Forward Air Corp (Delaware) (FWRD) 2024 Q2 法說會逐字稿

Please standby we're about to begin.

請稍候，我們即將開始。

Ladies and gentlemen, thank you for standing by and welcome to the Forward Air second quarter 2024 earnings conference call. (Operator Instructions)

女士們、先生們，感謝你們的支持並歡迎參加 Forward Air 2024 年第二季財報電話會議。（操作員說明）

I would now like to turn the call over to Mr. Tony Carreño, Senior Vice President of Treasury and Investor Relations. Mr. Carreño, please go ahead, sir.

我現在想將電話轉給財務和投資者關係高級副總裁托尼·卡雷奧先生。卡雷奧先生，請繼續，先生。

Thank you, operator, and good afternoon, everyone. Welcome to Forward Air's second quarter 2024 earnings conference call.

謝謝接線員，大家下午好。歡迎參加 Forward Air 2024 年第二季財報電話會議。

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 forwardair.com. With us this afternoon are Shawn Stewart, Chief Executive Officer, and Jamie Pierson, Chief Financial Officer.

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forwardair.com 的投資者關係部分取得。今天下午與我們在一起的有首席執行官肖恩·斯圖爾特 (Shawn Stewart) 和首席財務官傑米·皮爾森 (Jamie Pierson)。

By now you should have received the press release announcing Forward Air's second quarter 2024 results, which was also furnished to the SEC on Form 8-K. We have also filed a slide presentation outlining the second quarter 2024 earnings highlights and a business update.

現在您應該已經收到了宣布 Forward Air 2024 年第二季業績的新聞稿，該新聞稿也以 8-K 表格的形式提交給了 SEC。我們還提交了一份幻燈片演示文稿，概述了 2024 年第二季的收益亮點和業務更新。

Please be aware that certain statements in the company's earnings release announcement and on this conference call are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. This includes 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 fiscal year 2024.

請注意，公司收益發佈公告和本次電話會議中的某些陳述屬於 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。這包括基於對公司未來業績、預期事件或趨勢以及其他非歷史事實的預期、意圖和預測的陳述，包括有關我們 2024 財年的陳述。

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. 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.

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。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。

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.

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 US 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 today's press release and webcast presentation.

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均包含在今天的新聞稿和網路廣播簡報中。

I will now turn the call over to Shawn.

我現在會把電話轉給肖恩。

Thank you, Tony, and good afternoon, everyone. Thank you for joining the call today.

謝謝你，東尼，大家下午好。感謝您今天加入通話。

I would like to start by reiterating my excitement about the opportunity that lies ahead of us. We are in the nascent stages of taking two good companies and making them great as a single unified global logistics enterprise. We are building on their individual strengths and leveraging our global freight forwarding capabilities of the legacy Omni entities while continuing our best-in-class domestic expedited LTL, Truckload, and Intermodal offerings.

首先，我想重申我對擺在我們面前的機會的興奮。我們正處於將兩家優秀公司打造成統一的全球物流企業的初期階段。我們正在發揮他們的個人優勢，並利用傳統 Omni 實體的全球貨運代理能力，同時繼續提供一流的國內加急零擔、卡車裝載和聯運服務。

Those legacy strengths are many, and I am proud to share that we are being recognized by objective third parties. For the fourth consecutive year, Forward has been recognized by Inbound Logistics magazine as a top 100 third-party logistics provider and our Omni team in Asia was honoured with an award from Cirrus Logic in recognition of the long-standing partnership, best-in-class customer service, and impeccable inventory accuracy we provide.

這些傳統優勢很多，我很自豪地告訴大家，我們正在得到客觀第三方的認可。Forward 連續第四年被 Inbound Logistics 雜誌評選為 100 強第三方物流提供商，我們在亞洲的 Omni 團隊榮獲 Cirrus Logic 頒發的獎項，以表彰我們的長期合作夥伴關係、最佳-我們提供一流的客戶服務和無可挑剔的庫存準確性。

I'm incredibly proud of our associates, who make our customers their first priority and treat them as an extension of our own family. It is because of them that we are able to receive such awards and retain and grow our customer base.

我為我們的員工感到無比自豪，他們把客戶放在第一位，並將他們視為我們家庭的延伸。正是因為他們，我們才能夠獲得這樣的獎項，並保留和擴大我們的客戶群。

Shifting gears for a second, I wanted to address some more holistic and strategic items before turning the call over to Jamie to report on the quarter's results. First of all, the integration is progressing as planned and delivering the synergies and the cost savings as originally anticipated. The transaction closed a little over six months ago and since that time, we have actioned certain initiatives. We expect these initiatives will reduce our operating expenses as well as reduce our real estate footprint and employee headcount, thus improving our operating leverage, which is expected to position us very well when the freight market returns to normal or improves from the current levels. In terms of timing, we have already actioned all vital activities and expect to be at a full run rate savings basis by the end of the first quarter 2025.

換個話題，我想先解決一些更全面和策略性的問題，然後再將電話轉給傑米報告本季的業績。首先，整合正在按計劃進行，並按照最初的預期實現協同效應和成本節約。該交易於六個月前完成，從那時起，我們採取了某些措施。我們預計這些措施將減少我們的營運費用，並減少我們的房地產足跡和員工人數，從而提高我們的營運槓桿，預計當貨運市場恢復正常或從當前水平改善時，這將使我們處於有利地位。就時間安排而言，我們已經採取了所有重要活動，預計到 2025 年第一季末將達到全面節省成本。

Secondly, I want to discuss the undue concern over customer attrition. Did we lose some volume prior to and immediately after the transaction closed? Yes, we did. Very few, if any companies in the world can go through a complex integration like the one we did and not experience some disruption. However, we have spoken to many of these customers and clarified our continued commitment to them, which aligns with our strategy.

其次，我想討論對客戶流失的過度擔憂。在交易結束之前和之後我們是否損失了一些交易量？是的，我們做到了。世界上很少有公司能夠像我們一樣經歷複雜的整合而不經歷一些幹擾。然而，我們已經與其中許多客戶進行了交談，並澄清了我們對他們的持續承諾，這符合我們的策略。

We have seen some of those volumes already return. We believe the service we provide will be the ultimate driver of customer retention and growth. And everyone on this call as well as our customers are aware of the level of service this company has and continues to provide.

我們已經看到其中一些卷已經回歸。我們相信我們提供的服務將成為客戶保留和成長的最終驅動力。此次通話中的每個人以及我們的客戶都了解該公司已經並將繼續提供的服務水準。

To that end, we are starting to see the power of the synergy of our combined capabilities. Customers continue to see the value in the combination of our air import service paired with our LTL network. We mentioned this last quarter. Another recent customer win stemmed from our ability to offer contract logistics warehousing, LTL, truckload service, and combination. We do not believe that this would have been possible prior to the Omni acquisition.

為此，我們開始看到我們綜合能力協同作用的力量。客戶不斷看到我們的空運進口服務與零擔網絡結合的價值。我們上個季度提到過這一點。最近贏得的另一位客戶源自於我們提供合約物流倉儲、零擔、整車服務和組合服務的能力。我們認為在收購 Omni 之前這是不可能的。

Thirdly, going forward, we will be transforming from two separate companies to a product-focused and operations-driven company. We will be going to market on an incredibly focused vertical basis in ground, air, ocean, contract logistics, and customs brokerage services.

第三，展望未來，我們將從兩家獨立的公司轉型為以產品為中心、以營運為驅動的公司。我們將在地面、空運、海運、合約物流和報關服務等垂直領域進行高度集中的行銷。

Transforming two multibillion-dollar companies with almost 7,000 employees does not occur overnight. But my years of experience in this industry leads me to believe that building trustworthy relationships, customizing best-in-class solutions, and offering competitive pricing with great on-time service is what customer wants, and that's what we intend to give them.

兩家價值數十億美元、擁有近 7,000 名員工的公司的轉型並非一朝一夕就能完成的。但我在這個行業多年的經驗讓我相信，建立值得信賴的關係、客製化一流的解決方案、提供有競爭力的價格和優質的準時服務是客戶想要的，這也是我們打算為他們提供的。

We expect to enter 2025 as one unified company having actioned all necessary activities to take advantage of the combined company strength and having harmonized the cultures of two very successful and proud companies. Going forward, we will share the same goals, same mission, values, and above all, an employee base that shares the same focus on customer experiences that are best in the industry. We still have a lot of work to do. Like harmonizing of IT systems, business rules, benefit plans, compensation plans, none of which I take lightly and certainly not easy.

我們預計到 2025 年將成為一家統一的公司，採取一切必要的活動來利用合併後的公司實力，並協調兩家非常成功和自豪的公司的文化。展望未來，我們將擁有相同的目標、相同的使命、價值觀，最重要的是，我們的員工基礎將同樣專注於業界最佳的客戶體驗。我們還有很多工作要做。例如協調 IT 系統、業務規則、福利計劃、薪酬計劃，我對這些都不會掉以輕心，當然也不容易。

But the most important, we intend to have our operations fully integrated with one exception. Our ground LTL will stay neutral as we remain an open network supporting our 3PL and freight forwarder customer base. This will allow us to take full advantage of our combined operational earnings power by the end of the first quarter in 2025.

但最重要的是，我們打算將我們的業務完全整合，但有一個例外。我們的地面零擔將保持中立，因為我們仍然是一個開放的網絡，支援我們的 3PL 和貨運代理客戶群。這將使我們能夠在 2025 年第一季末充分利用我們的綜合營運獲利能力。

In closing, in the first call, I was asked why I joined Forward. Today, I am more resolute in my decision than I was even three months ago. I believe in the combined power of this company, That Is not to say that there will not be setbacks along the way because there will be but rather the difficulty should be worth the effort, and I am excited about where we are heading. Another reason for my excitement is attributable to the arrival of Jamie, whose collective experience is helping me lead and drive the organization currently and into the future.

最後，在第一次通話中，我被問到為什麼要加入 Forward。今天，我的決定比三個月前更堅定。我相信這家公司的綜合力量，這並不是說一路上不會有挫折，因為一定會有，而是困難應該值得付出努力，我對我們前進的方向感到興奮。讓我興奮的另一個原因是傑米的到來，他的集體經驗正在幫助我領導和推動組織當前和未來。

With that, I will give some closing comments at the end, but I will turn it over to Jamie to go through the results for the quarter.

至此，我將在最後發表一些總結評論，但我會將其交給傑米查看本季的結果。

Thanks, Shawn, and good afternoon, everyone. Before jumping right in, I'd like to take a second and thank everyone for their warm wishes. I know it's barely been two months since darkening the door but everyone has been incredibly gracious. And I appreciate everyone's support to date and look forward to reconnecting with many of you from my past.

謝謝肖恩，大家下午好。在開始之前，我想花一點時間感謝大家的熱情祝福。我知道距離關門不到兩個月，但每個人都非常友善。我感謝大家迄今為止的支持，並期待與過去的你們重新建立聯繫。

And before you ask what attracted me to this opportunity, let me answer in advance and say that the past 20 years of my experience has been preparing me for this very role. From my previous public company CFO roles to my operating advisory days to my transportation experience, they have all led me here today talking to you.

在你問是什麼吸引我接受這個機會之前，讓我先回答一下，我過去 20 年的經驗一直在為我擔任這個角色做好準備。從我之前擔任上市公司財務長的角色，到我的營運諮詢日，再到我的交通經驗，它們都引導我今天在這裡與你們交談。

So officially and personally speaking, let me say that I'm honoured to be a part of this team and look forward to the great things to come. I'm also excited for the opportunity to work alongside Shawn. He's a very skilled and proven leader. And his long tenured sales and operating experience is very complementary to my finance acumen. And I'm confident in our collective abilities to get the job done.

因此，從正式和個人角度來說，我很榮幸能成為這個團隊的一員，並期待未來的偉大成就。我也很高興有機會與肖恩一起工作。他是一位非常有能力且久經考驗的領導者。他長期的銷售和營運經驗與我的財務敏銳度非常互補。我對我們完成工作的集體能力充滿信心。

In terms of focus and priorities out of the box, notwithstanding the obvious performance, leverage, covenant compliance, and liquidity, it has been and will be for the foreseeable future, people, processes, and data. Specifically, upgrading and integrating the finance and accounting teams, instituting more rigorous and disciplined financial and accounting processes and access to actionable data. All of this should lead to an ability to run the business on a more predictive, data-driven basis, and to increase credibility through our ability to deliver on commitments, and to better explain our results to you.

就開箱即用的焦點和優先事項而言，儘管有明顯的績效、槓桿、契約合規性和流動性，但在可預見的未來，人員、流程和數據已經並將如此。具體來說，升級和整合財務和會計團隊，建立更嚴格、更有紀律的財務和會計流程，並獲得可操作的數據。所有這些都應該使我們能夠在更具預測性、數據驅動的基礎上經營業務，並透過我們兌現承諾的能力來提高可信度，並更好地向您解釋我們的結果。

As everyone knows, Omni was not a public company and consequently lacks the reporting and advanced analytics that I like to utilize and I'm accustomed to seeing. So we have a ton of work to do here. And their product-specific focus that Shawn mentioned earlier will require yet another heavy lift but we will get it done.

眾所周知，Omni 不是一家上市公司，因此缺乏我喜歡使用且習慣看到的報告和高級分析。所以我們這裡有大量的工作要做。肖恩之前提到的他們對特定產品的關注將需要另一項艱鉅的任務，但我們將完成它。

In terms of level of effort, I want to be very clear. Transformations of this size, magnitude and complexity are never linear. And for those of you who have been involved in one actually on the front lines, then you know there are days when the rate of improvement is straight up. There are some days that are sideways, and there are even those days that are down or backwards. What is important is creating the time and space to execute on the end goal and the associated timing to get there.

就努力程度而言，我想非常明確。這種規模、幅度和複雜性的轉變從來都不是線性的。對於那些真正參與前線工作的人來說，您就會知道有時改進率會直線上升。有些日子是橫向的，甚至有些日子是向下或倒退的。重要的是創造時間和空間來執行最終目標以及實現目標的相關時機。

Now, that I've got all the words out of the way, let's turn to the numbers for the quarter. I know many of you all too well and know that you're not listening to a single word I'm saying but you're scouring through the press release for the stats and the results. So I'll try to keep my comments high and tight so we can leave more time at the end for questions.

現在，我已經把所有的話都說完了，讓我們來看看本季的數據。我非常了解你們中的許多人，並且知道你們沒有聽我說的任何一個字，而是在瀏覽新聞稿以獲取統計數據和結果。因此，我將盡力保持我的評論高度和緊湊，以便我們可以在最後留出更多時間來提問。

Our second quarter revenue was $644 million, an increase of 93% or $310 million as compared to the second quarter of the prior year. The increase over the prior year was obviously largely driven by the Omni transaction. More germanely would be to look at the revenue from our three reporting segments, Expedited, Intermodal and Omni, which were as follows.

我們第二季的營收為 6.44 億美元，比去年第二季成長 93%，即 3.1 億美元。與前一年相比的成長顯然主要是由 Omni 交易推動的。更密切的是查看我們三個報告部門（加急、多式聯運和全方位）的收入，如下所示。

Revenue from Expedited increased $22 million or 8% to $291 million from the previous year's comparable quarter of $269 million. The increase is primarily driven by small yet consistent gains across all revenue operating KPIs, namely a 1.4% increase in shipments per day, 2.5% higher weight per shipment, and most importantly, higher revenue per shipment ex fuel of 3.7%.

Expedited 的營收比去年同期的 2.69 億美元增加了 2,200 萬美元，即 8%，達到 2.91 億美元。這一增長主要是由所有收入運營KPI 的小幅但持續的增長推動的，即每天發貨量增加1.4%，每批發貨重量增加2.5%，最重要的是，每批發（不含燃料）的收入增加3.7%。

Revenue from Intermodal decreased $5 million or 8% to $59 million from the previous year's comparable quarter of $64 million. The decrease was primarily driven by 4.8% less shipments for the comparative quarter and 3.2% lower revenue per shipment as the industry normalizes from the post-pandemic exuberant winding down in the second quarter of 2023. The revenue increase from Omni's results, which were not included for the previous year's comparable quarter, was the full $311 million.

Intermodal 的營收比去年同期的 6,400 萬美元減少了 500 萬美元，即 8%，降至 5,900 萬美元。這一下降的主要原因是，隨著行業從 2023 年第二季度的大流行後的繁榮中恢復正常化，同期出貨量減少 4.8%，每次出貨收入下降 3.2%。Omni 業績帶來的營收成長（不包括去年同期的數據）為 3.11 億美元。

Turning to income or loss from operations. It is incredibly important to note that we incurred an impairment charge in the amount of $1.1 billion related to our Omni reporting unit that negatively impacted the quarter. For those of you that care, we are simply following accounting guidance as it is customary to revalue goodwill based on current market conditions as indications warned but no less than on an annual basis.

轉向營運收入或損失。值得注意的是，我們產生了與 Omni 報告部門相關的 11 億美元減損費用，該費用對本季產生了負面影響。對於那些關心的人，我們只是遵循會計指導，因為按照慣例，根據警告的當前市場狀況對商譽進行重估，但不少於每年一次。

On a pre-impairment basis, loss from operations would have been $3 million. I believe, it is equally as important to note that this is a non-cash charge. Again, we're simply following accounting guidance on a non-cash charge and are moving forward on integrating two companies to form a singular global logistics powerhouse.

以減損前計算，營運損失為 300 萬美元。我認為，同樣重要的是要注意這是一項非現金費用。同樣，我們只是遵循非現金費用的會計指導，並正在推進整合兩家公司以形成一個單一的全球物流巨頭。

As for consolidated EBITDA, as defined in our credit agreement, we reported consolidated EBITDA for 2Q '24 of $81 million. Since we did not own Omni in the second quarter of 2023, it is difficult to make a meaningful year-over-year comparison, so we will focus our comments on a sequential basis. To wit, the $81 million represents a $26 million increase in consolidated EBITDA as compared to the first quarter of this year.

至於合併 EBITDA，根據我們的信貸協議中的定義，我們報告 2024 年第二季的合併 EBITDA 為 8,100 萬美元。由於我們在 2023 年第二季度並未擁有 Omni，因此很難進行有意義的同比比較，因此我們將按順序進行評論。也就是說，與今年第一季相比，8,100 萬美元意味著合併 EBITDA 增加了 2,600 萬美元。

Our cash used by operations in the second quarter of 2024 was $45 million compared to cash consumed by operations of $52 million in the first quarter of this year. As illustrated on page 11 of the earnings presentation uploaded to our website, approximately $34 million of cash was consumed this quarter from legacy transaction costs and professional fees and another $46 million from interest payments.

2024 年第二季我們的營運所使用的現金為 4,500 萬美元，而今年第一季營運所消耗的現金為 5,200 萬美元。正如上傳到我們網站的收益報告第 11 頁所示，本季遺留交易成本和專業費用消耗了約 3,400 萬美元的現金，另外 4,600 萬美元則來自利息支付。

On page 9 of that same presentation and based on our gross debt balance at the end of the quarter and after netting domestic unrestricted cash, our net debt to consolidated LTM EBITDA covenant was 5.2 times compared to a maximum covenant level of 6 times, implying an approximate $40 million cushion against the consolidated EBITDA for the quarter. We have also included a quarterly consolidated EBITDA reconciliation in the appendix to help you build your models and track our progress. I thought you guys would appreciate that.

在同一簡報的第9 頁上，根據我們季度末的總債務餘額以及扣除國內不受限制的現金後，我們對合併LTM EBITDA 契約的淨債務為5.2 倍，而最大契約水準為6 倍，這意味著本季綜合 EBITDA 約為 4000 萬美元的緩衝。我們還在附錄中提供了季度綜合 EBITDA 調節表，以幫助您建立模型並追蹤我們的進度。我以為你們會很感激的。

Turning to liquidity, we ended the quarter with total cash of $105 million. After adding that $105 million to $340 million of availability under our revolving credit facility, liquidity was $445 million at the end of the quarter. For those of you who know me from my previous quarterly calls, you will remember that, I generally try to leave you with a couple of additional points of color every quarter. Holding on to that tradition, I will try to do the same here as there is no shortage of things to talk about.

談到流動性，本季末我們的現金總額為 1.05 億美元。加上我們的循環信貸安排下的 1.05 億至 3.4 億美元可用資金後，截至本季末的流動性為 4.45 億美元。對於那些透過我之前的季度電話了解我的人來說，您會記得，我通常會嘗試在每個季度給您留下一些額外的亮點。秉承這項傳統，我將嘗試在這裡做同樣的事情，因為不乏有可談論的事情。

First of all, I would like to address the status of our integration. If you will refer to page 7 of the presentation, you will see the stages we have mapped out, inclusive of forecasted or anticipated savings. For reference, we have been managing expectations to approximately $75 million in annualized savings. The good news is we now expect to reach that run rate earlier than previously communicated and have increased the anticipated amount of savings. Now, we expect to reach that level by the end of the first quarter of 2025 and have added an approximate $20 million of additional annualized headcount savings from actions already taken in June of this year.

首先，我想談談我們的整合狀況。如果您參考簡報的第 7 頁，您將看到我們規劃的階段，包括預測或預期的節省。作為參考，我們一直將年化節省預期控制在約 7,500 萬美元。好消息是，我們現在預計將比之前傳達的更早達到該運行率，並增加了預期的節省金額。現在，我們預計到 2025 年第一季末將達到這一水平，並透過今年 6 月採取的行動，每年額外節省了約 2000 萬美元的員工人數。

Point two, everyone is fully aware of our need to deliver. To that end, since starting, we have commissioned a full portfolio review of all of our operations with a particular focus on those we deem non-core to our strategy. And before you ask, let me say in-advance that we will not publicly comment on which operations those are. Asset dispositions aside, the most important thing we can do to deliver is to operate and generate cash. Since it is a net debt calculation, shrinking the numerator while simultaneously growing the denominator will do wonders for our leverage profile.

第二點，每個人都充分意識到我們需要交付。為此，自一開始，我們就委託對我們的所有業務進行全面的投資組合審查，特別關注我們認為非核心策略的業務。在你提問之前，讓我提前說一下，我們不會公開評論這些操作是什麼。除了資產處置之外，我們能做的最重要的事情就是營運和產生現金。由於它是淨債務計算，因此縮小分子，同時增加分母將為我們的槓桿狀況創造奇蹟。

Thirdly is cash consumption. In our first quarter call, we didn't do a very good job explaining the decrease in cash. In an effort to be transparent, please reference page 11 of the posted presentation. Literally 100% of the cash consumed in the first quarter was consumed by transaction costs, integration expenses, debt principal pay down, interest payments, and earn-outs and purchase price adjustments from previous transactions.

三是現金消費。在我們第一季的電話會議中，我們沒有很好地解釋現金的減少。為了保持透明，請參考所發佈簡報的第 11 頁。從字面上看，第一季消耗的現金 100% 都被交易成本、整合費用、債務本金償還、利息支付以及先前交易的利潤和購買價格調整所消耗。

In the second quarter, very similar albeit on a much more scaled down basis, as previously stated, approximately $34 million of the cash was consumed this quarter was from legacy transaction costs and professional fees and another $46 million from interest payments.

在第二季度，情況非常相似，儘管規模縮小了很多，如前所述，本季消耗的現金中約 3,400 萬美元來自遺留交易成本和專業費用，另外 4,600 萬美元來自利息支付。

With the transaction expenses winding down, going forward, we anticipate being neutral to inflecting cash flow positive in the third or fourth quarters of this year. And for my final point, while I have only been here a little over two months, I see opportunity around just about every corner. Please do not get me wrong.

隨著交易費用逐漸減少，展望未來，我們預計今年第三或第四季現金流量將保持中立。最後一點，雖然我來這裡才兩個多月，但我幾乎在每個角落都看到了機會。請不要誤會我的意思。

Culturally, we have a considerable list ahead of us. Operationally, we have two very good companies who just got distracted during a fairly tumultuous period of time and 7,000 very hardworking employees that have recently joined forces as one.

在文化方面，我們面前有一個相當多的清單。在營運方面，我們有兩家非常優秀的公司，只是在一段相當動蕩的時期中分心了，還有 7,000 名非常勤奮的員工，最近又聯合起來。

I do not want anyone thinking that we have all the answers, far from it, but we are almost literally working around the clock to build a robust consolidated reporting organization that will partner with sales and ops to take full advantage of the opportunity we have been given.

我不希望任何人認為我們擁有所有答案，事實遠非如此，但我們幾乎正在日以繼夜地工作，以建立一個強大的綜合報告組織，該組織將與銷售和營運人員合作，充分利用我們所擁有的機會給予。

To date, there hasn't been anything that I have not seen before. And in one very, very rare occasion where I speak for Shawn and the extended leadership team, we are most concerned with putting points on the board versus verbally or press releases. So I would not look for us to say much but we will spend our time, energy and effort on the task at hand and improving results.

到目前為止，還沒有什麼是我以前沒見過的。在一次非常非常罕見的場合，我代表肖恩和擴大的領導團隊發言，我們最關心的是在董事會上表達觀點，而不是口頭或新聞稿。因此，我不會要求我們說太多，但我們會花時間、精力和精力來完成手邊的任務並改善結果。

I will now pass the mike back over to Sean for a closing comment before Q&A.

我現在將把麥克風傳回給肖恩，以便在問答之前進行結束評論。

All right. Thank you, Jamie. As promised on the first quarter call, I committed to giving full year 2024 guidance. While the external macro environment has remained challenging and the integration itself introduces a level of volatility into the results, I will share with you that I believe that we will end 2024 with consolidated EBITDA as defined in our credit agreement of somewhere between $310 million to $325 million. As already shared, we have a lot of work to do. While we cannot declare victory yet. I am confident in this team's ability to deliver and I am honoured to lead this team.

好的。謝謝你，傑米。正如第一季電話會議上所承諾的那樣，我承諾提供 2024 年全年指引。雖然外部宏觀環境仍然充滿挑戰，而且整合本身會為結果帶來一定程度的波動，但我將與您分享，我相信到2024 年底，我們的綜合EBITDA 將達到我們信貸協議中定義的3.1 億美元至325 美元之間百萬。正如我們已經分享的，我們還有很多工作要做。雖然我們還不能宣布勝利。我對這個團隊的交付能力充滿信心，並且很榮幸能夠領導這個團隊。

I will now turn the call to the operator to take questions. Operator?

我現在將電話轉給接線員回答問題。操作員？

(Operator Instructions) Bruce Chan, Stifel.

（操作員說明）Bruce Chan，Stifel。

I certainly appreciate your time here. A bunch of questions, maybe I'll just keep it to a few and then jump back in line here. Maybe to start off on the class free sales side, I know that had been one of the key strengths for the legacy Omni business. Wondering if you've seen any significant departure or attrition there just in terms of the sales force? And do we still feel like that high-growth organization is intact there?

我當然很感謝你在這裡度過的時光。一堆問題，也許我會只問幾個，然後再回到這裡。也許從類免費銷售方面開始，我知道這是傳統 Omni 業務的關鍵優勢之一。想知道您是否看到銷售人員出現重大離職或人員流失？我們仍然覺得那個高成長的組織完好無損嗎？

Yeah, we've seen no real attrition to be honest with you. I would say the biggest impact is just being able to sit down with the team, explain the vision to them of where we're going. They've been very invigorating in the last several months and even better things to come than even probably legacy before I arrived at what was said, so yes, still very, very excited about our future with that Omni sales team on the direct side. And we see the pipeline increasing. We see high, high achievement rates on converting that pipeline, and they're moving extremely fast, so more to come.

是的，老實說，我們沒有看到真正的人員流失。我想說最大的影響就是能夠與團隊坐下來，向他們解釋我們要去的地方的願景。在過去的幾個月裡，他們非常令人振奮，甚至比我到達所說的內容之前可能會發生的事情還要好，所以，是的，我們仍然對我們與Omni 銷售團隊直接合作的未來感到非常非常興奮。我們看到管道正在增加。我們看到轉換該管道的成功率非常高，而且進展非常快，因此還會有更多。

And then I really appreciate the color on the 2024 guidance and sticking to your promise there, Shawn. Obviously, some moving parts in terms of how the EBITDA is tabulated. Maybe if you can offer any color on what the revenue and OR assumptions that are used to underpin that guidance, might be helpful?

然後，我真的很欣賞 2024 年指導方針的色彩，並堅持你的承諾，肖恩。顯然，在 EBITDA 的製表方式方面存在一些變化。也許如果您可以對用於支撐該指導的收入和 OR 假設提供任何顏色，可能會有所幫助？

Hi Bruce, it's Jamie. Yeah, we're not going to give any guidance on anything other than what we did already. In terms of where we are, there's still a lot of volatility that's in the numbers. So our perspective is really running the business between now and the end of the year and doing better than obviously what we're trying to commit to here. So we're going to stick to the guidance that we've given.

嗨布魯斯，我是傑米。是的，除了我們已經在做的事情之外，我們不會提供任何指導。就我們目前的情況而言，數字仍然存在很大的波動性。因此，我們的觀點是從現在到年底真正經營業務，並且做得比我們在這裡試圖承諾的更好。因此，我們將堅持我們給予的指導。

And then in terms of the pieces, there's still some of the segments in between that are, some will contribute more than others. But we're going to change or we intend to change the reporting segments, again, by the end of the year, the way that Shawn said during his prepared remarks, it's absolutely the right thing to do, Bruce, especially with the long-term success of this company in the business. But it's going to add another level of granularity in how we run this business but we're not prepared to report anything other than what we've already given.

然後就各個部分而言，之間仍然存在一些部分，其中一些部分會比其他部分貢獻更多。但我們將在今年年底前再次改變或打算改變報告部分，就像肖恩在準備好的講話中所說的那樣，這絕對是正確的事情，布魯斯，尤其是考慮到長期 -這家公司在業務上的長期成功。但這將在我們經營這項業務的方式上增加另一個層級的粒度，但我們不准備報告除我們已經提供的內容之外的任何內容。

And then maybe just a last one here on the topic of granularity, I know you said you're still working on that. But if I'm to think through the volume performance in the quarter, especially on the legacy Forward Air side of the house, any commentary that you can give as far as how the revenue progression and specifically volume trended between the classic A2A business and some of the other lines?

然後也許只是關於粒度主題的最後一個，我知道你說過你仍在研究這個問題。但如果我要仔細考慮本季的銷售表現，特別是在傳統的 Forward Air 方面，您可以就經典 A2A 業務和某些業務之間的收入進展和具體銷量趨勢發表任何評論其他線路的？

Yes, in terms of where I've been here, Bruce, literally, it's not even three months, 2.5 months and not prepared to go on that just yet. What I would say is from our perspective, you see the small marginal gains across the entire segment for the quarter. Clients are up, shipments are up, revenue per hundredweight up, revenue per shipment ex-fuel is up. From my perspective, we'll get more granular once we get into the segment pieces. But right now, I'm just focusing on the total segment as opposed to the individual pieces.

是的，就我在這裡的情況而言，布魯斯，從字面上看，還不到三個月，2.5 個月，而且還沒有準備好繼續下去。我想說的是，從我們的角度來看，您會看到本季整個細分市場的邊際收益很小。客戶增加，出貨量增加，每英擔收入增加，每批貨物（不含燃料）收入增加。從我的角度來看，一旦我們進入細分市場，我們就會變得更加細化。但現在，我只專注於整個部分，而不是單一部分。

Bascome Majors, Susquehanna.

巴斯科姆專業，薩斯奎哈納。

As we look forward to your opportunity to reach that neutral to cash flow positive sometime in the second half of this year, can you walk us through some of the assumptions to get there? I guess we have your EBITDA guidance, which implies you do maybe on average $10 million or more per quarter in 3Q and 4Q than you did in the second quarter. But what else is happening on the cash flow model to get you to that bridge?

當我們期待您有機會在今年下半年的某個時候實現中性至正現金流時，您能否向我們介紹一些實現這一目標的假設？我想我們有你的 EBITDA 指導，這意味著你在第三季和第四季平均每季的收入可能比第二季多 1000 萬美元或更多。但是現金流模型中還發生了什麼事才能讓您到達那座橋樑呢？

Yeah, absolutely, Bascome. Yeah. So there are two primary assumptions that go in there is really turning down these onetime items as it pertains to legacy transactional integration cost that goes with that and any cash payments that related to, Bascome, things that occurred in 2023 and that we're having to pay for in 2020, I'm sorry, happened in '23 that we're paying for in '24, things like earnouts from previous deals, working capital true-ups from previous dispositions. So the assumption to get there is really not that great, candidly. $33 million of the cash consumption in this quarter of the $68 million was from those onetime items.

是的，絕對是，巴斯科姆。是的。因此，有兩個主要假設確實要拒絕這些一次性項目，因為它涉及與之相關的遺留交易整合成本，以及與 Bascome、2023 年發生的事情相關的任何現金支付，以及我們正在經歷的事情。 ，我們在2020 年支付的費用是在23 年發生的，而我們在24 年支付的費用，例如先前交易的收益、先前處置的營運資金調整等。因此，坦白說，實現這一目標的假設確實不是那麼好。本季 6,800 萬美元的現金消耗中有 3,300 萬美元來自這些一次性物品。

Other than that, covering debt service at $46 million, we don't have to improve the operations that much to actually become cash flow breakeven, if not positive on a levered basis. So I think you'll see small improvements, the assumption are small improvements on the Expedited, especially in the truckload side. Intermodal is holding serve because they're performing well, you can see here in the press release and then the continued increase in performance on the Omni side.

除此之外，我們還清了 4,600 萬美元的債務，即使在槓桿基礎上現金流不是正值，我們也不必大幅改善運營，就能真正實現現金流收支平衡。所以我認為你會看到一些小的改進，假設是加急的小改進，特別是在卡車裝載方面。Intermodal 保持發球狀態是因為他們表現良好，您可以在新聞稿中看到，然後 Omni 方面的表現持續提高。

If you look at the first quarter of this year, Omni reported negative $6 million in EBITDA. This quarter, a positive $20 million. So I'm really focused on the sequential improvement in Omni and continued small improvements in the other aspects of our business and turning down those onetime transactional expenses that will get us to that magical breakeven point.

如果你看看今年第一季度，Omni 的 EBITDA 為負 600 萬美元。本季獲利 2000 萬美元。因此，我真正關注的是 Omni 的連續改進，以及我們業務其他方面的持續小幅改進，並減少那些一次性的交易費用，這將使我們達到神奇的盈虧平衡點。

And extending that, you're at 5.2 times leverage ratio on your covenant calc right now. As you get into the back half of the year, where do you expect that headroom based on your forecasting to stay? And do you have full access to the liquidity on your revolver in this condition? Thank you.

擴充一下，您現在的契約運算槓桿率為 5.2 倍。當您進入今年下半年時，根據您的預測，您預計這一空間會保持在哪裡？在這種情況下，您是否可以完全使用左輪手槍的流動性？謝謝。

Yeah. So the answer, in backwards, yes, we still have full access. We're in compliance, and we have $445 million of liquidity since we are in compliance. So one thing that we skipped past in some of the, I guess, prepared remarks is that having a little less than $0.5 billion in liquidity, $445 million to be exact, is a good spot to be in.

是的。所以反過來說，答案是，是的，我們仍然擁有完全的訪問權限。我們遵守規定，由於我們遵守規定，我們擁有 4.45 億美元的流動性。因此，我想，在一些準備好的評論中，我們跳過的一件事是，擁有略低於 5 億美元的流動性，確切地說是 4.45 億美元，是一個不錯的選擇。

In terms of where we're going to go through the back half of the year, if you look at the appendix, I know Bascome, we've not given you much time to do this, but we're trying to be more transparent. If you think about where we are, where we ended this quarter at $325 million in LTM consolidated EBITDA. The guidance that we just gave you is really sideways. And so there is not a tremendous amount of improvement that we're forecasting in the business. And the step-down in the covenant goes from 6 today to 5.5 at the end of the year. So we're still forecasting to be in compliance at 5.2 times.

就我們下半年的工作而言，如果你看一下附錄，我知道巴斯科姆，我們沒有給你太多時間來做這件事，但我們正在努力變得更加透明。如果你想一想我們的處境，本季末我們的 LTM 合併 EBITDA 為 3.25 億美元。我們剛才給你的指導確實是側面的。因此，我們預計該業務不會有巨大的改善。協議中的降幅從今天的 6 降到年底的 5.5。因此，我們仍預測合規率為 5.2 倍。

And lastly from me, you made a comment in your prepared remarks, Jamie, about just giving yourself the time and space to execute on the strategy and deliver on the transformation. And you've made some pretty pointed comments on the lender and cash flow constraints and risks and I think given the market a lot more comfort on that. On your list of what could go wrong or be a setback outside of just cyclical downturn, what do you think about? What keeps you up at night on not being able to deliver the plan as you see fit?

最後，傑米，您在準備好的演講中發表了評論，即給自己時間和空間來執行策略並實現轉型。您對貸方、現金流限制和風險做出了一些非常尖銳的評論，我認為市場對此更加放心。在您列出的除了週期性衰退之外可能出現問題或出現挫折的問題中，您有何看法？是什麼讓您因為無法以您認為合適的方式交付計劃而徹夜難眠？

What keeps me up at night, Bascome, is the fact that we're working 24/7. So very little sleep as we work through this. But in terms of creation of the time and space I'm talking about, it really is two or three. One is, Bascome, we have to prioritize. In my prepared remarks, I talked about opportunities around every corner. There are so many opportunities for us to improve around the edges that we need to focus on those that move the needle or to lever the most. And it's a challenge because we all want to perform well and do well, but we can't go after everything all at once. So being disciplined about going after the bigger items first would be part of that time and space.

Bascome，讓我徹夜難眠的是我們 24/7 全天候工作這一事實。當我們處理這個問題時，睡眠很少。但就我所說的時間和空間的創造而言，確實是兩三個。一是，巴斯科姆，我們必須分辨輕重緩急。在我準備好的發言中，我談到了無所不在的機會。我們有許多改進的機會，因此我們需要專注於那些能發揮最大作用或發揮最大作用的機會。這是一個挑戰，因為我們都想表現出色並做得很好，但我們不能同時追求所有事情。因此，首先追求更大的東西的紀律將是那個時間和空間的一部分。

And then the other thing keeps me up at night is just making certain that we can complete the integration and increase sales at the same time. It's a little bit of a triple line if you will. But there is a balance that we've got there that we've got to take advantage and avail ourselves of the cost-saving opportunities that we have and a $2.5 billion organization and at the same time, making certain that we continue to service the customer like we always have and keep that claims ratio low.

另一件讓我徹夜難眠的事情就是確保我們能夠完成整合並同時增加銷售。如果你願意的話，這有點像三線。但我們已經達到了平衡，我們必須充分利用我們擁有的成本節約機會和一個價值 25 億美元的組織，同時確保我們繼續為客戶提供服務。 。

When people go through times of distress and turmoil like this, it's easy to take your eye off the needle. And I'm not talking about anybody in the four corners of this building. I'm talking about out there in the front lines. So, not many things keep me up at night other than the fact that we're literally working on the clock to make this thing the best thing that we have.

當人們經歷這樣的痛苦和動盪時期時，很容易將注意力從針上移開。我不是說這棟大樓四個角落裡的任何人。我說的是前線的情況。所以，除了我們正在爭分奪秒地努力讓這個東西成為我們擁有的最好的東西之外，沒有什麼事情讓我徹夜難眠。

And Bascome, to expand on that a little bit, I constantly challenge the group. Everything in this environment is important but the key is what is vital and we are separating the difference between important and vital. And we're going after all of the vital things and putting in the top priority important things to execute on a daily basis.

Bascome，為了擴展一點，我不斷地挑戰團隊。在這個環境中，一切都很重要，但關鍵是什麼是重要的，我們正在區分重要和重要之間的區別。我們正在處理所有重要的事情，並將重要的事情放在首要位置，每天執行。

Scott Group, Wolfe Research.

斯科特集團，沃爾夫研究。

So I want to -- there's a lot of numbers, just trying to work our way through all of it. There's a pretty big delta between a $3 million adjusted operating income loss and $81 million of adjusted EBITDA. I just want to understand the pieces there. So like all the transaction costs and severance costs, are those being included or excluded from the operating income loss?

所以我想——有很多數字，我們只是想努力解決所有這些問題。300 萬美元調整後營業收入損失與 8,100 萬美元調整後 EBITDA 之間存在相當大的差異。我只是想了解那裡的各個部分。那麼，就像所有交易成本和遣散費一樣，這些成本是否包含在營業收入損失中？

So no, they're included. That's why it's a negative $3 million for all intents and purposes. If I could, Scott, get you to focus on page 15 for a second. This is where I'm trying to be more transparent to give you guys a little bit more granularity, not only in terms of those categories that you're asking for right now, but also giving you more time and transparency of a backward look.

所以不，它們包括在內。這就是為什麼無論出於何種意圖和目的，它都是負 300 萬美元。Scott，如果可以的話，請先把注意力集中在第 15 頁。這就是我試圖變得更加透明的地方，以便為你們提供更多的粒度，不僅是在你們現在要求的那些類別方面，而且還給你們更多的時間和透明度的回顧。

So if you'll go through, if you just look at page 15, we've actually broken it out by the type of add back that the credit agreement allows us. You got the transaction costs. You have severance. Then you got the normal add backs as you get to EBITDA, then you have a couple of transaction expenses, our ability to add back the cost synergies on a pro forma basis. And then the very last one is we get the opportunity to add back what is quoted a pro forma event in the senior notes document that allows us to take an LTM advantage of an action or an event as if we had it for the last 12 months, so let me be very specific.

因此，如果您仔細閱讀第 15 頁，我們實際上已按信用協議允許我們的回加類型對其進行了細分。你得到了交易成本。你有遣散費。然後，當您獲得 EBITDA 時，您會得到正常的加回，然後您會有一些交易費用，我們有能力在預期的基礎上加回成本協同效應。最後一個是我們有機會添加回高級票據文件中所引用的備考事件，這使我們能夠利用一項行動或一項事件的 LTM 優勢，就像我們在過去 12 個月中擁有它一樣，所以讓我非常具體地說。

The June 15 reduction in force that we took that garnered us an additional approximate $20 million in run rate EBITDA, we got to take that into the calculation as if we had it for the last 12 months. So if you think about operating income, add back your garden variety interest, D&A and taxes and then what I've tried to do here is going to open up the kimono a little bit and show you where we're able to add back the other items under the credit agreement.

6 月 15 日我們採取的強制措施為我們帶來了約 2000 萬美元的額外 EBITDA 運行率，我們必須將其納入計算中，就像我們在過去 12 個月中進行了計算一樣。因此，如果你考慮營業收入，再加上你的園藝利息、D&A 和稅收，然後我在這裡嘗試做的就是稍微打開和服，並向你展示我們能夠在哪裡加回信貸協議項下的其他項目。

So if I'm understanding this right, if you implement new cost reductions in Q3 of this year, you get to restate prior quarter EBITDA numbers and add whatever cost savings you have going forward backward as well?

因此，如果我的理解正確的話，如果您在今年第三季度實施新的成本削減，您就可以重述上一季的 EBITDA 數字，並添加您向前向後節省的任何成本？

Yeah. I'd say it a little bit differently, but you're on the right track, Scott. We're not going to restate the past. The past is the past. But on the current, let's say, the third quarter that you're using as an illustration, we would get the benefit of it as if it had been in place for the last 12 months. That is correct.

是的。我的說法有點不同，但你走在正確的道路上，史考特。我們不會重述過去。過去的已經過去了。但就目前而言，假設是您用作說明的第三季度，我們將從中受益，就好像它在過去 12 個月中一直存在一樣。這是正確的。

But, so what we're seeing on this slide 15, right, now these numbers are, we shouldn't have additional numbers. The add backs for pro forma cost synergies and June headcount reductions, we shouldn't see similar numbers in Q3 because they're now embedded in the actual operating results.

但是，我們在這張投影片 15 上看到的，對，現在這些數字是，我們不應該有額外的數字。預計成本協同效應和 6 月裁員的加回，我們不應在第三季看到類似的數字，因為它們現在已嵌入實際營運結果中。

That's right. You'll see those roll off and become actual results. Correct.

這是正確的。您將看到這些滾動並成為實際結果。正確的。

A lot of moving parts there, okay. And then just I want to clarify one thing, the free cash flow, did you say positive to neutral cash from ops or positive to neutral free cash flow? I just want to understand that, I just want to make sure.

那裡有很多活動部件，好吧。然後我想澄清一件事，自由現金流，你是說來自營運的正向中性現金還是正向中性自由現金流？我只是想了解這一點，我只是想確定一下。

Yeah. In total, Scott, so not from ops, just, I don't want to say I don't care where cash comes from because you know I do. But I think we all on this call care that we're generating cash so that we can net it against the debt, not only for covenant purposes but also it speaks to the improvement in the base or the underlying performance of the company.

是的。總的來說，斯科特，所以不是來自營運部門，只是，我不想說我不關心現金從哪裡來，因為你知道我關心。但我認為我們所有人都關心我們正在產生現金，以便我們可以用它來抵消債務，這不僅是為了契約的目的，而且它還說明了公司基礎或基本業績的改善。

And then just last one, more fundamental, any color on July tonnage revenue trends you could share?

最後一個，更基本的，您可以分享 7 月份噸位收入趨勢的任何顏色嗎？

Yeah. No, we're not going to give intra-quarter guidance at this point, Scott. We're stretching our necks enough out there right now to do what we've done in terms of the full year. We're going to reevaluate that next quarter, but right now, we're going to prioritize and focus on integrating the networks. And to the extent that we get more comfortable with, I would say, more than two add backs, two add backs in two months under our belt, we'll reevaluate that. But right now, we're just going to stick with what we've given.

是的。不，斯科特，我們目前不會提供季度內指導。我們現在正在竭盡全力完成全年的工作。我們將在下個季度重新評估這一點，但現在我們將優先考慮並專注於整合網路。我想說的是，如果我們對兩次以上的添加回感到更加滿意，兩個月內兩次添加回，我們將重新評估這一點。但現在，我們只會堅持我們所給予的。

Christopher Kuhn, Benchmark.

克里斯托弗·庫恩，基準。

So I'm just double checking here. I think it makes sense but that $55 million adjusted EBITDA that you have on slide 15, that's up from reported 1Q. That's the adjustments that you talked about in the previous press release about the changes, right?

所以我只是在這裡仔細檢查一下。我認為這是有道理的，但是幻燈片 15 上的調整後 EBITDA 為 5500 萬美元，高於報告的第一季。這就是您在之前的新聞稿中談到的有關變化的調整，對吧？

Yeah. Well, what we gave in the previous press release was an update for the total LTM period. It wasn't just the last quarter.

是的。嗯，我們在先前的新聞稿中給出的是總 LTM 週期的更新。這不僅僅是上個季度的情況。

But some of that is in that adjustment for 1Q.

但其中一部分是第一季的調整。

That is correct.

這是正確的。

And then may be just big picture. Shawn, you mentioned some of the volumes left in the quarter and then came back. Maybe just can you help us understand why the volumes left and why, more importantly, why they might have come back?

然後可能只是大局。肖恩，您提到了本季度剩餘的一些卷，然後又回來了。也許你能幫助我們理解為什麼這些卷離開了，以及為什麼，更重要的是，為什麼它們可能又回來了？

Well, say that one more time, Chris. I didn't understand the question.

好吧，克里斯，再說一次。我不明白這個問題。

Sure. You talked about during the transition some volumes left the network and then some of it came back. Can you just briefly run through why they might have left and then why they came back?

當然。您談到在過渡期間，一些卷離開了網絡，然後其中一些又回來了。你能簡單回顧一下他們為什麼離開然後又回來的原因嗎？

Yeah. So Chris, I would just share just in my conversations with customers, just the uncertainty, the non-clarity of where the organization was going with this acquisition, unsure of the strategy, clarity. Do you want me? Do you need me? Are you keeping the network open? We see you're building a direct sales force. We're not comfortable with that. And we're mainly talking about, Chris, the legacy forwarders, freight forwarders and 3PLs. So been traveling a lot seeing as many of them in person, and this is the feedback I'm getting.

是的。所以克里斯，我只想在與客戶的對話中分享不確定性，組織在這次收購中的發展方向的不明確性，對策略和清晰度的不確定性。你想要我嗎？你需要我嗎？你保持網路暢通嗎？我們看到您正在建立一支直銷隊伍。我們對此感到不舒服。克里斯，我們主要談論的是傳統貨運代理、貨運代理和 3PL。因此，我經常旅行，親自見到他們中的許多人，這就是我得到的回饋。

So first and foremost, there is no more direct selling in the legacy Forward Air. We shut down that entity in Q2. There's just indirect sales, that meaning the airline partners, the 3PLs and the freight forwarders. There is only direct selling in the combined organization on the Omni side. So we're running two sales channels indirect on the legacy.

因此，首先也是最重要的是，傳統的 Forward Air 不再有直銷。我們在第二季關閉了該實體。只有間接銷售，即航空公司合作夥伴、3PL 和貨運代理。Omni 方面合併後的組織中只有直銷業務。因此，我們正在經營兩個間接銷售管道。

Forward, direct on the legacy Omni. And that brought clarity and then obviously, being very clear that we will remain an open LTL network for not just ourselves but for those legacy customers in those 3 categories that we mentioned. And we are going to do that in a very neutrality driven, morally and ethically sound, full nondisclosure agreements with these customers not to back solicit, made it clear we don't need to do that.

向前，直接轉向傳統 Omni。這帶來了明確性，而且很明顯，我們將繼續保持開放的 LTL 網絡，不僅為我們自己，也為我們提到的這 3 類傳統客戶。我們將在一個非常中立的、道德和倫理上健全的、完全保密的協議中與這些客戶達成不支持招攬的協議，明確表示我們不需要這樣做。

And so we are good stewards of growing our own business but also supporting those customers and growing theirs. So that, to be honest, is I would attribute to why those volumes came back.

因此，我們是發展自己業務的好管家，同時也支持這些客戶並發展他們的業務。所以，說實話，這就是我認為這些卷回來的原因。

And I know you didn't want to get too specific, but just overall, when you think about the portfolio reshaping and you think about the impact it might have on maybe some of the cross-selling of bundled selling or whatever you want to call it, I mean, how do you think about portfolio reshaping in the context of selling multiple services to customers?

我知道你不想說得太具體，但總體而言，當你考慮投資組合重塑時，你會考慮它可能對捆綁銷售或任何你想稱之為的交叉銷售產生的影響我的意思是，在在向客戶銷售多種服務的背景下，您如何看待投資組合重塑？

Yeah. So if you just look, I mean let me finish the comment here. I didn't make a comment on everything I just told you. We are still a fantastic and best-in-class service business on both legacy companies. And we are going to continue to honour that and even enhance that.

是的。所以如果你只是看的話，我的意思是讓我在這裡完成評論。我沒有對我剛才告訴你的一切發表評論。對於這兩家傳統公司來說，我們仍然是一家出色且一流的服務企業。我們將繼續尊重這一點，甚至加強這一點。

So when you go back to some people call it cross-selling, I call it really synergy selling. So when you look at the product-based verticals that we're going to in air, ocean, ground, of which many of that is the legacy Forward, contract logistics warehousing, which we do a lot of on the legacy Omni side and then customs brokerage, you really want to draw those synergy selling’s in between. So that really is the strategy.

因此，當你回到有些人稱之為交叉銷售時，我稱之為真正的協同銷售。因此，當您看到我們將在空中、海洋、地面進行的基於產品的垂直行業時，其中許多是傳統的轉發、合約物流倉儲，我們在傳統的 Omni 方面做了很多工作，然後報關行，您確實希望在兩者之間獲得協同銷售。這確實是策略。

Your most stickiness is when you have customers' inventory, i.e., the contract logistics space in your warehouses. And the second most important is the customs brokerage. There's a phrase out there that says, you date your forwarder, and you marry your broker and so those are the two stickiness.

您最具黏性的是當您擁有客戶的庫存時，即您倉庫中的合約物流空間。第二重要的是報關業務。有句話說，你和你的貨運代理約會，你和你的經紀人結婚，所以這就是兩種黏性。

But when you look at bringing these two companies together, having the legacy airfreight, global airfreight in the Omni side with the best-in-class LTL distribution of pre and post positioning of your international for pushing your exports into a consolidation gateway to go outbound or deconsolidating your imports for distribution and delivery on the inbound, having that network is the best-in-class. And we fully intend to cross-utilize that. So that's just some examples. I hope that answers your question.

但是，當您考慮將這兩家公司合併在一起時，在Omni 方面擁有傳統的空運、全球空運，以及一流的LTL 配送，為您的國際航線提供前期和後期定位，從而將您的出口產品推向出境整合入口網站或將您的進口貨物分拆，以便在入境時進行分銷和交付，並擁有一流的網路。我們完全打算交叉利用它。這只是一些例子。我希望這能回答你的問題。

Yeah, Chris, if I can add to that, there's something that Shawn has really impressed upon. I mean we had a recent good customer win that I don't think that we would have gotten individually as a company. It's only because of the combined services that the two companies provide that we're able to get this win. So we have a very good win on the international inbound side. And then once it hits the ground here in North America, we're able to get it to the final destination. I'm not so sure that we would have been able to get that win in terms of cross-selling our services across both companies had we not been as one.

是的，克里斯，如果我可以補充一點的話，肖恩確實給我留下了深刻的印象。我的意思是，我們最近贏得了一個很好的客戶，我認為我們作為一家公司單獨無法獲得這樣的客戶。正是由於兩家公司提供的綜合服務，我們才能夠取得這場勝利。因此，我們在國際入境方面取得了非常好的勝利。一旦它在北美落地，我們就能將其運送到最終目的地。我不太確定如果我們不是一體的話，我們是否能夠在兩家公司之間交叉銷售我們的服務方面取得勝利。

(Operator Instructions) Stephanie Moore, Jefferies.

（操作員說明）Stephanie Moore，Jefferies。

So I wanted to maybe go back a couple of questions on just the reported EBITDA now just so I have this clear. So maybe using the first quarter as an example, understood that you're now calculating EBITDA under your pursuant to credit agreement, that's fine, so the first quarter, now calling that $55 million. The prior calculation definition got you to a 1Q EBITDA of $29 million. So the simple math would imply a $26 million difference. Is that about the same differential that we could apply to 2Q if you were doing that same pre and post calculation?

所以我現在想回問幾個關於報告的 EBITDA 的問題，這樣我就可以清楚地了解這一點。因此，也許以第一季為例，您現在正在根據信貸協議計算 EBITDA，這很好，所以第一季現在稱為 5500 萬美元。根據先前的計算定義，第一季 EBITDA 為 2900 萬美元。因此，簡單計算意味著 2600 萬美元的差異。如果您進行相同的前後計算，那麼我們可以應用於第二季的差異是否相同？

No, I wouldn't do that Stephanie, and here's why. In the first quarter, we didn't have the benefit of the headcount adjustments in June. So the comparable number that you should be basing what you're trying to bridge is on $49 million, not $55 million. That's the first point. But also, we went back and I think it's important to note, Stephanie, that we went back, tore the credit agreement apart with counsel, with our accountants, with management. And we did a complete 365 historical review, so it wasn't just in the first quarter.

不，我不會那樣做，史蒂芬妮，原因如下。第一季度，我們沒有享受到六月人員調整帶來的好處。因此，您應該以 4,900 萬美元為基礎，而不是 5,500 萬美元來彌補這一數字。這是第一點。而且，我們回去了，我認為重要的是要注意，史蒂芬妮，我們回去了，與律師、我們的會計師和管理層撕毀了信貸協議。我們做了完整的365歷史回顧，所以不僅僅是第一季。

And I'm so thankful that you asked and I'm able to explain is it goes back over the last 12 months in total, not any one particular quarter. And there are items that we just candidly, Stephanie, we missed. Some of the things were severance that we didn't add back that we should have. There's some purchase price adjustments that we didn't avail ourselves of that we caught in the review and even some due diligence and transaction costs, but it wasn't all in the first quarter. It transcend the entire four quarter period.

我非常感謝你提出這個問題，我可以解釋一下，它總共可以追溯到過去 12 個月，而不是某個特定季度。坦白說，史蒂芬妮，我們錯過了一些東西。有些東西是我們應該有的遣散費，但我們沒有加回來。我們在審查中發現了一些購買價格調整，甚至一些盡職調查和交易成本，但我們沒有利用這些調整，但這並不是第一季的全部。它超越了整個四個季度。

I can tell by your sound that I didn't answer your question. I just stop using the first quarter as an extension of what you could expect in the future.

我聽你的聲音就知道我沒有回答你的問題。我只是停止使用第一季作為你對未來的預期的延伸。

No, I think that's fair, but okay so again, going off of, is then, if you're going off of a trailing 12-month basis, do you have the delta between how it is being calculated now, in your opinion, more accurate way versus it was before? So $26 million in the first quarter is not the run rate, right run rate, what's the trailing 12-month differential?

不，我認為這是公平的，但是好吧，如果你要以過去 12 個月為基礎，你認為現在的計算方式之間是否存在增量？那麼第一季的 2600 萬美元不是運行率，正確的運行率，追蹤 12 個月的差異是多少？

I'm not following your question.

我沒有聽懂你的問題。

It's fine. I can certainly ask this offline.

沒關係。我當然可以離線問這個。

Okay.

好的。

So I guess taking -- going to a different question here, so maybe a little bit more on the strategic side. I appreciate your color on going from a go-to-market strategy from a product vertical basis. Are there any incremental hiring needs to be made to support this go-to-market strategy and I understand running the two distinct sales forces but any other incremental changes?

所以我想在這裡討論一個不同的問題，所以也許更多的是戰略方面的問題。我很欣賞你從產品垂直基礎走向市場的策略。是否需要增加招募來支持這項進入市場策略，我了解經營兩個不同的銷售隊伍，但還有其他增量變化嗎？

I don't think so, Stephanie, not necessarily in a go-to-market basis. We've got -- as Jamie said earlier, we've got best-in-class people from both organizations. There is some great individuals all throughout the organization. So we are looking mainly internally as we move things around to promote and empower, step up people to take on new positions as we make this transition.

我不這麼認為，史蒂芬妮，不一定是在進入市場的基礎上。正如傑米早些時候所說，我們擁有來自兩個組織的一流人才。整個組織都有一些優秀的個人。因此，當我們進行轉型時，我們主要關注內部，以促進和授權，讓人們擔任新職位。

Yeah. And to your question, is there incremental CapEx dollars needed?

是的。對於你的問題，是否需要增量資本支出？

No.

不。

Yeah. We basically, strength the organization on the side.

是的。基本上，我們從側面加強組織。

And then lastly from me, can you maybe touch a little bit on the capital structure? Is it at this point how we should think about preferred minority interest, anything else? It's our understanding that you did vote on some of -- you did make some of these changes but an update there would be helpful.

最後，您能否談談資本結構？在這一點上，我們應該如何考慮優先少數股東利益，還是其他什麼？據我們了解，您確實對其中的一些進行了投票——您確實做出了其中一些更改，但更新會有所幫助。

Yeah. So at the shareholder meeting, I believe it was June 15, they all loaded to convert. There are still some that are outstanding out there. So on a fully diluted basis, I think it's going to be closer to $40 million. That election, Stephanie, is at the holders', I guess, behest. So it's nothing that we can force, I think it would just come in through time.

是的。所以在股東大會上，我相信是6月15日，他們都加載了轉換。仍然有一些傑出的人在那裡。因此，在完全稀釋的基礎上，我認為它將接近 4000 萬美元。我想，史蒂芬妮，這次選舉是應股東的要求而進行的。所以我們沒有什麼可以強迫的，我認為它會隨著時間的推移而出現。

Okay. So we should still expect to see some of those adjustments for some time now?

好的。那麼，我們仍然應該期望在一段時間內看到其中一些調整？

Yeah. And again, there are numerous individual holders, and it is at their election. Impossible to predict for now what would happen. But that's why I look at the fully diluted as if converted basis around 40 million shares.

是的。再說一次，有許多個人持有者，這是他們選出來的。目前無法預測會發生什麼事。但這就是為什麼我會考慮大約 4000 萬股的完全稀釋後的轉換基礎。

(Operator Instructions) Ladies and gentlemen, it appears we have no further questions. Mr. Stewart, I'd like to hand things back to you, sir, for any closing.

（操作員指示）女士們先生們，看來我們沒有其他問題了。史都華先生，我想把事情交還給你，先生，以供結束。

All right. Thank you so much. All right. So in closing, I want to personally thank everyone for your time and patience as we bring out the best of forward can be. As previously stated, there's still much to do but we believe in the results and we've also believe that it will be something worth that we can all be proud of.

好的。太感謝了。好的。最後，我想親自感謝大家的時間和耐心，因為我們將盡力向前邁進。如前所述，還有很多工作要做，但我們相信結果，我們也相信這將是值得我們所有人感到自豪的事情。

So I appreciate your time today and we'll talk to you soon. Take care.

感謝您今天抽出時間，我們很快就會與您交談。小心。

Thank you, Mr. Stewart. Ladies and gentlemen, that will conclude today's Forward Air second quarter earnings conference call. Again, we'd like to thank you all so much for joining us and wish you all a great remainder of your day today. Good bye.

謝謝你，斯圖爾特先生。女士們、先生們，今天的前進航空第二季財報電話會議到此結束。再次，我們非常感謝大家加入我們，並祝福大家今天有個愉快的一天。再見。