中點意味著第四季調整後 EPS 約為 5.80 美元，這將是本年度最高的單季獲利，且方向上符合典型季節性趨勢。然而，由於第三季旺季獲利能力強勁，我們預期第三季到第四季的獲利環比增幅不會像近年那麼大。

Additionally, the onetime tax benefit in this year's Q3 and freight's $33 million gain on sale of the facility in last year's Q4 skews sequential comparisons. I'll also note that our revised outlook does not include any incremental share repurchases in Q4.

此外，今年第三季的一次性稅務利益，以及去年第四季貨運部門出售設施所產生的 3,300 萬美元處分利益，也使環比比較出現偏移。我也要說明，我們修訂後的展望未包含第四季任何額外的庫藏股回購。

As a result, we expect an EPS headwind from share dilution and based on a Q4 common share equivalent assumption of approximately 242 million shares, bringing our FY26 expected average to 239 million shares.

因此，我們預期每股盈餘將受到股數稀釋的不利影響；以第四季普通股當量約 2.42 億股的假設計算，使我們 26 財年預期平均股數為 2.39 億股。

In addition, and due to FedEx Freight's recent debt issuance, we also anticipate a headwind in the quarter due to the resulting higher interest cost. And in total, this combined impact from higher share count and interest cost represents an approximate $0.10 sequential and year-over-year headwinds that we've embedded in our Q4 outlook.

另外，由於 FedEx Freight 近期發行債務，我們也預期本季將因利息成本上升而面臨不利影響。總體而言，股數增加與利息成本上升的合併影響，約構成 0.10 美元的環比與年對年不利因素，我們已將其納入第四季展望。

In Q4, we'll continue to strategically prioritize high-value revenue growth while continuing to reduce our structural costs, all while advancing our other strategic priorities, such as Tricolor and Network 2.0 and this will support our expectation for sequential growth in adjusted operating income in Q4.

在第四季，我們將持續策略性地優先推動高價值營收成長，同時繼續降低結構性成本，並推進其他策略重點，例如 Tricolor 與 Network 2.0；這將支持我們對第四季調整後營業利益環比成長的預期。

At FEC, we anticipate both sequential and year-over-year growth in adjusted operating income despite year-over-year headwinds from higher variable incentive compensation, global trade policy changes, lapping the onboarding of several high-margin health care customers and continued MD-11 impacts.

在 FEC，我們預期調整後營業利益將呈現環比與年對年成長，儘管年對年仍面臨不利因素，包括較高的變動激勵薪酬、全球貿易政策變動、去年導入數家高毛利醫療保健客戶的比較基期，以及 MD-11 持續影響。

We also expect FedEx Freight Q4 revenue to be flat to down slightly and adjusted operating income to be down on a year-over-year basis. And this, again, is due to the LTL market softness conditions and higher separation costs that I referenced.

我們也預期 FedEx Freight 第四季營收將持平至小幅下滑，且調整後營業利益將年對年下滑。而這同樣是因為我先前提到的 LTL 市場疲弱狀況，以及較高的分離成本。

The lapping of the gain on sale, I mentioned earlier also results in a tougher Q4 comparison. Turning now to our updated FY26 full year adjusted operating income bridge. This bridge shows the year-over-year element embedded in our full year outlook in on midpoint scenario, resulting in adjusted operating income of $6.5 billion up $300 million versus our prior outlook.

我先前提到的出售收益的比較基期效應，也使第四季的比較更為嚴峻。接著談我們更新後的 FY26 全年調整後營業利益橋接表。此橋接表呈現我們全年展望在中位數情境下所隱含的年對年變動因素，對應的調整後營業利益為 65 億美元，較先前展望增加 3 億美元。

In this scenario, FEC volume-related revenue net of variable cost is now expected to be a $600 million tailwind. This is a $100 million improvement compared to what we shared with you in December. This is driven largely by better US domestic package and international export demand trends.

在此情境下，FEC 與運量相關的收入（扣除變動成本後）目前預期將帶來 6 億美元的正面助益。這較我們在 12 月與各位分享的內容改善 1 億美元。主要驅動因素是美國國內包裹與國際出口需求趨勢優於預期。

With respect to FEC yield, we now expect a $3.2 billion tailwind. This marks a $200 million improvement compared to what we shared in December and demonstrates our ongoing commitment to revenue quality and improved pricing.

就 FEC 單位收益（yield）而言，我們目前預期將帶來 32 億美元的正面助益。這較我們 12 月分享的內容改善 2 億美元，並展現我們對收入品質與改善定價的持續承諾。

For base expense increase, we now assume $1.6 billion in year-over-year general expense increases related to higher wage and purchase transportation rates and other inflationary factors. This is a $500 million improvement versus our December assumption, and we're pleased with our year-to-date cost reduction progress and now expect to exceed this year's $1 billion savings target.

在基礎費用增加方面，我們目前假設年對年一般費用增加 16 億美元，主要與較高的薪資與外購運輸費率，以及其他通膨因素相關。這較我們 12 月的假設改善 5 億美元；我們對今年迄今的成本降低進展感到滿意，並預期將超越今年 10 億美元的節省目標。

Our bridge also includes partial offsets to -- items. Most remain unchanged from what we shared in December, except for the FedEx Freight and variable incentive compensation headwinds. We now expect $400 million decline in adjusted operating income at FedEx Freight compared to the $300 million expectation we shared in December.

我們的橋接表也包含對某些項目的部分抵銷。除 FedEx Freight 與變動激勵薪酬的不利因素外，其餘多數項目與我們 12 月分享的內容一致。我們目前預期 FedEx Freight 的調整後營業利益將下滑 4 億美元，相較於我們 12 月分享的下滑 3 億美元預期。

Additionally, we now expect variable incentive compensation to be an $800 million headwind, reflecting our commitment to rewarding our employees. With regard to the Middle East, our outlook assumes a modest headwind tied to business impact in the region, and we'll continue to monitor the situation.

此外，我們目前預期變動激勵薪酬將帶來 8 億美元的不利影響，反映我們致力於獎勵員工的承諾。至於中東，我們的展望假設因該地區業務影響而出現溫和的不利因素，我們將持續監測情勢。

As a reminder, also embedded in our assumptions is continued revenue and profit headwinds from global trade policy changes, which are more than offset by transformation-related savings.

提醒各位，我們的假設中也納入全球貿易政策變動所帶來的持續收入與獲利逆風，但這些影響將被轉型相關的節省所大幅抵銷。

Turning to capital allocation. We're maintaining our disciplined approach to capital and our prioritizing capital toward reinvesting in the business, including Network 2.0 and returning cash to stockholders. Consistent with this approach, we're now anticipating FY26 CapEx to be no more than $4.1 billion, down at least $400 million from the $4.5 billion forecast we provided in December.

接著談資本配置。我們將維持嚴謹的資本紀律，並優先將資本用於再投資於業務（包括 Network 2.0）以及回饋股東。依循此一方針，我們目前預期 FY26 資本支出（CapEx）不超過 41 億美元，較我們 12 月提供的 45 億美元預測至少降低 4 億美元。

We also remain committed to bringing aircraft CapEx to $1 billion or below this fiscal year and through 2029. Our CapEx discipline, coupled with the higher adjusted operating income expectation supports further upside to the FY26 adjusted free cash flow assumption of $3.8 billion we previously shared.

我們也仍致力於在本會計年度及至 2029 年期間，將飛機相關資本支出控制在 10 億美元或以下。我們的資本支出紀律，加上較高的調整後營業利益預期，支持 FY26 調整後自由現金流假設（先前分享為 38 億美元）仍有進一步上行空間。

The adjusted free cash flow potential of our business holds significant value, and we're well on our way and committed to achieving our $6 billion adjusted free cash flow target in 2029 for FedEx Corp, excluding Freight.

本公司業務的調整後自由現金流潛力具有重大價值；我們正穩步推進，並承諾在 2029 年為 FedEx Corp（不含 Freight）達成 60 億美元的調整後自由現金流目標。

As we shared at Investor Day, we'll continue to evaluate share repurchases on an opportunistic basis. We also plan to use share repurchases to offset dilution beyond FY26 and maintain our share count to the FY26 average count level in support of our 2029 adjusted EPS target of $25, excluding FedEx Freight.

如同我們在投資人日所分享的，我們將持續以機會主義方式評估庫藏股回購。我們也計畫在 FY26 之後透過回購抵銷稀釋，並將股數維持在 FY26 平均股數水準，以支持我們 2029 年（不含 FedEx Freight）調整後 EPS 25 美元的目標。

Before turning to Q&A, a quick update on our FedEx Freight separation plan. As Raj mentioned, our planned June 1, 2026, spin-off of FedEx Freight remains on track. FedEx Freight successfully completed a $3.7 billion debt offering in January, and this was an important milestone as freight intends to dividend the net proceeds to FedEx Corp in connection with the spin-off.

在進入問答前，先快速更新我們的 FedEx Freight 分拆計畫。如 Raj 所提及，我們規劃於 2026 年 6 月 1 日分拆（spin-off）FedEx Freight 的進度仍按計畫推進。FedEx Freight 已於 1 月成功完成 37 億美元的債券發行；這是一項重要里程碑，因為 Freight 擬在分拆相關安排中，將扣除費用後的淨募資款以股利方式分配給 FedEx Corp。

And given that this is our last earnings call before the spin-off, we've invited Freight CEO, John Smith; and CFO, Marshall Witt, to join us today to participate in the Q&A. As a reminder, they'll be holding their FedEx Freight Investor Day on April 8 in New York City.

此外，鑑於這是分拆前我們最後一次財報電話會議，我們邀請 Freight 執行長 John Smith 與財務長 Marshall Witt 今日一同加入，參與問答。提醒各位，他們將於 4 月 8 日在紐約市舉辦 FedEx Freight 投資人日。

With that, let's open the call up for questions.

接下來，我們開放提問。

We will now begin the question-and-answer session. (Operator Instructions)

我們現在開始問答環節。(接線員指示)

Ari Rosa, Citigroup.

Ari Rosa，花旗集團。

Congrats on a strong results here. Raj, I was hoping you could speak about the impact of the Iran conflict. I understand, obviously, we're only a few weeks in here, but just talk to us about how you're adjusting the network and to what extent it's maybe disrupting flows and to what extent it would have a bit of a profit headwind in fiscal fourth quarter.

恭喜本季繳出強勁表現。Raj，我想請你談談伊朗衝突的影響。我理解目前顯然才過了幾週，但請跟我們說明你們如何調整網路，以及這在多大程度上可能干擾貨物流向、又在多大程度上會在會計年度第四季帶來一些獲利逆風。

Thank you, Ari. First and foremost, our thoughts and prayers go out to the team members in the region and all those impacted by the conflicts. While the situation remains fluid, the safety of our team members always comes first.

謝謝你，Ari。首先，我們的心意與祈禱與該地區的團隊成員以及所有受衝突影響的人同在。在情勢仍然變動之際，我們始終以團隊成員的安全為第一優先。

I have to tell you that our team has done just an absolutely remarkable job of managing our network in a very quick fashion to accommodate the conflicts of zone and moving the traffic around that. And at this point, we are assuming that the broader global demand from Q3 continues into Q4. And our first two weeks of March essentially are in line with that trend.

我必須說，我們的團隊在非常短的時間內就出色地管理了我們的網路，以因應衝突區域並將貨流繞行調整。目前我們的假設是，第三季較廣泛的全球需求將延續到第四季。而 3 月前兩週的表現基本上也符合該趨勢。

The Middle East itself is a relatively small part of our total revenue. And so we'll obviously monitor these trends as we go forward. I'll just add on to this. I know there's a comment maybe people are thinking about fuel as well. I would just say that fuel is part of our pricing strategy and our net fuel impact, especially at FEC is expected to be relatively muted for FEC for the fourth quarter.

中東本身在我們總營收中占比相對較小。因此我們會在後續持續監測這些趨勢。我再補充一點。我知道可能有人也在關注燃油。我想說燃油是我們定價策略的一部分；我們的燃油淨影響，特別是在 FEC，預期在第四季對 FEC 的影響相對有限。

Hopefully, that answers your question, Ari.

希望這回答了你的問題，Ari。

Stephanie Moore, Jefferies.

Stephanie Moore，Jefferies。

Echo that congrats on the quarter. Since we do have John and team on the line, I wanted to touch on the LTL business a little bit. You clearly called out, John, some investments that we saw during the quarter having an impact on year-over-year profitability but also noted some pressure in underlying volumes.

我也附和恭喜本季表現。既然 John 與團隊在線上，我想稍微談一下 LTL 業務。John，你很清楚指出本季我們看到的一些投資對年對年獲利能力造成影響，但也提到基礎運量面臨一些壓力。

As you think about your outlook for the fourth quarter and then maybe even a 12-month outlook, can you talk a bit about those magnitude of investments we should expect to see? Is this fiscal 3Q a level, something that we'd expect going forward? Should we expect to see a step up? And then maybe any commentary on just the overall volume environment as well?

當你思考第四季展望，甚至是未來 12 個月的展望時，能否談談我們應預期看到的投資規模？會計年度第三季的水準是否會是未來的常態？我們是否應預期會再上升一個台階？另外，也請就整體運量環境提供一些看法。

Thank you, Stephanie. Let me have Marshall with our CFO for FedEx Freight to answer that question.

謝謝你，Stephanie。我請 FedEx Freight 的財務長 Marshall 來回答這個問題。

Stephanie, thanks for the question. So let me first just talk about the quarter three results, and then I'll touch on Q4. So as you saw in the prepared remarks, our volume and revenue were down mid-single digits. That's not unique to Freight, it's a broader reflection of the LTL industry itself. As we look at the actual investments that we saw that we're defining or showing a separation costs.

Stephanie，謝謝你的提問。我先談第三季的結果，接著再談第四季。如同你在事先準備的講稿中看到的，我們的運量與營收下滑了中個位數百分比。這並非 Freight 獨有，而是 LTL 產業整體的反映。至於我們所看到、並將其定義或呈現為分拆成本的實際投資，當我們檢視時……

We did see some increased separation costs in Q3 and anticipate that to continue in Q4. We look at those as good cost incurrences primarily because they're related to building out our IT infrastructure, which we will need as part of our spin, which is projected to be at 6 on 6 1 and also building out our talent, and that represents both folks that are coming onboard externally and folks that are transitioning over from FedEx Corporation.

我們確實在第三季看到一些增加的離職相關成本，並預期第四季將持續。我們將這些視為良好的成本支出，主要因為它們與建置我們的 IT 基礎設施有關，而這是我們分拆所需的一部分；分拆預計在 6/6/1 進行，同時也在擴充我們的人才配置，這包括外部新加入的人員以及從 FedEx Corporation 轉調過來的人員。

Having those folks and those platforms are being built now and being ready to address the spin-off and the stand-alone FedEx rate is a positive outcome for us. And then as regards to your question about the outlook over the next, call it, 12 months or four quarters and beyond, we plan to speak to that further at Investor Day.

這些人員到位、這些平台正在建置中，並能準備好因應分拆以及獨立運作的 FedEx 方案，對我們而言是正面的成果。至於你關於未來（姑且稱之為）12 個月或四個季度及更長期展望的問題，我們計畫在投資人日再進一步說明。

Richa Harnain, Deutsche Bank.

Richa Harnain，德意志銀行。

Perfect. So John, I think you did a really great job like comprehensively running down of what's embedded in the outlook. But just big picture. On one hand, given the strong base and kudos to you on a very good Q3 outcome. You're assuming less of a sequential step-up. I think that's clear.

很好。所以 John，我認為你在全面梳理展望中所包含的內容方面做得非常出色。但從大方向來看。一方面，考量到強勁的基礎，也要稱讚你們第三季的表現非常好。你們假設環比的提升幅度較小。我想這點很清楚。

But on a year-over-year basis, the incremental margin in SEC sort of does come in. And as Raj, you just reminded us, you are assuming sort of demand hangs in Q4. So just wanted to better understand the headwinds on Q4. And I know it's very early, but looking onto fiscal '27 Network 2.0 starts to ramp and you have a ton of momentum in underlying your business. Do you think that we could look forward to EPS growth? I know it's early, but I wanted to give that one a shot.

但以年對年來看，SEC 的增量利潤率確實有進來。而且如 Raj 剛提醒我們的，你們假設第四季需求大致持平。所以我想更好地理解第四季的逆風因素。我知道現在還很早，但展望到 2027 財年 Network 2.0 開始加速推進，而你們的核心業務動能很強。你認為我們是否可以期待 EPS 成長？我知道還早，但我想試著問一下。

Yes. Well, Richa, let me try to address that, and then of course, John can add to it. Strategically, one of the things that's very important from a sequential perspective that we need to be aware of is that our team has done just an absolutely outstanding job this peak season. It is the most profitable peak in our FedEx history.

是的。嗯，Richa，我先嘗試回應，當然 John 也可以補充。從策略面來看，就環比而言，有一件非常重要、我們必須留意的事：我們的團隊在這個旺季做得極其出色。這是我們 FedEx 歷史上獲利最高的旺季。

Now let me help me understand why this was the case. First, we did a fantastic job of forecasting, we're much more disciplined than data-driven than -- we forecasted and operated. And that better modeling and close customer collaboration led to a much more effective resourcing for peak. And this resourcing on both sides, scaling up and also scaling down post peak.

現在讓我說明為什麼會如此。第一，我們在預測方面做得非常好；相較以往，我們更有紀律、也更以數據驅動來進行預測與營運。更好的模型與與客戶的緊密協作，使我們在旺季資源配置上更有效率。而這種資源配置涵蓋兩端：旺季擴編，以及旺季後的縮編。

Second, we have -- the commercial team did a really nice job managing through the strategies in place, especially driving revenue quality in the peak season. And finally, the efficiency with which we operated, and we have some early wins from Network 2.0 as we got into this.

第二，我們的商務團隊在執行既定策略方面做得非常好，特別是在旺季推動更高的營收品質。最後，我們的營運效率也很高，而且在推進 Network 2.0 的過程中已經取得一些早期成果。

So -- and the new technology tools that we talked about also helped a lot. So between our improved forecasting and efficiencies thereof between our commercial strategies and our overall efficiency, we had a really, really good peak.

此外，我們提到的新技術工具也幫了很大的忙。因此，結合我們改善的預測與由此帶來的效率、商務策略，以及整體營運效率，我們度過了一個非常、非常好的旺季。

The reason I bring this out here today is that these are permanent changes in how we operate and really making a structural shift how we think about peak profitability. And sequently, the traditional seasonalities of our business is now fundamentally altered as our Q3 strength because of new standard. So that's one thing you got to keep in mind as we look on a quarter-over-quarter basis.

我今天特別提出這點，是因為這些都是我們營運方式上的永久性改變，並且真正帶來我們對旺季獲利能力思維的結構性轉變。因此，我們業務傳統的季節性已被根本性地改變；第三季的強勁表現是因為新的標準所致。所以，當我們以季對季角度來看時，這是一個你必須記住的重點。

On a year-over-year basis, pretty straightforward. We have a $500 million headwind in the year-over-year basis, $275 million is because of variable comp -- for variable comp. There's $135 million because of the LTL business and the $50 million they're off from MD-11s. They explain your year-over-year impact on the results. So hopefully, that puts it in picture and gives you a context and understanding of how we guided you for the full fiscal year.

以年對年來看，則相當直接。年對年我們有 5 億美元的逆風，其中 2.75 億美元來自變動薪酬（variable comp）。另有 1.35 億美元來自 LTL 業務，還有 5,000 萬美元來自 MD-11 的退役。這些解釋了你所看到的年對年結果影響。希望這能把整體情況放進框架中，並讓你理解我們對整個財年的指引是如何形成的。

Scott Group, Wolfe Research.

Scott Group，Wolfe Research。

So, if I take a step back, we've got domestic volume up mid-single digit plus domestic yield up mid-single digits, international volumes just turn positive, international yields are up a lot. And I asked this in the context of like I don't think we're seeing this anywhere else in freight world?

所以，如果我退一步看，我們看到國內量成長中個位數百分比以上，同時國內單位收益（yield）也成長中個位數百分比；國際量剛轉為正成長，國際單位收益大幅上升。我是在這樣的背景下提問：我覺得在貨運領域其他地方似乎看不到這種情況？

Like I guess, I don't really understand why we're seeing this mix of volume and yield growth. And ultimately, I guess my question is like how sustainable is this going forward? Or do we need to start thinking about something like impossible like revenue comp for next year? Just any thoughts about why is this happening and how sustainable?

我想我不太理解為什麼會出現這種量與單位收益同時成長的組合。最終，我的問題是：這種情況往後有多可持續？或者我們是否需要開始思考一些看似不可能的事情，例如明年的營收可比（revenue comp）？想請教你們對於為何會發生、以及可持續性的任何看法。

Thank you, Scott. I give you Brie.

謝謝你，Scott。我請 Brie 來回答。

Thank you for the question, Scott. I think first of all, this has been a couple of years in the making, right? We have been incredibly focused. We shared a lot of this at Investor Day that we really needed to retrench the team, and we have done so to be equally disciplined on B2B and B2C.

謝謝你的問題，Scott。我想首先，這其實是累積了好幾年的成果，對吧？我們一直非常專注。我們在投資人日也分享過很多：我們確實需要重新整頓團隊，而我們也已經做到，讓我們在 B2B 與 B2C 兩端都同樣保持高度紀律。

We have a world-class value proposition in B2C and have had that for many years, as you know, that enabled us a 20-year run rate of market profitable market share growth. And we had to retrench on B2B. And we've done that, and we've got the commercial team really, really focused on that. So we feel great about this quarter.

我們在 B2C 方面擁有世界級的價值主張，而且如你所知，多年來一直如此，這讓我們在 20 年期間持續以獲利性的市占成長。而我們必須在 B2B 方面重新整頓。我們已經做到了，並且讓商務團隊非常、非常專注在這上面。所以我們對本季表現感到非常好。

We do acknowledge that this is an anomaly in the market. We have taken profitable market share, 11 consecutive quarters in Europe. Here in the United States, this is the strongest profitable market share growth we have seen in more than 20 years. So it was a remarkable quarter. We feel good about these trends continuing in Q4.

我們也承認，這在市場上屬於異常現象。我們在歐洲已連續 11 個季度取得獲利性的市占提升。在美國，這是我們 20 多年來所見最強的獲利性市占成長。所以這是一個非常突出的季度。我們對這些趨勢在第四季延續感到樂觀。

A couple of things to note that near the end of Q4, we will lap the momentum that we are seeing on the international priority volume domestically here. We acknowledge we took on some very large health care customers late last year, and we will lap that.

有幾點需要注意：在第四季接近尾聲時，我們在國際優先（international priority）貨量於美國國內所看到的動能，將進入去年同期的高基期（lap）。我們也承認，去年年底我們承接了一些非常大型的醫療保健客戶，而我們也將進入該高基期。

That being said, from a total volume perspective, we've got some momentum that will make sure that we sustain that. As we come out of this year into next year, the goal that we expressed at Investor Day is still our goal. We're focusing on 4% revenue growth. We want to stay incredibly disciplined. That 4% target allows us to make sure we maintain revenue quality, but we feel like we've got great momentum as we exit the year and feel good about next year.

即便如此，從總量角度來看，我們仍有一些動能，能確保我們維持這樣的表現。當我們從今年走向明年時，我們在投資人日所表達的目標仍然是我們的目標。我們聚焦於 4% 的營收成長。我們希望持續保持極高的紀律。這個 4% 的目標讓我們能確保維持營收品質，但我們也覺得在年底退出時動能很強，並對明年感到樂觀。

Well said, Brie. Let me make a couple of points. One, what Brie meant was domestic priority volume on international. So that just make sure they get that. But secondly, let me take this opportunity to give a huge congrats to Brie and her commercial team. The execution has been just absolutely stellar. Big kudos to the whole team.

說得好，Brie。我想補充幾點。第一，Brie 的意思是：在國際業務上，國內優先的量。所以只是要確保大家理解這一點。第二，我也想藉此機會向 Brie 以及她的商務團隊致上熱烈祝賀。執行表現真的是非常出色。也要大大肯定整個團隊。

David Vernon, Bernstein.

David Vernon，Bernstein。

So maybe just drilling in on that a little bit brief. If you look at the priority in deferred, that 6% and 9% sort of ADV growth, I'm assuming that's where the health care is and then the ground and home delivery piece is really where the Amazon sort of big and heavy is, can you confirm that?

那我可能再稍微深入追問一下。如果你看優先與遞延（服務）的優先順序，那 6% 和 9% 這樣的 ADV 成長，我假設醫療保健是在那裡；而地面與到府配送那一塊，才是 Amazon 那種大件重貨主要所在。你能確認一下嗎？

And then if you think about the impact that the Amazon onboarding is having with the big and heavy stuff, like how much is that driving -- like what percentage of the growth is being driven by that in the ground part of the business?

另外，如果你思考 Amazon 導入（onboarding）對大件重貨的影響，這在地面業務那一部分到底帶動了多少——也就是說，成長中有多少百分比是由此驅動的？

Got it. Great question. So yes, the answer is from a domestic priority perspective, that is where you will see the majority of the health care there is a little bit in the deferred, but actually, the deferred volume is actually coming from the momentum that we have in our small and medium customer segment. And so it's actually more spread between B2B and B2C that's actually not just health care. So I anticipate that deferred momentum will actually continue into next year.

了解。好問題。所以是的，答案是：從國內優先（服務）的角度來看，你會在那裡看到大多數的醫療保健量；遞延（服務）也有一點，但其實遞延量主要來自我們在中小型客戶（SMB）區隔所累積的動能。因此它其實在 B2B 與 B2C 之間分布更平均，並不只是醫療保健。所以我預期這個遞延的動能會延續到明年。

From a home delivery, yes, that is where you will see the majority of the Amazon volume. It is still ramping and it is not material in this quarter, and we don't anticipate it will be material. We feel really good about the partnership.

至於到府配送，是的，你會在那裡看到大多數的 Amazon 量。它仍在爬坡中，本季並不具重大性，我們也不預期它會變得重大。我們對這個合作關係感覺非常好。

Just a huge shout out to the operators as they're bringing this volume on. We've been really disciplined and it will be accretive. They will not be our top customer, and it was not material in the quarter, but it absolutely is in there.

也要特別向營運團隊致敬，因為他們正在把這些量導入進來。我們一直非常自律，而且這會是增益性的（accretive）。他們不會成為我們最大的客戶，本季也不具重大性，但它確實已經包含在裡面。

Ken Hoexter, Bank of America.

Ken Hoexter，美國銀行。

Great job. Great to see the share gains Network 2.0 rollout gains and the Europe rebound for so many quarters. But I want to hit on the high end and low end of your outlook. It seems like salaries and benefits up 13% year-over-year at FEC.

做得很棒。很高興看到市占提升、Network 2.0 推出帶來的增益，以及歐洲連續多季的復甦。但我想聚焦在你們展望的上緣與下緣。看起來 FEC 的薪資與福利年增 13%。

John, you mentioned some of the incentive comp, purchase trends cost scaling. But I guess given the combination, I would have guessed that cost would have come down a bit as you eliminate overlapping costs. Maybe walk us through how the math works there and what we should expect on that going forward.

John，你提到了一些獎酬（incentive comp）、採購趨勢、成本規模化。但我想，考量這些組合，我原本會猜成本應該會因為你們消除重疊成本而下降一些。能否帶我們走一遍這裡的計算邏輯，以及未來我們應該如何預期？

Thanks, Ken. I think in large part, the impact that you're talking about relates to volume. And so it's really that's the factor that's in play here. We feel really good about our cost containment and all the initiatives that we have in place to manage our cost. There's been some harmonization with regard to our benefits and another big piece of this, too, is the variable pump piece that we've been talking about. So I think those three factors are all in play.

謝謝，Ken。我認為你提到的影響很大一部分與貨量有關。所以真正起作用的因素是在這裡。我們對成本控管以及所有用來管理成本的措施都很有信心。在福利方面也做了一些一致化（harmonization）；另外很大一塊也與我們一直在談的可變「pump」項目有關。所以我認為這三個因素都在發揮作用。

Tom Wadewitz, UBS.

Tom Wadewitz，UBS。

And congratulations on the strong results in execution. So I wanted to get your thoughts about the kind of potentially tighter air freight market. I think the events in the Middle East. And just how would you potentially see some benefit come through in your international.

也恭喜你們在執行上交出強勁成果。我想請教你們對可能更吃緊的空運市場的看法。我想是指中東的事件。以及你們可能會如何在國際業務上看到一些好處反映出來。

Would that be -- assuming there's a benefit from a tighter air freight market? Would that be on price? Would that be in the kind of IP freight or IP package? Or how do we think about the kind of maybe is that something you would expect? And where would that benefit come through in international?

如果假設空運市場更緊確實帶來好處，那會反映在價格上嗎？會反映在 IP freight 或 IP package 這類產品上嗎？或者我們應該怎麼看待——你們是否會預期有這樣的情況？而這個好處會在國際業務的哪裡體現？

Tom, it's Brie. So I think first and foremost is that we have, if we think about the midrange or the midpoint of the range as we head into Q4, we are not material impact because of the conflict in the Middle East. So I think that's the most important.

Tom，我是 Brie。我想最重要的是，如果我們以進入 Q4 時區間的中段或中點來看，中東衝突對我們沒有重大影響。所以我認為這是最關鍵的一點。

From a fuel perspective, the fuel index is doing its job. It's adjusted weekly. It will cover and ensure that we maintain profitability. At the beginning of March, obviously, significant capacity came out of the market. Actually, I think at the peak, it was close to 20% of air cargo capacity came out. That has now leveled off and it is closer to 10%.

從燃油角度來看，燃油指數正在發揮它的作用。它每週調整。它會涵蓋並確保我們維持獲利能力。在三月初，顯然市場上有顯著的運能退出。其實我認為在高峰時，接近 20% 的空運貨運運能退出市場。現在已經趨於平穩，接近 10%。

We have adjusted our pricing accordingly. We do have demand surcharges in place today. And so the team, as Raj mentioned, is just doing an outstanding job of keeping an eye on capacity, pricing, a huge shout out to our air ops and our engineering team who are working tirelessly to manage this. But right now, we do not expect any material impact in Q4, and the team is just executing policy.

我們已相應調整定價。目前也已設置需求附加費（demand surcharges）。因此團隊如 Raj 所提到的，正非常出色地密切關注運能與定價；也要特別向我們的空運營運與工程團隊致敬，他們不懈地努力來管理這些狀況。但就目前而言，我們不預期 Q4 會有任何重大影響，而團隊也只是依政策執行。

Conor Cunningham, Melius Research.

Conor Cunningham，Melius Research。

Maybe just, I mean, I realize that the spike in energy has been -- is relatively new. But I was hoping you could give some perspective on historical, how like demand has trended after a sustained elevated energy environment, whether it's on your B2B partners or your B2C partners.

也許就——我的意思是，我知道能源價格的飆升是——相對較新的。但我希望你能從歷史角度提供一些觀點：在能源環境長期維持高檔之後，需求通常會如何走勢，不論是對你們的 B2B 夥伴或 B2C 夥伴而言。

I'm just curious if you could just help talk about a little bit about demand shock, like when would you expect that to happen? I realize you're not seeing it now, but if it were, like what are you looking for? How are you talking to customers today? What are they saying to you currently about their outlook right now?

我只是好奇你能否談談所謂的需求衝擊（demand shock），例如你會在什麼時候預期它發生？我知道你們現在沒有看到，但如果真的出現，你們會觀察哪些訊號？你們現在如何與客戶溝通？他們目前對自身展望有什麼說法？

Thank you, Conor, for the question. Obviously, this is not -- there are so many factors that go into demand. As we look into the fourth quarter, our current expectation is that the demand trends fundamentally remain unchanged. And our first two weeks in March have essentially been in line with our expectation.

謝謝你，Conor，提出這個問題。顯然，需求並不是——影響需求的因素非常多。當我們展望第四季時，我們目前的預期是需求趨勢在基本面上仍維持不變。而我們三月前兩週的表現基本上也符合我們的預期。

Obviously, we will monitor this extremely carefully. One thing that you hopefully will now recognize is that you're focused on the things that we can control and the resilience that now we have built into our system to manage through these kind of changes. So that's what we're doing. We expect the demand trends to be reasonably to continue into the Q4 as we have laid out, and we'll again monitor in just as we need.

當然，我們會非常謹慎地監控。我希望你現在也能看出，我們專注在我們能控制的事情上，以及我們已在系統中建立的韌性，來因應這類變化。所以我們就是這麼做的。我們預期需求趨勢會大致如我們所說地延續到 Q4，我們也會在需要時持續監控。

Jonathan Chappell, Evercore ISI.

Jonathan Chappell，Evercore ISI。

John, Smith and Marshall, I know you'll probably touch on this on April 8, but I want to take the opportunity here as well. If you look at the margin at FedEx Freight, it's like at a five year low. I understand that the macro is not great. you're obviously hiring a bunch of people trying to get ready for the spin and to be a stand-alone company.

John、Smith 和 Marshall，我知道你們可能會在 4 月 8 日談到這點，但我也想把握這個機會先問一下。如果你看 FedEx Freight 的利潤率，幾乎是在五年低點。我理解總體環境不太好。你們顯然也在大量招人，試圖為分拆、成為一家獨立公司做準備。

But if we look at some of the other metrics like shipment rate of change is decelerating, weight is moving up a little but not much, yields moving up a little but not much, it feels like this is more top line driven than maybe we're seeing in other parts of the LTL segment, especially over the last quarter or two.

但如果我們看其他一些指標，例如出貨量變動率正在放緩、重量略有上升但不多、單位收益（yield）略有上升但不多，感覺這更像是由營收端（top line）驅動，而不是像我們在 LTL（零擔）板塊其他部分看到的那樣，尤其是在過去一兩個季度。

So what kind of stems the tide on those revenue drivers, those top line drivers, is that something that's strictly macro? Or is there something that's going on as you're unbundling maybe from FEC to FedEx Freight that can kind of, I don't know, maybe flip a switch in the right macro backdrop as you start as a stand-alone entity.

那麼，什麼因素能扭轉這些營收驅動因素、這些 top line 驅動因素的趨勢？這是否完全是總體因素？還是說，在你們可能從 FEC 到 FedEx Freight 進行拆分（unbundling）的過程中，有什麼正在發生的事情，能讓你們在合適的宏觀背景下、作為一家獨立實體起步時，某種程度上「打開正確的開關」？

Jonathan, this is Marshall. I'll start and then pitch it over to John Smith if he has any follow-up questions. So good observation. Generally, at the highest level, I do think it's a broader LTO market that we're in, and there's nothing necessarily unique about our volumes and what we're seeing in the various attributes of revenue.

Jonathan，我是 Marshall。我先回答，然後再把問題交給 John Smith，看看他是否有任何補充問題。所以你觀察得很好。總體來看，我確實認為這是我們所處的更廣泛的 LTO 市場（原文如此），我們的量以及我們在各項營收屬性上看到的情況，並沒有什麼特別獨特之處。

But with that said, we certainly recognize that we do and need to continue to improve our yield growth. If I think about where I believe those will come from -- we will expect to continue to improve our customer experience.

但即便如此，我們當然也認知到，我們確實需要、也必須持續改善我們的單位收益（yield）成長。如果我思考我認為這些改善會來自哪裡——我們預期會持續提升客戶體驗。

As Brie mentioned -- had mentioned, we expect to continue to be disciplined in our pricing, contract renewal. We also believe that the continued momentum will continue with the dedicated sales team, which John may speak to in a little bit. And then we'll continue to enhance our priority economy product offerings.

正如 Brie 提到——曾提到的，我們預期會在定價與合約續約上持續保持紀律。我們也相信，專責銷售團隊的動能會持續延續，John 可能稍後會談到。此外，我們也會持續強化我們的優先經濟（priority economy）產品方案。

Yes. Jonathan, just to add to that, Marshall, mentioned our sales team, I wanted to expound on that. We have been hiring since February, a dedicated LTL sales team, and we're basically complete with that, and it's a mix of both great internal candidates and external hires. And our goal is to provide an outstanding sales experience, and it would be data-driven with personalized service for our customers.

是的。Jonathan，補充 Marshall 提到的銷售團隊，我想再多說一些。我們自 2 月以來一直在招募一支專責的 LTL 銷售團隊，基本上已經完成建置，成員包含優秀的內部人選與外部招募。我們的目標是提供卓越的銷售體驗，並以數據驅動、為客戶提供個人化服務。

So the sales team also is strategically positioned across our network to align closely with our customers and our operations as well as our best asset, our drivers. So we're really excited about getting that team up and running and feel really good about the future going forward.

因此，這支銷售團隊也在我們的網路中策略性地配置，以便與客戶、營運以及我們最重要的資產——司機——緊密對齊。所以我們非常期待這支團隊全面運作，並對未來發展感到非常有信心。

Chris Wetherbee, Wells Fargo.

Chris Wetherbee，Wells Fargo。

I guess, I wanted to ask on the cost side. So it looks like this year is trending better than expected, you sort of reduced the cost dynamic in the bridge. It sounds like you'll be above the $1 billion of savings. And so Raj, I think you mentioned $2 billion cumulative by the end of next year is still the way to think about it.

我想問一下成本端。看起來今年的走勢優於預期，你們在橋接（bridge）中某種程度上降低了成本變動的影響。聽起來你們的節省將超過 10 億美元。所以 Raj，我想你提到，到明年年底累計達到 20 億美元仍然是我們應該這樣理解。

I guess, where are there further opportunities on the cost side? And maybe if we can take a peak a little early at the bridge for next fiscal year, I know you're changing in the calendar, so it's a little bit confusing there. But what are the big pieces we should be thinking about? I know trade costs drop away, but what are the other factors that are sort of in your control?

那麼，在成本端還有哪些進一步的機會？另外，如果我們能稍微提前看一下下一財年的 bridge，我知道你們在調整日曆，所以那邊有點讓人困惑。但我們應該關注哪些主要項目？我知道貿易成本會消退，但還有哪些因素是你們可控的？

Right. Thanks, Chris. And really, it's across the board is where we're focusing on our cost. We're delighted, as we said in our remarks that we're going to be actually exceeding the $1 billion in transformation-related savings. And the improvement has been based on the favorable execution on our structural cost-out initiatives to drive and through SG&A.

好的。謝謝，Chris。我們在成本方面的重點其實是全面性的。正如我們在發言中提到的，我們很高興我們實際上將超過 10 億美元的轉型相關節省。這項改善主要來自我們在結構性降本計畫上的良好執行，並透過 SG&A（銷售、一般及行政費用）來推動與落實。

Our maintenance costs are down. And as I've said before in this category, we view that as kind of a journey, not a destination. It's part of our culture. And so as we continue to migrate down on FedEx, Network 2.0, we're going to be continuing to find and discover more and more savings opportunities and efficiencies, and we're starting to see the leverage of that as you saw in Q3, which was a large part of the benefit that we saw, particularly in our base expense numbers.

我們的維護成本也下降了。而且如我之前在這個類別中所說，我們把這視為一段旅程，而不是終點。這是我們文化的一部分。因此，隨著我們持續推進 FedEx Network 2.0，我們會不斷找到並發掘更多節省機會與效率提升；你在第三季看到的槓桿效益也開始顯現，這是我們看到的效益中很大的一部分，特別是在我們的基礎費用（base expense）數字上。

So we're excited about the future and where it's going to take us. And we're going to be relentless in going after our costs.

所以我們對未來以及它將帶我們走向何處感到振奮。而且我們會不懈地推動降成本。

Jordan Alliger, Goldman Sachs.

Jordan Alliger，Goldman Sachs。

Just sort of curious, the ground commercial business, which I think has been up 1% or so for the last couple of quarters. Presumably that's business to business, so I'm just sort of wondering what B2B side of the equation will ultimately drive that growth right up?

我有點好奇，Ground 的商業業務，我認為過去幾個季度大概成長了 1% 左右。推測那是企業對企業（B2B）的業務，所以我想問，B2B 這一端最終會由什麼來驅動成長加速？

Jordan, thanks for the question. So yes, ground commercial is B2B. That is sort of the backbone of the ground product portfolio from a focus perspective. We think actually three of the four big health care -- or three of the four vertical focuses are targeted in that area. So we know automotive has opportunity in ground commercial, and we're very focused on that.

Jordan，謝謝你的問題。是的，Ground 商業業務是 B2B。從聚焦角度來看，這算是 Ground 產品組合的骨幹。我們認為其實四個大型醫療保健——或者說四個垂直聚焦中的三個——都鎖定在這個領域。所以我們知道汽車產業在 Ground 商業業務上有機會，我們也非常專注於此。

As I mentioned, we've been looking at some of the opportunity to expand our weekend even further and use our weekend coverage for commercial purposes versus just e-commerce purposes, and we see some opportunity there.

如我提到的，我們一直在評估進一步擴大週末服務的機會，並將週末覆蓋用於商業用途，而不只是電商用途；我們在那裡看到一些機會。

We know that as data centers expand that yes, there will be some LTL business for my friends over at Freight. But in addition, there is going to be some parcel business going to drive commercial app. And then also, I still have small business market share opportunity in this segment. This is an opportunity.

我們知道，隨著資料中心擴張，沒錯，對我在 Freight 的朋友們而言會有一些 LTL 業務。但除此之外，也會有一些包裹（parcel）業務來帶動商業應用（commercial app）。另外，在這個細分市場中，我仍然有小型企業（SMB）市占提升的機會。這是一個機會。

The team has done an outstanding job from an SMB perspective. It has really been a great win this year for us as well and really getting our field sales team focused on the ground commercial products. So those are some of the focus areas there and the opportunity.

團隊在 SMB 方面做得非常出色。這今年對我們來說也是一個很大的勝利，並且真正讓我們的前線銷售團隊聚焦於 Ground 商業產品。所以以上是一些聚焦領域與機會。

Eric Morgan, Barclays.

Eric Morgan，Barclays。

I just wanted to follow up on the fuel comments. Raj, I know you mentioned the net surcharge impact will be relatively muted in FEC in 4Q. Can you just clarify what level of fuel prices you're assuming there? And then maybe just any help with the math, I think, would be helpful because I know you don't report surcharge dollars, but you have taken a lot of action on the surcharge curve moving it up over the last few years. So just curious how we should be thinking of the net fuel effect at different levels of fuel.

我想跟進一下燃油的評論。Raj，我知道你提到在第四季 FEC 的淨附加費（surcharge）影響會相對溫和。你能否澄清一下你們在那裡假設的燃油價格水準是多少？另外，也希望你能在計算邏輯上提供一些協助；我想這會很有幫助，因為我知道你們不揭露附加費金額，但過去幾年你們在附加費曲線上做了很多調整、把它往上移。所以我想了解，在不同燃油水準下，我們應該如何看待淨燃油影響。

Yes. So it's a fair question. From a fuel surcharge perspective, the price of fuel, it's not that relevant. The index takes care of it. And so from a Q4 perspective, I think the implications are updated every week. There is a lag. So at the beginning of this quarter, obviously, we have some catch-up to do because of how quickly prices rose.

是的。所以這是個合理的問題。從燃油附加費的角度來看，燃油價格本身其實沒那麼相關。指數會處理這件事。因此從第四季的角度，我認為其影響每週都會更新。其中存在滯後。所以在本季一開始，顯然我們需要做一些追補，因為價格上漲得非常快。

I think most important is as they come down, we will also benefit because obviously, we benefit for the lag on the way down. In Q4, we are not anticipating material upside from the fuel, so it's really not relevant from a this quarter perspective.

我認為最重要的是，當價格回落時，我們也會受益，因為顯然在下行過程中我們也會因滯後而受益。在第四季，我們不預期燃油會帶來實質性的上行空間，所以就本季而言其實並不那麼相關。

Brian Ossenbeck, JPMorgan.

Brian Ossenbeck，摩根大通。

Maybe just to come back to Marshall for a second here. You're talking about the impact of some of the, -- I guess, spin-off costs or separation costs from the business, and it sounds like it's people and some hiring and investments and some of those are being held within -- they're not being adjusted out.

也許先回到 Marshall 的部分。你在談一些——我想是——分拆成本或業務分離成本的影響，聽起來主要是人員、一些招募與投資，而其中有些是被保留在——也就是沒有被調整剔除。

But then on the walk to adjusted EPS, there's an additional $100 million of separation costs that are -- actually are adjusted out. So I just want to make sure I understand what's in and what's out and what's increasing here.

但在調整後 EPS 的調節表中，還有額外 1 億美元的分離成本——實際上是被調整剔除的。所以我只是想確認我理解哪些包含、哪些不包含，以及這裡增加的是什麼。

And then maybe just following up on fuel to wrap it all up, if you can just give us a sense in terms of how this fuel price spike will impact the freight business here in the fourth quarter.

然後再追問一下燃油，作為總結，如果可以的話，請你們說明一下這次燃油價格飆升在第四季將如何影響貨運業務。

Brian, I'll take it first in terms of the -- what's in and what's out. So for both the GAAP and non-GAAP on the GAAP side, those investments that I spoke to that you just confirmed are the key drivers for why we saw those accelerate from the beginning of the year to the end.

Brian，我先回答關於——哪些包含、哪些不包含。所以無論是 GAAP 或非 GAAP，在 GAAP 端，我剛才提到、你也確認的那些投資，是我們看到這些成本從年初到年底加速的關鍵驅動因素。

If you think about H1 versus H2, the majority of those costs within separation, I'll call it, GAAP separation costs. And again, they don't qualify as non-GAAP, so they are in included in GAAP expenses are driven by that.

如果你看上半年相對下半年，這些成本的大部分都在分離相關之內，我稱之為 GAAP 分離成本。而且再次強調，它們不符合非 GAAP 的認列條件，所以會被包含在 GAAP 費用中，主要就是由此所驅動。

From a non-GAAP, the $700 million, John Dietrich, I'll probably mean on you. I think part of that increase is probably for the same reason, it's the cost of investments in technology platforms and other professional fees that are related to building out those platforms. I just wanted to check with you on that.

從非 GAAP 的角度，那 7 億美元，John Dietrich，我可能要請你說明一下。我認為其中一部分增加可能也是同樣原因，也就是對科技平台的投資成本，以及與建置這些平台相關的其他專業費用。我只是想跟你確認一下是否如此。

Yes. Thanks, Marshall, and that's exactly right. I think another important note is that incremental $100 million we're talking about is not incremental to the total project. It's just acceleration of investment that will benefit freight in the post-spin environment. So I want to make that point clear.

是的。謝謝你，Marshall，完全正確。我認為另一個重要重點是，我們談到的那額外 1 億美元，並不是相對於整體專案的新增。它只是投資的提前，這些投資將在分拆後的環境中讓貨運業務受益。所以我想把這點說清楚。

And do you want to take the fuel? John Smith.

那你要回答燃油的部分嗎？John Smith。

Yes, I'll take the fuel. When you think about it from a FedEx Freight perspective, our field surcharge, just like Brie said, the index updates weekly and it's designed to protect our profitability. Our fuel surcharge is never truly a pure pass-through, but it's typically a net positive for FedEx Freight above our cost of fuel.

好的，我來回答燃油。從 FedEx Freight 的角度來看，我們的燃油附加費就像 Brie 說的，指數每週更新，設計目的在於保護我們的獲利能力。我們的燃油附加費從來都不是真正純粹的完全轉嫁，但通常對 FedEx Freight 而言，在扣除燃油成本後仍是淨正貢獻。

The fuel surcharge can be a year-over-year headwind or a tailwind in any given year, and it's really remember only one element of our pricing strategy to truly drive improved revenue quality.

燃油附加費在任何一年都可能成為年對年逆風或順風；而且要記得，它其實只是我們定價策略中的一個要素，用以真正推動營收品質的改善。

Jason Seidl, TD Cowen.

Jason Seidl，TD Cowen。

Congratulations on the good quarter. I want to go back to the LTL front. And I think we all realize it's been a challenging demand environment for all the LTL carriers. But we've just had two good industrial index numbers for the first time in forever. And I'm assuming that as you come to the end of hiring all the new salespeople, there's going to be a ramp time until they start producing some fruits for their labor. And should we look at this as going forward that you could see some -- maybe some sequential tailwinds on the LTL side?

恭喜這一季表現不錯。我想回到 LTL（零擔）這一塊。我想大家都知道，對所有 LTL 承運商而言，需求環境一直很具挑戰。但我們剛剛第一次在很長一段時間內看到兩個不錯的工業指數數據。我也假設，當你們接近完成招募所有新的業務人員後，會有一段爬坡期，直到他們開始產出成果。那我們是否可以把未來解讀為：在 LTL 端可能會看到一些——也許是逐季的順風？

Well, Jason, I hope you tuned into our Investor Day on April 8. That's where we're going to share a lot of detail about our go-forward strategy. And with that said, anyone who knows me from my FedEx tenure knows that I always prioritize safety above all with a total focus on our people, but also an extreme focus on revenue quality as well as strong execution.

Jason，我希望你有收看我們 4 月 8 日的投資人日。我們會在那裡分享很多關於未來策略的細節。話雖如此，任何熟悉我在 FedEx 任期的人都知道，我一向把安全放在首位，全面聚焦我們的員工，同時也高度重視營收品質以及強而有力的執行。

So I look forward to introducing you to our senior leadership team and laying out our strategy over for the next several years going forward for Freight. Now we put together a very strong team of internal and external talent on our leadership team, and we're excited to share what we believe is an extremely compelling story of freight as a stand-alone public company. And again, we will share long-term targets covering revenue, profit, other operational and financial metrics.

因此我期待向各位介紹我們的資深領導團隊，並說明未來幾年貨運業務的策略布局。目前我們在領導團隊中集結了一支非常強的內外部人才團隊，我們也很期待分享：我們相信貨運作為一家獨立上市公司，將是一個極具吸引力的故事。同樣地，我們也會分享涵蓋營收、獲利以及其他營運與財務指標的長期目標。

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

問答環節到此結束。我想把電話會議交回給 Raj Subramaniam，請他做結語。

Thank you, operator. In closing, this quarter's results are a direct reflection of disciplined execution of our strategic priorities. I'm incredibly optimistic about our path forward and extend my sincere thanks to Team FedEx for their relentless focus and dedication. We will continue to build on this momentum as we deliver significant value for our customers and stockholders. Thank you very much.

謝謝你，接線員。最後，本季的結果直接反映了我們對策略優先事項的紀律性執行。我對我們未來的道路非常樂觀，並向 FedEx 團隊致上誠摯的感謝，感謝大家持續不懈的專注與投入。我們將持續在這股動能上再接再厲，為客戶與股東創造顯著價值。非常感謝。

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

本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以斷線。