Forward Air Corp (Delaware) (FWRD) 2024 Q3 法說會逐字稿

Please stand by your program is about to begin.

請稍候，您的節目即將開始。

Welcome to Forward Air's third quarter, 2024 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.

歡迎參加 Forward Air 2024 年第三季財報電話會議。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。

If you would like to ask a question at that time, please press star one on your telephone keypad. If at any point, your question has been answered, you may remove yourself from the queue by pressing star two so others can hear your questions clearly.

如果您當時想提問，請按電話鍵盤上的星號一。如果您的問題已得到解答，您可以按星二號將自己從隊列中刪除，以便其他人可以清楚地聽到您的問題。

We ask that you pick up your handset for optimal sound quality. Lastly, if you should require operator assistance, please press star zero. I would now like to turn the call over to Tony Carreño, Senior Vice President of Treasury and Investor Relations. Please go ahead.

我們要求您拿起聽筒以獲得最佳音質。最後，如果您需要操作員幫助，請按星號零。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 (Tony Carreño)。請繼續。

Thank you operator and good afternoon. Everyone, Welcome to Forward Air's third quarter. 2024 earnings conference call with us this afternoon are Shawn Stewart, Chief Executive Officer and Jamie Pierson, Chief Financial Officer.

謝謝接線員，下午好。大家好，歡迎收看前進航空第三季。今天下午，執行長 Shawn Stewart 和財務長傑米皮爾森 (Jamie Pierson) 與我們一起參加了 2024 年收益電話會議。

By now, you should have received the press release announcing forward Air's third quarter, 2024 results which was also furnished to the SEC on form AK.

到目前為止，您應該已經收到了宣布 Forward Air 2024 年第三季業績的新聞稿，該新聞稿也透過 AK 表格提交給 SEC。

We have also filed a slide presentation outlining third quarter, 2024 results highlights any business update. Both the press release and slide presentation for this call are accessible on the Investor relations section of Forward Air's website at [forwardair.com].

我們還提交了一份幻燈片演示文稿，概述了 2024 年第三季的業績，重點介紹了所有業務更新。本次電話會議的新聞稿和投影片簡報均可在 Forward Air 網站的投資者關係部分取得：[forwardair.com]。

Please be aware that certain statements in the company during your release announcement and on the conference, call are forward-looking statements within the meaning of the private Securities Litigation Reform Act 1,995.

請注意，公司在發佈公告和電話會議期間的某些聲明屬於私人證券訴訟改革法案 1,995 所界定的前瞻性聲明。

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.

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.

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 slide presentation relating to the earnings call.

有關這些風險和因素的詳細資訊。請參閱我們向美國證券交易委員會提交的文件以及與收益電話會議相關的新聞稿和幻燈片簡報。

Listeners are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date of this call.

請聽眾注意不要過度依賴這些前瞻性陳述，這些陳述僅截至本次電話會議之日。

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 during the call.

除非法律在電話會議期間要求，否則本公司不承擔因新資訊、未來事件或其他原因而更新任何前瞻性聲明的義務。

There may also be a discussion of financial metrics but 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.

也可能討論財務指標，但不符合我們普遍接受的會計原則。或者 GAAP 管理階層在內部使用非 GAAP 衡量標準來了解、管理和評估我們的業務。

And make operating decisions, definitions and reconciliations of these non-GAAP measures to their most direct comparable GAAP measures are including in today's press release slide presentation.

並做出營運決策，將這些非 GAAP 衡量標準與其最直接的可比較 GAAP 衡量標準進行定義和調節，這些都包含在今天的新聞稿幻燈片演示中。

I will now turn the call over to Shawn.

我現在會把電話轉給肖恩。

Good afternoon, everyone and thank you for joining the call today for Air's acquisition of Omni close roughly nine months ago.

大家下午好，感謝大家參加今天關於 Air 收購 Omni 的電話會議，該收購大約在九個月前結束。

And since that time, our team has been working diligently to combine their individual strengths into one combined logistics powerhouse while it may seem that nine months is a long time. When you step back and think about it.

從那時起，我們的團隊一直在努力工作，將各自的優勢結合成一個綜合物流強國，儘管九個月似乎是一段很長的時間。當你退後一步思考時。

We are a global enterprise providing many different services, employing approximately 7,000 professionals and utilizing different backoff and operational support systems.

我們是一家提供多種不同服務的全球性企業，僱用了約 7,000 名專業人員，並利用不同的回退和營運支援系統。

From my vantage point, I would say the integration of the domestic networks substantially complete and delivering on the savings as originally committed with my first full quarter now complete.

從我的角度來看，我想說國內網路的整合已基本完成，並實現了最初承諾的節省，我的第一個完整季度現已完成。

I have had the time to get my arms around the Forward and Omni integration. And with Jamie on board, I am turning my attention to the broader transformation.

我有時間研究 Forward 和 Omni 整合。隨著傑米的加入，我將注意力轉向更廣泛的改變。

Our objective is to transform to be one company, one brand and one go to solution provider with services spanning from international freight forwarding to award-winning domestic expedited LTL ground service.

我們的目標是轉型成為一家公司、一個品牌、一站式解決方案提供商，提供從國際貨運代理到屢獲殊榮的國內加急零擔地面服務的服務。

Please remember that through the transformation we will not waiver in our commitment to providing best in class solutions for our customers through our open freight network.

請記住，透過轉型，我們不會放棄透過開放貨運網絡為客戶提供一流解決方案的承諾。

We remain committed to providing all of our customers including and especially our legacy freight forwarder customers with the same great service they have relied on for years to grow their businesses.

我們仍然致力於為所有客戶（尤其是我們的傳統貨運代理客戶）提供他們多年來賴以發展業務的優質服務。

To that end, we have recently established a transformation management office to lead the process. The focus of this office will be to efficiently and effectively execute the transformation across all areas of the company.

為此，我們最近成立了一個轉型管理辦公室來領導這項進程。該辦公室的重點是有效率、有效地執行公司所有領域的轉型。

The transformation will include IT system rationalization and establishing the framework for us to go to market as a product focused and operations driven company.

轉型將包括 IT 系統合理化以及建立框架，使我們能夠作為一家以產品為中心、營運驅動的公司進入市場。

The result will be a vertically integrated company providing ground, air, ocean contract, logistics and customs brokerage services around the world.

其結果將是成為一家垂直整合的公司，在全球範圍內提供地面、空運、海運合約、物流和報關服務。

We have a vision and we know we can achieve it over time.

我們有一個願景，我們知道隨著時間的推移我們可以實現它。

While the broader transportation market and demand for our services remains challenging, we are availing ourselves of the time to do the heavy lifting behind the scenes work that will position the company to take advantage of the demand when the market normalizes.

儘管更廣泛的運輸市場和對我們服務的需求仍然充滿挑戰，但我們正在利用時間進行繁重的幕後工作，這將使公司能夠在市場正常化時利用需求。

That work ranges from integrating the 12 different companies that were Omni and previously not integrated to moving from multiple TMS systems, enterprise resource planning systems and different HRIS systems to one system for each tech stack.

這項工作的範圍包括整合 Omni 之前未整合的 12 家不同公司，以及從多個 TMS 系統、企業資源規劃系統和不同的 HRIS 系統遷移到每個技術堆疊的一個系統。

It also includes harmonizing a multitude of policies that will enable our workforce to think and act as one, not 12, not two, but as one with the same goals, the same mission, the same values and the same intense and dedicated focus on serving our customers.

它還包括協調多種政策，使我們的員工能夠作為一個人而不是十二個人，也不是兩個人來思考和行動，而是作為一個擁有相同目標、相同使命、相同價值觀以及同樣強烈和專注於服務的整體來思考和行動。

We expect that the magnitude and complexity of this integration will put us well into 2025 before it is substantially complete and certain work streams may continue into 2026 but we will not lose our focus on the customer and their needs. I am confident that this work is achievable with the current structure.

我們預計，這種整合的規模和複雜性將使我們在 2025 年基本完成之前，某些工作流程可能會持續到 2026 年，但我們不會失去對客戶及其需求的關注。我相信在目前的結構下這項工作是可以完成的。

We are excited about the opportunity to add value to the company. Along the way.

我們很高興有機會為公司增加價值。一路上。

Both companies have traditionally been known for their best in class. Customer service. Customers want service and solutions they can depend on along with competitive pricing.

兩家公司歷來都以同類最佳聞名。客戶服務。客戶希望獲得值得信賴的服務和解決方案以及具有競爭力的價格。

Our objective is to exceed their expectations. With the many services we provide operationally and in the spirit of building best in class global supply solutions. During the third quarter, we opened a new warehouse and freight station in Miami.

我們的目標是超越他們的期望。我們本著建構一流的全球供應解決方案的精神，提供了許多營運服務。第三季度，我們在邁阿密開設了一個新的倉庫和貨運站。

This facility is strategically positioned for easy access to both Miami International Airport and the port of Miami.

該設施地理位置優越，可輕鬆前往邁阿密國際機場和邁阿密港。

This state-of-the-art facility ensures that our customers receive the highest level of import and export, security and service. This location will serve as our gateway in Latin America, enabling us to offer direct air and ocean services into and out of South and Central America.

這個最先進的設施確保我們的客戶獲得最高水準的進出口、安全和服務。該地點將作為我們在拉丁美洲的門戶，使我們能夠提供進出南美洲和中美洲的直接空運和海運服務。

This goes along with expanding our presence in South America with the opening of our offices in Santiago, Chile in Bogota, Colombia. Earlier this year, these expansions are examples of our commitment to providing logistics solutions worldwide.

同時，我們在智利聖地亞哥和哥倫比亞波哥大開設了辦事處，擴大了我們在南美洲的業務。今年早些時候，這些擴張是我們致力於在全球範圍內提供物流解決方案的例子。

Turning to the third quarter results, I am not satisfied with the lateral quarter financially.

談到第三季的業績，我對橫向季度的財務狀況並不滿意。

The legacy Omni segment maintained a positive momentum and improved sequentially compared to the second quarter of 2024.

與 2024 年第二季相比，傳統 Omni 細分市場保持了積極的勢頭並連續改善。

Inversely, the expedited freight segment results fell short of expectations primarily due to a pricing strategy put in place prior to the acquisition that focused more on volume than profitability.

相反，加急貨運部門的表現未達預期，主要是由於收購前製定的定價策略較注重數量而非獲利能力。

A year over year decrease in revenue per 100 weight, excluding fuel surcharge was primarily attributable to the customer mix and associated pricing and profitability thereof.

每100重量收入較去年同期下降（不含燃油附加費）主要歸因於客戶組合及其相關定價和獲利能力。

In short and to be direct, we were focused too much on class based freight business and did not charge enough for the level of service that we provide.

簡而言之，直接地說，我們過於專注於基於層級的貨運業務，並且沒有針對我們提供的服務水準收取足夠的費用。

We are addressing this issue and are focused on getting the right mix of freight into the network to execute a sales strategy that is befitting of a global diversified service provider that we now are.

我們正在解決這個問題，並專注於將正確的貨運組合納入網絡，以執行適合我們現在的全球多元化服務提供者的銷售策略。

I am excited to announce that we expect to soon be onboarding a new Chief Commercial Officer who will be starting with the company in January 2025.

我很高興地宣布，我們預計很快就會任命一位新的首席商務官，他將於 2025 年 1 月開始在公司任職。

The new CCO has over 20 years of experience on the global stage and is incredibly well versed with our customer base and the strategy that we have laid out.

新任 CCO 在全球舞台上擁有 20 多年的經驗，並且非常熟悉我們的客戶群和我們所製定的策略。

Adding this individual and others like him in key leadership around the world, puts us in a best position for long term growth.

將此人和其他像他一樣的人加入世界各地的關鍵領導層，使我們處於長期成長的最佳位置。

Once the freight market improves with that. I will give some closing comments at the end and we will now turn it over to Jamie to go through the results for the quarter.

一旦貨運市場隨之改善。我將在最後發表一些總結評論，現在我們將把它交給傑米來查看本季的結果。

Thanks Shawn and Good afternoon, everyone beginning with the third quarter, results revenue for the quarter was $656 million. And on a required GAAP reporting basis, it was a 92% or $315 million increase.

謝謝肖恩，大家下午好，從第三季開始，該季度的業績收入為 6.56 億美元。根據規定的 GAAP 報告基礎，成長了 92%，即 3.15 億美元。

As compared to the third quarter of the prior year. The increase over the prior year was obviously largely driven by the Omni transaction since we did not own Omni in the third quarter of 2023 it is difficult to make a meaningful year over year comparison.

與去年第三季相比。與前一年相比的成長顯然主要是由 Omni 交易推動的，因為我們在 2023 年第三季並未擁有 Omni，因此很難進行有意義的同比比較。

So, I will focus our comparisons for the OMNI segment to a sequential basis to that point. And on a sequential and more comparative basis, consolidated revenue increased $12 million or 2% from $644 million last quarter to the $656 million this quarter.

因此，我將重點放在 OMNI 細分市場進行比較，並按順序進行。在環比和更具比較性的基礎上，綜合收入從上個季度的 6.44 億美元增至本季的 6.56 億美元，成長了 1,200 萬美元，增幅為 2%。

Looking at revenue for our three reporting segments in Intermodal [Expedited Freight] and OMNI whereas follows revenue from expedited, increased $6 million or 2% to $285 million from the previous year's comparable quarter of $279 million.

看看多式聯運 [加急貨運] 和 OMNI 三個報告部門的收入，而加急收入則從去年同期的 2.79 億美元增加了 600 萬美元或 2%，達到 2.85 億美元。

The increase was primarily driven by a year over year increase in weight per shipment of 4.5%. The increase was partially offset by a 3.8% decrease in revenue per 100 a week including fuel surcharge and a 2.3% decrease in shipments per day compared to a year ago

這一增長主要是由於每批貨物的重量比去年同期增加了 4.5%。與去年同期相比，每週每 100 人的收入下降 3.8%（包括燃油附加費）和每日發貨量下降 2.3%，部分抵消了這一增長

Revenue from Intermodal decreased $5 million or 8% to $57 million from the previous year's comparable quarter of $62 million.

Intermodal 的營收較去年同期的 6,200 萬美元下降了 500 萬美元，即 8%，降至 5,700 萬美元。

The decrease was primarily driven by 8.7% less shipments compared to a year ago as some customers began diverting freight ahead of the potential international longshoreman strike on the east coast.

下降的主要原因是發貨量比一年前減少了 8.7%，因為一些客戶在東海岸可能發生國際碼頭工人罷工之前開始轉移貨物。

The revenue increase from Omni's results which were not included in the previous year's comparable quarter was a full $335 million on a sequential basis.

Omni 業績帶來的營收季增 3.35 億美元（未計入去年同期）。

Third quarter revenue at the OMNI segment increased $ 23 million or 7% compared to the $312 million reported in the second quarter of this year, income from operations for the third quarter was $23 million compared to the $12 million a year ago.

與今年第二季的 3.12 億美元相比，OMNI 部門第三季的營收成長了 2,300 萬美元，即 7%；第三季的營運收入為 2,300 萬美元，而去年同期為 1,200 萬美元。

As for consolidated EBITDA as defined in our credit agreement, we reported $77 million for the quarter. And as a reminder on a comparable basis, we reported consolidated EBITDA of $55 million in the first quarter of this year and $81 million in the second quarter.

至於我們的信貸協議中定義的綜合 EBITDA，我們報告本季為 7,700 萬美元。作為提醒，在可比較基礎上，我們報告今年第一季的綜合 EBITDA 為 5500 萬美元，第二季為 8,100 萬美元。

As Shawn noted in his introductory comments, the decrease in consolidated EBITDA in the third quarter is primarily driven by the expedited segment which we have subsequently addressed.

正如肖恩在介紹性評論中指出的那樣，第三季合併 EBITDA 的下降主要是由我們隨後討論的加急部分推動的。

Adding the $77 million for this quarter to the three previous quarters consolidated EBITDA for the last 12 months ending September 30, 2024 was $307 million.

將本季的 7,700 萬美元加上截至 2024 年 9 月 30 日的過去 12 個月的前三個季度的綜合 EBITDA 為 3.07 億美元。

Turning to cash and liquidity cash provided by operating activities for the third quarter increased $98 million from the previous quarter's $45 million loss to a positive $53 million this quarter.

談到現金和流動性，第三季經營活動提供的現金增加了 9,800 萬美元，從上一季的 4,500 萬美元虧損增加到本季的 5,300 萬美元。

As illustrated on page 11 of the slide presentation issued with today's earnings release.

正如今天的收益發布中發布的幻燈片簡報第 11 頁所示。

Approximately $22 million of cash was consumed this quarter from legacy transaction costs and professional fees.

本季遺留交易成本和專業費用消耗了約 2,200 萬美元的現金。

And another $27 million from interest payments primarily as a result of the improvement from operating activities and increased cash therefrom we ended the quarter with total cash of $138 million or $33 million increase over the second quarter.

另外 2,700 萬美元來自利息支付，這主要是由於經營活動的改善和由此帶來的現金增加，本季結束時我們的現金總額為 1.38 億美元，比第二季增加了 3,300 萬美元。

Adding the $138 million to the $322 million of availability under our revolving credit facility liquidity at the end of the quarter was $460 million which is $15 million higher than what we reported last quarter.

截至本季末，我們的循環信貸便利流動性下的可用資金為 3.22 億美元，再加上 1.38 億美元，則為 4.6 億美元，比我們上季報告的數據高出 1500 萬美元。

And as usual, I will leave you with a few parting shots for the quarter. The first of which is an update on the status of our integration.

像往常一樣，我將為您留下一些本季的臨別鏡頭。第一個是我們整合狀態的更新。

As everyone knows, we have been guiding to $75 million in annualized savings run rate and I am pleased to report that we are tracking slightly ahead of plan and expect to reach that level by the end of the first quarter of next year.

眾所周知，我們一直將年化儲蓄率引導至 7500 萬美元，我很高興地報告說，我們的追蹤進度略超前於計劃，並預計在明年第一季末達到該水平。

Two is our continued focus on liquidity.

二是我們持續關注流動性。

And more importantly, the results of that focus in the first half of 2024. Most of the cash balance was consumed by transaction costs, integration expenses, debt, principal paydown and other expenses. None of which benefited the operations or was an investment in the company's future.

更重要的是，2024 年上半年的重點成果。大部分現金餘額被交易成本、整合費用、債務、本金償還和其他費用消耗。這些都沒有使營運受益，也不是對公司未來的投資。

As I discussed in the second quarter earnings call, we expected to be neutral to inflating cash flow positive in the third or fourth quarter of this year.

正如我在第二季財報電話會議中所討論的那樣，我們預計今年第三或第四季的現金流正值成長將保持中立。

And as you can see on the hills of improved operating cash flow and lower transaction related expenses, we increased our cash balance by $33 million

正如您所看到的，我們的現金餘額增加了 3300 萬美元，營運現金流得到了改善，交易相關費用也有所降低。

Over the previous quarter and increased total liquidity to $460 million which should give us ample runway to continue on the transformational phase of our journey and position us well for any macro tailwinds.

上一季度，總流動性增加至 4.6 億美元，這將為我們提供充足的跑道，繼續我們的轉型階段，並使我們能夠應對任何宏觀順風。

When they occur thirdly, based on our gross debt balance at the end of the quarter.

當它們第三次發生時，基於我們季度末的總債務餘額。

And after netting domestic unrestricted cash, our net debt to consolidated LTM EBITDA was 5.4 times compared to a maximum covenant level of six times.

在扣除國內不受限制的現金後，我們的淨債務與合併的 LTM EBITDA 相比為 5.4 倍，而最高契約水準為 6 倍。

This implies an approximate $32 million consolidated EBITDA cushion at the end of the quarter.

這意味著本季末合併 EBITDA 緩衝約為 3,200 萬美元。

And ultimately, while I have previously noted that transformations of this complexity are not linear, I would consider the third quarter to be one of stability and long-term planning.

最終，雖然我之前已經指出這種複雜性的轉變不是線性的，但我認為第三季是穩定和長期規劃的季度。

As Shawn moves to fortify ourselves and operations proudness. And as we did all of this, while not losing our focus on our employees, our customers, the service that they have become accustomed to and most importantly, fortifying even increasing cash and liquidity.

隨著肖恩不斷增強自己和營運的自豪感。當我們做這一切的時候，我們並沒有失去對員工、客戶、他們已經習慣的服務的關注，最重要的是，加強了現金和流動性的增加。

Finally, with the third quarter behind us, we are updating our full year 2024 guidance. As everyone knows, the macro environment remains muted with no near-term catalysts.

最後，隨著第三季的過去，我們正在更新 2024 年全年指引。眾所周知，宏觀環境依然低迷，沒有短期的催化劑。

Consequently, we are updating our full year 2024 consolidated EBITDA guidance from the previous $310 million to $325 million to $300 million to 310 million. And before you ask, we are not going to give 2025 guidance, there's too much going on.

因此，我們將 2024 年全年綜合 EBITDA 指引從先前的 3.1 億美元至 3.25 億美元更新為 3 億至 3.1 億美元。在你提問之前，我們不會給予 2025 年的指導，因為發生的事情太多了。

There is too much uncertainty in the macro environment but would absolutely say that I see many more opportunities than risks ahead of us.

宏觀環境存在太多不確定性，但我絕對可以說，我看到的機會遠多於風險。

With that is my five points of light. I will now pass the mic back over to Shawn for closing comments before Q&A.

這就是我的五個亮點。我現在將把麥克風傳回給 Shawn，以便在問答之前發表結束評論。

Thank you, Jamie. We recently announced in addition to the board of directors with the appointment of Jerome Lorrain.

謝謝你，傑米。除了董事會之外，我們最近還宣布任命 Jerome Lorrain。

Jerome has over 30 years of experience in the logistics and transportation industry, the board and I are extremely excited to have him join us.

Jerome 在物流和運輸行業擁有 30 多年的經驗，董事會和我非常高興他加入我們。

The company also announced that Craig Klock decided to step down from the board effective October 15, 2024.

該公司還宣布 Craig Klock 決定自 2024 年 10 月 15 日起辭去董事會職務。

After nine years, I want to thank Craig for his service to the company following these changes, the board will continue to be comprised of 12 directors, 11 of whom are independent and seven of whom have been appointed since the closing of the Omni transaction.

九年後，我要感謝 Craig 在這些變化之後對公司所做的貢獻，董事會將繼續由 12 名董事組成，其中 11 名是獨立董事，其中 7 名是自 Omni 交易完成以來任命的。

I am energized by the quality and calibre of talent. We are assembling at both the management and board levels.

人才的品質和才幹讓我充滿活力。我們正在管理階層和董事會層面進行集會。

Together, we are actively analysing the business and strategy to ensure the company pursues the best path forward to enhance shareholder value execution remains a major focus.

我們正在共同積極分析業務和策略，以確保公司追求最佳的前進道路，而提高股東價值執行力仍然是主要關注點。

And I am confident that the team that I am fielding can deliver the results that we all know is possible through this combination, we will keep our focus on what we can control and put it plainly.

我相信我所領導的團隊能夠透過這種組合提供我們都知道可能實現的結果，我們將把注意力集中在我們可以控制的事情上，並明確地說。

We have the plan and we have the team identified. Now we just need to execute against it.

我們已經制定了計劃，並且已經確定了團隊。現在我們只需要執行它。

Finally, I want to acknowledge the recent investor activity and media speculation.

最後，我想感謝最近的投資者活動和媒體猜測。

We addressed this in our press release on October 7. So we are not going to comment on any rumours or speculation during the Q&A portion of the call.

我們在 10 月 7 日的新聞稿中解決了這個問題。因此，我們不會在電話問答部分對任何謠言或猜測發表評論。

We would ask that you be respectful of that as you formulate your questions, I will now turn the call to the operator to take questions, operator.

我們要求您在提出問題時尊重這一點，我現在將電話轉給接線員來回答問題，接線員。

Certainly, the floor is now open for questions at this time. If you have a question or comment, please press star one on your telephone keypad.

當然，現在可以提問。如果您有疑問或意見，請按電話鍵盤上的星號一。

If at any point, your question has been answered, you may remove yourself from the key by pressing Star two again.

如果在任何時候您的問題已得到解答，您可以再次按星號二將自己從按鍵中刪除。

We ask that you pick up your handset when posing your question to provide optimal sound quality. Thank you.

我們要求您在提問時拿起聽筒，以提供最佳音質。謝謝。

Our first question is coming from Bruce Chan with [cil]. Please go ahead.

我們的第一個問題來自 Bruce Chan[ci]。請繼續。

Hey, thanks, operator and good afternoon, guys. You know, Shawn, I appreciate your, disclaimer on the rumour commentary.

嘿，謝謝接線員，大家下午好。你知道，肖恩，我很欣賞你對謠言評論的免責聲明。

But you know, figured I would take a stab at maybe some of the portfolio changes that, you know, had been discussed prior to that announcement.

但你知道，我想我可能會嘗試在宣布之前已經討論過的一些投資組合變化。

You know, just given where you have managed to take your balance sheet and, and your, you know, cash position. Any updates on, you know, potential sale of any individual pieces. You know, given your, your current liquidity position.

你知道，只要考慮到你已經設法控制你的資產負債表和你知道的現金狀況。您知道，任何單一作品的潛在銷售的任何更新。鑑於您當前的流動性狀況，您知道。

Hey, Jamie. Yeah, I will take that. Yeah, we are still in what I would consider the analysis piece of that, you know, there's 12 companies that was Omni prior to the transaction we're still working through that.

嘿，傑米。是的，我會接受的。是的，我們仍然處於我認為的分析部分，你知道，在交易之前有 12 家公司是 Omni，我們仍在處理這個問題。

It's too premature to say that there is anything to announce that we have, I say differently, too premature to say that there is anything that we have decided to, that we could announce on a public basis.

現在說我們有什麼要宣布的還為時過早，我換句話說，說我們已經決定有什麼可以公開宣布的還為時過早。

Now, we still undergoing the analysis for those that are non-core to the future of this business.

現在，對於這個業務的未來，我們仍然在進行非核心的分析。

Absolutely. If, and when we get to a point where we are going to decide to sell one of those groups, divisions, or assets, we will certainly let you know. But right now, it is too premature.

絕對地。如果，當我們決定出售其中一個集團、部門或資產時，我們肯定會通知您。但現在看來還為時過早。

Okay. That is fair enough and then maybe just for my follow up here.

好的。這很公平，也許只是為了我在這裡的後續行動。

If you could walk us through the puts and takes of the yield progression in network LTL, I know you talked about the, you know, class based pre-program that was put in place before the acquisition.

如果您可以向我們介紹網路 LTL 中收益率進展的看跌期權和期權，我知道您談到了收購之前實施的基於類別的預計劃。

Sounds like you are maybe in the process of unwinding that if you could just, you know, maybe give us some colour on what that process looks like and how long you expect that to take.

聽起來你可能正在放鬆，如果你可以，你知道，也許可以給我們一些關於這個過程是什麼樣子以及你預計需要多長時間的資訊。

Yeah, Bruce. So, we have been, you know, I became first aware of it. In the end of Q2, really did the due diligence of studying this impact in Q3.

是的，布魯斯。所以，我們是，你知道，我是第一個意識到這一點的。在第二季末，在第三季真正進行了研究這種影響的盡職調查。

And ultimately came to the conclusion that we will still offer class-based rate. However, we're not going to do that on a like for like traditional LTL price reduced basis.

最終得出的結論是，我們仍將提供基於類別的費率。然而，我們不會像傳統零擔降價那樣這樣做。

So, we have customers that need that tariff, and we are willing to do so, but we need to be in respect of our premium expedited world class network and that pricing did not represent that.

因此，我們有需要該關稅的客戶，我們願意這樣做，但我們需要尊重我們的優質加急世界級網絡，而定價並不代表這一點。

So really what we are doing here is adjusting that basis back to the quality of the service that we provide them and not on a traditional LTL basis where they are getting 3 to 4 day service on a price of 7 to 10 day service.

因此，我們實際上正在做的是將這一基礎調整回我們為他們提供的服務質量，而不是傳統的零擔基礎上，在傳統的零擔基礎上，他們以7 到10 天的服務價格獲得3 到4 天的服務。

So, I guess when we think about the fourth quarter, are we still expecting a pretty material headwind from that from that program.

因此，我想當我們考慮第四季度時，我們是否仍然預計該計劃會帶來相當大的阻力。

About, I would say Bruce around 50:50 if I had to give it a percentage just based on the changes in the execution of those changes with those customers.

如果我必須根據這些客戶執行這些變更的變更來給出一個百分比，我會說布魯斯大約在 50:50 左右。

Okay, great. Thank you.

好的，太好了。謝謝。

Thank you. We will take our next question from Stephanie Moore with Jeff. Please go ahead.

謝謝。我們將回答史蒂芬妮·摩爾和傑夫提出的下一個問題。請繼續。

Hey, good afternoon, Shawn and Jamie, this is Joe Haling on to Stephanie Moore. Nice cash flow in the quarter.

嘿，肖恩和傑米，下午好，我是喬·哈林，請斯蒂芬妮·摩爾發言。本季現金流良好。

I wanted to ask a question, maybe what you're seeing across maybe your various segments and in particular, I wanted to ask, we have been hearing from some of the air freight operators that customers are trading down, choosing more economical options.

我想問一個問題，也許您在各個細分市場中看到了什麼，特別是，我想問，我們從一些航空貨運運營商那裡聽說，客戶正在降價，選擇更經濟的選擇。

And I was wondering how to think about this in respect to your business in the sense that it is premium freight, but it is a discount and more economical package to traditional kind of over the air, you know, network.

我想知道如何從您的業務角度考慮這一點，因為它是優質貨運，但與傳統的空中網路相比，它是折扣和更經濟的套餐。

So, I was wondering what you were seeing from customers, you know, on that airport to airport move and you know, any additional colour you can give on the, you know, pull forward demand or anything at Omni would be helpful as well. Thank you.

所以，我想知道你從客戶那裡看到了什麼，你知道，在機場到機場的移動中，你知道，你可以在 Omni 的提前需求或任何其他方面提供任何額外的顏色也會有所幫助。謝謝。

Well, let me, let me process maybe your question a little bit more because I was sitting here ready to comment on international air freight and you just threw me for a loop.

好吧，讓我，讓我再處理一下你的問題，因為我正坐在這裡準備對國際空運發表評論，而你卻讓我大吃一驚。

So you why don't you ask your question again? Because I do not think you are talking about international air freight.

那你為什麼不再問你的問題呢？因為我不認為你在談論國際空運。

Yeah, I mean, we, we had heard, you know, shippers freighting down, kind of tightening the belt. And I was curious how to think about that with respect to your business in terms of, you know, you are offering a solution that is more economical, you know, versus over the air in your traditional LPL business.

是的，我的意思是，我們聽說，托運人正在減少貨運，有點勒緊褲腰帶。我很好奇如何考慮您的業務，您知道，您提供的解決方案比傳統 LPL 業務中的無線解決方案更經濟實惠。

You know, are you seeing customers, you know, gravitate towards that offering as they're trying to look for more economical shipping offerings?

您是否看到客戶在嘗試尋找更經濟的運輸產品時被該產品所吸引？

Yeah, so I guess the best way to say it is our offering is still very unique to the marketplace. They are getting, a premium expedited service on the ground that otherwise would need to be serviced by air.

是的，所以我想最好的說法是我們的產品對市場來說仍然非常獨特。他們正在獲得優質的地面加急服務，否則需要透過空中服務。

However, the capacity domestically is just not there to service that has not been for quite some time actually since 9/11.

然而，自 9/11 以來，國內已經有相當長一段時間沒有能力提供服務了。

So, when you look at, you know, really for us, the customer base that is looking for our services is more higher end high tech telecom computing high value just in time to market

因此，當您看到時，您就會知道，對我們來說，真正尋求我們服務的客戶群是更高端的高科技電信運算高價值，及時上市

And we continue to see just as much need in that service as any time prior to this this market disruption if you will.

如果您願意的話，我們繼續看到對該服務的需求與在此之前的市場混亂一樣多。

So, the demand is still there. What happens? So overall when you see when you see the volume go down, the volume is just really, I would put it back to the situation with the confidence and consumer spending.

所以說，需求還是有的。會發生什麼事？因此，總的來說，當你看到銷量下降時，銷量真的下降了，我會把它帶回信心和消費者支出的情況。

So, it is not that we are losing market share. It is more than just the overall volume demand is down for all that answer your question.

所以，這並不是說我們正在失去市場份額。對於所有回答您問題的人來說，這不僅僅是整體銷售需求下降。

Then, yes, it did. And then I guess, you know, on the international forwarding piece, is there any thoughts on framing, you know, how much of a pull forward in demand, you know, had an impact in the three Q and how much is just, you know, on the gain.

然後，是的，確實如此。然後我想，你知道，在國際貨運方面，有沒有關於框架的想法，你知道，需求的前移有多大，你知道，對三個問題產生了影響，有多少是，你知道了，就收穫了。

It is, there is not a whole lot of pull forward in demand that I see. You know, there is more of a demand right now that the international air freight market is probably, it is, best [in its] been in quite some time and with all the different disruptions on ocean freight, the demand for air freight is up right now.

事實上，我認為需求並沒有出現很大的拉力。您知道，現在國際空運市場的需求可能是相當長一段時間以來最好的，由於海運受到各種不同的干擾，空運的需求正在上升現在。

So that is really what we see, but nothing, on a pull forward basis. I think we will start to see a lot more traction early to mid-25.

這確實是我們所看到的，但在前推的基礎上卻什麼都沒有。我認為我們將在 25 年初到中期開始看到更多的吸引力。

As I think, I think we'll see a little bit more forward stocking and more of a shift of inventories in the, in the Greater North America, if you will.

正如我所認為的，如果你願意的話，我認為我們會在大北美地區看到更多的遠期庫存和更多的庫存轉移。

Hey, Joe, this is Jamie. I will add to the first question, which is, you know, in terms of, I think you said shippers freighting down to something more economical, you know, we have not seen it.

嘿，喬，這是傑米。我將補充第一個問題，你知道，就我認為你所說的托運人貨運到更經濟的東西而言，你知道，我們還沒有看到它。

But man, I hope you are right because that would be us if they are going from air to an expedited ground that at the same time, sometimes, maybe even better and we are going to be very well positioned if that is a shift that you are seeing in the market.

但是夥計，我希望你是對的，因為如果他們從空中飛往快速地面，那將是我們，同時，有時，甚至可能更好，如果這是你的轉變，我們將處於非常有利的位置。市場上看到。

Got it. Appreciate the call guys.

知道了。感謝大家的來電。

Thank you. We will take our next question from Scott Group with Wolfe Research. Please go ahead.

謝謝。我們將回答 Scott Group 和 Wolfe Research 提出的下一個問題。請繼續。

Hey, thanks. Good afternoon, guys, Jamie, help us with the, the fourth quarter, EBITDA ramp a decent step up from Q3 is that it is hard to know what normal seasonality is for, for this business.

嘿，謝謝。下午好，夥計們，傑米，請幫助我們解決第四季度的 EBITDA 比第三季度大幅上升的問題，因為很難知道這項業務的正常季節性是什麼。

So, is that a view of only normal seasonality? Is that synergies ramping? Is that volume or data getting better? Just what are the moving pieces to get us to that implied Q4?

那麼，這只是正常季節性的觀點嗎？這種協同效應正在增強嗎？數量或數據是否變得更好？究竟是什麼推動我們進入隱含的第四季？

Yeah, it is only normal seasonality, Scott, you know, this business as well as anybody else on this call. October is traditionally our, our best month.

是的，這只是正常的季節性，斯科特，你知道，這家公司以及這次電話會議的其他人。十月傳統上是我們最好的月份。

We are not forecasting anything. What I would consider Herculean in the back half of November, December. It is just that seasonal push that, you know, we usually see in October and November, and I know you are twitching to ask the question about then how is October? We haven't even closed the Scott.

我們不預測任何事。我認為十一月下半月、十二月是艱鉅的。這就是我們通常在 10 月和 11 月看到的季節性推動，我知道您很想問“那麼 10 月怎麼樣？”我們甚至還沒有關閉斯科特。

So, I can't even begin to speculate how it is shaping up.

所以，我甚至無法開始猜測它是如何形成的。

But for the fourth quarter, we all can do the math and see, you know what the, the hill it is to climb, but there is nothing that is unique to the quarter that we are forecasting looking at other than normal seasonality.

但對於第四季度，我們都可以計算一下，看看，你知道，這是要爬的山，但除了正常的季節性之外，我們預測的這個季度沒有什麼獨特之處。

Okay. That is helpful. And then Jamie, looks like depreciation went from $49 million in the second quarter to $26 million in the third quarter. Just explain that. How do we think about depreciation going forward?

好的。這很有幫助。然後 Jamie，看起來折舊從第二季的 4,900 萬美元增加到第三季的 2,600 萬美元。請解釋一下。我們如何看待未來的折舊？

And then on the cash flow side, you know, looks like a decent working capital tail winning in in the third quarter. How should we think about the sustainability of this free cash inflection? We just got in Q3.

然後在現金流方面，你知道，看起來第三季的營運資本尾部表現得很好。我們該如何思考這種自由現金變化的可持續性？我們剛剛進入第三季。

Yeah. So, on the DNA, I think around $37 million probably on a on a more, more than one normalized basis.

是的。因此，就 DNA 而言，我認為在不只一個標準化基礎上可能約為 3700 萬美元。

There is still so much noise going through there from the goodwill impairment from the Omni acquisition there is, you know, another true up even this quarter, you will see it once you get the chance to dig into the numbers.

收購 Omni 造成的商譽減損仍然存在很大的噪音，你知道，即使在本季度，也有另一個真正的上漲，一旦你有機會深入研究數字，你就會看到它。

But say [$37million] it is, is a normalized number plus minus because I know there has been a lot of volatility to ask my team the exact same question and then on the, the working capital, this is one of those things.

但說[3700萬美元]它是一個標準化數字加減，因為我知道向我的團隊提出完全相同的問題存在很大的波動性，然後關於營運資金，這是其中之一。

Scott, that is what we should have always been doing is actively and professionally managing our balance sheet.

史考特，我們應該一直做的就是積極、專業地管理我們的資產負債表。

So you will see the improvement in cash from AR you will see the improvement from cash in AP obviously, you know, since that came this quarter, we are going to have to hold the line next year.

因此，你會看到 AR 現金的改善，你會明顯看到 AP 現金的改善，你知道，自從本季度出現以來，我們明年將不得不堅守陣線。

But that is one thing that I am confident in our ability to do is, again, as opposed to just accepting the balance sheet as that comes at us, we are actively managing it for the first time in probably many years.

但我對我們的能力充滿信心的一件事是，與僅僅接受我們面臨的資產負債表相反，我們可能是多年來第一次積極管理它。

So is there more to go there that could be incremental source of cash?

那麼，是否還有更多可以增加現金來源的地方呢？

There is Scott, but I would not say that we would be a repeat of the third quarter that the gains from here on out are going to be hard fought in, in a Pete Rose way singles, you know, legging it out every step of the way, you know, every day of AR is $7 million in cash.

史考特在場，但我不會說我們會重蹈第三季的覆轍，從現在開始，我們將很難取得勝利，以皮特·羅斯的方式單打，你知道，每一步都全力以赴。知道，AR 每天需要700 萬美元的現金。

I am not done in terms of, you know, I guess treating our money like it's our own on those two particular fronts.

你知道，我想在這兩個特定方面將我們的錢當作我們自己的錢一樣對待，我還沒有完成。

But again, I am not anticipating a repeat of the third quarter, the gains from here and now are going to be much more deminimis than what we saw this quarter.

但同樣，我預計第三季的情況不會重演，此時此地的收益將比我們本季看到的要小得多。

Thank you, guys.

謝謝你們，夥計們。

Thank you. And as a reminder, it is star one for your questions. We will take our next question from Besto Majors with [Sa] please go ahead.

謝謝。提醒一下，這是您提出的問題的第一顆星。我們將回答 Besto Majors 的下一個問題，[Sa]，請繼續。

Thanks for taking my questions. You talked about having a bit of room on the covenant with respect to EBITDA. I think you said $32 million cushion.

感謝您回答我的問題。您談到在 EBITDA 方面有一些契約空間。我想你說的是 3200 萬美元的緩衝。

Is that at the current rate of the leverage ratio or is that assuming the reduction you see in four Q? And you know, how do you feel about your cushion as that accordion starts to get a little bit tighter into next year and the ratio comes down. Thank you.

是按照目前的槓桿率還是假設您在第四季看到的槓桿率下降？你知道，隨著明年手風琴開始變得更緊並且比例下降，你對你的緩衝感覺如何。謝謝。

The cushion,Beth is on an LTM basis as of the end of this quarter. So that is not a projection, that is not guidance, that is not a forecast. That was actually at the end of the third quarter.

截至本季末，Beth 的緩衝是基於 LTM 的。因此，這不是預測，不是指導，也不是預測。那實際上是在第三季末。

Now, how do I look at it in terms of the step downs, you call it the accordion, but the step downs if you will, you know, let me begin by saying that, you know, we are always keeping a close eye on our covenants.

現在，我如何看待它的降級，你稱之為手風琴，但是如果你願意的話，降級，你知道，讓我首先說，你知道，我們一直在密切關注我們的契約。

You guys know my background, I have probably more experience in this area than anybody else in the industry. And if you ever need to look, we will explore ways to proactively provide that, that flexibility.

你們知道我的背景，我在這方面的經驗可能比業內其他人還要多。如果您需要尋找，我們將探索主動提供這種靈活性的方法。

We need to ensure that we have the headroom to navigate. Not only the current macro environment, the freight softness, whatever you want to call it, but also transform the company.

我們需要確保我們有足夠的空間來導航。不僅是當前的宏觀環境、貨運疲軟（無論你怎麼稱呼它），而且改變了公司。

You know, we still have as Shawn said in his remarks, you know, we are heading in the right direction. We have the right team.

你知道，我們仍然像肖恩在演講中所說的那樣，你知道，我們正朝著正確的方向前進。我們有合適的團隊。

We have the right plan now; we seem to execute on it. When I started, [ gosh], I think it is five months ago at this point.

我們現在有了正確的計劃；我們似乎正在執行它。當我開始時，[天哪]，我想現在已經是五個月前了。

I instituted a rolling 12 month forecast process which gives me more confidence in our forecasting capabilities every single month as it goes by.

我制定了 12 個月的滾動預測流程，這讓我對每個月的預測能力更有信心。

I am not saying we are there by any stretch of imagination, but we are infinitely better than we were just, just, you know, five months ago.

我並不是說我們已經達到了這樣的水平，但我們比五個月前的情況好得多。

But to be clear, like I revisit our performance and convenance and our compliance every 30 days. So, you know, we are in compliance today. We had the cushion, and we intend to stay in compliance.

但要先明確的是，我每 30 天就會重新檢視我們的績效、便利性以及合規性。所以，你知道，我們今天遵守了規定。我們有緩衝，我們打算繼續遵守。

Thank you for that Jamie and very long-winded answer to your question. Sorry about that.

謝謝傑米對你問題的冗長回答。對此感到抱歉。

Just one follow up maybe extending Scott's question from earlier just with not a ton of information on the mix of business at Omni seasonality.

只是一個後續行動可能會擴展 Scott 之前提出的問題，只是沒有提供大量有關 Omni 季節性業務組合的資訊。

I mean, can you help us understand a little better the mix between maybe traditional ocean and air international freight and customs and value-added services?

我的意思是，您能否幫助我們更了解傳統海運和空運國際貨運、海關和加值服務之間的組合？

Just thinking about cyclical exposures in the next year and making our own views about the opportunities and risks there. Thank you.

只是思考明年的周期性風險，並對那裡的機會和風險做出我們自己的看法。謝謝。

Yeah. So, the mix of business that is wide as you know, Omni was a collection of 12 companies providing different services across the logistics spectrum.

是的。如您所知，Omni 的業務範圍廣泛，由 12 家公司組成，在整個物流領域提供不同的服務。

You know, whether it be forwarding, whether it be brokerage, Ocean, Air, Ground, we have warehouse value added services, we have customs brokerage.

你知道，無論是貨運、經紀、海運、空運、陸運，我們都有倉儲加值服務，我們有報關服務。

So it is hard to pin Omni to any one particular set of KPIS, which is why it is so important that as we stand this company on its side and moving into the first quarter of 2025, we intend to actually change the reporting structure.

因此，很難將 Omni 與任何一組特定的 KPIS 掛鉤，這就是為什麼當我們站在這家公司一邊並進入 2025 年第一季時，我們打算真正改變報告結構，這一點如此重要。

So that we can answer that very question. So, we will stand it on its side. We are still, you know, I guess exploring what the final segments will be, but it will be something more traditional.

這樣我們就可以回答這個問題。所以，我們會站在一邊。我想我們仍在探索最終的部分，但它將是更傳統的東西。

one that is in a ground basis, air ocean warehouse customers of brokerage logistics. Those last two or three we might add into another category.

一是經紀物流的地面、空運、海運倉庫客戶。最後兩三個我們可能會加入到另一個類別。

But the, the, the mix of business in Omni is across the entire spectrum of the logistics space.

但 Omni 的業務組合涵蓋了整個物流領域。

Thank you.

謝謝。

And we'll take our next question from Christopher Coh with benchmark company. Please go ahead.

我們將回答基準公司 Christopher Coh 提出的下一個問題。請繼續。

Yeah. Hi, good afternoon.

是的。嗨，下午好。

Thanks for taking my question, Shawn last quarter. You talked a little bit about the change in the strategy of for the legacy forward customers.

感謝上季肖恩提出我的問題。您談到了針對傳統遠期客戶的策略變化。

The attrition there. Can you talk about some of the trends you saw in the quarter for those customers and some of them that, that left the network, and they come all back?

那裡的消耗。您能否談談您在本季看到的這些客戶的一些趨勢，以及其中一些客戶離開網路後又全部回來的趨勢？

Yeah, Chris, we have really seen, you know, we spend a lot of time understanding where the freight forwarders and three PLS were with us in relation mainly with lack of confidence and trust.

是的，克里斯，我們確實看到了，你知道，我們花了很多時間來了解貨運代理和三個 PLS 與我們的關係主要是缺乏信心和信任。

So, I went into a listen mode helping them understand as I see things hoping to get alignment, which I think we got very much alignment with the existing for air customers.

因此，我進入了傾聽模式，幫助他們理解，因為我看到希望達成一致的事情，我認為我們與現有的航空客戶非常一致。

And ultimately, we saw quite a significant amount of trust and volume coming back in. I would say the real deficit if you will on a on a year over year basis is more about their overall volume being depressed as well in this, in this current market.

最終，我們看到了相當多的信任和數量的回歸。我想說的是，如果你願意的話，如果你願意的話，真正的赤字更多是因為他們的整體交易量在當前市場上也受到了抑制。

So, it has less to do with just the overall confidence and lack of trust to more of just overall volumes down.

因此，這與整體信心和缺乏信任關係不大，而更多與整體成交量下降有關。

So, a lot of confidence there, a lot more strategy sessions that we've had even in Q3 with them around further opportunities for us to, I would not say add a service, but to enhance a service and or to enhance a, whether it be cut times in a particular market to open it up to a little bit more.

因此，我們充滿信心，甚至在第三季就與他們舉行了更多的策略會議，為我們提供了更多的機會，我不會說增加一項服務，而是增強一項服務，或增強一項服務，無論是可以縮短某個特定市場的時間，以使其進一步開放。

I would say free flowing non palletized freight if on a on short hauls versus long hauls, [Et cetera].

我想說的是，如果短途運輸與長途運輸相比，自由流動的非托盤貨運，[等等]。

So, we are exploring even more opportunities directly with them to think outside the box as long as it is a good match for them and a good match for us without exposing too much of the core of what we, what we do and how we do it inside of our network.

因此，我們正在直接與他們探索更多的機會，跳出框框思考，只要這對他們來說是一個很好的匹配，對我們來說也是一個很好的匹配，但又不會暴露太多關於我們做什麼、我們做什麼以及我們如何做的核心內容。

So, I would say all in all, I am pleased with where we stand today, but I still would like to see even the more time of confidence and trust building between our relationship moving forward.

因此，總而言之，我對我們今天的立場感到滿意，但我仍然希望看到我們的關係有更多時間建立信心和信任向前發展。

That is great. Thanks. And then just as you change the strategy in the expedited LTL business, I know you talked about the revenue per 100 weight X fuel.

那太好了。謝謝。然後就在您改變加急零擔業務策略時，我知道您談到了每100重量X燃料的收入。

How should we think about the weight and the revenue per up X fuel. Those were up year on year. So how should we think about those going forward as you.

我們應該如何考慮每 X 燃料的重量和收入。這些數字逐年上升。那麼，我們該如何看待像您這樣的未來人士呢？

Shift the strategy there?

戰略轉移到那裡？

Yeah, I think you will continue to see that same trend. Obviously, you know, I do not know in, in direct how much the change in what I am, calling right now.

是的，我想你會繼續看到同樣的趨勢。顯然，你知道，我不知道我現在打電話的情況有多大變化。

They all call to action on this class-based rate, Mainly the [clight] rate-based tariff. So, like I said earlier, we will continue with class, but we won't continue with those, those reduced rates.

他們都呼籲對這種基於等級的費率採取行動，主要是基於[clight]費率的關稅。所以，就像我之前說的，我們將繼續上課，但我們不會繼續那些降低費率的事情。

So, I don't know what impact that will have in the mix on that weight per shipment overall, but I am thinking it will continue to go up actually. So, I do not think that strategy will have a negative impact there.

因此，我不知道這會對每批貨物的總體重量產生什麼影響，但我認為實際上它會繼續上升。因此，我認為該策略不會產生負面影響。

Okay, I appreciate the.

好的，我很欣賞。

Question. Thanks.

問題。謝謝。

Thank you. We will take a follow up from Scott group with Wolfe research. Please go ahead.

謝謝。我們將跟進斯科特小組與沃爾夫研究的後續行動。請繼續。

Hey guys, thanks for the follow up. Just any colour you can give on the monthly tonnage trends, and I know October books are not closed but you know, just a update on October tonnage.

嘿夥計們，感謝您的關注。您可以對每月噸位趨勢給出任何顏色，我知道十月份的書籍尚未關閉，但您知道，這只是十月份噸位的更新。

Yeah, Scott, you know, we don't give intra quarter guidance, so we have not even closed the books yet.

是的，斯科特，你知道，我們不提供季度內指導，所以我們甚至還沒有結帳。

So, October is going to be an important month for us, I think for everybody in this space given what we are coming out of pretty challenging exogenous market and combine that with, you know, a $2.5 billion merger and we have got an even more challenging crystal ball.

因此，10 月對我們來說將是重要的一個月，我認為對於這個領域的每個人來說，考慮到我們正在走出極具挑戰性的外生市場，再加上25 億美元的合併，我們已經獲得了更多具有挑戰性的水晶球。

So, we are working through it as best we can, and we will be back to you soon with the results.

因此，我們正在盡最大努力解決這個問題，我們將盡快向您回饋結果。

And, and what about just the trends throughout Q3 though, in terms of the monthly tonnage?

而且，就每月噸位而言，整個第三季的趨勢又如何呢？

Yeah, we do not give inter quarter guidance, you know, and right now we are focused, and I would say differently, Scott, we still do not give inter quarter guidance.

是的，我們不提供季度間指導，你知道，現在我們很專注，我想說的是，史考特，我們仍然不提供季度間指導。

And I would say what we are focused on is on completing the integration. We are going to start the transformation and start prioritizing and piping that shift in the product and the reporting from the legal entity of the product and service base.

我想說我們的重點是完成整合。我們將開始轉型，並開始確定產品轉移的優先順序和管道，以及產品和服務基礎法人實體的報告。

We will revisit the guidance in the future, but not until we get those three more important things addressed.

我們將來會重新審視該指南，但直到我們解決了這三個更重要的問題。

Okay. All right. Thank you, guys.

好的。好的。謝謝你們，夥計們。

Thank you. And there are no further questions at this time. I will turn the call back to Mr Shawn for any closing remarks.

謝謝。目前沒有其他問題。我會將電話轉回給肖恩先生，請他發表結束語。

All right. Thank you.

好的。謝謝。

So, listen, I want to personally thank everyone for joining the call today and I look forward to getting back on the phone with everyone after the end of the year and updating you on the transformational activities that are going to take place.

所以，聽著，我想親自感謝大家今天加入電話會議，我期待在年底後再次與大家通電話，並向你們通報即將發生的轉型活動的最新情況。

So, until then I want to wish each and every one of you a blessed holiday season and a Happy New year and look forward to talking to you next year. Thank you.

因此，在此之前，我想祝大家節日快樂、新年快樂，並期待明年與你們交談。謝謝。

Thank you. And this concludes Forward Air's third quarter, 2024 earnings conference call. Please disconnect your line at this time and have a wonderful evening.

謝謝。Forward Air 2024 年第三季財報電話會議到此結束。請此時斷開您的線路，祝您有個美好的夜晚。