Forward Air Corp (Delaware) (FWRD) 2023 Q4 法說會逐字稿

Good day and welcome to the Forward Air fourth quarter and Full Year 2023 earnings conference call. At this time, all participants have been placed on a listen-only mode and the floor will be open for your questions following the presentation. (Operator Instructions)

美好的一天，歡迎參加 Forward Air 第四季和 2023 年全年財報電話會議。目前，所有參與者都已進入僅聽模式，演示結束後將開放供您提問。（操作員說明）

Before we begin, I'd like to point out that both the press release and webcast presentation for this call are accessible on the Investor Relations section of Forward Air's website at www.forwardaircorp.com. With us this morning are interim CEO, Michael Hance and CFO, Rebecca Garbrick. By now, you should have received the press release announcing our fourth quarter 2023 results, which was furnished to the SEC on Form eight K and on the wire yesterday after the market closed forward, Air has determined that it is unable to file its annual report on Form 10-K for the year ended December 31, 2023 by the prescribed due date without unreasonable effort or expense as the company requires additional time to complete its financial statement reporting process in light of recent significant company transactions.

在我們開始之前，我想指出，本次電話會議的新聞稿和網路廣播演示均可在 Forward Air 網站 www.forwardaircorp.com 的投資者關係部分取得。今天早上與我們在一起的有臨時首席執行官邁克爾·漢斯 (Michael Hance) 和首席財務官麗貝卡·加布里克 (Rebecca Garbrick)。到目前為止，您應該已經收到了宣布我們 2023 年第四季度業績的新聞稿，該新聞稿以 8 K 表格的形式提交給 SEC，並於昨天收盤後透過網路發送，Air 已確定無法提交年度報告在規定的到期日之前完成截至2023 年12 月31 日的年度的10-K 表格，無需付出不合理的努力或費用，因為公司根據最近的重大公司交易需要額外的時間來完成其財務報表報告流程。

This process includes finalizing the accounting treatment and related disclosures of the debt issued in connection with the acquisition of AMI, which impacts the company's balance sheet as of December 31, 2023 and statement of cash flows for the year then ended, the Company expects to file its annual report on Form 10-K for the year ended December 31, 2023 within the extension period of 15 calendar days as provided under Rule 12b-25 under the Securities Exchange Act of 1934 as amended.

該流程包括最終確定與收購 AMI 相關的債務的會計處理和相關披露，這影響了公司截至 2023 年 12 月 31 日的資產負債表和截至該年末的現金流量表，公司預計將提交文件根據經修訂的1934 年證券交易法第12b-25 條規定，在15 個日曆日的延長期間內提交截至2023 年12 月31 日的10-K 表格年度報告。

Please be aware that certain statements in the company's earnings press release announcement and on this conference call are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements, which are based on expectations, intentions and projections regarding the company's future performance, anticipated events or trends and other matters that are not historical facts, including statements regarding our first quarter 2024 and fiscal year 2024. These statements are not a guarantee of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements.

請注意，公司收益新聞稿和本次電話會議中的某些陳述是 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述，包括基於對公司的預期、意圖和預測的陳述。公司的未來業績、預期事件或趨勢以及其他非歷史事實的事項，包括有關我們2024 年第一季和2024 財年的聲明。這些陳述並非對未來績效的保證，並受到已知和未知的風險、不確定性和其他因素的影響，這些因素可能導致實際結果與此類前瞻性陳述明示或暗示的結果有重大差異。

For additional information concerning these risks and factors, please refer to our filings with the Securities and Exchange Commission and the press release and webcast presentation relating to this earnings call. Listeners are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this call. The company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by law.

有關這些風險和因素的更多信息，請參閱我們向美國證券交易委員會提交的文件以及與本次財報電話會議相關的新聞稿和網絡廣播演示。請聽眾不要過度依賴這些前瞻性陳述，這些陳述僅代表本次電話會議之日的情況。除非法律要求，否則本公司不承擔更新任何前瞻性聲明的義務，無論是由於新資訊、未來事件或其他原因。

During the call, there may also be a discussion of financial metrics that do not conform to U.S. generally accepted accounting principles or GAAP. Management uses non-GAAP measures internally to understand, manage and evaluate our business and make operating decisions. Definitions and reconciliations of these non-GAAP measures to their most directly comparable GAAP measures are included in the press release issued, which is available in the Investors tab on our website.

在電話會議期間，也可能會討論不符合美國公認會計原則或公認會計準則的財務指標。管理階層在內部使用非公認會計準則衡量標準來了解、管理和評估我們的業務並做出營運決策。這些非公認會計準則衡量標準與其最直接可比較的公認會計準則衡量標準的定義和調節包含在發布的新聞稿中，該新聞稿可在我們網站的「投資者」標籤中找到。

Now I'd like to turn the conference over to Michael Hance. Michael?

現在我想把會議交給麥可漢斯。麥可？

Good morning, everyone. Thank you for joining the call today. Before we jump into the quarter. I just wanted to take a few moments to acknowledge the recent changes at forward and introduce myself. Ford has been navigating a period of turbulence in the freight market and within our company, the past few months have been bumpy, but I am confident that is behind us and we are all united and energized by the opportunities ahead, we are moving forward. We appreciate the support we receive from many listening to the call today. We value your feedback and perspectives. And as you've seen from recent announcements, our Board has taken decisive action to ensure forward is on the right track for the future.

大家，早安。感謝您今天加入通話。在我們進入本季之前。我只是想花一些時間來了解最近發生的變化並介紹一下自己。福特一直在經歷貨運市場和我們公司內部的動盪時期，過去幾個月一直坎坷不平，但我相信這一切已經過去，我們團結一致，對未來的機會充滿活力，我們正在前進。我們感謝今天許多收聽電話會議的人所給予的支持。我們重視您的回饋和觀點。正如您從最近的公告中看到的那樣，我們的董事會已採取果斷行動，以確保未來走在正確的軌道上。

Earlier this month, the Board appointed me Interim CEO, in addition to my position as Chief Legal Officer and Secretary. I've been with this company for 18 years in a number of different roles in legal and HR and have a strong understanding of the transportation industry and forwards business taking on this role is personal for me. It is a position of trust. I care deeply about this company's success and the great people who come to work every day and serve our customers know that our people, our customers and our shareholders are counting on that. My mandate during this period as interim CEO is to make sure we have the appropriate leadership to move forward. While our Board's dedicated search committee promptly identifies a top-quality Chief Executive Officer to run the company during the next phase of our future growth and development. I want to be clear with you. We are not waiting or standing still during this interim period.

本月早些時候，董事會任命我為臨時首席執行官，同時擔任首席法務官和秘書。我在這家公司工作了 18 年，在法律和人力資源方面擔任過多個不同的職位，對運輸業和貨運業務有深入的了解，擔任這個職位對我來說是個人的事。這是一種信任的立場。我非常關心這家公司的成功，每天來工作並為我們的客戶提供服務的優秀員工知道我們的員工、我們的客戶和我們的股東都指望著這一點。在此期間，作為臨時首席執行官，我的任務是確保我們擁有適當的領導力來推動發展。我們董事會的專門選拔委員會會及時物色一位高素質的首席執行官，以在我們未來成長和發展的下一階段中管理公司。我想跟你說清楚。在此過渡期間，我們不會等待或停滯不前。

Instead, we are rolling up our sleeves and doing the challenging and exciting work of integrating forward in Omni and positioning us to quickly capture the value this acquisition has made possible. I have the privilege of working with an incredibly capable management team now complemented by colleagues from Omni. We are laser focused on integration over my 18 years with the company. I have come to firmly believe that the key to forward success lies squarely with the dedicated people consistently delivering incredible service to our customers for their mission critical freight.

相反，我們正在捲起袖子，做充滿挑戰和令人興奮的工作，在 Omni 中進行向前整合，並使我們能夠快速捕捉這次收購帶來的價值。我有幸與一支非常有能力的管理團隊一起工作，現在還有來自 Omni 的同事。我在公司工作了 18 年，我們一直專注於整合。我堅信，前進成功的關鍵在於敬業的員工始終如一地為我們的客戶的關鍵任務貨運提供令人難以置信的服務。

Our LTL customers expect and enjoy the highest levels of service and lowest claims and damage ratios in the industry. We have continued without interruption during the last year and it's not changing. We have been delighted to learn that Omni success was built on the same foundation of high-quality service. A key part of my new role is to ensure that we do not waver in our collective commitment to this core principle and that it acts as the cornerstone of our integration plan.

我們的零擔客戶期望並享受業內最高水準的服務以及最低的索賠和損壞率。去年我們一直不間斷地繼續下去，而且這一點也沒有改變。我們很高興地得知 Omni 的成功是建立在高品質服務的基礎上的。我新角色的關鍵部分是確保我們毫不動搖對這項核心原則的集體承諾，並將其作為我們一體化計畫的基石。

Now I've been in my new role for about three weeks now, so I won't attempt to be exhaustive on this call. Here's what we're going to do today, we're going to provide you with an overview of Forward Air's Q4 financial performance as well as the current performance of the legacy Forward Air business and our path to deleveraging through prudent capital allocation. We will then provide updates on customer retention on these integration and the combined company.

現在我擔任新職務已經大約三週了，所以我不會嘗試在這次電話會議上詳盡地介紹。這就是我們今天要做的事情，我們將向您概述前進航空第四季度的財務業績，以及前進航空傳統業務的當前業績，以及我們透過審慎的資本配置實現去槓桿化的路徑。然後，我們將提供有關這些整合和合併後公司的客戶保留的最新資訊。

Yes, the information we provided that on Omni's performance and our integration progress will be high level at this point, but we are committed to transparency and providing you with more detailed updates on both topics as we move forward.

是的，我們目前提供的有關 Omni 性能和整合進度的資訊將是高水平的，但我們致力於保持透明度，並在前進過程中為您提供有關這兩個主題的更詳細的更新。

Before turning the call over to Rebecca. I do want to note upfront that during this period of transition, we will not be issuing quarterly guidance and will evaluate when the timing is right to provide it on the go forward basis and now over to Rebecca to run through the quarter.

在將電話轉給麗貝卡之前。我確實想預先指出，在過渡期間，我們不會發布季度指導，並將評估何時合適，在未來的基礎上提供指導，現在交給麗貝卡來運行整個季度。

Thanks, Michael, and good morning, everyone. I'll start by briefly touching on the 10-K, which was mentioned at the top of the call, we will require additional time to complete our financial reporting and file our 2023 form 10-K in light of the compressed closing timeline of the Omni acquisition.

謝謝邁克爾，大家早安。我首先簡要介紹電話會議頂部提到的 10-K，鑑於 10-K 的壓縮截止時間，我們將需要更多時間來完成財務報告並提交 2023 年 10-K 表格。全能收購。

We expect to file it within the extension period of 15 calendar days. What remains on cleaning is finalizing the technical accounting treatment of the debt connected with the acquisition, which would impact our balance sheet at December 31, 2023, and statement of cash flows for the year then ended. However, we are confident that the outstanding item will have no impact on our income statement.

我們希望在 15 個日曆日的延期期間內提交。剩下的工作是最終確定與收購相關的債務的技術會計處理，這將影響我們截至 2023 年 12 月 31 日的資產負債表以及截至該日的年度現金流量表。然而，我們有信心該未償項目不會對我們的損益表產生影響。

Let's move on to reviewing the fourth quarter. In Q4, we announced the sale of our Final Mile business to Hub Group in December for an estimated total cash consideration of $260 million. Our results are adjusted for the sale of that business, which had an impact on our fourth quarter guidance. As a result of the AMI transaction, our reported fourth results reflect two one-off items that impact profitability and free cash flow generation. The first are the professional fees or transaction costs incurred in connection with the acquisition of Omni logistics in the amount of $30 million. While all these costs were incurred in 2023, the company expects to have transaction costs during the first quarter in connection with the closing of the acquisition in addition to integration costs.

讓我們繼續回顧第四季。第四季度，我們宣佈於 12 月將 Final Mile 業務出售給 Hub Group，預計總現金代價為 2.6 億美元。我們的業績根據該業務的出售進行了調整，這對我們第四季度的指導產生了影響。AMI 交易的結果，我們報告的第四個結果反映了影響獲利能力和自由現金流產生的兩個一次性項目。首先是與收購 Omni Logistics 相關的 3,000 萬美元的專業費用或交易成本。儘管所有這些成本均在 2023 年產生，但該公司預計，除了整合成本外，第一季還會產生與收購完成相關的交易成本。

The second, for the net interest payments due and payable on the high-yield notes and the term loan B, the amount of $21 million. The $21 million reflects the interest expense offset by the interest income earned on the investment of the proceeds, both the high-yield notes and the term loan B closed into escrow during the fourth quarter as we continued to execute our growth strategies in the fourth quarter, we saw positive trends in our less than truckload business, which counts per day growth of more than 6% over the same period last year.

第二個是高收益票據和定期貸款B的到期應付淨利息支付，金額為2100萬美元。2,100 萬美元反映了利息支出被收益投資所賺取的利息收入所抵消，隨著我們在第四季度繼續執行增長戰略，高收益票據和定期貸款 B 在第四季度均已納入託管，我們看到零擔業務呈現正面的趨勢，與去年同期相比，每日成長超過6%。

Our freight quality also improved as weight per shipment increased more than 11% to 815 pounds over the prior year period. During the fourth quarter, we saw a 2.5% increase in revenue per shipment excluding fuel and an 8% decrease in the revenue per hundredweight excluding fuel. The decline in the revenue per hundredweight, excluding fuel, was primarily driven by the shift in the business mix as we execute upon the expansion of our door-to-door solution, challenging market conditions persisted throughout the quarter, particularly in the intermodal and truckload brokerage lines of businesses, which led to decreased customer demand for these services, a pattern that we've seen since the second quarter.

我們的貨運品質也有所改善，每批貨物的重量比去年同期增加了 11% 以上，達到 815 磅。第四季度，不包括燃料的每批貨物收入增加了 2.5%，不包括燃料的每英擔收入下降了 8%。每英擔收入（不包括燃料）的下降主要是由於我們執行門到門解決方案擴展時業務組合的轉變，整個季度持續存在挑戰性的市場條件，特別是在多式聯運和卡車裝載方面經紀業務，導致客戶對這些服務的需求下降，這是我們自第二季以來看到的模式。

This resulted in Q4 revenue of $338 million on a consolidated continuing operations basis compared to $403 million, a 16% decline. This was within the guidance range of 9% to 19% decline. Operating income on an adjusted basis was $32.6 million compared to $58.4 million for the fourth quarter, which reflects the add-back of the one-off costs that I mentioned earlier. We reported adjusted net income per diluted share on a continuing operations basis of $0.81 above the guidance range of $0.78 to $0.8. Our free cash flow for the fourth quarter was $48.9 million compared to $43.5 million for the same period in the prior year. The free cash flow was impacted by the payment of the professional fees incurred in connection with the acquisition of Omni.

這導致第四季合併持續營運收入為 3.38 億美元，而去年同期為 4.03 億美元，下降了 16%。這在 9% 至 19% 的下降指導範圍內。調整後的營業收入為 3,260 萬美元，而第四季為 5,840 萬美元，這反映了我之前提到的一次性成本的加回。我們報告的持續經營基礎上的調整後每股攤薄淨利潤為 0.81 美元，高於 0.78 美元至 0.8 美元的指導範圍。我們第四季的自由現金流為 4,890 萬美元，去年同期為 4,350 萬美元。自由現金流受到與收購 Omni 有關的專業費用的影響。

Looking to 2024 in January, as noted in our earlier press release, weight per shipment increased 9.8%. Pounds per day also increased 9.2% compared to the same period last year. Revenue per ton mile increased 1.9% over the prior year excluding fuel. For the first three weeks of February, our pounds per day increased 8% over the same period last year. This increase excludes the impact of folding the Omni network into the Ford network. The 5.9% general rate increase we announced in December went into effect in February and will enable us to continue to serve customers with the same precision execution in an environment with rising operating costs. The capture rate was higher than 2022 in a rate increase is commensurate with the increase in operating costs expected for 2024.

展望 2024 年 1 月，正如我們先前的新聞稿所述，每批貨物的重量增加了 9.8%。與去年同期相比，每天的磅數也增加了 9.2%。不包括燃料在內，每噸英里收入比上年增長 1.9%。2 月的前三週，我們每天的體重比去年同期增加了 8%。這一增長不包括將 Omni 網路併入福特網路的影響。我們在 12 月宣布的總體費率上漲 5.9% 已於 2 月生效，這將使我們能夠在營運成本不斷上升的環境中繼續以同樣精確的執行力為客戶提供服務。捕集率高於 2022 年，捕集率的成長與 2024 年預計營運成本的成長相稱。

With regards to our capital position, we are still waiting Omni's 2023 audited financials, but our net leverage ratio at the close of the transaction was estimated to be 5.2 times. This is based on our leverage formula used in the lender's net debt to EBITDA covenant. The calculation includes the full realization of cost synergy opportunities and a maximum of $50 million of cash as an offset to debt. As of December 31, the combined entity had more than $200 million cash on hand. We are working to optimize our capital structure, and we'd like to share a number of relevant terms of our existing debt facilities.

關於我們的資本狀況，我們仍在等待 Omni 2023 年經審計的財務數據，但交易結束時我們的淨槓桿率估計為 5.2 倍。這是基於我們在貸款人的淨債務與 EBITDA 契約中使用的槓桿公式。該計算包括充分實現成本協同機會以及最多 5000 萬美元的現金作為債務抵消。截至12月31日，合併後的實體手頭現金超過2億美元。我們正在努力優化我們的資本結構，我們希望分享我們現有債務融資的一些相關條款。

First, we announced several weeks ago that we were able to amend our credit facility to temporarily increase the maximum consolidated first lien net leverage ratio permitted by our covenant. This amendment provides headroom as we continue to focus on our integration of the two companies and realize the cost synergy opportunities.

首先，我們幾週前宣布，我們能夠修改我們的信貸安排，以暫時提高我們的契約允許的最大綜合第一留置權淨槓桿率。這項修正案為我們繼續專注於兩家公司的整合並實現成本協同機會提供了空間。

We also repaid $80 million of aggregate principal on the term loan B, along with accrued and unpaid interest. This reduced our net leverage ratio by 0.2 times and aligns with our capital allocation policy to use cash generated from the divestiture of businesses for the repayment of debt to accelerate the path to deleverage. Going forward, our debt mix of term loan B and bonds provides us with the payment flexibility and we have additional capacity on our revolver. Under the new covenants, we are committed to returning to net leverage of 4.5 times by the end of 2025.

我們也償還了定期貸款 B 的 8,000 萬美元本金總額以及應計和未付利息。這使我們的淨槓桿率降低了0.2倍，符合我們利用業務剝離產生的現金償還債務以加速去槓桿的資本配置政策。展望未來，我們的定期貸款 B 和債券的債務組合為我們提供了付款靈活性，並且我們的左輪手槍擁有額外的容量。根據新契約，我們承諾在2025年底將淨槓桿率恢復到4.5倍。

We are committed to de-risking our capital structure, and we are already undertaking several initiatives to deleverage. As we previously communicated, our policy is to run at a net leverage ratio of under two times, and we are committed to taking the necessary steps to adhere to that policy. These steps include a key focus on profitability of the combined entity and the realization of the cost synergies to generate cash from operations as well as an accelerated portfolio review to identify potential divestitures.

我們致力於降低資本結構風險，並且已經採取了多項去槓桿化措施。正如我們之前所傳達的，我們的政策是以低於兩倍的淨槓桿率運行，我們致力於採取必要的措施來遵守該政策。這些步驟包括重點關注合併後實體的獲利能力和實現成本協同效應以從營運中產生現金，以及加速投資組合審查以識別潛在的資產剝離。

As part of the Omni integration effort, we are identifying ways to streamline our portfolio and accelerate the repayment of debt. In response to the recent acquisition of Omni, we are making adjustments to our capital allocation policy that will prioritize the repayment of debt ahead of dividends, share repurchases and M&A activity. We will continue to reinvest into our operations through capital expenditures that positively affect productivity automation in the replacement of vintage equipment to improve the operating efficiency of our LTL network in line with our focus on reducing leverage.

作為 Omni 整合工作的一部分，我們正在尋找簡化我們的投資組合併加速債務償還的方法。為了因應最近對 Omni 的收購，我們正在調整我們的資本配置政策，將優先償還債務，然後再進行股息、股票回購和併購活動。我們將繼續透過資本支出對我們的營運進行再投資，這些資本支出對更換老式設備的生產力自動化產生積極影響，以提高零擔網路的營運效率，同時符合我們降低槓桿的重點。

As we announced in our earnings release, we have made a decision to suspend our quarterly dividend beginning with the first quarter of 2024, which would typically have been paid in March. We will provide updates in connection with reinstating a quarterly dividend as we make progress with our capital structure in the achievement of our net leverage target.

正如我們在財報中宣布的那樣，我們決定從 2024 年第一季開始暫停季度股息，該股息通常在 3 月支付。隨著我們的資本結構在實現淨槓桿目標方面取得進展，我們將提供與恢復季度股利相關的最新資訊。

While we still await the audited financial statements for Omni for 2023, we wanted to provide context around trends we are seeing and on these businesses in line with observations for our own business. Serving them on these businesses were impacted by the challenging market conditions in 2023 that led to decreased customer demand in the first two months of 2024. We are beginning to see demand improvement in the domestic market, though it remains soft. Internationally, we are cautiously optimistic about improvements in the back half of the year.

雖然我們仍在等待 Omni 2023 年經審計的財務報表，但我們希望根據我們對自己業務的觀察，提供有關我們所看到的趨勢以及這些業務的背景資訊。為這些業務提供服務受到 2023 年充滿挑戰的市場狀況的影響，導致 2024 年前兩個月的客戶需求下降。我們開始看到國內市場的需求有所改善，但仍疲軟。國際方面，我們對下半年的改善持謹慎樂觀態度。

I'll now turn the call back to Michael to discuss the path forward.

現在我將把電話轉回給邁克爾，討論前進的道路。

Thanks, Rebecca. One of my top priorities is to ensure that we successfully integrate Omni and capitalize on the many opportunities that it will create for our customers, employees and shareholders. We are taking a thoughtful approach to executing our integration plan with a strong focus on combining our employees and services seamlessly and without disruption as we move through integration, customer service and retention remain top priorities. We are committed to serving and honoring our commitments with our legacy customers, and we will continue to focus efforts on growing and winning business. We feel there will now be three distinct commercial channels within the combined organization.

謝謝，麗貝卡。我的首要任務之一是確保我們成功整合 Omni 並利用它為我們的客戶、員工和股東創造的許多機會。我們正在採取深思熟慮的方法來執行我們的整合計劃，重點是將我們的員工和服務無縫地結合起來，在我們進行整合時不會中斷，客戶服務和保留仍然是首要任務。我們致力於服務並履行對老客戶的承諾，我們將繼續致力於發展和贏得業務。我們認為合併後的組織內現在將有三個不同的商業管道。

Wholesale shipper asset and Omni services. Our commercial strategy is built around meeting our customers where and how they want to buy. Our wholesale customer channel includes our legacy forward customers, including freight forwarders, airlines and 3PLs. We are committed to continuing to provide them with our premium LTL services to enable them to grow their businesses. Our shipper asset customer channel includes direct shippers that require an asset-based provider to increase their supply chain control.

批發托運人資產和全方位服務。我們的商業策略是圍繞著滿足客戶想要的購買地點和方式而建立的。我們的批發客戶通路包括我們的傳統遠期客戶，包括貨運代理、航空公司和 3PL。我們致力於繼續為他們提供優質的零擔服務，幫助他們發展業務。我們的托運人資產客戶管道包括需要基於資產的提供者來增強其供應鏈控制的直接托運人。

And lastly, our Omni services channel includes customers with supply chain goals based on unique curated into end solutions. But of course, the quality of our service to customers in each of these channels will remain first rate. I cannot emphasize this enough. We are committed to taking care of all of our customers across these three channels. We are pleased with the customer response we've seen so far. Volumes from our wholesale customer channel remained strong in the six months before and after the transaction was announced forward saw a decrease in volumes with our domestic forwarders of 8.9%. But we believe almost all of that decline is driven by softer freight market rather than customer attrition. That view is supported by some of the negative volume developments of our LTL peers in Q4.

最後，我們的全方位服務管道包括具有基於獨特策劃的最終解決方案的供應鏈目標的客戶。當然，我們在每個管道為客戶提供的服務品質仍將保持一流。我怎麼強調都不為過。我們致力於透過這三個管道照顧所有客戶。我們對迄今為止所看到的客戶反應感到滿意。在交易宣布前後的六個月內，我們的批發客戶通路的交易量仍然強勁，我們的國內貨運代理的交易量下降了 8.9%。但我們認為，幾乎所有下降都是由貨運市場疲軟而非客戶流失造成的。第四季零擔同業的一些負銷量發展支持了這一觀點。

Also, volumes with 50% of our legacy customers actually grew during the last six months earlier this month at the Air Cargo conference, it held immovable forward was recognized by the air Forwarders Association as the 2024 surface Vendor of the Year Award, reflecting how our great service has helped our legacy customers grow their businesses over the past year. However, we realize that we have to earn the business of all our customers every single day, and we plan to do just that through our integration and beyond.

此外，在本月稍早舉行的航空貨運會議上，我們50% 的老客戶的貨運量在過去六個月中實際上有所增長，並被航空貨運代理協會評為2024 年地面供應商年度獎，這反映了我們如何優質的服務幫助我們的老客戶在過去的一年裡發展了他們的業務。然而，我們意識到我們必須每天贏得所有客戶的業務，我們計劃透過整合及其他方式來實現這一目標。

Since closing the transaction last month, we have seen some early wins resulting from the acquisition to date, we've captured $17 million of annualized new premium LTL business from Omni customers in the fulfillment and entertainment spaces. We are still in the early days of our integration work but we believe that's a good start and that more wins ArCom.

自上個月完成交易以來，我們已經看到了收購帶來的一些早期成果，迄今為止，我們已經從履行和娛樂領域的 Omni 客戶那裡獲得了 1700 萬美元的年度新優質 LTL 業務。我們仍處於整合工作的早期階段，但我們相信這是一個好的開端，ArCom 會因此贏得更多勝利。

I'd like to now spend some time discussing the Omni integration and how we're positioning forward for success in its next phase of growth as one company, we are laser focused on creating value for employees, customers and shareholders. We continue to believe in the industrial logic of the transaction and the significant and attractive synergy opportunities to be unlocked as part of the integration process. We are revisiting those targets amidst the softer freight environment and identifying new pockets of synergies, which we will provide updates on in the future. This combination creates the category leader in expedited LTL market built on precision execution and provides customers with a less than truckload service that is the best in the industry for damage free impact, on-time shipments among others. We see two major opportunities coming out of the transaction.

我現在想花一些時間討論 Omni 集成，以及我們如何定位以在下一階段的發展中取得成功，作為一家公司，我們專注於為員工、客戶和股東創造價值。我們仍然相信交易的產業邏輯以及作為整合過程的一部分將釋放的重要且有吸引力的協同機會。我們正在疲軟的貨運環境中重新審視這些目標，並確定新的協同效應，我們將在未來提供最新資訊。這個組合在精準執行的基礎上打造了加急零擔市場的類別領導者，並為客戶提供業內最佳的零擔服務，實現無損壞、準時發貨等。我們看到此次交易帶來了兩個重大機會。

First, doing business with all these customers who have premium LTL needs. These customers need the kind of network we offer with a high level of service, low claims and visibility all in one place. We've already realized some of these opportunities. And second, we're well positioned to work with on these customers who have international offer operations with domestic network needs. Our team of operators and transportation professionals led by my colleague a 28 year forward veteran Chris Ruble has our LTL network running at the same high level of performance. As always, this makes forward the most compelling choice for customers with high-value mission critical and time-sensitive freight needs, and we plan to focus on that portion of the market, not using intermediaries. We believe that the size of that market will allow us to grow our direct shipper business while continuing to serve and assist our intermediary freight forwarder customers and growing their businesses.

首先，與所有有優質零擔需求的客戶開展業務。這些客戶需要我們提供的網絡，將高水準的服務、低索賠率和可見性全部集中在一個地方。我們已經意識到其中一些機會。其次，我們有能力與這些擁有國際服務業務且具有國內網路需求的客戶合作。我們的營運商和運輸專業團隊由我的同事、擁有 28 年經驗的老兵 Chris Ruble 領導，我們的 LTL 網路以同樣高的效能水準運作。一如既往，這為具有高價值關鍵任務和時間敏感貨運需求的客戶提供了最引人注目的選擇，我們計劃專注於這部分市場，而不是使用中介機構。我們相信，該市場的規模將使我們能夠發展直接托運人業務，同時繼續服務和協助我們的中間貨運代理客戶並發展他們的業務。

Also, as Rebecca has already noted, part of our integration plan involves a portfolio review to assess the fit of each of our businesses within the company's overall strategic plan. Our plan is to divest of any businesses that are determined not to fit and use the proceeds from those divestitures to accelerate our path to deleveraging.

此外，正如麗貝卡已經指出的那樣，我們整合計劃的一部分涉及投資組合審查，以評估我們每項業務與公司整體策略計劃的契合度。我們的計劃是剝離任何決定不適合的業務，並利用這些剝離的收益來加速我們的去槓桿化進程。

I would like to now sort of acknowledge the great resources we have at the Board level for our integration work. It's been a pleasure to have deal with leading our Board's recently formed integration committee, and I've been working closely with him the committee and other senior leaders to ensure a smooth integration process feels the former Senior Executive Vice President and Chief Operating Officer of Delta Airlines, and he's led the successful integration of numerous transformational transactions moving forward, we will provide a dashboard to track progress of the integration focused on synergy capture, and we're already seeing initial success. We have folded on this line of business into the forward network which has led to a year-over-year pounds per day increase of more than 20% in the first week.

我現在想感謝我們在董事會層面為整合工作提供的大量資源。達美航空前高級執行副總裁兼首席營運長表示，我很高興能夠領導我們董事會最近成立的整合委員會，我一直與委員會和其他高級領導人密切合作，以確保整合過程順利進行。航空公司，他領導了眾多轉型交易的成功整合，我們將提供一個儀表板來追蹤專注於協同捕獲的整合進度，並且我們已經看到了初步的成功。我們已將這條業務線納入遠期網絡，這導致第一周每天的磅數同比增長超過 20%。

Post closing, we look forward to providing an update on our progress in the coming months in my time at Ford as saying that if you take care of your people, they will take care of your customers, which drives positive and sustainable results in my role as interim CEO. I remain committed to bringing these two high-quality, hard-working teams together working closely with the Board, Rebecca, Chris Ruble, Nancy running and our other senior leaders. I view my mandate during this transitional period as providing stable leadership that facilitates the integration of Omni, the execution of Ford's business plan and the continued development and enhancement of our customer relationships as we charge ahead with creating value.

交易結束後，我們期待提供未來幾個月我在福特工作期間取得的最新進展，我們表示，如果你照顧你的員工，他們就會照顧你的客戶，這將推動我的角色取得積極和可持續的成果作為臨時執行長。我仍然致力於將這兩個高素質、勤奮的團隊聚集在一起，與董事會、麗貝卡、克里斯·盧布爾、南希·跑步和我們的其他高級領導密切合作。我認為我在這段過渡時期的任務是提供穩定的領導力，促進 Omni 的整合、福特業務計劃的執行以及我們在創造價值的過程中不斷發展和增強我們的客戶關係。

Our Board has formed a search committee and is working diligently to identify a new leader who will then be in a position to outline the next phase of strategy and financial targets. We look forward to providing an update on those efforts when appropriate and closing, we are focused on smoothly integrating on the and forward while continuing to serve our customers with our usual level of excellence, the combined entity will be even better positioned to excel in the expedited LTL market. I'm confident the next phase of forward growth will be a successful one, and I'm determined to ensure that forward successfully navigate this transition while delivering value to our shareholders, customers, and teammates.

我們的董事會已經成立了一個遴選委員會，正在努力尋找一位新的領導者，然後他將能夠概述下一階段的策略和財務目標。我們期待在適當的時候提供這些努力的最新信息，並且結束時，我們專注於順利整合和未來，同時繼續以我們一貫的卓越水平為我們的客戶提供服務，合併後的實體將在以下方面處於更有利的地位：加急零擔市場。我相信前進的下一階段將是成功的，我決心確保前進成功地度過這一轉變，同時為我們的股東、客戶和隊友提供價值。

With that, let's open up the lines for comments and for questions. Operator?

接下來，讓我們開放評論和提問熱線。操作員？

(Operator Instructions)

（操作員說明）

Scott Group, Wolfe Research.

斯科特集團，沃爾夫研究。

Hey, thanks. Good morning. I guess a lot to ask. Maybe I just want to start, Rebecca, can you just give us an update sort of pro forma where we are today from a cash standpoint, total debt? And then I think you said the leverage today is 5.2 times, but I may have heard that includes the full expectation for synergies. Is that right? And can you just sort of clarify how much we're assuming there? Thank you.

嘿，謝謝。早安.我想有很多問題想問。也許我只是想開始，麗貝卡，你能為我們提供一份最新的形式，從現金的角度來看，我們今天的債務總額是多少？然後我想你說今天的槓桿是5.2倍，但我可能聽說這包括了對綜效的充分預期。是對的嗎？您能否澄清一下我們的假設是多少？謝謝。

Yeah. Sure, Scott, happy to. So after we made our $80 million debt repayment, our total debt outstanding is $1.17 billion. Today, we still have you know, since December, we've maintained that more than $200 million of cash on hand, which makes our pro forma and net debt of around $1.6 billion as of today. In terms of the leverage ratio, the 5.2, we chose to disclose that number and just to take a step back there, we are still that is an estimate and based on what we've seen on the preliminary Omni 2023 results, that audit is still ongoing.

是的。當然，斯科特，很高興。因此，在我們償還了 8,000 萬美元的債務後，我們的未償債務總額為 11.7 億美元。今天，我們仍然知道，自 12 月以來，我們手頭現金已超過 2 億美元，這使得我們截至今天的預期負債和淨債務約為 16 億美元。就槓桿率而言，5.2，我們選擇披露該數字，只是退一步說，我們仍然是一個估計，並且根據我們在 Omni 2023 初步結果中看到的情況，該審計是仍在進行中。

So as of today, that number, you know, could shift, but we wanted to give a touch point to people could understand from a leverage ratio standpoint where we are, we did calculate that in compliance with our leverage covenants for our credit facility and so that does include there's two things, I guess, to note on that. One of which is it does include it in cash, netting cap of $50 million. So that would not include the incremental $150 million that we have cash on hand, it also includes the full realized or the full run rate of the cost synergies of $75 million. So those are the two incremental changes that you would see if you were to take that to a normal net debt leverage ratio.

因此，截至今天，這個數字可能會發生變化，但我們希望為人們提供一個接觸點，讓人們可以從槓桿率的角度了解我們所處的位置，我們確實根據我們的信貸安排槓桿契約進行了計算，而我想這確實包括兩件事需要注意。其中之一是它確實包括現金，淨額上限為 5000 萬美元。因此，這不包括我們手頭現金的 1.5 億美元增量，還包括 7,500 萬美元成本協同效應的全部實現或全部運行率。因此，如果您將其視為正常的淨債務槓桿率，那麼您會看到這兩個增量變化。

Okay. That's helpful. And then you're -- totally get through not giving guidance yet, but and we've still got it. I've got to put the models together. And maybe just like can you share like what was what was it operating income or adjusted operating income from Omni in Q4, just so, you know, as close to the numbers you can share and then IO as we think about it modeling to one another is do we think that is the business on aggregators? Should it be profitable or not? Any sort of color you can share?

好的。這很有幫助。然後你就完全克服了尚未提供指導的情況，但我們仍然得到了它。我必須把模型放在一起。也許就像您可以分享第四季度 Omni 的營業收入或調整後的營業收入是多少一樣，您知道，盡可能接近您可以分享的數字，然後是 IO，因為我們認為它是相互建模的我們認為這就是聚合商的業務嗎？應該獲利還是不營利？有什麼顏色可以分享嗎？

Yes, Scott, I think I'm going to let Michael address, you know, just one topic. So we give a little bit of level setting in terms of what our plan is in giving information about the combined entity. We certainly understand that there is a thirst for knowledge of the combined entity, and we've had a bit of an unorthodox closing. And so let me get Michael to first address one topic and then we'll we can tackle some of those.

是的，史考特，我想我會讓麥可談談，你知道，只有一個話題。因此，我們根據我們的計劃提供有關合併實體的資訊的一些層級設定。我們當然理解人們對合併實體的知識的渴望，我們的結束語有點非正統。因此，讓我讓邁克爾先討論一個主題，然後我們可以解決其中的一些問題。

Yeah, Scott, thanks for the call and the question.I would just say we understand that there is and a lot of desire for information, and we've got a desire to provide that. I think we obviously our path to closing is a little unorthodox, as Rebecca said. And so we didn't have the normal ramp-up period you would in developing information, we're a little behind there, but we're catching up and making good progress. And so while we're not ready to share some of the information that you'll be looking for today. We are committed to transparency and we're going to be providing that to you. And our plan really is to have an investor presentation available on to do that, but it's just not today. And so I'm sure that you won't be able to provide all the answers to your questions.

是的，斯科特，感謝您的來電和提問。我只想說，我們理解人們對資訊的渴望，我們也渴望提供這些資訊。正如麗貝卡所說，我認為我們的關閉之路顯然有點非正統。因此，我們沒有像開發資訊那樣有正常的加速期，我們有點落後，但我們正在迎頭趕上並取得良好進展。因此，雖然我們還沒有準備好分享您今天要尋找的一些資訊。我們致力於透明度，並將為您提供這一點。我們的計劃確實是透過投資者演示來做到這一點，但不是今天。因此，我確信您無法提供問題的所有答案。

Yeah. So I think, Scott, we will. And just given the fact that the Omni results are not finalized as of today, we're going to defer on that on your own responding to those questions and we will certainly address those at the Investor Day as we have that information, if finalized and available and giving you the transparency that you so desire.

是的。所以我想，史考特，我們會的。鑑於 Omni 結果截至今天尚未最終確定，我們將推遲您自己回答這些問題，我們肯定會在投資者日解決這些問題，因為我們掌握了這些信息，如果最終確定並且可用並為您提供您所渴望的透明度。

Okay. And I guess maybe just one last one. Maybe this maybe going up at least with this part of the model, like how should we just think about like interest expense and depreciation share count Q1 the year CapEx in any of those pieces, at least maybe?

好的。我想也許只是最後一件。也許這至少在模型的這一部分中可能會上升，例如我們應該如何考慮這些部分中任何一個的今年第一季的利息費用和折舊份額計數，至少可能是這樣？

Yeah, happy to do that for you, Scott. In our interest expense, just annualized, we do have just to point out, we've got to fix 40%. If we think about just our debt, 40% is fixed, 60% is floating. So just on average, our total interest expense unit for the year annualized is about $170 million.

是的，很高興為你做這件事，斯科特。在我們的利息支出中，只是按年計算，我們確實需要指出，我們必須固定 40%。如果我們只考慮我們的債務，40% 是固定的，60% 是浮動的。因此，平均而言，我們今年的總利息支出單位年化約為 1.7 億美元。

So to address that topic on the CapEx, as you remind you to remember Forward Air is an asset light model. Omni is similar from an asset-light model and both of us, you know, run between 1.5 to 2 times of revenue from a CapEx standpoint. And I would say unit from a depreciation standpoint. And I would say very similar to what you've seen on the Ford side.

因此，為了解決有關資本支出的主題，請記住，Forward Air 是一種輕資產模型。從輕資產模式來看，Omni 很相似，從資本支出的角度來看，我們雙方的收入都在 1.5 到 2 倍之間。我會從折舊的角度說單位。我想說，這與您在福特方面看到的非常相似。

And we've posted some historical financials unit for Omni. So we wouldn't expect any significant changes in terms of CapEx and depreciation from a combined entity basis. I will just point out that we are still there integration efforts in figuring out what equipment the combined entity needs to be able to service our customers and run an efficient line haul network and a pad network. So and but at this stage, we don't believe that there will be any significant changes on that front.

我們也發布了 Omni 的一些歷史財務數據。因此，我們預期合併後的實體基礎上的資本支出和折舊不會有任何重大變化。我只想指出，我們仍在進行整合工作，以確定合併後的實體需要哪些設備才能為我們的客戶提供服務並運行高效的長途運輸網路和基地台網路。因此，但在現階段，我們認為這方面不會有任何重大變化。

All right. I'll let some other people go forward and maybe I'll get back in queue. Thank you.

好的。我會讓其他人先走，也許我會回到隊列中。謝謝。

Thanks.

謝謝。

Bascome Majors, Susquehanna.

巴斯科姆專業，薩斯奎哈納。

Yeah. Following up on some of those themes, just to clarify the $170 million debt service, is that a cash expectation for 2024 at current interest rates?

是的。跟進其中一些主題，只是為了澄清 1.7 億美元的債務還本付息，這是否是按當前利率計算的 2024 年現金預期？

Yeah, that's just to clarify. That is just interest expense. There will be another incremental $11 million to get to the total debt service. So one $181 million would be your total cash out the door.

是的，這只是為了澄清。這還只是利息支出。還將額外增加 1,100 萬美元用於償債總額。因此，1.81 億美元就是您的現金總額。

So $11 million amortization or payment of principle on top of $170 million interest.

因此，除了 1.7 億美元的利息外，還有 1,100 萬美元的攤銷或本金支付。

Exactly.

確切地。

Okay. And come at it from another angle. I mean, you've closed just about a month ago and you've already mentioned the unorthodox close process to get there. But is do you think the unlevered cash flow of the combined business will be more than sufficient to support the debt service? Or are we at a point where we need to deleverage or have some cyclical improvement in the midterm to cross that bridge?

好的。從另一個角度來看它。我的意思是，您大約一個月前就關閉了，並且您已經提到了實現這一目標的非正統關閉流程。但您認為合併後業務的無槓桿現金流足以支持償債嗎？或者我們正處於需要去槓桿化或在中期進行一些週期性改善才能跨越這座橋樑的時刻？

Yeah. So you know, look, I think let me give you a touch point just for the month of February, because I think this would be, you know, an important and important item, I think to help give you a little bit of visibility. So if we just look at the month of February for the combined entity, but the combined entity generated more cash than what would be required. If you took that annual debt service and divided it by 12, we did together generate more cash than what would be needed to service that.

是的。所以你知道，聽著，我想讓我給你一個二月份的接觸點，因為我認為這將是一個非常重要的項目，我認為可以幫助你提高一點知名度。因此，如果我們只看合併後的實體二月的情況，但合併後的實體產生的現金多於所需的現金。如果你把每年的債務還本付息除以 12，我們所產生的現金確實比償還債務所需的還要多。

So we are after we pay our debt service for the month of February, we are cash flow positive from a combined entity standpoint, that doesn't include any of the synergies that we would realize through that integration process. So we hate to say that the month of February and to give a number there would be fully predictive of the full year. But because it doesn't capture those revenue and cost synergies though, yes, we will realize as we complete our integration process. But I think that at least gives you a notion that together we are cash flow positive. We can service our debt just based on the month of February.

因此，在我們償還二月的債務後，從合併實體的角度來看，我們的現金流為正，這不包括我們透過整合過程實現的任何協同效應。因此，我們不想說二月，並給出一個數字，可以完全預測全年。但因為它沒有捕捉到這些收入和成本協同效應，是的，當我們完成整合過程時，我們會意識到。但我認為這至少讓你知道我們的現金流是正值。我們可以僅根據二月來償還債務。

That's encouraging news. And just to dig further in that you said it does not include synergies in that calculation. Are you adding back some of the one-time charges such as severance for Thomas JJ. and professional fees and in close related transactions? Or is that a fully loaded debt service comments?

這是令人鼓舞的消息。只是為了進一步挖掘你所說的計算中不包括協同效應。您是否要添加一些一次性費用，例如 Thomas JJ 的遣散費。和專業費用以及密切相關交易？還是這是一則滿載的還本付息評論？

Yes, that there would be just a handful. It was minimal for the month of February. So there weren't any large items like perhaps, you know, we saw this in the fourth quarter and they were minimal in the month of February. So it does excludes some of those one-time only. But I would say that they're not at the same level that you saw in Q4 from those one-off items, those transaction costs you saw in Q4, whatever we incurred in relation to the closing of most of those were paid out at the time of closing. So we didn't have a tremendous amount of lingering costs that we would need to pay in the month of February.

是的，只有少數。二月的情況是最少的。因此，沒有任何大型項目，例如我們在第四季度看到的這種情況，而在二月份，這些項目是最少的。所以它確實排除了其中一些一次性的。但我想說的是，它們與您在第四季度看到的那些一次性項目、您在第四季度看到的交易成本、無論我們因關閉其中大部分項目而產生的費用都不是同一水平。關閉時間。因此，我們沒有需要在二月支付大量的揮之不去的成本。

Thank you so much for that. And before I pass it on anything else, you would want us to hear on the concern around the cash-generating power of the business versus the debt service. Just anything to help your shareholders get more comfortable that, but that fingers crossed what you saw in February can continue. Thank you.

對此感激不盡。在我傳遞其他內容之前，您可能希望我們聽到對企業現金產生能力與償債能力的擔憂。只要能幫助你的股東感到更舒服，就可以做任何事情，但祈禱你在二月看到的情況可以繼續下去。謝謝。

Yes, Bascome, look, I will just point out two things. You know, both companies had some challenging environments in 2023. You know, as we said, you know, what we've seen is some favorability in our business with our LTL volumes in the month of February. Ami has also seen some favorability in their domestic business. Both of us still struggle a bit them on the international side a bit, you know, on the LTL I'm sorry, on the truckload and intermodal side, all really market driven, but we know that the combined entity has synergies, cost synergies that are there for us to be realized. And so the fact that we had cash flow positive for the month of February, given the environment that we're in should be reflective, I think, of this more positive news to come in terms of being able to generate that cash.

是的，巴斯科姆，聽著，我只想指出兩件事。要知道，兩家公司在 2023 年都面臨一些充滿挑戰的環境。正如我們所說，我們在 2 月的零擔運輸量中看到了對我們業務的一些有利影響。阿米在國內業務中也看到了一些好處。我們雙方在國際方面仍然有些掙扎，你知道，在零擔方面，我很抱歉，在卡車裝載和多式聯運方面，所有這些都是由市場驅動的，但我們知道合併後的實體具有協同效應、成本綜效這些都是有待我們去實現的。因此，考慮到我們所處的環境，我們二月份的現金流量為正，我認為這應該反映出我們能夠產生現金的更積極的消息。

If you look at the Q and Steve back in 2022, we have published the audited financial statements for AMI. And so when you look at our results, both of those for cash flow free positive. And so we know that there's the ability for the two entities to generate the free cash flow. You know, the Ford business well, we can see just based on 22 for the Omni business, they're generating cash and we know the combined entity together in the month of February generated cash. I think the potential is there and it is all about integration and it is all about realizing these cost synergies for that earnings, you know that earnings power to be there and therefore the free cash flow to get back to the levels that you would normally see for the Forward Air side and then obviously adding in the Omni side.

如果您回顧一下 2022 年的 Q 和 Steve，我們已經發布了 AMI 的經審計財務報表。因此，當您查看我們的結果時，這兩個無現金流均為正值。因此我們知道這兩個實體有能力產生自由現金流。你知道，福特業務很好，我們可以根據 22 的 Omni 業務看到，他們正在產生現金，我們知道合併後的實體在 2 月一起產生了現金。我認為潛力是存在的，關鍵在於整合，關鍵在於實現盈利的成本協同效應，你知道盈利能力在那裡，因此自由現金流可以回到你通常看到的水平對於前向空氣側，然後顯然添加全向側。

So I think that's well said, Rebecca Invesque and I would just add to that moving. We want people to know to our I mean, incredible focus on integration and realizing. So those synergies. And I think I said it in the script, but and we are rolling up our sleeves and doing the good work and encouraged by what we're seeing. And we'll be glad to give you additional information in the future on that progress.

所以我認為這句話說得很好，Rebecca Invesque 和我只是想補充這一點。我們希望人們知道我們對整合和實現的難以置信的關注。所以這些協同作用。我想我在劇本中已經說過了，但是我們正在捲起袖子做好工作，並受到我們所看到的鼓勵。我們很樂意在未來向您提供有關此進展的更多資訊。

Thank you both.

謝謝你們倆。

Thank you.

謝謝。

Our next question comes from Tyler Brown with Raymond James. Please go ahead.

我們的下一個問題來自泰勒布朗和雷蒙德詹姆斯。請繼續。

It a demanding time more day days.

這是一個要求更高的時間。

Hey, hey, I realize there's obviously a lot going on and I may have missed it, but you guys said in the release that the quarter was in line with expectations, but when or where did you update those expectations to 78 to $0.8. I mean I get that maybe that's what was implied in the guidance extra Final Mile, but did you guys communicate that?

嘿，嘿，我意識到顯然發生了很多事情，我可能錯過了，但你們在新聞稿中說該季度符合預期，但是你們何時何地將這些預期更新為 78 至 0.8 美元。我的意思是，我明白也許這就是額外最後一英里指導中所暗示的內容，但是你們傳達了這一點嗎？

Yes, Tyler, we did just the levels that we didn't change our consolidated guidance that still stays the same from that from an EPS standpoint of $0.98 to $1.2. And from the revenue side, a decline of 7% to 17%. So those still, you know, still holds true. And at the time that we gave the guidance, we weren't far enough along in our sale of final mile either to the Hub Group. And so we didn't break out at that time our guidance between what we call as our discontinued ops, which is really our Final Mile business and then continuing, which is really everything else. And so we just wanted because we were reporting our results from a discontinued and continuing ops basis. We went into break those out so that you could look at it from an apples to apples standpoint, when we do our forecasts, we do have build up on by each line of business. So we know in our guidance, how much is allocated to Final Mile versus LTL and truckload and intermodal. And so being able to break out that final mile is what we did to your point we did not come out publicly, and I know you don't specify how much is continuing versus discontinuing. But what we can say is that on EPS or discontinued for final mile as was seen at 20 to $0.22, was there range from continuing?

是的，泰勒，我們只是做了沒有改變我們的綜合指導的水平，從每股收益 0.98 美元到 1.2 美元的角度來看，該指導仍然保持不變。而從收入方面來看，下降了7%到17%。所以，你知道，這些仍然是正確的。在我們提供指導時，我們在向 Hub Group 出售最後一英里的過程中還沒有走得足夠遠。因此，當時我們沒有在我們所謂的已停止運營（這實際上是我們的最後一英里業務）和繼續運營（這實際上是其他一切）之間制定指導方針。所以我們只是想要，因為我們是在已停止和持續運營的基礎上報告我們的結果。我們將這些進行了分解，以便您可以從同類的角度來看待它，當我們進行預測時，我們確實在每個業務領域都取得了進展。因此，我們在指南中知道，相對於零擔、卡車裝載和聯運，分配給「最後一哩路」的金額是多少。因此，能夠突破最後一英里就是我們所做的，就您的觀點而言，我們沒有公開發表，而且我知道您沒有具體說明繼續與停止的程度。但我們可以說的是，就 EPS 或最後一英里而言，如 20 至 0.22 美元停止，是否還有繼續的範圍？

That was the 78 to $0.8 range.

那是 78 至 0.8 美元的範圍。

Okay. Okay.

好的。好的。

That is helpful on it. Sounds like you are not giving what on the EBITDA was 23, but then again, kind of all So 18, if you say that your pro forma five to on call it $1.8 billion of net debt. That's like 350 million of implied EBITDA. You say in your press release that you do 200 million of legacy forward on a continuing basis.

這對它很有幫助。聽起來你並沒有給出 EBITDA 上的 23 美元，但話又說回來，如果你說你的備考 5 美元相當於 18 億美元的淨債務，那就是 18 美元。這相當於隱含 EBITDA 3.5 億。您在新聞稿中表示，您將持續轉發 2 億美元的遺產。

So that's like 150 wells.

相當於 150 口井。

And if I take out the 75 to cost synergies, I mean the denominator, you like $75 million 1023 was my math correct in that.

如果我去掉 75 來衡量協同效應，我的意思是分母，你喜歡 7500 萬美元，1023 是我的數學正確的。

And we appreciate the question, and I'm going to I'm going to circle back around to what I said earlier in terms of you know, we the audit for for Omni is still ongoing. It's not closing until March 15th. And you know, I understand the request and the need for that information and what that is and that we're not ready to provide today, but we plan to do that, you know soon in the future here when we do an investor presentation.

我們感謝這個問題，我要回到我之前所說的，你知道，我們對 Omni 的審核仍在進行中。直到3月15日才結束。你知道，我理解這些資訊的要求和需求，以及這些資訊是什麼，我們今天還沒有準備好提供，但我們計劃這樣做，你知道很快當我們在這裡做投資者演示時。

So and that debt in Portugal fall into that category today come on what about the 1 billion of preferred did they convert? And if not of those dividends accruing and what happens if they don't convert, we are here.

那麼，今天葡萄牙的債務就屬於這一類，那麼他們轉換的 10 億優先股呢？如果不是那些累積的股息以及如果它們不轉換會發生什麼，我們就在這裡。

That's a good question, Tyler. So sort of efforts right now are just that they're preferred. The dividend that's due on those preferreds is actually not due and payable until the one-year anniversary after we closed on the transaction. So that would be January of 2025. They don't accrue before that anniversary date. So we essentially have one year from today until January 25th of next year in order to get those converted from preferred to common, you can do you know, there's the ability if those don't get converted. There is a pick and then there's the cash component there. But I think the company is looking to get those converted before that one-year anniversary such that we will have to pay the dividend on the preferred.

這是個好問題，泰勒。所以現在的努力只是他們的首選。這些優先股的股息實際上要到交易結束一週年才到期支付。那就是 2025 年 1 月。它們不會在周年紀念日之前累積。因此，從今天到明年 1 月 25 日，我們基本上有一年的時間，以便將那些從首選轉換為普通，你可以知道，如果那些沒有轉換，我們就有能力。有一個選秀權，然後就是現金部分。但我認為該公司希望在一周年紀念日之前將其轉換，這樣我們就必須支付優先股股息。

Okay.

好的。

Okay.

好的。

That's helpful.

這很有幫助。

And then just from a reporting perspective, Rebecca, how do you anticipate reporting going forward? Will there be your expedited freight intermodal and then Omni or spinning out a full Omni into expedited? Or how is that going to work?

然後，從報道的角度來看，麗貝卡，您預計未來的報道會如何？會有加急貨運聯運，然後是 Omni 或將完整的 Omni 轉為加急嗎？或者說這將如何運作？

Yes.

是的。

It's a good question, Tyler. And certainly, we've been thinking and having those conversations over the last several weeks with the sale of final mile that was part of our expedited freight.

這是個好問題，泰勒。當然，在過去的幾周里，我們一直在思考並進行這些對話，以出售最後一英里，這是我們加急貨運的一部分。

And then also looking at the AMI businesses, AMI does have some similar businesses to Florida as an example, they have their own truckload brokerage. We have ours. And so I think we're in the process of evaluating what that looks like and what's the best way to report it together and from a segment reporting standpoint. So I hate to say that we don't necessarily have that answer today, but we are certainly working on that answer. And as we come to our Q1 results at that point, we will have our reportable segments in, you know, done and settled and be able to report those.

然後再看看 AMI 業務，AMI 確實有一些與佛羅裡達州類似的業務，例如，他們有自己的整車經紀業務。我們有我們的。因此，我認為我們正在評估情況，以及從細分報告的角度一起報告的最佳方法是什麼。所以我不想說我們今天不一定有這個答案，但我們肯定正在努力尋找這個答案。當我們得出第一季業績時，我們將完成並解決我們的可報告部分，並能夠報告這些部分。

Okay. All right.

好的。好的。

I appreciate the comments.

我很欣賞這些評論。

Yes.

是的。

Thank you.

謝謝。

Our next question comes from Stephanie Moore with Jefferies. Please go.

我們的下一個問題來自傑弗里斯的史蒂芬妮摩爾。請離開。

Hey, good morning, everybody. This is Joe Hoffman on for Stephanie. I appreciate all of the color that you guys have given so far. I kind of wanted to drill in a little bit, I guess, maybe on the synergies and as we're thinking about that 75 million synergy number, correct me if I'm wrong, I believe it's 60 million in the 1st year and the remainder being realized over the longer term, could you kind of help us get some confidence in terms of you mentioned folding up some of the Omni linehaul. Could you give us maybe a little bit of anything to give me some confidence on what the cost basis of that is, how many terminals does that include what sort of cost per terminal savings or line haul saving that's kind of been realized with set without roll-ups of our.

嘿，大家早安。這是史蒂芬妮的喬·霍夫曼。我很欣賞你們迄今為止所提供的所有色彩。我想我有點想深入探討一下協同效應，當我們考慮 7500 萬協同效應數字時，如果我錯了請糾正我，我相信第一年是 6000 萬，而且其餘的內容將在較長時期內實現，您能否幫助我們對您提到的折疊一些Omni 線路的問題獲得一些信心。您能否給我們一些信息，讓我對成本基礎是什麼、有多少個終端有信心，包括每個終端節省的成本或線路運輸節省是通過無卷設置實現的我們的。

Yes, Joe, thank you for the question. I think, well, let me just step back and give you maybe a kind of a broader perspective on the integration, I think we probably would think of it in terms of phasing and the kind of phase one of that really is around delivering sort of a real continuity with our customer and our employee experience while kind of actioning the prewired synergies like that rollup of the long-haul network. And we're not prepared to give you a quote to quantify that today. As I said in the script earlier, when we were talking at the time the opening comments, we are in the process of kind of revalidating those and then looking for new pockets of synergy and we plan to give you and provide a report on that in the future. But we don't have that today. I will tell you that we did see and I think we mentioned this that we are on the first week at closing, we saw a 20% increase as a result of the consolidation, which was done incredibly well by our IR team. And I would also add that I think even after that, we've got adequate capacity in our network for additional business and additional freight and so all of that is good and positive. I think in Phase two, we're really going to be identifying and capturing additional synergies while we're kind of into the blocking and tackling of functional integration, which you think about being able to close our books together, cybersecurity protocols, those kinds of things.

是的，喬，謝謝你的提問。我想，好吧，讓我退後一步，為您提供一種關於集成的更廣泛的視角，我想我們可能會從分階段的角度來考慮它，而第一階段實際上是圍繞提供某種與我們的客戶和員工體驗的真正連續性，同時發揮預先佈線的協同作用，例如長途網路的總結。今天我們不准備給您報價來量化這一點。正如我之前在劇本中所說，當我們在開場評論時進行討論時，我們正在重新驗證這些內容，然後尋找新的協同作用，我們計劃向您提供並提供一份報告未來。但我們今天沒有這個。我會告訴你，我們確實看到了這一點，我想我們提到過這一點，我們在交易結束的第一周，由於合併，我們看到了 20% 的增長，我們的 IR 團隊做得非常好。我還想補充一點，我認為即使在那之後，我們的網路也有足夠的能力來進行額外的業務和額外的貨運，所以所有這些都是好的和積極的。我認為在第二階段，我們確實會識別並捕獲額外的協同效應，同時我們會阻止和解決功能集成，你認為能夠將我們的書籍、網路安全協議等結合起來。東西的。

And then lastly, sort of the last phase would be sort of maturing the combination of the two companies kind of optimizing it. So I know that's very high level and we're going to come back to you, like we said in the in the opening with a scorecard to give you some better visibility into it. But we don't have that information to give you today.

最後，最後一個階段是讓兩家公司的合併成熟並進行最佳化。所以我知道這是非常高的水平，我們會回到你身邊，就像我們在開場時所說的那樣，用記分卡讓你更好地了解它。但我們今天沒有可以提供給您的資訊。

Okay.

好的。

And then maybe quickly, just some clarification on that the 20% tonnage increase, I mean that's really that's just a function of both business that was previously running on on the line haul. That's now moving on your network. It's not net new business from a consolidated standpoint.

然後也許很快，就噸位增加 20% 進行一些澄清，我的意思是，這實際上只是之前在幹線運輸上運行的兩項業務的一個功能。現在它正在您的網路上移動。從綜合角度來看，這並不是淨新業務。

Just now in the four business, you mentioned 17 million of I guess it was more on the revenue synergy side from Omni customers, but I'm sure that need sort of expedited LTL business that you can provide with. Was that a 70 million annualized revenue synergy number?

剛剛在四項業務中，您提到了 1700 萬，我想這更多是來自 Omni 客戶的收入協同效應，但我確信這需要您可以提供的加急 LTL 業務。那是7000萬年化收入協同數字嗎？

Was that sort of like a profit EBITDA number that's annualized revenue that you're I think you're both this year and that's why in the 20%, that is correct that it's just been pushing in there where they would previously used for a different carrier neural network that's just coming through our networks. So from a consolidated standpoint, you're right, that's assistant in inter-company. We do get the benefit of that cost synergy. And so that's the biggest piece as a takeaway from there.

這有點像利潤 EBITDA 數字，即年化收入嗎？我想你們今年都是這樣，這就是為什麼在 20% 中，這是正確的，它只是被推到了他們以前用於不同用途的地方。剛剛通過我們網路的載體神經網路。所以從綜合的角度來看，你是對的，那就是公司間的助理。我們確實從成本協同效應中受益。這是最大的收穫。

Okay.

好的。

That's helpful. And then maybe anything you can maybe provide on I know you can't really speak too much color with potential divestments, but what are maybe some areas that you would have some characteristics that you'd look for in terms of non-core in terms of what's not supporting LPL. I'm just kind of give us sort of an idea of what we should be thinking about or.

這很有幫助。然後也許你可以提供任何東西，我知道你真的不能對潛在的撤資說太多的色彩，但是你可能會在一些領域中尋找一些非核心的特徵不支持LPL的事情。我只是讓我們知道我們應該考慮什麼。

Yes, let me tackle that one. And I think we're going to be very thoughtful about that. And it's really part of the overall integration work that we're doing. And as we go through the integration, we're at look obviously now on the other side of the transaction we have as a combined company, new capabilities. And so I think our part of what we're doing is trying to figure out how we lever those capabilities most effectively. And we are developing sort of the criteria as we move along in terms of how to put these things together, most effectively to maximize and our opportunities, particularly in the LTL space. And so we don't have anything more to share right now in terms of how we're thinking about it other than to tell you that we're moving along thoughtfully and carefully and that we're excited about the new capabilities that we have and that before we think about divesting, we want to make sure that we maximize those for the overall combined company strategy.

是的，讓我來解決這個問題。我認為我們會對此進行深思熟慮。這確實是我們正在進行的整體整合工作的一部分。當我們進行整合時，我們現在顯然看到交易的另一面，我們作為合併後的公司擁有新的能力。因此，我認為我們正在做的部分工作就是試圖弄清楚如何最有效地利用這些能力。我們正在製定一些標準，以了解如何將這些東西組合在一起，最有效地最大化我們的機會，特別是在零擔領域。因此，我們現在沒有什麼可以分享的，除了告訴您我們正在深思熟慮和謹慎地前進，並且我們對我們擁有的新功能感到興奮之外，我們沒有更多的想法可以分享。在我們考慮剝離之前，我們希望確保最大限度地實現公司整體策略的剝離。

Okay, perfect. And then I have one more clarification. Rebecca, maybe you could help me with on. Could you just quickly provide us with VM the update in terms of the credit agreement, I believe, and correct me if I'm wrong, I believe you increased the leverage from a short time to seven times.

好的，完美。然後我還要澄清一點。麗貝卡，也許你可以幫我。您能否快速向我們提供VM有關信貸協議方面的最新信息，我相信，如果我錯了，請糾正我，我相信您將槓桿從短時間內增加到了七倍。

I guess.

我猜。

Could you just a correct me if I'm wrong on that. And then maybe what's the time line of how long a temporary increase in the leverage ratio under the covenants of those four?

如果我錯了，你能糾正我嗎？那麼，在這四個契約下，臨時提高槓桿率的時間期限是多久？

Sure. Yes. And just to clarify on these covenants either we did take the prudent approach. We thought about negotiating these covenants. We wanted to provide enough headroom for us, especially as we were going through this critical time and integration efforts, we just wanted to make sure that we had that E&O availability, I guess, to continue to focus on integration efforts and also you still be in compliance with those covenants. So it is a springing covenant. It starts in Q two of 24. It starts at six times and it stays at six times and for two quarters and then it begins to ratchet itself down such that by the time you get down to the end of 2025, we are at the 4.5 times, and that has been the maintenance covenant from that point forward. So we started high ratcheted down pretty pretty quickly, if you will, but that is all in the effort of being able to really kind of, you know, focus on integration efforts, give us that headroom, allow us to do the good work that we need to do.

當然。是的。為了澄清這些契約，我們確實採取了謹慎的做法。我們考慮過就這些契約進行談判。我們希望為我們提供足夠的空間，特別是當我們正在經歷這個關鍵時刻和整合工作時，我們只是想確保我們擁有 E&O 可用性，我想，繼續專注於整合工作，而且您仍然可以遵守這些契約。所以這是一個突然發生的契約。它從 24 個季度的第二季度開始。它從 6 次開始，保持在 6 次，持續兩個季度，然後開始逐漸下降，到 2025 年底，我們處於 4.5 次，這就是維護從那時起立約。因此，如果你願意的話，我們很快就會從高位開始逐步下降，但這一切都是為了能夠真正專注於整合工作，給我們空間，讓我們能夠做好工作我們需要做的。

Barry, thanks. So much for all the color, and I'll pass it on.

巴里，謝謝。所有的顏色就這麼多，我會把它傳承下去。

Thank you.

謝謝。

As a reminder, if you would like to ask a question at this time, please press star one. Our next question comes from Christopher Combe with The Benchmark Company.

提醒一下，如果您此時想提問，請按星號一。我們的下一個問題來自 Benchmark Company 的 Christopher Combe。

Morning. Thanks for taking my question.

早晨。感謝您提出我的問題。

I so the 5.2 times leverage includes it sounds like does that include the cost synergies you laid out one when the when you first announced the acquisition and then you said you were revisiting targets. So I know you mentioned a few questions ago, but what targets, would they be would they be both cost and revenue synergy targets?

我認為 5.2 倍的槓桿率聽起來像是包括你在第一次宣布收購時提出的成本協同效應，然後你說你正在重新審視目標。所以我知道你之前提到了幾個問題，但它們是什麼目標，它們會是成本和收入協同目標嗎？

Yes, Chris, the only includes cost synergies and you are right. It is based on the original cost synergies that we had disclosed. So that is correct. It's just that 75 million that we previously discussed. And, you know, back in August of last year, there's no revenue synergies that are baked in there that would be goodness that we would see in our results that come through from an EBITDA standpoint. It is not an incremental add, you know, from a covenant standpoint.

是的，克里斯，唯一包括成本協同效應，你是對的。它是基於我們揭露的原始成本協同效應。所以這是正確的。就是我們之前討論的那7500萬。而且，你知道，早在去年 8 月，從 EBITDA 的角度來看，我們在結果中並沒有看到任何收入綜效，這將是好事。你知道，從契約的角度來看，這不是增量添加。

Okay. And then on the release, you mentioned the integration of the line haul. I mean, is that sort of, you know, can that be done pretty quickly in terms of hitting those shorter term, 60 million cost savings that you laid out back couple of months ago when you announced the merger?

好的。然後在發佈時，您提到了線路傳輸的整合。我的意思是，就幾個月前宣布合併時所計劃的短期節省 6000 萬成本而言，這是否可以很快完成？

Yes, I would. I would say we actually we've already accomplished that the consolidation of the on the linehaul network into the forward network. And we're glad to report that that has been completed and REALIZE.

是的，我會。我想說，實際上我們已經完成了將線路網路整合到轉發網路中的工作。我們很高興地報告，這已經完成並實現了。

Okay.

好的。

I guess just last one.

我猜只是最後一張。

I mean, you mentioned during the call that were retained, but what's your confidence in retaining your current forward customers?

我的意思是，您在電話中提到了保留的客戶，但是您對保留當前的遠期客戶有什麼信心？

You know, now that now that you the AMI as part of your organization, how do you kind of separate the two and continue to grow those business great legacy customers that you have?

您知道，現在您已將 AMI 作為組織的一部分，您如何將兩者分開並繼續發展您擁有的那些偉大的傳統客戶？

Yes.

是的。

That's a great question and happy to answer that when I think we are So first, let me just say we go out and win our customers business every single day. They make choices every day. And I've had some great conversations with some of our customers over the past few weeks and a really good conversation, as we mentioned early on in the call that we've seen really good retention rates post the closing. And what we're going to do is we're going to manage manage the rules of engagement in our channels really well to make sure that we give our legacy customers confidence that we can be the provider that we've always done to them without fear of any kind of encroachment into their space and necessarily so we are working really hard with them to make sure that we are in their business where Nancy running does a phenomenal job of communicating and we've got open lines of communication with our customers being very transparent with them. And we think there's plenty of room in the market for us to continue providing the great service we've provided to them for years, while still growing our business in other channels. And so that's really how we're thinking about it.

這是一個很好的問題，很高興回答這個問題，當我認為我們是第一的時候，我只想說，我們每天都出去贏得客戶的業務。他們每天都在做選擇。在過去的幾周里，我與我們的一些客戶進行了一些精彩的對話，這是一次非常愉快的對話，正如我們在電話會議早些時候提到的那樣，我們在交易結束後看到了非常好的保留率。我們要做的是，我們將很好地管理我們管道中的參與規則，以確保我們讓我們的傳統客戶相信，我們可以成為我們一直以來為他們所做的服務提供者。擔心任何形式的侵犯他們的空間，因此我們正在努力與他們合作，以確保我們在他們的業務中，南希運作在溝通方面做得非常出色，並且我們與客戶有開放的溝通管道對他們非常透明。我們認為市場上有足夠的空間讓我們繼續提供多年來為他們提供的優質服務，同時仍在其他管道發展我們的業務。這就是我們的想法。

Okay, great.

好的，太好了。

Thanks for your time. Appreciate it.

謝謝你的時間。欣賞它。

Thank you.

謝謝。

Thank you.

謝謝。

Our next question comes from Bruce Chan with Stifel. Please go ahead.

我們的下一個問題來自 Bruce Chan 和 Stifel。請繼續。

My Good morning. This is Matt.

我的早安。這是馬特。

My last one for Bruce. Thanks for taking our questions with respect to Hynix.

我給布魯斯的最後一張。感謝您提出有關海力士的問題。

Hey, thanks.

嘿，謝謝。

Now with respect to AMI, has performance in the quarter with the understanding that there's limited disclosure available at this point, could you maybe just provide some directional commentary on really whether results were better or worse sequentially than what's been previously reported in that business.

現在就 AMI 而言，該公司在本季度的業績表現，但目前可披露的資訊有限，您是否可以就該業務的結果是否比之前報告的情況更好或更差提供一些指導性評論。

Yes, and I think you know, I hate to I hate to kind of say it again. And again, we just at this point we look forward to having the analyst, you know, day and annual presentation to provide you more information at that time as they finalize the results for the quarter, we hate to give information that may in fact change. And as you well know, AMI, that's a private company, so they're not under the same standards that we are as a public entity and so they did complete their audit and in due course. So we look forward to having that discussion a little bit later, and we can provide that information at that time.

是的，我想你知道，我討厭我討厭再說一次。再說一次，我們現在期待著分析師，你知道，日和年度報告，以便在他們最終確定本季度的結果時向您提供更多信息，我們討厭提供實際上可能會發生變化的信息。眾所周知，AMI 是一家私人公司，因此他們的標準與我們作為公共實體的標準不同，因此他們確實在適當的時候完成了審計。因此，我們期待稍後進行討論，屆時我們可以提供該資訊。

Once their audit is complete.

一旦他們的審核完成。

Okay, great. And piggybacking off the last question, could you maybe shed any more color on why it was ultimately necessary to amend the credit agreement?

好的，太好了。結合最後一個問題，您能否進一步解釋為什麼最終有必要修改信貸協議？

So soon after the deal closed and really how the new target of six times was ultimately selected?

那麼交易結束後不久，六倍的新目標最終又是如何選定的呢？

Yes. No, yes, happy to give you that information. So, you know, at the time that we had set this covenants, which was really back in August of last year. There were different on different information was received at that time and there was different and in a slightly different market conditions. And so we took a look at, you know, where's the combined companies and they will be, you know, in the early part of this year as we were looking kind of going through the closing process on We identified that we needed to reevaluate and give ourselves the headroom just knowing that we had the integrations efforts kind of underway and knowing that there might be some time that we need to be able to have that. So it was really more of a prudent approach in our standpoint to be able to get that covenant up to the six times. We just wanted to make sure that we had that ability to focus on where there's the value creation, which is really in these integration efforts and the synergy capture. So just more of a prudent approach, I would say and really some new information that came to light from the time that we negotiated this back in August of last year until earlier of this year.

是的。不，是的，很高興向您提供這些資訊。所以，你知道，當我們制定這個契約時，實際上是在去年八月。當時收到的訊息不同，市場情況也略有不同，情況也有所不同。因此，我們研究了合併後的公司在哪裡，它們將在今年年初，因為我們正在考慮完成關閉流程，我們發現我們需要重新評估和只要知道我們正在進行整合工作，並且知道我們可能需要一些時間才能做到到這一點，就給自己留出空間。因此，從我們的角度來看，能夠將該契約提高到六倍確實是一種更為謹慎的方法。我們只是想確保我們有能力專注於價值創造的地方，這實際上是在這些整合工作和協同捕獲中。因此，我想說的是，這是一種更加謹慎的做法，而且實際上是從去年八月我們就此事進行談判到今年早些時候的一些新資訊。

Thank you.

謝謝。

Thank you. That will conclude our question and answer session. I will now turn the call back to Michael Hansen for any additional or closing remarks.

謝謝。我們的問答環節到此結束。我現在將把電話轉回給邁克爾漢森，請他發表補充或結束語。

Thank you so much. We want to say we appreciate everyone that's been on the call today and appreciate the questions that were asked. And as Rebecca has shared, we look forward to providing updates on information that's requested and desired, and we plan to do that. We are, as we said earlier, committed to transparency and we appreciate your patience as we move forward.

太感謝了。我們想說，我們感謝今天參加電話會議的所有人，並感謝提出的問題。正如麗貝卡所分享的，我們期待提供所請求和期望的資訊的更新，我們計劃這樣做。正如我們之前所說，我們致力於提高透明度，感謝您在我們前進過程中的耐心等待。

And the last thing I want to say is just to I know that today listening on the call, there are a number of our and forward teammates. And just want to say thank you to them for the good work that they're doing today and every day, as I said earlier, we as we've been delighted to learn that we share a common DNA around taking exceptional care of our customers and providing a high level of service and the people who do that day in and day out are the folks in the field doing doing the work. And so I'd be remiss without saying thank you today as we close because that can be the foundation for our excess success going forward.

我想說的最後一件事是我知道今天在聽電話，有很多我們的隊友和前鋒。我只想對他們今天和每一天所做的出色工作表示感謝，正如我之前所說，我們很高興得知我們擁有共同的基因，即對客戶的特殊照顧並提供高水平的服務，日復一日日地從事這項工作的人都是在該領域從事這項工作的人。因此，在今天結束時，如果我不說謝謝，那我就失職了，因為這可以成為我們未來巨大成功的基礎。

And with that, I think I think that's yes.

就這一點而言，我認為是的。

Thank you. This concludes Forward Air's Fourth Quarter and Full Year 2023 earnings conference. Call. Please disconnect your line at this time and have a wonderful day.

謝謝。Forward Air 的 2023 年第四季和全年財報會議到此結束。稱呼。請此時斷開您的線路，祝您有美好的一天。